Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,715,834 | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 41,231 | $ 47,234 |
Interest earning deposits with banks | 577,843 | 242,709 |
Restricted cash | 33,897 | 25,849 |
Other short-term investments | 6,700 | 6,080 |
Cash and cash equivalents | 659,671 | 321,872 |
Securities | ||
Debt securities available for sale, at fair value | 1,298,073 | 1,217,502 |
Debt securities held to maturity, at amortized cost (estimated fair value of $198,909 and $204,945 at March 31, 2024 and December 31, 2023, respectively) | 224,014 | 226,645 |
Equity securities with readily determinable fair value not held for trading | 2,480 | 2,534 |
Federal Reserve Bank and Federal Home Loan Bank stock | 54,001 | 50,294 |
Securities | 1,578,568 | 1,496,975 |
Loans held for sale, at lower of cost or fair value | 0 | 365,219 |
Mortgage loans held for sale, at fair value | 48,908 | 26,200 |
Loans held for investment, gross | 6,957,475 | 6,873,493 |
Less: Allowance for credit losses | 96,050 | 95,504 |
Loans held for investment, net | 6,861,425 | 6,777,989 |
Bank owned life insurance | 237,314 | 234,972 |
Premises and equipment, net | 44,877 | 43,603 |
Deferred tax assets, net | 48,302 | 55,635 |
Operating lease right-of-use assets | 117,171 | 118,484 |
Goodwill | 19,193 | 19,193 |
Accrued interest receivable and other assets | 202,343 | 256,185 |
Total assets | 9,817,772 | 9,716,327 |
Deposits | ||
Noninterest bearing | 1,397,331 | 1,426,919 |
Interest bearing | 2,619,115 | 2,560,629 |
Savings and money market | 1,616,719 | 1,610,218 |
Time | 2,245,078 | 2,297,097 |
Total deposits | 7,878,243 | 7,894,863 |
Advances from the Federal Home Loan Bank | 715,000 | 645,000 |
Senior notes | 59,605 | 59,526 |
Subordinated notes | 29,497 | 29,454 |
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 |
Operating lease liabilities | 122,267 | 123,167 |
Accounts payable, accrued liabilities and other liabilities | 210,897 | 164,071 |
Total liabilities | 9,079,687 | 8,980,259 |
Contingencies (Note 11) | ||
Stockholders’ equity | ||
Class A common stock, $0.10 par value, 250 million shares authorized; $33,709,395 shares issued and outstanding at March 31, 2024 ($33,603,242 shares issued and outstanding at December 31, 2023) | 3,373 | 3,361 |
Additional paid in capital | 192,237 | 192,701 |
Retained earnings | 618,359 | 610,802 |
Accumulated other comprehensive loss | (75,884) | (70,796) |
Total stockholders' equity | 738,085 | 736,068 |
Total liabilities and stockholders' equity | $ 9,817,772 | $ 9,716,327 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 198,909 | $ 204,945 |
Class A Common Stock | ||
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) | 33,709,395 | 33,603,242 |
Common stock, shares outstanding (in shares) | 33,709,395 | 33,603,242 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans | $ 122,705 | $ 108,501 |
Investment securities | 16,091 | 13,299 |
Interest earning deposits with banks and other interest income | 5,829 | 3,330 |
Total interest income | 144,625 | 125,130 |
Interest expense | ||
Interest bearing demand deposits | 17,736 | 12,855 |
Savings and money market deposits | 14,861 | 7,927 |
Time deposits | 26,124 | 12,834 |
Advances from the Federal Home Loan Bank | 5,578 | 6,763 |
Senior notes | 943 | 942 |
Subordinated notes | 361 | 361 |
Junior subordinated debentures | 1,054 | 1,115 |
Total interest expense | 66,657 | 42,797 |
Net interest income | 77,968 | 82,333 |
Provision for credit losses | 12,400 | 11,700 |
Net interest income after provision for credit losses | 65,568 | 70,633 |
Noninterest income | ||
Deposits and service fees | 4,325 | 4,955 |
Brokerage, advisory and fiduciary activities | 4,327 | 4,182 |
Change in cash surrender value of bank owned life insurance | 2,342 | 1,412 |
Loan-level derivative income | 466 | 2,071 |
Cards and trade finance servicing fees | 1,223 | 533 |
Gain on early extinguishment of advances from the Federal Home Loan Bank, net | 0 | 13,173 |
Derivative (losses) gains, net | (152) | 14 |
Securities losses, net | (54) | (9,731) |
Other noninterest income | 2,011 | 2,734 |
Total noninterest income | 14,488 | 19,343 |
Noninterest expense | ||
Salaries and employee benefits | 32,958 | 34,876 |
Professional and other services fees | 10,963 | 7,628 |
Occupancy and equipment | 6,476 | 6,798 |
Telecommunication and data processing | 3,533 | 3,064 |
Advertising expenses | 3,078 | 2,586 |
FDIC assessments and insurance | 3,008 | 2,737 |
Depreciation and amortization | 1,477 | 1,292 |
Loan-level derivative expense | 4 | 1,600 |
Other real estate owned and repossessed assets (income) expense, net | (354) | 0 |
Other operating expenses | 5,451 | 4,152 |
Total noninterest expenses | 66,594 | 64,733 |
Income before income tax expense | 13,462 | 25,243 |
Income tax expense | (2,894) | (5,301) |
Net income before attribution of noncontrolling interest | 10,568 | 19,942 |
Noncontrolling interest | 0 | (244) |
Net income attributable to Amerant Bancorp Inc. | 10,568 | 20,186 |
Other comprehensive loss, net of tax | ||
Net unrealized holding (losses) gains on debt securities available for sale arising during the period | (5,104) | 6,117 |
Net unrealized holding gains (losses) on cash flow hedges arising during the period | 227 | (188) |
Reclassification adjustment for items included in net income | (211) | 387 |
Other comprehensive (loss) income | (5,088) | 6,316 |
Comprehensive income | $ 5,480 | $ 26,502 |
Earnings Per Share (Note 13): | ||
Basic earnings per common share (in dollars per share) | $ 0.32 | $ 0.60 |
Diluted earnings per common share (in dollars per share) | $ 0.31 | $ 0.60 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A | Total Stockholders' Equity Before Noncontrolling Interest | Total Stockholders' Equity Before Noncontrolling Interest Class A | Common Stock | Common Stock Class A | Additional Paid in Capital | Treasury Stock | Treasury Stock Class A | Retained Earnings | Accumulated Other Comprehensive loss | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2022 | 33,815,161 | |||||||||||
Beginning balance at Dec. 31, 2022 | $ 705,726 | $ 707,816 | $ 3,382 | $ 194,694 | $ 0 | $ 590,375 | $ (80,635) | $ (2,090) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Class A common stock (in shares) | (22,403) | |||||||||||
Repurchase of Class A common stock | $ (566) | $ (566) | $ (566) | |||||||||
Treasury stock retired | 0 | 0 | $ (2) | (564) | 566 | |||||||
Restricted stock issued (in shares) | 10,440 | |||||||||||
Restricted stock issued | 0 | 0 | $ 1 | (1) | ||||||||
Issuance of common shares for restricted stock unit vesting (in shares) | 46,731 | |||||||||||
Issuance of common shares for restricted stock unit vesting | 0 | 0 | $ 5 | (5) | ||||||||
Issuance of common shares for performance shares unit vesting (in shares) | 10,621 | |||||||||||
Issuance of common shares for performance shares unit vesting | 0 | 0 | $ 1 | (1) | ||||||||
Restricted stock, restricted stock units and performance stock units surrendered (in shares) | (44,896) | |||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (1,170) | (1,170) | $ (4) | (1,166) | ||||||||
Restricted stock forfeited (in shares) | (1,394) | |||||||||||
Restricted stock forfeited | 0 | 0 | ||||||||||
Stock-based compensation expense | 1,825 | 1,825 | 1,825 | |||||||||
Dividends paid | (3,017) | (3,017) | (3,017) | |||||||||
Net income attributable to Amerant Bancorp Inc. | 20,186 | 20,186 | 20,186 | |||||||||
Net loss attributable to noncontrolling-interest shareholders | (244) | 0 | (244) | |||||||||
Other comprehensive (loss) income | 6,316 | 6,316 | 6,316 | |||||||||
Ending balance (in shares) at Mar. 31, 2023 | 33,814,260 | |||||||||||
Ending balance at Mar. 31, 2023 | 729,056 | $ 731,390 | $ 3,383 | 194,782 | 0 | 607,544 | (74,319) | $ (2,334) | ||||
Beginning balance (in shares) at Dec. 31, 2023 | 33,603,242 | 33,603,242 | ||||||||||
Beginning balance at Dec. 31, 2023 | 736,068 | $ 3,361 | 192,701 | 0 | 610,802 | (70,796) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common shares for restricted stock unit vesting (in shares) | 77,615 | |||||||||||
Issuance of common shares for restricted stock unit vesting | 0 | $ 8 | (8) | |||||||||
Issuance of common shares for performance shares unit vesting (in shares) | 125,271 | |||||||||||
Issuance of common shares for performance shares unit vesting | 0 | 13 | (13) | |||||||||
Restricted stock, restricted stock units and performance stock units surrendered (in shares) | (92,830) | |||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (2,087) | $ (9) | (2,078) | |||||||||
Restricted stock forfeited (in shares) | (3,903) | |||||||||||
Restricted stock forfeited | 0 | |||||||||||
Stock-based compensation expense | 1,635 | 1,635 | ||||||||||
Dividends paid | (3,011) | (3,011) | ||||||||||
Net income attributable to Amerant Bancorp Inc. | 10,568 | 10,568 | ||||||||||
Net loss attributable to noncontrolling-interest shareholders | 0 | |||||||||||
Other comprehensive (loss) income | (5,088) | (5,088) | ||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 33,709,395 | 33,709,395 | ||||||||||
Ending balance at Mar. 31, 2024 | $ 738,085 | $ 3,373 | $ 192,237 | $ 0 | $ 618,359 | $ (75,884) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income before attribution of noncontrolling interest | $ 10,568 | $ 19,942 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Provision for credit losses | 12,400 | 11,700 |
Net premium amortization on securities | 1,247 | 1,241 |
Depreciation and amortization | 1,477 | 1,292 |
Stock-based compensation expense | 1,635 | 1,825 |
Change in cash surrender value of bank owned life insurance | (2,342) | (1,412) |
Securities losses, net | 54 | 9,731 |
Derivative losses (gains), net | 152 | (14) |
Gains on sale of loans, net | (1,058) | (912) |
Deferred taxes and others | 9,190 | 868 |
Gain on early extinguishment of advances from the FHLB, net | 0 | (13,173) |
Proceeds from sales and repayments of loans held for sale (at fair value) | 47,148 | 40,925 |
Originations and purchases of loans held for sale (at fair value) | (69,219) | (78,375) |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (3,975) | (7,553) |
Accounts payable, accrued liabilities and other liabilities | (4,488) | (4,881) |
Net cash provided by (used in) operating activities | 2,789 | (18,796) |
Purchases of investment securities: | ||
Available for sale | (60,740) | (6,923) |
Federal Home Loan Bank stock | (5,653) | (34,394) |
Purchases of investment securities | (66,393) | (41,317) |
Maturities, sales, calls and paydowns of investment securities: | ||
Available for sale | 22,453 | 17,134 |
Held to maturity | 2,504 | 2,711 |
Federal Home Loan Bank stock | 1,946 | 27,413 |
Equity securities with readily determinable fair value not held for trading | 0 | 11,168 |
Maturities, sales, calls and paydowns of investment securities | 26,903 | 58,426 |
Net increase in loans | (162,677) | (203,506) |
Proceeds from loan sales | 429,637 | 10,000 |
Cash paid in business acquisition | 0 | (1,970) |
Net purchases of premises and equipment and others | (3,483) | (3,738) |
Proceeds from surrender of bank of life insurance | 62,741 | 0 |
Net cash provided by (used in) investing activities | 286,728 | (182,105) |
Cash flows from financing activities | ||
Net increase in demand, savings and money market accounts | 35,399 | 41,442 |
Net (decrease) increase in time deposits | (52,019) | 201,085 |
Proceeds from Advances from the Federal Home Loan Bank | 407,500 | 1,030,000 |
Repayments of Advances from the Federal Home Loan Bank | (337,500) | (871,697) |
Repurchase of common stock - Class A | 0 | (566) |
Dividend paid | (3,011) | (3,017) |
Disbursements arising from stock-based compensation, net | (2,087) | (1,170) |
Net cash provided by financing activities | 48,282 | 396,077 |
Net increase in cash and cash equivalents and restricted cash | 337,799 | 195,176 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 321,872 | 290,601 |
End of period | 659,671 | 485,777 |
Cash paid: | ||
Interest | 72,641 | 38,712 |
Income taxes | 273 | 491 |
Right-of-use assets obtained in exchange for new lease obligations | 0 | 6,233 |
Noncash investing activities: | ||
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 0 | 36,419 |
Loans transferred to other assets | $ 0 | $ 26,534 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [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% 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 Deposit Insurance Corporation (“FDIC”), the Federal Reserve Bank of Atlanta (“Federal Reserve”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank is a national bank subject to regulation and regular examinations by the Office of the Comptroller of the Currency (“OCC”).The Bank has three operating subsidiaries: Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a mortgage lending company domiciled in Florida (“Amerant Mortgage”) and Elant Bank & Trust Ltd., a Grand-Cayman based trust company (the “Cayman Bank”). Sale of Houston Banking Operations On April 16, 2024, the Bank entered into a Purchase and Assumption Agreement (the “Purchase Agreement”) with MidFirst Bank (“MidFirst”) pursuant to which MidFirst will purchase certain assets and assume certain liabilities (the “Transaction”) of the banking operations and six branches in the Houston, Texas metropolitan statistical area (collectively, the “Branches”). Pursuant to the terms of the Purchase Agreement, MidFirst has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. The completion of the Transaction is subject to regulatory approval required by the OCC, as well as customary closing conditions. The purchase price for the purchased assets will be computed as the sum of: (a) $13.0 million (the “Deposit Premium”), provided that, if the balance of non-interest checking deposits included in deposits or the total balance of deposits (excluding insured cash sweep deposits) decrease by more than 15% between March 13, 2024 and the closing date, then the Deposit Premium shall be equal to the sum of (i) 9.50% of the average daily balance of non-interest checking deposits included in deposits, (ii) 1.85% of the average daily balance of deposits other than non-interest checking deposits, insured cash sweep deposits and time deposits included in deposits, (iii) 0.25% of the average daily balance of insured cash sweep deposits included in Deposits, and (iv) 0.50% of the average daily balance of time deposits included in deposits, with the average daily balance in each case being for the 30-day period ending on the fifth business day prior to closing, provided further, that the Deposit Premium shall in no event be lower than $9.25 million, (b) the aggregate amount of cash on hand as of the closing date, (c) the aggregate net book value of all assets being assumed (excluding cash on hand, real property and accrued interest with respect to the loans to be acquired), (d) the appraised value of the real property to be acquired, and (e) accrued interest with respect to the loans to be acquired. The purchase price is subject to a customary post-closing adjustment based on the delivery within 30 calendar days following the closing date of a final closing statement setting forth the purchase price and any necessary adjustment payment amount. The Bank and MidFirst made customary representations, warranties, and covenants in the Purchase Agreement. The Bank and MidFirst also agreed to indemnify each other (subject to customary limitations) with respect to the Transaction, including for breaches of representations and warranties, breaches of covenants, liabilities not retained or assumed, and conduct of the business of the Branches and operation and use of the purchased assets during certain time periods. Changes in Ownership Interest in Amerant Mortgage At March 31, 2024 and December 31, 2023, the Company had an ownership interest of 100% in Amerant Mortgage. On December 31, 2023, Amerant Mortgage became a wholly-owned subsidiary of the Company as it increased its ownership interest to 100% effective as of December 31, 2023. Therefore, the Company did not record any loss or gain attributable to non-controlling interest in the first quarter of 2024 and had no equity attributable to the non-controlling interest at March 31, 2024. See the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), on March 7, 2024 (the “2023 Form 10-K”) for detailed information on changes in ownership interest in Amerant Mortgage. Restructuring costs There were no restructuring costs in the three months ended March 31, 2024. During the three months ended March 31, 2023, restructuring costs consisted of severance costs of approximately $0.2 million, branch closure expenses and related charges of $0.5 million and consulting and other professional fees of $2.7 million. Severance costs are included in “salaries and employees benefits expense” in the Company’s consolidated statement of operations and comprehensive income. Dividends Set forth below are the details of dividends declared and paid by the Company in the three months ended March 31, 2024 and 2023: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 01/17/2024 02/14/2024 02/29/2024 $0.09 $3.0 million 1/18/2023 02/13/2023 02/28/2023 $0.09 $3.0 million On April 24, 2024, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s common stock. The dividend is payable on May 30, 2024, to shareholders of record at the close of business on May 15, 2024. b) Basis of Presentation and Summary of Significant Accounting Policies 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, 2023 and 2022 and for each of the three years in the period ended December 31, 2023 and the accompanying footnote disclosures for the Company, which are included in the 2023 Form 10-K. For a complete summary of our significant accounting policies, see Note 1 to the Company’s audited consolidated financial statements in the 2023 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 credit losses; (ii) the fair values of loans, securities and derivative contracts; (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. Reclassifications Beginning in the second quarter of 2023, the Company presents separately its Other Real Estate Owned (“OREO”) and repossessed assets, net expense in the consolidated statement of operations and comprehensive income. Prior to that period, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive income. c) Recently Issued Accounting Pronouncements For a description of recently issued accounting pronouncements, see Note 1 to the Company’s audited consolidated financial statements in the 2023 Form 10-K. d) Subsequent Events The effects of other 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, Other Short-Term Investments and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash | Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash At March 31, 2024 and December 31, 2023, interest-earning deposits with banks were mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $578 million and $243 million, respectively. At March 31, 2024 and December 31, 2023, the average interest rate on these deposits was approximately 5.29% and 5.64%, respectively. These deposits have no stated maturity dates. As of March 31, 2024 and December 31, 2023, the Company held US Treasury Bills classified as part of other short-term investments in the Company’s consolidated balance sheets. At March 31, 2024 and December 31, 2023, the Company held $6.7 million and $6.1 million, respectively, with an average yield of 5.29% and 4.80%, respectively, related to these investments. These other short-term investments have a stated maturity of 90 days or less and as such are deemed cash and cash equivalents. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities a) Debt Securities Debt securities available for sale Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale are summarized as follows: March 31, 2024 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 642,816 $ 1,027 $ (42,476) $ — $ 601,367 Corporate debt securities (2) 285,065 59 (20,751) — 264,373 U.S. government agency debt securities (1) (2) 465,393 754 (42,378) — 423,769 Collateralized loan obligations 5,000 — (25) — 4,975 Municipal bonds (1) 1,732 — (133) — 1,599 U.S. treasury securities 1,999 — (9) — 1,990 Total debt securities available for sale (3) $ 1,402,005 $ 1,840 $ (105,772) $ — $ 1,298,073 __________________ (1) Includes residential mortgage-backed securities. As of March 31, 2024, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $932.8 million and fair value of $860.8 million. (2) Includes commercial mortgage-backed securities. As of March 31, 2024, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $166.6 million and fair value of $155.0 million . (3) Excludes accrued interest receivable of $7.1 million as of March 31, 2024, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three month period ended March 31, 2024. December 31, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 591,972 $ 2,297 $ (36,962) $ — $ 557,307 Corporate debt securities (2) 285,217 — (24,415) — 260,802 U.S. government agency debt securities (1) (2) 428,626 933 (38,782) — 390,777 U.S. treasury securities 1,998 — (7) — 1,991 Municipal bonds (1) 1,731 — (63) — 1,668 Collateralized loan obligations 5,000 — (43) — 4,957 Total debt securities available for sale (3) $ 1,314,544 $ 3,230 $ (100,272) $ — $ 1,217,502 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $910.1 million and fair value of $844.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $99.7 million and fair value of $91.8 million. (3) Excludes accrued interest receivable of $6.7 million as of December 31, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2023. The Company had investments in foreign corporate debt securities available for sale, primarily in Canada, of $10.4 million and $10.5 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, 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. There were no sales, redemptions or calls of debt securities available for sale in the three months ended March 31, 2024. In the three months ended March 31, 2023, 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 March 31, (in thousands) 2024 2023 Proceeds from sales, redemptions and calls of debt securities available for sale $ — $ 475 Gross realized gains $ — $ — Gross realized losses — (9,525) Realized (loss) gain, net $ — $ (9,525) The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2024 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 37 $ 132,404 $ (1,067) 327 $ 339,849 $ (41,409) $ 472,253 $ (42,476) Corporate debt securities — — — 57 240,278 (20,751) 240,278 (20,751) U.S. government agency debt securities 19 39,444 (220) 161 287,206 (42,158) 326,650 (42,378) Municipal bonds — — — 3 1,599 (133) 1,599 (133) U.S. treasury securities 1 1,990 (9) — — — 1,990 (9) Collateralized loan obligations 1 4,975 (25) — — — 4,975 (25) 58 $ 178,813 $ (1,321) 548 $ 868,932 $ (104,451) $ 1,047,745 $ (105,772) December 31, 2023 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 7 $ 68,923 $ (187) 328 $ 347,632 $ (36,775) $ 416,555 $ (36,962) Corporate debt securities 2 3,992 (13) 59 256,810 (24,402) 260,802 (24,415) U.S. government agency debt securities 12 19,475 (137) 158 296,632 (38,645) 316,107 (38,782) Municipal bonds — — — 3 1,668 (63) 1,668 (63) U.S. treasury securities 1 1,991 (7) — — — 1,991 (7) Collateralized Loan Obligations 1 4,957 (43) — — — 4,957 (43) 23 $ 99,338 $ (387) 548 $ 902,742 $ (99,885) $ 1,002,080 $ (100,272) U.S. Government Sponsored Enterprise Debt Securities and U.S. Government Agency Debt Securities At March 31, 2024 and December 31, 2023, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. 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. The Company evaluates these securities for credit losses by reviewing current market conditions, the extent and nature of changes in fair value, credit ratings, default and delinquency rates and current analysts’ evaluations. The Company believes the decline in fair value on these debt securities is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an Allowance for Credit Losses, or ACL, on these securities as of March 31, 2024 and December 31, 2023. Corporate Debt Securities Investments in corporate debt securities available for sale in an unrealized loss position as of March 31, 2024 include: (i) securities considered “investment-grade-quality,” primarily issued by financial institutions, with a fair value of $231.9 million ($252.4 million at December 31, 2023) and total unrealized losses of $20.1 million at that date ($23.8 million at December 31, 2023), and (ii) securities considered “non-investment-grade-quality,” primarily from companies in the technology industry, with a fair value of $8.3 million ($8.4 million at December 31, 2023) and total unrealized losses of $0.7 million at that date ($0.6 million at December 31, 2023). As of March 31, 2024 and December 31, 2023 , our corporate debt securities available for sale issued by financial institutions were primarily “investment-grade-quality”, and had a fair value of $190.6 million and $186.9 million, respectively, and net unrealized losses of $14.4 million and $18.2 million, respectively. The Company does not intend to sell its investments in corporate debt securities available for sale and it is more likely than not that it will not be required to sell these investments before their anticipated recovery. The Company evaluates corporate debt securities for credit losses by reviewing various qualitative and quantitative factors such as current market conditions, the extent and nature of changes in fair value, credit ratings, default and delinquency rates, and current analysts’ evaluations. The Company believes the decline in fair value on these debt securities is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an ACL on these securities as of March 31, 2024 and December 31, 2023. On March 12, 2023, Signature Bank, N.A. (“Signature”) was closed by the New York State Department of Financial Services, which appointed the FDIC as receiver. The FDIC, as receiver, announced that shareholders and certain unsecured debt holders would not be protected. On March 27, 2023, the Bank sold in an open market transaction one corporate debt security held for sale issued by Signature (the “Signature Bond”) with a fair value of $9.1 million and unrealized loss of $0.9 million, and realized a pretax loss on sale of approximately $9.5 million, which is recorded in the consolidated statement of comprehensive income for the three months ended March 31, 2023. Debt securities held to maturity Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: March 31, 2024 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,315 $ 207 $ (7,751) $ 55,771 $ — U.S. government sponsored enterprise debt securities(1) (2) 160,699 — (17,561) 143,138 — Total debt securities held to maturity (3) $ 224,014 $ 207 $ (25,312) $ 198,909 $ — __________________ (1) Includes residential mortgage-backed securities. As of March 31, 2024, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $196.7 million and fair value of $173.8 million. (2) Includes commercial mortgage-backed securities. As of March 31, 2024, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.3 million and fair value of $25.1 million. (3) Excludes accrued interest receivable of $0.7 million as of March 31, 2024, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three month period ended March 31, 2024. December 31, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,883 $ 387 $ (6,914) $ 57,356 $ — U.S. government sponsored enterprise debt securities (1) (2) 162,762 — (15,173) 147,589 — Total debt securities held to maturity (3) $ 226,645 $ 387 $ (22,087) $ 204,945 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $199.2 million and fair value of $179.2 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, includes total commercial mortgage-backed securities with amortized cost of $27.5 million and fair value of $25.7 million. (3) Excludes accrued interest receivable of $0.7 million as of December 31, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2023. The Company’s investment in debt securities held to maturity with unrealized losses aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2024 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 — $ — $ — 12 $ 45,998 $ (7,751) $ 45,998 $ (7,751) U.S. government sponsored enterprise debt securities — — — 34 143,138 (17,561) 143,138 (17,561) — $ — $ — 46 $ 189,136 $ (25,312) $ 189,136 $ (25,312) December 31, 2023 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 — $ — $ — 12 $ 47,370 $ (6,914) $ 47,370 $ (6,914) U.S. government sponsored enterprise debt securities — — — 34 147,590 (15,173) 147,590 (15,173) — $ — $ — 46 $ 194,960 $ (22,087) $ 194,960 $ (22,087) The Company evaluates all debt securities held to maturity quarterly to determine if any securities in an unrealized loss position require an ACL. The Company considers that all debt securities held to maturity issued or sponsored by the U.S. government are considered to be risk-free as they have the backing of the government. The Company believes there are no current expected credit losses on these securities and, therefore, did not record an ACL on any of its debt securities held to maturity as of March 31, 2024 and December 31, 2023. The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of March 31, 2024 and December 31, 2023, all debt securities held to maturity held by the Company were rated investment grade or higher. Contractual maturities Contractual maturities of debt securities at March 31, 2024 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 4,039 $ 3,822 $ — $ — After 1 year through 5 years 142,780 137,522 — — After 5 years through 10 years 203,196 186,099 18,954 17,805 After 10 years 1,051,990 970,630 205,060 181,104 $ 1,402,005 $ 1,298,073 $ 224,014 $ 198,909 b) Equity securities with readily available fair value not held for trading As of March 31, 2024 and December 31, 2023, the Company had an equity security with readily available fair value not held for trading with an original cost of $2.5 million and fair value of $2.5 million. These equity securities have no stated maturities. There were no significant unrealized gains and losses related to these equity securities in the three months ended March 31, 2024 and 2023. In the three months ended March 31, 2023, the Company sold its equity securities with readily available fair value not held for trading, with a total fair value of $11.2 million at the time of sale, and recognized a net loss of $0.2 million in connection with this transaction. c) Securities Pledged As of March 31, 2024 and December 31, 2023, the Company had $203.1 million and $206.4 million, respectively, in securities pledged as collateral. These securities were pledged to secure public funds and for other purposes as permitted by law. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans a) Loans held for investment Loans held for investment consist of the following loan classes: (in thousands) March 31, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,672,470 $ 1,616,200 Multi-family residential 349,917 407,214 Land development and construction loans 333,198 300,378 2,355,585 2,323,792 Single-family residential 1,490,711 1,466,608 Owner occupied 1,193,909 1,175,331 5,040,205 4,965,731 Commercial loans 1,550,140 1,503,187 Loans to financial institutions and acceptances 29,490 13,375 Consumer loans and overdrafts 337,640 391,200 Total loans held for investment, gross (1) $ 6,957,475 $ 6,873,493 _________________ (1) Excludes accrued interest receivable. At March 31, 2024 and December 31, 2023, loans with outstanding principal balances of $2.4 billion and $2.5 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $261 million and $271.8 million at March 31, 2024 and December 31, 2023, 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 $163.3 million and $210.9 million at March 31, 2024 and December 31, 2023, respectively. International loans included above were $45.2 million and $87.6 million at March 31, 2024 and December 31, 2023, respectively, mainly single-family residential loans. These loans are generally fully collateralized with cash, cash equivalents or other financial instruments. There were no significant purchases of loans held for investment in the three months ended March 31, 2024 and 2023. The age analyses of the loan portfolio by class as of March 31, 2024 and December 31, 2023, are summarized in the following tables: March 31, 2024 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,672,470 $ 1,669,088 $ 3,382 $ — $ — $ 3,382 Multi-family residential 349,917 349,910 7 — — 7 Land development and construction loans 333,198 333,198 — — — — 2,355,585 2,352,196 3,389 — — 3,389 Single-family residential 1,490,711 1,460,722 22,126 4,193 3,670 29,989 Owner occupied 1,193,909 1,181,802 9,662 1,106 1,339 12,107 5,040,205 4,994,720 35,177 5,299 5,009 45,485 Commercial loans 1,550,140 1,525,087 7,598 1,583 15,872 25,053 Loans to financial institutions and acceptances 29,490 29,490 — — — — Consumer loans and overdrafts 337,640 332,576 2,332 2,687 45 5,064 $ 6,957,475 $ 6,881,873 $ 45,107 $ 9,569 $ 20,926 $ 75,602 December 31, 2023 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,616,200 $ 1,615,772 $ 428 $ — $ — $ 428 Multi-family residential 407,214 403,288 2,360 1,558 8 3,926 Land development and construction loans 300,378 300,378 — — — — 2,323,792 2,319,438 2,788 1,558 8 4,354 Single-family residential 1,466,608 1,453,073 4,196 3,511 5,828 13,535 Owner occupied 1,175,331 1,164,059 9,642 185 1,445 11,272 4,965,731 4,936,570 16,626 5,254 7,281 29,161 Commercial loans 1,503,187 1,472,531 23,128 1,626 5,902 30,656 Loans to financial institutions and acceptances 13,375 13,375 — — — — Consumer loans and overdrafts 391,200 383,689 3,142 4,277 92 7,511 $ 6,873,493 $ 6,806,165 $ 42,896 $ 11,157 $ 13,275 $ 67,328 Nonaccrual status The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of March 31, 2024 and December 31, 2023: As of March 31, 2024 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential — — — — Land development and construction loans — — — — — — — — Single-family residential 1,609 2,791 4,400 1,149 Owner occupied 1,935 23 1,958 — 3,544 2,814 6,358 1,149 Commercial loans 1,069 20,764 21,833 918 Consumer loans and overdrafts — 45 45 — Total $ 4,613 $ 23,623 $ 28,236 $ 2,067 As of December 31, 2023 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential 8 — 8 — 8 — 8 — Single-family residential 773 1,686 2,459 5,218 Owner occupied 3,693 129 3,822 — 4,474 1,815 6,289 5,218 Commercial loans 3,669 18,280 21,949 857 Consumer loans and overdrafts — 38 38 49 Total $ 8,143 $ 20,133 $ 28,276 $ 6,124 The Company did not recognize any interest income on nonaccrual loans during the three months ended March 31, 2024 and 2023. b) Loans held for sale Loans held for sale consist of the following loan classes: (in thousands) March 31, December 31, 2023 Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Multi-family residential $ — $ 309,612 Land development and construction loans — 55,607 Total loans held for sale at the lower of cost or fair value (1) — 365,219 Mortgage loans held for sale at fair value Land development and construction loans 26,058 12,778 Single-family residential 22,850 13,422 Total loans held for sale at fair value (2) 48,908 26,200 Total loans held for sale (3) $ 48,908 $ 391,419 _______________ (1) In the fourth quarter of 2023, the Company transferred an aggregate of $401 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. The Company sold these loans in the first quarter of 2024 and there was no material impact to the Company’s results of operations as result of this transaction. (2) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (3) Excludes accrued interest receivable. c) Concentration of risk While seeking diversification of our loan portfolio, the Company is dependent mostly on the economic conditions that affect South Florida and the greater Houston and New York City areas, especially the five New York City boroughs. At March 31, 2024, our commercial real estate loans held for investment based in South Florida, Houston, New York and other regions were $1.7 billion, $327 million, $223 million and $74 million, respectively. d) Accrued interest receivable on loans |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The analyses by loan segment of the changes in the Allowance for Credit Losses, or ACL, for loans for the three months ended March 31, 2024 and 2023 is summarized in the following tables: Three Months Ended March 31, 2024 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,876 $ 41,809 $ — $ 27,819 $ 95,504 Reversal of (provision for) credit losses - loans (2,988) 7,583 — 7,805 12,400 Loans charged-off (591) (2,424) — (10,187) (13,202) Recoveries 25 579 — 744 1,348 Balance at end of the period $ 22,322 $ 47,547 $ — $ 26,181 $ 96,050 Three Months Ended March 31, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Reversal of (provision for) credit losses - loans (2,181) 9,401 — 4,480 11,700 Loans charged-off — (7,975) — (6,354) (14,329) Recoveries 139 3,333 — 18 3,490 Balance at end of the period $ 23,195 $ 30,647 $ — $ 30,519 $ 84,361 The ACL was determined utilizing a reasonable and supportable forecast period. The ACL was determined using a weighted-average of various economic scenarios provided by a third-party, and incorporated qualitative components. There has not been material changes in our policies and methodology to estimate the ACL in the three months ended March 31, 2024. The ACL decreased by $0.5 million, or 0.6% at March 31, 2024, compared to December 31, 2023. The ACL as a percentage of total loans held for investment was 1.38% at March 31, 2024 compared to 1.39% at December 31, 2023. The provision for credit losses on loans in the three months ended March 31, 2024 was partially offset by net charge-offs. During the first quarter of 2024, the provision for credit losses on loans included $11.7 million to cover charge-offs and $2.4 million due to loan composition and volume changes. These provision requirements were partially offset by a release of $1.6 million due to credit quality and macroeconomic factor updates. The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended March 31, Real Estate Commercial Financial Consumer Total 2024 $ 1,768 $ 60,947 $ — $ — $ 62,715 2023 $ 10,000 $ — $ — $ — $ 10,000 Loan Modifications to Borrowers Experiencing Financial Difficulty The Company modifies loans related to borrowers experiencing financial difficulties by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. The Company had no new loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. There were no loans that defaulted in the three months ended March 31, 2024 and 2023 and had been modified within 12 months preceding the payment default related to these modifications. Credit Risk Quality The sufficiency of the ACL is reviewed at least quarterly by the Chief Risk Officer and the Chief Financial Officer. The Board of Directors considers the ACL as part of its review of the Company’s consolidated financial statements. As of March 31, 2024 and December 31, 2023, the Company believes the ACL to be sufficient to absorb expected credit losses in the loans portfolio in accordance with GAAP. Loans may be classified but not considered collateral dependent due to one of the following reasons: (1) the Company has established minimum dollar amount thresholds for individual assessment of expected credit losses, which results in loans under those thresholds being excluded from individual assessment of expected credit losses; and (2) classified loans may be considered in the assessment because the Company expects to collect all amounts due. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related primarily to (i) the risk rating of loans, (ii) the loan payment status, (iii) net charge-offs, (iv) nonperforming loans and (v) the general economic conditions in the main geographies where the Company’s borrowers conduct their businesses. The Company considers the views of its regulators as to loan classification and in the process of estimating expected credit losses. The Company utilizes an internal risk rating system to identify the risk characteristics of each of its loans, or group of homogeneous loans such as consumer loans. Internal risk ratings are updated on a continuous basis on a scale from 1 (worst credit quality) to 10 (best credit quality). Loans are then grouped in five master risk categories for purposes of monitoring rising levels of potential loss risks and to enable the activation of collection or recovery processes as defined in the Company’s Credit Risk Policy. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Generally, internal risk ratings for commercial real estate loans and commercial loans with balances over $3 million are updated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. For consumer loans, single-family residential loans and smaller commercial loans under $3 million, risk ratings are updated based on the loans past due status. The following is a summary of the master risk categories and their associated loan risk ratings, as well as a description of the general characteristics of the master risk category: Loan Risk Rating Master risk category Nonclassified 4 to 10 Classified 1 to 3 Substandard 3 Doubtful 2 Loss 1 N onclassified This category includes loans considered as Pass (5-10) and Special Mention (4). A loan classified as Pass is considered of sufficient quality to preclude a lower adverse rating. These loans are generally well protected by the current net worth and paying capacity of the borrower or by the value of any collateral received. Special Mention loans are defined as having potential weaknesses that deserve management’s close attention which, if left uncorrected, could potentially result in further credit deterioration. Special Mention loans may include loans originated with certain credit weaknesses or that developed those weaknesses since their origination. Classified This classification indicates the presence of credit weaknesses which could make loan repayment unlikely, such as partial or total late payments and other contractual defaults. Substandard A loan classified substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. They are characterized by the distinct possibility that the Company will sustain some loss if the credit weaknesses are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. Doubtful These loans have all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collection in full in a reasonable period of time. As a result, the possibility of loss is extremely high. Loss Loans classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but not to the point where a write-off should be deferred even though partial recoveries may occur in the future. This classification is based upon current facts, not probabilities. As a result, loans in this category should be promptly charged off in the period in which they are determined to be uncollectible. Loans held for investment by Credit Quality Indicators The following tables present Loans held for investment by credit quality indicators and year of origination as of March 31, 2024 and December 31, 2023: March 31, 2024 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 60,718 $ 162,874 $ 188,674 $ 554,078 $ 35,404 $ 497,505 $ 173,217 $ 1,672,470 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 60,718 162,874 188,674 554,078 35,404 497,505 173,217 1,672,470 Multi-family residential Credit Risk Rating: Nonclassified Pass 917 1,854 69,851 86,619 5,884 142,503 42,283 349,911 Special Mention — — — — — — — — Classified Substandard — — — — 6 — — 6 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 917 1,854 69,851 86,619 5,890 142,503 42,283 349,917 Land development and construction loans Credit Risk Rating: Nonclassified Pass 23,441 81,540 9,739 9,226 21,976 26,955 160,321 333,198 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 23,441 81,540 9,739 9,226 21,976 26,955 160,321 333,198 Single-family residential Credit Risk Rating: Nonclassified Pass 74,724 363,090 448,367 166,117 63,728 87,751 283,219 1,486,996 Special Mention — — — — — — — — Classified Substandard — — — — — 350 3,365 3,715 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 74,724 363,090 448,367 166,117 63,728 88,101 286,584 1,490,711 Owner occupied Credit Risk Rating: Nonclassified Pass 38,357 222,203 239,257 391,179 20,532 206,571 33,121 1,151,220 Special Mention — — 7,922 15,474 — 7,996 9,274 40,666 Classified Substandard — — — 1,316 — 707 — 2,023 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 38,357 222,203 247,179 407,969 20,532 215,274 42,395 1,193,909 March 31, 2024 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 70,190 451,146 267,350 69,405 8,315 40,047 557,715 1,464,168 Special Mention — — 2,008 — — 19,114 42,050 63,172 Classified Substandard — 555 500 — 91 2,514 19,140 22,800 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial Loans 70,190 451,701 269,858 69,405 8,406 61,675 618,905 1,550,140 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass 14,950 — — — — 13,500 1,040 29,490 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances 14,950 — — — — 13,500 1,040 29,490 Consumer loans Credit Risk Rating: Nonclassified Pass 357 25,889 152,775 39,161 7,390 — 112,032 337,604 Special Mention — — — — — — — — Classified Substandard — — — — — 36 36 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 357 25,889 152,775 39,161 7,390 — 112,068 337,640 Total loans held for investment, gross $ 283,654 $ 1,309,151 $ 1,386,443 $ 1,332,575 $ 163,326 $ 1,045,513 $ 1,436,813 $ 6,957,475 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 163,018 $ 189,356 $ 564,003 $ 35,615 $ 89,920 $ 401,140 $ 173,148 $ 1,616,200 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 163,018 189,356 564,003 35,615 89,920 401,140 173,148 1,616,200 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,860 69,875 96,028 5,930 72,389 119,550 41,574 407,206 Special Mention — — — — — — — — Classified Substandard — — — — — 8 — 8 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,860 69,875 96,028 5,930 72,389 119,558 41,574 407,214 Land development and construction loans Credit Risk Rating: Nonclassified Pass 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Single-family residential Credit Risk Rating: Nonclassified Pass 410,185 454,011 166,997 64,228 20,571 69,479 278,337 1,463,808 Special Mention — — — — — — — — Classified Substandard — — — — — 384 2,416 2,800 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 410,185 454,011 166,997 64,228 20,571 69,863 280,753 1,466,608 Owner occupied Credit Risk Rating: Nonclassified Pass 221,137 245,680 414,263 20,741 57,681 158,678 37,538 1,155,718 Special Mention — 4,186 7,926 — — — 3,611 15,723 Classified Substandard — — 2,530 — — 825 535 3,890 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 221,137 249,866 424,719 20,741 57,681 159,503 41,684 1,175,331 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 414,882 280,911 13,432 9,738 34,209 34,804 661,979 1,449,955 Special Mention — — — — — 2,056 28,205 30,261 Classified Substandard 563 500 — 91 1,775 794 19,248 22,971 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial Loans 415,445 281,411 13,432 9,829 35,984 37,654 709,432 1,503,187 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,375 — 13,375 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,375 — 13,375 Consumer loans Credit Risk Rating: Nonclassified Pass 27,977 183,235 51,278 12,833 26 — 115,810 391,159 Special Mention — — — — — — — — Classified Substandard — — — — — — 41 41 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 27,977 183,235 51,278 12,833 26 — 115,851 391,200 Total loans held for investment, gross $ 1,310,779 $ 1,437,674 $ 1,345,391 $ 171,135 $ 276,571 $ 828,035 $ 1,503,908 $ 6,873,493 The following tables present gross charge-offs by year of origination for the periods presented: Three Months Ended March 31, 2024 Term Loans Charge-offs by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — 591 — 591 Land development and construction loans — — — — — — — — — — — — — 591 — 591 Single-family residential — — — — — — — — Owner occupied — — — — — — — — — — — — — 591 — 591 Commercial loans — 161 1,841 48 98 276 — 2,424 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 45 338 6,830 2,479 351 144 — 10,187 Total Quarter-To-Date Gross Charge-Offs $ 45 $ 499 $ 8,671 $ 2,527 $ 449 $ 1,011 $ — $13,202 Three Months Ended March 31, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — 32 — 32 Owner occupied — — — — — — — — — — — — — 32 — 32 Commercial loans 7,558 93 — — 324 — 7,975 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts — 2,890 2,879 293 — 260 — 6,322 Total Year-To-Date Gross Charge-Offs $ — $ 10,448 $ 2,972 $ 293 $ — $ 616 $ — $ 14,329 Collateral -Dependent Loans Loans are considered collateral-dependent when the repayment of the loan is expected to be provided by the sale or operation of the underlying collateral. The Company performs an individual evaluation as part of the process of calculating the allowance for credit losses related to these loans. The following tables present the amortized cost basis of collateral dependent loans related to borrowers experiencing financial difficulty by type of collateral as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Single-family residential (1) $ — $ 756 $ — $ 756 $ — Owner occupied (2) 1,917 — — 1,917 — 1,917 756 — 2,673 — Commercial loans — — 21,133 21,133 9,645 Consumer loans and overdrafts — — 36 36 34 Total $ 1,917 $ 756 $ 21,169 $ 23,842 $ 9,679 _________________ (1) Weighted-average loan-to-value was approximately 63.3% at March 31, 2024. (2) Weighted-average loan-to-value was approximately 65.0% at March 31, 2024. As of December 31, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential 8 — — 8 — 8 — — 8 Single-family residential (1) — 773 — 773 — Owner occupied (2) 3,684 — — 3,684 — 3,692 773 — 4,465 — Commercial loans — — 21,250 21,250 8,073 Consumer loans and overdrafts — — 36 36 34 Total $ 3,692 $ 773 $ 21,286 $ 25,751 $ 8,107 _________________ (1) Weighted-average loan-to-value was approximately 64.8% at December 31, 2023. (2) Weighted-average loan-to-value was approximately 73.0% at December 31, 2023. Collateral dependent loans are evaluated on an individual basis for purposes of determining expected credit losses. For collateral-dependent loans where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan. |
Time Deposits
Time Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time Deposits Time deposits in denominations of $100,000 or more amounted to approximately $1.3 billion at March 31, 2024 and $1.3 billion at December 31, 2023, respectively. Time deposits in denominations of more than $250,000 amounted to approximately $704 million and $693 million at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, brokered time deposits amounted to $650 million and $720 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands, except percentages) Less than 3 months $ 264,266 20.1 % $ 178,102 13.7 % 3 to 6 months 394,995 30.0 % 239,843 18.4 % 6 to 12 months 582,195 44.2 % 698,897 53.6 % 1 to 3 years 60,361 4.6 % 174,792 13.4 % Over 3 years 14,918 1.1 % 12,974 0.9 % Total $ 1,316,735 100.0 % $ 1,304,608 100.0 % |
Advances from the Federal Home
Advances from the Federal Home Loan Bank | 3 Months Ended |
Mar. 31, 2024 | |
Advance from Federal Home Loan Bank [Abstract] | |
Advances from the Federal Home Loan Bank | Advances from the Federal Home Loan Bank At March 31, 2024 and December 31, 2023, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At March 31, 2024 At December 31, 2023 (in thousands) 2024 5.46% Fixed $ — $ 40,000 2026 4.90% Fixed 10,000 10,000 2027 3.91% Fixed 55,000 — 2028 3.45% to 3.58% Fixed 297,500 595,000 2029 and after (1) 3.46% to 3.50% Fixed 352,500 — $ 715,000 $ 645,000 _______________ (1) |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At March 31, 2024 and December 31, 2023, the notional amounts and fair values of the Company’s derivative instruments were as follows: March 31, 2024 December 31, 2023 (in thousands) Number of contracts Notional Amounts Other Assets Other Liabilities Number of contracts Notional Amounts Other Assets Other Liabilities Derivatives designated hedging instruments Interest rate swaps designated as cash flow hedges 6 $ 114,178 $ 760 $ 573 6 $ 114,178 $ 296 $ 366 Derivatives not designated as hedging instruments Interest rate swaps: Customers 146 1,041,294 2,960 55,453 146 1,037,773 6,767 47,221 Third party broker 146 1,041,292 55,453 2,960 146 1,037,773 47,221 6,767 292 2,082,586 58,413 58,413 292 2,075,546 53,988 53,988 Credit risk participation agreements 7 92,057 — — 7 92,654 — — Interest rate caps: Customers 13 325,995 — 4,728 13 325,995 — 4,983 Third party broker 14 360,995 4,788 — 14 360,995 5,195 — 27 686,990 4,788 4,728 27 686,990 5,195 4,983 Mortgage derivatives: Interest rate lock commitments 141 60,062 729 11 93 43,087 447 2 Forward contracts 18 32,198 10 74 11 16,000 6 94 159 92,260 739 85 104 59,087 453 96 Total derivatives not designated as hedging instruments 485 $ 2,953,893 $ 63,940 $ 63,226 430 $ 2,914,277 $ 59,636 $ 59,067 Total derivative instruments 491 $ 3,068,071 $ 64,700 $ 63,799 436 $ 3,028,455 $ 59,932 $ 59,433 Derivatives Designated as Hedging Instruments Interest Rate Swaps On Debt Instruments The Company enters into interest rate swap contracts on debt instruments 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 March 31, 2024 and December 31, 2023, the Company had five interest rate swap contracts with notional amounts totaling $64.2 million maturing in the third and fourth quarters of 2025. 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 March 31, 2024 and December 31, 2023 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. In the three months ended March 31, 2024 and 2023, the Company recognized unrealized gains of $0.2 million and $15 thousand, respectively, in connection with these interest rate swap contracts, which were included as part of interest expense on junior subordinated debentures in the Company’s consolidated statement of operations and comprehensive income. As of March 31, 2024, the estimated net unrealized gains in accumulated other comprehensive income expected to be reclassified into expense in the next twelve months amounted to $0.9 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 recognizes a reduction of interest expense on FHLB advances as a result of this amortization. Interest Rate Swaps On Loans In the second quarter of 2023, the Company entered into an interest rate swap contract with a notional amount of $50.0 million, and maturity in the second quarter of 2025. The Company designated this interest rate swap as a cash flow hedge to manage interest rate risk exposure on variable rate interest receipts on the first $50 million principal balance of a pool of loans. This interest rate swap contract involves the Company’s payment of variable-rate amounts in exchange for the Company receiving fixed-rate payments over the life of the contract without exchange of the underlying notional amount. Unrealized losses on these instruments are included as part of interest income on loans in the Company’s consolidated statement of operations and comprehensive income. Derivatives Not Designated as Hedging Instruments a) Customer related positions The Company offers certain derivatives products, including interest rate swaps and caps, directly to qualified commercial banking customers to facilitate their risk management strategies. The Company partially offsets its exposure to interest rate swaps and caps by entering similar derivative contracts with various third-party brokers. Interest Rate Swaps Interest rate swap contracts 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. 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. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. Interest Rate Caps Interest rate cap contracts involve the Company making payments if an interest rate exceeds the agreed strike price. 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. These interest rate caps initially served to partially offset changes in the estimated fair value of interest rate cap contracts with customers. At March 31, 2024 and December 31, 2023, there was 1 interest rate cap contract with a notional amount of $35.0 million in connection with this transaction. b) Mortgage Derivatives The Company enters into interest rate lock commitments and forward sale contracts to manage the risk exposure in the mortgage banking area. 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 $0.3 million and $0.6 million in the three months ended March 31, 2024 and 2023, respectively. These amounts were recorded as part of other noninterest income in the consolidated statements of operations and comprehensive income. Credit Risk-Related Contingent Features Some agreements may require the Company to pledge securities as collateral when the valuation of the interest rate swap derivative contracts fall below a certain amount. There were no securities pledged as collateral for interest rate swaps in a liability position at March 31, 2024 and December 31, 2023. Additionally, most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure threshold. As of March 31, 2024 and December 31, 2023, the Company had cash held as collateral of $33.0 million and $25.0 million, respectively. See Note 2 “Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash” for additional information about cash held as collateral. As of March 31, 2024 and December 31, 2023, there were no collateral requirements related to interest rate swaps with third-party brokers not designated as hedging instruments. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual 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 three months ended March 31, 2024 and 2023 were 21.50% and 21.00%, 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”) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale $ (103,932) $ 26,400 $ (77,532) $ (97,042) $ 24,614 $ (72,428) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,215 (567) 1,648 2,193 (561) 1,632 Total AOCL $ (101,717) $ 25,833 $ (75,884) $ (94,849) $ 24,053 $ (70,796) The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended March 31, 2024 2023 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains (losses) on debt securities available for sale: Change in fair value arising during the period $ (6,890) $ 1,786 $ (5,104) $ 8,243 $ (2,126) $ 6,117 Reclassification adjustment for net losses included in net income — — — 863 (220) 643 (6,890) 1,786 (5,104) 9,106 (2,346) 6,760 Net unrealized holding gains (losses) on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 304 (77) 227 (256) 68 (188) Reclassification adjustment for net interest income included in net income (282) 71 (211) (344) 88 (256) 22 (6) 16 (600) 156 (444) Total other comprehensive (loss) income $ (6,868) $ 1,780 $ (5,088) $ 8,506 $ (2,190) $ 6,316 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies From time to time the Company and its subsidiaries may be exposed to loss contingencies. In the ordinary, course of business, those contingencies may include, known but unasserted claims, and legal/regulatory inquiries or examinations. The Company records these loss contingencies as a liability when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In the opinion of management, the Company maintains a liability that is in an estimated amount sufficient to cover said loss contingencies, if any, at the reporting dates. Financial instruments whose contract amount represents off-balance sheet credit risk at March 31, 2024 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,173,750 Standby letters of credit 51,135 $ 1,224,885 The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the three months ended March 31, 2024 and 2023: (in thousands) Allowance for Contingency Losses March 31, 2024 2023 Balances at beginning of the year $ 3,102 $ 1,702 Provision for credit losses - off balance sheet exposures (1) — 300 Balances at March 31, 2024 $ 3,102 $ 2,002 _________________ (1) There was no provision for credit losses for off-balance sheet exposures in the first quarter of 2024. In the first quarter of 2023, the provision for credit losses for off-balance sheet exposures was included within other operating expenses in the Company’s consolidated statements of operations and comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2024 (in thousands) Quoted Third-Party Internal Total Assets Cash and cash equivalents Other short-term investments $ — $ 6,700 $ — $ 6,700 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 601,367 — 601,367 Corporate debt securities — 264,373 — 264,373 U.S. government agency debt securities — 423,769 — 423,769 Collateralized loan obligations — 4,975 — 4,975 Municipal bonds — 1,599 — 1,599 U.S treasury securities — 1,990 — 1,990 — 1,298,073 — 1,298,073 Equity securities with readily determinable fair values not held for trading 2,480 — — 2,480 2,480 1,298,073 — 1,300,553 Mortgage loans held for sale (at fair value) — 48,908 — 48,908 Bank owned life insurance — 237,314 — 237,314 Other assets Mortgage servicing rights (MSRs) — — 1,412 1,412 Derivative instruments — 64,700 — 64,700 $ 2,480 $ 1,655,695 $ 1,412 $ 1,659,587 Liabilities Other liabilities Derivative instruments $ — $ 63,799 $ — $ 63,799 December 31, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and Cash equivalents Other short-term investments $ — $ 6,080 $ — $ 6,080 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 557,307 — 557,307 Corporate debt securities — 260,802 — 260,802 U.S. government agency debt securities — 390,777 — 390,777 Municipal Bonds — 1,668 — 1,668 Collateralized loan obligations — 4,957 — 4,957 U.S treasury securities — 1,991 — 1,991 — 1,217,502 — 1,217,502 Equity securities with readily determinable fair values not held for trading 2,534 — — 2,534 2,534 1,217,502 — 1,220,036 Mortgage loans held for sale (at fair value) — 26,200 — 26,200 Bank owned life insurance — 234,972 — 234,972 Other assets Mortgage servicing rights (MSRs) — — 1,372 1,372 Derivative instruments — 59,932 — 59,932 $ 2,534 $ 1,544,686 $ 1,372 $ 1,548,592 Liabilities Other liabilities Derivative instruments $ — $ 59,433 $ — $ 59,433 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 March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for investment measured for credit deterioration using the fair value of the collateral (1) $ 20,872 $ — $ — $ 20,872 $ 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 41,053 $ — $ — $ 41,053 $ 4,371 _______________ (1) Include loans with specific reserves of $9.7 million and total write downs of $4.4 million at March 31, 2024. (2) Consists of commercial real estate property. December 31, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of cost or fair value $ 365,219 $ — $ — $ 365,219 $ 35,525 Loans held for investment measured for credit deterioration using the fair value of the collateral (1) 18,439 — — 18,439 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 403,839 $ — $ — $ — $ 403,839 $ 39,896 _______________ (1) Includes loans with specific reserves of $8.1 million and total write downs of $4.4 million at December 31, 2023. (2) Consists of commercial real estate property. 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% There were no other significant assets or liabilities measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023. Loans Held for Sale, at Lower of Cost or Fair Value For loans held for sale that are carried at the lower of cost or fair value, the fair value is generally based on quoted market prices of similar loans less estimated cost to sell and is considered to be Level 3. There were no loans held for sale carried at the lower of cost or fair value at March 31, 2024. Collateral Dependent Loans Measured For Expected Credit Losses The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral. The Company primarily uses third party appraisals to assist in measuring expected credit losses on collateral dependent 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. OREO 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. Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: March 31, 2024 December 31, 2023 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 224,014 $ 198,909 $ 226,645 $ 204,945 Loans 3,285,520 3,116,426 3,514,114 3,321,308 Financial liabilities: Time deposits 1,594,821 1,591,712 1,577,579 1,575,569 Advances from the FHLB 715,000 708,302 645,000 644,572 Senior notes 59,605 58,120 59,526 58,337 Subordinated notes 29,497 28,481 29,454 28,481 Junior subordinated debentures 64,178 63,229 64,178 63,285 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, (in thousands, except share data and per share amounts) 2024 2023 Numerator: Net income before attribution of noncontrolling interest $ 10,568 $ 19,942 Noncontrolling interest — (244) Net income attributable to Amerant Bancorp Inc. $ 10,568 $ 20,186 Net income available to common stockholders $ 10,568 $ 20,186 Denominator: Basic weighted average shares outstanding 33,538,069 33,559,718 Dilutive effect of share-based compensation awards 283,493 296,276 Diluted weighted average shares outstanding 33,821,562 33,855,994 Basic earnings per common share $ 0.32 $ 0.60 Diluted earnings per common share $ 0.31 $ 0.60 As of March 31, 2024 and 2023, potential dilutive instruments consisted of unvested shares of restricted stock, RSUs and PSUs totaling 589,533 and 509,307, respectively. In the three month periods ended March 31, 2024 and 2023, 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 on per share earnings. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income attributable to Amerant Bancorp Inc. | $ 10,568 | $ 20,186 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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, 2023 and 2022 and for each of the three years in the period ended December 31, 2023 and the accompanying footnote disclosures for the Company, which are included in the 2023 Form 10-K. For a complete summary of our significant accounting policies, see |
Estimates | Estimates |
Reclassifications | Reclassifications Beginning in the second quarter of 2023, the Company presents separately its Other Real Estate Owned (“OREO”) and repossessed assets, net expense in the consolidated statement of operations and comprehensive income. Prior to that period, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses |
Subsequent Events | Subsequent Events The effects of other significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Dividends Declared | Set forth below are the details of dividends declared and paid by the Company in the three months ended March 31, 2024 and 2023: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 01/17/2024 02/14/2024 02/29/2024 $0.09 $3.0 million 1/18/2023 02/13/2023 02/28/2023 $0.09 $3.0 million |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities from Amortized Cost to Fair Value | Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale are summarized as follows: March 31, 2024 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 642,816 $ 1,027 $ (42,476) $ — $ 601,367 Corporate debt securities (2) 285,065 59 (20,751) — 264,373 U.S. government agency debt securities (1) (2) 465,393 754 (42,378) — 423,769 Collateralized loan obligations 5,000 — (25) — 4,975 Municipal bonds (1) 1,732 — (133) — 1,599 U.S. treasury securities 1,999 — (9) — 1,990 Total debt securities available for sale (3) $ 1,402,005 $ 1,840 $ (105,772) $ — $ 1,298,073 __________________ (1) Includes residential mortgage-backed securities. As of March 31, 2024, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $932.8 million and fair value of $860.8 million. (2) Includes commercial mortgage-backed securities. As of March 31, 2024, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $166.6 million and fair value of $155.0 million . (3) Excludes accrued interest receivable of $7.1 million as of March 31, 2024, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three month period ended March 31, 2024. December 31, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 591,972 $ 2,297 $ (36,962) $ — $ 557,307 Corporate debt securities (2) 285,217 — (24,415) — 260,802 U.S. government agency debt securities (1) (2) 428,626 933 (38,782) — 390,777 U.S. treasury securities 1,998 — (7) — 1,991 Municipal bonds (1) 1,731 — (63) — 1,668 Collateralized loan obligations 5,000 — (43) — 4,957 Total debt securities available for sale (3) $ 1,314,544 $ 3,230 $ (100,272) $ — $ 1,217,502 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $910.1 million and fair value of $844.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $99.7 million and fair value of $91.8 million. (3) Excludes accrued interest receivable of $6.7 million as of December 31, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2023. |
Schedule of Realized Gain (Loss) | In the three months ended March 31, 2023, 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 March 31, (in thousands) 2024 2023 Proceeds from sales, redemptions and calls of debt securities available for sale $ — $ 475 Gross realized gains $ — $ — Gross realized losses — (9,525) Realized (loss) gain, net $ — $ (9,525) |
Schedule of Available for Sale Securities with Unrealized Losses | The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2024 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 37 $ 132,404 $ (1,067) 327 $ 339,849 $ (41,409) $ 472,253 $ (42,476) Corporate debt securities — — — 57 240,278 (20,751) 240,278 (20,751) U.S. government agency debt securities 19 39,444 (220) 161 287,206 (42,158) 326,650 (42,378) Municipal bonds — — — 3 1,599 (133) 1,599 (133) U.S. treasury securities 1 1,990 (9) — — — 1,990 (9) Collateralized loan obligations 1 4,975 (25) — — — 4,975 (25) 58 $ 178,813 $ (1,321) 548 $ 868,932 $ (104,451) $ 1,047,745 $ (105,772) December 31, 2023 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 7 $ 68,923 $ (187) 328 $ 347,632 $ (36,775) $ 416,555 $ (36,962) Corporate debt securities 2 3,992 (13) 59 256,810 (24,402) 260,802 (24,415) U.S. government agency debt securities 12 19,475 (137) 158 296,632 (38,645) 316,107 (38,782) Municipal bonds — — — 3 1,668 (63) 1,668 (63) U.S. treasury securities 1 1,991 (7) — — — 1,991 (7) Collateralized Loan Obligations 1 4,957 (43) — — — 4,957 (43) 23 $ 99,338 $ (387) 548 $ 902,742 $ (99,885) $ 1,002,080 $ (100,272) The Company’s investment in debt securities held to maturity with unrealized losses aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2024 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 — $ — $ — 12 $ 45,998 $ (7,751) $ 45,998 $ (7,751) U.S. government sponsored enterprise debt securities — — — 34 143,138 (17,561) 143,138 (17,561) — $ — $ — 46 $ 189,136 $ (25,312) $ 189,136 $ (25,312) December 31, 2023 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 — $ — $ — 12 $ 47,370 $ (6,914) $ 47,370 $ (6,914) U.S. government sponsored enterprise debt securities — — — 34 147,590 (15,173) 147,590 (15,173) — $ — $ — 46 $ 194,960 $ (22,087) $ 194,960 $ (22,087) |
Schedule of Debt Securities, Held-to-Maturity | Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: March 31, 2024 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,315 $ 207 $ (7,751) $ 55,771 $ — U.S. government sponsored enterprise debt securities(1) (2) 160,699 — (17,561) 143,138 — Total debt securities held to maturity (3) $ 224,014 $ 207 $ (25,312) $ 198,909 $ — __________________ (1) Includes residential mortgage-backed securities. As of March 31, 2024, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $196.7 million and fair value of $173.8 million. (2) Includes commercial mortgage-backed securities. As of March 31, 2024, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.3 million and fair value of $25.1 million. (3) Excludes accrued interest receivable of $0.7 million as of March 31, 2024, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three month period ended March 31, 2024. December 31, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,883 $ 387 $ (6,914) $ 57,356 $ — U.S. government sponsored enterprise debt securities (1) (2) 162,762 — (15,173) 147,589 — Total debt securities held to maturity (3) $ 226,645 $ 387 $ (22,087) $ 204,945 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $199.2 million and fair value of $179.2 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, includes total commercial mortgage-backed securities with amortized cost of $27.5 million and fair value of $25.7 million. (3) Excludes accrued interest receivable of $0.7 million as of December 31, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2023. |
Schedule of Contractual Maturities of Securities | Contractual maturities of debt securities at March 31, 2024 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 4,039 $ 3,822 $ — $ — After 1 year through 5 years 142,780 137,522 — — After 5 years through 10 years 203,196 186,099 18,954 17,805 After 10 years 1,051,990 970,630 205,060 181,104 $ 1,402,005 $ 1,298,073 $ 224,014 $ 198,909 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Classes | Loans held for investment consist of the following loan classes: (in thousands) March 31, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,672,470 $ 1,616,200 Multi-family residential 349,917 407,214 Land development and construction loans 333,198 300,378 2,355,585 2,323,792 Single-family residential 1,490,711 1,466,608 Owner occupied 1,193,909 1,175,331 5,040,205 4,965,731 Commercial loans 1,550,140 1,503,187 Loans to financial institutions and acceptances 29,490 13,375 Consumer loans and overdrafts 337,640 391,200 Total loans held for investment, gross (1) $ 6,957,475 $ 6,873,493 _________________ (1) Excludes accrued interest receivable. (in thousands) March 31, December 31, 2023 Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Multi-family residential $ — $ 309,612 Land development and construction loans — 55,607 Total loans held for sale at the lower of cost or fair value (1) — 365,219 Mortgage loans held for sale at fair value Land development and construction loans 26,058 12,778 Single-family residential 22,850 13,422 Total loans held for sale at fair value (2) 48,908 26,200 Total loans held for sale (3) $ 48,908 $ 391,419 _______________ (1) In the fourth quarter of 2023, the Company transferred an aggregate of $401 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. The Company sold these loans in the first quarter of 2024 and there was no material impact to the Company’s results of operations as result of this transaction. (2) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (3) Excludes accrued interest receivable. |
Schedule of Loan Portfolio Delinquencies | The age analyses of the loan portfolio by class as of March 31, 2024 and December 31, 2023, are summarized in the following tables: March 31, 2024 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,672,470 $ 1,669,088 $ 3,382 $ — $ — $ 3,382 Multi-family residential 349,917 349,910 7 — — 7 Land development and construction loans 333,198 333,198 — — — — 2,355,585 2,352,196 3,389 — — 3,389 Single-family residential 1,490,711 1,460,722 22,126 4,193 3,670 29,989 Owner occupied 1,193,909 1,181,802 9,662 1,106 1,339 12,107 5,040,205 4,994,720 35,177 5,299 5,009 45,485 Commercial loans 1,550,140 1,525,087 7,598 1,583 15,872 25,053 Loans to financial institutions and acceptances 29,490 29,490 — — — — Consumer loans and overdrafts 337,640 332,576 2,332 2,687 45 5,064 $ 6,957,475 $ 6,881,873 $ 45,107 $ 9,569 $ 20,926 $ 75,602 December 31, 2023 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,616,200 $ 1,615,772 $ 428 $ — $ — $ 428 Multi-family residential 407,214 403,288 2,360 1,558 8 3,926 Land development and construction loans 300,378 300,378 — — — — 2,323,792 2,319,438 2,788 1,558 8 4,354 Single-family residential 1,466,608 1,453,073 4,196 3,511 5,828 13,535 Owner occupied 1,175,331 1,164,059 9,642 185 1,445 11,272 4,965,731 4,936,570 16,626 5,254 7,281 29,161 Commercial loans 1,503,187 1,472,531 23,128 1,626 5,902 30,656 Loans to financial institutions and acceptances 13,375 13,375 — — — — Consumer loans and overdrafts 391,200 383,689 3,142 4,277 92 7,511 $ 6,873,493 $ 6,806,165 $ 42,896 $ 11,157 $ 13,275 $ 67,328 The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of March 31, 2024 and December 31, 2023: As of March 31, 2024 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential — — — — Land development and construction loans — — — — — — — — Single-family residential 1,609 2,791 4,400 1,149 Owner occupied 1,935 23 1,958 — 3,544 2,814 6,358 1,149 Commercial loans 1,069 20,764 21,833 918 Consumer loans and overdrafts — 45 45 — Total $ 4,613 $ 23,623 $ 28,236 $ 2,067 As of December 31, 2023 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential 8 — 8 — 8 — 8 — Single-family residential 773 1,686 2,459 5,218 Owner occupied 3,693 129 3,822 — 4,474 1,815 6,289 5,218 Commercial loans 3,669 18,280 21,949 857 Consumer loans and overdrafts — 38 38 49 Total $ 8,143 $ 20,133 $ 28,276 $ 6,124 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | The analyses by loan segment of the changes in the Allowance for Credit Losses, or ACL, for loans for the three months ended March 31, 2024 and 2023 is summarized in the following tables: Three Months Ended March 31, 2024 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,876 $ 41,809 $ — $ 27,819 $ 95,504 Reversal of (provision for) credit losses - loans (2,988) 7,583 — 7,805 12,400 Loans charged-off (591) (2,424) — (10,187) (13,202) Recoveries 25 579 — 744 1,348 Balance at end of the period $ 22,322 $ 47,547 $ — $ 26,181 $ 96,050 Three Months Ended March 31, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Reversal of (provision for) credit losses - loans (2,181) 9,401 — 4,480 11,700 Loans charged-off — (7,975) — (6,354) (14,329) Recoveries 139 3,333 — 18 3,490 Balance at end of the period $ 23,195 $ 30,647 $ — $ 30,519 $ 84,361 The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended March 31, Real Estate Commercial Financial Consumer Total 2024 $ 1,768 $ 60,947 $ — $ — $ 62,715 2023 $ 10,000 $ — $ — $ — $ 10,000 |
