Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
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 | 2022 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Sep. 30, 2022 | |
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 | |
Securities Act 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 | 139,808,001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 186,647 | $ 90,012 |
Interest-earning balances due from Federal Reserve | 131,892 | 1,642,536 |
Total cash and cash equivalents | 318,539 | 1,732,548 |
Interest-earning balances due from depository institutions | 7,594 | 25,999 |
Investment securities available-for-sale, at fair value (with amortized cost of $3,862,216 at September 30, 2022, and $3,185,249 at December 31, 2021) | 3,321,824 | 3,183,923 |
Investment securities held-to-maturity (with fair value of $2,150,988 at September 30, 2022, and $1,921,693 at December 31, 2021) | 2,557,922 | 1,925,970 |
Total investment securities | 5,879,746 | 5,109,893 |
Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 17,688 |
Loans and lease finance receivables | 8,774,136 | 7,887,713 |
Allowance for credit losses | (82,601) | (65,019) |
Net loans and lease finance receivables | 8,691,535 | 7,822,694 |
Premises and equipment, net | 47,422 | 49,096 |
Bank owned life insurance (BOLI) | 256,850 | 251,570 |
Accrued interest receivable | 40,745 | 34,204 |
Intangibles | 23,466 | 25,394 |
Goodwill | 765,822 | 663,707 |
Other real estate owned (OREO) | 0 | |
Income taxes | 189,172 | 32,603 |
Other assets | 110,373 | 118,301 |
Total assets | 16,349,276 | 15,883,697 |
Deposits: | ||
Noninterest-bearing | 8,764,556 | 8,104,056 |
Interest-bearing | 5,107,843 | 4,872,386 |
Total deposits | 13,872,399 | 12,976,442 |
Customer repurchase agreements | 467,844 | 642,388 |
Other borrowings | 0 | 2,281 |
Deferred compensation | 21,898 | 20,879 |
Junior subordinated debentures | 0 | 0 |
Payable for securities purchased | 8,697 | 50,340 |
Other liabilities | 99,552 | 109,864 |
Total liabilities | 14,470,390 | 13,802,194 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,805,445 at September 30, 2022, and 135,526,025 at December 31, 2021 | 1,297,709 | 1,209,903 |
Retained earnings | 964,674 | 875,568 |
Accumulated other comprehensive (loss), net of tax | (383,497) | (3,968) |
Total stockholders' equity | 1,878,886 | 2,081,503 |
Total liabilities and stockholders' equity | $ 16,349,276 | $ 15,883,697 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 3,862,216 | $ 3,185,249 |
Fair Value, Held-to-maturity | $ 2,150,988 | $ 1,921,693 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 139,805,445 | 135,526,025 |
Common stock, shares outstanding | 139,805,445 | 135,526,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Loans and leases, including fees | $ 100,077 | $ 88,390 | $ 282,308 | $ 271,911 |
Investment securities: | ||||
Investment securities available-for-sale | 18,543 | 9,813 | 48,417 | 28,382 |
Investment securities held-to-maturity | 12,834 | 5,188 | 35,211 | 14,258 |
Total investment income | 31,377 | 15,001 | 83,628 | 42,640 |
Dividends from FHLB stock | 258 | 258 | 902 | 758 |
Interest-earning deposits with other institutions | 3,476 | 898 | 5,712 | 1,790 |
Total interest income | 135,188 | 104,547 | 372,550 | 317,099 |
Interest expense: | ||||
Deposits | 1,728 | 1,113 | 4,056 | 4,350 |
Borrowings and customer repurchase agreements | 122 | 135 | 376 | 408 |
Junior subordinated debentures | 0 | 0 | 0 | 186 |
Total interest expense | 1,850 | 1,248 | 4,432 | 4,944 |
Net interest income before (recapture of) provision for credit losses | 133,338 | 103,299 | 368,118 | 312,155 |
Provision for (recapture of) credit losses | 2,000 | (4,000) | 8,100 | (25,500) |
Net interest income after provision for (recapture of) credit losses | 131,338 | 107,299 | 360,018 | 337,655 |
Noninterest income: | ||||
BOLI income | 1,987 | 1,229 | 3,939 | 7,093 |
Gain on OREO, net | 0 | 0 | 0 | 477 |
Gain on sale of building, net | 0 | 0 | 2,717 | 0 |
Other | 1,127 | 1,581 | 5,490 | 4,942 |
Total noninterest income | 11,590 | 10,483 | 37,524 | 35,000 |
Noninterest expense: | ||||
Salaries and employee benefits | 33,233 | 29,741 | 97,442 | 88,283 |
Occupancy and equipment | 5,779 | 5,122 | 16,917 | 14,934 |
Professional services | 2,438 | 1,626 | 6,788 | 6,042 |
Computer software expense | 3,243 | 3,020 | 10,141 | 8,521 |
Marketing and promotion | 1,488 | 857 | 4,584 | 3,381 |
Amortization of intangible assets | 1,846 | 2,014 | 5,842 | 6,348 |
(Recapture of) provision for unfunded loan commitments | 0 | 0 | 0 | (1,000) |
Acquisition related expenses | 0 | 809 | 6,013 | 809 |
Other | 5,000 | 4,910 | 14,409 | 14,489 |
Total noninterest expense | 53,027 | 48,099 | 162,136 | 141,807 |
Earnings before income taxes | 89,901 | 69,683 | 235,406 | 230,848 |
Income taxes | 25,262 | 19,930 | 66,149 | 66,023 |
Net earnings | 64,639 | 49,753 | 169,257 | 164,825 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on securities arising during the period, before tax | (194,016) | (14,443) | (538,825) | (45,816) |
Less: Income tax benefit (expense) related to items of other comprehensive (loss) income | 57,358 | 4,270 | 159,296 | 13,545 |
Other comprehensive (loss) income, net of tax | (136,658) | (10,173) | (379,529) | (32,271) |
Comprehensive (loss) income | $ (72,019) | $ 39,580 | $ (210,272) | $ 132,554 |
Basic earnings per common share | $ 0.46 | $ 0.37 | $ 1.20 | $ 1.21 |
Diluted earnings per common share | $ 0.46 | $ 0.37 | $ 1.20 | $ 1.21 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 5,233 | $ 4,513 | $ 15,625 | $ 12,667 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | 2,867 | 2,681 | 8,651 | 8,459 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 376 | $ 479 | $ 1,102 | $ 1,362 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Asr Plan [Member] | Common Stock [Member] | Common Stock [Member] Asr Plan [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 | |||||
Beginning balance at Dec. 31, 2021 | 2,081,503 | $ 1,209,903 | 875,568 | (3,968) | ||
Beginning balance, shares at Dec. 31, 2021 | 135,526 | |||||
Repurchase of common stock | $ (46,206) | $ (70,000) | $ (46,206) | $ 70,000 | ||
Repurchase of common stock, shares | (2,994) | (1,971) | ||||
Issuance of common stock for acquisition | $ 8,617 | |||||
Issuance of common stock for acquisition, shares | 197,069 | 197,069 | ||||
Exercise of stock options | $ 1,305 | $ 1,305 | ||||
Exercise of stock options, shares | 82 | |||||
Shares issued pursuant to stock-based compensation plan | 5,638 | $ 5,638 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 545 | |||||
Cash dividends declared on common stock | (80,151) | (80,151) | ||||
Net earnings | 169,257 | 169,257 | ||||
Other comprehensive income (loss) | (379,529) | (379,529) | ||||
Ending balance at Sep. 30, 2022 | 1,878,886 | $ 1,297,709 | 964,674 | (383,497) | ||
Ending balance, shares at Sep. 30, 2022 | 139,805 | |||||
Beginning balance at Jun. 30, 2022 | 1,982,211 | $ 1,301,050 | 928,000 | (246,839) | ||
Beginning balance, shares at Jun. 30, 2022 | 140,026 | |||||
Repurchase of common stock | (5,742) | $ (5,742) | ||||
Repurchase of common stock, shares | (239) | |||||
Exercise of stock options | 340 | $ 340 | ||||
Exercise of stock options, shares | 18 | |||||
Shares issued pursuant to stock-based compensation plan | 2,061 | $ 2,061 | ||||
Cash dividends declared on common stock | (27,965) | 27,965 | ||||
Net earnings | 64,639 | 64,639 | ||||
Other comprehensive income (loss) | (136,658) | (136,658) | ||||
Ending balance at Sep. 30, 2022 | $ 1,878,886 | $ 1,297,709 | $ 964,674 | $ (383,497) | ||
Ending balance, shares at Sep. 30, 2022 | 139,805 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.20 | $ 0.18 | $ 0.57 | $ 0.54 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 374,575 | $ 308,061 |
Service charges and other fees received | 32,968 | 27,427 |
Interest paid | (4,131) | (4,866) |
Net cash paid to vendors, employees and others | (147,314) | (135,640) |
Income taxes | (53,252) | (58,402) |
Net cash provided by operating activities | 202,846 | 136,580 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 4,712 | 0 |
Net change in interest-earning balances from depository institutions | 28,405 | 16,303 |
Proceeds from repayment of investment securities available-for-sale | 403,184 | 599,139 |
Proceeds from maturity of investment securities available-for-sale | 1,226 | 0 |
Purchases of investment securities available-for-sale | (1,142,441) | (1,247,286) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 119,487 | 113,134 |
Purchases of investment securities held-to-maturity | (622,499) | (830,886) |
Net decrease (increase) in equity investments | (1,740) | 4,934 |
Net (increase) decrease in loan and lease finance receivables | (97,801) | 529,771 |
Proceeds from sale of building, net of selling costs | 8,315 | 1,157 |
Purchase of premises and equipment | (4,057) | (2,278) |
Purchase of BOLI | 0 | (25,000) |
Proceeds from BOLI death benefit | 8,691 | 11,121 |
Proceeds from sales of other real estate owned | 0 | 3,869 |
Cash acquired from acquisition, net of cash paid | (329,001) | 0 |
Net cash used in investing activities | (962,037) | (835,890) |
Cash Flows from Financing Activities | ||
Net increase in other deposits | (253,021) | 1,250,970 |
Net decrease in time deposits | (33,593) | (57,255) |
Net (decrease) increase in other borrowings | (2,281) | (5,000) |
Net (decrease) increase in customer repurchase agreements | (174,544) | 220,173 |
Repayment of junior subordinated debentures | 0 | (25,774) |
Cash dividends on common stock | (76,478) | (73,341) |
Repurchase of common stock | (46,206) | (8,246) |
Repurchase of common stock, ASR Plan | 70,000 | 0 |
Proceeds from exercise of stock options | 1,305 | 986 |
Net cash (used in) provided by financing activities | (654,818) | 1,302,513 |
Net (decrease) in cash and cash equivalents | (1,414,009) | 603,203 |
Cash and cash equivalents, beginning of period | 1,732,548 | 1,958,160 |
Cash and cash equivalents, end of period | 318,539 | 2,561,363 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 169,257 | 164,825 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of building, net | (2,717) | (189) |
Gain on sale of other real estate owned | 0 | (477) |
Increase in BOLI | (3,939) | (7,093) |
Net amortization of premiums and discounts on investment securities | 21,794 | 23,221 |
Accretion of discount for acquired loans, net | (6,115) | (10,158) |
Provision for (recapture of) credit losses | 8,100 | (25,500) |
(Recapture of) provision for unfunded loan commitments | 0 | (1,000) |
Stock-based compensation | 5,638 | 4,049 |
Depreciation and amortization, net | 9,426 | (7,143) |
Change in other assets and liabilities | 1,402 | (3,955) |
Total adjustments | 33,589 | (28,245) |
Net cash provided by operating activities | 202,846 | 136,580 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | 8,697 | 421,751 |
Issuance of common stock for acquisitions | $ 197,069 | $ 0 |
Business
Business | 9 Months Ended |
Sep. 30, 2022 | |
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. As of September 30, 2022, the Bank operated 63 banking centers and four trust office locations. The Company is headquartered in the city of Ontario, California. On January 7, 2022, we completed the acquisition of Suncrest Bank ("Suncrest") with approximately $ 1.4 billion in total assets, acquired at fair value, and seven banking centers. Total assets at September 30, 2022 included $ 765.9 million of acquired net loans at fair value, $ 131.1 million of investment securities, and $ 9 million in Bank-Owned Life Insurance ("BOLI"). The acquisition resulted in $ 102.1 million of goodwill and $ 3.9 million in core deposit premium. Net cash proceeds were used to fund the $ 39.6 million in cash paid to the former shareholders of Suncrest as part of the merger consideration. Refer to Note 4 – Business Combinations of the notes to the unaudited condensed consolidated financial statements of this report for additional information. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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, 2021, 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, 2022 | |
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, 2021 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. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business combinations | 4. BUSINESS COMBINATIONS On January 7, 2022, the Company completed the acquisition of Suncrest, headquartered in Visalia, California. The Company acquired all of the assets and assumed all of the liabilities of Suncrest in a stock and cash transaction for $ 39.6 million in cash and $ 197.1 million in stock. As a result, Suncrest merged with and into the Bank, the principal subsidiary of CVB. The Company believes this transaction serves to further extend and strengthen its geographic presence in California’s Central Valley and the Sacramento metro area. At close, Suncrest had seven branch locations and two loan production offices, which re-opened as CBB locations on January 10, 2022. As a result of the consolidation of two branches during the second quarter of 2022, five branch locations remain from this acquisition. The total fair value of assets acquired approximated $ 1.38 billion in total assets, including $ 329.0 million of cash and cash equivalents, net of cash paid, $ 131.1 million of investment securities, $ 765.9 million in net loans, $ 6.1 million in premises and equipment, $ 9.0 million in BOLI, and $ 33.7 million in other assets. The purchased credit deteriorated (“PCD”) loans were recorded at a fair value of $ 224.7 million, which was net of a discount of $ 13.1 million including a credit discount of $ 8.6 million. The assets acquired also include a core deposit intangible of $ 3.9 million and non-tax deductible goodwill of $ 102.1 million. Goodwill from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The total fair value of liabilities assumed was $ 1.19 billion, which included $ 512.8 million of noninterest-bearing deposits and $ 669.8 million of interest-bearing deposits, and $ 6.2 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of January 7, 2022. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. These fair values are estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. For the assets acquired and liabilities assumed, the Company considers the fair value of the net loans and the related deferred tax asset to be provisional, specifically the PCD loans, while the Company obtains additional information relevant to the fair value. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. Supplementary pro forma financial information related to the acquisition is not included because the impact to the Company's consolidated statements of income is not material. For the nine months ended September 30, 2022 , the Company incurred non-recurring merger related expenses associated with the Suncrest acquisition of $ 6.0 million. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. Investment securities are classified as either available-for-sale securities or held-to-maturity securities. The fair value is 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. Rising interest rates over the last nine months have resulted in declines in fair value for the majority of our investment securities, as reflected in the total unrealized holding loss in the following table. September 30, 2022 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 $ 3,288,484 $ 30 $ ( 448,585 ) $ 2,839,929 85.49 % CMO/REMIC 545,638 - ( 89,248 ) 456,390 13.74 % Municipal bonds 27,140 47 ( 2,636 ) 24,551 0.74 % Other securities 954 - - 954 0.03 % Total available-for-sale securities $ 3,862,216 $ 77 $ ( 540,469 ) $ 3,321,824 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 555,777 $ - $ ( 113,547 ) $ 442,230 21.73 % Mortgage-backed securities 718,908 - ( 111,359 ) 607,549 28.10 % CMO/REMIC 839,971 - ( 117,948 ) 722,023 32.84 % Municipal bonds 443,266 8 ( 64,088 ) 379,186 17.33 % Total held-to-maturity securities $ 2,557,922 $ 8 $ ( 406,942 ) $ 2,150,988 100.00 % December 31, 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 $ 2,553,246 $ 25,873 $ ( 15,905 ) $ 2,563,214 80.50 % CMO/REMIC 602,555 1,586 ( 13,983 ) 590,158 18.53 % Municipal bonds 28,365 1,103 - 29,468 0.93 % Other securities 1,083 - - 1,083 0.04 % Total available-for-sale securities $ 3,185,249 $ 28,562 $ ( 29,888 ) $ 3,183,923 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 576,899 $ 5,907 $ ( 7,312 ) $ 575,494 29.95 % Mortgage-backed securities 647,390 4,109 ( 6,106 ) 645,393 33.61 % CMO/REMIC 490,670 596 ( 5,030 ) 486,236 25.48 % Municipal bonds 211,011 4,714 ( 1,155 ) 214,570 10.96 % Total held-to-maturity securities $ 1,925,970 $ 15,326 $ ( 19,603 ) $ 1,921,693 100.00 % The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from federal income tax. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 18,371 $ 9,630 $ 47,883 $ 27,824 Tax-advantaged 172 183 534 558 Total interest income from available-for-sale securities 18,543 9,813 48,417 28,382 Investment securities held-to-maturity: Taxable 10,845 4,099 29,927 10,917 Tax-advantaged 1,989 1,089 5,284 3,341 Total interest income from held-to-maturity securities 12,834 5,188 35,211 14,258 Total interest income from investment securities $ 31,377 $ 15,001 $ 83,628 $ 42,640 Approximately 92 % of the total investment securities portfolio at September 30, 2022 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 CECL model was zero at September 30, 2022 and December 31, 2021. 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 available-for-sale ("AFS") and held-to-maturity ("HTM") securities. Management determined that there were no credit losses for securities in an unrealized loss position as of September 30, 2022 and December 31, 2021. The following table presents the Company’s 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, 2022 and December 31, 2021. September 30, 2022 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 $ 1,889,658 $ ( 248,476 ) $ 948,800 $ ( 200,109 ) $ 2,838,458 $ ( 448,585 ) CMO/REMIC 59,884 ( 4,693 ) 396,503 ( 84,555 ) 456,387 ( 89,248 ) Municipal bonds 23,057 ( 2,636 ) - - 23,057 ( 2,636 ) Total available-for-sale securities $ 1,972,599 $ ( 255,805 ) $ 1,345,303 $ ( 284,664 ) $ 3,317,902 $ ( 540,469 ) Investment securities held-to-maturity: Government agency/GSE $ 187,453 $ ( 39,548 ) $ 254,777 $ ( 73,999 ) $ 442,230 $ ( 113,547 ) Mortgage-backed securities 505,153 ( 86,409 ) 102,395 ( 24,950 ) 607,548 ( 111,359 ) CMO/REMIC 624,470 ( 97,023 ) 97,553 ( 20,925 ) 722,023 ( 117,948 ) Municipal bonds 314,186 ( 49,463 ) 51,016 ( 14,625 ) 365,202 ( 64,088 ) Total held-to-maturity securities $ 1,631,262 $ ( 272,443 ) $ 505,741 $ ( 134,499 ) $ 2,137,003 $ ( 406,942 ) December 31, 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 $ 1,465,647 $ ( 15,099 ) $ 44,244 $ ( 806 ) $ 1,509,891 $ ( 15,905 ) CMO/REMIC 450,393 ( 11,515 ) 53,745 ( 2,468 ) 504,138 ( 13,983 ) Municipal bonds - - - - - - Total available-for-sale securities $ 1,916,040 $ ( 26,614 ) $ 97,989 $ ( 3,274 ) $ 2,014,029 $ ( 29,888 ) At September 30, 2022 and December 31, 2021, investment securities having a carrying value of approximately $ 2.31 billion and $ 2.18 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, 2022, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities have weighted average remaining contractual maturities of approximately 23 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, 2022 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 19,914 $ 19,404 $ 2,842 $ 2,823 Due after one year through five years 892,491 809,644 645,420 568,453 Due after five years through ten years 2,610,587 2,213,671 694,667 595,729 Due after ten years 339,224 279,105 1,214,993 983,983 Total investment securities $ 3,862,216 $ 3,321,824 $ 2,557,922 $ 2,150,988 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, 2022 . |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Credit Losses | 6. 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, 2022 December 31, 2021 (Dollars in thousands) Commercial real estate $ 6,685,245 $ 5,789,730 Construction 76,495 62,264 SBA 296,664 288,600 SBA - Paycheck Protection Program (PPP) 17,348 186,585 Commercial and industrial 952,231 813,063 Dairy & livestock and agribusiness 323,105 386,219 Municipal lease finance receivables 76,656 45,933 SFR mortgage 263,646 240,654 Consumer and other loans 82,746 74,665 Total loans, at amortized cost 8,774,136 7,887,713 Less: Allowance for credit losses ( 82,601 ) ( 65,019 ) Total loans and lease finance receivables, net $ 8,691,535 $ 7,822,694 As of September 30, 2022, 80.07 % of the Company’s total loan portfolio consisted of real estate loans, with commercial real estate loans representing 76.19 % 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, 2022, $ 486.4 million, or 7.28 % of the total commercial real estate loans included lo ans secured by farmland, compared to $ 364.4 million, or 6.29 %, at December 31, 2021. The loans secured by farmland included $ 136.9 million for loans secured by dairy & livestock land and $ 349.5 million for loans secured by agricultural land at September 30, 2022 , compared to $ 134.9 million for loans secured by dairy & livestock land and $ 229.5 million for loans secured by agricultural land at December 31, 2021. As of September 30, 2022 , dairy & livestock and agribusiness loans of $ 323.1 million were comprised of $ 264.7 million for dairy & livestock loans and $ 58.4 million for agribusiness loans. This compares to $ 34.5 of agribusiness loans included in the $ 386.2 million dairy & livestock and agribusiness loans as of December 31, 2021. At September 30, 2022 and December 31, 2021, loans totaling $ 4.33 b illion and $ 3.96 billion, respectively, were pledged to secure available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of September 30, 2022 and December 31, 2021. 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, including acquired Suncrest loans in the year of origination, according to our internal risk ratings as of the dates presented. Origination Year Revolving loans amortized Revolving loans converted to September 30, 2022 2022 2021 2020 2019 2018 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 1,036,048 $ 1,211,127 $ 972,387 $ 581,832 $ 522,728 $ 1,963,428 $ 177,910 $ 39,961 $ 6,505,421 Special Mention 505 11,066 10,234 19,905 24,272 77,113 1,318 - 144,413 Substandard - 3,521 15,811 429 96 15,554 - - 35,411 Doubtful & Loss - - - - - - - - - Total Commercial real $ 1,036,553 $ 1,225,714 $ 998,432 $ 602,166 $ 547,096 $ 2,056,095 $ 179,228 $ 39,961 $ 6,685,245 Construction loans: Risk Rating: Pass $ 17,931 $ 21,612 $ 14,409 $ - $ - $ - $ 17,749 $ - $ 71,701 Special Mention - - - - 4,794 - - - 4,794 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 17,931 $ 21,612 $ 14,409 $ - $ 4,794 $ - $ 17,749 $ - $ 76,495 SBA loans: Risk Rating: Pass $ 52,986 $ 56,165 $ 35,527 $ 11,580 $ 29,886 $ 100,265 $ 54 $ - $ 286,463 Special Mention - - 96 1,325 1,341 2,354 - - 5,116 Substandard - - - - 571 4,514 - - 5,085 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 52,986 $ 56,165 $ 35,623 $ 12,905 $ 31,798 $ 107,133 $ 54 $ - $ 296,664 SBA - PPP loans: Risk Rating: Pass $ - $ 13,284 $ 4,064 $ - $ - $ - $ - $ - $ 17,348 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ - $ 13,284 $ 4,064 $ - $ - $ - $ - $ - $ 17,348 Commercial and Risk Rating: Pass $ 117,792 $ 147,378 $ 87,201 $ 103,322 $ 47,588 $ 94,924 $ 315,146 $ 8,217 $ 921,568 Special Mention 3,475 745 544 1,985 486 20 12,548 1,855 21,658 Substandard - - 774 553 4,109 303 1,933 1,333 9,005 Doubtful & Loss - - - - - - - - - Total Commercial and $ 121,267 $ 148,123 $ 88,519 $ 105,860 $ 52,183 $ 95,247 $ 329,627 $ 11,405 $ 952,231 Origination Year Revolving loans amortized Revolving loans converted to September 30, 2022 2022 2021 2020 2019 2018 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,869 $ 6,902 $ 1,713 $ 926 $ 379 $ 1,254 $ 295,737 $ - $ 308,780 Special Mention 449 - - - 61 - 1,297 952 2,759 Substandard - - - - 129 212 5,822 5,403 11,566 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 2,318 $ 6,902 $ 1,713 $ 926 $ 569 $ 1,466 $ 302,856 $ 6,355 $ 323,105 Municipal lease finance Risk Rating: Pass $ 143 $ 27,134 $ 7,029 $ 4,370 $ 4,944 $ 32,549 $ - $ - $ 76,169 Special Mention - - - - - 301 - - 301 Substandard - - - - - 186 - - 186 Doubtful & Loss - - - - - - - - - Total Municipal lease $ 143 $ 27,134 $ 7,029 $ 4,370 $ 4,944 $ 33,036 $ - $ - $ 76,656 SFR mortgage loans: Risk Rating: Pass $ 55,028 $ 47,136 $ 46,057 $ 35,651 $ 16,842 $ 60,579 $ - $ - $ 261,293 Special Mention - - 948 - - - - - 948 Substandard - - - - - 1,015 - 390 1,405 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 55,028 $ 47,136 $ 47,005 $ 35,651 $ 16,842 $ 61,594 $ - $ 390 $ 263,646 Consumer and other Risk Rating: Pass $ 7,944 $ 3,946 $ 1,437 $ 1,079 $ 157 $ 1,340 $ 61,699 $ 2,929 $ 80,531 Special Mention - 631 - - - - 591 - 1,222 Substandard - - - - - 14 5 974 993 Doubtful & Loss - - - - - - - - - Total Consumer and $ 7,944 $ 4,577 $ 1,437 $ 1,079 $ 157 $ 1,354 $ 62,295 $ 3,903 $ 82,746 Total Loans: Risk Rating: Pass $ 1,289,741 $ 1,534,684 $ 1,169,824 $ 738,760 $ 622,524 $ 2,254,339 $ 868,295 $ 51,107 $ 8,529,274 Special Mention 4,429 12,442 11,822 23,215 30,954 79,788 15,754 2,807 181,211 Substandard - 3,521 16,585 982 4,905 21,798 7,760 8,100 63,651 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,294,170 $ 1,550,647 $ 1,198,231 $ 762,957 $ 658,383 $ 2,355,925 $ 891,809 $ 62,014 $ 8,774,136 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 1,137,714 $ 963,697 $ 591,202 $ 534,468 $ 484,721 $ 1,704,267 $ 156,841 $ 33,564 $ 5,606,474 Special Mention 3,133 20,640 14,477 16,097 43,262 44,045 6,970 6,800 155,424 Substandard - - 2,859 6,933 4,646 7,329 5,951 114 27,832 Doubtful & Loss - - - - - - - - - Total Commercial real $ 1,140,847 $ 984,337 $ 608,538 $ 557,498 $ 532,629 $ 1,755,641 $ 169,762 $ 40,478 $ 5,789,730 Construction loans: Risk Rating: Pass $ 10,511 $ 15,896 $ 7,236 $ - $ - $ - $ 25,262 $ - $ 58,905 Special Mention - - - 3,359 - - - - 3,359 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 10,511 $ 15,896 $ 7,236 $ 3,359 $ - $ - $ 25,262 $ - $ 62,264 SBA loans: Risk Rating: Pass $ 70,929 $ 36,468 $ 11,129 $ 36,068 $ 38,504 $ 78,527 $ - $ - $ 271,625 Special Mention - - - - 4,056 2,700 - - 6,756 Substandard - - - 785 4,092 5,342 - - 10,219 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 70,929 $ 36,468 $ 11,129 $ 36,853 $ 46,652 $ 86,569 $ - $ - $ 288,600 SBA - PPP loans: Risk Rating: Pass $ 183,614 $ 2,969 $ - $ - $ - $ - $ - $ - $ 186,583 Special Mention - - - - - - - - - Substandard - 2 - - - - - - 2 Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 183,614 $ 2,971 $ - $ - $ - $ - $ - $ - $ 186,585 Commercial and Risk Rating: Pass $ 145,494 $ 81,944 $ 126,647 $ 54,690 $ 32,455 $ 73,600 $ 267,659 $ 6,992 $ 789,481 Special Mention 1,556 1,929 127 1,396 394 26 9,369 177 14,974 Substandard 244 6 602 1,712 505 475 1,991 3,073 8,608 Doubtful & Loss - - - - - - - - - Total Commercial and $ 147,294 $ 83,879 $ 127,376 $ 57,798 $ 33,354 $ 74,101 $ 279,019 $ 10,242 $ 813,063 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,756 $ 942 $ 1,285 $ 1,035 $ 95 $ 295 $ 364,312 $ 454 $ 370,174 Special Mention 1,052 - - - - - 6,979 1,301 9,332 Substandard - - - 37 - - - 6,676 6,713 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 2,808 $ 942 $ 1,285 $ 1,072 $ 95 $ 295 $ 371,291 $ 8,431 $ 386,219 Municipal lease finance Risk Rating: Pass $ 9,310 $ 7,666 $ - $ 279 $ 9,528 $ 18,811 $ - $ - $ 45,594 Special Mention - - - - - 339 - - 339 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 9,310 $ 7,666 $ - $ 279 $ 9,528 $ 19,150 $ - $ - $ 45,933 SFR mortgage loans: Risk Rating: Pass $ 48,813 $ 49,261 $ 41,776 $ 19,877 $ 16,046 $ 61,965 $ 451 $ - $ 238,189 Special Mention 8 - - - - - - - 8 Substandard - - - - - 2,052 - 405 2,457 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 48,821 $ 49,261 $ 41,776 $ 19,877 $ 16,046 $ 64,017 $ 451 $ 405 $ 240,654 Consumer and other Risk Rating: Pass $ 5,145 $ 1,947 $ 1,415 $ 469 $ 386 $ 1,611 $ 58,060 $ 3,378 $ 72,411 Special Mention 839 - - - - 150 591 403 1,983 Substandard - - - - - 15 5 251 271 Doubtful & Loss - - - - - - - - - Total Consumer and $ 5,984 $ 1,947 $ 1,415 $ 469 $ 386 $ 1,776 $ 58,656 $ 4,032 $ 74,665 Total Loans: Risk Rating: Pass $ 1,613,286 $ 1,160,790 $ 780,690 $ 646,886 $ 581,735 $ 1,939,076 $ 872,585 $ 44,388 $ 7,639,436 Special Mention 6,588 22,569 14,604 20,852 47,712 47,260 23,909 8,681 192,175 Substandard 244 8 3,461 9,467 9,243 15,213 7,947 10,519 56,102 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,620,118 $ 1,183,367 $ 798,755 $ 677,205 $ 638,690 $ 2,001,549 $ 904,441 $ 63,588 $ 7,887,713 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 Original Loan to Value ratios ("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 Paycheck 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 Paycheck 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 included in our Annual Report on Form 10-K for the year ended December 31, 2021 for a more detailed discussion concerning the allowance for credit losses. The ACL totaled $ 82.6 million at September 30, 2022 , compared to $ 65.0 million at December 31, 2021 . As a result of the acquisition of Suncrest, we recorded a provision for credit loss of $ 4.9 million on January 7, 2022 to establish the ACL for the acquired loans that were not considered PCD. The ACL at January 7, 2022, also included $ 8.6 million for the acquired Suncrest PCD loans. The $ 17.6 million increase in the ACL from December 31, 2021 to September 30, 2022 is comprised of approximately $ 877,000 in net recoveries, the $ 8.6 million for the Suncrest PCD loans and an $ 8.1 million provision for credit losses, including the $ 4.9 million provision recorded to establish the ACL for the non-PCD loans acquired from Suncrest. At September 30, 2022 , the ACL as a percentage of total loans and leases, at amortized cost, was 0.94 %, or 0.94 % of total loans when excluding the $ 17.3 million in PPP loans. This compares to 0.82 % and 0.84 % at December 31, 2021 , respectively. Net recoveries were $ 877,000 for the nine months ended September 30, 2022 , which compares to $ 2.8 million in net charge-off s for the same period of 2021. 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 multiple downside forecasts. The baseline forecast continues to represent the largest weighting in our multi-weighted forecast scenario, with downside risks weighted among multiple forecasts. Our weighted forecast assumes GDP will increase by 0.4 % in 2023, 1.6 % for 2024 and then grow by 2.5 % in 2025. The unemployment rate is forecasted to be 5 % in 2023, 5.3 % in 2024 and then decline to 5.1 % in 2025. Management believes that the ACL was appropriate at September 30, 2022 and December 31, 2021. Due to inflationary pressures, rising interest rates and geopolitical events, 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, 2022 Ending Balance June 30, 2022 Charge-offs Recoveries Provision for (Recapture of) Ending Balance September 30, 2022 (Dollars in thousands) Commercial real estate $ 61,513 $ - $ - $ 3,392 $ 64,905 Construction 1,062 - 3 657 1,722 SBA 2,613 - 41 151 2,805 Commercial and industrial 7,194 ( 45 ) - ( 16 ) 7,133 Dairy & livestock and agribusiness 6,832 - 381 ( 2,220 ) 4,993 Municipal lease finance receivables 183 - - 56 239 SFR mortgage 254 - - 50 304 Consumer and other loans 571 ( 1 ) - ( 70 ) 500 Total allowance for credit losses $ 80,222 $ ( 46 ) $ 425 $ 2,000 $ 82,601 Three Months Ended September 30, 2021 Ending Balance June 30, 2021 Charge-offs Recoveries (Recapture of) Provision for Credit Losses Ending Balance (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 Nine months ended September 30, 2022 Ending Balance December 31, 2021 Charge-offs Recoveries Initial ACL for PCD Loans at Acquisition Provision Recorded at Acquisition Provision for (Recapture of) Credit Losses Ending Balance September 30, 2022 (Dollars in thousands) Commercial real estate $ 50,950 $ - $ - $ 5,086 $ 4,127 $ 4,742 $ 64,905 Construction 765 - 9 122 58 768 1,722 SBA 2,668 - 99 62 64 ( 88 ) 2,805 Commercial and industrial 6,669 ( 66 ) 456 500 508 ( 934 ) 7,133 Dairy & livestock and agribusiness 3,066 - 383 2,832 149 ( 1,437 ) 4,993 Municipal lease finance receivables 100 - - 3 26 110 239 SFR mortgage 188 - - - - 116 304 Consumer and other loans 613 ( 4 ) - - - ( 109 ) 500 Total allowance for credit losses $ 65,019 $ ( 70 ) $ 947 $ 8,605 $ 4,932 $ 3,168 $ 82,601 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 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, 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, 2021, 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, 2022 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 $ - $ - $ 6,686 $ 6,686 $ 2,431,460 $ 2,438,146 Non-owner occupied - - - - 4,247,099 4,247,099 Construction Speculative (1) - - - - 56,183 56,183 Non-speculative - - - - 20,312 20,312 SBA - - 880 880 295,784 296,664 SBA - PPP - - - - 17,348 17,348 Commercial and industrial 80 142 1,086 1,308 950,923 952,231 Dairy & livestock and agribusiness - - 911 911 322,194 323,105 Municipal lease finance receivables - - - - 76,656 76,656 SFR mortgage - - - - 263,646 263,646 Consumer and other loans - - 32 32 82,714 82,746 Total gross loans $ 80 $ 142 $ 9,595 $ 9,817 $ 8,764,319 $ 8,774,136 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 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 $ 438 $ - $ 3,383 $ 3,821 $ 2,127,979 $ 2,131,800 Non-owner occupied - - - - 3,657,930 3,657,930 Construction Speculative (1) - - - - 44,859 44,859 Non-speculative - - - - 17,405 17,405 SBA 417 1,145 339 1,901 286,699 288,600 SBA - PPP - - - - 186,585 186,585 Commercial and industrial - 16 1,356 1,372 811,691 813,063 Dairy & livestock and agribusiness - - - - 386,219 386,219 Municipal lease finance receivables - - - - 45,933 45,933 SFR mortgage 1,040 - - 1,040 239,614 240,654 Consumer and other loans - - 42 42 74,623 74,665 Total gross loans $ 1,895 $ 1,161 $ 5,120 $ 8,176 $ 7,879,537 $ 7,887,713 (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, 2022 and December 31, 2021 by type of loan. September 30, 2022 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 6,686 $ 6,686 $ - Non-owner occupied 19 19 - Construction Speculative (2) - - - Non-speculative - - - SBA 415 1,065 - SBA - PPP - - - Commercial and industrial 940 1,308 - Dairy & livestock and agribusiness 812 1,007 - Municipal lease finance receivables - - - SFR mortgage - - - Consumer and other loans 32 32 - Total gross loans $ 8,904 $ 10,117 $ - (1) As of September 30, 2022, $ 300,000 of nonaccruing loans were current, $ 80,000 were 30-59 days past due, $ 142,000 were 60-89 days past due, and $ 9.6 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, 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 $ 3,607 $ 3,607 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 521 1,034 - SBA - PPP - - - Commercial and industrial 1,326 1,714 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - SFR mortgage 380 380 - Consumer and other loans 158 158 - Total gross loans $ 5,992 $ 6,893 $ - (1) As of December 31, 2021 , $ 1.2 million of nonaccruing loans were current, $ 332,000 were 30-59 days past due, $ 267,000 were 60-89 days past due, and $ 5.1 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. 