Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000354647 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Mar. 31, 2024 | |
Entity Registrant Name | CVB FINANCIAL CORP. | |
Entity Current Reporting Status | Yes | |
Trading Symbol | CVBF | |
Title of 12(b) Security | Common Stock, No Par Value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-10140 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-3629339 | |
Entity Address, Address Line One | 701 North Haven Ave. | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Ontario | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91764 | |
City Area Code | 909 | |
Local Phone Number | 980-4030 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 139,639,680 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 131,955 | $ 171,396 |
Interest-earning balances due from Federal Reserve | 817,634 | 109,889 |
Total cash and cash equivalents | 949,589 | 281,285 |
Interest-earning balances due from depository institutions | 12,632 | 8,216 |
Investment securities available-for-sale, at fair value (with amortized cost of $3,333,603 at March 31, 2024, and $3,398,942 at December 31, 2023) | 2,837,100 | 2,956,125 |
Investment securities held-to-maturity (with fair value of $2,044,031 at March 31, 2024, and $2,082,881 at December 31, 2023) | 2,454,586 | 2,464,610 |
Total investment securities | 5,291,686 | 5,420,735 |
Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 |
Loans and lease finance receivables | 8,770,713 | 8,904,910 |
Allowance for credit losses | (82,817) | (86,842) |
Net loans and lease finance receivables | 8,687,896 | 8,818,068 |
Premises and equipment, net | 43,448 | 44,709 |
Bank owned life insurance (BOLI) | 310,744 | 308,706 |
Accrued interest receivable | 47,891 | 48,994 |
Intangibles | 13,853 | 15,291 |
Goodwill | 765,822 | 765,822 |
Income taxes | 180,750 | 163,968 |
Other assets | 145,823 | 127,187 |
Total assets | 16,468,146 | 16,020,993 |
Deposits: | ||
Noninterest-bearing | 7,112,789 | 7,206,175 |
Interest-bearing | 4,782,132 | 4,227,467 |
Total deposits | 11,894,921 | 11,433,642 |
Customer repurchase agreements | 275,720 | 271,642 |
Other borrowings | 1,995,000 | 2,070,000 |
Deferred compensation | 23,082 | 22,335 |
Accrued interest payable | 45,404 | 23,268 |
Other liabilities | 147,194 | 122,134 |
Total liabilities | 14,381,321 | 13,943,021 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,641,884 at March 31, 2024, and 139,344,981 at December 31, 2023 | 1,288,755 | 1,288,899 |
Retained earnings | 1,133,355 | 1,112,642 |
Accumulated other comprehensive income, net of tax | (335,285) | (323,569) |
Total stockholders' equity | 2,086,825 | 2,077,972 |
Total liabilities and stockholders' equity | $ 16,468,146 | $ 16,020,993 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 3,333,603 | $ 3,398,942 |
Fair Value, Held-to-maturity | $ 2,044,031 | $ 2,082,881 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 139,641,884 | 139,344,981 |
Common stock, shares outstanding | 139,641,884 | 139,344,981 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans and leases, including fees | $ 116,349 | $ 108,394 |
Investment securities: | ||
Investment securities available-for-sale | 21,446 | 19,596 |
Investment securities held-to-maturity | 13,402 | 13,956 |
Total investment income | 34,848 | 33,552 |
Dividends from FHLB stock | 419 | 349 |
Interest-earning deposits with other institutions | 6,073 | 491 |
Total interest income | 157,689 | 142,786 |
Interest expense: | ||
Deposits | 21,366 | 5,365 |
Borrowings and customer repurchase agreements | 23,862 | 11,693 |
Total interest expense | 45,228 | 17,058 |
Net interest income before provision for credit losses | 112,461 | 125,728 |
Provision for credit losses | 0 | 1,500 |
Net interest income after provision for credit losses | 112,461 | 124,228 |
Noninterest income: | ||
BOLI income | 3,593 | 1,189 |
Other | 1,875 | 3,378 |
Total noninterest income | 14,113 | 13,202 |
Noninterest expense: | ||
Salaries and employee benefits | 36,401 | 35,247 |
Occupancy and equipment | 5,565 | 5,450 |
Professional services | 2,255 | 1,696 |
Computer software expense | 3,525 | 3,408 |
Marketing and promotion | 1,630 | 1,715 |
Provision for unfunded loan commitments | 0 | 500 |
Amortization of intangible assets | 1,438 | 1,720 |
Other | 8,957 | 5,145 |
Total noninterest expense | 59,771 | 54,881 |
Earnings before income taxes | 66,803 | 82,549 |
Income taxes | 18,204 | 23,279 |
Net earnings | 48,599 | 59,270 |
Other comprehensive (loss) income: | ||
Unrealized (loss) gain on securities arising during the period, before tax | (17,073) | 40,702 |
Less: Income tax benefit (expense) related to items of other comprehensive income | 5,357 | (12,033) |
Other comprehensive (loss), net of tax | (11,716) | 28,669 |
Comprehensive income (loss) | $ 36,883 | $ 87,939 |
Basic earnings per common share | $ 0.35 | $ 0.42 |
Diluted earnings per common share | $ 0.35 | $ 0.42 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | $ 5,036 | $ 5,344 |
Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | 3,224 | 2,914 |
Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | $ 385 | $ 377 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2022 | $ 1,948,517 | $ 1,300,466 | $ 1,002,847 | $ (354,796) |
Beginning balance, shares at Dec. 31, 2022 | 139,819 | |||
Repurchase of common stock | (21,036) | $ (21,036) | ||
Repurchase of common stock, shares | (918) | |||
Exercise of stock options | 72 | $ 72 | ||
Exercise of stock options, shares | 4 | |||
Shares issued pursuant to stock-based compensation plan | 2,284 | $ 2,284 | ||
Shares issued pursuant to stock-based compensation plan, shares | 397 | |||
Cash dividends declared on common stock | (28,007) | (28,007) | ||
Net earnings | 59,270 | 59,270 | ||
Other comprehensive income (loss) | 28,669 | 28,669 | ||
Ending balance at Mar. 31, 2023 | 1,989,769 | $ 1,281,786 | 1,034,110 | (326,127) |
Ending balance, shares at Mar. 31, 2023 | 139,302 | |||
Beginning balance at Dec. 31, 2023 | 2,077,972 | $ 1,288,899 | 1,112,642 | (323,569) |
Beginning balance, shares at Dec. 31, 2023 | 139,345 | |||
Repurchase of common stock | (2,573) | $ (2,573) | ||
Repurchase of common stock, shares | (146) | |||
Exercise of stock options | 43 | $ 43 | ||
Exercise of stock options, shares | 3 | |||
Shares issued pursuant to stock-based compensation plan | 2,386 | $ 2,386 | ||
Shares issued pursuant to stock-based compensation plan, shares | 440 | |||
Cash dividends declared on common stock | (27,886) | (27,886) | ||
Net earnings | 48,599 | 48,599 | ||
Other comprehensive income (loss) | (11,716) | (11,716) | ||
Ending balance at Mar. 31, 2024 | $ 2,086,825 | $ 1,288,755 | $ 1,133,355 | $ (335,285) |
Ending balance, shares at Mar. 31, 2024 | 139,642 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per common share | $ 0.2 | $ 0.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 161,187 | $ 148,044 |
Service charges and other fees received | 10,560 | 11,779 |
Interest paid | (23,092) | (17,239) |
Net cash paid to vendors, employees and others | (71,181) | (72,445) |
Income taxes | 0 | (19) |
Net cash provided by operating activities | 77,474 | 70,120 |
Cash Flows from Investing Activities | ||
Proceeds (purchases) of FHLB stock, net | 0 | (11,070) |
Net change in interest-earning balances from depository institutions | (4,416) | (2,391) |
Proceeds from repayment of investment securities available-for-sale | 82,060 | 89,465 |
Proceeds from maturity of investment securities available-for-sale | 15,000 | 3 |
Proceeds from repayment and maturity of investment securities held-to-maturity | 18,446 | 17,552 |
Purchases of investment securities held-to-maturity | (11,455) | (2,026) |
Net (increase) decrease in equity investments | (1,599) | 2,680 |
Net decrease in loan and lease finance receivables | 132,281 | 138,709 |
Purchase of premises and equipment | (166) | (343) |
Proceeds from BOLI death benefit | 882 | 0 |
Net cash provided by investing activities | 231,033 | 232,579 |
Cash Flows from Financing Activities | ||
Net (decrease) increase in other deposits | 182,120 | (553,692) |
Net increase (decrease) in time deposits | 279,159 | (10,683) |
Net (decrease) increase in other borrowings | (75,000) | 410,000 |
Net increase (decrease) in customer repurchase agreements | 4,078 | (75,196) |
Cash dividends on common stock | (28,030) | (28,091) |
Repurchase of common stock | (2,573) | (21,036) |
Proceeds from exercise of stock options | 43 | 72 |
Net cash provided by (used in) financing activities | 359,797 | (278,626) |
Net increase in cash and cash equivalents | 668,304 | 24,073 |
Cash and cash equivalents, beginning of period | 281,285 | 203,461 |
Cash and cash equivalents, end of period | 949,589 | 227,534 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 48,599 | 59,270 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Increase in BOLI | (3,593) | (1,189) |
Net amortization of premiums and discounts on investment securities | 4,142 | 4,635 |
Accretion of discount for acquired loans, net | (1,042) | (1,102) |
Provision for credit losses | 0 | 1,500 |
Provision for unfunded loan commitments | 0 | 500 |
Valuation allowance on other real estate owned | 28 | 0 |
Stock-based compensation | 2,386 | 2,284 |
Depreciation and amortization, net | 3,092 | 4,448 |
Change in other assets and liabilities | 23,862 | (226) |
Total adjustments | 28,875 | 10,850 |
Net cash provided by operating activities | 77,474 | 70,120 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Transfer of loans to other real estate owned | $ 675 | $ 0 |
Business
Business | 3 Months Ended |
Mar. 31, 2024 | |
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 throughout California. As of March 31, 2024 , the Bank operated 62 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 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, 2023, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 as filed with the SEC (“Form 10-K”). Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 4. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes. March 31, 2024 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 32,644 $ — $ ( 4 ) $ 32,640 1.15 % Mortgage-backed securities 2,766,695 25 ( 367,613 ) 2,399,107 84.56 % CMO/REMIC 495,576 — ( 116,682 ) 378,894 13.35 % Municipal bonds 26,480 36 ( 1,372 ) 25,144 0.89 % Other securities 1,315 — — 1,315 0.05 % Unallocated portfolio layer fair value basis adjustments (1) 10,893 — ( 10,893 ) — 0.00 % Total available-for-sale securities $ 3,333,603 $ 61 $ ( 496,564 ) $ 2,837,100 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 526,752 $ — $ ( 103,672 ) $ 423,080 21.46 % Mortgage-backed securities 652,864 — ( 109,336 ) 543,528 26.60 % CMO/REMIC 798,226 — ( 162,528 ) 635,698 32.52 % Municipal bonds 465,289 2,223 ( 37,242 ) 430,270 18.96 % Other securities 11,455 — — 11,455 0.46 % Total held-to-maturity securities $ 2,454,586 $ 2,223 $ ( 412,778 ) $ 2,044,031 100.00 % December 31, 2023 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 32,229 $ 24 $ — $ 32,253 1.09 % Mortgage-backed securities 2,843,744 42 ( 336,107 ) 2,507,679 84.83 % CMO/REMIC 502,234 — ( 112,872 ) 389,362 13.17 % Municipal bonds 26,477 46 ( 888 ) 25,635 0.87 % Other securities 1,196 — — 1,196 0.04 % Unallocated portfolio layer fair value basis adjustments (1) ( 6,938 ) 6,938 — — 0.00 % Total available-for-sale securities $ 3,398,942 $ 7,050 $ ( 449,867 ) $ 2,956,125 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 530,656 $ — $ ( 97,972 ) $ 432,684 21.53 % Mortgage-backed securities 663,090 — ( 97,436 ) 565,654 26.90 % CMO/REMIC 802,892 — ( 156,155 ) 646,737 32.58 % Municipal bonds 467,972 3,438 ( 33,604 ) 437,806 18.99 % Total held-to-maturity securities $ 2,464,610 $ 3,438 $ ( 385,167 ) $ 2,082,881 100.00 % (1) Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and N ote 9 for additional information. The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Three