Schedule of Credit Quality Indicators | The following is a summary of the master risk categories and their associated loan risk ratings, as well as a description of the general characteristics of the master risk category: Loan Risk Rating Master risk category Nonclassified 4 to 10 Classified 1 to 3 Substandard 3 Doubtful 2 Loss 1 |
Schedule Of Financing Receivables By Type Of Collateral | The following tables present Loans held for investment by credit quality indicators and year of origination as of March 31, 2024 and December 31, 2023: March 31, 2024 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 60,718 $ 162,874 $ 188,674 $ 554,078 $ 35,404 $ 497,505 $ 173,217 $ 1,672,470 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 60,718 162,874 188,674 554,078 35,404 497,505 173,217 1,672,470 Multi-family residential Credit Risk Rating: Nonclassified Pass 917 1,854 69,851 86,619 5,884 142,503 42,283 349,911 Special Mention — — — — — — — — Classified Substandard — — — — 6 — — 6 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 917 1,854 69,851 86,619 5,890 142,503 42,283 349,917 Land development and construction loans Credit Risk Rating: Nonclassified Pass 23,441 81,540 9,739 9,226 21,976 26,955 160,321 333,198 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 23,441 81,540 9,739 9,226 21,976 26,955 160,321 333,198 Single-family residential Credit Risk Rating: Nonclassified Pass 74,724 363,090 448,367 166,117 63,728 87,751 283,219 1,486,996 Special Mention — — — — — — — — Classified Substandard — — — — — 350 3,365 3,715 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 74,724 363,090 448,367 166,117 63,728 88,101 286,584 1,490,711 Owner occupied Credit Risk Rating: Nonclassified Pass 38,357 222,203 239,257 391,179 20,532 206,571 33,121 1,151,220 Special Mention — — 7,922 15,474 — 7,996 9,274 40,666 Classified Substandard — — — 1,316 — 707 — 2,023 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 38,357 222,203 247,179 407,969 20,532 215,274 42,395 1,193,909 March 31, 2024 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 70,190 451,146 267,350 69,405 8,315 40,047 557,715 1,464,168 Special Mention — — 2,008 — — 19,114 42,050 63,172 Classified Substandard — 555 500 — 91 2,514 19,140 22,800 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial Loans 70,190 451,701 269,858 69,405 8,406 61,675 618,905 1,550,140 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass 14,950 — — — — 13,500 1,040 29,490 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances 14,950 — — — — 13,500 1,040 29,490 Consumer loans Credit Risk Rating: Nonclassified Pass 357 25,889 152,775 39,161 7,390 — 112,032 337,604 Special Mention — — — — — — — — Classified Substandard — — — — — 36 36 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 357 25,889 152,775 39,161 7,390 — 112,068 337,640 Total loans held for investment, gross $ 283,654 $ 1,309,151 $ 1,386,443 $ 1,332,575 $ 163,326 $ 1,045,513 $ 1,436,813 $ 6,957,475 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 163,018 $ 189,356 $ 564,003 $ 35,615 $ 89,920 $ 401,140 $ 173,148 $ 1,616,200 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 163,018 189,356 564,003 35,615 89,920 401,140 173,148 1,616,200 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,860 69,875 96,028 5,930 72,389 119,550 41,574 407,206 Special Mention — — — — — — — — Classified Substandard — — — — — 8 — 8 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,860 69,875 96,028 5,930 72,389 119,558 41,574 407,214 Land development and construction loans Credit Risk Rating: Nonclassified Pass 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Single-family residential Credit Risk Rating: Nonclassified Pass 410,185 454,011 166,997 64,228 20,571 69,479 278,337 1,463,808 Special Mention — — — — — — — — Classified Substandard — — — — — 384 2,416 2,800 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 410,185 454,011 166,997 64,228 20,571 69,863 280,753 1,466,608 Owner occupied Credit Risk Rating: Nonclassified Pass 221,137 245,680 414,263 20,741 57,681 158,678 37,538 1,155,718 Special Mention — 4,186 7,926 — — — 3,611 15,723 Classified Substandard — — 2,530 — — 825 535 3,890 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 221,137 249,866 424,719 20,741 57,681 159,503 41,684 1,175,331 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 414,882 280,911 13,432 9,738 34,209 34,804 661,979 1,449,955 Special Mention — — — — — 2,056 28,205 30,261 Classified Substandard 563 500 — 91 1,775 794 19,248 22,971 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial Loans 415,445 281,411 13,432 9,829 35,984 37,654 709,432 1,503,187 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,375 — 13,375 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,375 — 13,375 Consumer loans Credit Risk Rating: Nonclassified Pass 27,977 183,235 51,278 12,833 26 — 115,810 391,159 Special Mention — — — — — — — — Classified Substandard — — — — — — 41 41 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 27,977 183,235 51,278 12,833 26 — 115,851 391,200 Total loans held for investment, gross $ 1,310,779 $ 1,437,674 $ 1,345,391 $ 171,135 $ 276,571 $ 828,035 $ 1,503,908 $ 6,873,493 The following tables present gross charge-offs by year of origination for the periods presented: Three Months Ended March 31, 2024 Term Loans Charge-offs by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — 591 — 591 Land development and construction loans — — — — — — — — — — — — — 591 — 591 Single-family residential — — — — — — — — Owner occupied — — — — — — — — — — — — — 591 — 591 Commercial loans — 161 1,841 48 98 276 — 2,424 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 45 338 6,830 2,479 351 144 — 10,187 Total Quarter-To-Date Gross Charge-Offs $ 45 $ 499 $ 8,671 $ 2,527 $ 449 $ 1,011 $ — $13,202 Three Months Ended March 31, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — 32 — 32 Owner occupied — — — — — — — — — — — — — 32 — 32 Commercial loans 7,558 93 — — 324 — 7,975 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts — 2,890 2,879 293 — 260 — 6,322 Total Year-To-Date Gross Charge-Offs $ — $ 10,448 $ 2,972 $ 293 $ — $ 616 $ — $ 14,329 As of March 31, 2024 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Single-family residential (1) $ — $ 756 $ — $ 756 $ — Owner occupied (2) 1,917 — — 1,917 — 1,917 756 — 2,673 — Commercial loans — — 21,133 21,133 9,645 Consumer loans and overdrafts — — 36 36 34 Total $ 1,917 $ 756 $ 21,169 $ 23,842 $ 9,679 _________________ (1) Weighted-average loan-to-value was approximately 63.3% at March 31, 2024. (2) Weighted-average loan-to-value was approximately 65.0% at March 31, 2024. As of December 31, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential 8 — — 8 — 8 — — 8 Single-family residential (1) — 773 — 773 — Owner occupied (2) 3,684 — — 3,684 — 3,692 773 — 4,465 — Commercial loans — — 21,250 21,250 8,073 Consumer loans and overdrafts — — 36 36 34 Total $ 3,692 $ 773 $ 21,286 $ 25,751 $ 8,107 _________________ (1) Weighted-average loan-to-value was approximately 64.8% at December 31, 2023. (2) Weighted-average loan-to-value was approximately 73.0% at December 31, 2023. |
Time Deposits (Tables)
Time Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands, except percentages) Less than 3 months $ 264,266 20.1 % $ 178,102 13.7 % 3 to 6 months 394,995 30.0 % 239,843 18.4 % 6 to 12 months 582,195 44.2 % 698,897 53.6 % 1 to 3 years 60,361 4.6 % 174,792 13.4 % Over 3 years 14,918 1.1 % 12,974 0.9 % Total $ 1,316,735 100.0 % $ 1,304,608 100.0 % |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Advance from Federal Home Loan Bank [Abstract] | |
Schedule of Outstanding Advances from the FHLB | At March 31, 2024 and December 31, 2023, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At March 31, 2024 At December 31, 2023 (in thousands) 2024 5.46% Fixed $ — $ 40,000 2026 4.90% Fixed 10,000 10,000 2027 3.91% Fixed 55,000 — 2028 3.45% to 3.58% Fixed 297,500 595,000 2029 and after (1) 3.46% to 3.50% Fixed 352,500 — $ 715,000 $ 645,000 _______________ (1) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At March 31, 2024 and December 31, 2023, the notional amounts and fair values of the Company’s derivative instruments were as follows: March 31, 2024 December 31, 2023 (in thousands) Number of contracts Notional Amounts Other Assets Other Liabilities Number of contracts Notional Amounts Other Assets Other Liabilities Derivatives designated hedging instruments Interest rate swaps designated as cash flow hedges 6 $ 114,178 $ 760 $ 573 6 $ 114,178 $ 296 $ 366 Derivatives not designated as hedging instruments Interest rate swaps: Customers 146 1,041,294 2,960 55,453 146 1,037,773 6,767 47,221 Third party broker 146 1,041,292 55,453 2,960 146 1,037,773 47,221 6,767 292 2,082,586 58,413 58,413 292 2,075,546 53,988 53,988 Credit risk participation agreements 7 92,057 — — 7 92,654 — — Interest rate caps: Customers 13 325,995 — 4,728 13 325,995 — 4,983 Third party broker 14 360,995 4,788 — 14 360,995 5,195 — 27 686,990 4,788 4,728 27 686,990 5,195 4,983 Mortgage derivatives: Interest rate lock commitments 141 60,062 729 11 93 43,087 447 2 Forward contracts 18 32,198 10 74 11 16,000 6 94 159 92,260 739 85 104 59,087 453 96 Total derivatives not designated as hedging instruments 485 $ 2,953,893 $ 63,940 $ 63,226 430 $ 2,914,277 $ 59,636 $ 59,067 Total derivative instruments 491 $ 3,068,071 $ 64,700 $ 63,799 436 $ 3,028,455 $ 59,932 $ 59,433 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of AOCL/AOCI | The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: March 31, 2024 December 31, 2023 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale $ (103,932) $ 26,400 $ (77,532) $ (97,042) $ 24,614 $ (72,428) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,215 (567) 1,648 2,193 (561) 1,632 Total AOCL $ (101,717) $ 25,833 $ (75,884) $ (94,849) $ 24,053 $ (70,796) |
Schedule of Components of Other Comprehensive Loss | The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended March 31, 2024 2023 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains (losses) on debt securities available for sale: Change in fair value arising during the period $ (6,890) $ 1,786 $ (5,104) $ 8,243 $ (2,126) $ 6,117 Reclassification adjustment for net losses included in net income — — — 863 (220) 643 (6,890) 1,786 (5,104) 9,106 (2,346) 6,760 Net unrealized holding gains (losses) on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 304 (77) 227 (256) 68 (188) Reclassification adjustment for net interest income included in net income (282) 71 (211) (344) 88 (256) 22 (6) 16 (600) 156 (444) Total other comprehensive (loss) income $ (6,868) $ 1,780 $ (5,088) $ 8,506 $ (2,190) $ 6,316 |
Contingencies (Tables)
Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financial Instruments whose Contract Amount Represents Off-Balance Sheet Credit Risk | Financial instruments whose contract amount represents off-balance sheet credit risk at March 31, 2024 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,173,750 Standby letters of credit 51,135 $ 1,224,885 |
Schedule of Changes in the Allowance for Credit Losses for Off-Balance Sheet | The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the three months ended March 31, 2024 and 2023: (in thousands) Allowance for Contingency Losses March 31, 2024 2023 Balances at beginning of the year $ 3,102 $ 1,702 Provision for credit losses - off balance sheet exposures (1) — 300 Balances at March 31, 2024 $ 3,102 $ 2,002 _________________ (1) There was no provision for credit losses for off-balance sheet exposures in the first quarter of 2024. In the first quarter of 2023, the provision for credit losses for off-balance sheet exposures was included within other operating expenses in the Company’s consolidated statements of operations and comprehensive income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule 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: March 31, 2024 (in thousands) Quoted Third-Party Internal Total Assets Cash and cash equivalents Other short-term investments $ — $ 6,700 $ — $ 6,700 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 601,367 — 601,367 Corporate debt securities — 264,373 — 264,373 U.S. government agency debt securities — 423,769 — 423,769 Collateralized loan obligations — 4,975 — 4,975 Municipal bonds — 1,599 — 1,599 U.S treasury securities — 1,990 — 1,990 — 1,298,073 — 1,298,073 Equity securities with readily determinable fair values not held for trading 2,480 — — 2,480 2,480 1,298,073 — 1,300,553 Mortgage loans held for sale (at fair value) — 48,908 — 48,908 Bank owned life insurance — 237,314 — 237,314 Other assets Mortgage servicing rights (MSRs) — — 1,412 1,412 Derivative instruments — 64,700 — 64,700 $ 2,480 $ 1,655,695 $ 1,412 $ 1,659,587 Liabilities Other liabilities Derivative instruments $ — $ 63,799 $ — $ 63,799 December 31, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and Cash equivalents Other short-term investments $ — $ 6,080 $ — $ 6,080 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 557,307 — 557,307 Corporate debt securities — 260,802 — 260,802 U.S. government agency debt securities — 390,777 — 390,777 Municipal Bonds — 1,668 — 1,668 Collateralized loan obligations — 4,957 — 4,957 U.S treasury securities — 1,991 — 1,991 — 1,217,502 — 1,217,502 Equity securities with readily determinable fair values not held for trading 2,534 — — 2,534 2,534 1,217,502 — 1,220,036 Mortgage loans held for sale (at fair value) — 26,200 — 26,200 Bank owned life insurance — 234,972 — 234,972 Other assets Mortgage servicing rights (MSRs) — — 1,372 1,372 Derivative instruments — 59,932 — 59,932 $ 2,534 $ 1,544,686 $ 1,372 $ 1,548,592 Liabilities Other liabilities Derivative instruments $ — $ 59,433 $ — $ 59,433 |
Schedule 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 March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for investment measured for credit deterioration using the fair value of the collateral (1) $ 20,872 $ — $ — $ 20,872 $ 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 41,053 $ — $ — $ 41,053 $ 4,371 _______________ (1) Include loans with specific reserves of $9.7 million and total write downs of $4.4 million at March 31, 2024. (2) Consists of commercial real estate property. December 31, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of cost or fair value $ 365,219 $ — $ — $ 365,219 $ 35,525 Loans held for investment measured for credit deterioration using the fair value of the collateral (1) 18,439 — — 18,439 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 403,839 $ — $ — $ — $ 403,839 $ 39,896 _______________ (1) Includes loans with specific reserves of $8.1 million and total write downs of $4.4 million at December 31, 2023. (2) Consists of commercial real estate property. |
Schedule of 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% |
Schedule 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: March 31, 2024 December 31, 2023 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 224,014 $ 198,909 $ 226,645 $ 204,945 Loans 3,285,520 3,116,426 3,514,114 3,321,308 Financial liabilities: Time deposits 1,594,821 1,591,712 1,577,579 1,575,569 Advances from the FHLB 715,000 708,302 645,000 644,572 Senior notes 59,605 58,120 59,526 58,337 Subordinated notes 29,497 28,481 29,454 28,481 Junior subordinated debentures 64,178 63,229 64,178 63,285 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, (in thousands, except share data and per share amounts) 2024 2023 Numerator: Net income before attribution of noncontrolling interest $ 10,568 $ 19,942 Noncontrolling interest — (244) Net income attributable to Amerant Bancorp Inc. $ 10,568 $ 20,186 Net income available to common stockholders $ 10,568 $ 20,186 Denominator: Basic weighted average shares outstanding 33,538,069 33,559,718 Dilutive effect of share-based compensation awards 283,493 296,276 Diluted weighted average shares outstanding 33,821,562 33,855,994 Basic earnings per common share $ 0.32 $ 0.60 Diluted earnings per common share $ 0.31 $ 0.60 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | 3 Months Ended | ||||||
Apr. 24, 2024 $ / shares | Apr. 16, 2024 USD ($) branch | Jan. 17, 2024 $ / shares | Jan. 18, 2023 $ / shares | Mar. 31, 2024 USD ($) subsidiary | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||||
Number of subsidiaries | subsidiary | 3 | ||||||
Restructuring costs | $ 0 | ||||||
Restructuring charges | $ 2,700,000 | ||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.09 | $ 0.09 | |||||
Stuff Reduction | |||||||
Class of Stock [Line Items] | |||||||
Restructuring costs | 200,000 | ||||||
Facility Closing | |||||||
Class of Stock [Line Items] | |||||||
Restructuring costs | $ 500,000 | ||||||
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.09 | ||||||
Subsequent Event | Disposed of by Sale | Purchase Agreement | |||||||
Class of Stock [Line Items] | |||||||
Number of branches disposed (in branches) | branch | 6 | ||||||
Deposit premium | $ 13,000,000 | ||||||
Benchmark decrease in total deposits | 15% | ||||||
Percent of average daily balance of non-interest checking deposits | 9.50% | ||||||
Percent of average daily balance of deposits other than non-interest checking deposits | 1.85% | ||||||
Percent of average daily balance of insured cash sweep deposits | 0.25% | ||||||
Percent of average daily balance of time deposits | 0.50% | ||||||
Period of average daily balance of time deposits | 30 days | ||||||
Period for customary post-closing adjustment | 30 days | ||||||
Subsequent Event | Disposed of by Sale | Purchase Agreement | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Deposit premium | $ 9,250,000 | ||||||
Amerant Bank, N.A | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage of subsidiary | 100% | ||||||
Amerant Mortgage | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage of subsidiary | 100% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jan. 17, 2024 | Jan. 18, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||||
Dividend Per Share (in dollars per share) | $ 0.09 | $ 0.09 | ||
Dividend Amount | $ 3,000 | $ 3,000 | $ 3,011 | $ 3,017 |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 577,843 | $ 242,709 |
Average interest rate on deposits with banks | 5.29% | 5.64% |
Other short-term investments | $ 6,700 | $ 6,080 |
Debt securities, available-for-sale, weighted average yield | 5.29% | 4.80% |