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, 2022 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,705 $ - $ - 7 Construction - - - - SBA 234 832 - 9 SBA - PPP - - - - Commercial and industrial 92 2,764 79 12 Dairy & livestock and agribusiness 699 17 291 4 Municipal lease finance receivables - - - - SFR mortgage - - - - Consumer and other loans 32 - - 1 Total collateral-dependent loans $ 7,762 $ 3,613 $ 370 33 December 31, 2021 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,001 $ - $ - 6 Construction - - - - SBA 405 517 112 10 SBA - PPP - - - - Commercial and industrial 688 5,133 96 19 Dairy & livestock and agribusiness - - - - Municipal lease finance receivables - - - - SFR mortgage 380 - - 2 Consumer and other loans 158 - - 2 Total collateral-dependent loans $ 7,632 $ 5,650 $ 208 39 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, 2022 . There was no provision or recapture of provision for unfunded loan commitments for the nine months ended September 30, 2022, compared to a $ 1.0 million recapture of provision for unfunded loan commitments for the nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021 , the balance in this reserve was $ 8.0 million 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, 2021 for a more detailed discussion regarding TDRs. As of September 30, 2022 , there were $ 5.8 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, 2022, performing TDRs were comprised of four commercial and industrial loans of $ 4.8 million and five SFR mortgage loans totaling $ 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, 2022 and December 31, 2021. The following table provides a summary of the activity related to TDRs for the periods presented. Three months ended Nine months ended 2022 2021 2022 2021 (Dollars in thousands) Performing TDRs: Beginning balance $ 5,198 $ 8,215 $ 5,293 $ 2,159 New modifications 3,204 - 3,204 7,096 Payoffs/payments, net and other ( 2,574 ) ( 240 ) ( 2,669 ) ( 1,280 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 5,828 $ 7,975 $ 5,828 $ 7,975 Nonperforming TDRs: Beginning balance $ - $ - $ - $ - New modifications - - - - Charge-offs - - - - Payoffs/payments, net and other - - - - TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ - $ - $ - Total TDRs $ 5,828 $ 7,975 $ 5,828 $ 7,975 The following tables summarize loans modified as TDRs for the period presented. Modifications (1) For the three months ended September 30, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 and 2021 , 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, 2022 and 2021 , respectively. 7. EARNINGS PER SHARE RECONCILIATION Basic |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 7. 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, 2022 shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 66,000 and 247,000 , respectively. 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. 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 2022 2021 2022 2021 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 64,639 $ 49,753 $ 169,257 $ 164,825 Less: Net earnings allocated to restricted stock 434 227 1,080 773 Net earnings allocated to common shareholders $ 64,205 $ 49,526 $ 168,177 $ 164,052 Weighted average shares outstanding 138,888 135,200 139,923 135,226 Basic earnings per common share $ 0.46 $ 0.37 $ 1.20 $ 1.21 Diluted earnings per common share: Net income allocated to common shareholders $ 64,205 $ 49,526 $ 168,177 $ 164,052 Weighted average shares outstanding 138,888 135,200 139,923 135,226 Incremental shares from assumed exercise of 459 184 300 215 Diluted weighted average shares outstanding 139,347 135,384 140,223 135,441 Diluted earnings per common share $ 0.46 $ 0.37 $ 1.20 $ 1.21 |
Fair Value Information
Fair Value Information | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | . 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 18 — Fair Value Information, included in our Annual Report on Form 10-K for the year ended December 31, 2021. 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 $ 2,839,929 $ - $ 2,839,929 $ - CMO/REMIC 456,390 - 456,390 - Municipal bonds 24,551 - 24,551 - Other securities 954 - 954 - Total investment securities - AFS 3,321,824 - 3,321,824 - Interest rate swaps 83 - 83 - Total assets $ 3,321,907 $ - $ 3,321,907 $ - Description of liability Interest rate swaps 83 $ - 83 $ - Total liabilities $ 83 $ - $ 83 $ - Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 2,563,214 $ - $ 2,563,214 $ - CMO/REMIC 590,158 - 590,158 - Municipal bonds 29,468 - 29,468 - Other securities 1,083 - 1,083 - Total investment securities - AFS 3,183,923 - 3,183,923 - Interest rate swaps 14,163 - 14,163 - Total assets $ 3,198,086 $ - $ 3,198,086 $ - Description of liability Interest rate swaps $ 14,163 $ - $ 14,163 $ - Total liabilities $ 14,163 $ - $ 14,163 $ - 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, 2022 and December 31, 2021 , 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 $ 2,639 $ - $ - $ 2,639 $ - Construction - - - - - SBA 279 - - 279 26 SBA - PPP - - - - 2 Commercial and industrial 270 - - 270 326 Dairy & livestock and 195 - - 195 195 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 2 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,383 $ - $ - $ 3,383 $ 551 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 646 - - 646 255 Commercial and industrial 340 - - 340 3,275 Dairy & livestock and 38 - - 38 118 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 11 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 1,024 $ - $ - $ 1,024 $ 3,659 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, 2022 and December 31, 2021, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 318,539 $ 318,539 $ - $ - $ 318,539 Interest-earning balances due from 7,594 - 7,594 - 7,594 Investment securities available-for-sale 3,321,824 - 3,321,824 - 3,321,824 Investment securities held-to-maturity 2,557,922 - 2,150,988 - 2,150,988 Total loans, net of allowance for credit 8,691,535 - - 7,981,839 7,981,839 Swaps 83 - 83 - 83 Liabilities Deposits: Interest-bearing $ 5,107,843 $ - $ 5,101,099 $ - $ 5,101,099 Borrowings 467,844 - 377,440 - 377,440 Junior subordinated debentures - - - - - Swaps 83 - 83 - 83 December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,732,548 $ 1,732,548 $ - $ - $ 1,732,548 Interest-earning balances due from 25,999 - 25,999 - 25,999 Investment securities available-for-sale 3,183,923 - 3,183,923 - 3,183,923 Investment securities held-to-maturity 1,925,970 - 1,921,693 - 1,921,693 Total loans, net of allowance for credit 7,822,694 - - 7,696,210 7,696,210 Swaps 14,163 - 14,163 - 14,163 Liabilities Deposits: Interest-bearing $ 4,872,386 $ - $ 4,871,531 $ - $ 4,871,531 Borrowings 644,669 - 586,645 - 586,645 Junior subordinated debentures - - - - - Swaps 14,163 - 14,163 - 14,163 The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2022 and December 31, 2021 . 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, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. 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, 2022 , the Bank has entered into 127 interest-rate swap agreements with customers with a notional amount totaling $ 436.9 million. The Bank then entered into identical offsetting swaps with a counterparties. 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. As LIBOR is expected to be phased out in 2023, the Bank will use multiple alternative indices as replacements for LIBOR. 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, 2022 and December 31, 2021, the total notional amount of the Company’s swaps was $ 436.9 million, and $ 493.2 million, respectively. The location of the asset and liability, and their respective fair values, ar e summarized in the tables below. September 30, 2022 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 $ 83 Other liabilities $ 83 Total derivatives $ 83 $ 83 December 31, 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 $ 14,163 Other liabilities $ 14,163 Total derivatives $ 14,163 $ 14,163 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 2022 2021 2022 2021 (Dollars in thousands) Interest rate swaps Other income $ - $ 167 $ - $ 382 Total $ - $ 167 $ - $ 382 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income | 10. 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, 2022 2021 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 $ ( 194,111 ) $ 57,386 $ ( 136,725 ) $ ( 14,515 ) $ 4,291 $ ( 10,224 ) Amortization of net unrealized losses on securities 95 ( 28 ) 67 72 ( 21 ) 51 Net change $ ( 194,016 ) $ 57,358 $ ( 136,658 ) $ ( 14,443 ) $ 4,270 $ ( 10,173 ) Nine Months Ended September 30, 2022 2021 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 $ ( 539,066 ) $ 159,367 $ ( 379,699 ) $ ( 45,989 ) $ 13,596 $ ( 32,393 ) Amortization of net unrealized losses on securities 242 ( 72 ) 170 173 ( 51 ) 122 Net change $ ( 538,825 ) $ 159,296 $ ( 379,529 ) $ ( 45,816 ) $ 13,545 $ ( 32,271 ) |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 11. 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, 2022 Financial assets: Derivatives not designated as $ 83 $ - $ - $ 83 $ - $ 83 Total $ 83 $ - $ - $ 83 $ - $ 83 Financial liabilities: Derivatives not designated as $ 57,776 $ ( 57,693 ) $ 83 $ 57,693 $ ( 16,346 ) $ 41,430 Repurchase agreements 467,844 - 467,844 - ( 603,609 ) ( 135,765 ) Total $ 525,620 $ ( 57,693 ) $ 467,927 $ 57,693 $ ( 619,955 ) $ ( 94,335 ) December 31, 2021 Financial assets: Derivatives not designated as $ 14,163 $ - $ - $ 14,163 $ - $ 14,163 Total $ 14,163 $ - $ - $ 14,163 $ - $ 14,163 Financial liabilities: Derivatives not designated as $ 23,502 $ ( 9,339 ) $ 14,163 $ 9,339 $ ( 37,285 ) $ ( 13,783 ) Repurchase agreements 642,388 - 642,388 - ( 683,923 ) ( 41,535 ) Total $ 665,890 $ ( 9,339 ) $ 656,551 $ 9,339 $ ( 721,208 ) $ ( 55,318 ) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 12. 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 $ 23,560 $ 19,274 Total lease liabilities 25,092 20,864 Three months ended Nine months ended 2022 2021 2022 2021 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,846 $ 1,634 $ 5,541 $ 4,977 Sublease income - - - - Total lease expense $ 1,846 $ 1,634 $ 5,541 $ 4,977 (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 $ 1,882 $ 1,700 $ 5,593 $ 5,364 September 30, December 31, Lease Term and Discount Rate Weighted average remaining lease term 4.24 4.26 Weighted average discount rate 2.72 % 2.41 % The Company’s lease arrangements that have not yet commenced as of September 30, 2022 and the Company’s short-term lease costs and variable lease costs, for the nine months ended September 30, 2022 and 2021 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, 2022, excluding property taxes and insurance, are as follows: September 30, 2022 (Dollars in thousands) Year: 2022 (excluding the nine months ended September 30, 2022) $ 1,794 2023 6,964 2024 5,849 2025 5,085 2026 3,851 Thereafter 3,093 Total future lease payments 26,636 Less: Imputed interest ( 1,544 ) Present value of lease liabilities $ 25,092 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 13. REVENUE RECOGNITION The following table 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 2022 2021 2022 2021 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,233 $ 4,513 $ 15,625 $ 12,667 Trust and investment services 2,867 2,681 8,651 8,459 Bankcard services 376 479 1,102 1,362 Gain on OREO, net - - - 477 Other 1,127 1,581 8,207 4,753 Noninterest Income (in-scope of Topic 606) 9,603 9,254 33,585 27,718 Noninterest Income (out-of-scope of Topic 606) 1,987 1,229 3,939 7,282 Total noninterest income $ 11,590 $ 10,483 $ 37,524 $ 35,000 Refer to Note 3 – Summary of Significant Accounting Policies and Note 23 – Revenue Recognition, included in our Annual Report on Form 10-K for the year ended December 31, 2021 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, 2022 | |
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, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | September 30, 2022 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 $ 3,288,484 $ 30 $ ( 448,585 ) $ 2,839,929 85.49 % CMO/REMIC 545,638 - ( 89,248 ) 456,390 13.74 % Municipal bonds 27,140 47 ( 2,636 ) 24,551 0.74 % Other securities 954 - - 954 0.03 % Total available-for-sale securities $ 3,862,216 $ 77 $ ( 540,469 ) $ 3,321,824 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 555,777 $ - $ ( 113,547 ) $ 442,230 21.73 % Mortgage-backed securities 718,908 - ( 111,359 ) 607,549 28.10 % CMO/REMIC 839,971 - ( 117,948 ) 722,023 32.84 % Municipal bonds 443,266 8 ( 64,088 ) 379,186 17.33 % Total held-to-maturity securities $ 2,557,922 $ 8 $ ( 406,942 ) $ 2,150,988 100.00 % December 31, 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 $ 2,553,246 $ 25,873 $ ( 15,905 ) $ 2,563,214 80.50 % CMO/REMIC 602,555 1,586 ( 13,983 ) 590,158 18.53 % Municipal bonds 28,365 1,103 - 29,468 0.93 % Other securities 1,083 - - 1,083 0.04 % Total available-for-sale securities $ 3,185,249 $ 28,562 $ ( 29,888 ) $ 3,183,923 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 576,899 $ 5,907 $ ( 7,312 ) $ 575,494 29.95 % Mortgage-backed securities 647,390 4,109 ( 6,106 ) 645,393 33.61 % CMO/REMIC 490,670 596 ( 5,030 ) 486,236 25.48 % Municipal bonds 211,011 4,714 ( 1,155 ) 214,570 10.96 % Total held-to-maturity securities $ 1,925,970 $ 15,326 $ ( 19,603 ) $ 1,921,693 100.00 % |
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 federal income tax. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 18,371 $ 9,630 $ 47,883 $ 27,824 Tax-advantaged 172 183 534 558 Total interest income from available-for-sale securities 18,543 9,813 48,417 28,382 Investment securities held-to-maturity: Taxable 10,845 4,099 29,927 10,917 Tax-advantaged 1,989 1,089 5,284 3,341 Total interest income from held-to-maturity securities 12,834 5,188 35,211 14,258 Total interest income from investment securities $ 31,377 $ 15,001 $ 83,628 $ 42,640 |
Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s 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, 2022 and December 31, 2021. September 30, 2022 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 $ 1,889,658 $ ( 248,476 ) $ 948,800 $ ( 200,109 ) $ 2,838,458 $ ( 448,585 ) CMO/REMIC 59,884 ( 4,693 ) 396,503 ( 84,555 ) 456,387 ( 89,248 ) Municipal bonds 23,057 ( 2,636 ) - - 23,057 ( 2,636 ) Total available-for-sale securities $ 1,972,599 $ ( 255,805 ) $ 1,345,303 $ ( 284,664 ) $ 3,317,902 $ ( 540,469 ) Investment securities held-to-maturity: Government agency/GSE $ 187,453 $ ( 39,548 ) $ 254,777 $ ( 73,999 ) $ 442,230 $ ( 113,547 ) Mortgage-backed securities 505,153 ( 86,409 ) 102,395 ( 24,950 ) 607,548 ( 111,359 ) CMO/REMIC 624,470 ( 97,023 ) 97,553 ( 20,925 ) 722,023 ( 117,948 ) Municipal bonds 314,186 ( 49,463 ) 51,016 ( 14,625 ) 365,202 ( 64,088 ) Total held-to-maturity securities $ 1,631,262 $ ( 272,443 ) $ 505,741 $ ( 134,499 ) $ 2,137,003 $ ( 406,942 ) December 31, 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 $ 1,465,647 $ ( 15,099 ) $ 44,244 $ ( 806 ) $ 1,509,891 $ ( 15,905 ) CMO/REMIC 450,393 ( 11,515 ) 53,745 ( 2,468 ) 504,138 ( 13,983 ) Municipal bonds - - - - - - Total available-for-sale securities $ 1,916,040 $ ( 26,614 ) $ 97,989 $ ( 3,274 ) $ 2,014,029 $ ( 29,888 ) |