Months Ended March 31, 2024 2023 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 21,280 $ 19,428 Tax-advantaged 166 168 Total interest income from available-for-sale securities 21,446 19,596 Investment securities held-to-maturity: Taxable 10,984 11,507 Tax-advantaged 2,418 2,449 Total interest income from held-to-maturity securities 13,402 13,956 Total interest income from investment securities $ 34,848 $ 33,552 A pproximate ly 90 % of the total investment securities portfolio at March 31, 2024 represents securities issued by the U.S. government or U.S. gove rnment-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 March 31, 2024 and December 31, 2023. The following table presents the Company’s available-for-sale and held-to-maturity investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024 and December 31, 2023. March 31, 2024 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: Government agency/GSE $ 32,640 $ ( 4 ) $ — $ — $ 32,640 $ ( 4 ) Mortgage-backed securities 22 — 2,397,803 ( 367,613 ) 2,397,825 ( 367,613 ) CMO/REMIC — — 378,893 ( 116,682 ) 378,893 ( 116,682 ) Municipal bonds 6,525 ( 145 ) 17,743 ( 1,227 ) 24,268 ( 1,372 ) Total available-for-sale securities $ 39,187 $ ( 149 ) $ 2,794,439 $ ( 485,522 ) $ 2,833,626 $ ( 485,671 ) Investment securities held-to-maturity: Government agency/GSE $ — $ — $ 423,080 $ ( 103,672 ) $ 423,080 $ ( 103,672 ) Mortgage-backed securities — — 543,529 ( 109,336 ) 543,529 ( 109,336 ) CMO/REMIC — — 635,698 ( 162,528 ) 635,698 ( 162,528 ) Municipal bonds 46,060 ( 649 ) 289,996 ( 36,593 ) 336,056 ( 37,242 ) Total held-to-maturity securities $ 46,060 $ ( 649 ) $ 1,892,303 $ ( 412,129 ) $ 1,938,363 $ ( 412,778 ) December 31, 2023 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: Government agency/GSE $ — $ — $ — $ — $ — $ — Mortgage-backed securities 48 — 2,506,162 ( 336,107 ) 2,506,210 ( 336,107 ) CMO/REMIC — — 389,359 ( 112,872 ) 389,359 ( 112,872 ) Municipal bonds 3,286 ( 17 ) 18,105 ( 871 ) 21,391 ( 888 ) Total available-for-sale securities $ 3,334 $ ( 17 ) $ 2,913,626 $ ( 449,850 ) $ 2,916,960 $ ( 449,867 ) Investment securities held-to-maturity: Government agency/GSE $ — $ — $ 432,684 $ ( 97,972 ) $ 432,684 $ ( 97,972 ) Mortgage-backed securities — — 565,655 ( 97,436 ) 565,655 ( 97,436 ) CMO/REMIC — — 646,737 ( 156,155 ) 646,737 ( 156,155 ) Municipal bonds 20,609 ( 200 ) 293,467 ( 33,404 ) 314,076 ( 33,604 ) Total held-to-maturity securities $ 20,609 $ ( 200 ) $ 1,938,543 $ ( 384,967 ) $ 1,959,152 $ ( 385,167 ) At March 31, 2024 investment securities with carrying values of $ 2.51 billion were pledged to secure various types of deposits, including $ 1.37 billion of public funds. In addition, investment secu rities with carrying values of $ 2.75 billion were pledged to secure $ 372.3 million for r epurchase agreements, $ 1.88 b illion for outstanding borrowings, $ 446 million for unused borrowing capacity and approximately $ 51 mil lion for other purposes as required or permitted by law. At December 31, 2023 , investment securities with carrying values of $ 2.26 billion were pledged to secure various types of deposits, including $ 1.38 billion of public funds. In addition, investment securities with carrying values of $ 3.02 billion were pledged to secure $ 372.5 million for repurchase agreements, $ 1.8 billion for outstanding borrowings, $ 796 million for unused borrowing capacity and approximately $ 51 million for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at March 31, 2024, 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. March 31, 2024 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 36,409 $ 36,328 $ 3,565 $ 3,554 Due after one year through five years 264,422 241,797 52,525 50,505 Due after five years through ten years 2,519,475 2,164,588 317,491 280,289 Due after ten years 513,297 394,387 2,081,005 1,709,683 Total investment securities $ 3,333,603 $ 2,837,100 $ 2,454,586 $ 2,044,031 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 March 31, 2024 . |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Credit Losses | 5. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES The following table provides a summary of total loans and lease finance receivables by type. March 31, 2024 December 31, 2023 (Dollars in thousands) Commercial real estate $ 6,720,538 $ 6,784,505 Construction 58,806 66,734 SBA 268,320 270,619 SBA - Paycheck Protection Program (PPP) 2,249 2,736 Commercial and industrial 963,120 969,895 Dairy & livestock and agribusiness 351,624 412,891 Municipal lease finance receivables 72,032 73,590 SFR mortgage 276,475 269,868 Consumer and other loans 57,549 54,072 Total loans, at amortized cost 8,770,713 8,904,910 Less: Allowance for credit losses ( 82,817 ) ( 86,842 ) Total loans and lease finance receivables, net $ 8,687,896 $ 8,818,068 As of March 31, 2024 , 80.44 % of the Company’s total loan portfolio consisted of real estate loans, with commercial real estate loans representing 76.62 % of total loans. The Company’s real estate loans and construction loans are secured by real properties primarily located in California. As of March 31, 2024 , $ 498.2 million, or 7.41 % of the total commercial real estate loans included loans secured by farmland, compared to $ 497.7 million, or 7.34 %, at December 31, 2023 . The loans secured by farmland included $ 121.4 million for loans secured by dairy & livestock land and $ 376.8 million secured by agricultural land at March 31, 2024 , compared to $ 122.4 million for loans secured by dairy & livestock land and $ 375.3 million for loans secured by agricultural land at December 31, 2023. As of March 31, 2024 , dairy & livestock and agribusiness loans of $ 351.6 million were comprised of $ 308.5 million for dairy & livestock loans and $ 43.1 million for agribusiness loans, compared to $ 412.9 million were comprised of $ 374.9 million for dairy & livestock loans and $ 38.0 million of agribusiness loans at December 31, 2023. At March 31, 2024 and December 31, 2023, loans totaling $ 4.24 billi on and $ 4.04 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of March 31, 2024 and December 31, 2023. Credit Quality Indicators We monitor credit quality by evaluating various risk attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. Internal credit risk ratings, within our loan risk rating system, are the credit quality indicators that we most closely monitor. An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. Loans are risk rated into the following categories: Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future. The following table summarizes loans by type and origination year, according to our internal risk ratings as of the dates presented. Origination Year Revolving loans amortized Revolving loans converted to March 31, 2024 2024 2023 2022 2021 2020 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 54,653 $ 441,596 $ 1,299,240 $ 1,120,686 $ 866,833 $ 2,457,881 $ 179,725 $ 38,940 $ 6,459,554 Special Mention 678 4,556 3,867 18,616 19,117 121,713 2,366 — 170,913 Substandard — 669 8,105 2,891 32,952 44,705 749 — 90,071 Doubtful & Loss — — — — — — — — — Total Commercial real $ 55,331 $ 446,821 $ 1,311,212 $ 1,142,193 $ 918,902 $ 2,624,299 $ 182,840 $ 38,940 $ 6,720,538 Current YTD Period: $ — $ — $ — $ — $ — $ 2,258 $ — $ — $ 2,258 Construction loans: Risk Rating: Pass $ 3 $ 2,513 $ 12,277 $ 22,289 $ 8,066 $ — $ 11,549 $ — $ 56,697 Special Mention — — — — — — — — - Substandard — — — 2,109 — — — — 2,109 Doubtful & Loss — — — — — — — — — Total Construction $ 3 $ 2,513 $ 12,277 $ 24,398 $ 8,066 $ — $ 11,549 $ — $ 58,806 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA loans: Risk Rating: Pass $ 10,759 $ 19,621 $ 47,896 $ 50,594 $ 24,417 $ 102,067 $ — $ — $ 255,354 Special Mention — — 1,616 — 4,767 3,010 — — 9,393 Substandard — — — — — 3,573 — — 3,573 Doubtful & Loss — — — — — — — — — Total SBA loans: $ 10,759 $ 19,621 $ 49,512 $ 50,594 $ 29,184 $ 108,650 $ — $ — $ 268,320 Current YTD Period: $ — $ — $ — $ — $ — $ 90 $ — $ — $ 90 SBA - PPP loans: Risk Rating: Pass $ — $ — $ — $ 591 $ 1,658 $ — $ — $ — $ 2,249 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total SBA - PPP loans: $ — $ — $ — $ 591 $ 1,658 $ — $ — $ — $ 2,249 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Risk Rating: Pass $ 28,523 $ 135,426 $ 136,353 $ 90,310 $ 82,495 $ 151,348 $ 296,236 $ 4,688 $ 925,379 Special Mention — 9,498 1,124 1,595 828 7,989 8,133 5,279 34,446 Substandard — — 239 — — 45 2,637 374 3,295 Doubtful & Loss — — — — — — — — — Total Commercial and $ 28,523 $ 144,924 $ 137,716 $ 91,905 $ 83,323 $ 159,382 $ 307,006 $ 10,341 $ 963,120 Current YTD Period: $ — $ — $ 300 $ — $ — $ 1,186 $ — $ 431 $ 1,917 Origination Year Revolving loans amortized Revolving loans converted to March 31, 2024 2024 2023 2022 2021 2020 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ — $ — $ — $ 685 $ 917 $ 262 $ 266,157 $ 270 $ 268,291 Special Mention — 432 — 1,335 — — 79,044 — 80,811 Substandard — — — — — 60 2,380 82 2,522 Doubtful & Loss — — — — — — — — — Total Dairy & livestock $ — $ 432 $ — $ 2,020 $ 917 $ 322 $ 347,581 $ 352 $ 351,624 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Municipal lease finance Risk Rating: Pass $ 193 $ — $ 5,719 $ 25,803 $ 5,733 $ 34,402 $ — $ — $ 71,850 Special Mention — — — — — 182 — — 182 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Municipal lease $ 193 $ — $ 5,719 $ 25,803 $ 5,733 $ 34,584 $ — $ — $ 72,032 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SFR mortgage loans: Risk Rating: Pass $ 11,528 $ 21,229 $ 60,524 $ 43,305 $ 43,832 $ 93,044 $ — $ — $ 273,462 Special Mention — 750 — — 913 438 — — 2,101 Substandard — — — — — 604 — 308 912 Doubtful & Loss — — — — — — — — — Total SFR mortgage $ 11,528 $ 21,979 $ 60,524 $ 43,305 $ 44,745 $ 94,086 $ — $ 308 $ 276,475 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Risk Rating: Pass $ 1,636 $ 4,037 $ 3,483 $ 2,492 $ 572 $ 1,035 $ 42,049 $ 1,256 $ 56,560 Special Mention — — — 214 — — 4 173 391 Substandard — — — — — — — 598 598 Doubtful & Loss — — — — — — — — — Total Consumer and $ 1,636 $ 4,037 $ 3,483 $ 2,706 $ 572 $ 1,035 $ 42,053 $ 2,027 $ 57,549 Current YTD Period: $ — $ — $ — $ — $ — $ — $ 1 $ 1 $ 2 Total Loans, at amortized cost: Risk Rating: Pass $ 107,295 $ 624,422 $ 1,565,492 $ 1,356,755 $ 1,034,523 $ 2,840,039 $ 795,716 $ 45,154 $ 8,369,396 Special Mention 678 15,236 6,607 21,760 25,625 133,332 89,547 5,452 298,237 Substandard — 669 8,344 5,000 32,952 48,987 5,766 1,362 103,080 Doubtful & Loss — — — — — — — — — Total Loans at amortized cost: $ 107,973 $ 640,327 $ 1,580,443 $ 1,383,515 $ 1,093,100 $ 3,022,358 $ 891,029 $ 51,968 $ 8,770,713 Current YTD Period: $ — $ — $ 300 $ — $ — $ 3,534 $ 1 $ 432 $ 4,267 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2023 2023 2022 2021 2020 2019 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 447,991 $ 1,315,563 $ 1,133,331 $ 885,590 $ 497,541 $ 2,041,329 $ 171,223 $ 38,568 $ 6,531,136 Special Mention 3,241 3,897 15,868 19,368 43,824 74,673 2,911 — 163,782 Substandard 744 8,127 2,891 33,401 12,986 30,637 801 — 89,587 Doubtful & Loss — — — — — — — — — Total Commercial real $ 451,976 $ 1,327,587 $ 1,152,090 $ 938,359 $ 554,351 $ 2,146,639 $ 174,935 $ 38,568 $ 6,784,505 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction loans: Risk Rating: Pass $ 1,274 $ 15,046 $ 22,288 $ 8,058 $ — $ — $ 17,938 $ — $ 64,604 Special Mention — — 2,130 — — — — — 2,130 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Construction $ 1,274 $ 15,046 $ 24,418 $ 8,058 $ — $ — $ 17,938 $ — $ 66,734 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA loans: Risk Rating: Pass $ 20,701 $ 48,212 $ 51,038 $ 29,306 $ 6,236 $ 101,856 $ — $ — $ 257,349 Special Mention — 1,627 — 4,784 1,132 1,760 — — 9,303 Substandard — — — — 749 3,218 — — 3,967 Doubtful & Loss — — — — — — — — — Total SBA loans: $ 20,701 $ 49,839 $ 51,038 $ 34,090 $ 8,117 $ 106,834 $ — $ — $ 270,619 Current YTD Period: $ — $ — $ — $ — $ — $ 288 $ — $ — $ 288 SBA - PPP loans: Risk Rating: Pass $ — $ — $ 699 $ 2,037 $ — $ — $ — $ — $ 2,736 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total SBA - PPP loans: $ — $ — $ 699 $ 2,037 $ — $ — $ — $ — $ 2,736 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Risk Rating: Pass $ 141,080 $ 143,847 $ 100,059 $ 88,743 $ 68,352 $ 94,027 $ 289,539 $ 5,460 $ 931,107 Special Mention 7,829 738 745 552 4,114 3,986 10,529 5,347 33,840 Substandard — 257 — — 89 1,296 2,487 819 4,948 Doubtful & Loss — — — — — — — — — Total Commercial and $ 148,909 $ 144,842 $ 100,804 $ 89,295 $ 72,555 $ 99,309 $ 302,555 $ 11,626 $ 969,895 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ 109 $ 109 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2023 2023 2022 2021 2020 2019 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 296 $ — $ 1,586 $ 931 $ 80 $ 208 $ 337,525 $ — $ 340,626 Special Mention 448 — — — 25 — 69,232 — 69,705 Substandard — — — — — 60 2,500 — 2,560 Doubtful & Loss — — — — — — — — — Total Dairy & livestock $ 744 $ — $ 1,586 $ 931 $ 105 $ 268 $ 409,257 $ — $ 412,891 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Municipal lease finance Risk Rating: Pass $ — $ 5,735 $ 25,803 $ 5,981 $ 4,267 $ 31,622 $ — $ — $ 73,408 Special Mention — — — — — 182 — — 182 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Municipal lease $ — $ 5,735 $ 25,803 $ 5,981 $ 4,267 $ 31,804 $ — $ — $ 73,590 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SFR mortgage loans: Risk Rating: Pass $ 22,248 $ 61,070 $ 43,573 $ 44,076 $ 28,049 $ 67,750 $ — $ — $ 266,766 Special Mention 789 — — 918 544 327 — — 2,578 Substandard — — — — — 200 — 324 524 Doubtful & Loss — — — — — — — — — Total SFR mortgage $ 23,037 $ 61,070 $ 43,573 $ 44,994 $ 28,593 $ 68,277 $ — $ 324 $ 269,868 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Risk Rating: Pass $ 4,911 $ 4,122 $ 2,707 $ 702 $ 644 $ 486 $ 38,595 $ 871 $ 53,038 Special Mention — — 246 — — — 4 173 423 Substandard — — — — — 12 1 598 611 Doubtful & Loss — — — — — — — — — Total Consumer and $ 4,911 $ 4,122 $ 2,953 $ 702 $ 644 $ 498 $ 38,600 $ 1,642 $ 54,072 Current YTD Period: $ — $ — $ — $ — $ — $ 4 $ — $ 4 $ 8 Total Loans, at amortized cost: Risk Rating: Pass $ 638,501 $ 1,593,595 $ 1,381,084 $ 1,065,424 $ 605,169 $ 2,337,278 $ 854,820 $ 44,899 $ 8,520,770 Special Mention 12,307 6,262 18,989 25,622 49,639 80,928 82,676 5,520 281,943 Substandard 744 8,384 2,891 33,401 13,824 35,423 5,789 1,741 102,197 Doubtful & Loss — — — — — — — — — Total Loans at amortized cost: $ 651,552 $ 1,608,241 $ 1,402,964 $ 1,124,447 $ 668,632 $ 2,453,629 $ 943,285 $ 52,160 $ 8,904,910 Current YTD Period: $ — $ — $ — $ — $ — $ 292 $ — $ 113 $ 405 Allowance for Credit Losses ("ACL") The Company's allowance models calculate reserves over the average life of the loan, which includes the remaining time to maturity, adjusted for estimated prepayments applied as an adjustment to our commercial real estate and commercial and industrial loans. 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. A substantial portion of the ACL relates to loans within the Commercial Real Estate and Commercial and Industrial methodologies, each evaluated on a collective basis. Our ACL amounts are largely driven by portfolio characteristics, including loss history, internal risk grading, 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 Real 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. 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. The Company’s ACL estimate incorporates a reasonable and supportable forecast of various macroeconomic variables over the remaining average life of our loans. This forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation, starting in years two through three, of the reasonable and supportable forecast period, with the reversion largely completed within the first five years of the forecast. The economic forecast is based on probability weighted scenarios to address macroeconomic uncertainty. 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, 2023 for a more detailed discussion concerning the allowance for credit losses. The ACL total ed $ 82.8 million at March 31, 2024 , compared to $ 86.8 million at December 31, 2023. The $ 4.0 million decrease in the ACL from December 31, 2023 to March 31, 2024 is comprised of $ 4.0 in net charge-offs. At March 31, 2024, the ACL as a percentage of total loans and leases, at amortized cost, wa s 0.94 %. This compares to 0.97 % at December 31, 2023. 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 downside forecasts. The baseline forecast continues to represent the largest weighting in our multi-weighted forecast scenario, with downside risks weighted among multiple forecasts. As of March 31, 2024 , the resulting weighted forecast resulted in Real GDP growth declining in the third and fourth quarters of 2024. Real GDP growth is forecasted to be below 2 % for 2025, before returning to growth between 2 % and 2.5 % in 2026. Commercial real estate values are forecasted to continue their decline until reaching their lowest level in the third quarter 2024. Unemployment is forecasted to rise in 2024, peaking around 6 % in the first quarter of 2025. The unemployment rate is forecasted to stay elevated through 2026. Management believes that the ACL was appropriate at March 31, 2024 and December 31, 2023. Due to inflationary pressures, high interest rates, lower commercial real estate values, 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 March 31, 2024 Ending Balance December 31, 2023 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance March 31, 2024 (Dollars in thousands) Commercial real estate $ 69,466 $ ( 2,258 ) $ — $ 2,237 $ 69,445 Construction 1,277 — 3 16 1,296 SBA 2,679 ( 90 ) 63 ( 121 ) 2,531 Commercial and industrial 9,116 ( 1,917 ) 176 ( 2,316 ) 5,059 Dairy & livestock and agribusiness 3,098 — — 154 3,252 Municipal lease finance 210 — — ( 16 ) 194 SFR mortgage 535 — — ( 52 ) 483 Consumer and other loans 461 ( 2 ) — 98 557 Total allowance for credit losses $ 86,842 $ ( 4,267 ) $ 242 $ — $ 82,817 Three Months Ended March 31, 2023 Ending Balance December 31, 2022 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance March 31, 2023 (Dollars in thousands) Commercial real estate $ 64,806 $ — $ — $ 2,311 $ 67,117 Construction 1,702 — 3 ( 31 ) 1,674 SBA 2,809 ( 94 ) 12 2 2,729 Commercial and industrial 10,206 ( 16 ) 14 ( 1,241 ) 8,963 Dairy & livestock and agribusiness 4,400 — 4 366 4,770 Municipal lease finance 296 — — ( 13 ) 283 SFR mortgage 366 — — 43 409 Consumer and other loans 532 — — 63 595 Total allowance for credit losses $ 85,117 $ ( 110 ) $ 33 $ 1,500 $ 86,540 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 responsible for monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for credit losses, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated credit losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies , included in our Annual Report on Form 10-K for the year ended December 31, 2023, 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. March 31, 2024 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 $ 2,526 $ — $ — $ 2,526 $ 2,407,593 $ 2,410,119 Non-owner occupied 11,295 5,960 10,661 27,916 4,282,503 4,310,419 Construction Speculative (1) — — — — 52,256 52,256 Non-speculative — — — — 6,550 6,550 SBA 408 — 54 462 267,858 268,320 SBA - PPP — — — — 2,249 2,249 Commercial and industrial 6 — 2,487 2,493 960,627 963,120 Dairy & livestock and agribusiness — — — — 351,624 351,624 Municipal lease finance receivables — — — — 72,032 72,032 SFR mortgage — — — — 276,475 276,475 Consumer and other loans — — — — 57,549 57,549 Total loans at amortized cost $ 14,235 $ 5,960 $ 13,202 $ 33,397 $ 8,737,316 $ 8,770,713 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2023 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 $ 300 $ — $ 2,505 $ 2,805 $ 2,430,447 $ 2,433,252 Non-owner occupied 16 — 531 547 4,350,706 4,351,253 Construction Speculative (1) — — — — 57,921 57,921 Non-speculative — — — — 8,813 8,813 SBA — 108 969 1,077 269,542 270,619 SBA - PPP — — — — 2,736 2,736 Commercial and industrial 12 — 4,253 4,265 965,630 969,895 Dairy & livestock and agribusiness — — — — 412,891 412,891 Municipal lease finance receivables — — — — 73,590 73,590 SFR mortgage 201 — — 201 269,667 269,868 Consumer and other loans 18 — — 18 54,054 54,072 Total loans at amortized cost $ 547 $ 108 $ 8,258 $ 8,913 $ 8,895,997 $ 8,904,910 (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 March 31, 2024 and December 31, 2023 by type of loan. March 31, 2024 Nonaccrual with No Allowance for Credit Losses Total Nonaccrual Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ — $ — $ — Non-owner occupied 10,661 10,661 — Construction Speculative (2) — — — Non-speculative — — — SBA 54 54 — SBA - PPP — — — Commercial and industrial 2,727 2,727 — Dairy & livestock and agribusiness 60 60 — Municipal lease finance receivables — — — SFR mortgage 308 308 — Consumer and other loans - - — Total loans at amortized cost $ 13,810 $ 13,810 $ — (1) As of March 31, 2024, $ 608,000 of nonaccruing loans were current and $ 13.2 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) There were no guaranteed portion of nonaccrual SBA loans that are in process of collection. December 31, 2023 Nonaccrual with No Allowance for Credit Losses Total Nonaccrual Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 2,505 $ 2,505 $ — Non-owner occupied 548 12,935 — Construction Speculative (2) — — — Non-speculative — — — SBA 787 969 — SBA - PPP — — — Commercial and industrial 908 4,509 — Dairy & livestock and agribusiness 60 60 — Municipal lease finance receivables — — — SFR mortgage 323 324 — Consumer and other loans — — — Total loans at amortized cost $ 5,131 $ 21,302 $ — (1) As of December 31, 2023 , $ 13.0 million of nonaccruing loans were current, $ 16,000 were 30-59 days past due, and $ 8.3 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 date presented. March 31, 2024 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 10,661 $ — $ — 2 Construction — — — — SBA 54 — — 1 SBA - PPP — — — — Commercial and industrial — 2,727 — 2 Dairy & livestock and agribusiness 60 — — 1 Municipal lease finance receivables — — — — SFR mortgage 308 — — 1 Consumer and other loans — — — — Total collateral-dependent loans $ 11,083 $ 2,727 $ — 7 December 31, 2023 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 15,440 $ — $ — 5 Construction — — — — SBA 749 220 — 4 SBA - PPP — — — — Commercial and industrial 392 2,950 1,167 8 Dairy & livestock and agribusiness 60 — — 1 Municipal lease finance receivables — — — — SFR mortgage 324 — — 1 Consumer and other loans — — — — Total collateral-dependent loans $ 16,965 $ 3,170 $ 1,167 19 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 $ 7.5 million for the off-balance sheet credit exposures as of March 31, 2024. There was no provision for unfunded loan commitments for the three months ended March 31, 2024 , compared to $ 500,000 in provision for the three months ended March 31, 2023. As of March 31, 2024 and December 31, 2023, the balance in this reserve was $ 7.5 million and was included in other liabilities. Modifications of Loans to Borrowers Experiencing Financial Difficulty The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of TDRs and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. There were three loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 with an amortized cost totaling $ 1.3 million as of March 31, 2024, including one dairy & livestock and agribusiness loan of $ 962,000 and two commercial and industrial loans totaling $ 350,000 . The tables below reflect the amortized cost of loans by type made to borrowers experiencing financial difficulty that were modified as of March 31, 2024 and March 31, 2023, and the financial effect of those modifications. Term Extension Combination-Term Extension and Interest Rate Reduction Amortized