Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000354647 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Sep. 30, 2021 | |
Entity Registrant Name | CVB FINANCIAL CORP. | |
Entity Current Reporting Status | Yes | |
Trading Symbol | CVBF | |
Title of 12(b) Security | Common Stock, No Par Value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-10140 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-3629339 | |
Entity Address, Address Line One | 701 North Haven Ave | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Ontario | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91764 | |
City Area Code | 909 | |
Local Phone Number | 980-4030 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 135,521,535 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 159,563 | $ 122,305 |
Interest-earning balances due from Federal Reserve | 2,401,800 | 1,835,855 |
Total cash and cash equivalents | 2,561,363 | 1,958,160 |
Interest-earning balances due from depository institutions | 27,260 | 43,563 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,916,300 at September 30, 2021, and $2,344,174 at December 31, 2020) | 2,925,060 | 2,398,923 |
Investment securities held-to-maturity (with fair value of $1,717,230 at September 30, 2021, and $604,223 at December 31, 2020) | 1,710,938 | 578,626 |
Total investment securities | 4,635,998 | 2,977,549 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 7,849,520 | 8,348,808 |
Allowance for credit losses | (65,364) | (93,692) |
Net loans and lease finance receivables | 7,784,156 | 8,255,116 |
Premises and equipment, net | 49,812 | 51,144 |
Bank owned life insurance (BOLI) | 251,781 | 226,818 |
Accrued interest receivable | 30,253 | 31,306 |
Intangibles | 27,286 | 33,634 |
Goodwill | 663,707 | 663,707 |
Other real estate owned (OREO) | 0 | 3,392 |
Income taxes | 36,870 | 29,540 |
Other assets | 115,424 | 127,697 |
Total assets | 16,201,598 | 14,419,314 |
Deposits: | ||
Noninterest-bearing | 8,310,709 | 7,455,387 |
Interest-bearing | 4,619,507 | 4,281,114 |
Total deposits | 12,930,216 | 11,736,501 |
Customer repurchase agreements | 659,579 | 439,406 |
Other borrowings | 0 | 5,000 |
Deferred compensation | 20,675 | 21,611 |
Junior subordinated debentures | 0 | 25,774 |
Payable for securities purchased | 421,751 | 60,113 |
Other liabilities | 105,457 | 122,919 |
Total liabilities | 14,137,678 | 12,411,324 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 135,516,404 at September 30, 2021 and 135,600,501 at December 31, 2020 | 1,208,569 | 1,211,780 |
Retained earnings | 852,273 | 760,861 |
Accumulated other comprehensive income, net of tax | 3,078 | 35,349 |
Total stockholders' equity | 2,063,920 | 2,007,990 |
Total liabilities and stockholders' equity | $ 16,201,598 | $ 14,419,314 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,916,300 | $ 2,344,174 |
Fair Value, Held-to-maturity | $ 1,717,230 | $ 604,223 |
Common stock, par value | $ 0 | $ 0 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 135,516,404 | 135,600,501 |
Common stock, shares outstanding | 135,516,404 | 135,600,501 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans and leases, including fees | $ 88,390 | $ 94,200 | $ 271,911 | $ 281,669 |
Investment securities: | ||||
Investment securities available-for-sale | 9,813 | 8,447 | 28,382 | 26,945 |
Investment securities held-to-maturity | 5,188 | 3,375 | 14,258 | 11,033 |
Total investment income | 15,001 | 11,822 | 42,640 | 37,978 |
Dividends from FHLB stock | 258 | 215 | 758 | 761 |
Interest-earning deposits with other institutions | 898 | 389 | 1,790 | 1,285 |
Total interest income | 104,547 | 106,626 | 317,099 | 321,693 |
Interest expense: | ||||
Deposits | 1,113 | 2,958 | 4,350 | 10,077 |
Borrowings and customer repurchase agreements | 135 | 232 | 408 | 972 |
Junior subordinated debentures | 0 | 111 | 186 | 444 |
Total interest expense | 1,248 | 3,301 | 4,944 | 11,493 |
Net interest income before (recapture of) provision for credit losses | 103,299 | 103,325 | 312,155 | 310,200 |
(Recapture of) provision for credit losses | (4,000) | 0 | (25,500) | 23,500 |
Net interest income after (recapture of) provision for credit losses | 107,299 | 103,325 | 337,655 | 286,700 |
Noninterest income: | ||||
BOLI income | 1,229 | 1,469 | 7,093 | 5,211 |
Gain on OREO, net | 0 | 13 | 477 | 23 |
Gain on sale of building, net | 1,680 | 1,680 | ||
Other | 1,581 | 3,160 | 4,942 | 8,736 |
Total noninterest income | 10,483 | 13,153 | 35,000 | 36,945 |
Noninterest expense: | ||||
Salaries and employee benefits | 29,741 | 31,034 | 88,283 | 90,617 |
Occupancy and equipment | 5,122 | 5,275 | 14,934 | 15,143 |
Professional services | 1,626 | 2,019 | 6,042 | 6,643 |
Computer software expense | 3,020 | 2,837 | 8,521 | 8,407 |
Marketing and promotion | 857 | 728 | 3,381 | 3,538 |
Amortization of intangible assets | 2,014 | 2,292 | 6,348 | 7,182 |
(Recapture of) provision for unfunded loan commitments | 0 | 0 | (1,000) | 0 |
Acquisition related expenses | 809 | 0 | 809 | 0 |
Other | 4,910 | 5,403 | 14,489 | 13,097 |
Total noninterest expense | 48,099 | 49,588 | 141,807 | 144,627 |
Earnings before income taxes | 69,683 | 66,890 | 230,848 | 179,018 |
Income taxes | 19,930 | 19,398 | 66,023 | 51,915 |
Net earnings | 49,753 | 47,492 | 164,825 | 127,103 |
Other comprehensive (loss) income: | ||||
Unrealized gain (loss) on securities arising during the period, before tax | (14,443) | (2,004) | (45,816) | 33,334 |
Less: Income tax (expense) benefit related to items of other comprehensive income | 4,270 | 593 | 13,545 | (9,855) |
Other comprehensive income (loss), net of tax | (10,173) | (1,411) | (32,271) | 23,479 |
Comprehensive income | $ 39,580 | $ 46,081 | $ 132,554 | $ 150,582 |
Basic earnings per common share | $ 0.37 | $ 0.35 | $ 1.21 | $ 0.93 |
Diluted earnings per common share | $ 0.37 | $ 0.35 | $ 1.21 | $ 0.93 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 4,513 | $ 3,970 | $ 12,667 | $ 12,555 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | 2,681 | 2,405 | 8,459 | 7,302 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 479 | $ 456 | $ 1,362 | $ 1,438 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative adjustment upon adoption of ASU 2016-13 [ Member] | Common Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative adjustment upon adoption of ASU 2016-13 [ Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2019 | $ 1,994,098 | $ (1,325) | $ 1,298,792 | $ 682,692 | $ (1,325) | $ 12,614 |
Beginning balance, shares at Dec. 31, 2019 | 140,102 | |||||
Repurchase of common stock | (92,687) | $ (92,687) | ||||
Repurchase of common stock, shares | (5,004) | |||||
Exercise of stock options | 168 | $ 168 | ||||
Exercise of stock options, shares | 14 | |||||
Shares issued pursuant to stock-based compensation plan | 4,373 | $ 4,373 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 397 | |||||
Cash dividends declared on common stock | (73,252) | (73,252) | ||||
Net earnings | 127,103 | 127,103 | ||||
Other comprehensive income (loss) | 23,479 | 23,479 | ||||
Ending balance at Sep. 30, 2020 | 1,981,957 | $ 1,210,646 | 735,218 | 36,093 | ||
Ending balance, shares at Sep. 30, 2020 | 135,509 | |||||
Beginning balance at Jun. 30, 2020 | 1,959,098 | $ 1,209,449 | 712,145 | 37,504 | ||
Beginning balance, shares at Jun. 30, 2020 | 135,516 | |||||
Repurchase of common stock | (257) | $ (257) | ||||
Repurchase of common stock, shares | (15) | |||||
Exercise of stock options | 47 | $ 47 | ||||
Exercise of stock options, shares | 4 | |||||
Shares issued pursuant to stock-based compensation plan | 1,407 | $ 1,407 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 4 | |||||
Cash dividends declared on common stock | (24,419) | (24,419) | ||||
Net earnings | 47,492 | 47,492 | ||||
Other comprehensive income (loss) | (1,411) | (1,411) | ||||
Ending balance at Sep. 30, 2020 | 1,981,957 | $ 1,210,646 | 735,218 | 36,093 | ||
Ending balance, shares at Sep. 30, 2020 | 135,509 | |||||
Beginning balance at Dec. 31, 2020 | 2,007,990 | $ 1,211,780 | 760,861 | 35,349 | ||
Beginning balance, shares at Dec. 31, 2020 | 135,601 | |||||
Repurchase of common stock | (8,246) | $ (8,246) | ||||
Repurchase of common stock, shares | (430) | |||||
Exercise of stock options | 986 | $ 986 | ||||
Exercise of stock options, shares | 46 | |||||
Shares issued pursuant to stock-based compensation plan | 4,049 | $ 4,049 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 300 | |||||
Cash dividends declared on common stock | (73,413) | (73,413) | ||||
Net earnings | 164,825 | 164,825 | ||||
Other comprehensive income (loss) | (32,271) | (32,271) | ||||
Ending balance at Sep. 30, 2021 | 2,063,920 | $ 1,208,569 | 852,273 | 3,078 | ||
Ending balance, shares at Sep. 30, 2021 | 135,517 | |||||
Beginning balance at Jun. 30, 2021 | 2,055,074 | $ 1,214,882 | 826,941 | 13,251 | ||
Beginning balance, shares at Jun. 30, 2021 | 135,927 | |||||
Repurchase of common stock | (7,712) | $ (7,712) | ||||
Repurchase of common stock, shares | (406) | |||||
Exercise of stock options | 22 | $ 22 | ||||
Exercise of stock options, shares | 1 | |||||
Shares issued pursuant to stock-based compensation plan | 1,377 | $ 1,377 | ||||
Shares issued pursuant to stock-based compensation plan, shares | (5) | |||||
Cash dividends declared on common stock | (24,421) | (24,421) | ||||
Net earnings | 49,753 | 49,753 | ||||
Other comprehensive income (loss) | (10,173) | (10,173) | ||||
Ending balance at Sep. 30, 2021 | $ 2,063,920 | $ 1,208,569 | $ 852,273 | $ 3,078 | ||
Ending balance, shares at Sep. 30, 2021 | 135,517 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.18 | $ 0.18 | $ 0.54 | $ 0.54 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 308,061 | $ 301,634 |
Service charges and other fees received | 27,427 | 29,918 |
Interest paid | (4,866) | (10,975) |
Net cash paid to vendors, employees and others | (135,640) | (136,948) |
Income taxes | (58,402) | (45,610) |
Net cash provided by operating activities | 136,580 | 138,019 |
Cash Flows from Investing Activities | ||
Net change in interest-earning balances from depository institutions | 16,303 | (41,436) |
Proceeds from repayment of investment securities available-for-sale | 599,139 | 426,684 |
Proceeds from maturity of investment securities available-for-sale | 0 | 3,506 |
Purchases of investment securities available-for-sale | (1,247,286) | (870,934) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 113,134 | 106,491 |
Purchases of investment securities held-to-maturity | (830,886) | (11,210) |
Net increase in equity investments | (4,934) | (2,890) |
Net decrease (increase) in loan and lease finance receivables | 529,771 | (815,151) |
Proceeds from sale of building, net of selling costs | 1,157 | 2,131 |
Purchase of premises and equipment | (2,278) | (2,444) |
Purchase of BOLI | (25,000) | 0 |
Proceeds from BOLI death benefit | 11,121 | 4,589 |
Proceeds from sales of other real estate owned | 3,869 | 0 |
Net cash used in investing activities | (835,890) | (1,200,664) |
Cash Flows from Financing Activities | ||
Net increase in other deposits | 1,250,970 | 2,465,066 |
Net decrease in time deposits | (57,255) | (1,160) |
Net (decrease) increase in other borrowings | (5,000) | 10,000 |
Net increase in customer repurchase agreements | 220,173 | 54,761 |
Repayment of junior subordinated debentures | (25,774) | 0 |
Cash dividends on common stock | (73,341) | (74,068) |
Repurchase of common stock | (8,246) | (92,687) |
Proceeds from exercise of stock options | 986 | 168 |
Net cash provided by financing activities | 1,302,513 | 2,362,080 |
Net increase in cash and cash equivalents | 603,203 | 1,299,435 |
Cash and cash equivalents, beginning of period | 1,958,160 | 185,518 |
Cash and cash equivalents, end of period | 2,561,363 | 1,484,953 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 164,825 | 127,103 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of building, net | (189) | (1,680) |
Gain on sale of other real estate owned | (477) | 0 |
Increase in BOLI | (7,093) | (4,028) |
Net amortization of premiums and discounts on investment securities | 23,221 | 10,181 |
Accretion of discount for acquired loans, net | (10,158) | (13,106) |
(Recapture of) provision for credit losses | (25,500) | 23,500 |
(Recapture of) provision for unfunded loan commitments | (1,000) | 0 |
Valuation allowance on other real estate owned | 0 | 700 |
Stock-based compensation | 4,049 | 4,373 |
Depreciation and amortization, net | (7,143) | 2,173 |
Change in other assets and liabilities | (3,955) | (11,197) |
Total adjustments | (28,245) | 10,916 |
Net cash provided by operating activities | 136,580 | 138,019 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | $ 421,751 | $ 0 |
Business
Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we”, “our” or the “Company”) and its wholly owned subsidiary: Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located in the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. The Bank operates 58 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows. Reclassification — Certain amounts in the prior periods’ unaudited condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as discussed below, our accounting policies are described in Note 3 – Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC (“Form 10-K”). Use of Estimates in the Preparation of Financial Statements — 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 4. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes. September 30, 2021 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 2,256,252 $ 31,251 $ ( 18,430 ) $ 2,269,073 77.57 % CMO/REMIC 630,351 2,846 ( 8,030 ) 625,167 21.37 % Municipal bonds 28,697 1,123 - 29,820 1.02 % Other securities 1,000 - - 1,000 0.04 % Total available-for-sale securities $ 2,916,300 $ 35,220 $ ( 26,460 ) $ 2,925,060 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 585,022 $ 6,785 $ ( 8,112 ) $ 583,695 34.19 % Mortgage-backed securities 648,613 5,450 ( 1,502 ) 652,561 37.91 % CMO/REMIC 264,324 1,642 ( 1,118 ) 264,848 15.45 % Municipal bonds 212,979 4,761 ( 1,614 ) 216,126 12.45 % Total held-to-maturity securities $ 1,710,938 $ 18,638 $ ( 12,346 ) $ 1,717,230 100.00 % December 31, 2020 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,857,030 $ 48,006 $ ( 101 ) $ 1,904,935 79.41 % CMO/REMIC 457,548 5,515 ( 249 ) 462,814 19.29 % Municipal bonds 28,707 1,578 - 30,285 1.26 % Other securities 889 - - 889 0.04 % Total available-for-sale securities $ 2,344,174 $ 55,099 $ ( 350 ) $ 2,398,923 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 98,663 $ 5,877 $ - $ 104,540 17.05 % Mortgage-backed securities 146,382 7,644 ( 32 ) 153,994 25.30 % CMO/REMIC 145,309 5,202 - 150,511 25.11 % Municipal bonds 188,272 6,980 ( 74 ) 195,178 32.54 % Total held-to-maturity securities $ 578,626 $ 25,703 $ ( 106 ) $ 604,223 100.00 % The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 9,630 $ 8,244 $ 27,824 $ 26,313 Tax-advantaged 183 203 558 632 Total interest income from available-for-sale securities 9,813 8,447 28,382 26,945 Investment securities held-to-maturity: Taxable 4,099 2,265 10,917 7,410 Tax-advantaged 1,089 1,110 3,341 3,623 Total interest income from held-to-maturity securities 5,188 3,375 14,258 11,033 Total interest income from investment securities $ 15,001 $ 11,822 $ 42,640 $ 37,978 The adoption of CECL did not and continues to not have a material impact on the accounting for investment securities, as approximately 95 % of the total investment securities portfolio at September 30, 2021 represents securities issued by the U.S. government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The remaining securities are predominately AA- or better general-obligation municipal bonds. The allowance for credit losses for held-to-maturity investment securities under the new CECL model was zero at September 30, 2021 and December 31, 2020. We adopted ASU 2016-13 on January 1, 2020, on a modified retrospective basis. Under this ASU, once it is determined that a credit loss has occurred, an allowance for credit losses is established on our AFS and HTM securities. Management determined that there were no credit losses for securities in an unrealized loss position as of September 30, 2021 and December 31, 2020. The following table presents the Company’s available-for-sale investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2021 and December 31, 2020. September 30, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,349,856 $ ( 18,243 ) $ 21,273 $ ( 187 ) $ 1,371,129 $ ( 18,430 ) CMO/REMIC 510,308 ( 7,758 ) 11,162 ( 272 ) 521,470 ( 8,030 ) Municipal bonds - - - - - - Total available-for-sale securities $ 1,860,164 $ ( 26,001 ) $ 32,435 $ ( 459 ) $ 1,892,599 $ ( 26,460 ) December 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 72,219 $ ( 101 ) $ - $ - $ 72,219 $ ( 101 ) CMO/REMIC 96,974 ( 249 ) - - 96,974 ( 249 ) Municipal bonds - - - - - - Total available-for-sale securities $ 169,193 $ ( 350 ) $ - $ - $ 169,193 $ ( 350 ) At September 30, 2021 and December 31, 2020, investment securities having a carrying value of approximately $ 2.20 billion and $ 1.81 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at September 30, 2021, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities have weighted average remaining contractual maturities of approximatel y 22 yea rs, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. September 30, 2021 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 23,634 $ 23,919 $ 3,769 $ 3,834 Due after one year through five years 1,803,142 1,820,712 270,074 276,504 Due after five years through ten years 721,776 718,076 798,605 798,051 Due after ten years 367,748 362,353 638,490 638,841 Total investment securities $ 2,916,300 $ 2,925,060 $ 1,710,938 $ 1,717,230 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through September 30, 2021 . |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Credit Losses | 5. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES The following table provides a summary of total loans and lease finance receivables by type. September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial real estate $ 5,734,699 $ 5,501,509 Construction 77,398 85,145 SBA 307,533 303,896 SBA - Paycheck Protection Program (PPP) 330,960 882,986 Commercial and industrial 769,977 812,062 Dairy & livestock and agribusiness 279,584 361,146 Municipal lease finance receivables 47,305 45,547 SFR mortgage 231,323 270,511 Consumer and other loans 70,741 86,006 Total loans, at amortized cost 7,849,520 8,348,808 Less: Allowance for credit losses ( 65,364 ) ( 93,692 ) Total loans and lease finance receivables, net $ 7,784,156 $ 8,255,116 As of September 30, 2021, 76.99 % of the Company’s total loan portfolio consisted of real estate loans, with commercial real estate loans representing 73.06 % of total loans. The Company’s real estate loans and construction loans are secured by real properties primarily located in California. As of September 30, 2021 , $ 354.3 million, or 6.18 % of the total commercial real estate loans included lo ans secured by farmland, compared to $ 314.4 million, or 5.72 %, at December 31, 2020. The loans secured by farmland included $ 125.1 million for loans secured by dairy & livestock land and $ 229.2 million for loans secured by agricultur al land at September 30, 2021 , compared to $ 132.9 million for loans secured by dairy & livestock land and $ 181.5 million for loans secured by agricultural land at December 31, 2020. As of September 30, 2021 , dairy & livestock and agribusiness loans of $ 279.6 million were comprised of $ 242.0 million for dairy & livestock loans and $ 37.6 million for agribusiness loans, compared to $ 320.1 million for dairy & livestock loans and $ 41.0 million for agribusiness loans at December 31, 2020. At September 30, 2021 and December 31, 2020, loans totaling $ 6.26 b illion and $ 6.07 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of September 30, 2021 and December 31, 2020. Credit Quality Indicators We monitor credit quality by evaluating various risk attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. Internal credit risk ratings, within our loan risk rating system, are the credit quality indicators that we most closely monitor. An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. Loans are risk rated into the following categories: Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future. The following table summarizes loans by type and origination year, according to our internal risk ratings as of the dates presented. Origination Year Revolving loans amortized Revolving loans converted to September 30, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 878,859 $ 979,652 $ 622,674 $ 547,936 $ 511,804 $ 1,812,200 $ 169,358 $ 44,792 $ 5,567,275 Special Mention 11,986 5,575 9,078 21,902 43,612 46,359 6,418 5,500 150,430 Substandard 2,446 - 463 - 4,877 8,892 - 316 16,994 Doubtful & Loss - - - - - - - - - Total Commercial real $ 893,291 $ 985,227 $ 632,215 $ 569,838 $ 560,293 $ 1,867,451 $ 175,776 $ 50,608 $ 5,734,699 Construction loans: Risk Rating: Pass $ 7,465 $ 22,258 $ 7,148 $ 3,142 $ - $ - $ 37,385 $ - $ 77,398 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 7,465 $ 22,258 $ 7,148 $ 3,142 $ - $ - $ 37,385 $ - $ 77,398 SBA loans: Risk Rating: Pass $ 63,286 $ 42,468 $ 11,233 $ 38,918 $ 43,891 $ 88,592 $ - $ - $ 288,388 Special Mention - - - - 4,121 6,075 - - 10,196 Substandard - - - 840 5,471 2,638 - - 8,949 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 63,286 $ 42,468 $ 11,233 $ 39,758 $ 53,483 $ 97,305 $ - $ - $ 307,533 SBA - PPP loans: Risk Rating: Pass $ 278,560 $ 50,877 $ - $ - $ - $ - $ - $ - $ 329,437 Special Mention - - - - - - - - - Substandard - 1,523 - - - - - - 1,523 Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 278,560 $ 52,400 $ - $ - $ - $ - $ - $ - $ 330,960 Commercial and Risk Rating: Pass $ 100,677 $ 87,523 $ 134,219 $ 59,713 $ 38,121 $ 81,999 $ 237,284 $ 5,919 $ 745,455 Special Mention 921 2,353 1,001 1,481 515 140 7,597 198 14,206 Substandard 2,643 7 106 2,016 1,142 612 343 3,447 10,316 Doubtful & Loss - - - - - - - - - Total Commercial and $ 104,241 $ 89,883 $ 135,326 $ 63,210 $ 39,778 $ 82,751 $ 245,224 $ 9,564 $ 769,977 Origination Year Revolving loans amortized Revolving loans converted to September 30, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 13 $ 988 $ 1,420 $ 1,152 $ 126 $ 322 $ 258,432 $ 886 $ 263,339 Special Mention - - - - - - 5,094 2,300 7,394 Substandard - - - 119 - - - 8,732 8,851 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 13 $ 988 $ 1,420 $ 1,271 $ 126 $ 322 $ 263,526 $ 11,918 $ 279,584 Municipal lease finance Risk Rating: Pass $ 9,557 $ 7,875 $ - $ 279 $ 9,720 $ 19,498 $ - $ - $ 46,929 Special Mention - - - - - 376 - - 376 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 9,557 $ 7,875 $ - $ 279 $ 9,720 $ 19,874 $ - $ - $ 47,305 SFR mortgage loans: Risk Rating: Pass $ 27,356 $ 52,771 $ 44,447 $ 20,072 $ 17,176 $ 66,847 $ 152 $ - $ 228,821 Special Mention - - - - - - - - - Substandard - - - - - 2,088 - 414 2,502 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 27,356 $ 52,771 $ 44,447 $ 20,072 $ 17,176 $ 68,935 $ 152 $ 414 $ 231,323 Consumer and other Risk Rating: Pass $ 5,196 $ 2,825 $ 1,539 $ 558 $ 454 $ 1,901 $ 53,550 $ 2,195 $ 68,218 Special Mention 909 - - - - - 591 403 1,903 Substandard - - - - - 167 5 448 620 Doubtful & Loss - - - - - - - - - Total Consumer and $ 6,105 $ 2,825 $ 1,539 $ 558 $ 454 $ 2,068 $ 54,146 $ 3,046 $ 70,741 Total Loans: Risk Rating: Pass $ 1,370,969 $ 1,247,237 $ 822,680 $ 671,770 $ 621,292 $ 2,071,359 $ 756,161 $ 53,792 $ 7,615,260 Special Mention 13,816 7,928 10,079 23,383 48,248 52,950 19,700 8,401 184,505 Substandard 5,089 1,530 569 2,975 11,490 14,397 348 13,357 49,755 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,389,874 $ 1,256,695 $ 833,328 $ 698,128 $ 681,030 $ 2,138,706 $ 776,209 $ 75,550 $ 7,849,520 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2020 2020 2019 2018 2017 2016 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 979,499 $ 691,091 $ 607,753 $ 617,640 $ 550,105 $ 1,646,876 $ 192,583 $ 24,548 $ 5,310,095 Special Mention 9,332 7,162 30,049 43,870 17,398 49,840 5,720 994 164,365 Substandard - 491 2,157 7,382 2,528 13,790 360 341 27,049 Doubtful & Loss - - - - - - - - - Total Commercial real $ 988,831 $ 698,744 $ 639,959 $ 668,892 $ 570,031 $ 1,710,506 $ 198,663 $ 25,883 $ 5,501,509 Construction loans: Risk Rating: Pass $ 14,511 $ 9,350 $ 14,945 $ 2,258 $ - $ 4 $ 44,077 $ - $ 85,145 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 14,511 $ 9,350 $ 14,945 $ 2,258 $ - $ 4 $ 44,077 $ - $ 85,145 SBA loans: Risk Rating: Pass $ 47,901 $ 12,821 $ 44,950 $ 58,839 $ 26,136 $ 86,085 $ - $ 2,976 $ 279,708 Special Mention - - - 5,446 1,336 5,648 - - 12,430 Substandard - - 904 5,503 1,554 3,797 - - 11,758 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 47,901 $ 12,821 $ 45,854 $ 69,788 $ 29,026 $ 95,530 $ - $ 2,976 $ 303,896 SBA - PPP loans: Risk Rating: Pass $ 882,986 $ - $ - $ - $ - $ - $ - $ - $ 882,986 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 882,986 $ - $ - $ - $ - $ - $ - $ - $ 882,986 Commercial and Risk Rating: Pass $ 104,478 $ 168,050 $ 62,453 $ 56,043 $ 32,149 $ 76,019 $ 257,250 $ 6,058 $ 762,500 Special Mention 1,995 1,081 1,892 1,028 95 4,882 17,395 1,132 29,500 Substandard 4,346 860 3,996 2,282 285 94 6,677 1,522 20,062 Doubtful & Loss - - - - - - - - - Total Commercial and $ 110,819 $ 169,991 $ 68,341 $ 59,353 $ 32,529 $ 80,995 $ 281,322 $ 8,712 $ 812,062 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2020 2020 2019 2018 2017 2016 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,041 $ 1,765 $ 1,199 $ 5,680 $ 120 $ 320 $ 319,211 $ 363 $ 329,699 Special Mention 878 - 364 - - - 13,255 1,511 16,008 Substandard - - 784 693 2,285 - - 11,677 15,439 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 1,919 $ 1,765 $ 2,347 $ 6,373 $ 2,405 $ 320 $ 332,466 $ 13,551 $ 361,146 Municipal lease finance Risk Rating: Pass $ 8,478 $ - $ 2,556 $ 10,249 $ 3,586 $ 20,266 $ - $ - $ 45,135 Special Mention - - - - - 412 - - 412 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 8,478 $ - $ 2,556 $ 10,249 $ 3,586 $ 20,678 $ - $ - $ 45,547 SFR mortgage loans: Risk Rating: Pass $ 65,463 $ 59,596 $ 29,142 $ 22,452 $ 27,192 $ 62,593 $ 3 $ - $ 266,441 Special Mention - - - - - 452 - - 452 Substandard - - - - 229 2,957 - 432 3,618 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 65,463 $ 59,596 $ 29,142 $ 22,452 $ 27,421 $ 66,002 $ 3 $ 432 $ 270,511 Consumer and other Risk Rating: Pass $ 8,557 $ 2,077 $ 871 $ 969 $ 1,586 $ 961 $ 67,774 $ 1,688 $ 84,483 Special Mention - - - - - 91 517 22 630 Substandard - - - - - 172 - 721 893 Doubtful & Loss - - - - - - - - - Total Consumer and $ 8,557 $ 2,077 $ 871 $ 969 $ 1,586 $ 1,224 $ 68,291 $ 2,431 $ 86,006 Total Loans: Risk Rating: Pass $ 2,112,914 $ 944,750 $ 763,869 $ 774,130 $ 640,874 $ 1,893,124 $ 880,898 $ 35,633 $ 8,046,192 Special Mention 12,205 8,243 32,305 50,344 18,829 61,325 36,887 3,659 223,797 Substandard 4,346 1,351 7,841 15,860 6,881 20,810 7,037 14,693 78,819 Doubtful & Loss - - - - - - - - - Total Loans: $ 2,129,465 $ 954,344 $ 804,015 $ 840,334 $ 666,584 $ 1,975,259 $ 924,822 $ 53,985 $ 8,348,808 Allowance for Credit Losses ("ACL") Our allowance for credit losses is based upon lifetime loss rate models developed from an estimation framework that uses historical lifetime loss experiences to derive loss rates at a collective pool level. We measure the expected credit losses on a collective (pooled) basis for those loans that share similar risk characteristics. We have three collective loan pools: Commercial Real Estate, Commercial and Industrial, and Consumer. Our ACL amounts are largely driven by portfolio characteristics, including loss history and various risk attributes, and the economic outlook for certain macroeconomic variables. Risk attributes for commercial real estate loans include OLTV, origination year, loan seasoning, and macroeconomic variables that include GDP growth, commercial real estate price index and unemployment rate. Risk attributes for commercial and industrial loans include internal risk ratings, borrower industry sector, loan credit spreads and macroeconomic variables that include unemployment rate and BBB spread. The macroeconomic variables for Consumer include unemployment rate and GDP. The Commercial Real Estate methodology is applied over commercial real estate loans, a portion of construction loans, and a portion of SBA loans (excluding Payment Protection Program loans). The Commercial and Industrial methodology is applied over a substantial portion of the Company’s commercial and industrial loans, all dairy & livestock and agribusiness loans, municipal lease receivables, as well as the remaining portion of SBA loans (excluding Payment Protection Program loans). The Consumer methodology is applied to SFR mortgage loans, consumer loans, as well as the remaining construction loans. In addition to determining the quantitative life of loan loss rate to be applied against the amortized cost basis of the portfolio segments, management reviews current conditions and forecasts to determine whether adjustments are needed to ensure that the life of loan loss rates reflect both the current state of the portfolio, and expectations for macroeconomic changes. Our methodology for assessing the appropriateness of the allowance is reviewed on a regular basis and considers overall risks in the Bank’s loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies contained herein for a more detailed discussion concerning the allowance for credit losses. Our allowance for credit losses at September 30, 2021 decreased from the prior quarter end by $ 4.0 million, due to a $ 4.0 million recapture of provision for credit losses, primarily due to a modest improvement in our economic forecast . In comparison, the second quarter of 2021 included $ 2.0 million in recapture of provision that was also a result of an improving forecast of macroeconomic variables. Based on the magnitude of government economic stimulus and the wide availability of vaccines, our economic forecasts have continued to reflect improvements in key macroeconomic variables, including GDP, the commercial real estate price index and the unemployment rate. As a result, a $ 25.5 million recapture of provision for credit losses was recorded for the nine months ended September 30, 2021. In comparison, $ 23.5 million in provision for credit losses was recorded for the nine months ended September 30, 2020 due to the severe economic forecast at that time as a result of the COVID-19 pandemic. Our economic forecast continues to be a blend of multiple forecasts produced by Moody’s. These U.S. economic forecasts include a baseline forecast, as well as upside and downside forecasts. Our weighted forecast at the end of the third quarter of 2021, assumes GDP will increase by 5.7 % in 2021 and then grows by more than 2 % in both 2022 and 2023. The forecast for the unemployment rate is 5.7 % in 2021 and then 5.6 % in 2022, before declining to 5.3 % in 2023. At September 30, 2021 , the allowance for credit losses of $ 65.4 million was 0.83 % of total loans, compared to 1.12 % and 1.12 % at December 31, 2020 and September 30, 2020, respectively. Management believes that the ACL was appropriate at September 30, 2021 and December 31, 2020. Due to the degree of uncertainty around the epidemiological assumptions and on-going impact of government responses to the pandemic that impact our economic forecast, no assurance can be given that economic conditions that adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for credit losses in the future. The following tables present the balance and activity related to the allowance for credit losses for held-for-investment loans by type for the periods presented. Three Months Ended September 30, 2021 Ending Balance June 30, 2021 Charge-offs Recoveries (Recapture of) Ending Balance September 30, 2021 (Dollars in thousands) Commercial real estate $ 55,200 $ - $ - $ ( 2,888 ) $ 52,312 Construction 1,825 - 11 ( 775 ) 1,061 SBA 2,546 - 5 376 2,927 Commercial and industrial 5,667 ( 10 ) 6 ( 755 ) 4,908 Dairy & livestock and agribusiness 2,775 - - 391 3,166 Municipal lease finance receivables 67 - - 18 85 SFR mortgage 284 - - ( 94 ) 190 Consumer and other loans 978 ( 1 ) 11 ( 273 ) 715 Total allowance for credit losses $ 69,342 $ ( 11 ) $ 33 $ ( 4,000 ) $ 65,364 Three Months Ended September 30, 2020 Ending Balance June 30, 2020 Charge-offs Recoveries Provision for Ending Balance September 30, 2020 (Dollars in thousands) Commercial real estate $ 74,928 $ - $ - $ ( 473 ) $ 74,455 Construction 2,290 - 3 ( 355 ) 1,938 