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, 2022 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 19,914 $ 19,404 $ 2,842 $ 2,823 Due after one year through five years 892,491 809,644 645,420 568,453 Due after five years through ten years 2,610,587 2,213,671 694,667 595,729 Due after ten years 339,224 279,105 1,214,993 983,983 Total investment securities $ 3,862,216 $ 3,321,824 $ 2,557,922 $ 2,150,988 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 (Dollars in thousands) Commercial real estate $ 6,685,245 $ 5,789,730 Construction 76,495 62,264 SBA 296,664 288,600 SBA - Paycheck Protection Program (PPP) 17,348 186,585 Commercial and industrial 952,231 813,063 Dairy & livestock and agribusiness 323,105 386,219 Municipal lease finance receivables 76,656 45,933 SFR mortgage 263,646 240,654 Consumer and other loans 82,746 74,665 Total loans, at amortized cost 8,774,136 7,887,713 Less: Allowance for credit losses ( 82,601 ) ( 65,019 ) Total loans and lease finance receivables, net $ 8,691,535 $ 7,822,694 |
Summary of loans by type and origination year, according to our internal risk ratings | Origination Year Revolving loans amortized Revolving loans converted to September 30, 2022 2022 2021 2020 2019 2018 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 1,036,048 $ 1,211,127 $ 972,387 $ 581,832 $ 522,728 $ 1,963,428 $ 177,910 $ 39,961 $ 6,505,421 Special Mention 505 11,066 10,234 19,905 24,272 77,113 1,318 - 144,413 Substandard - 3,521 15,811 429 96 15,554 - - 35,411 Doubtful & Loss - - - - - - - - - Total Commercial real $ 1,036,553 $ 1,225,714 $ 998,432 $ 602,166 $ 547,096 $ 2,056,095 $ 179,228 $ 39,961 $ 6,685,245 Construction loans: Risk Rating: Pass $ 17,931 $ 21,612 $ 14,409 $ - $ - $ - $ 17,749 $ - $ 71,701 Special Mention - - - - 4,794 - - - 4,794 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 17,931 $ 21,612 $ 14,409 $ - $ 4,794 $ - $ 17,749 $ - $ 76,495 SBA loans: Risk Rating: Pass $ 52,986 $ 56,165 $ 35,527 $ 11,580 $ 29,886 $ 100,265 $ 54 $ - $ 286,463 Special Mention - - 96 1,325 1,341 2,354 - - 5,116 Substandard - - - - 571 4,514 - - 5,085 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 52,986 $ 56,165 $ 35,623 $ 12,905 $ 31,798 $ 107,133 $ 54 $ - $ 296,664 SBA - PPP loans: Risk Rating: Pass $ - $ 13,284 $ 4,064 $ - $ - $ - $ - $ - $ 17,348 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ - $ 13,284 $ 4,064 $ - $ - $ - $ - $ - $ 17,348 Commercial and Risk Rating: Pass $ 117,792 $ 147,378 $ 87,201 $ 103,322 $ 47,588 $ 94,924 $ 315,146 $ 8,217 $ 921,568 Special Mention 3,475 745 544 1,985 486 20 12,548 1,855 21,658 Substandard - - 774 553 4,109 303 1,933 1,333 9,005 Doubtful & Loss - - - - - - - - - Total Commercial and $ 121,267 $ 148,123 $ 88,519 $ 105,860 $ 52,183 $ 95,247 $ 329,627 $ 11,405 $ 952,231 Origination Year Revolving loans amortized Revolving loans converted to September 30, 2022 2022 2021 2020 2019 2018 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,869 $ 6,902 $ 1,713 $ 926 $ 379 $ 1,254 $ 295,737 $ - $ 308,780 Special Mention 449 - - - 61 - 1,297 952 2,759 Substandard - - - - 129 212 5,822 5,403 11,566 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 2,318 $ 6,902 $ 1,713 $ 926 $ 569 $ 1,466 $ 302,856 $ 6,355 $ 323,105 Municipal lease finance Risk Rating: Pass $ 143 $ 27,134 $ 7,029 $ 4,370 $ 4,944 $ 32,549 $ - $ - $ 76,169 Special Mention - - - - - 301 - - 301 Substandard - - - - - 186 - - 186 Doubtful & Loss - - - - - - - - - Total Municipal lease $ 143 $ 27,134 $ 7,029 $ 4,370 $ 4,944 $ 33,036 $ - $ - $ 76,656 SFR mortgage loans: Risk Rating: Pass $ 55,028 $ 47,136 $ 46,057 $ 35,651 $ 16,842 $ 60,579 $ - $ - $ 261,293 Special Mention - - 948 - - - - - 948 Substandard - - - - - 1,015 - 390 1,405 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 55,028 $ 47,136 $ 47,005 $ 35,651 $ 16,842 $ 61,594 $ - $ 390 $ 263,646 Consumer and other Risk Rating: Pass $ 7,944 $ 3,946 $ 1,437 $ 1,079 $ 157 $ 1,340 $ 61,699 $ 2,929 $ 80,531 Special Mention - 631 - - - - 591 - 1,222 Substandard - - - - - 14 5 974 993 Doubtful & Loss - - - - - - - - - Total Consumer and $ 7,944 $ 4,577 $ 1,437 $ 1,079 $ 157 $ 1,354 $ 62,295 $ 3,903 $ 82,746 Total Loans: Risk Rating: Pass $ 1,289,741 $ 1,534,684 $ 1,169,824 $ 738,760 $ 622,524 $ 2,254,339 $ 868,295 $ 51,107 $ 8,529,274 Special Mention 4,429 12,442 11,822 23,215 30,954 79,788 15,754 2,807 181,211 Substandard - 3,521 16,585 982 4,905 21,798 7,760 8,100 63,651 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,294,170 $ 1,550,647 $ 1,198,231 $ 762,957 $ 658,383 $ 2,355,925 $ 891,809 $ 62,014 $ 8,774,136 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 1,137,714 $ 963,697 $ 591,202 $ 534,468 $ 484,721 $ 1,704,267 $ 156,841 $ 33,564 $ 5,606,474 Special Mention 3,133 20,640 14,477 16,097 43,262 44,045 6,970 6,800 155,424 Substandard - - 2,859 6,933 4,646 7,329 5,951 114 27,832 Doubtful & Loss - - - - - - - - - Total Commercial real $ 1,140,847 $ 984,337 $ 608,538 $ 557,498 $ 532,629 $ 1,755,641 $ 169,762 $ 40,478 $ 5,789,730 Construction loans: Risk Rating: Pass $ 10,511 $ 15,896 $ 7,236 $ - $ - $ - $ 25,262 $ - $ 58,905 Special Mention - - - 3,359 - - - - 3,359 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction $ 10,511 $ 15,896 $ 7,236 $ 3,359 $ - $ - $ 25,262 $ - $ 62,264 SBA loans: Risk Rating: Pass $ 70,929 $ 36,468 $ 11,129 $ 36,068 $ 38,504 $ 78,527 $ - $ - $ 271,625 Special Mention - - - - 4,056 2,700 - - 6,756 Substandard - - - 785 4,092 5,342 - - 10,219 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 70,929 $ 36,468 $ 11,129 $ 36,853 $ 46,652 $ 86,569 $ - $ - $ 288,600 SBA - PPP loans: Risk Rating: Pass $ 183,614 $ 2,969 $ - $ - $ - $ - $ - $ - $ 186,583 Special Mention - - - - - - - - - Substandard - 2 - - - - - - 2 Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 183,614 $ 2,971 $ - $ - $ - $ - $ - $ - $ 186,585 Commercial and Risk Rating: Pass $ 145,494 $ 81,944 $ 126,647 $ 54,690 $ 32,455 $ 73,600 $ 267,659 $ 6,992 $ 789,481 Special Mention 1,556 1,929 127 1,396 394 26 9,369 177 14,974 Substandard 244 6 602 1,712 505 475 1,991 3,073 8,608 Doubtful & Loss - - - - - - - - - Total Commercial and $ 147,294 $ 83,879 $ 127,376 $ 57,798 $ 33,354 $ 74,101 $ 279,019 $ 10,242 $ 813,063 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 1,756 $ 942 $ 1,285 $ 1,035 $ 95 $ 295 $ 364,312 $ 454 $ 370,174 Special Mention 1,052 - - - - - 6,979 1,301 9,332 Substandard - - - 37 - - - 6,676 6,713 Doubtful & Loss - - - - - - - - - Total Dairy & livestock $ 2,808 $ 942 $ 1,285 $ 1,072 $ 95 $ 295 $ 371,291 $ 8,431 $ 386,219 Municipal lease finance Risk Rating: Pass $ 9,310 $ 7,666 $ - $ 279 $ 9,528 $ 18,811 $ - $ - $ 45,594 Special Mention - - - - - 339 - - 339 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease $ 9,310 $ 7,666 $ - $ 279 $ 9,528 $ 19,150 $ - $ - $ 45,933 SFR mortgage loans: Risk Rating: Pass $ 48,813 $ 49,261 $ 41,776 $ 19,877 $ 16,046 $ 61,965 $ 451 $ - $ 238,189 Special Mention 8 - - - - - - - 8 Substandard - - - - - 2,052 - 405 2,457 Doubtful & Loss - - - - - - - - - Total SFR mortgage $ 48,821 $ 49,261 $ 41,776 $ 19,877 $ 16,046 $ 64,017 $ 451 $ 405 $ 240,654 Consumer and other Risk Rating: Pass $ 5,145 $ 1,947 $ 1,415 $ 469 $ 386 $ 1,611 $ 58,060 $ 3,378 $ 72,411 Special Mention 839 - - - - 150 591 403 1,983 Substandard - - - - - 15 5 251 271 Doubtful & Loss - - - - - - - - - Total Consumer and $ 5,984 $ 1,947 $ 1,415 $ 469 $ 386 $ 1,776 $ 58,656 $ 4,032 $ 74,665 Total Loans: Risk Rating: Pass $ 1,613,286 $ 1,160,790 $ 780,690 $ 646,886 $ 581,735 $ 1,939,076 $ 872,585 $ 44,388 $ 7,639,436 Special Mention 6,588 22,569 14,604 20,852 47,712 47,260 23,909 8,681 192,175 Substandard 244 8 3,461 9,467 9,243 15,213 7,947 10,519 56,102 Doubtful & Loss - - - - - - - - - Total Loans: $ 1,620,118 $ 1,183,367 $ 798,755 $ 677,205 $ 638,690 $ 2,001,549 $ 904,441 $ 63,588 $ 7,887,713 |
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, 2022 Ending Balance June 30, 2022 Charge-offs Recoveries Provision for (Recapture of) Ending Balance September 30, 2022 (Dollars in thousands) Commercial real estate $ 61,513 $ - $ - $ 3,392 $ 64,905 Construction 1,062 - 3 657 1,722 SBA 2,613 - 41 151 2,805 Commercial and industrial 7,194 ( 45 ) - ( 16 ) 7,133 Dairy & livestock and agribusiness 6,832 - 381 ( 2,220 ) 4,993 Municipal lease finance receivables 183 - - 56 239 SFR mortgage 254 - - 50 304 Consumer and other loans 571 ( 1 ) - ( 70 ) 500 Total allowance for credit losses $ 80,222 $ ( 46 ) $ 425 $ 2,000 $ 82,601 Three Months Ended September 30, 2021 Ending Balance June 30, 2021 Charge-offs Recoveries (Recapture of) Provision for Credit Losses Ending Balance (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 Nine months ended September 30, 2022 Ending Balance December 31, 2021 Charge-offs Recoveries Initial ACL for PCD Loans at Acquisition Provision Recorded at Acquisition Provision for (Recapture of) Credit Losses Ending Balance September 30, 2022 (Dollars in thousands) Commercial real estate $ 50,950 $ - $ - $ 5,086 $ 4,127 $ 4,742 $ 64,905 Construction 765 - 9 122 58 768 1,722 SBA 2,668 - 99 62 64 ( 88 ) 2,805 Commercial and industrial 6,669 ( 66 ) 456 500 508 ( 934 ) 7,133 Dairy & livestock and agribusiness 3,066 - 383 2,832 149 ( 1,437 ) 4,993 Municipal lease finance receivables 100 - - 3 26 110 239 SFR mortgage 188 - - - - 116 304 Consumer and other loans 613 ( 4 ) - - - ( 109 ) 500 Total allowance for credit losses $ 65,019 $ ( 70 ) $ 947 $ 8,605 $ 4,932 $ 3,168 $ 82,601 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 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, 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, 2021, 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, 2022 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 $ - $ - $ 6,686 $ 6,686 $ 2,431,460 $ 2,438,146 Non-owner occupied - - - - 4,247,099 4,247,099 Construction Speculative (1) - - - - 56,183 56,183 Non-speculative - - - - 20,312 20,312 SBA - - 880 880 295,784 296,664 SBA - PPP - - - - 17,348 17,348 Commercial and industrial 80 142 1,086 1,308 950,923 952,231 Dairy & livestock and agribusiness - - 911 911 322,194 323,105 Municipal lease finance receivables - - - - 76,656 76,656 SFR mortgage - - - - 263,646 263,646 Consumer and other loans - - 32 32 82,714 82,746 Total gross loans $ 80 $ 142 $ 9,595 $ 9,817 $ 8,764,319 $ 8,774,136 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 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 $ 438 $ - $ 3,383 $ 3,821 $ 2,127,979 $ 2,131,800 Non-owner occupied - - - - 3,657,930 3,657,930 Construction Speculative (1) - - - - 44,859 44,859 Non-speculative - - - - 17,405 17,405 SBA 417 1,145 339 1,901 286,699 288,600 SBA - PPP - - - - 186,585 186,585 Commercial and industrial - 16 1,356 1,372 811,691 813,063 Dairy & livestock and agribusiness - - - - 386,219 386,219 Municipal lease finance receivables - - - - 45,933 45,933 SFR mortgage 1,040 - - 1,040 239,614 240,654 Consumer and other loans - - 42 42 74,623 74,665 Total gross loans $ 1,895 $ 1,161 $ 5,120 $ 8,176 $ 7,879,537 $ 7,887,713 (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, 2022 and December 31, 2021 by type of loan. September 30, 2022 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 6,686 $ 6,686 $ - Non-owner occupied 19 19 - Construction Speculative (2) - - - Non-speculative - - - SBA 415 1,065 - SBA - PPP - - - Commercial and industrial 940 1,308 - Dairy & livestock and agribusiness 812 1,007 - Municipal lease finance receivables - - - SFR mortgage - - - Consumer and other loans 32 32 - Total gross loans $ 8,904 $ 10,117 $ - (1) As of September 30, 2022, $ 300,000 of nonaccruing loans were current, $ 80,000 were 30-59 days past due, $ 142,000 were 60-89 days past due, and $ 9.6 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, 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 $ 3,607 $ 3,607 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 521 1,034 - SBA - PPP - - - Commercial and industrial 1,326 1,714 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - SFR mortgage 380 380 - Consumer and other loans 158 158 - Total gross loans $ 5,992 $ 6,893 $ - (1) As of December 31, 2021 , $ 1.2 million of nonaccruing loans were current, $ 332,000 were 30-59 days past due, $ 267,000 were 60-89 days past due, and $ 5.1 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. 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, 2022 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,705 $ - $ - 7 Construction - - - - SBA 234 832 - 9 SBA - PPP - - - - Commercial and industrial 92 2,764 79 12 Dairy & livestock and agribusiness 699 17 291 4 Municipal lease finance receivables - - - - SFR mortgage - - - - Consumer and other loans 32 - - 1 Total collateral-dependent loans $ 7,762 $ 3,613 $ 370 33 December 31, 2021 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,001 $ - $ - 6 Construction - - - - SBA 405 517 112 10 SBA - PPP - - - - Commercial and industrial 688 5,133 96 19 Dairy & livestock and agribusiness - - - - Municipal lease finance receivables - - - - SFR mortgage 380 - - 2 Consumer and other loans 158 - - 2 Total collateral-dependent loans $ 7,632 $ 5,650 $ 208 39 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, 2022 . There was no provision or recapture of provision for unfunded loan commitments for the nine months ended September 30, 2022, compared to a $ 1.0 million recapture of provision for unfunded loan commitments for the nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021 , the balance in this reserve was $ 8.0 million 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, 2021 for a more detailed discussion regarding TDRs. As of September 30, 2022 , there were $ 5.8 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, 2022, performing TDRs were comprised of four commercial and industrial loans of $ 4.8 million and five SFR mortgage loans totaling $ 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, 2022 and December 31, 2021. The following table provides a summary of the activity related to TDRs for the periods presented. Three months ended Nine months ended 2022 2021 2022 2021 (Dollars in thousands) Performing TDRs: Beginning balance $ 5,198 $ 8,215 $ 5,293 $ 2,159 New modifications 3,204 - 3,204 7,096 Payoffs/payments, net and other ( 2,574 ) ( 240 ) ( 2,669 ) ( 1,280 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 5,828 $ 7,975 $ 5,828 $ 7,975 Nonperforming TDRs: Beginning balance $ - $ - $ - $ - New modifications - - - - Charge-offs - - - - Payoffs/payments, net and other - - - - TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ - $ - $ - Total TDRs $ 5,828 $ 7,975 $ 5,828 $ 7,975 The following tables summarize loans modified as TDRs for the period presented. Modifications (1) For the three months ended September 30, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 and 2021 , 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, 2022 and 2021 , respectively. |