Cost Basis % of Total Class of Financing Receivables Amortized Cost Basis % of Total Class of Financing Receivables Total March 31, 2024 Commercial real estate loans $ 2,466 0.03 % $ 686 0.01 % $ 3,152 Commercial and industrial 1,644 0.02 % 242 0.00 % 1,886 Dairy & livestock and agribusiness 5,727 0.07 % — 0.00 % 5,727 Total $ 9,837 $ 928 $ 10,765 March 31, 2023 Commercial real estate loans $ 1,587 0.02 % $ — — $ 1,587 Commercial and industrial 2,250 0.03 % — — 2,250 Dairy & livestock and agribusiness 1,999 0.02 % — — 1,999 Total $ 5,836 $ — $ 5,836 Loan Type Financial Effect Term Extension March 31, 2024 Commercial real estate loans Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.7 years to the life of loans, which reduced monthly payment amounts for the borrowers. Dairy & livestock and agribusiness Added a weighted-average 0.6 years to the life of loans, which reduced monthly payment amounts for the borrowers. Term Extension March 31, 2023 Commercial real estate loans Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.8 years to the life of loans, which reduced monthly payment amounts for the borrowers. Dairy & livestock and agribusiness Added a weighted-average 1.2 years to the life of loans, which reduced monthly payment amounts for the borrowers. As of March 31, 2024, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the first quarter of 2024 that subsequently defaulted. Payment default is defined as movement to nonaccrual (nonperforming) status, foreclosure or charge-off, whichever occurs first. The following table presents the recorded investment in, and the aging of, past due loans at amortized cost (including nonaccrual loans), by type of loans, made to borrowers experiencing financial difficulty as of March 31, 2024. Payment Status (amortized cost basis) Current 30-89 Days 90+ Days (Dollars in thousands) Commercial real estate loans $ 3,152 $ — $ — Commercial and industrial 1,886 — — Dairy & livestock and agribusiness 5,727 — — Total $ 10,765 $ — $ — |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | 6. BORROWINGS Customer Repurchase Agreements The Bank offers a repurchase agreement product to its customers. This product, known as Citizens Sweep Manager, sells our investment securities overnight to our customers under an agreement to repurchase them the next day at a price which reflects the market value of the use of funds by the Bank for the period concerned. These repurchase agreements are signed with customers who want to invest their excess deposits, above a pre-determined balance in a demand deposit account, in order to earn interest. As of March 31, 2024, total funds borrowed under these agreements were $ 275.7 million with a weighted average interest rate of 0.41 %, compared to $ 271.6 million with a weighted average interest rate of 0.29 % at December 31, 2023. Federal Home Loan Bank Advances and Other Borrowings As of March 31, 2024, total borrowings of $ 2.0 billion, consisted of one-year advances from the Federal Reserve’s Bank Term Funding Program (“BTFP”) at a cost of approximately 4.75 %. The BTFP advances include maturities of $ 695 million in May and $ 1.3 billion in January of 2025. As of December 31, 2023, total short-term borrowings of $ 2.07 billion, consisted of $ 1.91 billion of one-year advances from the Federal Reserve’s BTFP at a cost of 4.78 % and $ 160 million of short-term FHLB advances, at an average cost of approximately 5.7 %. The BTFP advances included maturities of $ 695 million in May and $ 1.2 billion in December of 2024. At March 31, 2024, loans with a carrying value of $ 4.24 billion were pledged to secure available lines of credit from the FHLB and the Federal Reserve Bank. At March 31, 2024 investment securities with carrying values of $ 2.51 billion were pledged to secure various types of deposits, including $ 1.37 billion of public funds. In addition, investment securities with carrying values of $ 2.75 billion were pledged to secure $ 372.3 million for repurchase agreements, $ 1.88 billion for outstanding borrowings, $ 446 million for unused borrowing capacity and approximately $ 51 million for other purposes as required or permitted by law. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and March 31, 2023, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1,021,000 and 348,000 , respecti vely. 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 2024 2023 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 48,599 $ 59,270 Less: Net earnings allocated to restricted stock 324 407 Net earnings allocated to common shareholders $ 48,275 $ 58,863 Weighted average shares outstanding 138,429 138,592 Basic earnings per common share $ 0.35 $ 0.42 Diluted earnings per common share: Net income allocated to common shareholders $ 48,275 $ 58,863 Weighted average shares outstanding 138,429 138,592 Incremental shares from assumed exercise of 174 361 Diluted weighted average shares outstanding 138,603 138,953 Diluted earnings per common share $ 0.35 $ 0.42 |
Fair Value Information
Fair Value Information | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 8. 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, 2023. 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: Government agency/GSE $ 32,640 $ — $ 32,640 $ — Mortgage-backed securities 2,399,107 — 2,399,107 — CMO/REMIC 378,894 — 378,894 — Municipal bonds 25,144 — 25,144 — Other securities 1,315 — 1,315 — Total investment securities - AFS 2,837,100 — 2,837,100 — Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 10,893 — 10,893 — Cash flow hedges: interest rate swaps 789 — 789 — Total assets $ 2,848,820 $ — $ 2,848,820 $ — Description of liability Derivatives not designated as hedging instruments: Interest rate swaps $ 38 $ — $ 38 $ — Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — Cash flow hedges: interest rate swaps — — — — Total liabilities $ 38 $ — $ 38 $ — Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 32,253 $ — $ 32,253 $ — Mortgage-backed securities 2,507,679 — 2,507,679 — CMO/REMIC 389,362 — 389,362 — Municipal bonds 25,635 — 25,635 — Other securities 1,196 — 1,196 — Total investment securities - AFS 2,956,125 — 2,956,125 — Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — Derivatives designated as hedging instruments: Interest rate swaps — — — — Total assets $ 2,956,237 $ — 2,956,237 $ — Description of liability Derivatives not designated as hedging instruments: Interest rate swaps $ 112 $ — $ 112 $ — Derivatives designated as hedging instruments: Interest rate swaps 6,938 — 6,938 — Total liabilities $ 7,050 $ — $ 7,050 $ — 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 write-downs of individual assets. For assets measured at fair value on a non-recurring basis that were held on the balance sheet at March 31, 2024 and December 31, 2023 , 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. Carrying Value at March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Three Months Ended March 31, 2024 (Dollars in thousands) Description of assets Loans: Commercial real estate $ 13,813 $ — $ — $ 13,813 $ 2,258 Construction — — — — — SBA 211 — — 211 26 SBA - PPP — — — — — Commercial and industrial 4,612 — — 4,612 16 Dairy & livestock and 5,787 — — 5,787 — Municipal lease finance — — — — — SFR mortgage 308 — — 308 — Consumer and other loans — — — — — Other real estate owned — — — — — Asset held-for-sale — — — — — Total assets $ 24,731 $ — $ — $ 24,731 $ 2,300 Carrying Value at December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Year Ended December 31, 2023 (Dollars in thousands) Description of assets Loans: Commercial real estate $ 18,678 $ — $ — $ 18,678 $ 2,128 Construction — — — — — SBA 995 — — 995 57 SBA - PPP — — — — — Commercial and industrial 6,092 — — 6,092 3,510 Dairy & livestock and 4,700 — — 4,700 27 Municipal lease finance — — — — — SFR mortgage — — — — — Consumer and other loans — — — — — Other real estate owned — — — — — Asset held-for-sale — — — — — Total assets $ 30,465 — — $ 30,465 $ 5,722 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 March 31, 2024 and December 31, 2023 , respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2024 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 949,589 $ 949,589 $ — $ — $ 949,589 Interest-earning balances due from 12,632 — 12,632 — 12,632 Investment securities available-for-sale 2,837,100 — 2,837,100 — 2,837,100 Investment securities held-to-maturity 2,454,586 — 2,044,031 — 2,044,031 Total loans, net of allowance for credit losses 8,687,896 — — 8,273,529 8,273,529 Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 10,893 — 10,893 — 10,893 Cash flow hedges: interest rate swaps 789 — 789 — 789 Liabilities Deposits: Interest-bearing $ 4,782,132 $ — $ 4,777,393 $ — $ 4,777,393 Borrowings 2,270,720 — 2,204,434 — 2,204,434 Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — — Cash flow hedges: interest rate swaps — — — — — December 31, 2023 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 281,285 $ 281,285 $ — $ — $ 281,285 Interest-earning balances due from 8,216 — 8,216 — 8,216 Investment securities available-for-sale 2,956,125 — 2,956,125 — 2,956,125 Investment securities held-to-maturity 2,464,610 — 2,082,881 — 2,082,881 Total loans, net of allowance for credit losses 8,818,068 — — 8,503,518 8,503,518 Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — — Liabilities Deposits: Interest-bearing $ 4,227,467 $ — $ 4,222,773 $ — $ 4,222,773 Borrowings 2,341,642 — 2,283,631 — 2,283,631 Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 6,938 — 6,938 — 6,938 The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2024 and December 31, 2023 . 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 | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives Not Designated as Hedging 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 March 31, 2024, the Bank has entered into 114 interest-rate swap agreements with customers with a notional amount totaling $ 390.3 million. T he Bank then entered into identical offsetting swaps with 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 a 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 SOFR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. 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. No ne 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. Derivatives Designated as Hedging Instruments Fair Value Hedges To manage interest rate risk on our AFS securities portfolio, we have entered into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of such securities resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging. We elected to account for the fair value hedges using the portfolio layer method in accordance with ASU 2022-01. We record the interest rate swaps in the line items "accrued interest receivable and other assets" and "other liabilities" on our consolidated balance sheet. For qualifying fair value hedges, both the changes in the fair value of the derivative and the portion of the fair value adjustments associated with the portfolio layer attributable to the hedged risk are recognized into earnings as they occur. Derivative amounts impacting earnings are recognized consistent with the classification of the hedged item in the line item "investment securities available for sale" as part of interest income, a component of consolidated net income. In June 2023, fair value hedging transactions were executed in which $ 1 billion notional pay-fixed interest rate swaps were consummated with original maturities ranging from four to five years, wherein the Company pays a weighted average fixed rate of approximately 3.8 % and receives daily SOFR. The fair value of these instruments totaled $ 10.9 million and were reflected as an asset at March 31, 2024. Cash Flow Hedges To manage our interest rate risk associated with brokered CDs, FHLB advances or other fixed rate advances for specified periods, the Company enters into interest rate derivative contracts that are designated as qualifying cash flow hedges to hedge the exposure to variability in expected future cash flows attributable to changes in a contractually specified interest rates. During the first quarter of 2024, $ 300 million of 3-month term brokered CDs were issued and cash flow hedging transactions were also executed in which $ 300 million notional pay-fixed interest rate swaps were consummated with maturities of three years, wherein the Company pays a weighted average fixed rate of approximately 4.2 % and receives daily SOFR. To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the hedge if a cash flow hedge. At inception a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to determine hedge effectiveness. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax. All related cash flows are reported in the operating activities section of the consolidated statement of cash flows. Amounts recorded to AOCI are reclassified into earnings in the same period in which the hedged asset or liability affects earnings and are presented in the same income statement line item as the earnings effect of the hedged asset or liability. Balance Sheet Classification of Derivative Financial Instruments As of March 31, 2024 and December 31, 2023, the notional amount, t he location of the asset and liability, and their respective fair values, ar e summarized in the tables below. March 31, 2024 Asset Derivatives Liability Derivatives Notional Balance Sheet Location Fair Value Notional Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps $ 390,307 Other assets $ 38 $ 390,307 Other liabilities $ 38 Total derivatives $ 38 $ 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps $ 1,000,000 Other assets $ 10,893 Other liabilities $ — Cash flow hedges: interest rate swaps Other assets 789 $ 300,000 Other liabilities — Total $ 11,682 $ — December 31, 2023 Asset Derivatives Liability Derivatives Notional Balance Sheet Location Fair Value Notional Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps $ 394,359 Other assets $ 112 $ 394,359 Other liabilities $ 112 Total derivatives $ 112 $ 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps $ 1,000,000 Other assets $ — Other liabilities $ 6,938 Total $ — $ 6,938 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. Location of Gain Recognized in Amount of Gain Recognized in Three Months Ended 2024 2023 (Dollars in thousands) Derivatives Not Designated as Hedging Instruments: Interest rate swaps Other income $ — $ — Total $ — $ — Location of Gain Recognized in Amount of Gains (Losses) Recognized in Interest OCI Impact on Derivatives-Gains (Losses) recorded in OCI Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivatives Designated as Hedging Instruments: Fair value hedges: interest rate swaps Interest income $ 3,687 $ — $ 12,869 $ — Cash flow hedges: interest rate swaps Interest expense 178 — 556 — Total $ 3,865 $ — $ 13,425 $ — |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 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 $ ( 35,856 ) $ 10,600 $ ( 25,256 ) $ 40,424 $ ( 11,951 ) $ 28,473 Amortization of net unrealized losses on securities 163 ( 48 ) 115 278 ( 82 ) 196 Derivatives designated as hedging instruments: Fair value hedges: Net change in fair value recorded in accumulated OCI 17,831 ( 4,962 ) 12,869 — — — Cash flow hedges: Net change in fair value recorded in accumulated OCI 789 ( 233 ) 556 — — — Net change $ ( 17,073 ) $ 5,357 $ ( 11,716 ) $ 40,702 $ ( 12,033 ) $ 28,669 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2024 | |
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. In June 2023, fair value hedging transactions were executed in which $ 1 billion notional pay-fixed interest rate swaps were consummated with original maturities ranging from four to five years , wherein the Company pays a weighted average fixed rate of approximately 3.8 % and receives daily SOFR. The fair value of these instruments totaled $ 10.9 million and were reflected as an asset on March 31, 2024. During the first quarter of 2024, cash flow hedging transactions were executed in which $ 300 million notional pay-fixed interest rate swaps were consummated with maturities of three years , wherein the Company pays a weighted average fixed rate of approximately 4.2 % and receives daily SOFR. The fair value of these instruments totaled $ 789,000 and were reflected as an asset on March 31, 2024. Refer to Note 9 – Derivative Financial Instruments of the notes to the unaudited condensed consolidated financial statements of this report for additional information. 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) March 31, 2024 Financial assets: Derivatives not designated as Interest rate swaps $ 38 $ — $ — $ 38 $ — $ 38 Derivatives designated as Fair value hedges: interest rate swaps 10,893 — — 10,893 — 10,893 Cash flow hedges: interest rate swaps 789 — — 789 — 789 Total $ 11,720 $ — $ — $ 11,720 $ — $ 11,720 Financial liabilities: Derivatives not designated as Interest rate swaps $ 47,507 $ ( 47,469 ) $ 38 $ 47,469 $ ( 15,827 ) $ 31,680 Derivatives designated as — — — — — — Fair value hedges: interest rate swaps — — — — — — Cash flow hedges: interest rate swaps — — — — — — Repurchase agreements 275,720 — 275,720 — 360,312 636,032 Total $ 323,227 $ ( 47,469 ) $ 275,758 $ 47,469 $ 344,485 $ 667,712 December 31, 2023 Financial assets: Derivatives not designated as $ 112 $ — $ — $ 112 $ — $ 112 Derivatives designated as — — — — — — Total $ 112 $ — $ — $ 112 $ — $ 112 Financial liabilities: Derivatives not designated as $ 42,613 $ ( 42,501 ) $ 112 $ 42,501 $ ( 11,659 ) $ 30,954 Derivatives designated as 6,938 — — 6,938 — 6,938 Repurchase agreements 271,642 — 271,642 — 362,505 634,147 Total $ 321,193 $ ( 42,501 ) $ 271,754 $ 49,439 $ 350,846 $ 672,039 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 20,666 $ 21,655 Total lease liabilities 23,037 24,056 Three Months Ended 2024 2023 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,845 $ 1,841 Sublease income — — Total lease expense $ 1,845 $ 1,841 (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 $ 1,864 $ 1,756 March 31, December 31, Lease Term and Discount Rate Weighted average remaining lease term 3.84 3.94 Weighted average discount rate 3.58 % 3.48 % The Company’s lease arrangements that have not yet commenced as of March 31, 2024 and the Company’s short-term lease costs and variable lease costs, for the three months ended March 31, 2024 and 2023 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 March 31, 2024, excluding property taxes and insurance, are as follows: March 31, 2024 (Dollars in thousands) Year: 2024 (excluding the three months ended March 31, 2024) $ 5,490 2025 6,759 2026 5,524 2027 4,040 2028 2,169 Thereafter 825 Total future lease payments 24,807 Less: Imputed interest ( 1,770 ) Present value of lease liabilities $ 23,037 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 13. REVENUE RECOGNITION The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated. Three Months Ended 2024 2023 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,036 $ 5,344 Trust and investment services 3,224 2,914 Bankcard services 385 377 Other 1,875 3,378 Noninterest Income (in-scope of Topic 606) 10,520 12,013 Noninterest Income (out-of-scope of Topic 606) 3,593 1,189 Total noninterest income $ 14,113 $ 13,202 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, 2023 for a more detailed discussion about noninterest revenue streams that are in-scope of Topic 606. |
Summary of Significant Accoun_2
Summary of Significant Accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | March 31, 2024 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 32,644 $ — $ ( 4 ) $ 32,640 1.15 % Mortgage-backed securities 2,766,695 25 ( 367,613 ) 2,399,107 84.56 % CMO/REMIC 495,576 — ( 116,682 ) 378,894 13.35 % Municipal bonds 26,480 36 ( 1,372 ) 25,144 0.89 % Other securities 1,315 — — 1,315 0.05 % Unallocated portfolio layer fair value basis adjustments (1) 10,893 — ( 10,893 ) — 0.00 % Total available-for-sale securities $ 3,333,603 $ 61 $ ( 496,564 ) $ 2,837,100 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 526,752 $ — $ ( 103,672 ) $ 423,080 21.46 % Mortgage-backed securities 652,864 — ( 109,336 ) 543,528 26.60 % CMO/REMIC 798,226 — ( 162,528 ) 635,698 32.52 % Municipal bonds 465,289 2,223 ( 37,242 ) 430,270 18.96 % Other securities 11,455 — — 11,455 0.46 % Total held-to-maturity securities $ 2,454,586 $ 2,223 $ ( 412,778 ) $ 2,044,031 100.00 % December 31, 2023 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 32,229 $ 24 $ — $ 32,253 1.09 % Mortgage-backed securities 2,843,744 42 ( 336,107 ) 2,507,679 84.83 % CMO/REMIC 502,234 — ( 112,872 ) 389,362 13.17 % Municipal bonds 26,477 46 ( 888 ) 25,635 0.87 % Other securities 1,196 — — 1,196 0.04 % Unallocated portfolio layer fair value basis adjustments (1) ( 6,938 ) 6,938 — — 0.00 % Total available-for-sale securities $ 3,398,942 $ 7,050 $ ( 449,867 ) $ 2,956,125 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 530,656 $ — $ ( 97,972 ) $ 432,684 21.53 % Mortgage-backed securities 663,090 — ( 97,436 ) 565,654 26.90 % CMO/REMIC 802,892 — ( 156,155 ) 646,737 32.58 % Municipal bonds 467,972 3,438 ( 33,604 ) 437,806 18.99 % Total held-to-maturity securities $ 2,464,610 $ 3,438 $ ( 385,167 ) $ 2,082,881 100.00 % (1) Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and N ote 9 for additional information. |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Three Months Ended March 31, 2024 2023 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 21,280 $ 19,428 Tax-advantaged 166 168 Total interest income from available-for-sale securities 21,446 19,596 Investment securities held-to-maturity: Taxable 10,984 11,507 Tax-advantaged 2,418 2,449 Total interest income from held-to-maturity securities 13,402 13,956 Total interest income from investment securities $ 34,848 $ 33,552 A |
Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s available-for-sale and held-to-maturity investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024 and December 31, 2023. March 31, 2024 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: Government agency/GSE $ 32,640 $ ( 4 ) $ — $ — $ 32,640 $ ( 4 ) Mortgage-backed securities 22 — 2,397,803 ( 367,613 ) 2,397,825 ( 367,613 ) CMO/REMIC — — 378,893 ( 116,682 ) 378,893 ( 116,682 ) Municipal bonds 6,525 ( 145 ) 17,743 ( 1,227 ) 24,268 ( 1,372 ) Total available-for-sale securities $ 39,187 $ ( 149 ) $ 2,794,439 $ ( 485,522 ) $ 2,833,626 $ ( 485,671 ) Investment securities held-to-maturity: Government agency/GSE $ — $ — $ 423,080 $ ( 103,672 ) $ 423,080 $ ( 103,672 ) Mortgage-backed securities — — 543,529 ( 109,336 ) 543,529 ( 109,336 ) CMO/REMIC — — 635,698 ( 162,528 ) 635,698 ( 162,528 ) Municipal bonds 46,060 ( 649 ) 289,996 ( 36,593 ) 336,056 ( 37,242 ) Total held-to-maturity securities $ 46,060 $ ( 649 ) $ 1,892,303 $ ( 412,129 ) $ 1,938,363 $ ( 412,778 ) December 31, 2023 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: Government agency/GSE $ — $ — $ — $ — $ — $ — Mortgage-backed securities 48 — 2,506,162 ( 336,107 ) 2,506,210 ( 336,107 ) CMO/REMIC — — 389,359 ( 112,872 ) 389,359 ( 112,872 ) Municipal bonds 3,286 ( 17 ) 18,105 ( 871 ) 21,391 ( 888 ) Total available-for-sale securities $ 3,334 $ ( 17 ) $ 2,913,626 $ ( 449,850 ) $ 2,916,960 $ ( 449,867 ) Investment securities held-to-maturity: Government agency/GSE $ — $ — $ 432,684 $ ( 97,972 ) $ 432,684 $ ( 97,972 ) Mortgage-backed securities — — 565,655 ( 97,436 ) 565,655 ( 97,436 ) CMO/REMIC — — 646,737 ( 156,155 ) 646,737 ( 156,155 ) Municipal bonds 20,609 ( 200 ) 293,467 ( 33,404 ) 314,076 ( 33,604 ) Total held-to-maturity securities $ 20,609 $ ( 200 ) $ 1,938,543 $ ( 384,967 ) $ 1,959,152 $ ( 385,167 ) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | March 31, 2024 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 36,409 $ 36,328 $ 3,565 $ 3,554 Due after one year through five years 264,422 241,797 52,525 50,505 Due after five years through ten years 2,519,475 2,164,588 317,491 280,289 Due after ten years 513,297 394,387 2,081,005 1,709,683 Total investment securities $ 3,333,603 $ 2,837,100 $ 2,454,586 $ 2,044,031 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, 2024 December 31, 2023 (Dollars in thousands) Commercial real estate $ 6,720,538 $ 6,784,505 Construction 58,806 66,734 SBA 268,320 270,619 SBA - Paycheck Protection Program (PPP) 2,249 2,736 Commercial and industrial 963,120 969,895 Dairy & livestock and agribusiness 351,624 412,891 Municipal lease finance receivables 72,032 73,590 SFR mortgage 276,475 269,868 Consumer and other loans 57,549 54,072 Total loans, at amortized cost 8,770,713 8,904,910 Less: Allowance for credit losses ( 82,817 ) ( 86,842 ) Total loans and lease finance receivables, net $ 8,687,896 $ 8,818,068 |