SBA 3,651 ( 47 ) 69 ( 169 ) 3,504 Commercial and industrial 7,991 ( 161 ) 2 761 8,593 Dairy & livestock and agribusiness 3,379 - - 330 3,709 Municipal lease finance receivables 302 - - ( 153 ) 149 SFR mortgage 222 - - 15 237 Consumer and other loans 1,220 ( 23 ) 43 44 1,284 Total allowance for credit losses $ 93,983 $ ( 231 ) $ 117 $ - $ 93,869 Nine Months Ended September 30, 2021 Ending Balance December 31, 2020 Charge-offs Recoveries (Recapture of) Ending Balance September 30, 2021 (Dollars in thousands) Commercial real estate $ 75,439 $ - $ - $ ( 23,127 ) $ 52,312 Construction 1,934 - 55 ( 928 ) 1,061 SBA 2,992 - 13 ( 78 ) 2,927 Commercial and industrial 7,142 ( 2,985 ) 10 741 4,908 Dairy & livestock and agribusiness 3,949 - - ( 783 ) 3,166 Municipal lease finance receivables 74 - - 11 85 SFR mortgage 367 - 79 ( 256 ) 190 Consumer and other loans 1,795 ( 11 ) 11 ( 1,080 ) 715 Total allowance for credit losses $ 93,692 $ ( 2,996 ) $ 168 $ ( 25,500 ) $ 65,364 Nine Months Ended September 30, 2020 Ending Balance, Impact of Adoption of ASU 2016-13 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance September 30, 2020 (Dollars in thousands) Commercial real estate $ 48,629 $ 3,547 $ - $ - $ 22,279 $ 74,455 Construction 858 655 - 9 416 1,938 SBA 1,453 1,818 ( 203 ) 72 364 3,504 Commercial and industrial 8,880 ( 2,442 ) ( 172 ) 7 2,320 8,593 Dairy & livestock and agribusiness 5,255 ( 186 ) - - ( 1,360 ) 3,709 Municipal lease finance receivables 623 ( 416 ) - - ( 58 ) 149 SFR mortgage 2,339 ( 2,043 ) - 206 ( 265 ) 237 Consumer and other loans 623 907 ( 109 ) 59 ( 196 ) 1,284 Total allowance for credit losses $ 68,660 $ 1,840 $ ( 484 ) $ 353 $ 23,500 $ 93,869 As of September 30, 2021, the remaining outstanding balance of PPP loans was $ 331.0 million. As these loans are fully guaranteed by the SBA, the ACL does not include an allowance. Past Due and Nonperforming Loans We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is in charge of monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for credit losses, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated credit losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies , included in our Annual Report on Form 10-K for the year ended December 31, 2020, for additional discussion concerning the Bank’s policy for past due and nonperforming loans. The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the dates presented. September 30, 2021 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Total Past Due Loans Not Past Due Total Loans and Financing Receivables (Dollars in thousands) Commercial real estate Owner occupied $ - $ 199 $ 3,641 $ 3,840 $ 2,115,928 $ 2,119,768 Non-owner occupied - - - - 3,614,931 3,614,931 Construction Speculative (1) - - - - 52,856 52,856 Non-speculative - - - - 24,542 24,542 SBA - - 1,218 1,218 306,315 307,533 SBA - PPP - - - - 330,960 330,960 Commercial and industrial 584 382 1,013 1,979 767,998 769,977 Dairy & livestock and agribusiness 1,000 - 118 1,118 278,466 279,584 Municipal lease finance receivables - - - - 47,305 47,305 SFR mortgage - - 218 218 231,105 231,323 Consumer and other loans - - 188 188 70,553 70,741 Total loans $ 1,584 $ 581 $ 6,396 $ 8,561 $ 7,840,959 $ 7,849,520 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Total Past Due Loans Not Past Due Total Loans and Financing Receivables (Dollars in thousands) Commercial real estate Owner occupied $ - $ - $ 7,208 $ 7,208 $ 2,136,051 $ 2,143,259 Non-owner occupied - - - - 3,358,250 3,358,250 Construction Speculative (1) - - - - 72,126 72,126 Non-speculative - - - - 13,019 13,019 SBA 531 2,415 1,025 3,971 299,925 303,896 SBA - PPP - - - - 882,986 882,986 Commercial and industrial 608 811 2,338 3,757 808,305 812,062 Dairy & livestock and agribusiness - - 784 784 360,362 361,146 Municipal lease finance receivables - - - - 45,547 45,547 SFR mortgage - - 229 229 270,282 270,511 Consumer and other loans - - - - 86,006 86,006 Total loans $ 1,139 $ 3,226 $ 11,584 $ 15,949 $ 8,332,859 $ 8,348,808 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. Amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance are presented as of September 30, 2021 and December 31, 2020 by type of loan. September 30, 2021 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 3,521 $ 4,073 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 804 1,513 - SBA - PPP - - - Commercial and industrial 370 2,038 - Dairy & livestock and agribusiness - 118 - Municipal lease finance receivables - - - SFR mortgage 400 399 - Consumer and other loans 305 305 - Total loans $ 5,400 $ 8,446 $ - (1) As of September 30, 2021, $ 1.0 million of nonaccruing loans were current, $ 463,000 were 30-59 days past due, $ 581,000 were 60-89 days past due, and $ 6.4 million were 9 0+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2020 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 7,563 $ 7,563 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 2,035 2,273 - SBA - PPP - - - Commercial and industrial 1,576 3,129 - Dairy & livestock and agribusiness 785 785 - Municipal lease finance receivables 430 - - SFR mortgage - 430 - Consumer and other loans 167 167 - Total loans $ 12,556 $ 14,347 $ - (1) As of December 31, 2020 , $ 1.4 million of nonaccruing loans were current, $ 2,000 were 30-59 days past due, $ 1.3 million were 60-89 days past due, and $ 11.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $ 184,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection. Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the recorded investment in collateral-dependent loans by type of loans as of the dates presented. September 30, 2021 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,705 $ - $ - 8 Construction - - - - SBA 608 775 130 11 SBA - PPP - - - - Commercial and industrial 743 6,088 132 19 Dairy & livestock and agribusiness - 118 - 1 Municipal lease finance receivables - - - - SFR mortgage 1,143 - - 6 Consumer and other loans 305 - - 3 Total collateral-dependent loans $ 9,504 $ 6,981 $ 262 48 December 31, 2020 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 7,883 $ - $ - 8 Construction - - - - SBA 1,761 326 185 10 SBA - PPP - - - - Commercial and industrial 470 5,542 95 18 Dairy & livestock and agribusiness - 785 - 1 Municipal lease finance receivables - - - - SFR mortgage 430 - - 2 Consumer and other loans 168 - - 2 Total collateral-dependent loans $ 10,712 $ 6,653 $ 280 41 Reserve for Unfunded Loan Commitments The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet loan commitments in the same manner as it evaluates credit risk associated with the loan and lease portfolio. The Bank's ACL methodology produced an allowance of $8.0 million for the off-balance sheet credit exposures as of September 30, 2021. There was no provision or recapture of provision for unfunded loan commitments for the three months ended September 30, 2021, compared to a $ 1.0 million recapture of provision for unfunded loan commitments for the three months ended June 30, 2021, and no provision or recapture of provision for unfunded loan commitments for the nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020 , the balance in this reserve was $ 8.0 million and $ 9.0 million, respectively, and was included in other liabilities. Troubled Debt Restructurings (“TDRs”) Loans that are reported as TDRs are considered impaired and charge-off amounts are taken on an individual loan basis, as deemed appropriate. The majority of restructured loans are loans for which the terms of repayment have been renegotiated, resulting in a reduction in interest rate or deferral of principal. Refer to Note 3 – Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2020 for a more detailed discussion regarding TDRs. As of September 30, 2021 , there were $ 8.0 million of loans classified as a TDR, all of which were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At September 30, 2021, performing TDRs were comprised of three commercial and industrial loans of $ 4.3 million, two commercial real estate loans of $ 2.6 million, and five SFR mortgage loans of $ 1.0 million. The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time the loan is considered uncollectible. We have no allocated allowance to TDRs as of September 30, 2021 and December 31, 2020. The following table provides a summary of the activity related to TDRs for the periods presented. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Performing TDRs: Beginning balance $ 8,215 $ 2,771 $ 2,159 $ 3,112 New modifications - - 7,096 - Payoffs/payments, net and other ( 240 ) ( 554 ) ( 1,280 ) ( 895 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 7,975 $ 2,217 $ 7,975 $ 2,217 Nonperforming TDRs: Beginning balance $ - $ - $ - $ 244 New modifications - - - - Charge-offs - - - - Payoffs/payments, net and other - - - ( 244 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ - $ - $ - Total TDRs $ 7,975 $ 2,217 $ 7,975 $ 2,217 The following tables summarize loans modified as TDRs for the period presented. Modifications (1) For the Three Months Ended September 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2021 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial real estate: Interest rate reduction - $ - $ - $ - $ - Change in amortization period - - - - - Commercial and industrial: Interest rate reduction - - - - - Change in amortization period - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans - $ - $ - $ - $ - For the Nine Months Ended September 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2021 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial real estate: Interest rate reduction 1 $ 2,453 $ 2,453 $ 2,446 $ - Change in amortization period - - - - - Commercial and industrial: Interest rate reduction - - - - - Change in amortization period 2 4,643 4,643 4,293 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 3 $ 7,096 $ 7,096 $ 6,739 $ - (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Financial effects resulting from modifications represent charge-offs and current allowance for credit losses at modification date. As of September 30, 2021 and 2020 , there were no loans that were modified as a TDR within the previous 12 months that subsequently defaulted during the nine months ended September 30, 2021 and 2020 , respectively. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 6. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2021 , shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 321,000 and 114,000 , respectively. For the three and nine months ended September 30, 2020 , shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 517,000 and 361,000 , respectively. The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 49,753 $ 47,492 $ 164,825 $ 127,103 Less: Net earnings allocated to restricted stock 227 175 773 407 Net earnings allocated to common shareholders $ 49,526 $ 47,317 $ 164,052 $ 126,696 Weighted average shares outstanding 135,200 135,017 135,226 136,369 Basic earnings per common share $ 0.37 $ 0.35 $ 1.21 $ 0.93 Diluted earnings per common share: Net income allocated to common shareholders $ 49,526 $ 47,317 $ 164,052 $ 126,696 Weighted average shares outstanding 135,200 135,017 135,226 136,369 Incremental shares from assumed exercise of 184 167 215 167 Diluted weighted average shares outstanding 135,384 135,184 135,441 136,536 Diluted earnings per common share $ 0.37 $ 0.35 $ 1.21 $ 0.93 |
Fair Value Information
Fair Value Information | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 7. FAIR VALUE INFORMATION Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation methodologies for financial assets and liabilities measured at fair value on a recurring and non-recurring basis are described in Note 19 — Fair Value Information, included in our Annual Report on Form 10-K for the year ended December 31, 2020. Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented. Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 2,269,073 $ - $ 2,269,073 $ - CMO/REMIC 625,167 - 625,167 - Municipal bonds 29,820 - 29,820 - Other securities 1,000 - 1,000 - Total investment securities - AFS 2,925,060 - 2,925,060 - Interest rate swaps 16,176 - 16,176 - Total assets $ 2,941,236 $ - $ 2,941,236 $ - Description of liability Interest rate swaps $ 16,176 $ - $ 16,176 $ - Total liabilities $ 16,176 $ - $ 16,176 $ - Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,904,935 $ - $ 1,904,935 $ - CMO/REMIC 462,814 - 462,814 - Municipal bonds 30,285 - 30,285 - Other securities 889 - 889 - Total investment securities - AFS 2,398,923 - 2,398,923 - Interest rate swaps 30,181 - 30,181 - Total assets $ 2,429,104 $ - $ 2,429,104 $ - Description of liability Interest rate swaps $ 30,181 $ - $ 30,181 $ - Total liabilities $ 30,181 $ - $ 30,181 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We may be required to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value accounting or impairment write-downs of individual assets. For assets measured at fair value on a non-recurring basis that were held on the balance sheet at September 30, 2021 and December 31, 2020 , respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. These losses on collateral dependent loans represent the amount of the allowance for credit losses and/or charge-offs during the period applicable to loans held at period-end. The amount of the allowance is included in the ACL. Carrying Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total Losses (Dollars in thousands) Description of assets Loans: Commercial real estate $ - $ - $ - $ - $ - Construction - - - - - SBA 678 - - 678 150 Commercial and industrial 43 - - 43 3,020 Dairy & livestock and 119 - - 119 60 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 11 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 840 $ - $ - $ 840 $ 3,241 Carrying Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total Losses For (Dollars in thousands) Description of assets Loans: Commercial real estate $ - $ - $ - $ - $ - Construction - - - - - SBA 76 - - 76 24 Commercial and industrial 4,266 - - 4,266 2,316 Dairy & livestock and - - - - - Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - - Other real estate owned 2,275 - - 2,275 700 Asset held-for-sale - - - - - Total assets $ 6,617 $ - $ - $ 6,617 $ 3,040 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of September 30, 2021 and December 31, 2020, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 2,561,363 $ 2,561,363 $ - $ - $ 2,561,363 Interest-earning balances due from 27,260 - 27,260 - 27,260 Investment securities available-for-sale 2,925,060 - 2,925,060 - 2,925,060 Investment securities held-to-maturity 1,710,938 - 1,717,230 - 1,717,230 Total loans, net of allowance for credit 7,784,156 - - 7,739,732 7,739,732 Swaps 16,176 - 16,176 - 16,176 Liabilities Deposits: Interest-bearing $ 4,619,507 $ - $ 4,619,178 $ - $ 4,619,178 Borrowings 659,579 - 609,580 - 609,580 Junior subordinated debentures - - - - - Swaps 16,176 - 16,176 - 16,176 December 31, 2020 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,958,160 $ 1,958,160 $ - $ - $ 1,958,160 Interest-earning balances due from 43,563 - 43,600 - 43,600 Investment securities available-for-sale 2,398,923 - 2,398,923 - 2,398,923 Investment securities held-to-maturity 578,626 - 604,223 - 604,223 Total loans, net of allowance for credit 8,255,116 - - 8,256,178 8,256,178 Swaps 30,181 - 30,181 - 30,181 Liabilities Deposits: Interest-bearing $ 4,281,114 $ - $ 4,281,952 $ - $ 4,281,952 Borrowings 444,406 - 444,349 - 444,349 Junior subordinated debentures 25,774 - - 19,431 19,431 Swaps 30,181 - 30,181 - 30,181 The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2021 and December 31, 2020 . Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 8. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of September 30, 2021, the Bank has entered into 144 interest-rate swap agreements with customers with a notional amount totaling $ 502.4 million. The Bank then entered int o identical offsetting swaps with a counterparty. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. The Bank enters into an interest rate swap with its customers in which the Bank pays the customer a variable rate and the customer pays the Bank a fixed rate, therefore allowing customers to convert variable rate loans to fixed rate loans. At the same time, the Bank enters into a swap with the counterparty bank in which the Bank pays the counterparty a fixed rate and the counterparty in return pays the Bank a variable rate. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. As a result of the Bank exceeding $10 billion in assets, federal regulations required the Bank, beginning in January 2019, to clear most interest rate swaps through a clearing house (“centrally cleared”). These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. Our interest rate swap derivatives are subject to a master netting arrangement with our counterparties. None of our derivative assets and liabilities are offset in the Company’s condensed consolidated balance sheet. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of September 30, 2021 and December 31, 2020, the total notional amount of the Company’s swaps was $ 502.4 million, and $ 503.8 million, respectively. The location of the asset and liability, and their respective fair values, ar e summarized in the tables below. September 30, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 16,176 Other liabilities $ 16,176 Total derivatives $ 16,176 $ 16,176 December 31, 2020 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 30,181 Other liabilities $ 30,181 Total derivatives $ 30,181 $ 30,181 The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the condensed consolidated statements of earnings for the periods presented. Derivatives Not Designated Location of Gain Recognized in Amount of Gain Recognized in Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Interest rate swaps Other income $ 167 $ 1,591 $ 382 $ 4,149 Total $ 167 $ 1,591 $ 382 $ 4,149 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income | 9. OTHER COMPREHENSIVE INCOME The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. Three Months Ended September 30, 2021 2020 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ ( 14,515 ) $ 4,291 $ ( 10,224 ) $ ( 1,974 ) $ 584 $ ( 1,390 ) Amortization of net unrealized losses on securities 72 ( 21 ) 51 ( 30 ) 9 ( 21 ) Net change $ ( 14,443 ) $ 4,270 $ ( 10,173 ) $ ( 2,004 ) $ 593 $ ( 1,411 ) Nine Months Ended September 30, 2021 2020 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ ( 45,989 ) $ 13,596 $ ( 32,393 ) $ 33,382 $ ( 9,869 ) $ 23,513 Amortization of net unrealized losses on securities 173 ( 51 ) 122 ( 48 ) 14 ( 34 ) Net change $ ( 45,816 ) $ 13,545 $ ( 32,271 ) $ 33,334 $ ( 9,855 ) $ 23,479 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 10. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to master netting arrangements. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to counterparties continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the Company’s condensed consolidated balances. Gross Amounts Recognized in the Condensed Gross Amounts Offset in the Condensed Net Amounts Presented in the Condensed Gross Amounts Not Offset Consolidated Balance Sheets Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Collateral Pledged Net Amount (Dollars in thousands) September 30, 2021 Financial assets: Derivatives not designated as $ 16,176 $ - $ - $ 16,176 $ - $ 16,176 Total $ 16,176 $ - $ - $ 16,176 $ - $ 16,176 Financial liabilities: Derivatives not designated as $ 24,451 $ ( 8,275 ) $ 16,176 $ 8,275 $ ( 39,063 ) $ ( 14,612 ) Repurchase agreements 659,579 - 659,579 - ( 697,207 ) ( 37,628 ) Total $ 684,030 $ ( 8,275 ) $ 675,755 $ 8,275 $ ( 736,270 ) $ ( 52,240 ) December 31, 2020 Financial assets: Derivatives not designated as $ 30,181 $ - $ - $ 30,181 $ - $ 30,181 Total $ 30,181 $ - $ - $ 30,181 $ - $ 30,181 Financial liabilities: Derivatives not designated as $ 30,434 $ ( 253 ) $ 30,181 $ 253 $ ( 63,730 ) $ ( 33,296 ) Repurchase agreements 439,406 - 439,406 - ( 483,603 ) ( 44,197 ) Total $ 469,840 $ ( 253 ) $ 469,587 $ 253 $ ( 547,333 ) $ ( 77,493 ) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 11. LEASES The Company’s operating leases, where the Company is a lessee, include real estate, such as office space and banking centers. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is reflected in the consolidated statement of earnings. Right-of-use (“ROU”) assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s condensed consolidated balance sheet. While the Company has, as a lessor, certain equipment finance leases, such leases are not material to the Company’s consolidated financial statements. The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented. September 30, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,403 $ 19,112 Total lease liabilities 21,073 21,164 Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,634 $ 1,654 $ 4,977 $ 4,900 Sublease income - - - - Total lease expense $ 1,634 $ 1,654 $ 4,977 $ 4,900 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the Operating cash outflows from operating $ 1,700 $ 1,826 $ 5,364 $ 5,630 September 30, December 31, Lease Term and Discount Rate Weighted average remaining lease term 4.33 4.16 Weighted average discount rate 2.47 % 2.80 % The Company’s lease arrangements that have not yet commenced as of September 30, 2021 and the Company’s short-term lease costs and variable lease costs, for the nine months ended September 30, 2021 and 2020 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2021, excluding property taxes and insurance, are as follows: September 30, (Dollars in thousands) Year: 2021 (excluding the nine months ended September 30, 2021) $ 1,713 2022 6,392 2023 4,660 2024 3,498 2025 2,806 Thereafter 3,085 Total future lease payments 22,154 Less: Imputed interest ( 1,081 ) Present value of lease liabilities $ 21,073 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 12. REVENUE RECOGNITION The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)”, for the periods indicated. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 4,513 $ 3,970 $ 12,667 $ 12,555 Trust and investment services 2,681 2,405 8,459 7,302 Bankcard services 479 456 1,362 1,438 Gain on OREO, net - 13 477 23 Other 1,581 3,160 4,753 8,736 Noninterest Income (in-scope of Topic 606) 9,254 10,004 27,718 30,054 Noninterest Income (out-of-scope of Topic 606) 1,229 3,149 7,282 6,891 Total noninterest income $ 10,483 $ 13,153 $ 35,000 $ 36,945 Refer to Note 3 – Summary of Significant Accounting Policies and Note 24 – Revenue Recognition, included in our Annual Report on Form 10-K for the year ended December 31, 2020 for a more detailed discussion about noninterest revenue streams that are in-scope of Topic 606. |
Accounting policies (Policies)
Accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification — Certain amounts in the prior periods’ unaudited condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | September 30, 2021 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 2,256,252 $ 31,251 $ ( 18,430 ) $ 2,269,073 77.57 % CMO/REMIC 630,351 2,846 ( 8,030 ) 625,167 21.37 % Municipal bonds 28,697 1,123 - 29,820 1.02 % Other securities 1,000 - - 1,000 0.04 % Total available-for-sale securities $ 2,916,300 $ 35,220 $ ( 26,460 ) $ 2,925,060 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 585,022 $ 6,785 $ ( 8,112 ) $ 583,695 34.19 % Mortgage-backed securities 648,613 5,450 ( 1,502 ) 652,561 37.91 % CMO/REMIC 264,324 1,642 ( 1,118 ) 264,848 15.45 % Municipal bonds 212,979 4,761 ( 1,614 ) 216,126 12.45 % Total held-to-maturity securities $ 1,710,938 $ 18,638 $ ( 12,346 ) $ 1,717,230 100.00 % December 31, 2020 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,857,030 $ 48,006 $ ( 101 ) $ 1,904,935 79.41 % CMO/REMIC 457,548 5,515 ( 249 ) 462,814 19.29 % Municipal bonds 28,707 1,578 - 30,285 1.26 % Other securities 889 - - 889 0.04 % Total available-for-sale securities $ 2,344,174 $ 55,099 $ ( 350 ) $ 2,398,923 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 98,663 $ 5,877 $ - $ 104,540 17.05 % Mortgage-backed securities 146,382 7,644 ( 32 ) 153,994 25.30 % CMO/REMIC 145,309 5,202 - 150,511 25.11 % Municipal bonds 188,272 6,980 ( 74 ) 195,178 32.54 % Total held-to-maturity securities $ 578,626 $ 25,703 $ ( 106 ) $ 604,223 100.00 % |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 9,630 $ 8,244 $ 27,824 $ 26,313 Tax-advantaged 183 203 558 632 Total interest income from available-for-sale securities 9,813 8,447 28,382 26,945 Investment securities held-to-maturity: Taxable 4,099 2,265 10,917 7,410 Tax-advantaged 1,089 1,110 3,341 3,623 Total interest income from held-to-maturity securities 5,188 3,375 14,258 11,033 Total interest income from investment securities $ 15,001 $ 11,822 $ 42,640 $ 37,978 |
Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s available-for-sale investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2021 and December 31, 2020. September 30, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,349,856 $ ( 18,243 ) $ 21,273 $ ( 187 ) $ 1,371,129 $ ( 18,430 ) CMO/REMIC 510,308 ( 7,758 ) 11,162 ( 272 ) 521,470 ( 8,030 ) Municipal bonds - - - - - - Total available-for-sale securities $ 1,860,164 $ ( 26,001 ) $ 32,435 $ ( 459 ) $ 1,892,599 $ ( 26,460 ) December 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 72,219 $ ( 101 ) $ - $ - $ 72,219 $ ( 101 ) CMO/REMIC 96,974 ( 249 ) - - 96,974 ( 249 ) Municipal bonds - - - - - - Total available-for-sale securities $ 169,193 $ ( 350 ) $ - $ - $ 169,193 $ ( 350 ) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. September 30, 2021 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 23,634 $ 23,919 $ 3,769 $ 3,834 Due after one year through five years 1,803,142 1,820,712 270,074 276,504 Due after five years through ten years 721,776 718,076 798,605 798,051 Due after ten years 367,748 362,353 638,490 638,841 Total investment securities $ 2,916,300 $ 2,925,060 $ 1,710,938 $ 1,717,230 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables by type. September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial real estate $ 5,734,699 $ 5,501,509 Construction 77,398 85,145 SBA 307,533 303,896 SBA - Paycheck Protection Program (PPP) 330,960 882,986 Commercial and industrial 769,977 812,062 Dairy & livestock and agribusiness 279,584 361,146 Municipal lease finance receivables 47,305 45,547 SFR mortgage 231,323 270,511 Consumer and other loans 70,741 86,006 Total loans, at amortized cost 7,849,520 8,348,808 Less: Allowance for credit losses ( 65,364 ) ( 93,692 ) Total loans and lease finance receivables, net $ 7,784,156 $ 8,255,116 |
Summary of loans by type and origination year, according to our internal risk ratings | The following table summarizes loans by type and origination year, according to our internal risk ratings as of the dates presented. Origination Year Revolving loans amortized Revolving loans converted to September 30, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 878,859 $ 979,652 $ 622,674 $ 547,936 $ 511,804 $ 1,812,200 $ 169,358 $ 44,792 $ 5,567,275 Special Mention 11,986 5,575 9,078 21,902 43,612 46,359 6,418 5,500 150,430 Substandard 2,446 - 463 - 4,877 8,892 - 316 16,994 Doubtful & Loss - - - - - - - - - Total Commercial real $ 893,291 $ 985,227 $ 632,215 $ 569,838 $ 560,293 $ 1,867,451 $ 175,776 $ 50,608 $ 5,734,699 Construction loans: Risk Rating: Pass $ 7,465 $ 22,258 $ 7,148 $ 3,142 $ - $ - $ 37,385 $ - $ 77,398 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 7,465 $ 22,258 $ 7,148 $ 3,142 $ - $ - $ 37,385 $ - $ 77,398 SBA loans: Risk Rating: Pass $ 63,286 $ 42,468 $ 11,233 $ 38,918 $ 43,891 $ 88,592 $ - $ - $ 288,388 Special Mention - - - - 4,121 6,075 - - 10,196 Substandard - - - 840 5,471 2,638 - - 8,949 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 63,286 $ 42,468 $ 11,233 $ 39,758 $ 53,483 $ 97,305 $ - $ - $ 307,533 SBA - PPP loans: Risk Rating: Pass $ 278,560 $ 50,877 $ - $ - $ - $ - $ - $ - $ 329,437 Special Mention - - - - - - - - - Substandard - 1,523 - - - - - - 1,523 Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 278,560 $ 52,400 $ - $ - $ - $ - $ - $ - $ 330,960 Commercial and Risk Rating: Pass $ 100,677 $ 87,523 $ 134,219 $ 59,713 $ 38,121 $ 81,999 $ 237,284 $ 5,919 $ 745,455 Special Mention 921 2,353 1,001 1,481 515 140 7,597 198 14,206 Substandard 2,643 7 106 2,016 1,142 612 343 3,447 10,316 Doubtful & Loss - - - - - - - - - Total Commercial and $ 104,241 $ 89,883 $ 135,326 $ 63,210 $ 39,778 $ 82,751 $ 245,224 $ 9,564 $ 769,977 Origination Year Revolving loans amortized Revolving loans converted to September 30, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 13 $ 988 $ 1,420 $ 1,152 $ 126 $ 322 $ 258,432 $ 886 $ 263,339 Special Mention - - - - - - 5,094 2,300 7,394 Substandard - - - 119 - - - 8,732 8,851 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 13 $ 988 $ 1,420 $ 1,271 $ 126 $ 322 $ 263,526 $ 11,918 $ 279,584 Municipal lease finance Risk Rating: Pass $ 9,557 $ 7,875 $ - $ 279 $ 9,720 $ 19,498 $ - $ - $ 46,929 Special Mention - - - - - 376 - - 376 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 9,557 $ 7,875 $ - $ 279 $ 9,720 $ 19,874 $ - $ - $ 47,305 SFR mortgage loans: Risk Rating: Pass $ 27,356 $ 52,771 $ 44,447 $ 20,072 $ 17,176 $ 66,847 $ 152 $ - $ 228,821 Special Mention - - - - - - - - - Substandard - - - - - 2,088 - 414 2,502 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 27,356 $ 52,771 $ 44,447 $ 20,072 $ 17,176 $ 68,935 $ 152 $ 414 $ 231,323 Consumer and other Risk Rating: Pass $ 5,196 $ 2,825 $ 1,539 $ 558 $ 454 $ 1,901 $ 53,550 $ 2,195 $ 68,218 Special Mention 909 - - - - - 591 403 1,903 Substandard - - - - - 167 5 448 620 Doubtful & Loss - - - - - - - - - Total Consumer and $ 6,105 $ 2,825 $ 1,539 $ 558 $ 454 $ 2,068 $ 54,146 $ 3,046 $ 70,741 Total Loans: Risk Rating: Pass $ 1,370,969 $ 1,247,237 $ 822,680 $ 671,770 $ 621,292 $ 2,071,359 $ 756,161 $ 53,792 $ 7,615,260 Special Mention 13,816 7,928 10,079 23,383 48,248 52,950 19,700 8,401 184,505 Substandard 5,089 1,530 569 2,975 11,490 14,397 348 13,357 49,755 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,389,874 $ 1,256,695 $ 833,328 $ 698,128 $ 681,030 $ 2,138,706 $ 776,209 $ 75,550 $ 7,849,520 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2020 2020 2019 2018 2017 2016 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 979,499 $ 691,091 $ 607,753 $ 617,640 $ 550,105 $ 1,646,876 $ 192,583 $ 24,548 $ 5,310,095 Special Mention 9,332 7,162 30,049 43,870 17,398 49,840 5,720 994 164,365 Substandard - 491 2,157 7,382 2,528 13,790 360 341 27,049 Doubtful & Loss - - - - - - - - - Total Commercial real $ 988,831 $ 698,744 $ 639,959 $ 668,892 $ 570,031 $ 1,710,506 $ 198,663 $ 25,883 $ 5,501,509 Construction loans: Risk Rating: Pass $ 14,511 $ 9,350 $ 14,945 $ 2,258 $ - $ 4 $ 44,077 $ - $ 85,145 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 14,511 $ 9,350 $ 14,945 $ 2,258 $ - $ 4 $ 44,077 $ - $ 85,145 SBA loans: Risk Rating: Pass $ 47,901 $ 12,821 $ 44,950 $ 58,839 $ 26,136 $ 86,085 $ - $ 2,976 $ 279,708 Special Mention - - - 5,446 1,336 5,648 - - 12,430 Substandard - - 904 5,503 1,554 3,797 - - 11,758 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 47,901 $ 12,821 $ 45,854 $ 69,788 $ 29,026 $ 95,530 $ - $ 2,976 $ 303,896 SBA - PPP loans: Risk Rating: Pass $ 882,986 $ - $ - $ - $ - $ - $ - $ - $ 882,986 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 882,986 $ - $ - $ - $ - $ - $ - $ - $ 882,986 Commercial and Risk Rating: Pass $ 104,478 $ 168,050 $ 62,453 $ 56,043 $ 32,149 $ 76,019 $ 257,250 $ 6,058 $ 762,500 Special Mention 1,995 1,081 1,892 1,028 95 4,882 17,395 1,132 29,500 Substandard 4,346 860 3,996 2,282 285 94 6,677 1,522 20,062 Doubtful & Loss - - - - - - - - - Total Commercial and $ 110,819 $ 169,991 $ 68,341 $ 59,353 $ 32,529 $ 80,995 $ 281,322 $ 8,712 $ 812,062 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2020 2020 2019 2018 2017 2016 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,041 $ 1,765 $ 1,199 $ 5,680 $ 120 $ 320 $ 319,211 $ 363 $ 329,699 Special Mention 878 - 364 - - - 13,255 1,511 16,008 Substandard - - 784 693 2,285 - - 11,677 15,439 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 1,919 $ 1,765 $ 2,347 $ 6,373 $ 2,405 $ 320 $ 332,466 $ 13,551 $ 361,146 Municipal lease finance Risk Rating: Pass $ 8,478 $ - $ 2,556 $ 10,249 $ 3,586 $ 20,266 $ - $ - $ 45,135 Special Mention - - - - - 412 - - 412 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 8,478 $ - $ 2,556 $ 10,249 $ 3,586 $ 20,678 $ - $ - $ 45,547 SFR mortgage loans: Risk Rating: Pass $ 65,463 $ 59,596 $ 29,142 $ 22,452 $ 27,192 $ 62,593 $ 3 $ - $ 266,441 Special Mention - - - - - 452 - - 452 Substandard - - - - 229 2,957 - 432 3,618 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 65,463 $ 59,596 $ 29,142 $ 22,452 $ 27,421 $ 66,002 $ 3 $ 432 $ 270,511 Consumer and other Risk Rating: Pass $ 8,557 $ 2,077 $ 871 $ 969 $ 1,586 $ 961 $ 67,774 $ 1,688 $ 84,483 Special Mention - - - - - 91 517 22 630 Substandard - - - - - 172 - 721 893 Doubtful & Loss - - - - - - - - - Total Consumer and $ 8,557 $ 2,077 $ 871 $ 969 $ 1,586 $ 1,224 $ 68,291 $ 2,431 $ 86,006 Total Loans: Risk Rating: Pass $ 2,112,914 $ 944,750 $ 763,869 $ 774,130 $ 640,874 $ 1,893,124 $ 880,898 $ 35,633 $ 8,046,192 Special Mention 12,205 8,243 32,305 50,344 18,829 61,325 36,887 3,659 223,797 Substandard 4,346 1,351 7,841 15,860 6,881 20,810 7,037 14,693 78,819 Doubtful & Loss - - - - - - - - - Total Loans: $ 2,129,465 $ 954,344 $ 804,015 $ 840,334 $ 666,584 $ 1,975,259 $ 924,822 $ 53,985 $ 8,348,808 |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for credit losses for held-for-investment loans by type for the periods presented. Three Months Ended September 30, 2021 Ending Balance June 30, 2021 Charge-offs Recoveries (Recapture of) Ending Balance September 30, 2021 (Dollars in thousands) Commercial real estate $ 55,200 $ - $ - $ ( 2,888 ) $ 52,312 Construction 1,825 - 11 ( 775 ) 1,061 SBA 2,546 - 5 376 2,927 Commercial and industrial 5,667 ( 10 ) 6 ( 755 ) 4,908 Dairy & livestock and agribusiness 2,775 - - 391 3,166 Municipal lease finance receivables 67 - - 18 85 SFR mortgage 284 - - ( 94 ) 190 Consumer and other loans 978 ( 1 ) 11 ( 273 ) 715 Total allowance for credit losses $ 69,342 $ ( 11 ) $ 33 $ ( 4,000 ) $ 65,364 Three Months Ended September 30, 2020 Ending Balance June 30, 2020 Charge-offs Recoveries Provision for Ending Balance September 30, 2020 (Dollars in thousands) Commercial real estate $ 74,928 $ - $ - $ ( 473 ) $ 74,455 Construction 2,290 - 3 ( 355 ) 1,938 SBA 3,651 ( 47 ) 69 ( 169 ) 3,504 Commercial and industrial 7,991 ( 161 ) 2 761 8,593 Dairy & livestock and agribusiness 3,379 - - 330 3,709 Municipal lease finance receivables 302 - - ( 153 ) 149 SFR mortgage 222 - - 15 237 Consumer and other loans 1,220 ( 23 ) 43 44 1,284 Total allowance for credit losses $ 93,983 $ ( 231 ) $ 117 $ - $ 93,869 Nine Months Ended September 30, 2021 Ending Balance December 31, 2020 Charge-offs Recoveries (Recapture of) Ending Balance September 30, 2021 (Dollars in thousands) Commercial real estate $ 75,439 $ - $ - $ ( 23,127 ) $ 52,312 Construction 1,934 - 55 ( 928 ) 1,061 SBA 2,992 - 13 ( 78 ) 2,927 Commercial and industrial 7,142 ( 2,985 ) 10 741 4,908 Dairy & livestock and agribusiness 3,949 - - ( 783 ) 3,166 Municipal lease finance receivables 74 - - 11 85 SFR mortgage 367 - 79 ( 256 ) 190 Consumer and other loans 1,795 ( 11 ) 11 ( 1,080 ) 715 Total allowance for credit losses $ 93,692 $ ( 2,996 ) $ 168 $ ( 25,500 ) $ 65,364 Nine Months Ended September 30, 2020 Ending Balance, Impact of Adoption of ASU 2016-13 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance September 30, 2020 (Dollars in thousands) Commercial real estate $ 48,629 $ 3,547 $ - $ - $ 22,279 $ 74,455 Construction 858 655 - 9 416 1,938 SBA 1,453 1,818 ( 203 ) 72 364 3,504 Commercial and industrial 8,880 ( 2,442 ) ( 172 ) 7 2,320 8,593 Dairy & livestock and agribusiness 5,255 ( 186 ) - - ( 1,360 ) 3,709 Municipal lease finance receivables 623 ( 416 ) - - ( 58 ) 149 SFR mortgage 2,339 ( 2,043 ) - 206 ( 265 ) 237 Consumer and other loans 623 907 ( 109 ) 59 ( 196 ) 1,284 Total allowance for credit losses $ 68,660 $ 1,840 $ ( 484 ) $ 353 $ 23,500 $ 93,869 As of September 30, 2021, the remaining outstanding balance of PPP loans was $ 331.0 million. As these loans are fully guaranteed by the SBA, the ACL does not include an allowance. |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the dates presented. September 30, 2021 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Total Past Due Loans Not Past Due Total Loans and Financing Receivables (Dollars in thousands) Commercial real estate Owner occupied $ - $ 199 $ 3,641 $ 3,840 $ 2,115,928 $ 2,119,768 Non-owner occupied - - - - 3,614,931 3,614,931 Construction Speculative (1) - - - - 52,856 52,856 Non-speculative - - - - 24,542 24,542 SBA - - 1,218 1,218 306,315 307,533 SBA - PPP - - - - 330,960 330,960 Commercial and industrial 584 382 1,013 1,979 767,998 769,977 Dairy & livestock and agribusiness 1,000 - 118 1,118 278,466 279,584 Municipal lease finance receivables - - - - 47,305 47,305 SFR mortgage - - 218 218 231,105 231,323 Consumer and other loans - - 188 188 70,553 70,741 Total loans $ 1,584 $ 581 $ 6,396 $ 8,561 $ 7,840,959 $ 7,849,520 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Total Past Due Loans Not Past Due Total Loans and Financing Receivables (Dollars in thousands) Commercial real estate Owner occupied $ - $ - $ 7,208 $ 7,208 $ 2,136,051 $ 2,143,259 Non-owner occupied - - - - 3,358,250 3,358,250 Construction Speculative (1) - - - - 72,126 72,126 Non-speculative - - - - 13,019 13,019 SBA 531 2,415 1,025 3,971 299,925 303,896 SBA - PPP - - - - 882,986 882,986 Commercial and industrial 608 811 2,338 3,757 808,305 812,062 Dairy & livestock and agribusiness - - 784 784 360,362 361,146 Municipal lease finance receivables - - - - 45,547 45,547 SFR mortgage - - 229 229 270,282 270,511 Consumer and other loans - - - - 86,006 86,006 Total loans $ 1,139 $ 3,226 $ 11,584 $ 15,949 $ 8,332,859 $ 8,348,808 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. Amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance are presented as of September 30, 2021 and December 31, 2020 by type of loan. September 30, 2021 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 3,521 $ 4,073 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 804 1,513 - SBA - PPP - - - Commercial and industrial 370 2,038 - Dairy & livestock and agribusiness - 118 - Municipal lease finance receivables - - - SFR mortgage 400 399 - Consumer and other loans 305 305 - Total loans $ 5,400 $ 8,446 $ - (1) As of September 30, 2021, $ 1.0 million of nonaccruing loans were current, $ 463,000 were 30-59 days past due, $ 581,000 were 60-89 days past due, and $ 6.4 million were 9 0+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2020 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 7,563 $ 7,563 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 2,035 2,273 - SBA - PPP - - - Commercial and industrial 1,576 3,129 - Dairy & livestock and agribusiness 785 785 - Municipal lease finance receivables 430 - - SFR mortgage - 430 - Consumer and other loans 167 167 - Total loans $ 12,556 $ 14,347 $ - (1) As of December 31, 2020 , $ 1.4 million of nonaccruing loans were current, $ 2,000 were 30-59 days past due, $ 1.3 million were 60-89 days past due, and $ 11.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $ 184,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection. |
Summary of pledged assets not separately reported on statement of financial position | The following table presents the recorded investment in collateral-dependent loans by type of loans as of the dates presented. September 30, 2021 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,705 $ - $ - 8 Construction - - - - SBA 608 775 130 11 SBA - PPP - - - - Commercial and industrial 743 6,088 132 19 Dairy & livestock and agribusiness - 118 - 1 Municipal lease finance receivables - - - - SFR mortgage 1,143 - - 6 Consumer and other loans 305 - - 3 Total collateral-dependent loans $ 9,504 $ 6,981 $ 262 48 December 31, 2020 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 7,883 $ - $ - 8 Construction - - - - SBA 1,761 326 185 10 SBA - PPP - - - - Commercial and industrial 470 5,542 95 18 Dairy & livestock and agribusiness - 785 - 1 Municipal lease finance receivables - - - - SFR mortgage 430 - - 2 Consumer and other loans 168 - - 2 Total collateral-dependent loans $ 10,712 $ 6,653 $ 280 41 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Performing TDRs: Beginning balance $ 8,215 $ 2,771 $ 2,159 $ 3,112 New modifications - - 7,096 - Payoffs/payments, net and other ( 240 ) ( 554 ) ( 1,280 ) ( 895 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 7,975 $ 2,217 $ 7,975 $ 2,217 Nonperforming TDRs: Beginning balance $ - $ - $ - $ 244 New modifications - - - - Charge-offs - - - - Payoffs/payments, net and other - - - ( 244 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ - $ - $ - Total TDRs $ 7,975 $ 2,217 $ 7,975 $ 2,217 |
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as TDRs for the period presented. Modifications (1) For the Three Months Ended September 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2021 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial real estate: Interest rate reduction - $ - $ - $ - $ - Change in amortization period - - - - - Commercial and industrial: Interest rate reduction - - - - - Change in amortization period - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans - $ - $ - $ - $ - For the Nine Months Ended September 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2021 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial real estate: Interest rate reduction 1 $ 2,453 $ 2,453 $ 2,446 $ - Change in amortization period - - - - - Commercial and industrial: Interest rate reduction - - - - - Change in amortization period 2 4,643 4,643 4,293 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 3 $ 7,096 $ 7,096 $ 6,739 $ - (1) The tables above exclude modified loans that were paid off prior to the end of the period. Financial effects resulting from modifications represent charge-offs and current allowance for credit losses at modification date. |
Earnings Per Share Reconcilia_2
Earnings Per Share Reconciliation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 49,753 $ 47,492 $ 164,825 $ 127,103 Less: Net earnings allocated to restricted stock 227 175 773 407 Net earnings allocated to common shareholders $ 49,526 $ 47,317 $ 164,052 $ 126,696 Weighted average shares outstanding 135,200 135,017 135,226 136,369 Basic earnings per common share $ 0.37 $ 0.35 $ 1.21 $ 0.93 Diluted earnings per common share: Net income allocated to common shareholders $ 49,526 $ 47,317 $ 164,052 $ 126,696 Weighted average shares outstanding 135,200 135,017 135,226 136,369 Incremental shares from assumed exercise of 184 167 215 167 Diluted weighted average shares outstanding 135,384 135,184 135,441 136,536 Diluted earnings per common share $ 0.37 $ 0.35 $ 1.21 $ 0.93 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented. Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 2,269,073 $ - $ 2,269,073 $ - CMO/REMIC 625,167 - 625,167 - Municipal bonds 29,820 - 29,820 - Other securities 1,000 - 1,000 - Total investment securities - AFS 2,925,060 - 2,925,060 - Interest rate swaps 16,176 - 16,176 - Total assets $ 2,941,236 $ - $ 2,941,236 $ - Description of liability Interest rate swaps $ 16,176 $ - $ 16,176 $ - Total liabilities $ 16,176 $ - $ 16,176 $ - Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,904,935 $ - $ 1,904,935 $ - CMO/REMIC 462,814 - 462,814 - Municipal bonds 30,285 - 30,285 - Other securities 889 - 889 - Total investment securities - AFS 2,398,923 - 2,398,923 - Interest rate swaps 30,181 - 30,181 - Total assets $ 2,429,104 $ - $ 2,429,104 $ - Description of liability Interest rate swaps $ 30,181 $ - $ 30,181 $ - Total liabilities $ 30,181 $ - $ 30,181 $ - |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. These losses on collateral dependent loans represent the amount of the allowance for credit losses and/or charge-offs during the period applicable to loans held at period-end. The amount of the allowance is included in the ACL. Carrying Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total Losses (Dollars in thousands) Description of assets Loans: Commercial real estate $ - $ - $ - $ - $ - Construction - - - - - SBA 678 - - 678 150 Commercial and industrial 43 - - 43 3,020 Dairy & livestock and 119 - - 119 60 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 11 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 840 $ - $ - $ 840 $ 3,241 Carrying Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total Losses For (Dollars in thousands) Description of assets Loans: Commercial real estate $ - $ - $ - $ - $ - Construction - - - - - SBA 76 - - 76 24 Commercial and industrial 4,266 - - 4,266 2,316 Dairy & livestock and - - - - - Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - - Other real estate owned 2,275 - - 2,275 700 Asset held-for-sale - - - - - Total assets $ 6,617 $ - $ - $ 6,617 $ 3,040 |
Estimated Fair Value of Financial Instruments | The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of September 30, 2021 and December 31, 2020, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 2,561,363 $ 2,561,363 $ - $ - $ 2,561,363 Interest-earning balances due from 27,260 - 27,260 - 27,260 Investment securities available-for-sale 2,925,060 - 2,925,060 - 2,925,060 Investment securities held-to-maturity 1,710,938 - 1,717,230 - 1,717,230 Total loans, net of allowance for credit 7,784,156 - - 7,739,732 7,739,732 Swaps 16,176 - 16,176 - 16,176 Liabilities Deposits: Interest-bearing $ 4,619,507 $ - $ 4,619,178 $ - $ 4,619,178 Borrowings 659,579 - 609,580 - 609,580 Junior subordinated debentures - - - - - Swaps 16,176 - 16,176 - 16,176 December 31, 2020 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,958,160 $ 1,958,160 $ - $ - $ 1,958,160 Interest-earning balances due from 43,563 - 43,600 - 43,600 Investment securities available-for-sale 2,398,923 - 2,398,923 - 2,398,923 Investment securities held-to-maturity 578,626 - 604,223 - 604,223 Total loans, net of allowance for credit 8,255,116 - - 8,256,178 8,256,178 Swaps 30,181 - 30,181 - 30,181 Liabilities Deposits: Interest-bearing $ 4,281,114 $ - $ 4,281,952 $ - $ 4,281,952 Borrowings 444,406 - 444,349 - 444,349 Junior subordinated debentures 25,774 - - 19,431 19,431 Swaps 30,181 - 30,181 - 30,181 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The location of the asset and liability, and their respective fair values, ar e summarized in the tables below. September 30, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 16,176 Other liabilities $ 16,176 Total derivatives $ 16,176 $ 16,176 December 31, 2020 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 30,181 Other liabilities $ 30,181 Total derivatives $ 30,181 $ 30,181 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statements of earnings for the periods presented. Derivatives Not Designated Location of Gain Recognized in Amount of Gain Recognized in Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Interest rate swaps Other income $ 167 $ 1,591 $ 382 $ 4,149 Total $ 167 $ 1,591 $ 382 $ 4,149 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. Three Months Ended September 30, 2021 2020 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ ( 14,515 ) $ 4,291 $ ( 10,224 ) $ ( 1,974 ) $ 584 $ ( 1,390 ) Amortization of net unrealized losses on securities 72 ( 21 ) 51 ( 30 ) 9 ( 21 ) Net change $ ( 14,443 ) $ 4,270 $ ( 10,173 ) $ ( 2,004 ) $ 593 $ ( 1,411 ) Nine Months Ended September 30, 2021 2020 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ ( 45,989 ) $ 13,596 $ ( 32,393 ) $ 33,382 $ ( 9,869 ) $ 23,513 Amortization of net unrealized losses on securities 173 ( 51 ) 122 ( 48 ) 14 ( 34 ) Net change $ ( 45,816 ) $ 13,545 $ ( 32,271 ) $ 33,334 $ ( 9,855 ) $ 23,479 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | Gross Amounts Recognized in the Condensed Gross Amounts Offset in the Condensed Net Amounts Presented in the Condensed Gross Amounts Not Offset Consolidated Balance Sheets Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Collateral Pledged Net Amount (Dollars in thousands) September 30, 2021 Financial assets: Derivatives not designated as $ 16,176 $ - $ - $ 16,176 $ - $ 16,176 Total $ 16,176 $ - $ - $ 16,176 $ - $ 16,176 Financial liabilities: Derivatives not designated as $ 24,451 $ ( 8,275 ) $ 16,176 $ 8,275 $ ( 39,063 ) $ ( 14,612 ) Repurchase agreements 659,579 - 659,579 - ( 697,207 ) ( 37,628 ) Total $ 684,030 $ ( 8,275 ) $ 675,755 $ 8,275 $ ( 736,270 ) $ ( 52,240 ) December 31, 2020 Financial assets: Derivatives not designated as $ 30,181 $ - $ - $ 30,181 $ - $ 30,181 Total $ 30,181 $ - $ - $ 30,181 $ - $ 30,181 Financial liabilities: Derivatives not designated as $ 30,434 $ ( 253 ) $ 30,181 $ 253 $ ( 63,730 ) $ ( 33,296 ) Repurchase agreements 439,406 - 439,406 - ( 483,603 ) ( 44,197 ) Total $ 469,840 $ ( 253 ) $ 469,587 $ 253 $ ( 547,333 ) $ ( 77,493 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components of lease costs and supplemental information related to leases | The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented. September 30, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,403 $ 19,112 Total lease liabilities 21,073 21,164 Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,634 $ 1,654 $ 4,977 $ 4,900 Sublease income - - - - Total lease expense $ 1,634 $ 1,654 $ 4,977 $ 4,900 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the Operating cash outflows from operating $ 1,700 $ 1,826 $ 5,364 $ 5,630 September 30, December 31, Lease Term and Discount Rate Weighted average remaining lease term 4.33 4.16 Weighted average discount rate 2.47 % 2.80 % |
