Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | 460-4728 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | AMTB | |
Security Exchange Name | NASDAQ | |
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 Common Stock, Shares Outstanding | 33,774,307 | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 37,631 | $ 33,668 |
Interest earning deposits with banks | 218,354 | 240,540 |
Restricted cash | 46,149 | 0 |
Cash and cash equivalents | 302,134 | 274,208 |
Securities | ||
Debt securities available for sale | 1,052,329 | 1,175,319 |
Debt securities held to maturity | 234,317 | 118,175 |
Trading securities | 112 | 0 |
Equity securities with readily determinable fair value not held for trading | 12,232 | 252 |
Federal Reserve Bank and Federal Home Loan Bank stock | 53,792 | 47,495 |
Securities | 1,352,782 | 1,341,241 |
Loans held for sale, at lower of cost or fair value | 0 | 143,195 |
Mortgage loans held for sale, at fair value | 57,591 | 14,905 |
Loans held for investment, gross | 6,445,768 | 5,409,440 |
Less: Allowance for loan losses | 53,711 | 69,899 |
Loans held for investment, net | 6,392,057 | 5,339,541 |
Bank owned life insurance | 227,034 | 223,006 |
Premises and equipment, net | 41,220 | 37,860 |
Deferred tax assets, net | 45,791 | 11,301 |
Operating lease right-of-use assets | 141,453 | 141,139 |
Goodwill | 19,506 | 19,506 |
Accrued interest receivable and other assets | 160,411 | 92,497 |
Total assets | 8,739,979 | 7,638,399 |
Deposits | ||
Noninterest bearing | 1,318,960 | 1,183,251 |
Interest bearing | 2,147,008 | 1,507,441 |
Savings and money market | 1,735,713 | 1,602,339 |
Time | 1,386,441 | 1,337,840 |
Total deposits | 6,588,122 | 5,630,871 |
Advances from the Federal Home Loan Bank | 981,005 | 809,577 |
Senior notes | 59,131 | 58,894 |
Subordinated notes | 29,241 | 0 |
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 |
Operating lease liabilities | 140,911 | 136,595 |
Accounts payable, accrued liabilities and other liabilities | 181,693 | 106,411 |
Total liabilities | 8,044,281 | 6,806,526 |
Contingencies (Note 17) | ||
Stockholders’ equity | ||
Class A common stock, $0.10 par value, 250 million shares authorized; 33,773,249 shares issued and outstanding (2021 - 35,883,320 shares issued and outstanding) | 3,376 | 3,589 |
Additional paid in capital | 191,970 | 262,510 |
Retained earnings | 588,495 | 553,167 |
Accumulated other comprehensive (loss) income | (86,208) | 15,217 |
Total stockholders' equity before noncontrolling interest | 697,633 | 834,483 |
Noncontrolling interest | (1,935) | (2,610) |
Total stockholders' equity | 695,698 | 831,873 |
Total liabilities and stockholders' equity | $ 8,739,979 | $ 7,638,399 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 33,773,249 | 35,883,320 |
Common stock, shares outstanding (in shares) | 33,773,249 | 35,883,320 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Loans | $ 76,779 | $ 53,193 | $ 194,631 | $ 159,576 |
Investment securities | 10,906 | 8,144 | 28,669 | 23,150 |
Interest earning deposits with banks | 1,452 | 76 | 2,102 | 189 |
Total interest income | 89,137 | 61,413 | 225,402 | 182,915 |
Interest expense | ||||
Interest bearing demand deposits | 4,934 | 147 | 6,258 | 383 |
Savings and money market deposits | 3,609 | 809 | 5,719 | 2,734 |
Time deposits | 4,717 | 5,302 | 13,501 | 18,989 |
Advances from the Federal Home Loan Bank | 3,977 | 1,777 | 9,799 | 6,790 |
Senior notes | 941 | 942 | 2,825 | 2,826 |
Subordinated notes | 362 | 0 | 811 | 0 |
Junior subordinated debentures | 700 | 615 | 2,002 | 1,831 |
Securities sold under agreements to repurchase | 0 | 0 | 0 | 1 |
Total interest expense | 19,240 | 9,592 | 40,915 | 33,554 |
Net interest income | 69,897 | 51,821 | 184,487 | 149,361 |
Provision for (reversal of) loan losses | 3,000 | (5,000) | (7,000) | (10,000) |
Net interest income after provision for (reversal of) loan losses | 66,897 | 56,821 | 191,487 | 159,361 |
Noninterest income | ||||
Deposits and service fees | 4,629 | 4,303 | 13,826 | 12,693 |
Brokerage, advisory and fiduciary activities | 4,619 | 4,595 | 13,654 | 13,629 |
Loan-level derivative income | 2,786 | 454 | 6,947 | 1,979 |
Change in cash surrender value of bank owned life insurance | 1,352 | 1,369 | 4,028 | 4,093 |
Securities gains (losses), net | 1,508 | (54) | (325) | 3,857 |
Cards and trade finance servicing fees | 622 | 541 | 1,720 | 1,268 |
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | 0 | 0 | (712) | (2,488) |
Derivative (losses) gains, net | (95) | 0 | (585) | 0 |
Other noninterest income | 535 | 2,226 | 4,359 | 8,300 |
Total noninterest income | 15,956 | 13,434 | 42,912 | 43,331 |
Noninterest expense | ||||
Salaries and employee benefits | 30,109 | 29,053 | 90,724 | 86,276 |
Occupancy and equipment | 6,559 | 4,769 | 21,044 | 14,599 |
Telecommunication and data processing | 3,861 | 3,810 | 11,113 | 11,052 |
Professional and other services fees | 6,855 | 4,184 | 20,783 | 12,661 |
Advertising expenses | 2,066 | 776 | 8,291 | 1,919 |
Other real estate owned valuation expense | 234 | 0 | 3,408 | 0 |
Depreciation and amortization | 1,481 | 2,091 | 3,927 | 5,749 |
FDIC assessments and insurance | 1,746 | 1,626 | 4,668 | 5,083 |
Loans held for sale valuation expense | 0 | 0 | 159 | 0 |
Contract termination costs | 289 | 0 | 7,103 | 0 |
Other operating expenses | 2,913 | 2,095 | 7,952 | 5,815 |
Total noninterest expenses | 56,113 | 48,404 | 179,172 | 143,154 |
Income before income tax expense | 26,740 | 21,851 | 55,227 | 59,538 |
Income tax expense | (5,864) | (5,454) | (11,875) | (13,537) |
Net income before attribution of noncontrolling interest | 20,876 | 16,397 | 43,352 | 46,001 |
Noncontrolling interest | (44) | (634) | (1,192) | (1,451) |
Net income attributable to Amerant Bancorp Inc. | 20,920 | 17,031 | 44,544 | 47,452 |
Other comprehensive loss, net of tax | ||||
Net unrealized holding losses on debt securities available for sale arising during the period | (34,959) | (2,451) | (101,038) | (6,980) |
Net unrealized holding (losses) gains on cash flow hedges arising during the period | (16) | 46 | 162 | 53 |
Reclassification adjustment for items included in net income | (274) | (117) | (549) | (3,501) |
Other comprehensive loss | (35,249) | (2,522) | (101,425) | (10,428) |
Comprehensive (loss) income | $ (14,329) | $ 14,509 | $ (56,881) | $ 37,024 |
Earnings Per Share (Note 19): | ||||
Basic earnings per common share (in dollars per share) | $ 0.62 | $ 0.46 | $ 1.31 | $ 1.27 |
Diluted earnings per common share (in dollars per share) | $ 0.62 | $ 0.45 | $ 1.30 | $ 1.26 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A | Class B | Total Stockholders' Equity Before Noncontrolling Interest | Total Stockholders' Equity Before Noncontrolling Interest Class A | Total Stockholders' Equity Before Noncontrolling Interest Class B | Common Stock Class A | Common Stock Class B | Additional Paid in Capital | Treasury Stock | Treasury Stock Class A | Treasury Stock Class B | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2020 | 28,806,344 | 9,036,352 | |||||||||||||
Beginning balance at Dec. 31, 2020 | $ 783,421 | $ 783,421 | $ 2,882 | $ 904 | $ 305,569 | $ 0 | $ 442,402 | $ 31,664 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchase of common stock (in shares) | (116,037) | ||||||||||||||
Repurchase of common stock | $ (1,855) | $ (1,855) | $ (1,855) | ||||||||||||
Treasury stock retired | 0 | 0 | $ (12) | (1,843) | 1,855 | ||||||||||
Restricted stock issued (in shares) | 196,015 | ||||||||||||||
Restricted stock issued | 0 | 0 | $ 22 | (22) | |||||||||||
Restricted stock surrendered (in shares) | (713) | ||||||||||||||
Restricted stock surrendered | (13) | (13) | (13) | ||||||||||||
Stock-based compensation expense | 757 | 757 | 757 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 14,459 | 14,459 | 14,459 | ||||||||||||
Other comprehensive (loss) income | (11,755) | (11,755) | (11,755) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 29,001,646 | 8,920,315 | |||||||||||||
Ending balance at Mar. 31, 2021 | 785,014 | 785,014 | $ 2,904 | $ 892 | 304,448 | 0 | 456,861 | 19,909 | 0 | ||||||
Beginning balance (in shares) at Dec. 31, 2020 | 28,806,344 | 9,036,352 | |||||||||||||
Beginning balance at Dec. 31, 2020 | 783,421 | 783,421 | $ 2,882 | $ 904 | 305,569 | 0 | 442,402 | 31,664 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 47,452 | ||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,451) | ||||||||||||||
Other comprehensive (loss) income | (10,428) | ||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 29,016,219 | 8,471,120 | |||||||||||||
Ending balance at Sep. 30, 2021 | 812,662 | 814,113 | $ 2,903 | $ 847 | 299,273 | 0 | 489,854 | 21,236 | (1,451) | ||||||
Beginning balance (in shares) at Mar. 31, 2021 | 29,001,646 | 8,920,315 | |||||||||||||
Beginning balance at Mar. 31, 2021 | 785,014 | 785,014 | $ 2,904 | $ 892 | 304,448 | 0 | 456,861 | 19,909 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchase of common stock (in shares) | (386,195) | ||||||||||||||
Repurchase of common stock | (6,540) | (6,540) | $ (6,540) | ||||||||||||
Treasury stock retired | 0 | 0 | $ (39) | (6,501) | 6,540 | ||||||||||
Performance share units vested (in shares) | 1,729 | ||||||||||||||
Performance share units vested | 0 | 0 | |||||||||||||
Restricted stock surrendered (in shares) | (1,213) | ||||||||||||||
Restricted stock surrendered | (26) | (26) | (26) | ||||||||||||
Restricted stock forfeited (in shares) | (7,270) | ||||||||||||||
Restricted stock forfeited | 0 | 0 | $ (2) | 2 | |||||||||||
Restricted stock units vested (in shares) | 33,780 | ||||||||||||||
Restricted stock units vested | 0 | 0 | $ 2 | (2) | |||||||||||
Stock-based compensation expense | 1,626 | 1,626 | 1,626 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 15,962 | 15,962 | 15,962 | ||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (817) | 0 | (817) | ||||||||||||
Other comprehensive (loss) income | 3,849 | 3,849 | 3,849 | ||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 29,028,672 | 8,534,120 | |||||||||||||
Ending balance at Jun. 30, 2021 | 799,068 | 799,885 | $ 2,904 | $ 853 | 299,547 | 0 | 472,823 | 23,758 | (817) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchase of common stock (in shares) | (63,000) | ||||||||||||||
Repurchase of common stock | $ (1,168) | $ (1,168) | (1,168) | ||||||||||||
Treasury stock retired | 0 | 0 | $ (6) | (1,162) | 1,168 | ||||||||||
Restricted stock issued (in shares) | 17,028 | ||||||||||||||
Restricted stock issued | 0 | 0 | $ 2 | (2) | |||||||||||
Performance share units vested (in shares) | 0 | ||||||||||||||
Performance share units vested | 0 | 0 | |||||||||||||
Restricted stock surrendered (in shares) | (12,112) | ||||||||||||||
Restricted stock surrendered | (286) | (286) | $ (1) | (285) | |||||||||||
Restricted stock units vested (in shares) | (17,369) | ||||||||||||||
Restricted stock units vested | 0 | 0 | $ (2) | 2 | |||||||||||
Stock-based compensation expense | 1,173 | 1,173 | 1,173 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 17,031 | 17,031 | 17,031 | ||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (634) | 0 | (634) | ||||||||||||
Other comprehensive (loss) income | (2,522) | (2,522) | (2,522) | ||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 29,016,219 | 8,471,120 | |||||||||||||
Ending balance at Sep. 30, 2021 | $ 812,662 | 814,113 | $ 2,903 | $ 847 | 299,273 | 0 | 489,854 | 21,236 | (1,451) | ||||||
Beginning balance (in shares) at Dec. 31, 2021 | 35,883,320 | 35,883,320 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 831,873 | 834,483 | $ 3,589 | 262,510 | 0 | 553,167 | 15,217 | (2,610) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchase of common stock (in shares) | (1,643,480) | ||||||||||||||
Repurchase of common stock | $ (54,820) | $ (54,820) | $ (54,820) | ||||||||||||
Treasury stock retired | 0 | 0 | $ (165) | (54,655) | 54,820 | ||||||||||
Restricted stock issued (in shares) | 104,762 | ||||||||||||||
Restricted stock issued | 0 | 0 | $ 10 | (10) | |||||||||||
Restricted stock surrendered (in shares) | (15,174) | ||||||||||||||
Restricted stock surrendered | (996) | (996) | $ (2) | (994) | |||||||||||
Restricted stock forfeited (in shares) | (1,000) | ||||||||||||||
Restricted stock forfeited | 0 | 0 | |||||||||||||
Restricted stock units vested (in shares) | 22,394 | ||||||||||||||
Restricted stock units vested | 0 | 0 | $ 2 | (2) | |||||||||||
Stock-based compensation expense | 1,260 | 1,260 | 1,260 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 15,950 | 15,950 | 15,950 | ||||||||||||
Dividends paid | (3,154) | (3,154) | (3,154) | ||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,076) | 0 | (1,076) | ||||||||||||
Other comprehensive (loss) income | (39,641) | (39,641) | (39,641) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 34,350,822 | ||||||||||||||
Ending balance at Mar. 31, 2022 | $ 749,396 | 753,082 | $ 3,434 | 208,109 | 0 | 565,963 | (24,424) | (3,686) | |||||||
Beginning balance (in shares) at Dec. 31, 2021 | 35,883,320 | 35,883,320 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 831,873 | 834,483 | $ 3,589 | 262,510 | 0 | 553,167 | 15,217 | (2,610) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 44,544 | ||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,192) | ||||||||||||||
Other comprehensive (loss) income | $ (101,425) | ||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,773,249 | 33,773,249 | |||||||||||||
Ending balance at Sep. 30, 2022 | $ 695,698 | 697,633 | $ 3,376 | 191,970 | 0 | 588,495 | (86,208) | (1,935) | |||||||
Beginning balance (in shares) at Mar. 31, 2022 | 34,350,822 | ||||||||||||||
Beginning balance at Mar. 31, 2022 | 749,396 | 753,082 | $ 3,434 | 208,109 | 0 | 565,963 | (24,424) | (3,686) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchase of common stock (in shares) | (611,525) | ||||||||||||||
Repurchase of common stock | $ (17,240) | $ (17,240) | $ (17,240) | ||||||||||||
Treasury stock retired | 0 | 0 | $ (61) | (17,179) | 17,240 | ||||||||||
Restricted stock issued (in shares) | 37,938 | ||||||||||||||
Restricted stock issued | 0 | 0 | $ 4 | (4) | |||||||||||
Restricted stock forfeited (in shares) | (28,586) | ||||||||||||||
Restricted stock forfeited | 0 | 0 | $ (3) | 3 | |||||||||||
Restricted stock units vested (in shares) | 10,955 | ||||||||||||||
Restricted stock units vested | 0 | 0 | $ 1 | (1) | |||||||||||
Stock-based compensation expense | 1,276 | 1,276 | 1,276 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 7,674 | 7,674 | 7,674 | ||||||||||||
Dividends paid | (3,049) | (3,049) | (3,049) | ||||||||||||
Transfer of subsidiary shares from noncontrolling interest | 0 | (1,867) | (1,867) | 1,867 | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (72) | 0 | (72) | ||||||||||||
Other comprehensive (loss) income | (26,535) | (26,535) | (26,535) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 33,759,604 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 711,450 | 713,341 | $ 3,375 | 190,337 | 0 | 570,588 | (50,959) | (1,891) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Restricted stock issued (in shares) | 22,200 | ||||||||||||||
Restricted stock issued | 0 | 0 | $ 2 | (2) | |||||||||||
Restricted stock surrendered (in shares) | (618) | ||||||||||||||
Restricted stock surrendered | (17) | (17) | (17) | ||||||||||||
Restricted stock forfeited (in shares) | (7,937) | ||||||||||||||
Restricted stock forfeited | 0 | 0 | $ (1) | 1 | |||||||||||
Stock-based compensation expense | 1,651 | 1,651 | 1,651 | ||||||||||||
Net income attributable to Amerant Bancorp Inc. | 20,920 | 20,920 | 20,920 | ||||||||||||
Dividends paid | (3,013) | (3,013) | (3,013) | ||||||||||||
Transfer of subsidiary shares from noncontrolling interest | (1,900) | ||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (44) | 0 | (44) | ||||||||||||
Other comprehensive (loss) income | $ (35,249) | (35,249) | (35,249) | ||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,773,249 | 33,773,249 | |||||||||||||
Ending balance at Sep. 30, 2022 | $ 695,698 | $ 697,633 | $ 3,376 | $ 191,970 | $ 0 | $ 588,495 | $ (86,208) | $ (1,935) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income before attribution of noncontrolling interest | $ 43,352 | $ 46,001 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | ||
Reversal of loan losses | (7,000) | (10,000) |
Net premium amortization on securities | 6,977 | 9,905 |
Depreciation and amortization | 3,927 | 5,749 |
Stock-based compensation expense | 4,187 | 3,556 |
Change in cash surrender value of bank owned life insurance | (4,028) | (4,093) |
Securities losses (gains), net | 325 | (3,857) |
Derivative (losses) gains, net | 585 | 0 |
Loss (gain) on sale of loans, net | 656 | (3,938) |
Deferred taxes and others | 5,633 | 5,418 |
Loss on early extinguishment of advances from the FHLB, net | 712 | 2,488 |
Proceeds from sales and repayments of loans held for sale (at fair value) | 115,827 | 5,933 |
Originations and purchases of loans held for sale (at fair value) | (210,791) | (11,475) |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (14,175) | (3,887) |
Accounts payable, accrued liabilities and other liabilities | 21,677 | (1,630) |
Net cash (used in) provided by operating activities | (32,136) | 40,170 |
Purchases of investment securities: | ||
Available for sale | (207,352) | (358,981) |
Held to maturity securities | (129,996) | (100,403) |
Equity securities with readily determinable fair value not held for trading | (12,656) | 0 |
Federal Home Loan Bank stock | (20,824) | (84) |
Purchases of investment securities | (370,828) | (459,468) |
Maturities, sales, calls and paydowns of investment securities: | ||
Available for sale | 188,408 | 344,921 |
Held to maturity | 13,255 | 27,493 |
Federal Home Loan Bank stock | 14,527 | 17,359 |
Equity securities with readily determinable fair value not held for trading | 252 | 0 |
Maturities, sales, calls and paydowns of investment securities | 216,442 | 389,773 |
Net (increase) decrease in loans | (927,531) | 240,400 |
Proceeds from loan sales | 76,615 | 105,771 |
Net purchases of premises and equipment and others | (8,032) | (4,491) |
Cash paid in business acquisition | 0 | (1,037) |
Net cash (used in) provided by investing activities | (1,013,334) | 270,948 |
Cash flows from financing activities | ||
Net increase in demand, savings and money market accounts | 908,650 | 493,506 |
Net increase (decrease) in time deposits | 48,601 | (598,772) |
Proceeds from Advances from the Federal Home Loan Bank | 730,000 | 285,500 |
Repayments of Advances from the Federal Home Loan Bank | (560,712) | (529,618) |
Proceeds from issuance of subordinated notes, net of issuance costs | 29,146 | 0 |
Repurchase of common stock - Class A | (72,060) | 0 |
Dividend paid | (9,216) | 0 |
Repurchase of common stock - Class B | 0 | (9,563) |
Common stock surrendered | (1,013) | (324) |
Net cash provided by (used in) financing activities | 1,073,396 | (359,271) |
Net increase (decrease) in cash and cash equivalents | 27,926 | (48,153) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 274,208 | 214,386 |
End of period | 302,134 | 166,233 |
Supplemental disclosures of cash flow information | ||
Cash paid for Interest | 37,248 | 35,950 |
Cash paid for Income taxes | 21,766 | 12,221 |
Right-of-use assets obtained in exchange for new lease obligations | 5,617 | 0 |
Initial recognition of operating lease right-of-use assets | 0 | 55,670 |
Initial recognition of operating lease liabilities | 0 | 56,024 |
Noncash investing activities: | ||
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 51,640 | 0 |
Loans held for sale (at lower of cost or fair value) transferred to loans held for investment | 65,802 | 0 |
Loans held for investment transferred to loans held for sale | 0 | 236,713 |
Loans transferred to other assets | $ 0 | $ 9,400 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 (“BHC Act”), 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”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three operating subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a 80.0%-owned mortgage lending company domiciled in Florida, and Elant Bank & Trust, a Grand-Cayman based trust company (the “Cayman Bank”). The Company’s Class A common stock, par value $0.10 per common share, is listed and traded on the Nasdaq Global Select Market under the symbol “AMTB”. Restructuring Activities The Company continues to work on better aligning its operating structure and resources with its business activities. During the three and nine month periods ended September 30, 2022, the Company recorded estimated contract termination and related costs of approximately $0.3 million and $7.1 million, respectively, in connection with the implementation of the multi-year outsourcing agreement with a recognized third party financial technology services provider entered into in 2021. The Company currently does not expect to incur additional significant contract termination costs in connection with the implementation of this agreement. During the three and nine month periods ended September 30, 2022, the Company recorded severance costs of approximately $0.4 million and $1.8 million, respectively, primarily related to the Company’s reorganization activities in the periods ($0.3 million and $3.6 million in the three and nine month periods ended September 30, 2021, respectively, primarily in connection with the elimination of various support functions in the third quarter of 2021, and with the departure of the Company’s COO and elimination of various support function positions in the first nine months of 2021). These costs are included as part of “salaries and employees benefits” in the Company’s consolidated statement of operations and comprehensive (loss) income. In addition, during the three and nine month periods ended ended September 30, 2022, we incurred consulting, legal, and other professional fees of $1.1 million and $2.4 million, respectively, primarily related to the engagement of our new technology provider ($0.4 million in each of three and nine months periods ended September 30, 2021, primarily in connection with the engagement of our new technology provider and with our capital optimization efforts). Also, in the nine months ended September 30, 2022 and 2021, we had lease impairment charges of $1.6 million and $0.8 million, respectively, mainly related to the closing of a branch in Pembroke Pines, Florida in 2022, and in connection with the closure of the loan production office in New York in 2021. Furthermore, in the nine months ended September 30, 2021, we incurred expenses of $0.4 million in connection with the Company’s digital transformation efforts in 2021. Stock Repurchase Programs In January 2022, the Company repurchased an aggregate of 652,118 shares of Class A common stock at a weighted average price of $33.96 per share, under a stock repurchase program to repurchase up to $50 million of the Company’s Class A common stock authorized by the Board of Directors in September 2021 (the “2021 Class A Common Stock Repurchase Program”). The aggregate purchase price for these transactions was approximately $22.1 million, including transaction costs. On January 31, 2022, the Company announced the completion of the 2021 Class A Common Stock Repurchase Program. On January 31, 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $50 million of its shares of Class A common stock (the “New Common Stock Repurchase Program”). In the nine months ended September 30, 2022, the Company repurchased an aggregate of 1,602,887 shares of Class A common stock at a weighted average price of $31.14 per share, under the New Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $49.9 million, including transaction costs. On May 19, 2022, the Company announced the completion of the New Common Stock Repurchase Program. There were no stock repurchased in the three months ended September 30, 2022. In the nine months ended September 30, 2022, the Company’s Board of Directors authorized the cancellation of all shares of Class A common stock stock