Summary of Loans by Type and Origination Year, According to our Internal Risk Ratings | Origination Year Revolving loans amortized Revolving loans converted to March 31, 2024 2024 2023 2022 2021 2020 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 54,653 $ 441,596 $ 1,299,240 $ 1,120,686 $ 866,833 $ 2,457,881 $ 179,725 $ 38,940 $ 6,459,554 Special Mention 678 4,556 3,867 18,616 19,117 121,713 2,366 — 170,913 Substandard — 669 8,105 2,891 32,952 44,705 749 — 90,071 Doubtful & Loss — — — — — — — — — Total Commercial real $ 55,331 $ 446,821 $ 1,311,212 $ 1,142,193 $ 918,902 $ 2,624,299 $ 182,840 $ 38,940 $ 6,720,538 Current YTD Period: $ — $ — $ — $ — $ — $ 2,258 $ — $ — $ 2,258 Construction loans: Risk Rating: Pass $ 3 $ 2,513 $ 12,277 $ 22,289 $ 8,066 $ — $ 11,549 $ — $ 56,697 Special Mention — — — — — — — — - Substandard — — — 2,109 — — — — 2,109 Doubtful & Loss — — — — — — — — — Total Construction $ 3 $ 2,513 $ 12,277 $ 24,398 $ 8,066 $ — $ 11,549 $ — $ 58,806 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA loans: Risk Rating: Pass $ 10,759 $ 19,621 $ 47,896 $ 50,594 $ 24,417 $ 102,067 $ — $ — $ 255,354 Special Mention — — 1,616 — 4,767 3,010 — — 9,393 Substandard — — — — — 3,573 — — 3,573 Doubtful & Loss — — — — — — — — — Total SBA loans: $ 10,759 $ 19,621 $ 49,512 $ 50,594 $ 29,184 $ 108,650 $ — $ — $ 268,320 Current YTD Period: $ — $ — $ — $ — $ — $ 90 $ — $ — $ 90 SBA - PPP loans: Risk Rating: Pass $ — $ — $ — $ 591 $ 1,658 $ — $ — $ — $ 2,249 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total SBA - PPP loans: $ — $ — $ — $ 591 $ 1,658 $ — $ — $ — $ 2,249 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Risk Rating: Pass $ 28,523 $ 135,426 $ 136,353 $ 90,310 $ 82,495 $ 151,348 $ 296,236 $ 4,688 $ 925,379 Special Mention — 9,498 1,124 1,595 828 7,989 8,133 5,279 34,446 Substandard — — 239 — — 45 2,637 374 3,295 Doubtful & Loss — — — — — — — — — Total Commercial and $ 28,523 $ 144,924 $ 137,716 $ 91,905 $ 83,323 $ 159,382 $ 307,006 $ 10,341 $ 963,120 Current YTD Period: $ — $ — $ 300 $ — $ — $ 1,186 $ — $ 431 $ 1,917 Origination Year Revolving loans amortized Revolving loans converted to March 31, 2024 2024 2023 2022 2021 2020 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ — $ — $ — $ 685 $ 917 $ 262 $ 266,157 $ 270 $ 268,291 Special Mention — 432 — 1,335 — — 79,044 — 80,811 Substandard — — — — — 60 2,380 82 2,522 Doubtful & Loss — — — — — — — — — Total Dairy & livestock $ — $ 432 $ — $ 2,020 $ 917 $ 322 $ 347,581 $ 352 $ 351,624 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Municipal lease finance Risk Rating: Pass $ 193 $ — $ 5,719 $ 25,803 $ 5,733 $ 34,402 $ — $ — $ 71,850 Special Mention — — — — — 182 — — 182 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Municipal lease $ 193 $ — $ 5,719 $ 25,803 $ 5,733 $ 34,584 $ — $ — $ 72,032 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SFR mortgage loans: Risk Rating: Pass $ 11,528 $ 21,229 $ 60,524 $ 43,305 $ 43,832 $ 93,044 $ — $ — $ 273,462 Special Mention — 750 — — 913 438 — — 2,101 Substandard — — — — — 604 — 308 912 Doubtful & Loss — — — — — — — — — Total SFR mortgage $ 11,528 $ 21,979 $ 60,524 $ 43,305 $ 44,745 $ 94,086 $ — $ 308 $ 276,475 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Risk Rating: Pass $ 1,636 $ 4,037 $ 3,483 $ 2,492 $ 572 $ 1,035 $ 42,049 $ 1,256 $ 56,560 Special Mention — — — 214 — — 4 173 391 Substandard — — — — — — — 598 598 Doubtful & Loss — — — — — — — — — Total Consumer and $ 1,636 $ 4,037 $ 3,483 $ 2,706 $ 572 $ 1,035 $ 42,053 $ 2,027 $ 57,549 Current YTD Period: $ — $ — $ — $ — $ — $ — $ 1 $ 1 $ 2 Total Loans, at amortized cost: Risk Rating: Pass $ 107,295 $ 624,422 $ 1,565,492 $ 1,356,755 $ 1,034,523 $ 2,840,039 $ 795,716 $ 45,154 $ 8,369,396 Special Mention 678 15,236 6,607 21,760 25,625 133,332 89,547 5,452 298,237 Substandard — 669 8,344 5,000 32,952 48,987 5,766 1,362 103,080 Doubtful & Loss — — — — — — — — — Total Loans at amortized cost: $ 107,973 $ 640,327 $ 1,580,443 $ 1,383,515 $ 1,093,100 $ 3,022,358 $ 891,029 $ 51,968 $ 8,770,713 Current YTD Period: $ — $ — $ 300 $ — $ — $ 3,534 $ 1 $ 432 $ 4,267 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2023 2023 2022 2021 2020 2019 Prior cost basis term loans Total (Dollars in thousands) Commercial real estate Risk Rating: Pass $ 447,991 $ 1,315,563 $ 1,133,331 $ 885,590 $ 497,541 $ 2,041,329 $ 171,223 $ 38,568 $ 6,531,136 Special Mention 3,241 3,897 15,868 19,368 43,824 74,673 2,911 — 163,782 Substandard 744 8,127 2,891 33,401 12,986 30,637 801 — 89,587 Doubtful & Loss — — — — — — — — — Total Commercial real $ 451,976 $ 1,327,587 $ 1,152,090 $ 938,359 $ 554,351 $ 2,146,639 $ 174,935 $ 38,568 $ 6,784,505 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction loans: Risk Rating: Pass $ 1,274 $ 15,046 $ 22,288 $ 8,058 $ — $ — $ 17,938 $ — $ 64,604 Special Mention — — 2,130 — — — — — 2,130 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Construction $ 1,274 $ 15,046 $ 24,418 $ 8,058 $ — $ — $ 17,938 $ — $ 66,734 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA loans: Risk Rating: Pass $ 20,701 $ 48,212 $ 51,038 $ 29,306 $ 6,236 $ 101,856 $ — $ — $ 257,349 Special Mention — 1,627 — 4,784 1,132 1,760 — — 9,303 Substandard — — — — 749 3,218 — — 3,967 Doubtful & Loss — — — — — — — — — Total SBA loans: $ 20,701 $ 49,839 $ 51,038 $ 34,090 $ 8,117 $ 106,834 $ — $ — $ 270,619 Current YTD Period: $ — $ — $ — $ — $ — $ 288 $ — $ — $ 288 SBA - PPP loans: Risk Rating: Pass $ — $ — $ 699 $ 2,037 $ — $ — $ — $ — $ 2,736 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total SBA - PPP loans: $ — $ — $ 699 $ 2,037 $ — $ — $ — $ — $ 2,736 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Risk Rating: Pass $ 141,080 $ 143,847 $ 100,059 $ 88,743 $ 68,352 $ 94,027 $ 289,539 $ 5,460 $ 931,107 Special Mention 7,829 738 745 552 4,114 3,986 10,529 5,347 33,840 Substandard — 257 — — 89 1,296 2,487 819 4,948 Doubtful & Loss — — — — — — — — — Total Commercial and $ 148,909 $ 144,842 $ 100,804 $ 89,295 $ 72,555 $ 99,309 $ 302,555 $ 11,626 $ 969,895 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ 109 $ 109 Origination Year Revolving loans amortized Revolving loans converted to December 31, 2023 2023 2022 2021 2020 2019 Prior cost basis term loans Total (Dollars in thousands) Dairy & livestock and Risk Rating: Pass $ 296 $ — $ 1,586 $ 931 $ 80 $ 208 $ 337,525 $ — $ 340,626 Special Mention 448 — — — 25 — 69,232 — 69,705 Substandard — — — — — 60 2,500 — 2,560 Doubtful & Loss — — — — — — — — — Total Dairy & livestock $ 744 $ — $ 1,586 $ 931 $ 105 $ 268 $ 409,257 $ — $ 412,891 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Municipal lease finance Risk Rating: Pass $ — $ 5,735 $ 25,803 $ 5,981 $ 4,267 $ 31,622 $ — $ — $ 73,408 Special Mention — — — — — 182 — — 182 Substandard — — — — — — — — — Doubtful & Loss — — — — — — — — — Total Municipal lease $ — $ 5,735 $ 25,803 $ 5,981 $ 4,267 $ 31,804 $ — $ — $ 73,590 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — SFR mortgage loans: Risk Rating: Pass $ 22,248 $ 61,070 $ 43,573 $ 44,076 $ 28,049 $ 67,750 $ — $ — $ 266,766 Special Mention 789 — — 918 544 327 — — 2,578 Substandard — — — — — 200 — 324 524 Doubtful & Loss — — — — — — — — — Total SFR mortgage $ 23,037 $ 61,070 $ 43,573 $ 44,994 $ 28,593 $ 68,277 $ — $ 324 $ 269,868 Current YTD Period: $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Risk Rating: Pass $ 4,911 $ 4,122 $ 2,707 $ 702 $ 644 $ 486 $ 38,595 $ 871 $ 53,038 Special Mention — — 246 — — — 4 173 423 Substandard — — — — — 12 1 598 611 Doubtful & Loss — — — — — — — — — Total Consumer and $ 4,911 $ 4,122 $ 2,953 $ 702 $ 644 $ 498 $ 38,600 $ 1,642 $ 54,072 Current YTD Period: $ — $ — $ — $ — $ — $ 4 $ — $ 4 $ 8 Total Loans, at amortized cost: Risk Rating: Pass $ 638,501 $ 1,593,595 $ 1,381,084 $ 1,065,424 $ 605,169 $ 2,337,278 $ 854,820 $ 44,899 $ 8,520,770 Special Mention 12,307 6,262 18,989 25,622 49,639 80,928 82,676 5,520 281,943 Substandard 744 8,384 2,891 33,401 13,824 35,423 5,789 1,741 102,197 Doubtful & Loss — — — — — — — — — Total Loans at amortized cost: $ 651,552 $ 1,608,241 $ 1,402,964 $ 1,124,447 $ 668,632 $ 2,453,629 $ 943,285 $ 52,160 $ 8,904,910 Current YTD Period: $ — $ — $ — $ — $ — $ 292 $ — $ 113 $ 405 |
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 March 31, 2024 Ending Balance December 31, 2023 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance March 31, 2024 (Dollars in thousands) Commercial real estate $ 69,466 $ ( 2,258 ) $ — $ 2,237 $ 69,445 Construction 1,277 — 3 16 1,296 SBA 2,679 ( 90 ) 63 ( 121 ) 2,531 Commercial and industrial 9,116 ( 1,917 ) 176 ( 2,316 ) 5,059 Dairy & livestock and agribusiness 3,098 — — 154 3,252 Municipal lease finance 210 — — ( 16 ) 194 SFR mortgage 535 — — ( 52 ) 483 Consumer and other loans 461 ( 2 ) — 98 557 Total allowance for credit losses $ 86,842 $ ( 4,267 ) $ 242 $ — $ 82,817 Three Months Ended March 31, 2023 Ending Balance December 31, 2022 Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance March 31, 2023 (Dollars in thousands) Commercial real estate $ 64,806 $ — $ — $ 2,311 $ 67,117 Construction 1,702 — 3 ( 31 ) 1,674 SBA 2,809 ( 94 ) 12 2 2,729 Commercial and industrial 10,206 ( 16 ) 14 ( 1,241 ) 8,963 Dairy & livestock and agribusiness 4,400 — 4 366 4,770 Municipal lease finance 296 — — ( 13 ) 283 SFR mortgage 366 — — 43 409 Consumer and other loans 532 — — 63 595 Total allowance for credit losses $ 85,117 $ ( 110 ) $ 33 $ 1,500 $ 86,540 |