Future lease payments required for leases that have initial or remaining non-cancelable lease terms | The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2021, excluding property taxes and insurance, are as follows: September 30, (Dollars in thousands) Year: 2021 (excluding the nine months ended September 30, 2021) $ 1,713 2022 6,392 2023 4,660 2024 3,498 2025 2,806 Thereafter 3,085 Total future lease payments 22,154 Less: Imputed interest ( 1,081 ) Present value of lease liabilities $ 21,073 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)”, for the periods indicated. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 4,513 $ 3,970 $ 12,667 $ 12,555 Trust and investment services 2,681 2,405 8,459 7,302 Bankcard services 479 456 1,362 1,438 Gain on OREO, net - 13 477 23 Other 1,581 3,160 4,753 8,736 Noninterest Income (in-scope of Topic 606) 9,254 10,004 27,718 30,054 Noninterest Income (out-of-scope of Topic 606) 1,229 3,149 7,282 6,891 Total noninterest income $ 10,483 $ 13,153 $ 35,000 $ 36,945 |
Business - Additional Informati
Business - Additional Information (Detail) | Sep. 30, 2021CenterLocationSubsidiary |
Schedule Of Description Of Company [Line Items] | |
Number of inactive subsidiaries | Subsidiary | 1 |
Bank operated banking centers | Center | 58 |
Bank operated trust office locations, number | Location | 3 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,916,300 | $ 2,344,174 |
Gross Unrealized Holding Gain, Available-for-sale | 35,220 | 55,099 |
Gross Unrealized Holding Loss, Available-for-sale | (26,460) | (350) |
Investment securities available-for-sale | $ 2,925,060 | $ 2,398,923 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 1,710,938 | $ 578,626 |
Gross Unrealized Holding Gain, Held-to-maturity | 18,638 | 25,703 |
Gross Unrealized Holding Loss, Held-to-maturity | (12,346) | (106) |
Fair Value, Held-to-maturity | $ 1,717,230 | $ 604,223 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 630,351 | $ 457,548 |
Gross Unrealized Holding Gain, Available-for-sale | 2,846 | 5,515 |
Gross Unrealized Holding Loss, Available-for-sale | (8,030) | (249) |
Investment securities available-for-sale | $ 625,167 | $ 462,814 |
Total Percent, Available-for-sale | 21.37% | 19.29% |
Amortized Cost, Held-to-maturity | $ 264,324 | $ 145,309 |
Gross Unrealized Holding Gain, Held-to-maturity | 1,642 | 5,202 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,118) | 0 |
Fair Value, Held-to-maturity | $ 264,848 | $ 150,511 |
Total Percent, Held-to-maturity | 15.45% | 25.11% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 585,022 | $ 98,663 |
Gross Unrealized Holding Gain, Held-to-maturity | 6,785 | 5,877 |
Gross Unrealized Holding Loss, Held-to-maturity | (8,112) | 0 |
Fair Value, Held-to-maturity | $ 583,695 | $ 104,540 |
Total Percent, Held-to-maturity | 34.19% | 17.05% |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,256,252 | $ 1,857,030 |
Gross Unrealized Holding Gain, Available-for-sale | 31,251 | 48,006 |
Gross Unrealized Holding Loss, Available-for-sale | (18,430) | (101) |
Investment securities available-for-sale | $ 2,269,073 | $ 1,904,935 |
Total Percent, Available-for-sale | 77.57% | 79.41% |
Amortized Cost, Held-to-maturity | $ 648,613 | $ 146,382 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,450 | 7,644 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,502) | (32) |
Fair Value, Held-to-maturity | $ 652,561 | $ 153,994 |
Total Percent, Held-to-maturity | 37.91% | 25.30% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 28,697 | $ 28,707 |
Gross Unrealized Holding Gain, Available-for-sale | 1,123 | 1,578 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Investment securities available-for-sale | $ 29,820 | $ 30,285 |
Total Percent, Available-for-sale | 1.02% | 1.26% |
Amortized Cost, Held-to-maturity | $ 212,979 | $ 188,272 |
Gross Unrealized Holding Gain, Held-to-maturity | 4,761 | 6,980 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,614) | (74) |
Fair Value, Held-to-maturity | $ 216,126 | $ 195,178 |
Total Percent, Held-to-maturity | 12.45% | 32.54% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,000 | $ 889 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Investment securities available-for-sale | $ 1,000 | $ 889 |
Total Percent, Available-for-sale | 0.04% | 0.04% |
Investment Securities - Summa_2
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 9,813 | $ 8,447 | $ 28,382 | $ 26,945 |
Total interest income from held-to-maturity securities | 5,188 | 3,375 | 14,258 | 11,033 |
Total investment income | 15,001 | 11,822 | 42,640 | 37,978 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 9,630 | 8,244 | 27,824 | 26,313 |
Tax-advantaged | 183 | 203 | 558 | 632 |
Total interest income from available-for-sale securities | 9,813 | 8,447 | 28,382 | 26,945 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 4,099 | 2,265 | 10,917 | 7,410 |
Tax-advantaged | 1,089 | 1,110 | 3,341 | 3,623 |
Total interest income from held-to-maturity securities | $ 5,188 | $ 3,375 | $ 14,258 | $ 11,033 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | $ 0 |
Allowance for credit losses for securities in unrealized loss position | 0 | 0 |
Investment securities pledged as collateral | 2,200,000,000 | $ 1,810,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
Debt securities weighted average remaining contractual maturity term | 22 years | |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 95.00% |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 1,860,164 | $ 169,193 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (26,001) | (350) |
Fair Value, 12 Months or Longer, Available-for-sale | 32,435 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (459) | 0 |
Fair Value, Available-for-sale | 1,892,599 | 169,193 |
Gross Unrealized Holding Losses, Available-for-sale | (26,460) | (350) |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 510,308 | 96,974 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (7,758) | (249) |
Fair Value, 12 Months or Longer, Available-for-sale | 11,162 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (272) | 0 |
Fair Value, Available-for-sale | 521,470 | 96,974 |
Gross Unrealized Holding Losses, Available-for-sale | (8,030) | (249) |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 1,349,856 | 72,219 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (18,243) | (101) |
Fair Value, 12 Months or Longer, Available-for-sale | 21,273 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (187) | 0 |
Fair Value, Available-for-sale | 1,371,129 | 72,219 |
Gross Unrealized Holding Losses, Available-for-sale | (18,430) | (101) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Available-for-sale | $ 0 | $ 0 |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 3,769 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 270,074 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 798,605 | |
Due after ten years, Amortized Cost, Held-to-maturity | 638,490 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 1,710,938 | |
Due in one year or less, Fair Value, Held-to-maturity | 3,834 | |
Due after one year through five years, Fair Value, Held-to-maturity | 276,504 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 798,051 | |
Due after ten years, Fair Value, Held-to-maturity | 638,841 | |
Total, Held-to-maturity, Fair Value | 1,717,230 | |
Due in one year or less, Amortized Cost, Available-for-sale | 23,634 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,803,142 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 721,776 | |
Due after ten years, Amortized Cost, Available-for-sale | 367,748 | |
Amortized Cost, Available-for-sale | 2,916,300 | $ 2,344,174 |
Due in one year or less, Fair Value, Available-for-sale | 23,919 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,820,712 | |
Due after five years through ten years, Fair Value, Available-for-sale | 718,076 | |
Due after ten years, Fair Value, Available-for-sale | 362,353 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,925,060 | $ 2,398,923 |
Loans and Lease Finance Recei_3
Loans and Lease Finance Receivables and Allowance for Credit Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Loan | Sep. 30, 2020USD ($)Loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 0.83% | 1.12% | 0.83% | 1.12% | 1.12% | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | $ 6,260,000,000 | $ 6,260,000,000 | $ 6,070,000,000 | |||||
Loans held-for-sale | 0 | 0 | 0 | |||||
Impaired, at carrying value | 8,000,000 | 8,000,000 | ||||||
Allowance for Credit Losses | 65,400,000 | 65,400,000 | ||||||
Reserve for credit risk for undisbursed commitments | 8,000,000 | 8,000,000 | 9,000 | |||||
Allocation of allowance to troubled debt restructuring | 0 | 0 | 0 | |||||
Increase in reserve for unfunded loan commitments | $ 0 | $ 1,000,000 | $ 0 | 1,000,000 | $ 0 | |||
Percentage of Increase Decrease In Macro Economic Factors | 5.70% | |||||||
Allowance For Credit Losses Increase Decrease | 4,000,000 | |||||||
Recapture of provision for credit losses | $ 2,000,000 | $ 4,000,000 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Loan | 0 | 0 | ||||||
Remaining Outstanding Balance Of PPP Loans | $ 331,000,000 | $ 331,000,000 | ||||||
Due To Forecast Of Severe Economic [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Provision For Credit Losses | $ 23,500,000 | |||||||
Recapture of provision for credit losses | $ 25,500,000 | |||||||
Forecast [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of Increase Decrease In Macro Economic Factors | 5.30% | 5.60% | ||||||
GDP [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of Increase Decrease In Macro Economic Factors | 5.70% | |||||||
GDP [Member] | Forecast [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of Increase Decrease In Macro Economic Factors | 2.00% | 2.00% | ||||||
Commercial Real Estate Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.99% | 76.99% | ||||||
Notes receivable gross | $ 5,734,699,000 | $ 5,734,699,000 | 5,501,509,000 | |||||
Construction [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 73.06% | 73.06% | ||||||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans classified as troubled debt restructured | $ 1,000,000 | $ 1,000,000 | ||||||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans classified as troubled debt restructured | 4,300,000 | 4,300,000 | ||||||
Performing Financing Receivable [Member] | Commercial Real Estate [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans classified as troubled debt restructured | 2,600,000 | 2,600,000 | ||||||
Loans, Excluding PCI Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Notes receivable gross | 279,600,000 | 279,600,000 | ||||||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Notes receivable gross | 242,000,000 | 242,000,000 | 320,100,000 | |||||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Notes receivable gross | $ 37,600,000 | $ 37,600,000 | $ 41,000,000 | |||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Commercial Real Estate Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 6.18% | 6.18% | 5.72% | |||||
Notes receivable gross | $ 354,300,000 | $ 354,300,000 | $ 314,400,000 | |||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | Commercial Real Estate Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Notes receivable gross | 125,100,000 | 125,100,000 | 132,900,000 | |||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | Commercial Real Estate Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Notes receivable gross | $ 229,200,000 | $ 229,200,000 | $ 181,500,000 |
Loans and Lease Finance Recei_4
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Components of Loans and Lease Finance Receivables, Including PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction | $ 77,398 | $ 85,145 | |||
Total loans, at amortized cost | 7,849,520 | 8,348,808 | |||
Less: Allowance for credit losses | (65,364) | $ (69,342) | (93,692) | $ (93,869) | $ (93,983) |
Total loans and lease finance receivables, net | 7,784,156 | 8,255,116 | |||
Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 769,977 | 812,062 | |||
SBA [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 307,533 | 303,896 | |||
SBA - Paycheck Protection Program (PPP) [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 330,960 | 882,986 | |||
Commercial real estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 5,734,699 | 5,501,509 | |||
SFR mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 231,323 | 270,511 | |||
Dairy And Livestock And Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 279,584 | 361,146 | |||
Municipal Lease Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 47,305 | 45,547 | |||
Less: Allowance for credit losses | (85) | $ (67) | (74) | $ (149) | $ (302) |
Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | $ 70,741 | $ 86,006 |
Loans and Lease Finance Recei_5
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of loans by type and origination year, according to our internal risk ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,389,874 | $ 2,129,465 |
2020 | 1,256,695 | 954,344 |
2019 | 833,328 | 804,015 |
2018 | 698,128 | 840,334 |
2017 | 681,030 | 666,584 |
Prior | 2,138,706 | 1,975,259 |
Revolving loans amortized cost basis | 776,209 | 924,822 |
Revolving loans converted to term loans | 75,550 | 53,985 |
Total | 7,849,520 | 8,348,808 |
Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 893,291 | 988,831 |
2020 | 985,227 | 698,744 |
2019 | 632,215 | 639,959 |
2018 | 569,838 | 668,892 |
2017 | 560,293 | 570,031 |
Prior | 1,867,451 | 1,710,506 |
Revolving loans amortized cost basis | 175,776 | 198,663 |
Revolving loans converted to term loans | 50,608 | 25,883 |
Total | 5,734,699 | 5,501,509 |
Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,465 | 14,511 |
2020 | 22,258 | 9,350 |
2019 | 7,148 | 14,945 |
2018 | 3,142 | 2,258 |
2017 | 0 | 0 |
Prior | 0 | 4 |
Revolving loans amortized cost basis | 37,385 | 44,077 |
Revolving loans converted to term loans | 0 | 0 |
Total | 77,398 | 85,145 |
SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 63,286 | 47,901 |
2020 | 42,468 | 12,821 |
2019 | 11,233 | 45,854 |
2018 | 39,758 | 69,788 |
2017 | 53,483 | 29,026 |
Prior | 97,305 | 95,530 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 2,976 |
Total | 307,533 | 303,896 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 278,560 | 882,986 |
2020 | 52,400 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 330,960 | 882,986 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 104,241 | 110,819 |
2020 | 89,883 | 169,991 |
2019 | 135,326 | 68,341 |
2018 | 63,210 | 59,353 |
2017 | 39,778 | 32,529 |
Prior | 82,751 | 80,995 |
Revolving loans amortized cost basis | 245,224 | 281,322 |
Revolving loans converted to term loans | 9,564 | 8,712 |
Total | 769,977 | 812,062 |
Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13 | 1,919 |
2020 | 988 | 1,765 |
2019 | 1,420 | 2,347 |
2018 | 1,271 | 6,373 |
2017 | 126 | 2,405 |
Prior | 322 | 320 |
Revolving loans amortized cost basis | 263,526 | 332,466 |
Revolving loans converted to term loans | 11,918 | 13,551 |
Total | 279,584 | 361,146 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 9,557 | 8,478 |
2020 | 7,875 | 0 |
2019 | 0 | 2,556 |
2018 | 279 | 10,249 |
2017 | 9,720 | 3,586 |
Prior | 19,874 | 20,678 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 47,305 | 45,547 |
SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 27,356 | 65,463 |
2020 | 52,771 | 59,596 |