repurchased in the first nine months of 2022. As of September 30, 2022, there were no shares of Class A common stock held as treasury stock. For more information about these repurchase programs, see Note 17 to the Company’s consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”), on March 4, 2022 (the “Form 10-K”). Amerant Mortgage On March 31, 2022, the Company contributed $1.5 million in cash to Amerant Mortgage, increasing its ownership interest to 57.4% as of March 31, 2022 from 51% as of December 31, 2021. This additional contribution had no material impact to the Company’s share of the results of operations of Amerant Mortgage for the three months ended March 31, 2022. In addition, in the three months ended June 30, 2022, the Company increased its ownership interest in Amerant Mortgage to 80% from 57.4% at March 31, 2022. This change was the result of: (i) two former principals of Amerant Mortgage surrendering their interest in Amerant Mortgage to the Company, when they became full time employees of the Bank (the “Transfer of Subsidiary Shares From Noncontrolling Interest”), and (ii) an additional contribution made by the Company of $1 million, in cash, to Amerant Mortgage in the three months ended June 30, 2022. As a result of the Transfer of Subsidiary Shares From Noncontrolling Interest, the Company reduced its Additional Paid-in Capital by a total of $1.9 million with a corresponding increase to the equity attributable to Noncontrolling Interest. Employee Stock Purchase Plan On June 8, 2022, the shareholders of the Company approved the Amerant Bancorp Inc. 2021 Employee Stock Purchase Plan (the “ESPP” or the “Plan”). The purpose of the Plan is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions. All named executive officers, and all other executive officers of the Company who were eligible as of the enrollment deadline for the first offering period elected to participate in the Plan. For further information, see the Company’s proxy statement for the annual meeting of shareholders held on June 8, 2022, filed with the SEC on April 28, 2022. In the three months ended September 30, 2022, the Company recognized compensation expense of $0.3 million in connection with the ESPP. Amerant Florida Merger On August 2, 2022, the Company completed an intercompany transaction of entities under common control, pursuant to which the Company’s wholly owned subsidiary, Amerant Florida Bancorp Inc. (“Amerant Florida”), merged with and into the Company, with the Company as sole survivor (the “Amerant Florida Merger”). In connection with the Amerant Florida Merger, the Company assumed all assets and liabilities of Amerant Florida, including its direct ownership of the Bank, the common capital securities issued by the 5 trust subsidiaries, and the junior subordinated debentures issued by Amerant Florida and related agreements. The Amerant Florida Merger had no impact to the Company’s consolidated financial condition and results of operations. See Note 10 to the Company’s consolidated financial statements on the Form 10-K, for additional information on the common capital securities issued by the five trust subsidiaries, and the junior subordinated debentures. COVID-19 Pandemic CARES Act On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. The COVID-19 pandemic adversely affected the economy, including significant changes in interest rates, and resulted in the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Loan Loss Reserve and Modification Programs 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 throughout 2020 and during the first nine months of 2021. As of September 30, 2022, there were no loans under the deferral and/or forbearance options. At December 31, 2021, there were $37.1 million of loans under the deferral and/or forbearance options. In accordance with accounting and regulatory guidance, loans to borrowers benefiting from these measures are not considered troubled debt restructuring (“TDRs”). See Note 1 to the Company’s consolidated financial statements on the Form 10-K for more details on loan modification programs. The COVID-19 pandemic has severely restricted the level of economic activity in the U.S. and around the world since March 2020. At the outset of the pandemic, several states and cities across the United States, including the states of Florida, and Texas and cities where we have banking centers, loan production offices (“LPOs”) and where our principal place of business is located, implemented quarantines, restrictions on travel, “shelter at home” orders, and restrictions on types of business that may continue to operate. While most of these measures and restrictions have been lifted, and many businesses reopened, the Company cannot predict when circumstances may change and 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. Given the uncertainty regarding the spread and severity of the COVID-19 pandemic and its adverse effects on the U.S. and global economies, the impact to the Company’s financial statements cannot be accurately predicted at this time. Hurricane Ian In late September 2022, Hurricane Ian (the “Hurricane”) impacted several countries in the Caribbean, and the U.S., causing significant damage, and disrupting businesses in several regions, including several South and Central Florida counties in which the Company does business, including the Tampa Bay, Port Charlotte, Naples and Orlando markets and their surrounding areas. On September 28, 2022, the Hurricane made landfall near Cayo Costa in southwestern Florida, as a powerful Category 4 hurricane on the Saffir-Simpson scale, bringing intense winds and heavy rainfall and storm surges, causing catastrophic wind and water damage to infrastructure, homes and businesses in southwestern Florida, including the city of Tampa where we operate a loan production office. Based on information currently available, the Company has not identified any significant impacts to the loan portfolio of the Company deemed to be located in the areas that may have been meaningfully impacted by the Hurricane. As of September 30, 2022, the estimated outstanding loan balances in the areas impacted by the Hurricane totaled approximately $300 million. While the Company has recorded loan loss reserves of approximately $1.6 million as of September 30, 2022 to account for its initial estimate of probable credit losses pending to be identified in relation to the Hurricane, the Company has not currently identified any immediate significant impact to the collateral securing the loans in the exposed loan portfolio in the region. The Company is in contact with the impacted borrowers and has been performing site visits as well. In addition, the Company has been actively involved in efforts to support the recovery of the communities negatively impacted by the Hurricane. The Hurricane had no material negative impact to the Company’s operations in Tampa. While it is too early to assess and quantify the full extent of the damage caused by the Hurricane, as well as its long-term impact on economic activity in the region, the damages are meaningful and have, at least in the short-term, had a material adverse impact on regional economic activity, as reflected by, among other things, the slow-down in sales and service activity, primarily in the hospitality and related industries. Regional employment levels are also expected to decrease at least in the short-term. The speed at which the State of Florida and other federal and local governments can restore power and other basic services throughout the impacted region, will be a critical variable in determining the extent of the impact on economic activity. Furthermore, the Hurricane severely damaged or destroyed buildings, homes and other infrastructure, impacting the value of such properties, some of which may serve as collateral to our loans. While our collateral is generally insured, the value of such insured structures, as well as other structures unaffected by the Hurricane, may be significantly impacted. Although some of the impact of the Hurricane, including its short-term impact on economic activity, may be offset by recovery and reconstruction activity and the influx of Federal emergency funds and private insurance proceeds, it is too early to know the amount of Federal and private insurance money to be received and whether such transfers will significantly offset the negative economic, fiscal and demographic impact of the Hurricane. Since there is significant uncertainty with respect to the full extent of the negative impacts due to the nature of the Hurricane, the Company’s estimates with respect to the loan portfolio potentially impacted and the reserve for loan losses, are based on judgment and subject to change as conditions evolve. The Company will continue to carefully assess and review the exposure of the portfolios to hurricane-related factors, economic trends and their effect on credit quality and that assessment and review could result in further loan loss provisions in future periods. b) Basis of Presentation and Summary of Significant Accounting Policies Emerging Growth Company Section 107 of the JOBS Act provides that, as an “emerging growth company”, or EGC, the Company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, an EGC can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. In 2019, the Federal bank regulators recognized or permitted public companies that are EGCs to delay the adoption of accounting pronouncements until those standards would otherwise apply to private companies. Since we became a publicly traded company, the Company has been taking advantage of the benefits of this extended transition period, and will continue to do so for as long as it is available and it is consistent with bank regulatory requirements. Based on the aggregate worldwide market value of the voting and non-voting common stock held by the Company’s non-affiliates as of the last business day of the second quarter of 2022, the Company determined that it will be deemed a large accelerated filer effective as of December 31, 2022. Consequently, the Company will no longer be able to benefit from any extended transition period for complying with new or revised accounting standards, beginning as of December 31, 2022, and applied retroactively effective January 1, 2022. Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of 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 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, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 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 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. In the three and nine month-periods ended September 30, 2022, noninterest expenses include $0.3 million and $7.1 million, respectively, of estimated contract termination costs associated with third party vendors resulting from the Company’s transition to our new technology provider. Contract termination costs represent estimated expenses to terminate contracts before the end of their terms, and are recognized when the Company terminates a contract in accordance with its terms, generally considered the time when the Company gives written notice to the counterparty within the notification period contractually established. Contract termination costs also include expenses associated with the abandonment of existing capitalized projects which are no longer expected to be completed as a result of a contract termination. Changes to initial estimated expenses to terminate contracts resulting from revisions to timing or the amount of estimated cash flows are recognized in the period of the changes. Reclassifications In the three and nine month periods ended September 30, 2022, advertising expenses are presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. Prior to 2022, these expenses were presented as a component of other noninterest expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. c) Recently Issued Accounting Pronouncements The Company did not adopt any new accounting pronouncements as of and for the nine months ended September 30, 2022. Issued and Not Yet Adopted For a complete summary of accounting guidance, see Note 1 to the Company’s audited consolidated financial statements in the Form 10-K. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“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 will no longer be deemed an EGC effective as of December 31, 2022. Therefore, adoption of the new guidance on CECL will be required on the Company’s consolidated financial statements as of and for the reporting period ending that date. In preparation for adoption of CECL in the fourth quarter of 2022, the Company formed a working group in 2021 comprised of individuals from various functional areas, including, but not limited to, credit, risk management and finance. The working group continues to work through its implementation plan which includes documentation and assessment of processes, data inputs and necessary internal controls; validation and refinement of credit loss estimation techniques; and documentation of policies and procedures. The Company selected a third-party software and advisory service provider to aid with the implementation of CECL. The Company is currently conducting runs of the CECL model and the incurred-loss model in parallel, and a third-party vendor has performed the first validation of the model. A second validation of the CECL model is now in process, and expected to be completed in the fourth quarter of 2022. The new model will include additional assumptions used to calculate credit losses over the estimated life of financial assets and will include the impact of forecasted economic conditions. Based on preliminary modeling results, upon adoption of CECL, the Company expects to recognize an increase in the allowance for credit losses (“ACL”) as of January 1, 2022, the beginning of the reporting period of adoption, which is currently estimated to range from $15 million to $20 million, with a corresponding after tax cumulative effect adjustment to retained earnings. Additionally, the Company will record the final impact of CECL in the Company’s previous credit loss estimates recorded during each of the quarters in the year ending December 31, 2022 as an adjustment to its ACL in the Company’s consolidated balance sheet as of December 31, 2022, and an addition to credit loss provision in the Company’s consolidated statement of income for the year then ended. The final impact of CECL is subject to further refinement based on continuing reviews of the model, testing and validation of credit loss estimation techniques; the composition of the Company’s loan and debt securities portfolios; and current and forecasted macroeconomic conditions. Under the CECL model, the Company does not expect a material ACL to be recorded on debt securities held to maturity upon adoption, as these securities are issued or guaranteed by the U.S. government or U.S. government-sponsored entities and agencies. See Note 5 Allowance for Loan Losses for summarized information on the allocation of the allowance for loans losses by impairment methodology and loan segment as of September 30, 2022 and 2021. In addition, the Company does not expect a material ACL to be recorded as of January 1, 2022 on debt securities available for sale with respect to the evaluation of impairment due to credit losses, as the majority of these securities are issued or guaranteed by the U.S. government or U.S. government-sponsored entities and agencies, or otherwise are of high credit quality when issued by private corporations. New Guidance on Fair Value Hedges In March 2022, the FASB issued amended guidance to expand and clarify existing guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments clarify, among others, the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment also improves the last-of-layer concepts and expands them to nonprepayable financial assets, allowing more flexibility in the structure of derivatives used to hedge interest rate risk. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, the amended guidance is effective for fiscal years beginning after December 15, 2023. The amended guidance is available for early adoption. The Company is in the process of reviewing this new guidance to determine whether it would have a material impact on the Company’s consolidated financial statements when adopted. New Guidance on Troubled Debt Restructurings In March 2022, the FASB issued guidance that eliminates the recognition and measurement guidance on troubled debt restructurings for creditors, and aligns it with existing guidance to determine whether a loan modification results in a new loan or a continuation of an existing loan. The new guidance also requires enhanced disclosures about certain loan modifications by creditors when a borrower is experiencing financial difficulty. The amended guidance is effective in periods beginning after December 15, 2022 using either a prospective or modified retrospective transition approach. Early adoption is permitted if an entity has already adopted the guidance on accounting for CECL. The Company is in the process of reviewing this new guidance, as part of its CECL implementation efforts, to determine whether it would have a material impact on the Company’s consolidated financial statements when adopted. New Guidance for Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions On June 30, 2022, the FASB issued new guidance to improve fair value guidance for equity securities subject to contractual sale restrictions. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements when adopted. d) Subsequent Events The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Interest Earning Deposits with
Interest Earning Deposits with Banks and Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks and Restricted Cash | Interest Earning Deposits with Banks and Restricted Cash At September 30, 2022 and December 31, 2021, interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $218 million and $241 million, respectively. At September 30, 2022 and December 31, 2021, the average interest rate on these deposits was approximately 1.14% and 0.12%, respectively. These deposits have no stated maturity dates. At September 30, 2022, the Company had restricted cash balances of $46.1 million. These balances include cash pledged as collateral, by other banks to us, to secure derivatives’ margin calls. In addition, we have cash balances pledged as collateral to secure the issuance of letters of credit by other banks on behalf of our customers. We had no restricted cash balances as of December 31, 2021. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities a) Debt Securities Debt securities available for sale Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: September 30, 2022 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 441,693 $ 134 $ (46,388) $ 395,439 Corporate debt securities (2) 340,427 17 (28,327) 312,117 U.S. government agency debt securities (1) (2) 382,274 57 (45,043) 337,288 Collateralized loan obligations 5,000 — (210) 4,790 Municipal bonds (1) 1,787 — (87) 1,700 U.S. treasury securities 998 — (3) 995 Total debt securities available for sale $ 1,172,179 $ 208 $ (120,058) $ 1,052,329 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2022, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $719.9 million and fair value of $637.8 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $89.7 million and fair value of $78.7 million. December 31, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 443,892 $ 9,319 $ (2,438) $ 450,773 Corporate debt securities (2) 348,576 10,143 (929) 357,790 U.S. government agency debt securities (1) (2) 362,323 1,953 (2,370) 361,906 U.S. treasury securities 2,501 1 — 2,502 Municipal bonds (1) 2,252 96 — 2,348 Total debt securities available for sale $ 1,159,544 $ 21,512 $ (5,737) $ 1,175,319 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2021, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $654.7 million and fair value of $661.3 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2021, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $123.5 million and fair value of $123.8 million. The Company had investments in foreign corporate debt securities available for sale, primarily in Canada, of $9.4 million and $12.5 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, the Company had no foreign sovereign or foreign government agency debt securities available for sale. Investments in foreign corporate debt securities available for sale are denominated in U.S. Dollars. In the three and nine month periods ended September 30, 2022 and 2021, proceeds from sales, redemptions and calls, gross realized gains, and gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Proceeds from sales, redemptions and calls of debt securities available for sale $ 12,154 $ 23,913 $ 26,312 $ 97,028 Gross realized gains $ 22 $ 61 $ 71 $ 4,262 Gross realized losses — (25) — (25) Realized gains, net on sales of debt investment securities $ 22 $ 36 $ 71 $ 4,237 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, 2022 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities 281 $ 338,822 $ (33,120) 70 $ 49,716 $ (13,268) $ 388,538 $ (46,388) Corporate debt securities 60 275,040 (22,188) 7 28,692 (6,139) 303,732 (28,327) U.S. government agency debt securities 110 150,478 (14,952) 92 183,385 (30,091) 333,863 (45,043) Municipal bonds 3 1,699 (87) — — — 1,699 (87) U.S. treasury securities 1 995 (3) — — — 995 (3) Collateralized loan obligations 1 4,790 (210) — — — 4,790 (210) 456 $ 771,824 $ (70,560) 169 $ 261,793 $ (49,498) $ 1,033,617 $ (120,058) December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities 29 $ 54,562 $ (1,434) 59 $ 25,526 $ (1,004) $ 80,088 $ (2,438) Corporate debt securities 8 52,672 (259) 3 10,286 (670) 62,958 (929) U.S. government agency debt securities 35 200,051 (1,177) 69 52,109 (1,193) 252,160 (2,370) 72 $ 307,285 $ (2,870) 131 $ 87,921 $ (2,867) $ 395,206 $ (5,737) At September 30, 2022 and December 31, 2021, 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 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. Investments in corporate debt available for sale as of September 30, 2022 include securities considered “investment-grade-quality” primarily issued by financial institutions, with a fair value of $280.6 million ($43.4 million at December 31, 2021), which had total unrealized losses of $24.9 million at that date ($0.3 million at December 31, 2021); and securities considered “non-investment-grade-quality” from issuers in the mortgage, financial, and technology industries, with a fair value of $23.1 million ($19.6 million at December 31, 2021), which had total unrealized losses of $3.4 million at that date ($0.6 million at December 31, 2021). Unrealized losses on corporate debt securities and municipal bonds 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. Debt securities held to maturity Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: September 30, 2022 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government agency debt securities (1) $ 59,499 $ — $ (8,403) $ 51,096 U.S. government sponsored enterprise debt securities(1) (2) 174,818 — (19,091) 155,727 Total debt securities held to maturity $ 234,317 $ — $ (27,494) $ 206,823 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2022, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $206.0 million and fair value of $181.6 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $28.3 million and fair value of $25.3 million. December 31, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government agency debt securities (1) $ 66,307 $ 62 $ (363) $ 66,006 U.S. government sponsored enterprise debt securities (1) (2) 51,868 1,581 (378) 53,071 Total debt securities held to maturity $ 118,175 $ 1,643 $ (741) $ 119,077 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2021,we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $89.4 million and fair value of $88.7 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2021, includes total commercial mortgage-backed securities with amortized cost of $28.8 million and fair value of $30.4 million. The Company’s investment in debt securities held to maturity with unrealized losses that are deemed temporary, aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 1 $ 3,931 $ (303) 11 $ 47,165 $ (8,101) $ 51,096 $ (8,404) U.S. government sponsored enterprise debt securities 32 144,858 (12,268) 2 10,869 (6,822) 155,727 (19,090) 33 $ 148,789 $ (12,571) 13 $ 58,034 $ (14,923) $ 206,823 $ (27,494) December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 11 $ 61,037 $ (363) — $ — $ — $ 61,037 $ (363) U.S. government sponsored enterprise debt securities 2 22,669 (378) — — — 22,669 (378) 13 $ 83,706 $ (741) — $ — $ — $ 83,706 $ (741) Contractual maturities Contractual maturities of debt securities at September 30, 2022 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 10,239 $ 10,196 $ — $ — After 1 year through 5 years 77,055 73,844 6,440 3,999 After 5 years through 10 years 297,470 271,752 13,236 12,137 After 10 years 787,415 696,537 214,641 190,687 $ 1,172,179 $ 1,052,329 $ 234,317 $ 206,823 b) Equity securities with readily available fair value not held for trading As of September 30, 2022 and December 31, 2021, the Company had equity securities with readily available fair value not held for trading with an original cost of $12.7 million and $0.3 million, and fair value of $12.2 million, $0.3 million, respectively. These equity securities have no stated maturities. The Company recognized net unrealized gains of $1.5 million and net unrealized losses of $0.1 million in the three months ended September 30, 2022 and 2021, respectively, and net unrealized losses of $0.4 million in the nine months ended September 30, 2022 and 2021, respectively, related to the change in market value of these equity securities. c) Securities Pledged As of September 30, 2022 and December 31, 2021, the Company had $318.4 million and $142.8 million, respectively, in securities pledged as collateral. These securities were pledged to secure advances from the Federal Home Loan Bank, public funds and for other purposes as permitted by law. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | Loans a) Loans held for investment Loans held for investment consist of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,600,281 $ 1,540,590 Multi-family residential 779,456 514,679 Land development and construction loans 300,476 327,246 2,680,213 2,382,515 Single-family residential 978,674 661,339 Owner occupied 992,948 962,538 4,651,835 4,006,392 Commercial loans 1,203,776 965,673 Loans to financial institutions and acceptances 13,271 13,710 Consumer loans and overdrafts 576,886 423,665 Total loans held for investment $ 6,445,768 $ 5,409,440 At September 30, 2022 and December 31, 2021, loans with outstanding principal balances of $1.2 billion and $1.1 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $336 million and $373 million at September 30, 2022 and December 31, 2021, respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals) and other agreements. In addition, consumer loans and overdrafts in the table above include indirect consumer loans purchased totaling $496.6 million and $297.0 million at September 30, 2022 and December 31, 2021, respectively. International loans included above were $76.7 million and $99.6 million at September 30, 2022 and December 31, 2021, respectively, mainly single-family residential loans. These loans are net of collateral of cash, cash equivalents or other financial instruments totaling $7.9 million and $21.1 million as of September 30, 2022 and December 31, 2021, respectively. The age analysis of the loan portfolio held for investment by class, including nonaccrual loans, as of September 30, 2022 and December 31, 2021 are summarized in the following tables: September 30, 2022 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 $ 1,600,281 $ 1,600,281 $ — $ — $ — $ — $ — $ — Multi-family residential 779,456 779,456 — — — — — — Land development and construction loans 300,476 300,476 — — — — — — 2,680,213 2,680,213 — — — — — — Single-family residential 978,674 977,274 — 475 925 1,400 1,465 4 Owner occupied 992,948 991,885 710 — 353 1,063 6,357 — 4,651,835 4,649,372 710 475 1,278 2,463 7,822 4 Commercial loans 1,203,776 1,192,373 3,343 1,666 6,394 11,403 9,715 245 Loans to financial institutions and acceptances 13,271 13,271 — — — — — — Consumer loans and overdrafts 576,886 576,748 69 55 14 138 947 7 $ 6,445,768 $ 6,431,764 $ 4,122 $ 2,196 $ 7,686 $ 14,004 $ 18,484 $ 256 December 31, 2021 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 $ 1,540,590 $ 1,540,590 $ — $ — $ — $ — $ 7,285 $ — Multi-family residential 514,679 514,679 — — — — — — Land development and construction loans 327,246 327,246 — — — — — — 2,382,515 2,382,515 — — — — 7,285 — Single-family residential 661,339 657,882 990 412 2,055 3,457 5,126 — Owner occupied 962,538 961,132 — — 1,406 1,406 8,665 — 4,006,392 4,001,529 990 412 3,461 4,863 21,076 — Commercial loans 965,673 939,685 277 1,042 24,669 25,988 28,440 — Loans to financial institutions and acceptances 13,710 13,710 — — — — — — Consumer loans and overdrafts 423,665 423,624 22 7 12 41 257 8 $ 5,409,440 $ 5,378,548 $ 1,289 $ 1,461 $ 28,142 $ 30,892 $ 49,773 $ 8 b) Loans held for sale Loans held for sale consist of the following loan classes: (in thousands) September 30, December 31, Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Non-owner occupied $ — $ 110,271 Multi-family residential — 31,606 — 141,877 Owner occupied — 1,318 Total real estate loans — 143,195 Total loans held for sale at the lower of fair value or cost — 143,195 Loans held for sale at fair value Land development and construction loans 5,560 — Single-family residential 52,031 14,905 Total loans held for sale at fair value (1) 57,591 14,905 Total loans held for sale (2) $ 57,591 $ 158,100 _______________ (1) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (2) Remained current and in accrual status at each of the periods shown |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The analyses by loan segment of the changes in the allowance for loan losses (“ALL”) for the three and nine month periods ended September 30, 2022 and 2021, and its allocation by impairment methodology and the related investment in loans, net as of September 30, 2022 and 2021 are summarized in the following tables: Three Months Ended September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 14,166 $ 29,646 $ — $ 8,215 $ 52,027 Provision for (reversal of) loan losses 2,969 (620) — 651 3,000 Loans charged-off Domestic — (99) — (1,712) (1,811) International — — — — — Recoveries 12 443 — 40 495 Balance at end of the period $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 Nine Months Ended September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Reversal of loan losses (831) (3,769) (42) (2,358) (7,000) Loans charged-off Domestic — (7,979) — (3,670) (11,649) International — — — (4) (4) Recoveries 26 2,139 — 300 2,465 Balance at end of the period $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 15 $ 5,725 $ — $ 878 $ 6,618 Collectively evaluated 17,132 23,645 — 6,316 47,093 $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 Investment in loans, net of unearned income: Individually evaluated $ 387 $ 25,590 $ — $ 2,651 $ 28,628 Collectively evaluated 2,648,856 2,394,138 13,271 1,360,875 6,417,140 $ 2,649,243 $ 2,419,728 $ 13,271 $ 1,363,526 $ 6,445,768 Three Months Ended September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 (Reversal of) provision for loan losses (2,193) (4,299) — 1,492 (5,000) Loans charged-off Domestic (9,274) (7,102) — (687) (17,063) International — — — — — Recoveries 41 1,174 — 105 1,320 Balance at end of the period $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 Nine Months Ended September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 (Reversal of) provision for loan losses (13,842) 1,420 — 2,422 (10,000) Loans charged-off Domestic (9,274) (9,025) — (1,962) (20,261) International — — — — — Recoveries 111 2,296 — 394 2,801 Balances at end of the period $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,553 $ 16,027 $ — $ 1,114 $ 19,694 Collectively evaluated 24,669 26,794 1 12,284 63,748 $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 Investment in loans, net of unearned income: Individually evaluated $ 28,517 $ 50,335 $ — $ 6,950 $ 85,802 Collectively evaluated 2,360,582 1,949,751 15,357 842,537 5,168,227 $ 2,389,099 $ 2,000,086 $ 15,357 $ 849,487 $ 5,254,029 The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended September 30, Real Estate Commercial Financial Consumer Total 2022 $ — $ 6,483 $ — $ — $ 6,483 2021 $ — $ — $ — $ — $ — Nine Months Ended September 30, Real Estate Commercial Financial Consumer Total 2022 $ 11,566 $ 6,483 $ — $ 1,313 $ 19,362 2021 $ — $ 102,247 $ — $ 3,524 $ 105,771 The following is a summary of impaired loans as of September 30, 2022 and December 31, 2021: September 30, 2022 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 $ 387 $ — $ 387 $ 5,437 $ 451 $ 15 Multi-family residential — — — — — — Land development and construction — — — — — — 387 — 387 5,437 451 15 Single-family residential 1,419 284 1,703 3,510 1,674 252 Owner occupied 352 12,415 12,767 10,440 12,741 116 2,158 12,699 14,857 19,387 14,866 383 Commercial loans 9,149 3,674 12,823 19,289 12,797 5,609 Consumer loans and overdrafts 948 — 948 1,017 946 626 $ 12,255 $ 16,373 $ 28,628 $ 39,693 $ 28,609 $ 6,618 _______________ (1) Average using trailing four quarter balances. December 31, 2021 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 $ 1,452 $ 5,833 $ 7,285 $ 23,185 $ 7,349 $ 546 Multi-family residential — — — 5,324 — — Land development and construction loans — — — — — — 1,452 5,833 7,285 28,509 7,349 546 Single-family residential 3,689 1,689 5,378 7,619 5,316 618 Owner occupied 516 8,149 8,665 10,877 8,491 170 5,657 15,671 21,328 47,005 21,156 1,334 Commercial loans 21,353 9,767 31,120 40,626 59,334 10,292 Consumer loans and overdrafts 256 — 256 268 256 165 $ 27,266 $ 25,438 $ 52,704 $ 87,899 $ 80,746 $ 11,791 _______________ (1) Average using trailing four quarter balances. Troubled Debt Restructurings The following table shows information about loans modified in TDRs as of September 30, 2022 and December 31, 2021: As of September 30, 2022 As of December 31, 2021 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 450 1 $ 1,452 Single-family residential 1 265 1 258 Owner occupied 2 7,120 4 6,213 4 7,835 6 7,923 Commercial loans 9 3,541 11 5,005 Total (1)(2) 13 $ 11,376 17 $ 12,928 ______________ (1) As of September 30, 2022 and December 31, 2021, includes a multiple loan relationship with a South Florida customer consisting of CRE, owner occupied and commercial loans totaling $9.9 million and $9.1 million, respectively. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. As of September 30, 2022 and December 31, 2021, this relationship included two residential loans totaling $1.6 million and one commercial loan of $0.8 million, which were not modified. During 2020, the company charged off $1.9 million against the ALL associated with this commercial loan relationship. The Company believes the specific reserves associated with these loans, which total $25 thousand and $0.8 million at September 30, 2022 and December 31, 2021, respectively, are adequate to cover probable losses given current facts and circumstances. (2) There were no new TDRs in the three months ended September 30, 2022. In addition, during the three months ended September 30, 2022, there were no TDR loans that subsequently defaulted within the 12 months of restructuring. Loans by Credit Quality Indicators Loans by credit quality indicators as of September 30, 2022 and December 31, 2021 are summarized in the following tables: September 30, 2022 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,562,917 $ 37,364 $ — $ — $ — $ 1,600,281 Multi-family residential 779,456 — — — — 779,456 Land development and construction loans 300,476 — — — — 300,476 2,642,849 37,364 — — — 2,680,213 Single-family residential 976,957 — 1,717 — — 978,674 Owner occupied 986,503 — 6,445 — — 992,948 4,606,309 37,364 8,162 — — 4,651,835 Commercial loans 1,191,031 1,800 10,942 3 — 1,203,776 Loans to financial institutions and acceptances 13,271 — — — — 13,271 Consumer loans and overdrafts 575,939 — 947 — — 576,886 $ 6,386,550 $ 39,164 $ 20,051 $ 3 $ — $ 6,445,768 December 31, 2021 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,499,100 $ 34,205 $ 5,890 $ 1,395 $ — $ 1,540,590 Multi-family residential 514,679 — — — — 514,679 Land development and construction loans 327,246 — — — — 327,246 2,341,025 34,205 5,890 1,395 — 2,382,515 Single-family residential 656,118 — 5,221 — — 661,339 Owner occupied 946,350 7,429 8,759 — — 962,538 3,943,493 41,634 19,870 1,395 — 4,006,392 Commercial loans 903,400 32,452 20,324 9,497 — 965,673 Loans to financial institutions and acceptances 13,710 — — — — 13,710 Consumer loans and overdrafts 423,395 — 270 — — 423,665 $ 5,283,998 $ 74,086 $ 40,464 $ 10,892 $ — $ 5,409,440 |
Time Deposits
Time Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time Deposits Time deposits in denominations of $100,000 or more amounted to approximately $0.7 billion at September 30, 2022 and $0.8 billion at December 31, 2021, respectively. Time deposits in denominations of more than $250,000 amounted to approximately $362 million and $423 million at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, brokered time deposits amounted to $460 million and $290 million, respectively. Large Time Deposits by Maturity The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands, except percentages) Less than 3 months $ 162,162 21.7 % $ 261,779 31.1 % 3 to 6 months 106,492 14.2 % 134,709 16.0 % 6 to 12 months 251,192 33.6 % 153,695 18.3 % 1 to 3 years 219,024 29.3 % 281,366 33.5 % Over 3 years 8,822 1.1 % 8,902 1.1 % Total $ 747,692 100.0 % $ 840,451 100.0 % |
Advances from the Federal Home
Advances from the Federal Home Loan Bank | 9 Months Ended |
Sep. 30, 2022 | |
Advance from Federal Home Loan Bank [Abstract] | |
Advances from the Federal Home Loan Bank | Advances from the Federal Home Loan Bank At September 30, 2022 and December 31, 2021, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2022 At December 31, 2021 (in thousands) 2022 3.00% Fixed 100,000 2023 0.62% to 1.06% Fixed 104,693 104,317 2024 1.68% Fixed 100,000 — 2025 and after (1) 0.62% to 3.07% Fixed 676,312 705,260 $ 981,005 $ 809,577 _______________ (1) There were no callable advances from the FHLB as of September 30, 2022. As of December 31, 2021, there were $530 million in callable advances from the FHLB with fixed interest rates raging from 0.62% to 0.97%. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Senior Notes | Senior Notes On June 23, 2020, the Company completed a $60.0 million offering of senior notes with a coupon rate of 5.75% and a maturity date of June 30, 2025 (the “Senior Notes”). The net proceeds, after direct issuance costs of $1.6 million, totaled $58.4 million. As of September 30, 2022, these Senior Notes amounted to $59.1 million, net of direct unamortized issuance costs of $0.9 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. On March 9, 2022, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with Amerant Florida (the “Guarantor”), and qualified institutional buyers pursuant to which the Company sold and issued $30.0 million aggregate principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes due March 15, 2032 (the “Subordinated Notes”). Net proceeds were $29.1 million, after estimated direct issuance costs of approximately $0.9 million. Unamortized direct issuance costs are deferred and amortized over the term of the Subordinated Notes of 10 years. As of September 30, 2022, these Subordinated Notes amounted to $29.2 million, net of direct unamortized issuance costs of $0.8 million. The Subordinated Notes will initially bear interest at a fixed rate of 4.25% per annum, from and including March 9, 2022, to but excluding March 15, 2027, with interest payable semi-annually in arrears. From and including March 15, 2027, to but excluding the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (“SOFR”) plus 251 basis points, with interest during such period payable quarterly in arrears. If the three-month SOFR cannot be determined during the applicable floating rate period, a different index will be determined and used in accordance with the terms of the Subordinated Notes. These Subordinated Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to all of the Company’s current and future senior indebtedness. Prior to March 15, 2027, the Company may redeem the Subordinated Notes, in whole but not in part, only under certain limited circumstances. On or after March 15, 2027, the Company may, at its option, redeem the Subordinated Notes, in whole or in part, on any interest payment date, subject to the receipt of any required regulatory approvals. The Subordinated Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes, and rank equally in right of payment to all of our existing and future subordinated indebtedness. The Subordinated Notes were offered and sold by the Company in a private placement offering in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D under the Securities Act. In connection with the sale and issuance of the Subordinated Notes, the Company entered into a registration rights agreement, pursuant to which the Company agreed to take certain actions to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and will have substantially the same terms. On June 21, 2022, the Company successfully completed the exchange of all of its outstanding Subordinated Notes for an equal principal amount of its registered 4.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Registered Subordinated Notes”). The terms of the Registered Subordinated Notes are substantially identical to the terms of the Subordinated Notes, except that the Registered Subordinated Notes are not subject to the transfer restrictions, registration rights and additional interest provisions (under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations) applicable to the Subordinated Notes. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | Senior Notes On June 23, 2020, the Company completed a $60.0 million offering of senior notes with a coupon rate of 5.75% and a maturity date of June 30, 2025 (the “Senior Notes”). The net proceeds, after direct issuance costs of $1.6 million, totaled $58.4 million. As of September 30, 2022, these Senior Notes amounted to $59.1 million, net of direct unamortized issuance costs of $0.9 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. On March 9, 2022, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with Amerant Florida (the “Guarantor”), and qualified institutional buyers pursuant to which the Company sold and issued $30.0 million aggregate principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes due March 15, 2032 (the “Subordinated Notes”). Net proceeds were $29.1 million, after estimated direct issuance costs of approximately $0.9 million. Unamortized direct issuance costs are deferred and amortized over the term of the Subordinated Notes of 10 years. As of September 30, 2022, these Subordinated Notes amounted to $29.2 million, net of direct unamortized issuance costs of $0.8 million. The Subordinated Notes will initially bear interest at a fixed rate of 4.25% per annum, from and including March 9, 2022, to but excluding March 15, 2027, with interest payable semi-annually in arrears. From and including March 15, 2027, to but excluding the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (“SOFR”) plus 251 basis points, with interest during such period payable quarterly in arrears. If the three-month SOFR cannot be determined during the applicable floating rate period, a different index will be determined and used in accordance with the terms of the Subordinated Notes. These Subordinated Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to all of the Company’s current and future senior indebtedness. Prior to March 15, 2027, the Company may redeem the Subordinated Notes, in whole but not in part, only under certain limited circumstances. On or after March 15, 2027, the Company may, at its option, redeem the Subordinated Notes, in whole or in part, on any interest payment date, subject to the receipt of any required regulatory approvals. The Subordinated Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes, and rank equally in right of payment to all of our existing and future subordinated indebtedness. The Subordinated Notes were offered and sold by the Company in a private placement offering in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D under the Securities Act. In connection with the sale and issuance of the Subordinated Notes, the Company entered into a registration rights agreement, pursuant to which the Company agreed to take certain actions to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and will have substantially the same terms. On June 21, 2022, the Company successfully completed the exchange of all of its outstanding Subordinated Notes for an equal principal amount of its registered 4.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Registered Subordinated Notes”). The terms of the Registered Subordinated Notes are substantially identical to the terms of the Subordinated Notes, except that the Registered Subordinated Notes are not subject to the transfer restrictions, registration rights and additional interest provisions (under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations) applicable to the Subordinated Notes. |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of 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 $ 62,250 $ 64,178 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At September 30, 2022 and December 31, 2021, the fair values of the Company’s derivative instruments were as follows: September 30, 2022 December 31, 2021 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ 59 $ 29 $ — $ 615 Interest rate swaps not designated as hedging instruments: Customers 28 68,827 18,858 1,923 Third party broker 68,827 28 1,923 18,858 68,855 68,855 20,781 20,781 Interest rate caps not designated as hedging instruments: Customers — 9,203 — 764 Third party broker 8,306 — 477 — 8,306 9,203 477 764 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 664 — 581 — Forward contracts 463 264 31 38 1,127 264 612 38 $ 78,347 $ 78,351 $ 21,870 $ 22,198 Derivatives Designated as Hedging Instruments The Company enters into interest rate swap contracts which the Company designates and qualifies as cash flow hedges. These interest rate swaps are designed as cash flow hedges to manage the exposure that arises from differences in the amount of the Company’s known or expected cash receipts and the known or expected cash payments on designated debt instruments. These interest rate swap contracts involve the Company’s payment of fixed-rate amounts in exchange for the Company receiving variable-rate payments over the life of the contracts without exchange of the underlying notional amount. At September 30, 2022 and December 31, 2021, the Company had five interest rate swap contracts with notional amounts totaling $64.2 million maturing in the second half of 2022. These contracts were designated as cash flow hedges to manage the exposure of variable rate interest payments on all of the Company’s outstanding variable-rate junior subordinated debentures with principal amounts at September 30, 2022 and December 31, 2021 totaling $64.2 million. The Company expects these interest rate swaps to be highly effective in offsetting the effects of changes in interest rates on cash flows associated with the Company’s variable-rate junior subordinated debentures. The Company recognized unrealized gains of $8 thousand and unrealized losses of $0.2 million in the three months ended September 30, 2022 and 2021, respectively, and unrealized losses of $0.3 million and $0.6 million in the nine months ended September 30, 2022 and 2021, respectively, related to these interest rate swap contracts. These unrealized losses were included as part of interest expense on junior subordinated debentures in the Company’s consolidated statement of operations and comprehensive income. As of September 30, 2022, the estimated net unrealized losses in accumulated other comprehensive income expected to be reclassified into expense in the next twelve months amounted to $0.6 million. In 2019, the Company terminated 16 interest rate swaps that had been designated as cash flow hedges of variable rate interest payments on the outstanding and expected rollover of variable-rate advances from the FHLB. The Company is recognizing the contracts’ cumulative net unrealized gains of $8.9 million in earnings over the remaining original life of the terminated interest rate swaps ranging between one month and seven years. The Company recognized approximately $0.3 million in each of the three months ended September 30, 2022 and 2021, and $1.0 million in each of the nine months ended September 30, 2022 and 2021, as a reduction of interest expense on FHLB advances as a result of this amortization. Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At September 30, 2022 and December 31, 2021, the Company had 135 and 109 interest rate swap contracts with customers, respectively, with total notional amounts of $898.8 million and $595.4 million, respectively. These instruments involve the Company’s payment of variable-rate amounts to customers in exchange for the Company receiving fixed-rate payments from customers over the life of the contracts without exchange of the underlying notional amount. In addition, as of September 30, 2022 and December 31, 2021, the Company had interest rate swap mirror contracts with third party brokers with similar terms. The Company enters 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, 2022 and December 31, 2021, the Company had three and two swap participation agreements with total notional amounts of approximately $44.0 million and $32.0 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, 2022 and December 31, 2021, the fair value of swap participation agreements was not significant. Interest Rate Caps At September 30, 2022 and December 31, 2021, the Company had 20 and 19 interest rate cap contracts with customers with total notional amounts of $415.7 million and $432.0 million, respectively. These instruments involve the Company making payments if an interest rate exceeds the agreed strike price. In addition, at September 30, 2022 and December 31, 2021, the Company had 15 and 9 interest rate cap mirror contracts, respectively, with a third party broker with total notional amounts of $308.2 million and $190.7 million, respectively. In April 2022, the Company entered into 4 interest rate cap contracts with various third-party brokers with total notional amounts of $140.0 million at September 30, 2022. These interest rate caps serve to partially offset changes in the estimated fair value of interest rate cap contracts with customers at September 30, 2022. Mortgage Derivatives Since the second quarter of 2021, the Company has entered into interest rate lock commitments and forward sale contracts to manage the risk exposure in the mortgage banking area. At September 30, 2022 and December 31, 2021, the Company had interest rate lock commitments with notional amounts of $83.6 million and $17.9 million, respectively, and forward contracts with notional amounts of $19.5 million and $16.5 million, respectively. Interest rate lock commitments guarantee the funding of residential mortgage loans originated for sale, at specified interest rates and times in the future. Forward sale contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. The change in the fair value of these instruments was an unrealized gain of $0.1 million and $0.3 million in the three months ended September 30, 2022 and 2021, respectively, and an unrealized gain of $0.3 million in each of the nine moths ended September 30, 2022 and 2021. These amounts were recorded as part of other noninterest income in the consolidated statements of operations and comprehensive income. Credit Risk-Related Contingent Features As of September 30, 2022 and December 31, 2021, the aggregate fair value of interest rate swaps in a liability position was $68.9 million and $21.4 million, respectively. Some agreements may require pledging of securities when the valuation of a interest rate swap falls below a certain amount. At September 30, 2022 and December 31, 2021, there were $0.7 million and $2.0 million, respectively, in debt securities held for sale pledged as collateral to secure interest rate swaps designated as cash flow hedges, with a fair value of $29 thousand and $0.6 million, respectively. In addition, at December 31, 2021, there were $23.4 million in debt securities available for sale pledged as collateral to secure interest rate swaps with third-party brokers not designated as hedging instruments, with a fair value of $18.9 million. As of September 30, 2022, there were no collateral requirements related to interest rate swaps with third-party brokers not designated as hedging instruments. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LeasesThe Company leases certain premises and equipment under operating leases. The leases have remaining lease terms ranging from less than one year to 43 years, some of which have renewal options reasonably certain to be exercised and, therefore, have been reflected in the total lease term and used for the calculation of minimum payments required. The Company had $0.4 million and $0.3 million in variable lease payments during the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $1.0 million during the nine months ended September 30, 2022 and 2021, respectively, which include mostly common area maintenance and taxes, included in occupancy and equipment on the consolidated statements of income. In addition, in the first nine months of 2022 and 2021, the Company recorded $1.6 million and $0.8 million, respectively, of right of use (“ROU”) asset impairment charges associated with the closure of a branch in Pembroke Pines, Florida in 2022, and in connection with the closure of the NYC loan production office in 2021. These impairments were recorded as occupancy and equipment expense on the consolidated statements of income. Lease costs for the three and nine month periods ended September 30, 2022 and 2021 were as follows: (in thousands) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Lease cost Operating lease cost $ 4,278 $ 1,902 $ 13,008 $ 5,730 Short-term lease cost 18 21 62 176 Variable lease cost 414 334 1,304 1,003 Sublease income (527) — (2,164) (108) Total lease cost, net $ 4,183 $ 2,257 $ 12,210 $ 6,801 Beginning in the three months ended March 31, 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost (included as part of other noninterest income in 2021 in connection with the previously-owned headquarters building). Rental income from this source was $0.7 million and $1.0 million in the three months ended September 30, 2022 and 2021, respectively, and $2.2 million and $2.3 million in the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the Company had a right-of-use asset of $141.5 million and $141.1 million and total operating lease liability of $146.4 million and $143.0 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had a short-term lease liability of $5.5 million and $6.4 million, respectively, included as part of other liabilities in the consolidated balance sheet. The following table provides supplemental information to leases as of and for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 3,499 1,771 10,811 5,307 Operating lease right-of-use asset obtained in exchange for operating lease liability 1,395 1,043 4,618 3,125 Weighted average remaining lease term for operating leases 18.3 years 21.1 years 18.3 years 21.1 years Weighted average discount rate for operating leases 5.94 % 5.76 % 5.94 % 5.76 % The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of September 30, 2022. Presented below is the remaining three months of 2022 shown and thereafter: (in thousands) For the remaining three months of 2022 $ 3,683 2023 12,975 2024 13,047 2025 13,001 2026 13,201 Thereafter 194,972 Total undiscounted cash flows 250,879 Less: implied interest (104,506) Total lease obligations $ 146,373 |
Stock-based Incentive Compensat
Stock-based Incentive Compensation Plan | 9 Months Ended |
Sep. 30, 2022 | |
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 13 to the Company’s audited consolidated financial statements in the Form 10-K for more information on the 2018 Equity Plan, the Long-Term Incentive (LTI) Plan and stock-based compensation awards for the year ended December 31, 2021, including restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance stock units (“PSUs”). Restricted Stock Awards The following table shows the activity of restricted stock awards during the nine months ended September 30, 2022: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 229,779 $ 18.61 Granted 164,900 32.14 Vested (60,768) 16.83 Forfeited (37,523) 23.98 Non-vested shares at September 30, 2022 296,388 $ 25.82 In the first quarter of 2022, the Company granted an aggregate of 105,912 RSAs to various executive officers and other employees, under the LTI Plan. The fair value of the RSAs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $33.98 per RSA. These RSAs will vest in three three In the second quarter of 2022, the Company granted an aggregate of 36,788 RSAs to various employees, under the LTI Plan. The weighted average fair value of the RSAs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $28.95 per RSA. These RSAs will vest in three three In the third quarter of 2022, the Company granted an aggregate of 22,200 RSAs to various employees under the LTI Plan. The weighted average fair value of the RSAs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $28.65 per RSA. These RSAs will vest in three three The Company recorded compensation expense related to the RSAs of $0.9 million and $0.7 million during the three months ended September 30, 2022 and 2021, respectively and $2.4 million and $2.1 million during the nine months ended September 30, 2022 and 2021, respectively. The total unamortized deferred compensation expense of $4.4 million for all unvested restricted stock outstanding at September 30, 2022 will be recognized over a weighted average period of 1.6 years. Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) The following table shows the activity of RSUs and PSUs during the nine months ended September 30, 2022: Stock-settled RSUs Cash-settled RSUs Total RSUs Stock-settled PSUs 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 Number of PSUs Weighted-average grant date fair value Non-vested, beginning of year 121,739 $ 17.21 6,573 $ 22.82 128,312 $ 17.62 110,784 $ 13.57 Granted 51,839 31.82 — — 51,839 31.82 26,415 33.63 Vested (47,883) 18.06 (6,573) 22.82 (54,456) 18.63 — — Forfeited — — — — — — — — Non-vested, end of year 125,695 $ 22.91 — $ — 125,695 $ 23.04 137,199 $ 17.43 On February 16, 2022, the Company granted an aggregate of 29,414 RSUs, including: (i) 26,414 RSUs granted to various executive officers under the LTI Plan, and (ii) 3,000 RSUs granted to one executive officer as a one-time recognition award, under the 2018 Equity Plan. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $33.98 per RSU. These RSUs will vest in three equal installments on each of the first three anniversaries of the grant date. On February 16, 2022, the Company granted a target of 26,415 PSUs to various executive officers under the LTI Plan. These PSUs generally vest at the end of a three-year performance period, but only result in the issuance of shares of Class A common stock if the Company achieves a performance target. The Company used an option pricing model to estimate fair value of the PSUs granted which was $33.63 per PSU. On June 8, 2022, the Company granted 5,175 stock-settled RSUs to one executive officer. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $28.98 per RSU. These RSUs will vest in three three On June 8, 2022, the Company granted 17,250 stock-settled RSUs to its independent directors. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $28.98 per RSU. These RSUs will vest within one year. The Company recorded compensation expense related to RSUs and PSUs of 0.7 million and $0.6 million during the three months ended September 30, 2022 and 2021, respectively, and $1.7 million and $1.8 million during the nine months ended September 30, 2022 and 2021, respectively. The total unamortized deferred compensation expense of $2.9 million for all unvested stock-settled RSUs and PSUs outstanding at September 30, 2022 will be recognized over a weighted average period of 1.5 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 were 21.50% and 22.74%, respectively. Effective tax rates differ from the statutory rates mainly due to the impact of forecasted permanent non-taxable interest and other income, forecasted permanent non-deductible expenses, and the effect of corporate state taxes |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) | Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”): The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2022 December 31, 2021 (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 $ (119,850) $ 30,746 $ (89,104) $ 15,775 $ (3,788) $ 11,987 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 3,903 (1,007) 2,896 4,275 (1,045) $ 3,230 Total (AOCL) AOCI $ (115,947) $ 29,739 $ (86,208) $ 20,050 $ (4,833) $ 15,217 The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended September 30, 2022 2021 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (47,015) $ 12,056 $ (34,959) $ (3,250) $ 799 $ (2,451) Reclassification adjustment for net gains included in net income (22) 5 (17) (28) 5 (23) (47,037) 12,061 (34,976) (3,278) 804 (2,474) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (22) 6 (16) 60 (14) 46 Reclassification adjustment for net interest income included in net income (345) 88 (257) (124) 30 (94) (367) 94 (273) (64) 16 (48) Total other comprehensive loss $ (47,404) $ 12,155 $ (35,249) $ (3,342) $ 820 $ (2,522) Nine Months Ended September 30, 2022 2021 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (135,554) $ 34,516 $ (101,038) $ (9,377) $ 2,397 $ (6,980) Reclassification adjustment for net gains included in net income (71) 18 (53) (4,229) 1,020 (3,209) (135,625) 34,534 (101,091) (13,606) 3,417 (10,189) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 295 (133) 162 68 (15) 53 Reclassification adjustment for net interest income included in net income (667) 171 (496) (385) 93 (292) (372) 38 (334) (317) 78 (239) Total other comprehensive loss $ (135,997) $ 34,572 $ (101,425) $ (13,923) $ 3,495 $ (10,428) |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity a) Common Stock Shares of the Company’s Class A common stock issued and outstanding as of September 30, 2022 and December 31, 2021 were 33,773,249 and 35,883,320, respectively. In the nine months ended September 30, 2022, the Company’s Board of Directors authorized the cancellation of all shares of Class A common stock repurchased in the first nine months of 2022. As of September 30, 2022 and December 31, 2021, there were no shares of Class A common stock held as treasury stock. Stock-Based Compensation Awards The Company grants, from time to time, stock-based compensation awards which are reflected as changes in the Company’s Stockholders’ equity. See Note 13 “Stock-Based Incentive Compensation Plan” for additional information about common stock transactions under the Company’s 2018 Equity Plan. b) Dividends On January 19, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s Class A common stock. The dividend was paid on February 28, 2022 to shareholders of record at the close of business on February 11, 2022. The aggregate amount in connection with this dividend was $3.2 million. On April 13, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s Class A common stock. The dividend was paid on May 31, 2022 to shareholders of record at the close of business on May 13, 2022. The aggregate amount in connection with this dividend was $3.0 million. On July 20, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s Class A common stock. The dividend was paid on August 31, 2022 to shareholders of record at the close of business on August 17, 2022. The aggregate amount in connection with this dividend was $3.0 million. c) Subsequent events On October 19, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per common share of the Company’s Class A common stock. The dividend is payable on November 30, 2022 to shareholders of record at the close of business on November 15, 2022. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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. Financial instruments whose contract amount represents off-balance sheet credit risk at September 30, 2022 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,115,817 Standby letters of credit 21,362 Commercial letters of credit 156 $ 1,137,335 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 395,439 $ — $ 395,439 Corporate debt securities — 312,117 — 312,117 U.S. government agency debt securities — 337,288 — 337,288 Collateralized loan obligations 4,790 4,790 Municipal bonds — 1,700 — 1,700 U.S treasury securities — 995 — 995 — 1,052,329 — 1,052,329 Trading securities 112 — — 112 Equity securities with readily determinable fair values not held for trading 12,232 — — 12,232 12,344 1,052,329 — 1,064,673 Mortgage loans held for sale (at fair value) — 57,591 — 57,591 Bank owned life insurance — 227,034 — 227,034 Other assets Mortgage servicing rights (MSRs) — — 950 950 Derivative instruments — 78,347 — 78,347 $ 12,344 $ 1,415,301 $ 950 $ 1,428,595 Liabilities Other liabilities Derivative instruments $ — $ 78,351 $ — $ 78,351 December 31, 2021 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 450,773 $ — $ 450,773 Corporate debt securities — 357,790 — 357,790 U.S. government agency debt securities — 361,906 — 361,906 U.S treasury securities — 2,502 — 2,502 Municipal bonds — 2,348 — 2,348 — 1,175,319 — 1,175,319 Equity securities with readily determinable fair values not held for trading — 252 — 252 1,175,571 — 1,175,571 Mortgage loans held for sale (at fair value) — 14,905 — 14,905 Bank owned life insurance — 223,006 — 223,006 Other assets Mortgage servicing rights (MSRs) — — 636 636 Derivative instruments — 21,870 — 21,870 $ — $ 1,435,352 $ 636 $ 1,435,988 Liabilities Other liabilities Derivative instruments $ — $ 22,198 $ — $ 22,198 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following tables present the major categories of assets measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021: September 30, 2022 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 5,687 $ — $ — $ 5,687 $ — Other Real Estate Owned 6,312 — — 6,312 3,488 $ 11,999 $ — $ — $ 11,999 $ 3,488 December 31, 2021 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 24,753 $ — $ — $ 24,753 $ 26,334 Other Real Estate Owned 9,720 — — 9,720 80 $ 34,473 $ — $ — $ — $ 34,473 $ 26,414 The following table presents the significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis. Financial Instrument Unobservable Inputs Valuation Methods Discount Range Typical Discount Collateral dependent loans Discount to fair value Appraisal value, as adjusted 0-30% 6-7% Inventory 0-100% 30-50% Accounts receivables 0-100% 20-30% Equipment 0-100% 20-30% Other Real Estate Owned Discount to fair value Appraisal value, as adjusted N/A 6-7% Collateral Dependent Loans Measured For Impairment The Company measures the impairment of collateral dependent loans based on the fair value of the collateral in accordance with the provisions of ASC-310-35 “Impairment of Loans and Receivables.” The Company primarily uses third party appraisals to assist in measuring impairment on collateral dependent impaired loans. The Company also uses third party appraisal reviewers for loans with an outstanding balance of $1 million and above. These appraisals generally use the market or income approach valuation technique and use market observable data to formulate an opinion of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral or properties and may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, the Company uses judgment on market conditions to adjust the most current appraisal. The sales prices may reflect prices of sales contracts not closed and the amount of time required to sell out the real estate project may be derived from current appraisals of similar projects. As a consequence, the fair value of the collateral is considered a Level 3 valuation. Other Real Estate Owned The Company values OREO at the lower of cost or fair value of the property, less cost to sell. The fair value of the property is generally based upon recent appraisal values of the property, less cost to sell. The Company primarily uses third party appraisals to assist in measuring the valuation of OREO. Period revaluations are classified as Level 3 as the assumptions used may not be observable. There were no other significant assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: September 30, 2022 December 31, 2021 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 234,317 $ 206,823 $ 118,175 $ 119,077 Loans 3,129,610 2,920,943 2,619,461 2,559,280 Financial liabilities: Time deposits 925,946 901,466 1,048,078 1,057,759 Advances from the FHLB 981,005 914,230 809,577 819,268 Senior notes 59,131 58,785 58,894 63,214 Subordinated notes 29,241 28,481 — — Junior subordinated debentures 64,178 63,918 64,178 61,212 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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 share data and per share amounts) 2022 2021 2022 2021 Numerator: Net income before attribution of noncontrolling interest $ 20,876 $ 16,397 $ 43,352 $ 46,001 Noncontrolling interest (44) (634) (1,192) (1,451) Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 17,031 $ 44,544 $ 47,452 Net income available to common stockholders $ 20,920 $ 17,031 $ 44,544 $ 47,452 Denominator: Basic weighted average shares outstanding 33,476,418 37,133,783 33,985,856 37,358,780 Dilutive effect of share-based compensation awards 270,460 384,510 267,706 325,054 Diluted weighted average shares outstanding 33,746,878 37,518,293 34,253,562 37,683,834 Basic earnings per common share $ 0.62 $ 0.46 $ 1.31 $ 1.27 Diluted earnings per common share $ 0.62 $ 0.45 $ 1.30 $ 1.26 As of September 30, 2022 and 2021, potential dilutive instruments consisted of unvested shares of restricted stock, RSUs and PSUs totaling 532,867 and 606,381, respectively. In the three and nine month periods ended September 30, 2022 and 2021, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restructuring Activities | Restructuring Activities The Company continues to work on better aligning its operating structure and resources with its business activities. During the three and nine month periods ended September 30, 2022, the Company recorded estimated contract termination and related costs of approximately $0.3 million and $7.1 million, respectively, in connection with the implementation of the multi-year outsourcing agreement with a recognized third party financial technology services provider entered into in 2021. The Company currently does not expect to incur additional significant contract termination costs in connection with the implementation of this agreement. |