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. March 31, 2024 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 $ 2,526 $ — $ — $ 2,526 $ 2,407,593 $ 2,410,119 Non-owner occupied 11,295 5,960 10,661 27,916 4,282,503 4,310,419 Construction Speculative (1) — — — — 52,256 52,256 Non-speculative — — — — 6,550 6,550 SBA 408 — 54 462 267,858 268,320 SBA - PPP — — — — 2,249 2,249 Commercial and industrial 6 — 2,487 2,493 960,627 963,120 Dairy & livestock and agribusiness — — — — 351,624 351,624 Municipal lease finance receivables — — — — 72,032 72,032 SFR mortgage — — — — 276,475 276,475 Consumer and other loans — — — — 57,549 57,549 Total loans at amortized cost $ 14,235 $ 5,960 $ 13,202 $ 33,397 $ 8,737,316 $ 8,770,713 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2023 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 $ 300 $ — $ 2,505 $ 2,805 $ 2,430,447 $ 2,433,252 Non-owner occupied 16 — 531 547 4,350,706 4,351,253 Construction Speculative (1) — — — — 57,921 57,921 Non-speculative — — — — 8,813 8,813 SBA — 108 969 1,077 269,542 270,619 SBA - PPP — — — — 2,736 2,736 Commercial and industrial 12 — 4,253 4,265 965,630 969,895 Dairy & livestock and agribusiness — — — — 412,891 412,891 Municipal lease finance receivables — — — — 73,590 73,590 SFR mortgage 201 — — 201 269,667 269,868 Consumer and other loans 18 — — 18 54,054 54,072 Total loans at amortized cost $ 547 $ 108 $ 8,258 $ 8,913 $ 8,895,997 $ 8,904,910 (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 March 31, 2024 and December 31, 2023 by type of loan. March 31, 2024 Nonaccrual with No Allowance for Credit Losses Total Nonaccrual Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ — $ — $ — Non-owner occupied 10,661 10,661 — Construction Speculative (2) — — — Non-speculative — — — SBA 54 54 — SBA - PPP — — — Commercial and industrial 2,727 2,727 — Dairy & livestock and agribusiness 60 60 — Municipal lease finance receivables — — — SFR mortgage 308 308 — Consumer and other loans - - — Total loans at amortized cost $ 13,810 $ 13,810 $ — (1) As of March 31, 2024, $ 608,000 of nonaccruing loans were current and $ 13.2 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) There were no guaranteed portion of nonaccrual SBA loans that are in process of collection. December 31, 2023 Nonaccrual with No Allowance for Credit Losses Total Nonaccrual Loans Past Due Over 89 Days Still Accruing (Dollars in thousands) Commercial real estate Owner occupied $ 2,505 $ 2,505 $ — Non-owner occupied 548 12,935 — Construction Speculative (2) — — — Non-speculative — — — SBA 787 969 — SBA - PPP — — — Commercial and industrial 908 4,509 — Dairy & livestock and agribusiness 60 60 — Municipal lease finance receivables — — — SFR mortgage 323 324 — Consumer and other loans — — — Total loans at amortized cost $ 5,131 $ 21,302 $ — (1) As of December 31, 2023 , $ 13.0 million of nonaccruing loans were current, $ 16,000 were 30-59 days past due, and $ 8.3 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 date presented. March 31, 2024 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 10,661 $ — $ — 2 Construction — — — — SBA 54 — — 1 SBA - PPP — — — — Commercial and industrial — 2,727 — 2 Dairy & livestock and agribusiness 60 — — 1 Municipal lease finance receivables — — — — SFR mortgage 308 — — 1 Consumer and other loans — — — — Total collateral-dependent loans $ 11,083 $ 2,727 $ — 7 December 31, 2023 Number of Loans Real Estate Business Assets Other Dependent on (Dollars in thousands) Commercial real estate $ 15,440 $ — $ — 5 Construction — — — — SBA 749 220 — 4 SBA - PPP — — — — Commercial and industrial 392 2,950 1,167 8 Dairy & livestock and agribusiness 60 — — 1 Municipal lease finance receivables — — — — SFR mortgage 324 — — 1 Consumer and other loans — — — — Total collateral-dependent loans $ 16,965 $ 3,170 $ 1,167 19 |
Schedule of Amortized Cost of Loans Activity | The tables below reflect the amortized cost of loans by type made to borrowers experiencing financial difficulty that were modified as of March 31, 2024 and March 31, 2023, and the financial effect of those modifications. Term Extension Combination-Term Extension and Interest Rate Reduction Amortized Cost Basis % of Total Class of Financing Receivables Amortized Cost Basis % of Total Class of Financing Receivables Total March 31, 2024 Commercial real estate loans $ 2,466 0.03 % $ 686 0.01 % $ 3,152 Commercial and industrial 1,644 0.02 % 242 0.00 % 1,886 Dairy & livestock and agribusiness 5,727 0.07 % — 0.00 % 5,727 Total $ 9,837 $ 928 $ 10,765 March 31, 2023 Commercial real estate loans $ 1,587 0.02 % $ — — $ 1,587 Commercial and industrial 2,250 0.03 % — — 2,250 Dairy & livestock and agribusiness 1,999 0.02 % — — 1,999 Total $ 5,836 $ — $ 5,836 |
Schedule of Financial Effect of the Loan Activity | Loan Type Financial Effect Term Extension March 31, 2024 Commercial real estate loans Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.7 years to the life of loans, which reduced monthly payment amounts for the borrowers. Dairy & livestock and agribusiness Added a weighted-average 0.6 years to the life of loans, which reduced monthly payment amounts for the borrowers. Term Extension March 31, 2023 Commercial real estate loans Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.8 years to the life of loans, which reduced monthly payment amounts for the borrowers. Dairy & livestock and agribusiness Added a weighted-average 1.2 years to the life of loans, which reduced monthly payment amounts for the borrowers. |
Schedule of Recorded Investments for Past Due Loans at Amortized Cost | The following table presents the recorded investment in, and the aging of, past due loans at amortized cost (including nonaccrual loans), by type of loans, made to borrowers experiencing financial difficulty as of March 31, 2024. Payment Status (amortized cost basis) Current 30-89 Days 90+ Days (Dollars in thousands) Commercial real estate loans $ 3,152 $ — $ — Commercial and industrial 1,886 — — Dairy & livestock and agribusiness 5,727 — — Total $ 10,765 $ — $ — |
Earnings Per Share Reconcilia_2
Earnings Per Share Reconciliation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 48,599 $ 59,270 Less: Net earnings allocated to restricted stock 324 407 Net earnings allocated to common shareholders $ 48,275 $ 58,863 Weighted average shares outstanding 138,429 138,592 Basic earnings per common share $ 0.35 $ 0.42 Diluted earnings per common share: Net income allocated to common shareholders $ 48,275 $ 58,863 Weighted average shares outstanding 138,429 138,592 Incremental shares from assumed exercise of 174 361 Diluted weighted average shares outstanding 138,603 138,953 Diluted earnings per common share $ 0.35 $ 0.42 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Government agency/GSE $ 32,640 $ — $ 32,640 $ — Mortgage-backed securities 2,399,107 — 2,399,107 — CMO/REMIC 378,894 — 378,894 — Municipal bonds 25,144 — 25,144 — Other securities 1,315 — 1,315 — Total investment securities - AFS 2,837,100 — 2,837,100 — Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 10,893 — 10,893 — Cash flow hedges: interest rate swaps 789 — 789 — Total assets $ 2,848,820 $ — $ 2,848,820 $ — Description of liability Derivatives not designated as hedging instruments: Interest rate swaps $ 38 $ — $ 38 $ — Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — Cash flow hedges: interest rate swaps — — — — Total liabilities $ 38 $ — $ 38 $ — Carrying Value at Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 32,253 $ — $ 32,253 $ — Mortgage-backed securities 2,507,679 — 2,507,679 — CMO/REMIC 389,362 — 389,362 — Municipal bonds 25,635 — 25,635 — Other securities 1,196 — 1,196 — Total investment securities - AFS 2,956,125 — 2,956,125 — Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — Derivatives designated as hedging instruments: Interest rate swaps — — — — Total assets $ 2,956,237 $ — 2,956,237 $ — Description of liability Derivatives not designated as hedging instruments: Interest rate swaps $ 112 $ — $ 112 $ — Derivatives designated as hedging instruments: Interest rate swaps 6,938 — 6,938 — Total liabilities $ 7,050 $ — $ 7,050 $ — |
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. Carrying Value at March 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Three Months Ended March 31, 2024 (Dollars in thousands) Description of assets Loans: Commercial real estate $ 13,813 $ — $ — $ 13,813 $ 2,258 Construction — — — — — SBA 211 — — 211 26 SBA - PPP — — — — — Commercial and industrial 4,612 — — 4,612 16 Dairy & livestock and 5,787 — — 5,787 — Municipal lease finance — — — — — SFR mortgage 308 — — 308 — Consumer and other loans — — — — — Other real estate owned — — — — — Asset held-for-sale — — — — — Total assets $ 24,731 $ — $ — $ 24,731 $ 2,300 Carrying Value at December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Year Ended December 31, 2023 (Dollars in thousands) Description of assets Loans: Commercial real estate $ 18,678 $ — $ — $ 18,678 $ 2,128 Construction — — — — — SBA 995 — — 995 57 SBA - PPP — — — — — Commercial and industrial 6,092 — — 6,092 3,510 Dairy & livestock and 4,700 — — 4,700 27 Municipal lease finance — — — — — SFR mortgage — — — — — Consumer and other loans — — — — — Other real estate owned — — — — — Asset held-for-sale — — — — — Total assets $ 30,465 — — $ 30,465 $ 5,722 |
Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2024 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 949,589 $ 949,589 $ — $ — $ 949,589 Interest-earning balances due from 12,632 — 12,632 — 12,632 Investment securities available-for-sale 2,837,100 — 2,837,100 — 2,837,100 Investment securities held-to-maturity 2,454,586 — 2,044,031 — 2,044,031 Total loans, net of allowance for credit losses 8,687,896 — — 8,273,529 8,273,529 Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 10,893 — 10,893 — 10,893 Cash flow hedges: interest rate swaps 789 — 789 — 789 Liabilities Deposits: Interest-bearing $ 4,782,132 $ — $ 4,777,393 $ — $ 4,777,393 Borrowings 2,270,720 — 2,204,434 — 2,204,434 Derivatives not designated as hedging instruments: Interest rate swaps 38 — 38 — 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — — Cash flow hedges: interest rate swaps — — — — — December 31, 2023 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 281,285 $ 281,285 $ — $ — $ 281,285 Interest-earning balances due from 8,216 — 8,216 — 8,216 Investment securities available-for-sale 2,956,125 — 2,956,125 — 2,956,125 Investment securities held-to-maturity 2,464,610 — 2,082,881 — 2,082,881 Total loans, net of allowance for credit losses 8,818,068 — — 8,503,518 8,503,518 Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps — — — — — Liabilities Deposits: Interest-bearing $ 4,227,467 $ — $ 4,222,773 $ — $ 4,222,773 Borrowings 2,341,642 — 2,283,631 — 2,283,631 Derivatives not designated as hedging instruments: Interest rate swaps 112 — 112 — 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps 6,938 — 6,938 — 6,938 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | he location of the asset and liability, and their respective fair values, ar e summarized in the tables below. March 31, 2024 Asset Derivatives Liability Derivatives Notional Balance Sheet Location Fair Value Notional Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps $ 390,307 Other assets $ 38 $ 390,307 Other liabilities $ 38 Total derivatives $ 38 $ 38 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps $ 1,000,000 Other assets $ 10,893 Other liabilities $ — Cash flow hedges: interest rate swaps Other assets 789 $ 300,000 Other liabilities — Total $ 11,682 $ — December 31, 2023 Asset Derivatives Liability Derivatives Notional Balance Sheet Location Fair Value Notional Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps $ 394,359 Other assets $ 112 $ 394,359 Other liabilities $ 112 Total derivatives $ 112 $ 112 Derivatives designated as hedging instruments: Fair value hedges: interest rate swaps $ 1,000,000 Other assets $ — Other liabilities $ 6,938 Total $ — $ 6,938 |
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. Location of Gain Recognized in Amount of Gain Recognized in Three Months Ended 2024 2023 (Dollars in thousands) Derivatives Not Designated as Hedging Instruments: Interest rate swaps Other income $ — $ — Total $ — $ — Location of Gain Recognized in Amount of Gains (Losses) Recognized in Interest OCI Impact on Derivatives-Gains (Losses) recorded in OCI Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivatives Designated as Hedging Instruments: Fair value hedges: interest rate swaps Interest income $ 3,687 $ — $ 12,869 $ — Cash flow hedges: interest rate swaps Interest expense 178 — 556 — Total $ 3,865 $ — $ 13,425 $ — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 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 $ ( 35,856 ) $ 10,600 $ ( 25,256 ) $ 40,424 $ ( 11,951 ) $ 28,473 Amortization of net unrealized losses on securities 163 ( 48 ) 115 278 ( 82 ) 196 Derivatives designated as hedging instruments: Fair value hedges: Net change in fair value recorded in accumulated OCI 17,831 ( 4,962 ) 12,869 — — — Cash flow hedges: Net change in fair value recorded in accumulated OCI 789 ( 233 ) 556 — — — Net change $ ( 17,073 ) $ 5,357 $ ( 11,716 ) $ 40,702 $ ( 12,033 ) $ 28,669 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, 2024 Financial assets: Derivatives not designated as Interest rate swaps $ 38 $ — $ — $ 38 $ — $ 38 Derivatives designated as Fair value hedges: interest rate swaps 10,893 — — 10,893 — 10,893 Cash flow hedges: interest rate swaps 789 — — 789 — 789 Total $ 11,720 $ — $ — $ 11,720 $ — $ 11,720 Financial liabilities: Derivatives not designated as Interest rate swaps $ 47,507 $ ( 47,469 ) $ 38 $ 47,469 $ ( 15,827 ) $ 31,680 Derivatives designated as — — — — — — Fair value hedges: interest rate swaps — — — — — — Cash flow hedges: interest rate swaps — — — — — — Repurchase agreements 275,720 — 275,720 — 360,312 636,032 Total $ 323,227 $ ( 47,469 ) $ 275,758 $ 47,469 $ 344,485 $ 667,712 December 31, 2023 Financial assets: Derivatives not designated as $ 112 $ — $ — $ 112 $ — $ 112 Derivatives designated as — — — — — — Total $ 112 $ — $ — $ 112 $ — $ 112 Financial liabilities: Derivatives not designated as $ 42,613 $ ( 42,501 ) $ 112 $ 42,501 $ ( 11,659 ) $ 30,954 Derivatives designated as 6,938 — — 6,938 — 6,938 Repurchase agreements 271,642 — 271,642 — 362,505 634,147 Total $ 321,193 $ ( 42,501 ) $ 271,754 $ 49,439 $ 350,846 $ 672,039 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 20,666 $ 21,655 Total lease liabilities 23,037 24,056 Three Months Ended 2024 2023 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,845 $ 1,841 Sublease income — — Total lease expense $ 1,845 $ 1,841 (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 $ 1,864 $ 1,756 March 31, December 31, Lease Term and Discount Rate Weighted average remaining lease term 3.84 3.94 Weighted average discount rate 3.58 % 3.48 % |