2019 | 44,447 | 29,142 |
2018 | 20,072 | 22,452 |
2017 | 17,176 | 27,421 |
Prior | 68,935 | 66,002 |
Revolving loans amortized cost basis | 152 | 3 |
Revolving loans converted to term loans | 414 | 432 |
Total | 231,323 | 270,511 |
Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 6,105 | 8,557 |
2020 | 2,825 | 2,077 |
2019 | 1,539 | 871 |
2018 | 558 | 969 |
2017 | 454 | 1,586 |
Prior | 2,068 | 1,224 |
Revolving loans amortized cost basis | 54,146 | 68,291 |
Revolving loans converted to term loans | 3,046 | 2,431 |
Total | 70,741 | 86,006 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,370,969 | 2,112,914 |
2020 | 1,247,237 | 944,750 |
2019 | 822,680 | 763,869 |
2018 | 671,770 | 774,130 |
2017 | 621,292 | 640,874 |
Prior | 2,071,359 | 1,893,124 |
Revolving loans amortized cost basis | 756,161 | 880,898 |
Revolving loans converted to term loans | 53,792 | 35,633 |
Total | 7,615,260 | 8,046,192 |
Pass [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 878,859 | 979,499 |
2020 | 979,652 | 691,091 |
2019 | 622,674 | 607,753 |
2018 | 547,936 | 617,640 |
2017 | 511,804 | 550,105 |
Prior | 1,812,200 | 1,646,876 |
Revolving loans amortized cost basis | 169,358 | 192,583 |
Revolving loans converted to term loans | 44,792 | 24,548 |
Total | 5,567,275 | 5,310,095 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,465 | 14,511 |
2020 | 22,258 | 9,350 |
2019 | 7,148 | 14,945 |
2018 | 3,142 | 2,258 |
2017 | 0 | 0 |
Prior | 0 | 4 |
Revolving loans amortized cost basis | 37,385 | 44,077 |
Revolving loans converted to term loans | 0 | 0 |
Total | 77,398 | 85,145 |
Pass [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 63,286 | 47,901 |
2020 | 42,468 | 12,821 |
2019 | 11,233 | 44,950 |
2018 | 38,918 | 58,839 |
2017 | 43,891 | 26,136 |
Prior | 88,592 | 86,085 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 2,976 |
Total | 288,388 | 279,708 |
Pass [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 278,560 | 882,986 |
2020 | 50,877 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 329,437 | 882,986 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 100,677 | 104,478 |
2020 | 87,523 | 168,050 |
2019 | 134,219 | 62,453 |
2018 | 59,713 | 56,043 |
2017 | 38,121 | 32,149 |
Prior | 81,999 | 76,019 |
Revolving loans amortized cost basis | 237,284 | 257,250 |
Revolving loans converted to term loans | 5,919 | 6,058 |
Total | 745,455 | 762,500 |
Pass [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13 | 1,041 |
2020 | 988 | 1,765 |
2019 | 1,420 | 1,199 |
2018 | 1,152 | 5,680 |
2017 | 126 | 120 |
Prior | 322 | 320 |
Revolving loans amortized cost basis | 258,432 | 319,211 |
Revolving loans converted to term loans | 886 | 363 |
Total | 263,339 | 329,699 |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 9,557 | 8,478 |
2020 | 7,875 | 0 |
2019 | 0 | 2,556 |
2018 | 279 | 10,249 |
2017 | 9,720 | 3,586 |
Prior | 19,498 | 20,266 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 46,929 | 45,135 |
Pass [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 27,356 | 65,463 |
2020 | 52,771 | 59,596 |
2019 | 44,447 | 29,142 |
2018 | 20,072 | 22,452 |
2017 | 17,176 | 27,192 |
Prior | 66,847 | 62,593 |
Revolving loans amortized cost basis | 152 | 3 |
Revolving loans converted to term loans | 0 | 0 |
Total | 228,821 | 266,441 |
Pass [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,196 | 8,557 |
2020 | 2,825 | 2,077 |
2019 | 1,539 | 871 |
2018 | 558 | 969 |
2017 | 454 | 1,586 |
Prior | 1,901 | 961 |
Revolving loans amortized cost basis | 53,550 | 67,774 |
Revolving loans converted to term loans | 2,195 | 1,688 |
Total | 68,218 | 84,483 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13,816 | 12,205 |
2020 | 7,928 | 8,243 |
2019 | 10,079 | 32,305 |
2018 | 23,383 | 50,344 |
2017 | 48,248 | 18,829 |
Prior | 52,950 | 61,325 |
Revolving loans amortized cost basis | 19,700 | 36,887 |
Revolving loans converted to term loans | 8,401 | 3,659 |
Total | 184,505 | 223,797 |
Special Mention [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 11,986 | 9,332 |
2020 | 5,575 | 7,162 |
2019 | 9,078 | 30,049 |
2018 | 21,902 | 43,870 |
2017 | 43,612 | 17,398 |
Prior | 46,359 | 49,840 |
Revolving loans amortized cost basis | 6,418 | 5,720 |
Revolving loans converted to term loans | 5,500 | 994 |
Total | 150,430 | 164,365 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Special Mention [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 5,446 |
2017 | 4,121 | 1,336 |
Prior | 6,075 | 5,648 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 10,196 | 12,430 |
Special Mention [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 921 | 1,995 |
2020 | 2,353 | 1,081 |
2019 | 1,001 | 1,892 |
2018 | 1,481 | 1,028 |
2017 | 515 | 95 |
Prior | 140 | 4,882 |
Revolving loans amortized cost basis | 7,597 | 17,395 |
Revolving loans converted to term loans | 198 | 1,132 |
Total | 14,206 | 29,500 |
Special Mention [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 878 |
2020 | 0 | 0 |
2019 | 0 | 364 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 5,094 | 13,255 |
Revolving loans converted to term loans | 2,300 | 1,511 |
Total | 7,394 | 16,008 |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 376 | 412 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 376 | 412 |
Special Mention [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 452 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 452 |
Special Mention [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 909 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 91 |
Revolving loans amortized cost basis | 591 | 517 |
Revolving loans converted to term loans | 403 | 22 |
Total | 1,903 | 630 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,089 | 4,346 |
2020 | 1,530 | 1,351 |
2019 | 569 | 7,841 |
2018 | 2,975 | 15,860 |
2017 | 11,490 | 6,881 |
Prior | 14,397 | 20,810 |
Revolving loans amortized cost basis | 348 | 7,037 |
Revolving loans converted to term loans | 13,357 | 14,693 |
Total | 49,755 | 78,819 |
Substandard [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,446 | 0 |
2020 | 0 | 491 |
2019 | 463 | 2,157 |
2018 | 0 | 7,382 |
2017 | 4,877 | 2,528 |
Prior | 8,892 | 13,790 |
Revolving loans amortized cost basis | 0 | 360 |
Revolving loans converted to term loans | 316 | 341 |
Total | 16,994 | 27,049 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Substandard [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 904 |
2018 | 840 | 5,503 |
2017 | 5,471 | 1,554 |
Prior | 2,638 | 3,797 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8,949 | 11,758 |
Substandard [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 1,523 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,523 | 0 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,643 | 4,346 |
2020 | 7 | 860 |
2019 | 106 | 3,996 |
2018 | 2,016 | 2,282 |
2017 | 1,142 | 285 |
Prior | 612 | 94 |
Revolving loans amortized cost basis | 343 | 6,677 |
Revolving loans converted to term loans | 3,447 | 1,522 |
Total | 10,316 | 20,062 |
Substandard [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 784 |
2018 | 119 | 693 |
2017 | 0 | 2,285 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 8,732 | 11,677 |
Total | 8,851 | 15,439 |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Substandard [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 229 |
Prior | 2,088 | 2,957 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 414 | 432 |
Total | 2,502 | 3,618 |
Substandard [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 167 | 172 |
Revolving loans amortized cost basis | 5 | 0 |
Revolving loans converted to term loans | 448 | 721 |
Total | 620 | 893 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | $ 0 | $ 0 |
Loans and Lease Finance Recei_6
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 69,342 | $ 93,983 | $ 93,692 | |
Charge-offs | 11 | 231 | 2,996 | $ 484 |
Recoveries | 33 | 117 | 168 | 353 |
Provision for (Recapture of) Credit Losses | (4,000) | 0 | (25,500) | 23,500 |
Ending Balance | 65,364 | 93,869 | 65,364 | 93,869 |
Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 68,660 | |||
Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,840 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 55,200 | 74,928 | 75,439 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Recapture of) Credit Losses | (2,888) | (473) | (23,127) | 22,279 |
Ending Balance | 52,312 | 74,455 | 52,312 | 74,455 |
Commercial Real Estate [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 48,629 | |||
Commercial Real Estate [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 3,547 | |||
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,825 | 2,290 | 1,934 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 11 | 3 | 55 | 9 |
Provision for (Recapture of) Credit Losses | (775) | (355) | (928) | 416 |
Ending Balance | 1,061 | 1,938 | 1,061 | 1,938 |
Construction [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 858 | |||
Construction [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 655 | |||
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,546 | 3,651 | 2,992 | |
Charge-offs | 0 | 47 | 0 | 203 |
Recoveries | 5 | 69 | 13 | 72 |
Provision for (Recapture of) Credit Losses | 376 | (169) | (78) | 364 |
Ending Balance | 2,927 | 3,504 | 2,927 | 3,504 |
Small Business Administration [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,453 | |||
Small Business Administration [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,818 | |||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,667 | 7,991 | 7,142 | |
Charge-offs | 10 | 161 | 2,985 | 172 |
Recoveries | 6 | 2 | 10 | 7 |
Provision for (Recapture of) Credit Losses | (755) | 761 | 741 | 2,320 |
Ending Balance | 4,908 | 8,593 | 4,908 | 8,593 |
Commercial and Industrial [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 8,880 | |||
Commercial and Industrial [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (2,442) | |||
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,775 | 3,379 | 3,949 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Recapture of) Credit Losses | 391 | 330 | (783) | (1,360) |
Ending Balance | 3,166 | 3,709 | 3,166 | 3,709 |
Dairy & Livestock and Agribusiness [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,255 | |||
Dairy & Livestock and Agribusiness [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (186) | |||
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 67 | 302 | 74 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Recapture of) Credit Losses | 18 | (153) | 11 | (58) |
Ending Balance | 85 | 149 | 85 | 149 |
Municipal Lease Finance Receivables [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 623 | |||
Municipal Lease Finance Receivables [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (416) | |||
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 284 | 222 | 367 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 79 | 206 |
Provision for (Recapture of) Credit Losses | (94) | 15 | (256) | (265) |
Ending Balance | 190 | 237 | 190 | 237 |
SFR Mortgage [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,339 | |||
SFR Mortgage [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (2,043) | |||
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 978 | 1,220 | 1,795 | |
Charge-offs | 1 | 23 | 11 | 109 |
Recoveries | 11 | 43 | 11 | 59 |
Provision for (Recapture of) Credit Losses | (273) | 44 | (1,080) | (196) |
Ending Balance | $ 715 | $ 1,284 | $ 715 | 1,284 |
Consumer and Other Loans [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 623 | |||
Consumer and Other Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 907 |
Loans and Lease Finance Recei_7
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 8,561,000 | $ 15,949,000 |
Nonaccrual | 8,446,000 | 14,347,000 |
Loans Not Past Due | 7,840,959,000 | 8,332,859,000 |
Nonaccrual with No Allowance for Credit Losses | 5,400,000 | 12,556,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 7,849,520,000 | 8,348,808,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,584,000 | 1,139,000 |
Nonaccrual | 463,000 | 2,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 581,000 | 3,226,000 |
Nonaccrual | 581,000 | 1,300,000 |
Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,396,000 | 11,584,000 |
Nonaccrual | 6,400,000 | 11,600,000 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,840,000 | 7,208,000 |
Nonaccrual | 4,073,000 | 7,563,000 |
Loans Not Past Due | 2,115,928,000 | 2,136,051,000 |
Nonaccrual with No Allowance for Credit Losses | 3,521,000 | 7,563,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 2,119,768,000 | 2,143,259,000 |
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 199,000 | 0 |
Commercial Real Estate Owner Occupied [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,641,000 | 7,208,000 |
Commercial Real Estate Non-owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 3,614,931,000 | 3,358,250,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 3,614,931,000 | 3,358,250,000 |
Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 52,856,000 | 72,126,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 52,856,000 | 72,126,000 |
Construction Speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Speculative [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 24,542,000 | 13,019,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 24,542,000 | 13,019,000 |
Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Non-speculative [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,218,000 | 3,971,000 |
Nonaccrual | 1,513,000 | 2,273,000 |
Loans Not Past Due | 306,315,000 | 299,925,000 |
Nonaccrual with No Allowance for Credit Losses | 804,000 | 2,035,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 307,533,000 | 303,896,000 |
Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 531,000 |
Small Business Administration [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 2,415,000 |
Small Business Administration [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,218,000 | 1,025,000 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 330,960,000 | 882,986,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 330,960,000 | 882,986,000 |
SBA - Paycheck Protection Program (PPP) [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
SBA - Paycheck Protection Program (PPP) [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
SBA - Paycheck Protection Program (PPP) [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,979,000 | 3,757,000 |
Nonaccrual | 2,038,000 | 3,129,000 |
Loans Not Past Due | 767,998,000 | 808,305,000 |
Nonaccrual with No Allowance for Credit Losses | 370,000 | 1,576,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 769,977,000 | 812,062,000 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 584,000 | 608,000 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 382,000 | 811,000 |
Commercial and Industrial [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,013,000 | 2,338,000 |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,118,000 | 784,000 |
Nonaccrual | 118,000 | 785,000 |
Loans Not Past Due | 278,466,000 | 360,362,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 785,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 279,584,000 | 361,146,000 |
Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,000,000 | 0 |
Dairy & Livestock and Agribusiness [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Dairy & Livestock and Agribusiness [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 118,000 | 784,000 |
Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 47,305,000 | 45,547,000 |
Nonaccrual with No Allowance for Credit Losses | 0 | 430,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 47,305,000 | 45,547,000 |
Municipal Lease Finance Receivables [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Municipal Lease Finance Receivables [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Municipal Lease Finance Receivables [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
SFR Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 218,000 | 229,000 |
Nonaccrual | 399,000 | 430,000 |
Loans Not Past Due | 231,105,000 | 270,282,000 |
Nonaccrual with No Allowance for Credit Losses | 400,000 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 231,323,000 | 270,511,000 |
SFR Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
SFR Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