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, 2022 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 $ - $ - $ 6,686 $ 6,686 $ 2,431,460 $ 2,438,146 Non-owner occupied - - - - 4,247,099 4,247,099 Construction Speculative (1) - - - - 56,183 56,183 Non-speculative - - - - 20,312 20,312 SBA - - 880 880 295,784 296,664 SBA - PPP - - - - 17,348 17,348 Commercial and industrial 80 142 1,086 1,308 950,923 952,231 Dairy & livestock and agribusiness - - 911 911 322,194 323,105 Municipal lease finance receivables - - - - 76,656 76,656 SFR mortgage - - - - 263,646 263,646 Consumer and other loans - - 32 32 82,714 82,746 Total gross loans $ 80 $ 142 $ 9,595 $ 9,817 $ 8,764,319 $ 8,774,136 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 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 $ 438 $ - $ 3,383 $ 3,821 $ 2,127,979 $ 2,131,800 Non-owner occupied - - - - 3,657,930 3,657,930 Construction Speculative (1) - - - - 44,859 44,859 Non-speculative - - - - 17,405 17,405 SBA 417 1,145 339 1,901 286,699 288,600 SBA - PPP - - - - 186,585 186,585 Commercial and industrial - 16 1,356 1,372 811,691 813,063 Dairy & livestock and agribusiness - - - - 386,219 386,219 Municipal lease finance receivables - - - - 45,933 45,933 SFR mortgage 1,040 - - 1,040 239,614 240,654 Consumer and other loans - - 42 42 74,623 74,665 Total gross loans $ 1,895 $ 1,161 $ 5,120 $ 8,176 $ 7,879,537 $ 7,887,713 (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, 2022 and December 31, 2021 by type of loan. September 30, 2022 Nonaccrual with No Allowance for Credit Losses Total Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 6,686 $ 6,686 $ - Non-owner occupied 19 19 - Construction Speculative (2) - - - Non-speculative - - - SBA 415 1,065 - SBA - PPP - - - Commercial and industrial 940 1,308 - Dairy & livestock and agribusiness 812 1,007 - Municipal lease finance receivables - - - SFR mortgage - - - Consumer and other loans 32 32 - Total gross loans $ 8,904 $ 10,117 $ - (1) As of September 30, 2022, $ 300,000 of nonaccruing loans were current, $ 80,000 were 30-59 days past due, $ 142,000 were 60-89 days past due, and $ 9.6 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, 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 $ 3,607 $ 3,607 $ - Non-owner occupied - - - Construction Speculative (2) - - - Non-speculative - - - SBA 521 1,034 - SBA - PPP - - - Commercial and industrial 1,326 1,714 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - SFR mortgage 380 380 - Consumer and other loans 158 158 - Total gross loans $ 5,992 $ 6,893 $ - (1) As of December 31, 2021 , $ 1.2 million of nonaccruing loans were current, $ 332,000 were 30-59 days past due, $ 267,000 were 60-89 days past due, and $ 5.1 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. |
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, 2022 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,705 $ - $ - 7 Construction - - - - SBA 234 832 - 9 SBA - PPP - - - - Commercial and industrial 92 2,764 79 12 Dairy & livestock and agribusiness 699 17 291 4 Municipal lease finance receivables - - - - SFR mortgage - - - - Consumer and other loans 32 - - 1 Total collateral-dependent loans $ 7,762 $ 3,613 $ 370 33 December 31, 2021 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 6,001 $ - $ - 6 Construction - - - - SBA 405 517 112 10 SBA - PPP - - - - Commercial and industrial 688 5,133 96 19 Dairy & livestock and agribusiness - - - - Municipal lease finance receivables - - - - SFR mortgage 380 - - 2 Consumer and other loans 158 - - 2 Total collateral-dependent loans $ 7,632 $ 5,650 $ 208 39 |
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 2022 2021 2022 2021 (Dollars in thousands) Performing TDRs: Beginning balance $ 5,198 $ 8,215 $ 5,293 $ 2,159 New modifications 3,204 - 3,204 7,096 Payoffs/payments, net and other ( 2,574 ) ( 240 ) ( 2,669 ) ( 1,280 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 5,828 $ 7,975 $ 5,828 $ 7,975 Nonperforming TDRs: Beginning balance $ - $ - $ - $ - New modifications - - - - Charge-offs - - - - Payoffs/payments, net and other - - - - TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ - $ - $ - Total TDRs $ 5,828 $ 7,975 $ 5,828 $ 7,975 |
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, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Outstanding Recorded Investment at September 30, 2022 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 2 3,204 3,204 3,204 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period - - - - - Total loans 2 $ 3,204 $ 3,204 $ 3,204 $ - 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, 2022 | |
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 2022 2021 2022 2021 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 64,639 $ 49,753 $ 169,257 $ 164,825 Less: Net earnings allocated to restricted stock 434 227 1,080 773 Net earnings allocated to common shareholders $ 64,205 $ 49,526 $ 168,177 $ 164,052 Weighted average shares outstanding 138,888 135,200 139,923 135,226 Basic earnings per common share $ 0.46 $ 0.37 $ 1.20 $ 1.21 Diluted earnings per common share: Net income allocated to common shareholders $ 64,205 $ 49,526 $ 168,177 $ 164,052 Weighted average shares outstanding 138,888 135,200 139,923 135,226 Incremental shares from assumed exercise of 459 184 300 215 Diluted weighted average shares outstanding 139,347 135,384 140,223 135,441 Diluted earnings per common share $ 0.46 $ 0.37 $ 1.20 $ 1.21 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 2,839,929 $ - $ 2,839,929 $ - CMO/REMIC 456,390 - 456,390 - Municipal bonds 24,551 - 24,551 - Other securities 954 - 954 - Total investment securities - AFS 3,321,824 - 3,321,824 - Interest rate swaps 83 - 83 - Total assets $ 3,321,907 $ - $ 3,321,907 $ - Description of liability Interest rate swaps 83 $ - 83 $ - Total liabilities $ 83 $ - $ 83 $ - Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 2,563,214 $ - $ 2,563,214 $ - CMO/REMIC 590,158 - 590,158 - Municipal bonds 29,468 - 29,468 - Other securities 1,083 - 1,083 - Total investment securities - AFS 3,183,923 - 3,183,923 - Interest rate swaps 14,163 - 14,163 - Total assets $ 3,198,086 $ - $ 3,198,086 $ - Description of liability Interest rate swaps $ 14,163 $ - $ 14,163 $ - Total liabilities $ 14,163 $ - $ 14,163 $ - |
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 $ 2,639 $ - $ - $ 2,639 $ - Construction - - - - - SBA 279 - - 279 26 SBA - PPP - - - - 2 Commercial and industrial 270 - - 270 326 Dairy & livestock and 195 - - 195 195 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 2 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,383 $ - $ - $ 3,383 $ 551 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 646 - - 646 255 Commercial and industrial 340 - - 340 3,275 Dairy & livestock and 38 - - 38 118 Municipal lease finance - - - - - SFR mortgage - - - - - Consumer and other loans - - - - 11 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 1,024 $ - $ - $ 1,024 $ 3,659 |
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, 2022 and December 31, 2021, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 318,539 $ 318,539 $ - $ - $ 318,539 Interest-earning balances due from 7,594 - 7,594 - 7,594 Investment securities available-for-sale 3,321,824 - 3,321,824 - 3,321,824 Investment securities held-to-maturity 2,557,922 - 2,150,988 - 2,150,988 Total loans, net of allowance for credit 8,691,535 - - 7,981,839 7,981,839 Swaps 83 - 83 - 83 Liabilities Deposits: Interest-bearing $ 5,107,843 $ - $ 5,101,099 $ - $ 5,101,099 Borrowings 467,844 - 377,440 - 377,440 Junior subordinated debentures - - - - - Swaps 83 - 83 - 83 December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,732,548 $ 1,732,548 $ - $ - $ 1,732,548 Interest-earning balances due from 25,999 - 25,999 - 25,999 Investment securities available-for-sale 3,183,923 - 3,183,923 - 3,183,923 Investment securities held-to-maturity 1,925,970 - 1,921,693 - 1,921,693 Total loans, net of allowance for credit 7,822,694 - - 7,696,210 7,696,210 Swaps 14,163 - 14,163 - 14,163 Liabilities Deposits: Interest-bearing $ 4,872,386 $ - $ 4,871,531 $ - $ 4,871,531 Borrowings 644,669 - 586,645 - 586,645 Junior subordinated debentures - - - - - Swaps 14,163 - 14,163 - 14,163 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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 $ 83 Other liabilities $ 83 Total derivatives $ 83 $ 83 December 31, 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 $ 14,163 Other liabilities $ 14,163 Total derivatives $ 14,163 $ 14,163 |
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 2022 2021 2022 2021 (Dollars in thousands) Interest rate swaps Other income $ - $ 167 $ - $ 382 Total $ - $ 167 $ - $ 382 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 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 $ ( 194,111 ) $ 57,386 $ ( 136,725 ) $ ( 14,515 ) $ 4,291 $ ( 10,224 ) Amortization of net unrealized losses on securities 95 ( 28 ) 67 72 ( 21 ) 51 Net change $ ( 194,016 ) $ 57,358 $ ( 136,658 ) $ ( 14,443 ) $ 4,270 $ ( 10,173 ) Nine Months Ended September 30, 2022 2021 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 $ ( 539,066 ) $ 159,367 $ ( 379,699 ) $ ( 45,989 ) $ 13,596 $ ( 32,393 ) Amortization of net unrealized losses on securities 242 ( 72 ) 170 173 ( 51 ) 122 Net change $ ( 538,825 ) $ 159,296 $ ( 379,529 ) $ ( 45,816 ) $ 13,545 $ ( 32,271 ) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Financial assets: Derivatives not designated as $ 83 $ - $ - $ 83 $ - $ 83 Total $ 83 $ - $ - $ 83 $ - $ 83 Financial liabilities: Derivatives not designated as $ 57,776 $ ( 57,693 ) $ 83 $ 57,693 $ ( 16,346 ) $ 41,430 Repurchase agreements 467,844 - 467,844 - ( 603,609 ) ( 135,765 ) Total $ 525,620 $ ( 57,693 ) $ 467,927 $ 57,693 $ ( 619,955 ) $ ( 94,335 ) December 31, 2021 Financial assets: Derivatives not designated as $ 14,163 $ - $ - $ 14,163 $ - $ 14,163 Total $ 14,163 $ - $ - $ 14,163 $ - $ 14,163 Financial liabilities: Derivatives not designated as $ 23,502 $ ( 9,339 ) $ 14,163 $ 9,339 $ ( 37,285 ) $ ( 13,783 ) Repurchase agreements 642,388 - 642,388 - ( 683,923 ) ( 41,535 ) Total $ 665,890 $ ( 9,339 ) $ 656,551 $ 9,339 $ ( 721,208 ) $ ( 55,318 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 23,560 $ 19,274 Total lease liabilities 25,092 20,864 Three months ended Nine months ended 2022 2021 2022 2021 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,846 $ 1,634 $ 5,541 $ 4,977 Sublease income - - - - Total lease expense $ 1,846 $ 1,634 $ 5,541 $ 4,977 (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 $ 1,882 $ 1,700 $ 5,593 $ 5,364 September 30, December 31, Lease Term and Discount Rate Weighted average remaining lease term 4.24 4.26 Weighted average discount rate 2.72 % 2.41 % |
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, 2022, excluding property taxes and insurance, are as follows: September 30, 2022 (Dollars in thousands) Year: 2022 (excluding the nine months ended September 30, 2022) $ 1,794 2023 6,964 2024 5,849 2025 5,085 2026 3,851 Thereafter 3,093 Total future lease payments 26,636 Less: Imputed interest ( 1,544 ) Present value of lease liabilities $ 25,092 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 table 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 2022 2021 2022 2021 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,233 $ 4,513 $ 15,625 $ 12,667 Trust and investment services 2,867 2,681 8,651 8,459 Bankcard services 376 479 1,102 1,362 Gain on OREO, net - - - 477 Other 1,127 1,581 8,207 4,753 Noninterest Income (in-scope of Topic 606) 9,603 9,254 33,585 27,718 Noninterest Income (out-of-scope of Topic 606) 1,987 1,229 3,939 7,282 Total noninterest income $ 11,590 $ 10,483 $ 37,524 $ 35,000 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Thousands | Sep. 30, 2022 USD ($) Subsidiary Center Location | Jan. 07, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Schedule Of Description Of Company [Line Items] | |||
Number of inactive subsidiaries | Subsidiary | 1 | ||
Bank operated banking centers | Center | 63 | ||
Bank operated trust office locations, number | Location | 4 | ||
Assets | $ 16,349,276 | $ 15,883,697 | |
Bank Owned Life Insurance | 256,850 | 251,570 | |
Goodwill | 765,822 | $ 663,707 | |
Suncrest Bank [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Assets | $ 1,380,000 | ||
Acquired net loans at fair value | 765,900 | 765,900 | |
Fair Value of Acquired Investment Securities | 131,100 | 131,100 | |
Bank Owned Life Insurance | 9,000 | 9,000 | |
Goodwill | 102,100 | 102,100 | |
Deposits Assets | 3,900 | 3,900 | |
Cash consideration | $ 39,600 | $ 39,600 |
Business Combinations (Addition
Business Combinations (Additional Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Jan. 07, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Asset Acquisition [Line Items] | ||||
Other assets acquisition | $ 197,100 | |||
Total assets | $ 16,349,276 | $ 15,883,697 | ||
Cash and cash equivalents | 318,539 | 1,732,548 | ||
Premises and equipment, net | 47,422 | 49,096 | ||
Bank owned life insurance (BOLI) | 256,850 | 251,570 | ||
Other assets | 110,373 | 118,301 | ||
Goodwill | 765,822 | 663,707 | ||
Fair value of liabilities assumed | 8,697 | $ 421,751 | ||
Noninterest-bearing deposits | 8,764,556 | 8,104,056 | ||
Interest-bearing | 5,107,843 | $ 4,872,386 | ||
Suncrest Bank [Member] | ||||
Asset Acquisition [Line Items] | ||||
Cash consideration | 39,600 | 39,600 | ||
Total assets | 1,380,000 | |||
Cash and cash equivalents | 329,000 | |||
Fair Value of Acquired Investment Securities | 131,100 | 131,100 | ||
Acquired net loans at fair value | 765,900 | 765,900 | ||
Premises and equipment, net | 6,100 | |||
Bank owned life insurance (BOLI) | 9,000 | 9,000 | ||
Other assets | 33,700 | |||
Loans recorded at a fair value | 224,700 | |||
Loans net of a discount | 13,100 | |||
Loans credit discount | 8,600 | |||
Deposit premium | 3,900 | 3,900 | ||
Goodwill | 102,100 | 102,100 | ||
Fair value of liabilities assumed | 1,190,000 | |||
Noninterest-bearing deposits | 512,800 | |||
Interest-bearing | 669,800 | |||
Other liabilities | $ 6,200 | |||
Non-recurring merger related expenses | $ 6,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 3,862,216 | $ 3,185,249 |
Gross Unrealized Holding Gain, Available-for-sale | 77 | 28,562 |
Gross Unrealized Holding Loss, Available-for-sale | (540,469) | (29,888) |
Investment securities available-for-sale | $ 3,321,824 | $ 3,183,923 |
Total Percent, Available-for-sale | 100% | 100% |
Amortized Cost, Held-to-maturity | $ 2,557,922 | $ 1,925,970 |
Gross Unrealized Holding Gain, Held-to-maturity | 8 | 15,326 |
Gross Unrealized Holding Loss, Held-to-maturity | (406,942) | (19,603) |
Fair Value, Held-to-maturity | $ 2,150,988 | $ 1,921,693 |
Total Percent, Held-to-maturity | 100% | 100% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 555,777 | $ 576,899 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,907 | |
Gross Unrealized Holding Loss, Held-to-maturity | (113,547) | (7,312) |
Fair Value, Held-to-maturity | $ 442,230 | $ 575,494 |
Total Percent, Held-to-maturity | 21.73% | 29.95% |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 3,288,484 | $ 2,553,246 |
Gross Unrealized Holding Gain, Available-for-sale | 30 | 25,873 |
Gross Unrealized Holding Loss, Available-for-sale | (448,585) | (15,905) |
Investment securities available-for-sale | $ 2,839,929 | $ 2,563,214 |
Total Percent, Available-for-sale | 85.49% | 80.50% |
Amortized Cost, Held-to-maturity | $ 718,908 | $ 647,390 |
Gross Unrealized Holding Gain, Held-to-maturity | 4,109 | |
Gross Unrealized Holding Loss, Held-to-maturity | (111,359) | (6,106) |
Fair Value, Held-to-maturity | $ 607,549 | $ 645,393 |
Total Percent, Held-to-maturity | 28.10% | 33.61% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 27,140 | $ 28,365 |
Gross Unrealized Holding Gain, Available-for-sale | 47 | 1,103 |
Gross Unrealized Holding Loss, Available-for-sale | (2,636) | 0 |
Investment securities available-for-sale | $ 24,551 | $ 29,468 |
Total Percent, Available-for-sale | 0.74% | 0.93% |
Amortized Cost, Held-to-maturity | $ 443,266 | $ 211,011 |
Gross Unrealized Holding Gain, Held-to-maturity | 8 | 4,714 |
Gross Unrealized Holding Loss, Held-to-maturity | (64,088) | (1,155) |
Fair Value, Held-to-maturity | $ 379,186 | $ 214,570 |
Total Percent, Held-to-maturity | 17.33% | 10.96% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 954 | $ 1,083 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | |
Gross Unrealized Holding Loss, Available-for-sale | 0 | |
Investment securities available-for-sale | $ 954 | $ 1,083 |
Total Percent, Available-for-sale | 0.03% | 0.04% |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 545,638 | $ 602,555 |
Gross Unrealized Holding Gain, Available-for-sale | 1,586 | |
Gross Unrealized Holding Loss, Available-for-sale | (89,248) | (13,983) |
Investment securities available-for-sale | $ 456,390 | $ 590,158 |
Total Percent, Available-for-sale | 13.74% | 18.53% |
Amortized Cost, Held-to-maturity | $ 839,971 | $ 490,670 |
Gross Unrealized Holding Gain, Held-to-maturity | 596 | |
Gross Unrealized Holding Loss, Held-to-maturity | (117,948) | (5,030) |
Fair Value, Held-to-maturity | $ 722,023 | $ 486,236 |
Total Percent, Held-to-maturity | 32.84% | 25.48% |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 18,543 | $ 9,813 | $ 48,417 | $ 28,382 |
Total interest income from held-to-maturity securities | 12,834 | 5,188 | 35,211 | 14,258 |
Total investment income | 31,377 | 15,001 | 83,628 | 42,640 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 18,371 | 9,630 | 47,883 | 27,824 |
Tax-advantaged | 172 | 183 | 534 | 558 |
Total interest income from available-for-sale securities | 18,543 | 9,813 | 48,417 | 28,382 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 10,845 | 4,099 | 29,927 | 10,917 |
Tax-advantaged | 1,989 | 1,089 | 5,284 | 3,341 |