Restricted cash | $ 33,897 | $ 25,849 |
Obligation to repay | $ 33,000 | $ 25,000 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities from Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,402,005 | $ 1,314,544 |
Gross unrealized gains | 1,840 | 3,230 |
Gross unrealized losses | (105,772) | (100,272) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,298,073 | 1,217,502 |
Debt securities available for sale accrued interest | 7,100 | 6,700 |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 642,816 | 591,972 |
Gross unrealized gains | 1,027 | 2,297 |
Gross unrealized losses | (42,476) | (36,962) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 601,367 | 557,307 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 285,065 | 285,217 |
Gross unrealized gains | 59 | 0 |
Gross unrealized losses | (20,751) | (24,415) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 264,373 | 260,802 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 465,393 | 428,626 |
Gross unrealized gains | 754 | 933 |
Gross unrealized losses | (42,378) | (38,782) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 423,769 | 390,777 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,000 | 5,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (25) | (43) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 4,975 | 4,957 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,732 | 1,731 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (133) | (63) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,599 | 1,668 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,999 | 1,998 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (9) | (7) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,990 | 1,991 |
Residential Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 932,800 | 910,100 |
Estimated Fair Value | 860,800 | 844,500 |
Commercial Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 166,600 | 99,700 |
Estimated Fair Value | $ 155,000 | $ 91,800 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 27, 2023 USD ($) security | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | $ 1,578,568,000 | $ 1,496,975,000 | |||
Debt securities available for sale, at fair value | 1,298,073,000 | 1,217,502,000 | |||
Proceeds from sales, redemptions and calls of debt securities available for sale | 0 | $ 475,000 | |||
Allowance for credit losses | 0 | 0 | |||
Total unrealized loss | 1,047,745,000 | 1,002,080,000 | |||
Equity securities, original costs | 2,500,000 | 2,500,000 | |||
Equity securities with readily determinable fair value not held for trading | 2,480,000 | 2,534,000 | |||
Equity securities, unrealized loss | 0 | 0 | |||
Unrealized gains | 0 | 0 | |||
Pledged as Collateral | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities pledged as collateral | 203,100,000 | 206,400,000 | |||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale, at fair value | 0 | 0 | |||
Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale, at fair value | 190,600,000 | 186,900,000 | |||
Unrealized loss | 14,400,000 | $ 18,200,000 | |||
Equity Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale, at fair value | 11,200,000 | ||||
Realized loss | $ 200,000 | ||||
Signature Bond | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Total unrealized loss | $ 900,000 | ||||
Number Of Debt Securities Held-For-Sale | security | 1 | ||||
Debt securities, fair value | $ 9,100,000 | ||||
Realized loss | $ 9,500,000 | ||||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 10,400,000 | 10,500,000 | |||
US Government | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Allowance for credit losses | 0 | 0 | |||
Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 231,900,000 | 252,400,000 | |||
Allowance for credit losses | 0 | 0 | |||
Total unrealized loss | 20,100,000 | 23,800,000 | |||
Non-Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 8,300,000 | 8,400,000 | |||
Total unrealized loss | $ 700,000 | $ 600,000 |
Securities - Schedule of Realiz
Securities - Schedule of Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 0 | $ 475 |
Gross realized gains | 0 | 0 |
Gross realized losses | 0 | (9,525) |
Realized (loss) gain, net | $ 0 | $ (9,525) |
Securities - Schedule of Avai_2
Securities - Schedule of Available for Sale Securities with Unrealized Losses (Details) $ in Thousands | Mar. 31, 2024 USD ($) contract | Dec. 31, 2023 USD ($) contract |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 58 | 23 |
Less Than 12 Months, Estimated Fair Value | $ 178,813 | $ 99,338 |
Less Than 12 Months, Unrealized Loss | $ (1,321) | $ (387) |
12 Months or More, Number of Securities | contract | 548 | 548 |
12 Months or More, Estimated Fair Value | $ 868,932 | $ 902,742 |
12 Months or More, Unrealized Loss | (104,451) | (99,885) |
Total, Estimated Fair Value | 1,047,745 | 1,002,080 |
Total, Unrealized Loss | $ (105,772) | $ (100,272) |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 37 | 7 |
Less Than 12 Months, Estimated Fair Value | $ 132,404 | $ 68,923 |
Less Than 12 Months, Unrealized Loss | $ (1,067) | $ (187) |
12 Months or More, Number of Securities | contract | 327 | 328 |
12 Months or More, Estimated Fair Value | $ 339,849 | $ 347,632 |
12 Months or More, Unrealized Loss | (41,409) | (36,775) |
Total, Estimated Fair Value | 472,253 | 416,555 |
Total, Unrealized Loss | $ (42,476) | $ (36,962) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 0 | 2 |
Less Than 12 Months, Estimated Fair Value | $ 0 | $ 3,992 |
Less Than 12 Months, Unrealized Loss | $ 0 | $ (13) |
12 Months or More, Number of Securities | contract | 57 | 59 |
12 Months or More, Estimated Fair Value | $ 240,278 | $ 256,810 |
12 Months or More, Unrealized Loss | (20,751) | (24,402) |
Total, Estimated Fair Value | 240,278 | 260,802 |
Total, Unrealized Loss | $ (20,751) | $ (24,415) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 19 | 12 |
Less Than 12 Months, Estimated Fair Value | $ 39,444 | $ 19,475 |
Less Than 12 Months, Unrealized Loss | $ (220) | $ (137) |
12 Months or More, Number of Securities | contract | 161 | 158 |
12 Months or More, Estimated Fair Value | $ 287,206 | $ 296,632 |
12 Months or More, Unrealized Loss | (42,158) | (38,645) |
Total, Estimated Fair Value | 326,650 | 316,107 |
Total, Unrealized Loss | $ (42,378) | $ (38,782) |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 0 | 0 |
Less Than 12 Months, Estimated Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Unrealized Loss | $ 0 | $ 0 |
12 Months or More, Number of Securities | contract | 3 | 3 |
12 Months or More, Estimated Fair Value | $ 1,599 | $ 1,668 |
12 Months or More, Unrealized Loss | (133) | (63) |
Total, Estimated Fair Value | 1,599 | 1,668 |
Total, Unrealized Loss | $ (133) | $ (63) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | 1 |
Less Than 12 Months, Estimated Fair Value | $ 1,990 | $ 1,991 |
Less Than 12 Months, Unrealized Loss | $ (9) | $ (7) |
12 Months or More, Number of Securities | contract | 0 | 0 |
12 Months or More, Estimated Fair Value | $ 0 | $ 0 |
12 Months or More, Unrealized Loss | 0 | 0 |
Total, Estimated Fair Value | 1,990 | 1,991 |
Total, Unrealized Loss | $ (9) | $ (7) |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | 1 |
Less Than 12 Months, Estimated Fair Value | $ 4,975 | $ 4,957 |
Less Than 12 Months, Unrealized Loss | $ (25) | $ (43) |
12 Months or More, Number of Securities | contract | 0 | 0 |
12 Months or More, Estimated Fair Value | $ 0 | $ 0 |
12 Months or More, Unrealized Loss | 0 | 0 |
Total, Estimated Fair Value | 4,975 | 4,957 |
Total, Unrealized Loss | $ (25) | $ (43) |
Securities - Schedule of Held t
Securities - Schedule of Held to Maturity Securities - Amortized Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 224,014 | $ 226,645 |
Gross unrealized gains | 207 | 387 |
Gross unrealized losses | (25,312) | (22,087) |
Estimated Fair Value | 198,909 | 204,945 |
Allowance for Credit Losses | 0 | 0 |
Debt securities held to maturity accrued interest | 700 | 700 |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 63,315 | 63,883 |
Gross unrealized gains | 207 | 387 |
Gross unrealized losses | (7,751) | (6,914) |
Estimated Fair Value | 55,771 | 57,356 |
Allowance for Credit Losses | 0 | 0 |
U.S. government-sponsored enterprise debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 160,699 | 162,762 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (17,561) | (15,173) |
Estimated Fair Value | 143,138 | 147,589 |
Allowance for Credit Losses | 0 | 0 |
Residential Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 196,700 | 199,200 |
Estimated Fair Value | 173,800 | 179,200 |
Commercial Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,300 | 27,500 |
Estimated Fair Value | $ 25,100 | $ 25,700 |
Securities - Schedule of Held_2
Securities - Schedule of Held to Maturity Securities - Unrealized Losses (Details) $ in Thousands | Mar. 31, 2024 USD ($) contract | Dec. 31, 2023 USD ($) contract |
Number of Securities | ||
Less Than 12 Months, Number of Securities | contract | 0 | 0 |
12 Months or More, Number of Securities | contract | 46 | 46 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | 189,136 | 194,960 |
Total | 189,136 | 194,960 |
Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | (25,312) | (22,087) |
Total | $ (25,312) | $ (22,087) |
U.S. government agency debt securities | ||
Number of Securities | ||
Less Than 12 Months, Number of Securities | contract | 0 | 0 |
12 Months or More, Number of Securities | contract | 12 | 12 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | 45,998 | 47,370 |
Total | 45,998 | 47,370 |
Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | (7,751) | (6,914) |
Total | $ (7,751) | $ (6,914) |
U.S. government-sponsored enterprise debt securities | ||
Number of Securities | ||
Less Than 12 Months, Number of Securities | contract | 0 | 0 |
12 Months or More, Number of Securities | contract | 34 | 34 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | 143,138 | 147,590 |
Total | 143,138 | 147,590 |
Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | (17,561) | (15,173) |
Total | $ (17,561) | $ (15,173) |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturities of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 4,039 | |
After 1 year through 5 years | 142,780 | |
After 5 years through 10 years | 203,196 | |
After 10 years | 1,051,990 | |
Amortized Cost | 1,402,005 | $ 1,314,544 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 3,822 | |
After 1 year through 5 years | 137,522 | |
After 5 years through 10 years | 186,099 | |
After 10 years | 970,630 | |
Estimated Fair Value | 1,298,073 | 1,217,502 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 18,954 | |
After 10 years | 205,060 | |
Amortized Cost | 224,014 | 226,645 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 17,805 | |
After 10 years | 181,104 | |
Estimated Fair Value | $ 198,909 | $ 204,945 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,957,475 | $ 6,873,493 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,040,205 | 4,965,731 |
Real estate loans | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,672,470 | 1,616,200 |
Real estate loans | Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 349,917 | 407,214 |
Real estate loans | Land development and construction loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 333,198 | 300,378 |
Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,355,585 | 2,323,792 |
Real estate loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,490,711 | 1,466,608 |
Real estate loans | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,193,909 | 1,175,331 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,550,140 | 1,503,187 |
Loans to financial institutions and acceptances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 29,490 | 13,375 |
Consumer loans and overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 337,640 | $ 391,200 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,957,475,000 | $ 6,873,493,000 | |
Syndication facilities included in loans | 261,000,000 | 271,800,000 | |
Payment for purchase, loan held-for-sale | 0 | $ 0 | |
Interest income on nonaccrual loans | 0 | $ 0 | |
Interest receivable | 37,000,000 | 44,200,000 | |
South Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, commercial and consumer, net | 1,700,000,000 | ||
Houston | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, commercial and consumer, net | 327,000,000 | ||
New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, commercial and consumer, net | 223,000,000 | ||
Other Regions | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, commercial and consumer, net | 74,000,000 | ||
International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 45,200,000 | 87,600,000 | |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 337,640,000 | 391,200,000 | |
Indirect Consumer Loans Purchased | Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 163,300,000 | 210,900,000 | |
Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 2,400,000,000 | $ 2,500,000,000 |
Loans - Schedule of Loan Port_2
Loans - Schedule of Loan Portfolio Delinquencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 6,957,475 | $ 6,873,493 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 6,881,873 | 6,806,165 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 75,602 | 67,328 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 45,107 | 42,896 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 9,569 | 11,157 |
Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 20,926 | 13,275 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,040,205 | 4,965,731 |
Real estate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,994,720 | 4,936,570 |
Real estate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 45,485 | 29,161 |
Real estate loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 35,177 | 16,626 |
Real estate loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,299 | 5,254 |
Real estate loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,009 | 7,281 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,672,470 | 1,616,200 |
Real estate loans | Non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,669,088 | 1,615,772 |
Real estate loans | Non-owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,382 | 428 |
Real estate loans | Non-owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,382 | 428 |
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 | 349,917 | 407,214 |
Real estate loans | Multi-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 349,910 | 403,288 |
Real estate loans | Multi-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7 | 3,926 |
Real estate loans | Multi-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7 | 2,360 |
Real estate loans | Multi-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 1,558 |
Real estate loans | Multi-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 8 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 333,198 | 300,378 |
Real estate loans | Land development and construction loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 333,198 | 300,378 |
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 | 2,355,585 | 2,323,792 |
Real estate loans | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,352,196 | 2,319,438 |
Real estate loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,389 | 4,354 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,389 | 2,788 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 1,558 |
Real estate loans | Commercial real estate | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 8 |
Real estate loans | Single-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,490,711 | 1,466,608 |
Real estate loans | Single-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,460,722 | 1,453,073 |
Real estate loans | Single-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 29,989 | 13,535 |
Real estate loans | Single-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 22,126 | 4,196 |
Real estate loans | Single-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,193 | 3,511 |
Real estate loans | Single-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,670 | 5,828 |
Real estate loans | Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,193,909 | 1,175,331 |
Real estate loans | Owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,181,802 | 1,164,059 |
Real estate loans | Owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 12,107 | 11,272 |
Real estate loans | Owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 9,662 | 9,642 |
Real estate loans | Owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,106 | 185 |
Real estate loans | Owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,339 | 1,445 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,550,140 | 1,503,187 |
Commercial loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,525,087 | 1,472,531 |
Commercial loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 25,053 | 30,656 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,598 | 23,128 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,583 | 1,626 |
Commercial loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 15,872 | 5,902 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 29,490 | 13,375 |
Loans to financial institutions and acceptances | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 29,490 | 13,375 |
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 | 337,640 | 391,200 |
Consumer loans and overdrafts | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 332,576 | 383,689 |
Consumer loans and overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,064 | 7,511 |
Consumer loans and overdrafts | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,332 | 3,142 |
Consumer loans and overdrafts | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,687 | 4,277 |
Consumer loans and overdrafts | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 45 | $ 92 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Status and Loans Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 4,613 | $ 8,143 |
Nonaccrual Loans With Related Allowance | 23,623 | 20,133 |
Total Nonaccrual Loans | 28,236 | 28,276 |
Loans Past Due Over 90 Days and Still Accruing | 2,067 | 6,124 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 3,544 | 4,474 |
Nonaccrual Loans With Related Allowance | 2,814 | 1,815 |
Total Nonaccrual Loans | 6,358 | 6,289 |
Loans Past Due Over 90 Days and Still Accruing | 1,149 | 5,218 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,069 | 3,669 |
Nonaccrual Loans With Related Allowance | 20,764 | 18,280 |
Total Nonaccrual Loans | 21,833 | 21,949 |
Loans Past Due Over 90 Days and Still Accruing | 918 | 857 |
Consumer loans and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 0 |
Nonaccrual Loans With Related Allowance | 45 | 38 |
Total Nonaccrual Loans | 45 | 38 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 49 |
Non-owner occupied | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 0 |
Nonaccrual Loans With Related Allowance | 0 | 0 |
Total Nonaccrual Loans | 0 | 0 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Multi-family residential | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 8 |
Nonaccrual Loans With Related Allowance | 0 | 0 |