Employee Stock Purchase Plan | On June 8, 2022, the shareholders of the Company approved the Amerant Bancorp Inc. 2021 Employee Stock Purchase Plan (the “ESPP” or the “Plan”). The purpose of the Plan is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions. All named executive officers, and all other executive officers of the Company who were eligible as of the enrollment deadline for the first offering period elected to participate in the Plan. For further information, see the Company’s proxy statement for the annual meeting of shareholders held on June 8, 2022, filed with the SEC on April 28, 2022. In the three months ended September 30, 2022, the Company recognized compensation expense of $0.3 million in connection with the ESPP. |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of 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 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, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 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 |
Estimates | EstimatesThe preparation of financial statements in conformity with 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. |
Reclassification | ReclassificationsIn the three and nine month periods ended September 30, 2022, advertising expenses are presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. Prior to 2022, these expenses were presented as a component of other noninterest expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company did not adopt any new accounting pronouncements as of and for the nine months ended September 30, 2022. Issued and Not Yet Adopted For a complete summary of accounting guidance, see Note 1 to the Company’s audited consolidated financial statements in the Form 10-K. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“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 will no longer be deemed an EGC effective as of December 31, 2022. Therefore, adoption of the new guidance on CECL will be required on the Company’s consolidated financial statements as of and for the reporting period ending that date. In preparation for adoption of CECL in the fourth quarter of 2022, the Company formed a working group in 2021 comprised of individuals from various functional areas, including, but not limited to, credit, risk management and finance. The working group continues to work through its implementation plan which includes documentation and assessment of processes, data inputs and necessary internal controls; validation and refinement of credit loss estimation techniques; and documentation of policies and procedures. The Company selected a third-party software and advisory service provider to aid with the implementation of CECL. The Company is currently conducting runs of the CECL model and the incurred-loss model in parallel, and a third-party vendor has performed the first validation of the model. A second validation of the CECL model is now in process, and expected to be completed in the fourth quarter of 2022. The new model will include additional assumptions used to calculate credit losses over the estimated life of financial assets and will include the impact of forecasted economic conditions. Based on preliminary modeling results, upon adoption of CECL, the Company expects to recognize an increase in the allowance for credit losses (“ACL”) as of January 1, 2022, the beginning of the reporting period of adoption, which is currently estimated to range from $15 million to $20 million, with a corresponding after tax cumulative effect adjustment to retained earnings. Additionally, the Company will record the final impact of CECL in the Company’s previous credit loss estimates recorded during each of the quarters in the year ending December 31, 2022 as an adjustment to its ACL in the Company’s consolidated balance sheet as of December 31, 2022, and an addition to credit loss provision in the Company’s consolidated statement of income for the year then ended. The final impact of CECL is subject to further refinement based on continuing reviews of the model, testing and validation of credit loss estimation techniques; the composition of the Company’s loan and debt securities portfolios; and current and forecasted macroeconomic conditions. Under the CECL model, the Company does not expect a material ACL to be recorded on debt securities held to maturity upon adoption, as these securities are issued or guaranteed by the U.S. government or U.S. government-sponsored entities and agencies. See Note 5 Allowance for Loan Losses for summarized information on the allocation of the allowance for loans losses by impairment methodology and loan segment as of September 30, 2022 and 2021. In addition, the Company does not expect a material ACL to be recorded as of January 1, 2022 on debt securities available for sale with respect to the evaluation of impairment due to credit losses, as the majority of these securities are issued or guaranteed by the U.S. government or U.S. government-sponsored entities and agencies, or otherwise are of high credit quality when issued by private corporations. New Guidance on Fair Value Hedges In March 2022, the FASB issued amended guidance to expand and clarify existing guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments clarify, among others, the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment also improves the last-of-layer concepts and expands them to nonprepayable financial assets, allowing more flexibility in the structure of derivatives used to hedge interest rate risk. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, the amended guidance is effective for fiscal years beginning after December 15, 2023. The amended guidance is available for early adoption. The Company is in the process of reviewing this new guidance to determine whether it would have a material impact on the Company’s consolidated financial statements when adopted. New Guidance on Troubled Debt Restructurings In March 2022, the FASB issued guidance that eliminates the recognition and measurement guidance on troubled debt restructurings for creditors, and aligns it with existing guidance to determine whether a loan modification results in a new loan or a continuation of an existing loan. The new guidance also requires enhanced disclosures about certain loan modifications by creditors when a borrower is experiencing financial difficulty. The amended guidance is effective in periods beginning after December 15, 2022 using either a prospective or modified retrospective transition approach. Early adoption is permitted if an entity has already adopted the guidance on accounting for CECL. The Company is in the process of reviewing this new guidance, as part of its CECL implementation efforts, to determine whether it would have a material impact on the Company’s consolidated financial statements when adopted. New Guidance for Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions On June 30, 2022, the FASB issued new guidance to improve fair value guidance for equity securities subject to contractual sale restrictions. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements when adopted. |
Subsequent Events | Subsequent EventsThe effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 441,693 $ 134 $ (46,388) $ 395,439 Corporate debt securities (2) 340,427 17 (28,327) 312,117 U.S. government agency debt securities (1) (2) 382,274 57 (45,043) 337,288 Collateralized loan obligations 5,000 — (210) 4,790 Municipal bonds (1) 1,787 — (87) 1,700 U.S. treasury securities 998 — (3) 995 Total debt securities available for sale $ 1,172,179 $ 208 $ (120,058) $ 1,052,329 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2022, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $719.9 million and fair value of $637.8 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $89.7 million and fair value of $78.7 million. December 31, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 443,892 $ 9,319 $ (2,438) $ 450,773 Corporate debt securities (2) 348,576 10,143 (929) 357,790 U.S. government agency debt securities (1) (2) 362,323 1,953 (2,370) 361,906 U.S. treasury securities 2,501 1 — 2,502 Municipal bonds (1) 2,252 96 — 2,348 Total debt securities available for sale $ 1,159,544 $ 21,512 $ (5,737) $ 1,175,319 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2021, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $654.7 million and fair value of $661.3 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2021, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $123.5 million and fair value of $123.8 million. |
Schedule of realized gain (loss) | In the three and nine month periods ended September 30, 2022 and 2021, proceeds from sales, redemptions and calls, gross realized gains, and gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Proceeds from sales, redemptions and calls of debt securities available for sale $ 12,154 $ 23,913 $ 26,312 $ 97,028 Gross realized gains $ 22 $ 61 $ 71 $ 4,262 Gross realized losses — (25) — (25) Realized gains, net on sales of debt investment securities $ 22 $ 36 $ 71 $ 4,237 |
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, 2022 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities 281 $ 338,822 $ (33,120) 70 $ 49,716 $ (13,268) $ 388,538 $ (46,388) Corporate debt securities 60 275,040 (22,188) 7 28,692 (6,139) 303,732 (28,327) U.S. government agency debt securities 110 150,478 (14,952) 92 183,385 (30,091) 333,863 (45,043) Municipal bonds 3 1,699 (87) — — — 1,699 (87) U.S. treasury securities 1 995 (3) — — — 995 (3) Collateralized loan obligations 1 4,790 (210) — — — 4,790 (210) 456 $ 771,824 $ (70,560) 169 $ 261,793 $ (49,498) $ 1,033,617 $ (120,058) December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities 29 $ 54,562 $ (1,434) 59 $ 25,526 $ (1,004) $ 80,088 $ (2,438) Corporate debt securities 8 52,672 (259) 3 10,286 (670) 62,958 (929) U.S. government agency debt securities 35 200,051 (1,177) 69 52,109 (1,193) 252,160 (2,370) 72 $ 307,285 $ (2,870) 131 $ 87,921 $ (2,867) $ 395,206 $ (5,737) |
Schedule of debt securities, held-to-maturity | Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: September 30, 2022 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government agency debt securities (1) $ 59,499 $ — $ (8,403) $ 51,096 U.S. government sponsored enterprise debt securities(1) (2) 174,818 — (19,091) 155,727 Total debt securities held to maturity $ 234,317 $ — $ (27,494) $ 206,823 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2022, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $206.0 million and fair value of $181.6 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $28.3 million and fair value of $25.3 million. December 31, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government agency debt securities (1) $ 66,307 $ 62 $ (363) $ 66,006 U.S. government sponsored enterprise debt securities (1) (2) 51,868 1,581 (378) 53,071 Total debt securities held to maturity $ 118,175 $ 1,643 $ (741) $ 119,077 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2021,we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $89.4 million and fair value of $88.7 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2021, includes total commercial mortgage-backed securities with amortized cost of $28.8 million and fair value of $30.4 million. The Company’s investment in debt securities held to maturity with unrealized losses that are deemed temporary, aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 1 $ 3,931 $ (303) 11 $ 47,165 $ (8,101) $ 51,096 $ (8,404) U.S. government sponsored enterprise debt securities 32 144,858 (12,268) 2 10,869 (6,822) 155,727 (19,090) 33 $ 148,789 $ (12,571) 13 $ 58,034 $ (14,923) $ 206,823 $ (27,494) December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 11 $ 61,037 $ (363) — $ — $ — $ 61,037 $ (363) U.S. government sponsored enterprise debt securities 2 22,669 (378) — — — 22,669 (378) 13 $ 83,706 $ (741) — $ — $ — $ 83,706 $ (741) |
Schedule of contractual maturities of securities | Contractual maturities of debt securities at September 30, 2022 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 10,239 $ 10,196 $ — $ — After 1 year through 5 years 77,055 73,844 6,440 3,999 After 5 years through 10 years 297,470 271,752 13,236 12,137 After 10 years 787,415 696,537 214,641 190,687 $ 1,172,179 $ 1,052,329 $ 234,317 $ 206,823 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of loan portfolio by classes | Loans held for investment consist of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,600,281 $ 1,540,590 Multi-family residential 779,456 514,679 Land development and construction loans 300,476 327,246 2,680,213 2,382,515 Single-family residential 978,674 661,339 Owner occupied 992,948 962,538 4,651,835 4,006,392 Commercial loans 1,203,776 965,673 Loans to financial institutions and acceptances 13,271 13,710 Consumer loans and overdrafts 576,886 423,665 Total loans held for investment $ 6,445,768 $ 5,409,440 (in thousands) September 30, December 31, Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Non-owner occupied $ — $ 110,271 Multi-family residential — 31,606 — 141,877 Owner occupied — 1,318 Total real estate loans — 143,195 Total loans held for sale at the lower of fair value or cost — 143,195 Loans held for sale at fair value Land development and construction loans 5,560 — Single-family residential 52,031 14,905 Total loans held for sale at fair value (1) 57,591 14,905 Total loans held for sale (2) $ 57,591 $ 158,100 _______________ (1) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (2) Remained current and in accrual status at each of the periods shown |
Schedule of loan portfolio delinquencies | The age analysis of the loan portfolio held for investment by class, including nonaccrual loans, as of September 30, 2022 and December 31, 2021 are summarized in the following tables: September 30, 2022 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 $ 1,600,281 $ 1,600,281 $ — $ — $ — $ — $ — $ — Multi-family residential 779,456 779,456 — — — — — — Land development and construction loans 300,476 300,476 — — — — — — 2,680,213 2,680,213 — — — — — — Single-family residential 978,674 977,274 — 475 925 1,400 1,465 4 Owner occupied 992,948 991,885 710 — 353 1,063 6,357 — 4,651,835 4,649,372 710 475 1,278 2,463 7,822 4 Commercial loans 1,203,776 1,192,373 3,343 1,666 6,394 11,403 9,715 245 Loans to financial institutions and acceptances 13,271 13,271 — — — — — — Consumer loans and overdrafts 576,886 576,748 69 55 14 138 947 7 $ 6,445,768 $ 6,431,764 $ 4,122 $ 2,196 $ 7,686 $ 14,004 $ 18,484 $ 256 December 31, 2021 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 $ 1,540,590 $ 1,540,590 $ — $ — $ — $ — $ 7,285 $ — Multi-family residential 514,679 514,679 — — — — — — Land development and construction loans 327,246 327,246 — — — — — — 2,382,515 2,382,515 — — — — 7,285 — Single-family residential 661,339 657,882 990 412 2,055 3,457 5,126 — Owner occupied 962,538 961,132 — — 1,406 1,406 8,665 — 4,006,392 4,001,529 990 412 3,461 4,863 21,076 — Commercial loans 965,673 939,685 277 1,042 24,669 25,988 28,440 — Loans to financial institutions and acceptances 13,710 13,710 — — — — — — Consumer loans and overdrafts 423,665 423,624 22 7 12 41 257 8 $ 5,409,440 $ 5,378,548 $ 1,289 $ 1,461 $ 28,142 $ 30,892 $ 49,773 $ 8 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of allowance for loan losses | The analyses by loan segment of the changes in the allowance for loan losses (“ALL”) for the three and nine month periods ended September 30, 2022 and 2021, and its allocation by impairment methodology and the related investment in loans, net as of September 30, 2022 and 2021 are summarized in the following tables: Three Months Ended September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 14,166 $ 29,646 $ — $ 8,215 $ 52,027 Provision for (reversal of) loan losses 2,969 (620) — 651 3,000 Loans charged-off Domestic — (99) — (1,712) (1,811) International — — — — — Recoveries 12 443 — 40 495 Balance at end of the period $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 Nine Months Ended September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Reversal of loan losses (831) (3,769) (42) (2,358) (7,000) Loans charged-off Domestic — (7,979) — (3,670) (11,649) International — — — (4) (4) Recoveries 26 2,139 — 300 2,465 Balance at end of the period $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 September 30, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 15 $ 5,725 $ — $ 878 $ 6,618 Collectively evaluated 17,132 23,645 — 6,316 47,093 $ 17,147 $ 29,370 $ — $ 7,194 $ 53,711 Investment in loans, net of unearned income: Individually evaluated $ 387 $ 25,590 $ — $ 2,651 $ 28,628 Collectively evaluated 2,648,856 2,394,138 13,271 1,360,875 6,417,140 $ 2,649,243 $ 2,419,728 $ 13,271 $ 1,363,526 $ 6,445,768 Three Months Ended September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 (Reversal of) provision for loan losses (2,193) (4,299) — 1,492 (5,000) Loans charged-off Domestic (9,274) (7,102) — (687) (17,063) International — — — — — Recoveries 41 1,174 — 105 1,320 Balance at end of the period $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 Nine Months Ended September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 (Reversal of) provision for loan losses (13,842) 1,420 — 2,422 (10,000) Loans charged-off Domestic (9,274) (9,025) — (1,962) (20,261) International — — — — — Recoveries 111 2,296 — 394 2,801 Balances at end of the period $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 September 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,553 $ 16,027 $ — $ 1,114 $ 19,694 Collectively evaluated 24,669 26,794 1 12,284 63,748 $ 27,222 $ 42,821 $ 1 $ 13,398 $ 83,442 Investment in loans, net of unearned income: Individually evaluated $ 28,517 $ 50,335 $ — $ 6,950 $ 85,802 Collectively evaluated 2,360,582 1,949,751 15,357 842,537 5,168,227 $ 2,389,099 $ 2,000,086 $ 15,357 $ 849,487 $ 5,254,029 The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended September 30, Real Estate Commercial Financial Consumer Total 2022 $ — $ 6,483 $ — $ — $ 6,483 2021 $ — $ — $ — $ — $ — Nine Months Ended September 30, Real Estate Commercial Financial Consumer Total 2022 $ 11,566 $ 6,483 $ — $ 1,313 $ 19,362 2021 $ — $ 102,247 $ — $ 3,524 $ 105,771 |
Schedule of impaired loans | The following is a summary of impaired loans as of September 30, 2022 and December 31, 2021: September 30, 2022 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 $ 387 $ — $ 387 $ 5,437 $ 451 $ 15 Multi-family residential — — — — — — Land development and construction — — — — — — 387 — 387 5,437 451 15 Single-family residential 1,419 284 1,703 3,510 1,674 252 Owner occupied 352 12,415 12,767 10,440 12,741 116 2,158 12,699 14,857 19,387 14,866 383 Commercial loans 9,149 3,674 12,823 19,289 12,797 5,609 Consumer loans and overdrafts 948 — 948 1,017 946 626 $ 12,255 $ 16,373 $ 28,628 $ 39,693 $ 28,609 $ 6,618 _______________ (1) Average using trailing four quarter balances. December 31, 2021 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 $ 1,452 $ 5,833 $ 7,285 $ 23,185 $ 7,349 $ 546 Multi-family residential — — — 5,324 — — Land development and construction loans — — — — — — 1,452 5,833 7,285 28,509 7,349 546 Single-family residential 3,689 1,689 5,378 7,619 5,316 618 Owner occupied 516 8,149 8,665 10,877 8,491 170 5,657 15,671 21,328 47,005 21,156 1,334 Commercial loans 21,353 9,767 31,120 40,626 59,334 10,292 Consumer loans and overdrafts 256 — 256 268 256 165 $ 27,266 $ 25,438 $ 52,704 $ 87,899 $ 80,746 $ 11,791 _______________ (1) Average using trailing four quarter balances. |
Schedule of loans modified in troubled debt restructurings | The following table shows information about loans modified in TDRs as of September 30, 2022 and December 31, 2021: As of September 30, 2022 As of December 31, 2021 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 450 1 $ 1,452 Single-family residential 1 265 1 258 Owner occupied 2 7,120 4 6,213 4 7,835 6 7,923 Commercial loans 9 3,541 11 5,005 Total (1)(2) 13 $ 11,376 17 $ 12,928 ______________ (1) As of September 30, 2022 and December 31, 2021, includes a multiple loan relationship with a South Florida customer consisting of CRE, owner occupied and commercial loans totaling $9.9 million and $9.1 million, respectively. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. As of September 30, 2022 and December 31, 2021, this relationship included two residential loans totaling $1.6 million and one commercial loan of $0.8 million, which were not modified. During 2020, the company charged off $1.9 million against the ALL associated with this commercial loan relationship. The Company believes the specific reserves associated with these loans, which total $25 thousand and $0.8 million at September 30, 2022 and December 31, 2021, respectively, are adequate to cover probable losses given current facts and circumstances. (2) There were no new TDRs in the three months ended September 30, 2022. In addition, during the three months ended September 30, 2022, there were no TDR loans that subsequently defaulted within the 12 months of restructuring. |
Schedule of credit quality indicators | Loans by credit quality indicators as of September 30, 2022 and December 31, 2021 are summarized in the following tables: September 30, 2022 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,562,917 $ 37,364 $ — $ — $ — $ 1,600,281 Multi-family residential 779,456 — — — — 779,456 Land development and construction loans 300,476 — — — — 300,476 2,642,849 37,364 — — — 2,680,213 Single-family residential 976,957 — 1,717 — — 978,674 Owner occupied 986,503 — 6,445 — — 992,948 4,606,309 37,364 8,162 — — 4,651,835 Commercial loans 1,191,031 1,800 10,942 3 — 1,203,776 Loans to financial institutions and acceptances 13,271 — — — — 13,271 Consumer loans and overdrafts 575,939 — 947 — — 576,886 $ 6,386,550 $ 39,164 $ 20,051 $ 3 $ — $ 6,445,768 December 31, 2021 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,499,100 $ 34,205 $ 5,890 $ 1,395 $ — $ 1,540,590 Multi-family residential 514,679 — — — — 514,679 Land development and construction loans 327,246 — — — — 327,246 2,341,025 34,205 5,890 1,395 — 2,382,515 Single-family residential 656,118 — 5,221 — — 661,339 Owner occupied 946,350 7,429 8,759 — — 962,538 3,943,493 41,634 19,870 1,395 — 4,006,392 Commercial loans 903,400 32,452 20,324 9,497 — 965,673 Loans to financial institutions and acceptances 13,710 — — — — 13,710 Consumer loans and overdrafts 423,395 — 270 — — 423,665 $ 5,283,998 $ 74,086 $ 40,464 $ 10,892 $ — $ 5,409,440 |
Time Deposits (Tables)
Time Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Time Deposits Disclosure [Abstract] | |
Schedule of Time Deposit Maturities | The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands, except percentages) Less than 3 months $ 162,162 21.7 % $ 261,779 31.1 % 3 to 6 months 106,492 14.2 % 134,709 16.0 % 6 to 12 months 251,192 33.6 % 153,695 18.3 % 1 to 3 years 219,024 29.3 % 281,366 33.5 % Over 3 years 8,822 1.1 % 8,902 1.1 % Total $ 747,692 100.0 % $ 840,451 100.0 % |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Advance from Federal Home Loan Bank [Abstract] | |
Schedule of outstanding advances from the FHLB | At September 30, 2022 and December 31, 2021, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2022 At December 31, 2021 (in thousands) 2022 3.00% Fixed 100,000 2023 0.62% to 1.06% Fixed 104,693 104,317 2024 1.68% Fixed 100,000 — 2025 and after (1) 0.62% to 3.07% Fixed 676,312 705,260 $ 981,005 $ 809,577 _______________ (1) There were no callable advances from the FHLB as of September 30, 2022. As of December 31, 2021, there were $530 million in callable advances from the FHLB with fixed interest rates raging from 0.62% to 0.97%. |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of 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 $ 62,250 $ 64,178 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At September 30, 2022 and December 31, 2021, the fair values of the Company’s derivative instruments were as follows: September 30, 2022 December 31, 2021 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ 59 $ 29 $ — $ 615 Interest rate swaps not designated as hedging instruments: Customers 28 68,827 18,858 1,923 Third party broker 68,827 28 1,923 18,858 68,855 68,855 20,781 20,781 Interest rate caps not designated as hedging instruments: Customers — 9,203 — 764 Third party broker 8,306 — 477 — 8,306 9,203 477 764 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 664 — 581 — Forward contracts 463 264 31 38 1,127 264 612 38 $ 78,347 $ 78,351 $ 21,870 $ 22,198 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease costs for the three and nine month periods ended September 30, 2022 and 2021 were as follows: (in thousands) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Lease cost Operating lease cost $ 4,278 $ 1,902 $ 13,008 $ 5,730 Short-term lease cost 18 21 62 176 Variable lease cost 414 334 1,304 1,003 Sublease income (527) — (2,164) (108) Total lease cost, net $ 4,183 $ 2,257 $ 12,210 $ 6,801 The following table provides supplemental information to leases as of and for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 3,499 1,771 10,811 5,307 Operating lease right-of-use asset obtained in exchange for operating lease liability 1,395 1,043 4,618 3,125 Weighted average remaining lease term for operating leases 18.3 years 21.1 years 18.3 years 21.1 years Weighted average discount rate for operating leases 5.94 % 5.76 % 5.94 % 5.76 % |