Total interest income from held-to-maturity securities | $ 12,834 | $ 5,188 | $ 35,211 | $ 14,258 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
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 | 2,310,000,000 | $ 2,180,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
Debt securities weighted average remaining contractual maturity term | 23 years | |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 92% |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Available For Sale Securities Fair Value Current | $ 1,972,599 | $ 1,916,040 |
Available For Sale Securities Gross Unrealized Holding Losses Current | (255,805) | (26,614) |
Available For Sale Securities Fair Value Non Current | 1,345,303 | 97,989 |
Available For Sale Securities Gross Unrealized Holding Losses Non Current | (284,664) | (3,274) |
Available For Sale Securities Fair Value | 3,317,902 | 2,014,029 |
Available For Sale Securities Gross Unrealized Holding Losses | (540,469) | (29,888) |
Fair Value, Less Than 12 Months, Held-to-maturity | 1,631,262 | |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (272,443) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 505,741 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (134,499) | |
Fair Value, Held-to-maturity | 2,137,003 | |
Gross Unrealized Holding Losses, Held-to-maturity | (406,942) | |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Available For Sale Securities Fair Value Current | 59,884 | 450,393 |
Available For Sale Securities Gross Unrealized Holding Losses Current | (4,693) | (11,515) |
Available For Sale Securities Fair Value Non Current | 396,503 | 53,745 |
Available For Sale Securities Gross Unrealized Holding Losses Non Current | (84,555) | (2,468) |
Available For Sale Securities Fair Value | 456,387 | 504,138 |
Available For Sale Securities Gross Unrealized Holding Losses | (89,248) | (13,983) |
Fair Value, Less Than 12 Months, Held-to-maturity | 624,470 | |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (97,023) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 97,553 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (20,925) | |
Fair Value, Held-to-maturity | 722,023 | |
Gross Unrealized Holding Losses, Held-to-maturity | (117,948) | |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available For Sale Securities Fair Value Current | 1,889,658 | 1,465,647 |
Available For Sale Securities Gross Unrealized Holding Losses Current | (248,476) | (15,099) |
Available For Sale Securities Fair Value Non Current | 948,800 | 44,244 |
Available For Sale Securities Gross Unrealized Holding Losses Non Current | (200,109) | (806) |
Available For Sale Securities Fair Value | 2,838,458 | 1,509,891 |
Available For Sale Securities Gross Unrealized Holding Losses | (448,585) | (15,905) |
Fair Value, Less Than 12 Months, Held-to-maturity | 505,153 | |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (86,409) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 102,395 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (24,950) | |
Fair Value, Held-to-maturity | 607,548 | |
Gross Unrealized Holding Losses, Held-to-maturity | (111,359) | |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Available For Sale Securities Fair Value Current | 23,057 | 0 |
Available For Sale Securities Gross Unrealized Holding Losses Current | (2,636) | 0 |
Available For Sale Securities Fair Value Non Current | 0 | |
Available For Sale Securities Gross Unrealized Holding Losses Non Current | 0 | |
Available For Sale Securities Fair Value | 23,057 | 0 |
Available For Sale Securities Gross Unrealized Holding Losses | (2,636) | $ 0 |
Fair Value, Less Than 12 Months, Held-to-maturity | 314,186 | |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (49,463) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 51,016 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (14,625) | |
Fair Value, Held-to-maturity | 365,202 | |
Gross Unrealized Holding Losses, Held-to-maturity | (64,088) | |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 187,453 | |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (39,548) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 254,777 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (73,999) | |
Fair Value, Held-to-maturity | 442,230 | |
Gross Unrealized Holding Losses, Held-to-maturity | $ (113,547) |
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, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 2,842 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 645,420 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 694,667 | |
Due after ten years, Amortized Cost, Held-to-maturity | 1,214,993 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 2,557,922 | |
Due in one year or less, Fair Value, Held-to-maturity | 2,823 | |
Due after one year through five years, Fair Value, Held-to-maturity | 568,453 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 595,729 | |
Due after ten years, Fair Value, Held-to-maturity | 983,983 | |
Total, Held-to-maturity, Fair Value | 2,150,988 | |
Due in one year or less, Amortized Cost, Available-for-sale | 19,914 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 892,491 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 2,610,587 | |
Due after ten years, Amortized Cost, Available-for-sale | 339,224 | |
Amortized Cost, Available-for-sale | 3,862,216 | $ 3,185,249 |
Due in one year or less, Fair Value, Available-for-sale | 19,404 | |
Due after one year through five years, Fair Value, Available-for-sale | 809,644 | |
Due after five years through ten years, Fair Value, Available-for-sale | 2,213,671 | |
Due after ten years, Fair Value, Available-for-sale | 279,105 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 3,321,824 | $ 3,183,923 |
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 | |||||||
Jan. 07, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 USD ($) Loan | Sep. 30, 2021 USD ($) Loan | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | $ 8,764,319,000 | $ 8,764,319,000 | $ 7,879,537,000 | ||||||
Loans held-for-sale | 0 | 0 | 0 | ||||||
Impaired, at carrying value | 5,800,000 | 5,800,000 | |||||||
Allowance for Credit Losses | $ 4,900,000 | 82,600,000 | 82,600,000 | 65,000,000 | |||||
Reserve for credit risk for undisbursed commitments | 8,000,000 | 8,000,000 | 8,000,000 | ||||||
Allocation of allowance to troubled debt restructuring | 0 | 0 | 0 | ||||||
Increase in reserve for unfunded loan commitments | 0 | $ 0 | 0 | $ 1,000,000 | |||||
Allowance For Credit Losses Increase Decrease | 17,600,000 | ||||||||
Provision For Credit Losses | 8,100,000 | ||||||||
Allowance For Credit Losses Write Offs | $ 8,000,000 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Loan | 0 | 0 | |||||||
Loan Pledged As Collateral | $ 4,330,000,000 | $ 4,330,000,000 | 3,960,000,000 | ||||||
Purchased Credit Deteriorated (PCD) Loans | $ 8,600,000 | ||||||||
Recovery | 877,000 | ||||||||
Allowance for write off | $ 2,800,000 | ||||||||
Suncrest PCD Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Provision For Credit Losses | 4,900,000 | ||||||||
Purchased Credit Deteriorated (PCD) Loans | 8,600,000 | ||||||||
Recovery | $ 877,000 | ||||||||
Forecast [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of Increase Decrease In Macro Economic Factors | 5.10% | 5.30% | 5% | ||||||
GDP [Member] | Forecast [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of Increase Decrease In Macro Economic Factors | 2.50% | 1.60% | 0.40% | ||||||
Commercial Real Estate Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 80.07% | 80.07% | |||||||
Notes receivable gross | $ 6,685,245,000 | $ 6,685,245,000 | 5,789,730,000 | ||||||
Construction [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.19% | 76.19% | |||||||
Commercial and Industrial [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | $ 950,923,000 | $ 950,923,000 | $ 811,691,000 | ||||||
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 | $ 4,800,000 | $ 4,800,000 | |||||||
Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 0.94% | 0.94% | 0.82% | ||||||
Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 0.94% | 0.94% | 0.84% | ||||||
Loans, Excluding PCI Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | $ 323,100,000 | $ 323,100,000 | $ 386,200,000 | ||||||
Allowance for Credit Losses | 17,300,000 | 17,300,000 | |||||||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | 264,700,000 | 264,700,000 | |||||||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | $ 58,400,000 | $ 58,400,000 | $ 34,500,000 | ||||||
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) | 7.28% | 7.28% | 6.29% | ||||||
Notes receivable gross | $ 486,400,000 | $ 486,400,000 | $ 364,400,000 | ||||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable gross | 136,900,000 | 136,900,000 | |||||||
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 | 134,900,000 | ||||||||
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 | $ 349,500 | $ 349,500 | $ 229,500,000 |
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, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | $ 8,764,319 | $ 7,879,537 | ||||
Construction | 76,495 | 62,264 | ||||
Total loans, at amortized cost | 8,774,136 | 7,887,713 | ||||
Less: Allowance for credit losses | (82,601) | $ (80,222) | (65,019) | $ (65,364) | $ (69,342) | $ (93,692) |
Total loans and lease finance receivables, net | 8,691,535 | 7,822,694 | ||||
Commercial real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 6,685,245 | 5,789,730 | ||||
SBA [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 296,664 | 288,600 | ||||
SBA - Paycheck Protection Program (PPP) [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 17,348 | 186,585 | ||||
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 952,231 | 813,063 | ||||
Dairy And Livestock And Agribusiness [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 323,105 | 386,219 | ||||
Municipal Lease Finance Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 76,656 | 45,933 | ||||
Less: Allowance for credit losses | (239) | $ (183) | (100) | $ (85) | $ (67) | $ (74) |
SFR mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 263,646 | 240,654 | ||||
Consumer and other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | $ 82,746 | $ 74,665 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 1,294,170 | $ 1,620,118 |
2021 | 1,550,647 | 1,183,367 |
2020 | 1,198,231 | 798,755 |
2019 | 762,957 | 677,205 |
2018 | 658,383 | 638,690 |
Prior | 2,355,925 | 2,001,549 |
Revolving loans amortized cost basis | 891,809 | 904,441 |
Revolving loans converted to term loans | 62,014 | 63,588 |
Total | 8,774,136 | 7,887,713 |
Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,036,553 | 1,140,847 |
2021 | 1,225,714 | 984,337 |
2020 | 998,432 | 608,538 |
2019 | 602,166 | 557,498 |
2018 | 547,096 | 532,629 |
Prior | 2,056,095 | 1,755,641 |
Revolving loans amortized cost basis | 179,228 | 169,762 |
Revolving loans converted to term loans | 39,961 | 40,478 |
Total | 6,685,245 | 5,789,730 |
Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 17,931 | 10,511 |
2021 | 21,612 | 15,896 |
2020 | 14,409 | 7,236 |
2019 | 0 | 3,359 |
2018 | 4,794 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 17,749 | 25,262 |
Revolving loans converted to term loans | 0 | 0 |
Total | 76,495 | 62,264 |
SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 52,986 | 70,929 |
2021 | 56,165 | 36,468 |
2020 | 35,623 | 11,129 |
2019 | 12,905 | 36,853 |
2018 | 31,798 | 46,652 |
Prior | 107,133 | 86,569 |
Revolving loans amortized cost basis | 54 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 296,664 | 288,600 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 183,614 |
2021 | 13,284 | 2,971 |
2020 | 4,064 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 17,348 | 186,585 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 121,267 | 147,294 |
2021 | 148,123 | 83,879 |
2020 | 88,519 | 127,376 |
2019 | 105,860 | 57,798 |
2018 | 52,183 | 33,354 |
Prior | 95,247 | 74,101 |
Revolving loans amortized cost basis | 329,627 | 279,019 |
Revolving loans converted to term loans | 11,405 | 10,242 |
Total | 952,231 | 813,063 |
Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,318 | 2,808 |
2021 | 6,902 | 942 |
2020 | 1,713 | 1,285 |
2019 | 926 | 1,072 |
2018 | 569 | 95 |
Prior | 1,466 | 295 |
Revolving loans amortized cost basis | 302,856 | 371,291 |
Revolving loans converted to term loans | 6,355 | 8,431 |
Total | 323,105 | 386,219 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 143 | 9,310 |
2021 | 27,134 | 7,666 |
2020 | 7,029 | 0 |
2019 | 4,370 | 279 |
2018 | 4,944 | 9,528 |
Prior | 33,036 | 19,150 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 76,656 | 45,933 |
SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 55,028 | 48,821 |
2021 | 47,136 | 49,261 |
2020 | 47,005 | 41,776 |
2019 | 35,651 | 19,877 |
2018 | 16,842 | 16,046 |
Prior | 61,594 | 64,017 |
Revolving loans amortized cost basis | 0 | 451 |
Revolving loans converted to term loans | 390 | 405 |
Total | 263,646 | 240,654 |
Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,944 | 5,984 |
2021 | 4,577 | 1,947 |
2020 | 1,437 | 1,415 |
2019 | 1,079 | 469 |
2018 | 157 | 386 |
Prior | 1,354 | 1,776 |
Revolving loans amortized cost basis | 62,295 | 58,656 |
Revolving loans converted to term loans | 3,903 | 4,032 |
Total | 82,746 | 74,665 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,289,741 | 1,613,286 |
2021 | 1,534,684 | 1,160,790 |
2020 | 1,169,824 | 780,690 |
2019 | 738,760 | 646,886 |
2018 | 622,524 | 581,735 |
Prior | 2,254,339 | 1,939,076 |
Revolving loans amortized cost basis | 868,295 | 872,585 |
Revolving loans converted to term loans | 51,107 | 44,388 |
Total | 8,529,274 | 7,639,436 |
Pass [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,036,048 | 1,137,714 |
2021 | 1,211,127 | 963,697 |
2020 | 972,387 | 591,202 |
2019 | 581,832 | 534,468 |
2018 | 522,728 | 484,721 |
Prior | 1,963,428 | 1,704,267 |
Revolving loans amortized cost basis | 177,910 | 156,841 |
Revolving loans converted to term loans | 39,961 | 33,564 |
Total | 6,505,421 | 5,606,474 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 17,931 | 10,511 |
2021 | 21,612 | 15,896 |
2020 | 14,409 | 7,236 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 17,749 | 25,262 |
Revolving loans converted to term loans | 0 | 0 |
Total | 71,701 | 58,905 |
Pass [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 52,986 | 70,929 |
2021 | 56,165 | 36,468 |
2020 | 35,527 | 11,129 |
2019 | 11,580 | 36,068 |
2018 | 29,886 | 38,504 |
Prior | 100,265 | 78,527 |
Revolving loans amortized cost basis | 54 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 286,463 | 271,625 |
Pass [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 183,614 |
2021 | 13,284 | 2,969 |
2020 | 4,064 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 17,348 | 186,583 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 117,792 | 145,494 |
2021 | 147,378 | 81,944 |
2020 | 87,201 | 126,647 |
2019 | 103,322 | 54,690 |
2018 | 47,588 | 32,455 |
Prior | 94,924 | 73,600 |
Revolving loans amortized cost basis | 315,146 | 267,659 |
Revolving loans converted to term loans | 8,217 | 6,992 |
Total | 921,568 | 789,481 |
Pass [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,869 | 1,756 |
2021 | 6,902 | 942 |
2020 | 1,713 | 1,285 |
2019 | 926 | 1,035 |
2018 | 379 | 95 |
Prior | 1,254 | 295 |
Revolving loans amortized cost basis | 295,737 | 364,312 |
Revolving loans converted to term loans | 0 | 454 |
Total | 308,780 | 370,174 |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 143 | 9,310 |
2021 | 27,134 | 7,666 |
2020 | 7,029 | 0 |
2019 | 4,370 | 279 |
2018 | 4,944 | 9,528 |
Prior | 32,549 | 18,811 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 76,169 | 45,594 |
Pass [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 55,028 | 48,813 |
2021 | 47,136 | 49,261 |
2020 | 46,057 | 41,776 |
2019 | 35,651 | 19,877 |
2018 | 16,842 | 16,046 |
Prior | 60,579 | 61,965 |
Revolving loans amortized cost basis | 0 | 451 |
Revolving loans converted to term loans | 0 | 0 |
Total | 261,293 | 238,189 |
Pass [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,944 | 5,145 |
2021 | 3,946 | 1,947 |
2020 | 1,437 | 1,415 |
2019 | 1,079 | 469 |
2018 | 157 | 386 |
Prior | 1,340 | 1,611 |
Revolving loans amortized cost basis | 61,699 | 58,060 |
Revolving loans converted to term loans | 2,929 | 3,378 |
Total | 80,531 | 72,411 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 4,429 | 6,588 |
2021 | 12,442 | 22,569 |
2020 | 11,822 | 14,604 |
2019 | 23,215 | 20,852 |
2018 | 30,954 | 47,712 |
Prior | 79,788 | 47,260 |
Revolving loans amortized cost basis | 15,754 | 23,909 |
Revolving loans converted to term loans | 2,807 | 8,681 |
Total | 181,211 | 192,175 |