Total Nonaccrual Loans | 0 | 8 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Land development and construction loans | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | |
Nonaccrual Loans With Related Allowance | 0 | |
Total Nonaccrual Loans | 0 | |
Loans Past Due Over 90 Days and Still Accruing | 0 | |
Commercial real estate | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 8 |
Nonaccrual Loans With Related Allowance | 0 | 0 |
Total Nonaccrual Loans | 0 | 8 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Single-family residential | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,609 | 773 |
Nonaccrual Loans With Related Allowance | 2,791 | 1,686 |
Total Nonaccrual Loans | 4,400 | 2,459 |
Loans Past Due Over 90 Days and Still Accruing | 1,149 | 5,218 |
Owner occupied | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,935 | 3,693 |
Nonaccrual Loans With Related Allowance | 23 | 129 |
Total Nonaccrual Loans | 1,958 | 3,822 |
Loans Past Due Over 90 Days and Still Accruing | $ 0 | $ 0 |
Loans - Schedule of Loans Held
Loans - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at the lower of fair value | $ 0 | $ 365,219 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 0 | $ 36,419 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at the lower of fair value | 0 | 365,219 | |
Total loans held for sale at fair value | 48,908 | 26,200 | |
Total loans held for sale | 48,908 | 391,419 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 35,500 | ||
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-owner occupied | 0 | 309,612 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-owner occupied | 0 | 55,607 | |
Total loans held for sale at fair value | 26,058 | 12,778 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at fair value | $ 22,850 | 13,422 | |
Real estate loans | CRE Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale (at fair value) transferred to loans held for investment | $ 401,000 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Credit Losses | ||
Balance at beginning of the period | $ 95,504 | $ 83,500 |
Reversal of (provision for) credit losses - loans | 12,400 | 11,700 |
Loans charged-off | (13,202) | (14,329) |
Recoveries | 1,348 | 3,490 |
Balance at end of the period | 96,050 | 84,361 |
Real Estate | ||
Allowance for Credit Losses | ||
Balance at beginning of the period | 25,876 | 25,237 |
Reversal of (provision for) credit losses - loans | (2,988) | (2,181) |
Loans charged-off | (591) | 0 |
Recoveries | 25 | 139 |
Balance at end of the period | 22,322 | 23,195 |
Commercial | ||
Allowance for Credit Losses | ||
Balance at beginning of the period | 41,809 | 25,888 |
Reversal of (provision for) credit losses - loans | 7,583 | 9,401 |
Loans charged-off | (2,424) | (7,975) |
Recoveries | 579 | 3,333 |
Balance at end of the period | 47,547 | 30,647 |
Financial Institutions | ||
Allowance for Credit Losses | ||
Balance at beginning of the period | 0 | 0 |
Reversal of (provision for) credit losses - loans | 0 | 0 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 0 |
Balance at end of the period | 0 | 0 |
Consumer and Others | ||
Allowance for Credit Losses | ||
Balance at beginning of the period | 27,819 | 32,375 |
Reversal of (provision for) credit losses - loans | 7,805 | 4,480 |
Loans charged-off | (10,187) | (6,354) |
Recoveries | 744 | 18 |
Balance at end of the period | $ 26,181 | $ 30,519 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Allowance for credit loss, increase | $ 0.5 | |
Allowance for credit loss, increase, percent | 0.60% | |
Allowance for credit loss, percent of total loans | 1.38% | 1.39% |
Additional reserve requirements for charge-offs and credit quality | $ 11.7 | |
Additional reserve requirements due to loan composition and volume changes | 2.4 | |
Updated economic factors | 1.6 | |
Commercial Real Estate And Commercial Portfolio Segments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Internal risk ratings, loan balance, minimum | 3 | |
Real estate loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Internal risk ratings, loan balance, minimum | $ 3 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | $ 62,715 | $ 10,000 |
Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 1,768 | 10,000 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 60,947 | 0 |
Financial Institutions | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 0 | 0 |
Consumer and Others | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | $ 0 | $ 0 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of Master Risk Categories and Associated Loan Risk Ratings (Details) | Mar. 31, 2024 |
Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 3 |
Doubtful | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 2 |
Loss | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 1 |
Minimum | Nonclassified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 4 |
Minimum | Classified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 1 |
Maximum | Nonclassified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 10 |
Maximum | Classified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 3 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Schedule of Loans Held For Investment by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | $ 283,654 | $ 1,310,779 |
2023 | 1,309,151 | 1,437,674 |
2022 | 1,386,443 | 1,345,391 |
2021 | 1,332,575 | 171,135 |
2020 | 163,326 | 276,571 |
Prior | 1,045,513 | 828,035 |
Revolving Loans Amortized Cost Basis | 1,436,813 | 1,503,908 |
Total | 6,957,475 | 6,873,493 |
Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,040,205 | 4,965,731 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 60,718 | 163,018 |
2023 | 162,874 | 189,356 |
2022 | 188,674 | 564,003 |
2021 | 554,078 | 35,615 |
2020 | 35,404 | 89,920 |
Prior | 497,505 | 401,140 |
Revolving Loans Amortized Cost Basis | 173,217 | 173,148 |
Total | 1,672,470 | 1,616,200 |
Real estate loans | Non-owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 60,718 | 163,018 |
2023 | 162,874 | 189,356 |
2022 | 188,674 | 564,003 |
2021 | 554,078 | 35,615 |
2020 | 35,404 | 89,920 |
Prior | 497,505 | 401,140 |
Revolving Loans Amortized Cost Basis | 173,217 | 173,148 |
Total | 1,672,470 | 1,616,200 |
Real estate loans | Non-owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Non-owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Non-owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Non-owner occupied | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 917 | 1,860 |
2023 | 1,854 | 69,875 |
2022 | 69,851 | 96,028 |
2021 | 86,619 | 5,930 |
2020 | 5,890 | 72,389 |
Prior | 142,503 | 119,558 |
Revolving Loans Amortized Cost Basis | 42,283 | 41,574 |
Total | 349,917 | 407,214 |
Real estate loans | Multi-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 917 | 1,860 |
2023 | 1,854 | 69,875 |
2022 | 69,851 | 96,028 |
2021 | 86,619 | 5,930 |
2020 | 5,884 | 72,389 |
Prior | 142,503 | 119,550 |
Revolving Loans Amortized Cost Basis | 42,283 | 41,574 |
Total | 349,911 | 407,206 |
Real estate loans | Multi-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 6 | 0 |
Prior | 0 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 6 | 8 |
Real estate loans | Multi-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 23,441 | 71,157 |
2023 | 81,540 | 9,920 |
2022 | 9,739 | 28,934 |
2021 | 9,226 | 21,959 |
2020 | 21,976 | 0 |
Prior | 26,955 | 26,942 |
Revolving Loans Amortized Cost Basis | 160,321 | 141,466 |
Total | 333,198 | 300,378 |
Real estate loans | Land development and construction loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 23,441 | 71,157 |
2023 | 81,540 | 9,920 |
2022 | 9,739 | 28,934 |
2021 | 9,226 | 21,959 |
2020 | 21,976 | 0 |
Prior | 26,955 | 26,942 |
Revolving Loans Amortized Cost Basis | 160,321 | 141,466 |
Total | 333,198 | 300,378 |
Real estate loans | Land development and construction loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 74,724 | 410,185 |
2023 | 363,090 | 454,011 |
2022 | 448,367 | 166,997 |
2021 | 166,117 | 64,228 |
2020 | 63,728 | 20,571 |
Prior | 88,101 | 69,863 |
Revolving Loans Amortized Cost Basis | 286,584 | 280,753 |
Total | 1,490,711 | 1,466,608 |
Real estate loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 74,724 | 410,185 |
2023 | 363,090 | 454,011 |
2022 | 448,367 | 166,997 |
2021 | 166,117 | 64,228 |
2020 | 63,728 | 20,571 |
Prior | 87,751 | 69,479 |
Revolving Loans Amortized Cost Basis | 283,219 | 278,337 |
Total | 1,486,996 | 1,463,808 |
Real estate loans | Single-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 350 | 384 |
Revolving Loans Amortized Cost Basis | 3,365 | 2,416 |
Total | 3,715 | 2,800 |
Real estate loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 38,357 | 221,137 |
2023 | 222,203 | 249,866 |
2022 | 247,179 | 424,719 |
2021 | 407,969 | 20,741 |
2020 | 20,532 | 57,681 |
Prior | 215,274 | 159,503 |
Revolving Loans Amortized Cost Basis | 42,395 | 41,684 |
Total | 1,193,909 | 1,175,331 |
Real estate loans | Owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 38,357 | 221,137 |
2023 | 222,203 | 245,680 |
2022 | 239,257 | 414,263 |
2021 | 391,179 | 20,741 |
2020 | 20,532 | 57,681 |
Prior | 206,571 | 158,678 |
Revolving Loans Amortized Cost Basis | 33,121 | 37,538 |
Total | 1,151,220 | 1,155,718 |
Real estate loans | Owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 4,186 |
2022 | 7,922 | 7,926 |
2021 | 15,474 | 0 |
2020 | 0 | 0 |
Prior | 7,996 | 0 |
Revolving Loans Amortized Cost Basis | 9,274 | 3,611 |
Total | 40,666 | 15,723 |
Real estate loans | Owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 2,530 |
2021 | 1,316 | 0 |
2020 | 0 | 0 |
Prior | 707 | 825 |
Revolving Loans Amortized Cost Basis | 0 | 535 |
Total | 2,023 | 3,890 |
Real estate loans | Owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Owner occupied | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 70,190 | 415,445 |
2023 | 451,701 | 281,411 |
2022 | 269,858 | 13,432 |
2021 | 69,405 | 9,829 |
2020 | 8,406 | 35,984 |
Prior | 61,675 | 37,654 |
Revolving Loans Amortized Cost Basis | 618,905 | 709,432 |
Total | 1,550,140 | 1,503,187 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 70,190 | 414,882 |
2023 | 451,146 | 280,911 |
2022 | 267,350 | 13,432 |
2021 | 69,405 | 9,738 |
2020 | 8,315 | 34,209 |
Prior | 40,047 | 34,804 |
Revolving Loans Amortized Cost Basis | 557,715 | 661,979 |
Total | 1,464,168 | 1,449,955 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 2,008 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 19,114 | 2,056 |
Revolving Loans Amortized Cost Basis | 42,050 | 28,205 |
Total | 63,172 | 30,261 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 563 |
2023 | 555 | 500 |
2022 | 500 | 0 |
2021 | 0 | 91 |
2020 | 91 | 1,775 |
Prior | 2,514 | 794 |
Revolving Loans Amortized Cost Basis | 19,140 | 19,248 |
Total | 22,800 | 22,971 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 14,950 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 13,500 | 13,375 |
Revolving Loans Amortized Cost Basis | 1,040 | 0 |
Total | 29,490 | 13,375 |
Loans to financial institutions and acceptances | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 14,950 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 13,500 | 13,375 |
Revolving Loans Amortized Cost Basis | 1,040 | 0 |
Total | 29,490 | 13,375 |
Loans to financial institutions and acceptances | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 357 | 27,977 |
2023 | 25,889 | 183,235 |
2022 | 152,775 | 51,278 |
2021 | 39,161 | 12,833 |
2020 | 7,390 | 26 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 112,068 | 115,851 |
Total | 337,640 | 391,200 |
Consumer loans and overdrafts | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 357 | 27,977 |
2023 | 25,889 | 183,235 |
2022 | 152,775 | 51,278 |
2021 | 39,161 | 12,833 |
2020 | 7,390 | 26 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 112,032 | 115,810 |
Total | 337,604 | 391,159 |
Consumer loans and overdrafts | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 36 | 41 |
Total | 36 | 41 |
Consumer loans and overdrafts | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 0 | $ 0 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Schedule of Gross Charge-Offs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | $ 45 | $ 0 |
2023 | 499 | 10,448 |
2022 | 8,671 | 2,972 |
2021 | 2,527 | 293 |
2020 | 449 | 0 |
Prior | 1,011 | 616 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 13,202 | 14,329 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 591 | 32 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 591 | 32 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 591 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 591 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 591 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 591 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 32 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 32 |
Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | |
2023 | 161 | 7,558 |
2022 | 1,841 | 93 |
2021 | 48 | 0 |
2020 | 98 | 0 |
Prior | 276 | 324 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 2,424 | 7,975 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2024 | 45 | 0 |
2023 | 338 | 2,890 |
2022 | 6,830 | 2,879 |
2021 | 2,479 | 293 |
2020 | 351 | 0 |
Prior | 144 | 260 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | $ 10,187 | $ 6,322 |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Schedule Of Financing Receivables By Type Of Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 6,957,475 | $ 6,873,493 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 5,040,205 | 4,965,731 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 349,917 | 407,214 |
Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,490,711 | 1,466,608 |
Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,193,909 | 1,175,331 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 2,355,585 | 2,323,792 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,550,140 | 1,503,187 |
Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 337,640 | 391,200 |
Collateralized Loan Obligations | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 23,842 | 25,751 |
Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 2,673 | 4,465 |
Collateralized Loan Obligations | Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 8 | |
Collateralized Loan Obligations | Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 756 | 773 |
Collateralized Loan Obligations | Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,917 | 3,684 |
Collateralized Loan Obligations | Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 8 | |
Collateralized Loan Obligations | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 21,133 | 21,250 |
Collateralized Loan Obligations | Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 36 | 36 |
Collateralized Loan Obligations | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,917 | 3,692 |
Collateralized Loan Obligations | Commercial Real Estate | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,917 | 3,692 |
Collateralized Loan Obligations | Commercial Real Estate | Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 8 | |
Collateralized Loan Obligations | Commercial Real Estate | Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | $ 0 |
Weighted-average loan-to-value | 63.30% | 64.80% |
Collateralized Loan Obligations | Commercial Real Estate | Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 1,917 | $ 3,684 |
Weighted-average loan-to-value | 65% | 73% |
Collateralized Loan Obligations | Commercial Real Estate | Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 8 | |
Collateralized Loan Obligations | Commercial Real Estate | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | 0 |
Collateralized Loan Obligations | Commercial Real Estate | Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 756 | 773 |
Collateralized Loan Obligations | Residential Real Estate | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 756 | 773 |
Collateralized Loan Obligations | Residential Real Estate | Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Residential Real Estate | Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 756 | 773 |
Collateralized Loan Obligations | Residential Real Estate | Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Residential Real Estate | Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Residential Real Estate | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Residential Real Estate | Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 21,169 | 21,286 |
Collateralized Loan Obligations | Other | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Other | Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Other | Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Other | Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Other | Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Other | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 21,133 | 21,250 |
Collateralized Loan Obligations | Other | Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 36 | 36 |
Collateralized Loan Obligations | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 9,679 | 8,107 |
Collateralized Loan Obligations | Specific Reserves | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Specific Reserves | Real estate loans | Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Specific Reserves | Real estate loans | Single-family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Specific Reserves | Real estate loans | Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Collateralized Loan Obligations | Specific Reserves | Real estate loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | ||
Collateralized Loan Obligations | Specific Reserves | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 9,645 | 8,073 |
Collateralized Loan Obligations | Specific Reserves | Consumer loans and overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 34 | $ 34 |
Time Deposits - Narrative (Deta
Time Deposits - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 1,316,735 | $ 1,304,608 |
Time deposits, $250,000 or more | 704,000 | 693,000 |
Brokered time deposits | $ 650,000 | $ 720,000 |
Time Deposits - Schedule of Tim
Time Deposits - Schedule of Time Deposit Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | $ 264,266 | $ 178,102 |
3 to 6 months | 394,995 | 239,843 |
6 to 12 months | 582,195 | 698,897 |
1 to 3 years | 60,361 | 174,792 |
Over 3 years | 14,918 | 12,974 |
Total | $ 1,316,735 | $ 1,304,608 |
Weighted Average Interest Rate of Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | 20.10% | 13.70% |
3 to 6 months | 30% | 18.40% |
6 to 12 months | 44.20% | 53.60% |
1 to 3 years | 4.60% | 13.40% |
Over 3 years | 1.10% | 0.90% |
Total | 100% | 100% |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest Rate 2024 | 5.46% | |
2024 | $ 0 | $ 40,000 |
Interest rate 2025 | 4.90% | |
2025 | $ 10,000 | 10,000 |
Interest rate 2026 | 3.91% | |
2026 | $ 55,000 | 0 |
2027 | 297,500 | 595,000 |
2028 and after | 352,500 | 0 |
Advances from the Federal Home Loan Bank | 715,000 | 645,000 |
Callable Option | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from the Federal Home Loan Bank | $ 705,000 | $ 595,000 |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate 2027 | 3.45% | |
Interest rate 2028 and after | 3.46% | |