Schedule of Lessee, Operating Lease, Liability, Maturity | The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of September 30, 2022. Presented below is the remaining three months of 2022 shown and thereafter: (in thousands) For the remaining three months of 2022 $ 3,683 2023 12,975 2024 13,047 2025 13,001 2026 13,201 Thereafter 194,972 Total undiscounted cash flows 250,879 Less: implied interest (104,506) Total lease obligations $ 146,373 |
Stock-based Incentive Compens_2
Stock-based Incentive Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The following table shows the activity of restricted stock awards during the nine months ended September 30, 2022: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 229,779 $ 18.61 Granted 164,900 32.14 Vested (60,768) 16.83 Forfeited (37,523) 23.98 Non-vested shares at September 30, 2022 296,388 $ 25.82 |
Schedule of Restricted Stock Units and Performance Stock Units | The following table shows the activity of RSUs and PSUs during the nine months ended September 30, 2022: Stock-settled RSUs Cash-settled RSUs Total RSUs Stock-settled PSUs 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 Number of PSUs Weighted-average grant date fair value Non-vested, beginning of year 121,739 $ 17.21 6,573 $ 22.82 128,312 $ 17.62 110,784 $ 13.57 Granted 51,839 31.82 — — 51,839 31.82 26,415 33.63 Vested (47,883) 18.06 (6,573) 22.82 (54,456) 18.63 — — Forfeited — — — — — — — — Non-vested, end of year 125,695 $ 22.91 — $ — 125,695 $ 23.04 137,199 $ 17.43 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Components of AOCI | The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2022 December 31, 2021 (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 $ (119,850) $ 30,746 $ (89,104) $ 15,775 $ (3,788) $ 11,987 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 3,903 (1,007) 2,896 4,275 (1,045) $ 3,230 Total (AOCL) AOCI $ (115,947) $ 29,739 $ (86,208) $ 20,050 $ (4,833) $ 15,217 |
Components of Other Comprehensive Income | The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended September 30, 2022 2021 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (47,015) $ 12,056 $ (34,959) $ (3,250) $ 799 $ (2,451) Reclassification adjustment for net gains included in net income (22) 5 (17) (28) 5 (23) (47,037) 12,061 (34,976) (3,278) 804 (2,474) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (22) 6 (16) 60 (14) 46 Reclassification adjustment for net interest income included in net income (345) 88 (257) (124) 30 (94) (367) 94 (273) (64) 16 (48) Total other comprehensive loss $ (47,404) $ 12,155 $ (35,249) $ (3,342) $ 820 $ (2,522) Nine Months Ended September 30, 2022 2021 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (135,554) $ 34,516 $ (101,038) $ (9,377) $ 2,397 $ (6,980) Reclassification adjustment for net gains included in net income (71) 18 (53) (4,229) 1,020 (3,209) (135,625) 34,534 (101,091) (13,606) 3,417 (10,189) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 295 (133) 162 68 (15) 53 Reclassification adjustment for net interest income included in net income (667) 171 (496) (385) 93 (292) (372) 38 (334) (317) 78 (239) Total other comprehensive loss $ (135,997) $ 34,572 $ (101,425) $ (13,923) $ 3,495 $ (10,428) |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,115,817 Standby letters of credit 21,362 Commercial letters of credit 156 $ 1,137,335 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 395,439 $ — $ 395,439 Corporate debt securities — 312,117 — 312,117 U.S. government agency debt securities — 337,288 — 337,288 Collateralized loan obligations 4,790 4,790 Municipal bonds — 1,700 — 1,700 U.S treasury securities — 995 — 995 — 1,052,329 — 1,052,329 Trading securities 112 — — 112 Equity securities with readily determinable fair values not held for trading 12,232 — — 12,232 12,344 1,052,329 — 1,064,673 Mortgage loans held for sale (at fair value) — 57,591 — 57,591 Bank owned life insurance — 227,034 — 227,034 Other assets Mortgage servicing rights (MSRs) — — 950 950 Derivative instruments — 78,347 — 78,347 $ 12,344 $ 1,415,301 $ 950 $ 1,428,595 Liabilities Other liabilities Derivative instruments $ — $ 78,351 $ — $ 78,351 December 31, 2021 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 450,773 $ — $ 450,773 Corporate debt securities — 357,790 — 357,790 U.S. government agency debt securities — 361,906 — 361,906 U.S treasury securities — 2,502 — 2,502 Municipal bonds — 2,348 — 2,348 — 1,175,319 — 1,175,319 Equity securities with readily determinable fair values not held for trading — 252 — 252 1,175,571 — 1,175,571 Mortgage loans held for sale (at fair value) — 14,905 — 14,905 Bank owned life insurance — 223,006 — 223,006 Other assets Mortgage servicing rights (MSRs) — — 636 636 Derivative instruments — 21,870 — 21,870 $ — $ 1,435,352 $ 636 $ 1,435,988 Liabilities Other liabilities Derivative instruments $ — $ 22,198 $ — $ 22,198 |
Summary of Major Categories of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present the major categories of assets measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021: September 30, 2022 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 5,687 $ — $ — $ 5,687 $ — Other Real Estate Owned 6,312 — — 6,312 3,488 $ 11,999 $ — $ — $ 11,999 $ 3,488 December 31, 2021 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 24,753 $ — $ — $ 24,753 $ 26,334 Other Real Estate Owned 9,720 — — 9,720 80 $ 34,473 $ — $ — $ — $ 34,473 $ 26,414 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis. Financial Instrument Unobservable Inputs Valuation Methods Discount Range Typical Discount Collateral dependent loans Discount to fair value Appraisal value, as adjusted 0-30% 6-7% Inventory 0-100% 30-50% Accounts receivables 0-100% 20-30% Equipment 0-100% 20-30% Other Real Estate Owned Discount to fair value Appraisal value, as adjusted N/A 6-7% |
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, 2022 December 31, 2021 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 234,317 $ 206,823 $ 118,175 $ 119,077 Loans 3,129,610 2,920,943 2,619,461 2,559,280 Financial liabilities: Time deposits 925,946 901,466 1,048,078 1,057,759 Advances from the FHLB 981,005 914,230 809,577 819,268 Senior notes 59,131 58,785 58,894 63,214 Subordinated notes 29,241 28,481 — — Junior subordinated debentures 64,178 63,918 64,178 61,212 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 share data and per share amounts) 2022 2021 2022 2021 Numerator: Net income before attribution of noncontrolling interest $ 20,876 $ 16,397 $ 43,352 $ 46,001 Noncontrolling interest (44) (634) (1,192) (1,451) Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 17,031 $ 44,544 $ 47,452 Net income available to common stockholders $ 20,920 $ 17,031 $ 44,544 $ 47,452 Denominator: Basic weighted average shares outstanding 33,476,418 37,133,783 33,985,856 37,358,780 Dilutive effect of share-based compensation awards 270,460 384,510 267,706 325,054 Diluted weighted average shares outstanding 33,746,878 37,518,293 34,253,562 37,683,834 Basic earnings per common share $ 0.62 $ 0.46 $ 1.31 $ 1.27 Diluted earnings per common share $ 0.62 $ 0.45 $ 1.30 $ 1.26 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) subsidiary $ / shares | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares | |
Class of Stock [Line Items] | |||||||
Number of subsidiaries | subsidiary | 3 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||||
Transfer of subsidiary shares from noncontrolling interest | $ 0 | ||||||
Recorded investment, under deferral and/or forbearance, CARES Act | $ 0 | $ 0 | $ 37,100,000 | ||||
Contract termination costs | 289,000 | $ 0 | 7,103,000 | $ 0 | |||
Hurricane Ian | |||||||
Class of Stock [Line Items] | |||||||
Loans held for investment | 300,000,000 | 300,000,000 | |||||
Allowance for credit losses | 1,600,000 | 1,600,000 | |||||
Employee Stock | |||||||
Class of Stock [Line Items] | |||||||
Share-based compensation expense | 300,000 | ||||||
Minimum | Forecast | Accounting Standards Update 2016-13 | |||||||
Class of Stock [Line Items] | |||||||
Allowance for credit loss | $ 15,000,000 | ||||||
Maximum | Forecast | Accounting Standards Update 2016-13 | |||||||
Class of Stock [Line Items] | |||||||
Allowance for credit loss | $ 20,000,000 | ||||||
Additional Paid in Capital | |||||||
Class of Stock [Line Items] | |||||||
Transfer of subsidiary shares from noncontrolling interest | (1,900,000) | $ (1,867,000) | |||||
Stuff Reduction | |||||||
Class of Stock [Line Items] | |||||||
Severance expense | 400,000 | 300,000 | 1,800,000 | 3,600,000 | |||
Lease Impaired Charges | |||||||
Class of Stock [Line Items] | |||||||
Other restructuring expense | 1,600,000 | 800,000 | |||||
Other Restructuring | |||||||
Class of Stock [Line Items] | |||||||
Severance expense | $ 1,100,000 | $ 400,000 | $ 2,400,000 | $ 400,000 | |||
Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | |||||
Amerant Bank, N.A | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage of subsidiary | 100% | 100% | |||||
Amerant Mortgage | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage of subsidiary | 80% | 57.40% | 80% | 51% | |||
Payments to noncontrolling interests | $ 1,500,000 | ||||||
Payments of dividends, noncontrolling interest | $ 1,000,000 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Stock Repurchase Programs and Proposed Clean-Up Merger (Details) - Class A Common Stock - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Treasury stock, acquired (in shares) | 652,118 | |||
Treasury stock acquired (in dollars per share) | $ 33.96 | |||
Stock repurchase program, authorized amount | $ 50,000,000 | |||
Treasury stock acquired | $ 22,100,000 | |||
Stock held as treasury (in shares) | 0 | 0 | 0 | |
New Class A Common Stock Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Treasury stock, acquired (in shares) | 0 | 1,602,887 | ||
Treasury stock acquired (in dollars per share) | $ 31.14 | |||
Stock repurchase program, authorized amount | $ 50,000,000 | |||
Treasury stock acquired | $ 49,900,000 |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 218,354 | $ 240,540 |
Average interest rate on deposits with banks | 1.14% | 0.12% |
Restricted cash | $ 46,149 | $ 0 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,172,179 | $ 1,159,544 |
Gross Unrealized Gains | 208 | 21,512 |
Gross Unrealized Losses | (120,058) | (5,737) |
Estimated Fair Value | 1,052,329 | 1,175,319 |
U.S. government-sponsored enterprise debt securities (1) (2) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 441,693 | 443,892 |
Gross Unrealized Gains | 134 | 9,319 |
Gross Unrealized Losses | (46,388) | (2,438) |
Estimated Fair Value | 395,439 | 450,773 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 340,427 | 348,576 |
Gross Unrealized Gains | 17 | 10,143 |
Gross Unrealized Losses | (28,327) | (929) |
Estimated Fair Value | 312,117 | 357,790 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 382,274 | 362,323 |
Gross Unrealized Gains | 57 | 1,953 |
Gross Unrealized Losses | (45,043) | (2,370) |
Estimated Fair Value | 337,288 | 361,906 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (210) | |
Estimated Fair Value | 4,790 | |
Municipal bonds (1) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,787 | 2,252 |
Gross Unrealized Gains | 0 | 96 |
Gross Unrealized Losses | (87) | 0 |
Estimated Fair Value | 1,700 | 2,348 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 998 | 2,501 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (3) | 0 |
Estimated Fair Value | 995 | 2,502 |
Residential Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 719,900 | 654,700 |
Estimated Fair Value | 637,800 | 661,300 |
Commercial Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 89,700 | 123,500 |
Estimated Fair Value | $ 78,700 | $ 123,800 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | $ 1,352,782,000 | $ 1,352,782,000 | $ 1,341,241,000 | ||
Debt securities available for sale | 1,052,329,000 | 1,052,329,000 | 1,175,319,000 | ||
Unrealized loss | 1,033,617,000 | 1,033,617,000 | 395,206,000 | ||
Equity securities with readily determinable fair value not held for trading | 12,232,000 | 12,232,000 | 252,000 | ||
Unrealized gains | 1,500,000 | ||||
Unrealized loss | $ 100,000 | 400,000 | $ 400,000 | ||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 0 | 0 | 0 | ||
Pledged as Collateral | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities pledged as collateral | 318,400,000 | 318,400,000 | 142,800,000 | ||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 9,400,000 | 9,400,000 | 12,500,000 | ||
Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 280,600,000 | 280,600,000 | 43,400,000 | ||
Unrealized loss | 24,900,000 | 24,900,000 | 300,000 | ||
Non-Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 23,100,000 | 23,100,000 | 19,600,000 | ||
Unrealized loss | 3,400,000 | 3,400,000 | 600,000 | ||
Mutual funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Equity securities with readily determinable fair value not held for trading | $ 12,700,000 | $ 12,700,000 | $ 300,000 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 12,154 | $ 23,913 | $ 26,312 | $ 97,028 |
Gross realized gains | 22 | 61 | 71 | 4,262 |
Gross realized losses | 0 | (25) | 0 | (25) |
Realized gains, net on sales of debt investment securities | $ 22 | $ 36 | $ 71 | $ 4,237 |
Securities - Unrealized Loss on
Securities - Unrealized Loss on Available for Sale Securities (Details) $ in Thousands | Sep. 30, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 456 | 72 |
Less Than 12 Months, Estimated Fair Value | $ 771,824 | $ 307,285 |
Less Than 12 Months, Unrealized Loss | $ (70,560) | $ (2,870) |
12 Months or More, Number of Securities | contract | 169 | 131 |
12 Months or More, Estimated Fair Value | $ 261,793 | $ 87,921 |
12 Months or More, Unrealized Loss | (49,498) | (2,867) |
Total, Estimated Fair Value | 1,033,617 | 395,206 |
Total, Unrealized Loss | $ (120,058) | $ (5,737) |
U.S. government-sponsored enterprise debt securities (1) (2) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 281 | 29 |
Less Than 12 Months, Estimated Fair Value | $ 338,822 | $ 54,562 |
Less Than 12 Months, Unrealized Loss | $ (33,120) | $ (1,434) |
12 Months or More, Number of Securities | contract | 70 | 59 |
12 Months or More, Estimated Fair Value | $ 49,716 | $ 25,526 |
12 Months or More, Unrealized Loss | (13,268) | (1,004) |
Total, Estimated Fair Value | 388,538 | 80,088 |
Total, Unrealized Loss | $ (46,388) | $ (2,438) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 60 | 8 |
Less Than 12 Months, Estimated Fair Value | $ 275,040 | $ 52,672 |
Less Than 12 Months, Unrealized Loss | $ (22,188) | $ (259) |
12 Months or More, Number of Securities | contract | 7 | 3 |
12 Months or More, Estimated Fair Value | $ 28,692 | $ 10,286 |
12 Months or More, Unrealized Loss | (6,139) | (670) |
Total, Estimated Fair Value | 303,732 | 62,958 |
Total, Unrealized Loss | $ (28,327) | $ (929) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 110 | 35 |
Less Than 12 Months, Estimated Fair Value | $ 150,478 | $ 200,051 |
Less Than 12 Months, Unrealized Loss | $ (14,952) | $ (1,177) |
12 Months or More, Number of Securities | contract | 92 | 69 |
12 Months or More, Estimated Fair Value | $ 183,385 | $ 52,109 |
12 Months or More, Unrealized Loss | (30,091) | (1,193) |
Total, Estimated Fair Value | 333,863 | 252,160 |
Total, Unrealized Loss | $ (45,043) | $ (2,370) |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 3 | |
Less Than 12 Months, Estimated Fair Value | $ 1,699 | |
Less Than 12 Months, Unrealized Loss | $ (87) | |
12 Months or More, Number of Securities | contract | 0 | |
12 Months or More, Estimated Fair Value | $ 0 | |
12 Months or More, Unrealized Loss | 0 | |
Total, Estimated Fair Value | 1,699 | |
Total, Unrealized Loss | $ (87) | |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | |
Less Than 12 Months, Estimated Fair Value | $ 995 | |
Less Than 12 Months, Unrealized Loss | $ (3) | |
12 Months or More, Number of Securities | contract | 0 | |
12 Months or More, Estimated Fair Value | $ 0 | |
12 Months or More, Unrealized Loss | 0 | |
Total, Estimated Fair Value | 995 | |
Total, Unrealized Loss | $ (3) | |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | |
Less Than 12 Months, Estimated Fair Value | $ 4,790 | |
Less Than 12 Months, Unrealized Loss | $ (210) | |
12 Months or More, Number of Securities | contract | 0 | |
12 Months or More, Estimated Fair Value | $ 0 | |
12 Months or More, Unrealized Loss | 0 | |
Total, Estimated Fair Value | 4,790 | |
Total, Unrealized Loss | $ (210) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities - Amortized Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 234,317 | $ 118,175 |
Gross Unrealized Gains | 0 | 1,643 |
Gross Unrealized Losses | (27,494) | (741) |
Estimated Fair Value | 206,823 | 119,077 |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 59,499 | 66,307 |
Gross Unrealized Gains | 0 | 62 |
Gross Unrealized Losses | (8,403) | (363) |
Estimated Fair Value | 51,096 | 66,006 |
U.S. government-sponsored enterprise debt securities (1) (2) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 174,818 | 51,868 |
Gross Unrealized Gains | 0 | 1,581 |
Gross Unrealized Losses | (19,091) | (378) |
Estimated Fair Value | 155,727 | 53,071 |
Residential Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 206,000 | 89,400 |
Estimated Fair Value | 181,600 | 88,700 |
Commercial Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 28,300 | 28,800 |
Estimated Fair Value | $ 25,300 | $ 30,400 |
Securities - Held to Maturity_2
Securities - Held to Maturity Securities - Unrealized Losses (Details) $ in Thousands | Sep. 30, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 33 | 13 |
Estimated Fair Value | ||
Less Than 12 Months | $ 148,789 | $ 83,706 |
12 Months or More | 58,034 | 0 |
Total | $ 206,823 | $ 83,706 |
12 Months or More, Number of Positions | contract | 13 | 0 |
Unrealized Loss | ||
Less Than 12 Months | $ (12,571) | $ (741) |
12 Months or More | (14,923) | 0 |
Total | $ (27,494) | $ (741) |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 1 | 11 |
Estimated Fair Value | ||
Less Than 12 Months | $ 3,931 | $ 61,037 |
12 Months or More | 47,165 | 0 |
Total | $ 51,096 | $ 61,037 |
12 Months or More, Number of Positions | contract | 11 | 0 |
Unrealized Loss | ||
Less Than 12 Months | $ (303) | $ (363) |
12 Months or More | (8,101) | 0 |
Total | $ (8,404) | $ (363) |
U.S. government-sponsored enterprise debt securities (1) (2) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 32 | 2 |
Estimated Fair Value | ||
Less Than 12 Months | $ 144,858 | $ 22,669 |
12 Months or More | 10,869 | 0 |
Total | $ 155,727 | $ 22,669 |
12 Months or More, Number of Positions | contract | 2 | 0 |
Unrealized Loss | ||
Less Than 12 Months | $ (12,268) | $ (378) |
12 Months or More | (6,822) | 0 |
Total | $ (19,090) | $ (378) |
Securities - Contractual Maturi
Securities - Contractual Maturities on Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 10,239 | |
After 1 year through 5 years | 77,055 | |
After 5 years through 10 years | 297,470 | |
After 10 years | 787,415 | |
Amortized Cost | 1,172,179 | $ 1,159,544 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 10,196 | |
After 1 year through 5 years | 73,844 | |
After 5 years through 10 years | 271,752 | |
After 10 years | 696,537 | |
Estimated Fair Value | 1,052,329 | 1,175,319 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 6,440 | |
After 5 years through 10 years | 13,236 | |
After 10 years | 214,641 | |
Amortized Cost | 234,317 | 118,175 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 3,999 | |
After 5 years through 10 years | 12,137 | |
After 10 years | 190,687 | |
Estimated Fair Value | $ 206,823 | $ 119,077 |
Loans - Loans Held for Investme
Loans - Loans Held for Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,445,768 | $ 5,409,440 | $ 5,254,029 |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,651,835 | 4,006,392 | |
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,600,281 | 1,540,590 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 779,456 | 514,679 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 300,476 | 327,246 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,680,213 | 2,382,515 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 978,674 | 661,339 | |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 992,948 | 962,538 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,203,776 | 965,673 | |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 13,271 | 13,710 | |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 576,886 | 423,665 | |
Consumer loans and overdrafts | Including Indirect Consumer Loans Purchased | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 496,600 | $ 297,000 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 6,445,768 | $ 5,409,440 | $ 5,254,029 | |
Syndication facilities included in loans | 336,000 | 373,000 | ||
Collateral of cash, cash equivalents or other financial instruments | 7,900 | 21,100 | ||
Proceeds from sale of loans held-for-sale | $ 57,300 | |||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 76,700 | 99,600 | ||
Pledged as Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 1,200,000 | $ 1,100,000 |
Loans - Loans by Delinquency (D
Loans - Loans by Delinquency (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 6,445,768 | $ 5,409,440 |
Total Loans in Nonaccrual Status | 18,484 | 49,773 |
Total Loans 90 Days or More Past Due and Accruing | 256 | 8 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 6,431,764 | 5,378,548 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 14,004 | 30,892 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,122 | 1,289 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,196 | 1,461 |
Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,686 | 28,142 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,651,835 | 4,006,392 |
Total Loans in Nonaccrual Status | 7,822 | 21,076 |
Total Loans 90 Days or More Past Due and Accruing | 4 | 0 |
Real estate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,649,372 | 4,001,529 |
Real estate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,463 | 4,863 |
Real estate loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 710 | 990 |
Real estate loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 475 | 412 |
Real estate loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,278 | 3,461 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,600,281 | 1,540,590 |
Total Loans in Nonaccrual Status | 0 | 7,285 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,600,281 | 1,540,590 |
Real estate loans | Non-owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 779,456 | 514,679 |
Total Loans in Nonaccrual Status | 0 | 0 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Multi-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 779,456 | 514,679 |
Real estate loans | Multi-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 300,476 | 327,246 |