SFR Mortgage [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 218,000 | 229,000 |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 188,000 | 0 |
Nonaccrual | 305,000 | 167,000 |
Loans Not Past Due | 70,553,000 | 86,006,000 |
Nonaccrual with No Allowance for Credit Losses | 305,000 | 167,000 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Total loans | 70,741,000 | 86,006,000 |
Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and Other Loans [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 188,000 | $ 0 |
Loans and Lease Finance Recei_8
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 1,000,000 | $ 1,400,000 |
Nonaccrual | 8,446,000 | 14,347,000 |
Nonaccrual loans | 184,000 | |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 463,000 | 2,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 581,000 | 1,300,000 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 6,400,000 | $ 11,600,000 |
Loans and Lease Finance Recei_9
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Recorded Investment in Collateral-Dependent loans (Detail) $ in Thousands | Sep. 30, 2021USD ($)Collateral | Dec. 31, 2020USD ($)Collateral |
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 9,504 | $ 10,712 |
Business Assets | 6,981 | 6,653 |
Other | $ 262 | $ 280 |
Number of Loans Dependent on Collateral | Collateral | 48 | 41 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 6,705 | $ 7,883 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 8 | 8 |
Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
Small Business Administration [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 608 | $ 1,761 |
Business Assets | 775 | 326 |
Other | $ 130 | $ 185 |
Number of Loans Dependent on Collateral | Collateral | 11 | 10 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 743 | $ 470 |
Business Assets | 6,088 | 5,542 |
Other | $ 132 | $ 95 |
Number of Loans Dependent on Collateral | Collateral | 19 | 18 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 118 | 785 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 1 | 1 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
SFR Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 1,143 | $ 430 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 6 | 2 |
Consumer and Other Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 305 | $ 168 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 3 | 2 |
Loans and Lease Finance Rece_10
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | $ 8,215 | $ 2,771 | $ 2,159 | $ 3,112 |
New modifications | 0 | 0 | 7,096 | 0 |
Payoffs/payments, net and other | (240) | (554) | (1,280) | (895) |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 7,975 | 2,217 | 7,975 | 2,217 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 0 | 0 | 0 | 244 |
New modifications | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Payoffs/payments, net and other | 0 | 0 | 0 | 244 |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
Total TDRs | $ 7,975 | $ 2,217 | $ 7,975 | $ 2,217 |
Loans and Lease Finance Rece_11
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($)Agreement | Sep. 30, 2021USD ($)Agreement | |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 3 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 7,096 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 7,096 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 6,739 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,453 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 2,453 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 2,446 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
Commercial and Industrial Loans [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
Commercial and Industrial Loans [Member] | Change in Amortization Period [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 2 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4,643 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 4,643 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 4,293 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
SFR Mortgage [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
SFR Mortgage [Member] | Change in Amortization Period [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | Agreement | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 |
Earnings Per Share Reconcilia_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 321,000 | 517,000 | 114,000 | 361,000 |
Earnings Per Share Reconcilia_4
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings per common share: | ||||
Net earnings | $ 49,753 | $ 47,492 | $ 164,825 | $ 127,103 |
Less: Net earnings allocated to restricted stock | 227 | 175 | 773 | 407 |
Net earnings allocated to common shareholders | $ 49,526 | $ 47,317 | $ 164,052 | $ 126,696 |
Weighted average shares outstanding | 135,200 | 135,017 | 135,226 | 136,369 |
Basic earnings per common share | $ 0.37 | $ 0.35 | $ 1.21 | $ 0.93 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 49,526 | $ 47,317 | $ 164,052 | $ 126,696 |
Weighted average shares outstanding | 135,200 | 135,017 | 135,226 | 136,369 |
Incremental shares from assumed exercise of outstanding options | 184 | 167 | 215 | 167 |
Diluted weighted average shares outstanding | 135,384 | 135,184 | 135,441 | 136,536 |
Diluted earnings per common share | $ 0.37 | $ 0.35 | $ 1.21 | $ 0.93 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | $ 675,755 | $ 469,587 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 16,176 | 30,181 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 16,176 | 30,181 |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,941,236 | 2,429,104 |
Total liabilities | 16,176 | 30,181 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 29,820 | 30,285 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,269,073 | 1,904,935 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 625,167 | 462,814 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,000 | 889 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,925,060 | 2,398,923 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 16,176 | 30,181 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 16,176 | 30,181 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,941,236 | 2,429,104 |
Total liabilities | 16,176 | 30,181 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 29,820 | 30,285 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,269,073 | 1,904,935 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO/REMIC - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 625,167 | 462,814 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,000 | 889 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Investment Securities-AFS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,925,060 | 2,398,923 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 16,176 | 30,181 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | $ 16,176 | $ 30,181 |
Fair Value Information - Asse_2
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Description of assets | ||
Total assets | $ 3,241 | $ 3,040 |
Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 3,020 | 2,316 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 150 | 24 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 60 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 11 | 0 |
Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 700 |
Loans, Excluding PCI Loans [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 840 | 6,617 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 43 | 4,266 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 678 | 76 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 119 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 2,275 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 840 | 6,617 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 43 | 4,266 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 678 | 76 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 119 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 2,275 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | $ 0 | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||||
Total cash and cash equivalents | $ 2,561,363 | $ 1,958,160 | $ 1,484,953 | $ 185,518 |
Investment securities available-for-sale | 2,925,060 | 2,398,923 | ||
Investment securities held-to-maturity | 1,710,938 | 578,626 | ||
Total loans, net of allowance for loan losses | 7,784,156 | 8,255,116 | ||
Deposits: | ||||
Interest-bearing | 4,619,507 | 4,281,114 | ||
Junior subordinated debentures | 0 | 25,774 | ||
Swaps | 675,755 | 469,587 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 2,561,363 | 1,958,160 | ||
Interest-earning balances due from depository institutions | 27,260 | 43,563 | ||
Investment securities available-for-sale | 2,925,060 | 2,398,923 | ||
Investment securities held-to-maturity | 1,710,938 | 578,626 | ||
Total loans, net of allowance for loan losses | 7,784,156 | 8,255,116 | ||
Interest rate swaps, assets | 16,176 | 30,181 | ||
Deposits: | ||||
Interest-bearing | 4,619,507 | 4,281,114 | ||
Borrowings | 659,579 | 444,406 | ||
Junior subordinated debentures | 0 | 25,774 | ||
Swaps | 16,176 | 30,181 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 2,561,363 | 1,958,160 | ||
Interest-earning balances due from depository institutions | 27,260 | 43,600 | ||
Investment securities available-for-sale | 2,925,060 | 2,398,923 | ||
Investment securities held-to-maturity | 1,717,230 | 604,223 | ||
Total loans, net of allowance for loan losses | 7,739,732 | 8,256,178 | ||
Interest rate swaps, assets | 16,176 | 30,181 | ||
Deposits: | ||||
Interest-bearing | 4,619,178 | 4,281,952 | ||
Borrowings | 609,580 | 444,349 | ||
Junior subordinated debentures | 0 | 19,431 | ||
Swaps | 16,176 | 30,181 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 2,561,363 | 1,958,160 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Interest rate swaps, assets | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 0 | 0 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 27,260 | 43,600 | ||
Investment securities available-for-sale | 2,925,060 | 2,398,923 | ||
Investment securities held-to-maturity | 1,717,230 | 604,223 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Interest rate swaps, assets | 16,176 | 30,181 | ||
Deposits: | ||||
Interest-bearing | 4,619,178 | 4,281,952 | ||
Borrowings | 609,580 | 444,349 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 16,176 | 30,181 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 7,739,732 | 8,256,178 | ||
Interest rate swaps, assets | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 19,431 | ||
Swaps | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2021USD ($)Agreement | Dec. 31, 2020USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 502,400,000 | $ 503,800,000 |
Description of Conditions Relating to Clearing of Interest rate Swaps | As a result of the Bank exceeding $10 billion in assets, federal regulations required the Bank, beginning in January 2019, to clear most interest rate swaps through a clearing house (“centrally cleared”). These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. | |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 144 | |
Total notional amount of the Company's swaps | $ 502,400,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 16,176 | $ 30,181 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 16,176 | 30,181 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 16,176 | 30,181 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 16,176 | $ 30,181 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 167 | $ 1,591 | $ 382 | $ 4,149 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 167 | $ 1,591 | $ 382 | $ 4,149 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (14,515) | $ (1,974) | $ (45,989) | $ 33,382 |
Net change in fair value recorded in accumulated OCI, Tax effect | 4,291 | 584 | 13,596 | (9,869) |
Net change in fair value recorded in accumulated OCI, After-tax | (10,224) | (1,390) | (32,393) | 23,513 |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | 72 | (30) | 173 | (48) |
Amortization of unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity, Tax effect | (21) | 9 | (51) | 14 |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | 51 | (21) | 122 | (34) |
Net change, Before-tax | (14,443) | (2,004) | (45,816) | 33,334 |
Net change, Tax effect | 4,270 | 593 | 13,545 | (9,855) |
Net change, After-tax | $ (10,173) | $ (1,411) | $ (32,271) | $ 23,479 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 684,030 | $ 469,840 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (8,275) | (253) |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 675,755 | 469,587 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 8,275 | 253 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (736,270) | (547,333) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (52,240) | (77,493) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 659,579 | 439,406 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 659,579 | 439,406 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (697,207) | (483,603) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (37,628) | (44,197) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 16,176 | 30,181 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 16,176 | 30,181 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 16,176 | 30,181 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 16,176 | 30,181 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 16,176 | 30,181 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 16,176 | 30,181 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 24,451 | 30,434 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (8,275) | (253) |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 16,176 | 30,181 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 8,275 | 253 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (39,063) | (63,730) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (14,612) | $ (33,296) |
Leases - Components of lease co
Leases - Components of lease costs and supplemental information related to leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lease Assets and Liabilities | |||||
ROU assets | $ 19,403 | $ 19,403 | $ 19,112 | ||
Total lease liabilities | 21,073 | 21,073 | $ 21,164 | ||
Lease Cost | |||||
Operating lease expense | 1,634 | $ 1,654 | 4,977 | $ 4,900 | |
Sublease income | 0 | 0 | 0 | 0 | |
Total lease expense | 1,634 | 1,654 | 4,977 | 4,900 | |
Other Information | |||||
Operating cash outflows from operating leases, net | $ 1,700 | $ 1,826 | $ 5,364 | $ 5,630 | |
Lease Term and Discount Rate | |||||
Weighted average remaining lease term (years) | 4 years 3 months 29 days | 4 years 3 months 29 days | 4 years 1 month 28 days | ||
Weighted average discount rate | 2.47% | 2.47% | 2.80% |
Leases - Future lease payments
Leases - Future lease payments required for leases that have initial or remaining non-cancelable lease terms (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
2021 (excluding the six months ended June 30, 2021) | $ 1,713 |
2022 | 6,392 |
2023 | 4,660 |
2024 | 3,498 |
2025 | 2,806 |
Thereafter | 3,085 |
Total future lease payments | 22,154 |
Less: Imputed interest | (1,081) |
Present value of lease liabilities | $ 21,073 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noninterest income: | ||||
Gain on OREO, net | $ 477 | $ 0 | ||
Other | $ 1,581 | $ 3,160 | 4,942 | 8,736 |
Total noninterest income | 10,483 | 13,153 | 35,000 | 36,945 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 4,513 | 3,970 | 12,667 | 12,555 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,681 | 2,405 | 8,459 | 7,302 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 479 | 456 | 1,362 | 1,438 |
Accounting Standards Update 2014-09 [Member] | ||||
Noninterest income: | ||||
Gain on OREO, net | 0 | 13 | 477 | 23 |
Other | 1,581 | 3,160 | 4,753 | 8,736 |
Total noninterest income | 9,254 | 10,004 | 27,718 | 30,054 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 4,513 | 3,970 | 12,667 | 12,555 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,681 | 2,405 | 8,459 | 7,302 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 479 | 456 | 1,362 | 1,438 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 1,229 | $ 3,149 | $ 7,282 | $ 6,891 |