Special Mention [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 505 | 3,133 |
2021 | 11,066 | 20,640 |
2020 | 10,234 | 14,477 |
2019 | 19,905 | 16,097 |
2018 | 24,272 | 43,262 |
Prior | 77,113 | 44,045 |
Revolving loans amortized cost basis | 1,318 | 6,970 |
Revolving loans converted to term loans | 0 | 6,800 |
Total | 144,413 | 155,424 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 3,359 |
2018 | 4,794 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 4,794 | 3,359 |
Special Mention [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 96 | 0 |
2019 | 1,325 | 0 |
2018 | 1,341 | 4,056 |
Prior | 2,354 | 2,700 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 5,116 | 6,756 |
Special Mention [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 3,475 | 1,556 |
2021 | 745 | 1,929 |
2020 | 544 | 127 |
2019 | 1,985 | 1,396 |
2018 | 486 | 394 |
Prior | 20 | 26 |
Revolving loans amortized cost basis | 12,548 | 9,369 |
Revolving loans converted to term loans | 1,855 | 177 |
Total | 21,658 | 14,974 |
Special Mention [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 449 | 1,052 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 61 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 1,297 | 6,979 |
Revolving loans converted to term loans | 952 | 1,301 |
Total | 2,759 | 9,332 |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 301 | 339 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 301 | 339 |
Special Mention [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 8 |
2021 | 0 | 0 |
2020 | 948 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 948 | 8 |
Special Mention [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 839 |
2021 | 631 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 150 |
Revolving loans amortized cost basis | 591 | 591 |
Revolving loans converted to term loans | 0 | 403 |
Total | 1,222 | 1,983 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 244 |
2021 | 3,521 | 8 |
2020 | 16,585 | 3,461 |
2019 | 982 | 9,467 |
2018 | 4,905 | 9,243 |
Prior | 21,798 | 15,213 |
Revolving loans amortized cost basis | 7,760 | 7,947 |
Revolving loans converted to term loans | 8,100 | 10,519 |
Total | 63,651 | 56,102 |
Substandard [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 3,521 | 0 |
2020 | 15,811 | 2,859 |
2019 | 429 | 6,933 |
2018 | 96 | 4,646 |
Prior | 15,554 | 7,329 |
Revolving loans amortized cost basis | 0 | 5,951 |
Revolving loans converted to term loans | 0 | 114 |
Total | 35,411 | 27,832 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 785 |
2018 | 571 | 4,092 |
Prior | 4,514 | 5,342 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 5,085 | 10,219 |
Substandard [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 2 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 2 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 244 |
2021 | 0 | 6 |
2020 | 774 | 602 |
2019 | 553 | 1,712 |
2018 | 4,109 | 505 |
Prior | 303 | 475 |
Revolving loans amortized cost basis | 1,933 | 1,991 |
Revolving loans converted to term loans | 1,333 | 3,073 |
Total | 9,005 | 8,608 |
Substandard [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 37 |
2018 | 129 | 0 |
Prior | 212 | 0 |
Revolving loans amortized cost basis | 5,822 | 0 |
Revolving loans converted to term loans | 5,403 | 6,676 |
Total | 11,566 | 6,713 |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 186 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 186 | 0 |
Substandard [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 1,015 | 2,052 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 390 | 405 |
Total | 1,405 | 2,457 |
Substandard [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 14 | 15 |
Revolving loans amortized cost basis | 5 | 5 |
Revolving loans converted to term loans | 974 | 251 |
Total | 993 | 271 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 80,222 | $ 69,342 | $ 65,019 | $ 93,692 |
Charge-offs | (46) | 11 | (70) | (2,996) |
Recoveries | 425 | 33 | 947 | 168 |
Initial ACL for PCD Loans at Acquisition | 8,605 | |||
Provision Recorded at Acquisition | 4,932 | |||
Provision for (Recapture of) Credit Losses | 2,000 | 4,000 | 3,168 | (25,500) |
Ending Balance | 82,601 | 65,364 | 82,601 | 65,364 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 61,513 | 55,200 | 50,950 | 75,439 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Initial ACL for PCD Loans at Acquisition | 5,086 | |||
Provision Recorded at Acquisition | 4,127 | |||
Provision for (Recapture of) Credit Losses | 3,392 | (2,888) | 4,742 | (23,127) |
Ending Balance | 64,905 | 52,312 | 64,905 | 52,312 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,062 | 1,825 | 765 | 1,934 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 3 | 11 | 9 | 55 |
Initial ACL for PCD Loans at Acquisition | 122 | |||
Provision Recorded at Acquisition | 58 | |||
Provision for (Recapture of) Credit Losses | 657 | (775) | 768 | (928) |
Ending Balance | 1,722 | 1,061 | 1,722 | 1,061 |
SBA [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,613 | 2,546 | 2,668 | 2,992 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 41 | 5 | 99 | 13 |
Initial ACL for PCD Loans at Acquisition | 62 | |||
Provision Recorded at Acquisition | 64 | |||
Provision for (Recapture of) Credit Losses | 151 | 376 | (88) | (78) |
Ending Balance | 2,805 | 2,927 | 2,805 | 2,927 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,194 | 5,667 | 6,669 | 7,142 |
Charge-offs | (45) | (10) | 66 | (2,985) |
Recoveries | 0 | 6 | 456 | 10 |
Initial ACL for PCD Loans at Acquisition | 500 | |||
Provision Recorded at Acquisition | 508 | |||
Provision for (Recapture of) Credit Losses | (16) | (755) | (934) | 741 |
Ending Balance | 7,133 | 4,908 | 7,133 | 4,908 |
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 6,832 | 2,775 | 3,066 | 3,949 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 381 | 0 | 383 | 0 |
Initial ACL for PCD Loans at Acquisition | 2,832 | |||
Provision Recorded at Acquisition | 149 | |||
Provision for (Recapture of) Credit Losses | (2,220) | 391 | (1,437) | (783) |
Ending Balance | 4,993 | 3,166 | 4,993 | 3,166 |
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 183 | 67 | 100 | 74 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Initial ACL for PCD Loans at Acquisition | 3 | |||
Provision Recorded at Acquisition | 26 | |||
Provision for (Recapture of) Credit Losses | 56 | (18) | 110 | 11 |
Ending Balance | 239 | 85 | 239 | 85 |
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 254 | 284 | 188 | 367 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 79 |
Initial ACL for PCD Loans at Acquisition | 0 | |||
Provision Recorded at Acquisition | 0 | |||
Provision for (Recapture of) Credit Losses | 50 | 94 | 116 | (256) |
Ending Balance | 304 | 190 | 304 | 190 |
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 571 | 978 | 613 | 1,795 |
Charge-offs | (1) | (1) | 4 | (11) |
Recoveries | 0 | 11 | 0 | 11 |
Initial ACL for PCD Loans at Acquisition | 0 | |||
Provision Recorded at Acquisition | 0 | |||
Provision for (Recapture of) Credit Losses | (70) | (273) | (109) | (1,080) |
Ending Balance | $ 500 | $ 715 | $ 500 | $ 715 |
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, 2022 | Dec. 31, 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | $ 9,817,000 | $ 8,176,000 | |||
Loans Not Past Due | 8,764,319,000 | 7,879,537,000 | |||
Nonaccrual | 10,117,000 | [1] | 6,893,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | 8,904,000 | 5,992,000 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 8,774,136,000 | 7,887,713,000 | |||
30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 80,000 | 1,895,000 | |||
Nonaccrual | 80,000 | 332,000 | |||
60-89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 142,000 | 1,161,000 | |||
Nonaccrual | 142,000 | 267,000 | |||
Greater than 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 9,595,000 | 5,120,000 | |||
Nonaccrual | 9,600,000 | 5,100,000 | |||
Commercial Real Estate Owner Occupied [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 6,686,000 | 3,821,000 | |||
Loans Not Past Due | 2,431,460,000 | 2,127,979,000 | |||
Nonaccrual | 6,686,000 | [1] | 3,607,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (6,686,000) | 3,607,000 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 2,438,146,000 | 2,131,800,000 | |||
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 438,000 | |||
Commercial Real Estate 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 Owner Occupied [Member] | Greater than 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 6,686,000 | 3,383,000 | |||
Commercial Real Estate Non-owner Occupied [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Loans Not Past Due | 4,247,099,000 | 3,657,930,000 | |||
Nonaccrual | 19,000 | [1] | 0 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (19,000) | 0 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 4,247,099,000 | 3,657,930,000 | |||
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 | [3] | 0 | 0 | ||
Loans Not Past Due | [3] | 56,183,000 | 44,859,000 | ||
Nonaccrual | [4] | 0 | [1] | 0 | [2] |
Nonaccrual with No Allowance for Credit Losses | [4] | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | [4] | 0 | 0 | ||
Total gross loans | [3] | 56,183,000 | 44,859,000 | ||
Construction Speculative [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | [3] | 0 | 0 | ||
Construction Speculative [Member] | 60-89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | [3] | 0 | 0 | ||
Construction Speculative [Member] | Greater than 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | [3] | 0 | 0 | ||
Construction Non-speculative [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Loans Not Past Due | 20,312,000 | 17,405,000 | |||
Nonaccrual | 0 | [1] | 0 | [2] | |
Nonaccrual with No Allowance for Credit Losses | 0 | ||||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 20,312,000 | 17,405,000 | |||
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 | |||
SBA [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 880,000 | 1,901,000 | |||
Loans Not Past Due | 295,784,000 | 286,699,000 | |||
Nonaccrual | 1,065,000 | [1] | 1,034,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (415,000) | 521,000 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 296,664,000 | 288,600,000 | |||
SBA [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 417,000 | |||
SBA [Member] | 60-89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 1,145,000 | |||
SBA [Member] | Greater than 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 880,000 | 339,000 | |||
SBA - Paycheck Protection Program (PPP) [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Loans Not Past Due | 17,348,000 | 186,585,000 | |||
Nonaccrual | 0 | [1] | 0 | [2] | |
Nonaccrual with No Allowance for Credit Losses | 0 | ||||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 17,348,000 | 186,585,000 | |||
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 | 1,308,000 | 1,372,000 | |||
Loans Not Past Due | 950,923,000 | 811,691,000 | |||
Nonaccrual | 1,308,000 | [1] | 1,714,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (940,000) | 1,326,000 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 952,231,000 | 813,063,000 | |||
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 80,000 | 0 | |||
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 142,000 | 16,000 | |||
Commercial and Industrial [Member] | Greater than 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 1,086,000 | 1,356,000 | |||
Dairy & Livestock and Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 911,000 | 0 | |||
Loans Not Past Due | 322,194,000 | 386,219,000 | |||
Nonaccrual | 1,007,000 | [1] | 0 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (812,000) | 0 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 323,105,000 | 386,219,000 | |||
Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 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 | 911,000 | 0 | |||
Municipal Lease Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Loans Not Past Due | 76,656,000 | 45,933,000 | |||
Nonaccrual | 0 | [1] | 0 | [2] | |
Nonaccrual with No Allowance for Credit Losses | 0 | ||||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 76,656,000 | 45,933,000 | |||
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 | 0 | 1,040,000 | |||
Loans Not Past Due | 263,646,000 | 239,614,000 | |||
Nonaccrual | 0 | [1] | 380,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (380,000) | ||||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 263,646,000 | 240,654,000 | |||
SFR Mortgage [Member] | 30-59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 0 | 1,040,000 | |||
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 | 0 | 0 | |||
Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 32,000 | 42,000 | |||
Loans Not Past Due | 82,714,000 | 74,623,000 | |||
Nonaccrual | 32,000 | [1] | 158,000 | [2] | |
Nonaccrual with No Allowance for Credit Losses | (32,000) | 158,000 | |||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | |||
Total gross loans | 82,746,000 | 74,665,000 | |||
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 | $ 32,000 | $ 42,000 | |||
[1] As of September 30, 2022, $ 300,000 of nonaccruing loans were current, $ 80,000 were 30-59 days past due, $ 142,000 were 60-89 days past due, and $ 9.6 million were 9 0+ days past due. As of December 31, 2021 , $ 1.2 million of nonaccruing loans were current, $ 332,000 were 30-59 days past due, $ 267,000 were 60-89 days past due, and $ 5.1 million were 90+ days past due. Speculative construction loans are generally for properties where there is no identified buyer or renter. Speculative construction loans are generally for properties where there is no identified buyer or renter. |
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, 2022 | Dec. 31, 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccruing loans, current | $ 300,000 | $ 1,200,000 | ||
Nonaccrual | 10,117,000 | [1] | 6,893,000 | [2] |
30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | 80,000 | 332,000 | ||
60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | 142,000 | 267,000 | ||
90+ Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | $ 9,600,000 | $ 5,100,000 | ||
[1] As of September 30, 2022, $ 300,000 of nonaccruing loans were current, $ 80,000 were 30-59 days past due, $ 142,000 were 60-89 days past due, and $ 9.6 million were 9 0+ days past due. As of December 31, 2021 , $ 1.2 million of nonaccruing loans were current, $ 332,000 were 30-59 days past due, $ 267,000 were 60-89 days past due, and $ 5.1 million were 90+ days past due. |
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, 2022 USD ($) Collateral | Dec. 31, 2021 USD ($) Collateral |
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 7,762 | $ 7,632 |
Business Assets | 3,613 | 5,650 |
Other | $ 370 | $ 208 |
Number of Loans Dependent on Collateral | Collateral | 33 | 39 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 6,705 | $ 6,001 |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 7 | 6 |
Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 0 | |
SBA [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 234 | $ 405 |
Business Assets | 832 | 517 |
Other | $ 112 | |
Number of Loans Dependent on Collateral | Collateral | 9 | 10 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 0 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 92 | $ 688 |
Business Assets | 2,764 | 5,133 |
Other | $ 79 | $ 96 |
Number of Loans Dependent on Collateral | Collateral | 12 | 19 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 699 | $ 0 |
Business Assets | 17 | 0 |
Other | $ 291 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 4 | 0 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 0 | |
SFR Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 380 | |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 2 | |
Consumer and Other Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 32 | $ 158 |
Business Assets | 0 | |
Other | $ 0 | |
Number of Loans Dependent on Collateral | Collateral | 1 | 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Modifications [Line Items] | ||||
Total TDRs | $ 5,828 | $ 7,975 | $ 5,828 | $ 7,975 |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 5,198 | 8,215 | 5,293 | 2,159 |
New modifications | 3,204 | 3,204 | 7,096 | |
Payoffs/payments, net and other | (2,574) | (240) | (2,669) | (1,280) |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 5,828 | 7,975 | 5,828 | 7,975 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