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 | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 300,476 | 327,246 |
Real estate loans | Land development and construction loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,680,213 | 2,382,515 |
Total Loans in Nonaccrual Status | 0 | 7,285 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,680,213 | 2,382,515 |
Real estate loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Commercial real estate | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 978,674 | 661,339 |
Total Loans in Nonaccrual Status | 1,465 | 5,126 |
Total Loans 90 Days or More Past Due and Accruing | 4 | 0 |
Real estate loans | Single-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 977,274 | 657,882 |
Real estate loans | Single-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,400 | 3,457 |
Real estate loans | Single-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 990 |
Real estate loans | Single-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 475 | 412 |
Real estate loans | Single-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 925 | 2,055 |
Real estate loans | Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 992,948 | 962,538 |
Total Loans in Nonaccrual Status | 6,357 | 8,665 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 991,885 | 961,132 |
Real estate loans | Owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,063 | 1,406 |
Real estate loans | Owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 710 | 0 |
Real estate loans | Owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 353 | 1,406 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,203,776 | 965,673 |
Total Loans in Nonaccrual Status | 9,715 | 28,440 |
Total Loans 90 Days or More Past Due and Accruing | 245 | 0 |
Commercial loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,192,373 | 939,685 |
Commercial loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 11,403 | 25,988 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,343 | 277 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,666 | 1,042 |
Commercial loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 6,394 | 24,669 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,271 | 13,710 |
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 | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,271 | 13,710 |
Loans to financial institutions and acceptances | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 576,886 | 423,665 |
Total Loans in Nonaccrual Status | 947 | 257 |
Total Loans 90 Days or More Past Due and Accruing | 7 | 8 |
Consumer loans and overdrafts | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 576,748 | 423,624 |
Consumer loans and overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 138 | 41 |
Consumer loans and overdrafts | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 69 | 22 |
Consumer loans and overdrafts | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 55 | 7 |
Consumer loans and overdrafts | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 14 | $ 12 |
Loans - Loans Held for Sale (De
Loans - Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at the lower of fair value or cost | $ 0 | $ 143,195 | |
Proceeds from sale of loans held-for-sale | $ 57,300 | ||
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total real estate loans | 0 | 143,195 | |
Total loans held for sale at the lower of fair value or cost | 0 | 143,195 | |
Total loans held for sale at fair value | 57,591 | 14,905 | |
Total loans held for sale | 57,591 | 158,100 | |
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total real estate loans | 0 | 110,271 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total real estate loans | 0 | 31,606 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total real estate loans | 0 | 141,877 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at fair value | 52,031 | 14,905 | |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total real estate loans | 0 | 1,318 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at fair value | $ 5,560 | $ 0 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Allowance for Credit Losses | |||||
Balance at beginning of the period | $ 52,027 | $ 104,185 | $ 69,899 | $ 110,902 | |
Provision for (reversal of) loan losses | 3,000 | (5,000) | (7,000) | (10,000) | |
Recoveries | 495 | 1,320 | 2,465 | 2,801 | |
Balance at end of the period | 53,711 | 83,442 | 53,711 | 83,442 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 6,618 | 19,694 | 6,618 | 19,694 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 47,093 | 63,748 | 47,093 | 63,748 | |
Allowance for loan losses | 53,711 | 83,442 | 53,711 | 83,442 | $ 69,899 |
Investment in loans, net of unearned income, Individually evaluated | 28,628 | 85,802 | 28,628 | 85,802 | |
Investment in loans, net of unearned income, Collectively evaluated | 6,417,140 | 5,168,227 | 6,417,140 | 5,168,227 | |
Investments in loans | 6,445,768 | 5,254,029 | 6,445,768 | 5,254,029 | 5,409,440 |
Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (1,811) | (17,063) | (11,649) | (20,261) | |
International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | (4) | 0 | |
Investments in loans | 76,700 | 76,700 | 99,600 | ||
Real Estate | |||||
Allowance for Credit Losses | |||||
Balance at beginning of the period | 14,166 | 38,648 | 17,952 | 50,227 | |
Provision for (reversal of) loan losses | 2,969 | (2,193) | (831) | (13,842) | |
Recoveries | 12 | 41 | 26 | 111 | |
Balance at end of the period | 17,147 | 27,222 | 17,147 | 27,222 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 15 | 2,553 | 15 | 2,553 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 17,132 | 24,669 | 17,132 | 24,669 | |
Allowance for loan losses | 17,147 | 27,222 | 17,147 | 27,222 | 17,952 |
Investments in loans | 4,651,835 | 4,651,835 | 4,006,392 | ||
Real Estate | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 387 | 28,517 | 387 | 28,517 | |
Investment in loans, net of unearned income, Collectively evaluated | 2,648,856 | 2,360,582 | 2,648,856 | 2,360,582 | |
Investments in loans | 2,649,243 | 2,389,099 | 2,649,243 | 2,389,099 | |
Real Estate | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | (9,274) | 0 | (9,274) | |
Real Estate | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Commercial | |||||
Allowance for Credit Losses | |||||
Balance at beginning of the period | 29,646 | 53,048 | 38,979 | 48,130 | |
Provision for (reversal of) loan losses | (620) | (4,299) | (3,769) | 1,420 | |
Recoveries | 443 | 1,174 | 2,139 | 2,296 | |
Balance at end of the period | 29,370 | 42,821 | 29,370 | 42,821 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 5,725 | 16,027 | 5,725 | 16,027 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 23,645 | 26,794 | 23,645 | 26,794 | |
Allowance for loan losses | 29,370 | 42,821 | 29,370 | 42,821 | 38,979 |
Investments in loans | 1,203,776 | 1,203,776 | 965,673 | ||
Commercial | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 25,590 | 50,335 | 25,590 | 50,335 | |
Investment in loans, net of unearned income, Collectively evaluated | 2,394,138 | 1,949,751 | 2,394,138 | 1,949,751 | |
Investments in loans | 2,419,728 | 2,000,086 | 2,419,728 | 2,000,086 | |
Commercial | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (99) | (7,102) | (7,979) | (9,025) | |
Commercial | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Financial Institutions | |||||
Allowance for Credit Losses | |||||
Balance at beginning of the period | 0 | 1 | 42 | 1 | |
Provision for (reversal of) loan losses | 0 | 0 | (42) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance at end of the period | 0 | 1 | 0 | 1 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 0 | 0 | 0 | 0 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 0 | 1 | 0 | 1 | |
Allowance for loan losses | 0 | 1 | 0 | 1 | 42 |
Investments in loans | 13,271 | 13,271 | 13,710 | ||
Financial Institutions | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 0 | 0 | 0 | 0 | |
Investment in loans, net of unearned income, Collectively evaluated | 13,271 | 15,357 | 13,271 | 15,357 | |
Investments in loans | 13,271 | 15,357 | 13,271 | 15,357 | |
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 | |
Consumer and Others | |||||
Allowance for Credit Losses | |||||
Balance at beginning of the period | 8,215 | 12,488 | 12,926 | 12,544 | |
Provision for (reversal of) loan losses | 651 | 1,492 | (2,358) | 2,422 | |
Recoveries | 40 | 105 | 300 | 394 | |
Balance at end of the period | 7,194 | 13,398 | 7,194 | 13,398 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 878 | 1,114 | 878 | 1,114 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 6,316 | 12,284 | 6,316 | 12,284 | |
Allowance for loan losses | 7,194 | 13,398 | 7,194 | 13,398 | 12,926 |
Investments in loans | 576,886 | 576,886 | $ 423,665 | ||
Consumer and Others | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 2,651 | 6,950 | 2,651 | 6,950 | |
Investment in loans, net of unearned income, Collectively evaluated | 1,360,875 | 842,537 | 1,360,875 | 842,537 | |
Investments in loans | 1,363,526 | 849,487 | 1,363,526 | 849,487 | |
Consumer and Others | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (1,712) | (687) | (3,670) | (1,962) | |
Consumer and Others | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | $ 0 | $ 0 | $ (4) | $ 0 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 6,483 | $ 0 | $ 19,362 | $ 105,771 |
Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 0 | 11,566 | 0 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 6,483 | 0 | 6,483 | 102,247 |
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 | $ 0 | $ 0 | $ 1,313 | $ 3,524 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | $ 12,255 | $ 27,266 | |
Recorded Investment, Without a Valuation Allowance | 16,373 | 25,438 | |
Recorded Investment, Total | 28,628 | 52,704 | |
Year Average | $ 87,899 | 39,693 | |
Total Unpaid Principal Balance | 28,609 | 80,746 | |
Valuation Allowance | 6,618 | 11,791 | |
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 2,158 | 5,657 | |
Recorded Investment, Without a Valuation Allowance | 12,699 | 15,671 | |
Recorded Investment, Total | 14,857 | 21,328 | |
Year Average | 47,005 | 19,387 | |
Total Unpaid Principal Balance | 14,866 | 21,156 | |
Valuation Allowance | 383 | 1,334 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 387 | 1,452 | |
Recorded Investment, Without a Valuation Allowance | 0 | 5,833 | |
Recorded Investment, Total | 387 | 7,285 | |
Year Average | 23,185 | 5,437 | |
Total Unpaid Principal Balance | 451 | 7,349 | |
Valuation Allowance | 15 | 546 | |
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 | 0 | 0 | |
Recorded Investment, Total | 0 | 0 | |
Year Average | 5,324 | 0 | |
Total Unpaid Principal Balance | 0 | 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 | 387 | 1,452 | |
Recorded Investment, Without a Valuation Allowance | 0 | 5,833 | |
Recorded Investment, Total | 387 | 7,285 | |
Year Average | 28,509 | 5,437 | |
Total Unpaid Principal Balance | 451 | 7,349 | |
Valuation Allowance | 15 | 546 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 1,419 | 3,689 | |
Recorded Investment, Without a Valuation Allowance | 284 | 1,689 | |
Recorded Investment, Total | 1,703 | 5,378 | |
Year Average | 7,619 | 3,510 | |
Total Unpaid Principal Balance | 1,674 | 5,316 | |
Valuation Allowance | 252 | 618 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 352 | 516 | |
Recorded Investment, Without a Valuation Allowance | 12,415 | 8,149 | |
Recorded Investment, Total | 12,767 | 8,665 | |
Year Average | 10,877 | 10,440 | |
Total Unpaid Principal Balance | 12,741 | 8,491 | |
Valuation Allowance | 116 | 170 | |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 9,149 | 21,353 | |
Recorded Investment, Without a Valuation Allowance | 3,674 | 9,767 | |
Recorded Investment, Total | 12,823 | 31,120 | |
Year Average | 40,626 | 19,289 | |
Total Unpaid Principal Balance | 12,797 | 59,334 | |
Valuation Allowance | 5,609 | 10,292 | |
Consumer loans and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 948 | 256 | |
Recorded Investment, Without a Valuation Allowance | 0 | 0 | |
Recorded Investment, Total | 948 | 256 | |
Year Average | $ 268 | 1,017 | |
Total Unpaid Principal Balance | 946 | 256 | |
Valuation Allowance | $ 626 | $ 165 |
Allowance for Loan Losses - TDR
Allowance for Loan Losses - TDR Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 contract | Mar. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 13 | 17 | ||
Recorded Investment | $ 11,376 | $ 12,928 | ||
Recorded investment | $ 28,628 | $ 52,704 | ||
Real estate loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4 | 6 | ||
Recorded Investment | $ 7,835 | $ 7,923 | ||
Recorded investment | 14,857 | 21,328 | ||
Real estate loans | South Florida | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded Investment | $ 9,900 | $ 9,100 | ||
Real estate loans | Non-owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | ||
Recorded Investment | $ 450 | $ 1,452 | ||
Recorded investment | $ 387 | $ 7,285 | ||
Write-offs | $ 1,900 | |||
Real estate loans | Single-family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | ||
Recorded Investment | $ 265 | $ 258 | ||
Recorded investment | $ 1,703 | $ 5,378 | ||
Real estate loans | Owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2 | 4 | ||
Recorded Investment | $ 7,120 | $ 6,213 | ||
Recorded investment | $ 12,767 | 8,665 | ||
Real estate loans | Residential Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable, not modified, number of contracts | contract | 1 | 2 | ||
Recorded investment | $ 1,600 | $ 800 | ||
Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 9 | 11 | ||
Recorded Investment | $ 3,541 | $ 5,005 | ||
Recorded investment | 12,823 | 31,120 | ||
Real Estate and Commercial | Owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves | $ 25 | $ 800 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Risk Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 6,445,768 | $ 5,409,440 | $ 5,254,029 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 6,386,550 | 5,283,998 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 39,164 | 74,086 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 20,051 | 40,464 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3 | 10,892 | |
Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,651,835 | 4,006,392 | |
Real estate loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,606,309 | 3,943,493 | |
Real estate loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 37,364 | 41,634 | |
Real estate loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 8,162 | 19,870 | |
Real estate loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 1,395 | |
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 | 1,600,281 | 1,540,590 | |
Real estate loans | Non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,562,917 | 1,499,100 | |
Real estate loans | Non-owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 37,364 | 34,205 | |
Real estate loans | Non-owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 5,890 | |
Real estate loans | Non-owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 1,395 | |
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 | 779,456 | 514,679 | |
Real estate loans | Multi-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 779,456 | 514,679 | |
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 | 0 | 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 | 300,476 | 327,246 | |
Real estate loans | Land development and construction loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 300,476 | 327,246 | |
Real estate loans | Land development and construction loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
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 | 2,680,213 | 2,382,515 | |
Real estate loans | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,642,849 | 2,341,025 | |
Real estate loans | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 37,364 | 34,205 | |
Real estate loans | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 5,890 | |
Real estate loans | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 1,395 | |
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 | 978,674 | 661,339 | |
Real estate loans | Single-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 976,957 | 656,118 | |
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 | 1,717 | 5,221 | |
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 | 992,948 | 962,538 | |
Real estate loans | Owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 986,503 | 946,350 | |
Real estate loans | Owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 7,429 | |
Real estate loans | Owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 6,445 | 8,759 | |
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 | 1,203,776 | 965,673 | |
Commercial loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,191,031 | 903,400 | |
Commercial loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,800 | 32,452 | |
Commercial loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 10,942 | 20,324 | |
Commercial loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3 | 9,497 | |
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 | 13,271 | 13,710 | |
Loans to financial institutions and acceptances | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,271 | 13,710 | |
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 | 576,886 | 423,665 | |
Consumer loans and overdrafts | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 575,939 | 423,395 | |
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 | 947 | 270 | |
Consumer loans and overdrafts | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 0 | $ 0 |
Time Deposits - Additional Info
Time Deposits - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 747,692 | $ 840,451 |
Time deposits, $250,000 or more | 362,000 | 423,000 |
Brokered time deposits | $ 460,000 | $ 290,000 |
Time Deposits - Schedule of Mat
Time Deposits - Schedule of Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | $ 162,162 | $ 261,779 |
3 to 6 months | 106,492 | 134,709 |
6 to 12 months | 251,192 | 153,695 |
1 to 3 years | 219,024 | 281,366 |
Over 3 years | 8,822 | 8,902 |
Total | $ 747,692 | $ 840,451 |
Weighted Average Interest Rate of Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | 21.70% | 31.10% |
3 to 6 months | 14.20% | 16% |
6 to 12 months | 33.60% | 18.30% |
1 to 3 years | 29.30% | 33.50% |
Over 3 years | 1.10% | 1.10% |
Total | 100% | 100% |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
2022 | $ 100,000,000 | |||
2023 | 104,693,000 | 104,317,000 | ||
2024 | 100,000,000 | 0 | ||
2025 | 676,312,000 | 705,260,000 | ||
Advances from Federal Home Loan Banks | 981,005,000 | 809,577,000 | ||
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | $ 0 | $ 700,000 | ||
Repayments | $ 350,000,000 | $ 180,000,000 | ||
Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Advances from Federal Home Loan Banks | $ 0 | $ 530,000,000 | ||
Minimum | Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Fixed interest rate | 0.62% | 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 | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2022 | 3% | |||
Interest Rate 2024 | 1.68% | |||
3-month LIBOR | Minimum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2022 | 0.62% | |||
Interest Rate 2023 | 0.62% | |||
Interest Rate 2025 | 0.62% | |||
3-month LIBOR | Maximum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2022 | 1.06% | |||
Interest Rate 2023 | 1.06% | |||
Interest Rate 2025 | 3.07% |
Senior Notes (Details)
Senior Notes (Details) - Senior Notes - 5.75% Senior Notes due 2025 - USD ($) | 27 Months Ended | |
Jun. 23, 2020 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||
Face amount | $ 60,000,000 | |
Interest rate, stated percentage | 5.75% | |
Debt issuance costs | $ 1,600,000 | $ 900,000 |
Proceeds from issuance of debt | $ 58,400,000 | $ 59,100,000 |
Debt issuance costs, amortization period | 5 years |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | Mar. 09, 2022 | Sep. 30, 2022 | Jun. 21, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 29,241,000 | $ 0 | ||
Subordinated Notes | 4.50% Fixed-to-Floating Rate and Due in March 15, 2032 | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 30,000,000 | |||
Effective percentage | 4.25% | 4.25% | ||
Proceeds from issuance of debt | $ 29,100,000 | |||
Debt issuance costs | $ 900,000 | 800,000 | ||
Amortization period | 10 years | |||
Subordinated notes | $ 29,200,000 | |||
Interest rate, stated percentage | 4.25% | |||
Variable rate | 2.51% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 62,250 | $ 62,250 |
Principal Amount of Debenture Issued to Trust | 64,178 | 64,178 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VI | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 9,537 | 9,537 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VI | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.35% | |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VII | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 8,248 | 8,248 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VII | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.25% | |
Junior Subordinated Notes, Maturing 2033 | Commercebank Capital Trust VI | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 9,250 | 9,250 |
Junior Subordinated Notes, Maturing 2033 | Commercebank Capital Trust VII | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 8,000 | 8,000 |
Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | Commercebank Capital Trust VIII | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 5,155 | 5,155 |
Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | Commercebank Capital Trust VIII | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 2.85% | |
Junior Subordinated Notes, Maturing 2034 | Commercebank Capital Trust VIII | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 5,000 | 5,000 |
Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | Commercebank Capital Trust IX | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 25,774 | 25,774 |
Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | Commercebank Capital Trust IX | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.75% | |
Junior Subordinated Notes, Maturing 2038 | Commercebank Capital Trust IX | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 25,000 | 25,000 |
Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | Commercebank Capital Trust X | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 15,464 | 15,464 |
Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | Commercebank Capital Trust X | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.78% | |
Junior Subordinated Notes, Maturing 2036 | Commercebank Capital Trust X | ||
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, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 78,347 | $ 21,870 |
Derivative liability | 78,351 | 22,198 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 59 | 0 |
Derivative liability | 29 | 615 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 68,855 | 20,781 |
Derivative liability | 68,855 | 20,781 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 28 | 18,858 |
Derivative liability | 68,827 | 1,923 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 68,827 | 1,923 |
Derivative liability | 28 | 18,858 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 8,306 | 477 |
Derivative liability | 9,203 | 764 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 9,203 | 764 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 8,306 | 477 |
Derivative liability | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 1,127 | 612 |
Derivative liability | 264 | 38 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 664 | 581 |
Derivative liability | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 463 | 31 |