Minimum | Callable Option | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Fixed interest rate | 3.46% | 3.44% |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rate 2027 | 3.58% | |
Interest rate 2028 and after | 3.50% | |
Maximum | Callable Option | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Fixed interest rate | 3.50% | 3.58% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) | Mar. 31, 2024 USD ($) contract | Dec. 31, 2023 USD ($) contract | Jun. 30, 2023 USD ($) |
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 491,000 | 436 | |
Notional Amounts | $ 3,068,071,000 | $ 3,028,455,000 | |
Other Assets | 64,700,000 | 59,932,000 | |
Other Liabilities | $ 63,799,000 | $ 59,433,000 | |
Interest Rate Swap Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | $ 50,000,000 | ||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 6,000 | 6 | |
Notional Amounts | $ 114,178,000 | $ 114,178,000 | |
Other Assets | 760,000 | 296,000 | |
Other Liabilities | $ 573,000 | $ 366,000 | |
Derivatives not designated as hedging instruments | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 485,000 | 430 | |
Notional Amounts | $ 2,953,893,000 | $ 2,914,277,000 | |
Other Assets | 63,940,000 | 59,636,000 | |
Other Liabilities | $ 63,226,000 | $ 59,067,000 | |
Derivatives not designated as hedging instruments | Interest Rate Swap Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 292,000 | 292 | |
Notional Amounts | $ 2,082,586,000 | $ 2,075,546,000 | |
Other Assets | 58,413,000 | 53,988,000 | |
Other Liabilities | $ 58,413,000 | $ 53,988,000 | |
Derivatives not designated as hedging instruments | Interest Rate Swap Contracts | Customers | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 146,000 | 146 | |
Notional Amounts | $ 1,041,294,000 | $ 1,037,773,000 | |
Other Assets | 2,960,000 | 6,767,000 | |
Other Liabilities | $ 55,453,000 | $ 47,221,000 | |
Derivatives not designated as hedging instruments | Interest Rate Swap Contracts | Third party broker | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 146,000 | 146 | |
Notional Amounts | $ 1,041,292,000 | $ 1,037,773,000 | |
Other Assets | 55,453,000 | 47,221,000 | |
Other Liabilities | $ 2,960,000 | $ 6,767,000 | |
Derivatives not designated as hedging instruments | Interest Rate Cap Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 27,000 | 27 | |
Notional Amounts | $ 686,990,000 | $ 686,990,000 | |
Other Assets | 4,788,000 | 5,195,000 | |
Other Liabilities | $ 4,728,000 | $ 4,983,000 | |
Derivatives not designated as hedging instruments | Interest Rate Cap Contracts | Customers | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 13,000 | 13 | |
Notional Amounts | $ 325,995,000 | $ 325,995,000 | |
Other Assets | 0 | 0 | |
Other Liabilities | $ 4,728,000 | $ 4,983,000 | |
Derivatives not designated as hedging instruments | Interest Rate Cap Contracts | Third party broker | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 14,000 | 14 | |
Notional Amounts | $ 360,995,000 | $ 360,995,000 | |
Other Assets | 4,788,000 | 5,195,000 | |
Other Liabilities | $ 0 | $ 0 | |
Derivatives not designated as hedging instruments | Mortgage Derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 159,000 | 104 | |
Notional Amounts | $ 92,260,000 | $ 59,087,000 | |
Other Assets | 739,000 | 453,000 | |
Other Liabilities | $ 85,000 | $ 96,000 | |
Derivatives not designated as hedging instruments | Mortgage Derivatives | Interest rate lock commitments | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 141,000 | 93 | |
Notional Amounts | $ 60,062,000 | $ 43,087,000 | |
Other Assets | 729,000 | 447,000 | |
Other Liabilities | $ 11,000 | $ 2,000 | |
Derivatives not designated as hedging instruments | Mortgage Derivatives | Forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 18,000 | 11 | |
Notional Amounts | $ 32,198,000 | $ 16,000,000 | |
Other Assets | 10,000 | 6,000 | |
Other Liabilities | $ 74,000 | $ 94,000 | |
Derivatives not designated as hedging instruments | Credit Risk Contract | |||
Derivatives, Fair Value [Line Items] | |||
Number of contracts | contract | 7,000 | 7 | |
Notional Amounts | $ 92,057,000 | $ 92,654,000 | |
Other Assets | 0 | 0 | |
Other Liabilities | $ 0 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) contract instrument | Mar. 31, 2023 USD ($) | Dec. 31, 2019 USD ($) contract | Dec. 31, 2023 USD ($) contract instrument | Jun. 30, 2023 USD ($) | Apr. 30, 2022 USD ($) instrument | |
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | contract | 491,000 | 436 | ||||
Notional Amounts | $ 3,068,071,000 | $ 3,028,455,000 | ||||
Net unrealized losses in accumulated other comprehensive expected to be reclassified into expense in the next twelve months | $ 900,000 | |||||
Interest Rate Swap Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amounts | $ 50,000,000 | |||||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | contract | 6,000 | 6 | ||||
Notional Amounts | $ 114,178,000 | $ 114,178,000 | ||||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments terminated | contract | 16 | |||||
Gain on termination of cash flow hedge | $ 8,900,000 | |||||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Minimum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Average remaining maturity | 1 month | |||||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Maximum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Average remaining maturity | 7 years | |||||
Derivatives designated hedging instruments | Interest Rate Swap Contracts | Junior subordinated debentures | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | instrument | 5 | 5 | ||||
Notional Amounts | $ 64,200,000 | $ 64,200,000 | ||||
Amount of hedged item | 64,200,000 | $ 64,200,000 | ||||
Unrealized gain (loss) | $ (200,000) | $ 15,000 | ||||
Derivatives designated hedging instruments | Variable Interest Rate | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amounts | $ 50,000,000 | |||||
Derivatives not designated as hedging instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | contract | 485,000 | 430 | ||||
Notional Amounts | $ 2,953,893,000 | $ 2,914,277,000 | ||||
Derivatives not designated as hedging instruments | Interest Rate Swap Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | contract | 292,000 | 292 | ||||
Notional Amounts | $ 2,082,586,000 | $ 2,075,546,000 | ||||
Derivatives not designated as hedging instruments | Interest Rate Swap Contracts | Third party broker | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | contract | 146,000 | 146 | ||||
Notional Amounts | $ 1,041,292,000 | $ 1,037,773,000 | ||||
Derivatives not designated as hedging instruments | Interest Rate Cap Contract | Third party broker | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of contracts | instrument | 1 | 4 | ||||
Notional Amounts | $ 35,000,000 | $ 140,000,000 | ||||
Derivatives not designated as hedging instruments | Forward contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Gain due to change in fair value | $ 300,000 | $ 600,000 |
Derivative Instruments - Credit
Derivative Instruments - Credit Risk (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Obligation to repay | $ 33 | $ 25 |
Interest Rate Swap Contracts | Derivatives designated hedging instruments | ||
Derivative [Line Items] | ||
Securities pledged | 0 | |
Interest Rate Swap Contracts | Derivatives designated hedging instruments | Third party broker | ||
Derivative [Line Items] | ||
Securities pledged | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.50% | 21% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Schedule of Components of AOCI (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ (101,717) | $ (94,849) |
Tax Effect | 25,833 | 24,053 |
Net of Tax Amount | (75,884) | (70,796) |
Net unrealized holding losses on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | (103,932) | (97,042) |
Tax Effect | 26,400 | 24,614 |
Net of Tax Amount | (77,532) | (72,428) |
Net unrealized holding gains (losses) on interest rate swaps designated as cash flow hedges: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 2,215 | 2,193 |
Tax Effect | (567) | (561) |
Net of Tax Amount | $ 1,648 | $ 1,632 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Schedule of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Before Tax Amount | ||
Total other comprehensive (loss) income | $ (6,868) | $ 8,506 |
Tax Effect | ||
Total other comprehensive (loss) income | 1,780 | (2,190) |
Net of Tax Amount | ||
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | (211) | 387 |
Other comprehensive (loss) income | (5,088) | 6,316 |
Net unrealized holding gains (losses) on debt securities available for sale: | ||
Before Tax Amount | ||
Change in fair value arising during the period, before tax amount | (6,890) | 8,243 |
Reclassification adjustment for net losses (gains) included in net income, before tax amount | 0 | 863 |
Total other comprehensive (loss) income | (6,890) | 9,106 |
Tax Effect | ||
Change in fair value arising during the period, tax effect | 1,786 | (2,126) |
Reclassification adjustment for net losses (gains) included in net income, tax effect | 0 | (220) |
Total other comprehensive (loss) income | 1,786 | (2,346) |
Net of Tax Amount | ||
Change in fair value arising during the period, net of tax amount | (5,104) | 6,117 |
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | 0 | 643 |
Other comprehensive (loss) income | (5,104) | 6,760 |
Net unrealized holding gains (losses) on interest rate swaps designated as cash flow hedges: | ||
Before Tax Amount | ||
Change in fair value arising during the period, before tax amount | 304 | (256) |
Reclassification adjustment for net losses (gains) included in net income, before tax amount | (282) | (344) |
Total other comprehensive (loss) income | 22 | (600) |
Tax Effect | ||
Change in fair value arising during the period, tax effect | (77) | 68 |
Reclassification adjustment for net losses (gains) included in net income, tax effect | 71 | 88 |
Total other comprehensive (loss) income | (6) | 156 |
Net of Tax Amount | ||
Change in fair value arising during the period, net of tax amount | 227 | (188) |
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | (211) | (256) |
Other comprehensive (loss) income | $ 16 | $ (444) |
Contingencies - Schedule of Fin
Contingencies - Schedule of Financial Instruments whose Contract Amount Represents Off-Balance Sheet Credit Risk (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 1,224,885 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 1,173,750 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 51,135 |
Contingencies - Schedule of Cha
Contingencies - Schedule of Changes in the Allowance for Credit Losses for Off-Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | $ 3,102 | $ 1,702 |
Provision for credit losses - off balance sheet exposures | 0 | 300 |
Ending balance | $ 3,102 | $ 2,002 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Other short-term investments | $ 6,700 | $ 6,080 |
Debt securities available for sale | ||
Equity securities with readily determinable fair value not held for trading | 2,480 | 2,534 |
Securities | 1,578,568 | 1,496,975 |
Mortgage loans held for sale (at fair value) | $ 48,908 | $ 26,200 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable and other assets | Accrued interest receivable and other assets |
Derivative instruments | $ 64,700 | $ 59,932 |
Liabilities | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued liabilities and other liabilities | Accounts payable, accrued liabilities and other liabilities |
Derivative instruments | $ 63,799 | $ 59,433 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other short-term investments | 6,700 | 6,080 |
Debt securities available for sale | ||
Debt securities available for sale | 1,298,073 | 1,217,502 |
Equity securities with readily determinable fair value not held for trading | 2,480 | 2,534 |
Securities | 1,300,553 | 1,220,036 |
Mortgage loans held for sale (at fair value) | 48,908 | 26,200 |
Bank owned life insurance | 237,314 | 234,972 |
Mortgage servicing rights (MSRs) | 1,412 | 1,372 |
Derivative instruments | 64,700 | 59,932 |
Assets measured at fair value | 1,659,587 | 1,548,592 |
Liabilities | ||
Derivative instruments | 63,799 | 59,433 |
Fair Value, Measurements, Recurring | U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 601,367 | 557,307 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 264,373 | 260,802 |
Fair Value, Measurements, Recurring | U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 423,769 | 390,777 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Debt securities available for sale | ||
Debt securities available for sale | 4,975 | 4,957 |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,599 | 1,668 |
Fair Value, Measurements, Recurring | U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,990 | 1,991 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other short-term investments | 0 | 0 |
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 2,480 | 2,534 |
Securities | 2,480 | 2,534 |
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 | 2,480 | 2,534 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Assets | ||
Other short-term investments | 6,700 | 6,080 |
Debt securities available for sale | ||
Debt securities available for sale | 1,298,073 | 1,217,502 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Securities | 1,298,073 | 1,217,502 |
Mortgage loans held for sale (at fair value) | 48,908 | 26,200 |
Bank owned life insurance | 237,314 | 234,972 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 64,700 | 59,932 |
Assets measured at fair value | 1,655,695 | 1,544,686 |
Liabilities | ||
Derivative instruments | 63,799 | 59,433 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 601,367 | 557,307 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 264,373 | 260,802 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 423,769 | 390,777 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Collateralized loan obligations | ||
Debt securities available for sale | ||
Debt securities available for sale | 4,975 | 4,957 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,599 | 1,668 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,990 | 1,991 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Assets | ||
Other short-term investments | 0 | 0 |
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Securities | 0 | 0 |
Mortgage loans held for sale (at fair value) | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Mortgage servicing rights (MSRs) | 1,412 | 1,372 |
Derivative instruments | 0 | 0 |
Assets measured at fair value | 1,412 | 1,372 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Collateralized loan obligations | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 6,957,475 | $ 6,873,493 |
Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 23,842 | 25,751 |
Specific Reserves | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 9,679 | 8,107 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 41,053 | 403,839 |
Total Write Downs | 4,371 | 39,896 |
Fair Value, Measurements, Nonrecurring | 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 |
Fair Value, Measurements, Nonrecurring | 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 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 41,053 | 403,839 |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of cost or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 365,219 | |
Total Write Downs | 35,525 | |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of cost or fair value | 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 | |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of cost or fair value | 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 | |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of cost or fair value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 365,219 | |
Fair Value, Measurements, Nonrecurring | 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 | 20,872 | 18,439 |
Total Write Downs | 4,371 | 4,371 |
Fair Value, Measurements, Nonrecurring | Loans held for investment measured for impairments using the fair value of the collateral | 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 |
Fair Value, Measurements, Nonrecurring | Loans held for investment measured for impairments using the fair value of the collateral | 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 |
Fair Value, Measurements, Nonrecurring | Loans held for investment measured for impairments using the fair value of the collateral | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 20,872 | 18,439 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 20,181 | 20,181 |
Total Write Downs | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | 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 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | 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 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 20,181 | $ 20,181 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Internal Models with Unobservable Market Inputs (Level 3) | Mar. 31, 2024 |
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 |
OREO and other repossessed assets | Minimum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.06 |
OREO and other repossessed assets | 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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 - Sch_4
Fair Value Measurements - Schedule of Estimated Fair Value of Financial Instruments where Fair Value Differs from Carrying Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Carrying Value | $ 224,014 | $ 226,645 |
Estimated Fair Value | 198,909 | 204,945 |
Carrying Value | ||
Financial assets: | ||
Loans | 3,285,520 | 3,514,114 |
Financial liabilities: | ||
Time deposits | 1,594,821 | 1,577,579 |
Advances from the FHLB | 715,000 | 645,000 |
Senior notes | 59,605 | 59,526 |
Carrying Value | Subordinated notes | ||
Financial liabilities: | ||
Junior subordinated debentures | 29,497 | 29,454 |
Carrying Value | Junior subordinated debentures | ||
Financial liabilities: | ||
Junior subordinated debentures | 64,178 | 64,178 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 3,116,426 | 3,321,308 |
Financial liabilities: | ||
Time deposits | 1,591,712 | 1,575,569 |
Advances from the FHLB | 708,302 | 644,572 |
Senior notes | 58,120 | 58,337 |
Estimated Fair Value | Subordinated notes | ||
Financial liabilities: | ||
Junior subordinated debentures | 28,481 | 28,481 |
Estimated Fair Value | Junior subordinated debentures | ||
Financial liabilities: | ||
Junior subordinated debentures | $ 63,229 | $ 63,285 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income before attribution of noncontrolling interest | $ 10,568 | $ 19,942 |
Noncontrolling interest | 0 | (244) |
Net income attributable to Amerant Bancorp Inc. | $ 10,568 | $ 20,186 |
Basic weighted average shares outstanding (in shares) | 33,538,069 | 33,559,718 |
Dilutive effect of share-based compensation awards (in shares) | 283,493 | 296,276 |
Diluted weighted average shares outstanding (in shares) | 33,821,562 | 33,855,994 |
Basic earnings per common share (in dollars per share) | $ 0.32 | $ 0.60 |
Diluted earnings per common share (in dollars per share) | $ 0.31 | $ 0.60 |
Non-vested shares (in shares) | 589,533 | 509,307 |