New modifications | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Payoffs/payments, net and other | 0 | 0 | 0 | 0 |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2022 USD ($) Agreement Contract | Sep. 30, 2021 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | [1] | 2 | 0 | 2 | 3 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 3,204 | $ 0 | $ 3,204 | $ 7,096 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 3,204 | 0 | 3,204 | 7,096 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 3,204 | 0 | 3,204 | 6,739 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
Commercial Real Estate Owner Occupied [Member] | Interest rate reduction [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | [1] | 0 | 0 | 0 | 1 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 2,453 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 2,453 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 2,446 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
Commercial and Industrial Loans [Member] | Interest rate reduction [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | Contract | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
Commercial and Industrial Loans [Member] | Change in Amortization Period [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | [1] | 2 | 0 | 2 | 2 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 3,204 | $ 0 | $ 3,204 | $ 4,643 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 3,204 | 0 | 3,204 | 4,643 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 3,204 | 0 | 3,204 | 4,293 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
SFR Mortgage [Member] | Interest rate reduction [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | Contract | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
SFR Mortgage [Member] | Change in Amortization Period [Member] | ||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||||
Troubled debt restructurings, Number of Loans | Contract | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Outstanding Recorded Investment | [1] | 0 | 0 | 0 | 0 | |||
Troubled debt restructurings, Financial Effect Resulting From Modifications | [1] | $ 0 | [2] | $ 0 | [2] | $ 0 | $ 0 | [2] |
[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_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 66,000 | 321,000 | 247,000 | 114,000 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per common share: | ||||
Net earnings | $ 64,639 | $ 49,753 | $ 169,257 | $ 164,825 |
Less: Net earnings allocated to restricted stock | 434 | 227 | 1,080 | 773 |
Net earnings allocated to common shareholders | $ 64,205 | $ 49,526 | $ 168,177 | $ 164,052 |
Weighted average shares outstanding | 138,888 | 135,200 | 139,923 | 135,226 |
Basic earnings per common share | $ 0.46 | $ 0.37 | $ 1.20 | $ 1.21 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 64,205 | $ 49,526 | $ 168,177 | $ 164,052 |
Weighted average shares outstanding | 138,888 | 135,200 | 139,923 | 135,226 |
Incremental shares from assumed exercise of outstanding options | 459 | 184 | 300 | 215 |
Diluted weighted average shares outstanding | 139,347 | 135,384 | 140,223 | 135,441 |
Diluted earnings per common share | $ 0.46 | $ 0.37 | $ 1.20 | $ 1.21 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 3,321,824 | $ 3,183,923 |
Interest rate swaps | 467,927 | 656,551 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 24,551 | 29,468 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,321,824 | 3,183,923 |
Interest rate swaps | 83 | 14,163 |
Interest rate swaps | 83 | 14,163 |
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 | |
Total liabilities | 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 | 3,321,907 | 3,198,086 |
Total liabilities | 83 | 14,163 |
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 | |
Total liabilities | 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 available-for-sale | 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 available-for-sale | 24,551 | 29,468 |
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 available-for-sale | 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 available-for-sale | 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 available-for-sale | 2,839,929 | 2,563,214 |
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 available-for-sale | 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 available-for-sale | 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 available-for-sale | 456,390 | 590,158 |
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 available-for-sale | 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 available-for-sale | 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 available-for-sale | 954 | 1,083 |
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 available-for-sale | 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 available-for-sale | 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 available-for-sale | 3,321,824 | 3,183,923 |
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 available-for-sale | 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 | 0 | |
Interest rate swaps | 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 | 83 | 14,163 |
Interest rate swaps | 83 | 14,163 |
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 | 0 | |
Interest rate swaps | 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 | 3,321,907 | 3,198,086 |
Total liabilities | 83 | 14,163 |
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 available-for-sale | 24,551 | 29,468 |
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 available-for-sale | 2,839,929 | 2,563,214 |
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 available-for-sale | 456,390 | 590,158 |
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 available-for-sale | 954 | 1,083 |
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 available-for-sale | 3,321,824 | 3,183,923 |
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 | 83 | 14,163 |
Interest rate swaps | $ 83 | $ 14,163 |
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] - Loans, Excluding PCI Loans [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Description of assets | ||
Total assets | $ 551 | $ 3,659 |
Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 326 | 3,275 |
SBA [Member] | ||
Description of assets | ||
Total assets | 26 | 255 |
Small Business Administration Loans - PPP [Member] | ||
Description of assets | ||
Total assets | 2 | |
Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | |
Construction [Member] | ||
Description of assets | ||
Total assets | 0 | |
SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | |
Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 195 | 118 |
Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 2 | 11 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | |
Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | SBA [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Small Business Administration Loans - PPP [Member] | ||
Description of assets | ||
Total assets | ||
Level 1 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 1 [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | SBA [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Small Business Administration Loans - PPP [Member] | ||
Description of assets | ||
Total assets | ||
Level 2 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 3,383 | 1,024 |
Level 3 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 270 | 340 |
Level 3 [Member] | SBA [Member] | ||
Description of assets | ||
Total assets | 279 | 646 |
Level 3 [Member] | Small Business Administration Loans - PPP [Member] | ||
Description of assets | ||
Total assets | ||
Level 3 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 2,639 | 0 |
Level 3 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 195 | 38 |
Level 3 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 3 [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 3,383 | 1,024 |
Carrying Value [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 270 | 340 |
Carrying Value [Member] | SBA [Member] | ||
Description of assets | ||
Total assets | 279 | 646 |
Carrying Value [Member] | Small Business Administration Loans - PPP [Member] | ||
Description of assets | ||
Total assets | ||
Carrying Value [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 2,639 | 0 |
Carrying Value [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 195 | 38 |
Carrying Value [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | |
Carrying Value [Member] | Muncipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 318,539 | $ 1,732,548 |
Investment securities available-for-sale | 3,321,824 | 3,183,923 |
Investment securities held-to-maturity | 2,557,922 | 1,925,970 |
Total loans, net of allowance for credit losses | 8,691,535 | 7,822,694 |
Deposits: | ||
Interest-bearing | 5,107,843 | 4,872,386 |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | 467,927 | 656,551 |
Carrying Value [Member] | ||
Assets | ||
Cash and cash equivalents | 318,539 | 1,732,548 |
Interest-earning balances due from depository institutions | 7,594 | 25,999 |
Investment securities available-for-sale | 3,321,824 | 3,183,923 |
Investment securities held-to-maturity | 2,557,922 | 1,925,970 |
Total loans, net of allowance for credit losses | 8,691,535 | 7,822,694 |
Interest rate swaps | 83 | 14,163 |
Deposits: | ||
Interest-bearing | 5,107,843 | 4,872,386 |
Borrowings | 467,844 | 644,669 |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | 83 | 14,163 |
Estimated Fair Value [Member] | ||
Assets | ||
Cash and cash equivalents | 318,539 | 1,732,548 |
Interest-earning balances due from depository institutions | 7,594 | 25,999 |
Investment securities available-for-sale | 3,321,824 | 3,183,923 |
Investment securities held-to-maturity | 2,150,988 | 1,921,693 |
Total loans, net of allowance for credit losses | 7,981,839 | 7,696,210 |
Interest rate swaps | 83 | 14,163 |
Deposits: | ||
Interest-bearing | 5,101,099 | 4,871,531 |
Borrowings | 377,440 | 586,645 |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | 83 | 14,163 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 318,539 | 1,732,548 |
Interest-earning balances due from depository institutions | 0 | |
Investment securities available-for-sale | 0 | |
Investment securities held-to-maturity | 0 | |
Total loans, net of allowance for credit losses | 0 | |
Interest rate swaps | 0 | |
Deposits: | ||
Interest-bearing | 0 | 0 |
Borrowings | 0 | |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | 0 | |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | |
Interest-earning balances due from depository institutions | 7,594 | 25,999 |
Investment securities available-for-sale | 3,321,824 | 3,183,923 |
Investment securities held-to-maturity | 2,150,988 | 1,921,693 |
Total loans, net of allowance for credit losses | 0 | |
Interest rate swaps | 83 | 14,163 |
Deposits: | ||
Interest-bearing | 5,101,099 | 4,871,531 |
Borrowings | 377,440 | 586,645 |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | 83 | 14,163 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | |
Interest-earning balances due from depository institutions | 0 | |
Investment securities available-for-sale | 0 | |
Investment securities held-to-maturity | 0 | |
Total loans, net of allowance for credit losses | 7,981,839 | 7,696,210 |
Interest rate swaps | 0 | |
Deposits: | ||
Interest-bearing | 0 | 0 |
Borrowings | 0 | |
Junior subordinated debentures | 0 | 0 |
Interest rate swaps | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2022 USD ($) Agreement | Dec. 31, 2020 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 436,900,000 | $ 493,200,000 |
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 | 127 | |
Total notional amount of the Company's swaps | $ 436,900,000 |
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, 2022 | Dec. 31, 2021 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 83 | $ 14,163 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 83 | 14,163 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 83 | 14,163 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 83 | $ 14,163 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income | Noninterest Income | Noninterest Income | Noninterest Income |
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 0 | $ 167 | $ 0 | $ 382 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 0 | $ 167 | $ 0 | $ 382 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (194,111) | $ (14,515) | $ (539,066) | $ (45,989) |
Net change in fair value recorded in accumulated OCI, Tax effect | (57,386) | 4,291 | 159,367 | 13,596 |
Net change in fair value recorded in accumulated OCI, After-tax | (136,725) | (10,224) | (379,699) | (32,393) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | 95 | 72 | 242 | 173 |
Amortization of unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity, Tax effect | (28) | (21) | (72) | (51) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | 67 | 51 | 170 | 122 |
Net change, Before-tax | (194,016) | (14,443) | (538,825) | (45,816) |
Net change, Tax effect | 57,358 | 4,270 | 159,296 | 13,545 |
Net change, After-tax | $ (136,658) | $ (10,173) | $ (379,529) | $ (32,271) |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 525,620 | $ 665,890 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (57,693) | (9,339) |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 467,927 | 656,551 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 57,693 | 9,339 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (619,955) | (721,208) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (94,335) | (55,318) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 467,844 | 642,388 |
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 | 467,844 | 642,388 |
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 | 603,609 | (683,923) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 135,765 | (41,535) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 83 | 14,163 |
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 | 83 | 14,163 |
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 | 83 | 14,163 |
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 | 83 | 14,163 |
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 | 83 | 14,163 |
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 | 83 | 14,163 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 57,776 | 23,502 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 57,693 | (9,339) |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 83 | 14,163 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 57,693 | 9,339 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 16,346 | (37,285) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (41,430) | $ (13,783) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Lease Assets and Liabilities | ||||||
ROU assets | $ 23,560 | $ 23,560 | $ 19,274 | |||
Total lease liabilities | 25,092 | 25,092 | $ 20,864 | |||
Lease Cost | ||||||
Operating lease expense | [1] | 1,846 | $ 1,634 | 5,541 | $ 4,977 | |
Sublease income | 0 | 0 | 0 | 0 | ||
Total lease expense | 1,846 | 1,634 | 5,541 | 4,977 | ||
Other Information | ||||||
Operating cash outflows from operating leases, net | $ 1,882 | $ 1,700 | $ 5,593 | $ 5,364 | ||
Lease Term and Discount Rate | ||||||
Weighted average remaining lease term (years) | 4 years 2 months 26 days | 4 years 2 months 26 days | 4 years 3 months 3 days | |||
Weighted average discount rate | 2.72% | 2.72% | 2.41% | |||
[1] Includes short-term leases and variable lease costs, which are immaterial. |
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, 2022 USD ($) |
2022 (excluding the nine months ended September 30, 2022) | $ 1,794 |
2023 | 6,964 |
2024 | 5,849 |
2025 | 5,085 |
2026 | 3,851 |
Thereafter | 3,093 |
Total future lease payments | 26,636 |
Less: Imputed interest | (1,544) |
Present value of lease liabilities | $ 25,092 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Noninterest income: | ||||
Gain on OREO, net | $ 0 | $ 477 | ||
Other | $ 1,127 | $ 1,581 | 5,490 | 4,942 |
Total noninterest income | 11,590 | 10,483 | 37,524 | 35,000 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 5,233 | 4,513 | 15,625 | 12,667 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,867 | 2,681 | 8,651 | 8,459 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 376 | 479 | 1,102 | 1,362 |
Accounting Standards Update 2014-09 [Member] | ||||
Noninterest income: | ||||
Gain on OREO, net | 0 | 0 | 0 | 477 |
Other | 1,127 | 1,581 | 8,207 | 4,753 |
Total noninterest income | 9,603 | 9,254 | 33,585 | 27,718 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 5,233 | 4,513 | 15,625 | 12,667 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,867 | 2,681 | 8,651 | 8,459 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 376 | 479 | 1,102 | 1,362 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 1,987 | $ 1,229 | $ 3,939 | $ 7,282 |