Derivative liability | $ 264 | $ 38 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) instrument | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) instrument | Sep. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) contract | Apr. 30, 2022 instrument | Apr. 29, 2022 USD ($) | Dec. 31, 2021 USD ($) instrument | |
Derivatives, Fair Value [Line Items] | ||||||||
Net unrealized losses in accumulated other comprehensive expected to be reclassified into expense in the next twelve months | $ 600,000 | $ 600,000 | ||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments terminated | contract | 16 | |||||||
Gain (loss) on termination of cash flow hedge | $ 8,900,000 | |||||||
FHLB, advances, reduction of interest expense | $ 300,000 | $ 300,000 | $ 1,000,000 | $ 1,000,000 | ||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Minimum | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Average remaining maturity | 1 month | |||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Maximum | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Average remaining maturity | 7 years | |||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Junior Subordinated Debentures | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 5 | 5 | 5 | |||||
Notional amount | $ 64,200,000 | $ 64,200,000 | $ 64,200,000 | |||||
Amount of hedged item | 64,200,000 | 64,200,000 | $ 64,200,000 | |||||
Unrealized loss | $ 8,000 | (200,000) | $ (300,000) | $ (600,000) | ||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 135 | 135 | 109 | |||||
Notional amount | $ 898,800,000 | $ 898,800,000 | $ 595,400,000 | |||||
Derivatives Not Designated as Hedging Instruments | Credit Risk Contract | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 3 | 3 | 2 | |||||
Notional amount | $ 44,000,000 | $ 44,000,000 | $ 32,000,000 | |||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 20 | 20 | 19 | |||||
Notional amount | $ 415,700,000 | $ 415,700,000 | $ 432,000,000 | |||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 15 | 15 | 4 | 9 | ||||
Notional amount | $ 308,200,000 | $ 308,200,000 | $ 140,000,000 | $ 190,700,000 | ||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Lock Commitments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 83,600,000 | 83,600,000 | 17,900,000 | |||||
Derivatives Not Designated as Hedging Instruments | Forward Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 19,500,000 | 19,500,000 | $ 16,500,000 | |||||
Effect of change in fair value | $ (100,000) | $ 300,000 | $ (300,000) |
Derivative Instruments - Credit
Derivative Instruments - Credit Risk (Details) - Interest Rate Swap Contracts | Sep. 30, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) instrument |
Derivative [Line Items] | ||
Fair value of derivative contracts | $ 68,900,000 | $ 21,400,000 |
Derivatives Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Securities Pledged | $ 700,000 | $ 2,000,000 |
Derivatives Designated as Hedging Instruments | Junior Subordinated Debentures | ||
Derivative [Line Items] | ||
Number of instruments held | instrument | 5 | 5 |
Notional amount | $ 64,200,000 | $ 64,200,000 |
Derivatives Not Designated as Hedging Instruments | Third Party Broker | ||
Derivative [Line Items] | ||
Securities Pledged | $ 23,400,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||||
Variable lease cost | $ 414 | $ 334 | $ 1,304 | $ 1,003 | |
Rental income | 700 | $ 1,000 | 2,200 | $ 2,300 | |
Operating lease right-of-use assets | 141,453 | 141,453 | $ 141,139 | ||
Total lease obligations | 146,373 | 146,373 | 143,000 | ||
Short-term lease liability | $ 5,500 | $ 5,500 | $ 6,400 | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 43 years | 43 years | |||
Florida | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairments of operating lease ROU asset | $ 1,600 | ||||
New York | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairments of operating lease ROU asset | $ 800 |
Leases - Cost (Details)
Leases - Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease cost | ||||
Operating lease cost | $ 4,278 | $ 1,902 | $ 13,008 | $ 5,730 |
Short-term lease cost | 18 | 21 | 62 | 176 |
Variable lease cost | 414 | 334 | 1,304 | 1,003 |
Sublease income | (527) | 0 | (2,164) | (108) |
Total lease cost, net | 4,183 | 2,257 | 12,210 | 6,801 |
Cash paid for amounts included in the measurement of operating lease liabilities | 3,499 | 1,771 | 10,811 | 5,307 |
Operating lease right-of-use asset obtained in exchange for operating lease liability | $ 1,395 | $ 1,043 | $ 4,618 | $ 3,125 |
Weighted average remaining lease term for operating leases | 18 years 3 months 18 days | 21 years 1 month 6 days | 18 years 3 months 18 days | 21 years 1 month 6 days |
Weighted average discount rate for operating leases | 5.94% | 5.76% | 5.94% | 5.76% |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
For the remaining three months of 2022 | ||
For the remaining three months of 2022 | $ 3,683 | |
2023 | 12,975 | |
2024 | 13,047 | |
2025 | 13,001 | |
2026 | 13,201 | |
Thereafter | 194,972 | |
Total undiscounted cash flows | 250,879 | |
Less: implied interest | (104,506) | |
Total lease obligations | $ 146,373 | $ 143,000 |
Stock-based Incentive Compens_3
Stock-based Incentive Compensation Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jun. 08, 2022 | Feb. 16, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 22,200 | 36,788 | 105,912 | 164,900 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ 28.65 | $ 28.95 | $ 33.98 | $ 32.14 | ||||
Award vesting period | 3 years | 3 years | 3 years | |||||
Restricted Stock | Class A Common Stock | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Share-based compensation expense | $ 0.9 | $ 0.7 | $ 2.4 | $ 2.1 | ||||
Nonvested awards, compensation not yet recognized | $ 4.4 | $ 4.4 | ||||||
Nonvested awards, period of recognition | 1 year 7 months 6 days | |||||||
RSUs | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 29,414 | 51,839 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 33.98 | $ 31.82 | ||||||
RSUs | Executive | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 5,175 | |||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 28.98 | |||||||
Award vesting period | 3 years | |||||||
RSUs | Executive | LTI Plan | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 26,414 | |||||||
RSUs | Executive | 2018 Equity Plan | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 3,000 | |||||||
RSUs | Director | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 17,250 | |||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 28.98 | |||||||
Award vesting period | 1 year | |||||||
PSUs | ||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||
Grants in period (in shares) | 26,415 | |||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 33.63 | |||||||
Award vesting period | 3 years |
Stock-based Incentive Compens_4
Stock-based Incentive Compensation Plan - Restricted Stock (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Number of restricted shares (in shares) | ||||
Non-vested shares, beginning of year (in shares) | 606,381 | 606,381 | ||
Non-vested shares, end of year (in shares) | 532,867 | 532,867 | ||
Restricted Stock | ||||
Number of restricted shares (in shares) | ||||
Non-vested shares, beginning of year (in shares) | 229,779 | 229,779 | ||
Grants in period (in shares) | 22,200 | 36,788 | 105,912 | 164,900 |
Vested (in shares) | (60,768) | |||
Forfeited (in shares) | (37,523) | |||
Non-vested shares, end of year (in shares) | 296,388 | 296,388 | ||
Weighted-average grant date fair value (in dollars per share) | ||||
Non-vested shares, beginning of year (in dollars per share) | $ 18.61 | $ 18.61 | ||
Granted, Weighted average grant date fair value (in dollars per share) | $ 28.65 | $ 28.95 | $ 33.98 | 32.14 |
Vested, Weighted average grant date fair value (in dollars per share) | 16.83 | |||
Forfeited, Weighted average grant date fair value (in dollars per share) | 23.98 | |||
Non-vested shares, end of year (in dollars per share) | $ 25.82 | $ 25.82 |
Stock-based Incentive Compens_5
Stock-based Incentive Compensation Plan - Restricted Stock Units (Details) - $ / shares | 9 Months Ended | |
Feb. 16, 2022 | Sep. 30, 2022 | |
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 606,381 | |
Non-vested shares, end of year (in shares) | 532,867 | |
Stock-settled RRSUs | ||
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 121,739 | |
Grants in period (in shares) | 51,839 | |
Vested (in shares) | (47,883) | |
Forfeited (in shares) | 0 | |
Non-vested shares, end of year (in shares) | 125,695 | |
Weighted-average grant date fair value (in dollars per share) | ||
Non-vested shares, beginning of year (in dollars per share) | $ 17.21 | |
Granted, Weighted average grant date fair value (in dollars per share) | 31.82 | |
Vested, Weighted average grant date fair value (in dollars per share) | 18.06 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | 0 | |
Non-vested shares, end of year (in dollars per share) | $ 22.91 | |
Cash-settled RSUs | ||
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 6,573 | |
Grants in period (in shares) | 0 | |
Vested (in shares) | (6,573) | |
Forfeited (in shares) | 0 | |
Non-vested shares, end of year (in shares) | 0 | |
Weighted-average grant date fair value (in dollars per share) | ||
Non-vested shares, beginning of year (in dollars per share) | $ 22.82 | |
Granted, Weighted average grant date fair value (in dollars per share) | 0 | |
Vested, Weighted average grant date fair value (in dollars per share) | 22.82 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | 0 | |
Non-vested shares, end of year (in dollars per share) | $ 0 | |
RSUs | ||
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 128,312 | |
Grants in period (in shares) | 29,414 | 51,839 |
Vested (in shares) | (54,456) | |
Forfeited (in shares) | 0 | |
Non-vested shares, end of year (in shares) | 125,695 | |
Weighted-average grant date fair value (in dollars per share) | ||
Non-vested shares, beginning of year (in dollars per share) | $ 17.62 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 33.98 | 31.82 |
Vested, Weighted average grant date fair value (in dollars per share) | 18.63 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | 0 | |
Non-vested shares, end of year (in dollars per share) | $ 23.04 | |
Stock-settled PSUs | ||
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 110,784 | |
Grants in period (in shares) | 26,415 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Non-vested shares, end of year (in shares) | 137,199 | |
Weighted-average grant date fair value (in dollars per share) | ||
Non-vested shares, beginning of year (in dollars per share) | $ 13.57 | |
Granted, Weighted average grant date fair value (in dollars per share) | 33.63 | |
Vested, Weighted average grant date fair value (in dollars per share) | 0 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | 0 | |
Non-vested shares, end of year (in dollars per share) | $ 17.43 |
Stock-based Incentive Compens_6
Stock-based Incentive Compensation Plan - Restricted Stock Units, Additional Information (Details) - RSUs and PSUs - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.7 | $ 0.6 | $ 1.7 | $ 1.8 |
Nonvested awards, compensation not yet recognized | $ 2.9 | $ 2.9 | ||
Nonvested awards, period of recognition | 1 year 6 months |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.50% | 22.74% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Components of AOCL (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ (115,947) | $ 20,050 |
Tax Effect | 29,739 | (4,833) |
Net of Tax Amount | (86,208) | 15,217 |
Net unrealized holding (losses) gains on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | (119,850) | 15,775 |
Tax Effect | 30,746 | (3,788) |
Net of Tax Amount | (89,104) | 11,987 |
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 3,903 | 4,275 |
Tax Effect | (1,007) | (1,045) |
Net of Tax Amount | $ 2,896 | $ 3,230 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Before Tax Amount | ||||||||
Total other comprehensive (loss) income, Before Tax Amount | $ (47,404) | $ (3,342) | $ (135,997) | $ (13,923) | ||||
Tax Effect | ||||||||
Total other comprehensive (loss) income, Tax Effect | 12,155 | 820 | 34,572 | 3,495 | ||||
Net of Tax Amount | ||||||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (274) | (117) | (549) | (3,501) | ||||
Other comprehensive loss | (35,249) | $ (26,535) | $ (39,641) | (2,522) | $ 3,849 | $ (11,755) | (101,425) | (10,428) |
Net unrealized holding losses on debt securities available for sale: | ||||||||
Before Tax Amount | ||||||||
Change in fair value arising during the period, Before Tax Amount | (47,015) | (3,250) | (135,554) | (9,377) | ||||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (22) | (28) | (71) | (4,229) | ||||
Total other comprehensive (loss) income, Before Tax Amount | (47,037) | (3,278) | (135,625) | (13,606) | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, Tax Effect | 12,056 | 799 | 34,516 | 2,397 | ||||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 5 | 5 | 18 | 1,020 | ||||
Total other comprehensive (loss) income, Tax Effect | 12,061 | 804 | 34,534 | 3,417 | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, Net of Tax Amount | (34,959) | (2,451) | (101,038) | (6,980) | ||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (17) | (23) | (53) | (3,209) | ||||
Other comprehensive loss | (34,976) | (2,474) | (101,091) | (10,189) | ||||
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 | (22) | 60 | 295 | 68 | ||||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (345) | (124) | (667) | (385) | ||||
Total other comprehensive (loss) income, Before Tax Amount | (367) | (64) | (372) | (317) | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, Tax Effect | 6 | (14) | (133) | (15) | ||||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 88 | 30 | 171 | 93 | ||||
Total other comprehensive (loss) income, Tax Effect | 94 | 16 | 38 | 78 | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, Net of Tax Amount | (16) | 46 | 162 | 53 | ||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (257) | (94) | (496) | (292) | ||||
Other comprehensive loss | $ (273) | $ (48) | $ (334) | $ (239) |
Stockholders_ Equity - Common S
Stockholders’ Equity - Common Stock (Details) - shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||||
Common stock, shares issued (in shares) | 33,773,249 | 35,883,320 | ||||||
Common stock, shares outstanding (in shares) | 33,773,249 | 35,883,320 | ||||||
Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock held as treasury (in shares) | 0 | 0 | ||||||
Common Stock | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued (in shares) | 35,883,320 | |||||||
Common stock, shares outstanding (in shares) | 33,773,249 | 33,759,604 | 34,350,822 | 35,883,320 | 29,016,219 | 29,028,672 | 29,001,646 | 28,806,344 |
Stockholders_ Equity - Dividend
Stockholders’ Equity - Dividends (Details) - Class A Common Stock - USD ($) $ / shares in Units, $ in Millions | Oct. 19, 2022 | Aug. 31, 2022 | Jul. 20, 2022 | May 31, 2022 | Apr. 13, 2022 | Feb. 28, 2022 | Jan. 19, 2022 |
Class of Stock [Line Items] | |||||||
Dividends, declared (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | ||||
Dividend paid | $ 3 | $ 3 | $ 3.2 | ||||
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Dividends, declared (in dollars per share) | $ 0.09 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 1,137,335 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 1,115,817 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 21,362 |
Commercial letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 156 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt securities available for sale | ||
Trading securities | $ 112 | $ 0 |
Equity securities with readily determinable fair value not held for trading | 12,232 | 252 |
Securities | 1,352,782 | 1,341,241 |
Mortgage loans held for sale (at fair value) | 57,591 | 14,905 |
Derivative instruments | 78,347 | 21,870 |
Liabilities | ||
Derivative instruments | 78,351 | 22,198 |
Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,052,329 | 1,175,319 |
Trading securities | 112 | |
Equity securities with readily determinable fair value not held for trading | 12,232 | 252 |
Securities | 1,064,673 | 1,175,571 |
Mortgage loans held for sale (at fair value) | 57,591 | 14,905 |
Bank owned life insurance | 227,034 | 223,006 |
Mortgage servicing rights (MSRs) | 950 | 636 |
Derivative instruments | 78,347 | 21,870 |
Assets measured at fair value | 1,428,595 | 1,435,988 |
Liabilities | ||
Derivative instruments | 78,351 | 22,198 |
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 |
Trading securities | 112 | |
Equity securities with readily determinable fair value not held for trading | 12,232 | 0 |
Securities | 12,344 | |
Mortgage loans held for sale (at fair value) | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets measured at fair value | 12,344 | 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 | 1,052,329 | 1,175,319 |
Trading securities | 0 | |
Equity securities with readily determinable fair value not held for trading | 0 | 252 |
Securities | 1,052,329 | 1,175,571 |
Mortgage loans held for sale (at fair value) | 57,591 | 14,905 |
Bank owned life insurance | 227,034 | 223,006 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 78,347 | 21,870 |
Assets measured at fair value | 1,415,301 | 1,435,352 |
Liabilities | ||
Derivative instruments | 78,351 | 22,198 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Trading securities | 0 | |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Securities | 0 | 0 |
Mortgage loans held for sale (at fair value) | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Mortgage servicing rights (MSRs) | 950 | 636 |
Derivative instruments | 0 | 0 |
Assets measured at fair value | 950 | 636 |
Liabilities | ||
Derivative instruments | 0 | 0 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 395,439 | 450,773 |
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 | 395,439 | 450,773 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 312,117 | 357,790 |
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 | 312,117 | 357,790 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 337,288 | 361,906 |
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 | 337,288 | 361,906 |
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 |
Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 4,790 | |
Collateralized loan obligations | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | ||
Collateralized loan obligations | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 4,790 | |
Collateralized loan obligations | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | ||
Municipal bonds | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,700 | 2,348 |
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 | 1,700 | 2,348 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 995 | 2,502 |
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 | 995 | 2,502 |
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 - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 11,999 | $ 34,473 |
Total Impairments | 3,488 | 26,414 |
Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,687 | 24,753 |
Total Impairments | 0 | 26,334 |
Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 6,312 | 9,720 |
Total Impairments | 3,488 | 80 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Significant Other Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,999 | 34,473 |
Significant Other Unobservable Inputs (Level 3) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,687 | 24,753 |
Significant Other Unobservable Inputs (Level 3) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 6,312 | $ 9,720 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Internal Models with Unobservable Market Inputs (Level 3) | Sep. 30, 2022 |
Collateral Dependent Loans | Minimum | Discount Range | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0 |
Collateral Dependent Loans | Minimum | Discount Range | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0 |
Collateral Dependent Loans | Minimum | Discount Range | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0 |
Collateral Dependent Loans | Minimum | Discount Range | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0 |
Collateral Dependent Loans | Minimum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.06 |
Collateral Dependent Loans | Minimum | Typical Discount | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.30 |
Collateral Dependent Loans | Minimum | Typical Discount | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.20 |
Collateral Dependent Loans | Minimum | Typical Discount | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.20 |
Collateral Dependent Loans | Maximum | Discount Range | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.30 |
Collateral Dependent Loans | Maximum | Discount Range | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 1 |
Collateral Dependent Loans | Maximum | Discount Range | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 1 |
Collateral Dependent Loans | Maximum | Discount Range | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 1 |
Collateral Dependent Loans | Maximum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.07 |
Collateral Dependent Loans | Maximum | Typical Discount | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.50 |
Collateral Dependent Loans | Maximum | Typical Discount | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.30 |
Collateral Dependent Loans | Maximum | Typical Discount | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.30 |
Other Real Estate Owned | Minimum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.06 |
Other Real Estate Owned | Maximum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Input | 0.07 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Minimum outstanding balance of loans for third party appraisal | $ 1,000,000 | |
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 Differs from Carrying Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Debt securities held to maturity, carrying value | $ 234,317 | $ 118,175 |
Debt securities held to maturity, fair value | 206,823 | 119,077 |
Carrying Value | ||
Financial assets: | ||
Loans | 3,129,610 | 2,619,461 |
Financial liabilities: | ||
Time deposits | 925,946 | 1,048,078 |
Advances from the FHLB | 981,005 | 809,577 |
Junior subordinated debentures | 64,178 | 64,178 |
Carrying Value | Senior Notes | ||
Financial liabilities: | ||
Senior notes | 59,131 | 58,894 |
Carrying Value | Subordinated Notes | ||
Financial liabilities: | ||
Junior subordinated debentures | 29,241 | 0 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 2,920,943 | 2,559,280 |
Financial liabilities: | ||
Time deposits | 901,466 | 1,057,759 |
Advances from the FHLB | 914,230 | 819,268 |
Junior subordinated debentures | 63,918 | 61,212 |
Estimated Fair Value | Senior Notes | ||
Financial liabilities: | ||
Senior notes | 58,785 | 63,214 |
Estimated Fair Value | Subordinated Notes | ||
Financial liabilities: | ||
Junior subordinated debentures | $ 28,481 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||
Net income before attribution of noncontrolling interest | $ 20,876 | $ 16,397 | $ 43,352 | $ 46,001 | |||||
Noncontrolling interest | (44) | $ (72) | $ (1,076) | (634) | $ (817) | (1,192) | (1,451) | ||
Net income available to common stockholders | $ 20,920 | $ 7,674 | $ 15,950 | $ 17,031 | $ 15,962 | $ 14,459 | $ 44,544 | $ 47,452 | |
Basic weighted average shares outstanding (in shares) | 33,476,418 | 37,133,783 | 33,985,856 | 37,358,780 | |||||
Dilutive effect of share-based compensation awards (in shares) | 270,460 | 384,510 | 267,706 | 325,054 | |||||
Diluted weighted average shares outstanding (in shares) | 33,746,878 | 37,518,293 | 34,253,562 | 37,683,834 | |||||
Basic earnings per common share (in dollars per share) | $ 0.62 | $ 0.46 | $ 1.31 | $ 1.27 | |||||
Diluted earnings per common share (in dollars per share) | $ 0.62 | $ 0.45 | $ 1.30 | $ 1.26 | |||||
Non-vested shares (in shares) | 532,867 | 532,867 | 606,381 |