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 March 31, 2024, excluding property taxes and insurance, are as follows: March 31, 2024 (Dollars in thousands) Year: 2024 (excluding the three months ended March 31, 2024) $ 5,490 2025 6,759 2026 5,524 2027 4,040 2028 2,169 Thereafter 825 Total future lease payments 24,807 Less: Imputed interest ( 1,770 ) Present value of lease liabilities $ 23,037 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated. Three Months Ended 2024 2023 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,036 $ 5,344 Trust and investment services 3,224 2,914 Bankcard services 385 377 Other 1,875 3,378 Noninterest Income (in-scope of Topic 606) 10,520 12,013 Noninterest Income (out-of-scope of Topic 606) 3,593 1,189 Total noninterest income $ 14,113 $ 13,202 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Thousands | Mar. 31, 2024 USD ($) Subsidiary Center Location | Dec. 31, 2023 USD ($) |
Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated banking centers | Center | 62 | |
Bank operated trust office locations, number | Location | 3 | |
Total assets | $ 16,468,146 | $ 16,020,993 |
Bank owned life insurance (BOLI) | 310,744 | 308,706 |
Goodwill | $ 765,822 | $ 765,822 |
Business combination (Additiona
Business combination (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Common stock, shares issued | 139,641,884 | 139,344,981 |
Total assets | $ 16,468,146 | $ 16,020,993 |
Cash and cash equivalents | 949,589 | 281,285 |
Premises and equipment | 43,448 | 44,709 |
Bank owned life insurance (BOLI) | 310,744 | 308,706 |
Other assets | 145,823 | 127,187 |
Goodwill | 765,822 | 765,822 |
Noninterest-bearing deposits | 7,112,789 | 7,206,175 |
Interest-bearing deposits | $ 4,782,132 | $ 4,227,467 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 3,333,603 | $ 3,398,942 | |
Gross Unrealized Holding Gain, Available-for-sale | 61 | 7,050 | |
Gross Unrealized Holding Loss, Available-for-sale | (496,564) | (449,867) | |
Fair Value, Available-for-sale | $ 2,837,100 | $ 2,956,125 | |
Total Percent, Available-for-sale | 100% | 100% | |
Amortized Cost, Held-to-maturity | $ 2,454,586 | $ 2,464,610 | |
Gross Unrealized Holding Gain, Held-to-maturity | 2,223 | 3,438 | |
Gross Unrealized Holding Loss, Held-to-maturity | (412,778) | (385,167) | |
Fair Value, Held-to-maturity | $ 2,044,031 | $ 2,082,881 | |
Total Percent, Held-to-maturity | 100% | 100% | |
Government Agency/GSE [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 32,644 | $ 32,229 | |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 24 | |
Gross Unrealized Holding Loss, Available-for-sale | (4) | 0 | |
Fair Value, Available-for-sale | $ 32,640 | $ 32,253 | |
Total Percent, Available-for-sale | 1.15% | 1.09% | |
Amortized Cost, Held-to-maturity | $ 526,752 | $ 530,656 | |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 | |
Gross Unrealized Holding Loss, Held-to-maturity | (103,672) | (97,972) | |
Fair Value, Held-to-maturity | $ 423,080 | $ 432,684 | |
Total Percent, Held-to-maturity | 21.46% | 21.53% | |
Mortgage-backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 2,766,695 | $ 2,843,744 | |
Gross Unrealized Holding Gain, Available-for-sale | 25 | 42 | |
Gross Unrealized Holding Loss, Available-for-sale | (367,613) | (336,107) | |
Fair Value, Available-for-sale | $ 2,399,107 | $ 2,507,679 | |
Total Percent, Available-for-sale | 84.56% | 84.83% | |
Amortized Cost, Held-to-maturity | $ 652,864 | $ 663,090 | |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 | |
Gross Unrealized Holding Loss, Held-to-maturity | (109,336) | (97,436) | |
Fair Value, Held-to-maturity | $ 543,528 | $ 565,654 | |
Total Percent, Held-to-maturity | 26.60% | 26.90% | |
CMO/REMIC [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 495,576 | $ 502,234 | |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 | |
Gross Unrealized Holding Loss, Available-for-sale | (116,682) | (112,872) | |
Fair Value, Available-for-sale | $ 378,894 | $ 389,362 | |
Total Percent, Available-for-sale | 13.35% | 13.17% | |
Amortized Cost, Held-to-maturity | $ 798,226 | $ 802,892 | |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 | |
Gross Unrealized Holding Loss, Held-to-maturity | (162,528) | (156,155) | |
Fair Value, Held-to-maturity | $ 635,698 | $ 646,737 | |
Total Percent, Held-to-maturity | 32.52% | 32.58% | |
Municipal Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 26,480 | $ 26,477 | |
Gross Unrealized Holding Gain, Available-for-sale | 36 | 46 | |
Gross Unrealized Holding Loss, Available-for-sale | (1,372) | (888) | |
Fair Value, Available-for-sale | $ 25,144 | $ 25,635 | |
Total Percent, Available-for-sale | 0.89% | 0.87% | |
Amortized Cost, Held-to-maturity | $ 465,289 | $ 467,972 | |
Gross Unrealized Holding Gain, Held-to-maturity | 2,223 | 3,438 | |
Gross Unrealized Holding Loss, Held-to-maturity | (37,242) | (33,604) | |
Fair Value, Held-to-maturity | $ 430,270 | $ 437,806 | |
Total Percent, Held-to-maturity | 18.96% | 18.99% | |
Other Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | $ 1,315 | $ 1,196 | |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 | |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 | |
Fair Value, Available-for-sale | $ 1,315 | $ 1,196 | |
Total Percent, Available-for-sale | 0.05% | 0.04% | |
Amortized Cost, Held-to-maturity | $ 11,455 | ||
Gross Unrealized Holding Gain, Held-to-maturity | 0 | ||
Gross Unrealized Holding Loss, Held-to-maturity | 0 | ||
Fair Value, Held-to-maturity | $ 11,455 | ||
Total Percent, Held-to-maturity | 0.46% | ||
Unallocated Portfolio Layer Fair Value [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost, Available-for-sale | [1] | $ 10,893 | $ (6,938) |
Gross Unrealized Holding Gain, Available-for-sale | [1] | 0 | 6,938 |
Gross Unrealized Holding Loss, Available-for-sale | [1] | (10,893) | 0 |
Fair Value, Available-for-sale | [1] | $ 0 | $ 0 |
Total Percent, Available-for-sale | [1] | 0% | |
[1] Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and N ote 9 for additional information. |
Investment Securities - Summa_2
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Investment securities available-for-sale | $ 21,446 | $ 19,596 |
Total interest income from held-to-maturity securities | 13,402 | 13,956 |
Total investment income | 34,848 | 33,552 |
Investment securities available-for-sale [Member] | ||
Net Investment Income [Line Items] | ||
Taxable | 21,280 | 19,428 |
Tax-advantaged | 166 | 168 |
Investment securities available-for-sale | 21,446 | 19,596 |
Investment securities held-to-maturity [Member] | ||
Net Investment Income [Line Items] | ||
Taxable | 10,984 | 11,507 |
Tax-advantaged | 2,418 | 2,449 |
Total interest income from held-to-maturity securities | $ 13,402 | $ 13,956 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Investment in FHLB stock, impairment losses | $ 0 | |
Debt securities weighted average remaining contractual maturity term | 23 years | |
Total deposits | $ 11,894,921 | $ 11,433,642 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | 0 |
United States [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities issued by U.S. government percentage | 90% | |
Investment Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment Securities For Other Purposes | $ 51,000 | 51,000 |
Secured unused borrowing capacity | 446,000 | 796,000 |
Outstanding Borrowings | 1,880,000 | 1,800,000 |
Secure Public Funds | 372,300 | 372,500 |
Pledged To Secure Unused Borrowing Capacity | 2,750,000 | 3,020,000 |
Total deposits | 1,370,000 | 1,380,000 |
Pledged To Secure | $ 2,510,000 | $ 2,260,000 |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 39,187 | $ 3,334 |
Gross Unrealized Holding Loss, Less than 12 Months, Available-for-sale | (149) | (17) |
Fair Value, 12 Months or Longer, Available-for-sale | 2,794,439 | 2,913,626 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (485,522) | (449,850) |
Fair Value, Available-for-sale | 2,833,626 | 2,916,960 |
Gross Unrealized Holding Losses, Available-for-sale | (485,671) | (449,867) |
Fair Value, Less Than 12 Months, Held-to-maturity | 46,060 | 20,609 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (649) | (200) |
Fair Value, 12 Months or Longer, Held-to-maturity | 1,892,303 | 1,938,543 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (412,129) | (384,967) |
Fair Value, Held-to-maturity | 1,938,363 | 1,959,152 |
Gross Unrealized Holding Losses, Held-to-maturity | (412,778) | (385,167) |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 378,893 | 389,359 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (116,682) | (112,872) |
Fair Value, Available-for-sale | 378,893 | 389,359 |
Gross Unrealized Holding Losses, Available-for-sale | (116,682) | (112,872) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 635,698 | 646,737 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (162,528) | (156,155) |
Fair Value, Held-to-maturity | 635,698 | 646,737 |
Gross Unrealized Holding Losses, Held-to-maturity | (162,528) | (156,155) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 32,640 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Available-for-sale | (4) | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 32,640 | 0 |
Gross Unrealized Holding Losses, Available-for-sale | (4) | 0 |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 423,080 | 432,684 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (103,672) | (97,972) |
Fair Value, Held-to-maturity | 423,080 | 432,684 |
Gross Unrealized Holding Losses, Held-to-maturity | (103,672) | (97,972) |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 22 | 48 |
Gross Unrealized Holding Loss, Less than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 2,397,803 | 2,506,162 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (367,613) | (336,107) |
Fair Value, Available-for-sale | 2,397,825 | 2,506,210 |
Gross Unrealized Holding Losses, Available-for-sale | (367,613) | (336,107) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 543,529 | 565,655 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (109,336) | (97,436) |
Fair Value, Held-to-maturity | 543,529 | 565,655 |
Gross Unrealized Holding Losses, Held-to-maturity | (109,336) | (97,436) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 6,525 | 3,286 |
Gross Unrealized Holding Loss, Less than 12 Months, Available-for-sale | (145) | (17) |
Fair Value, 12 Months or Longer, Available-for-sale | 17,743 | 18,105 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1,227) | (871) |
Fair Value, Available-for-sale | 24,268 | 21,391 |
Gross Unrealized Holding Losses, Available-for-sale | (1,372) | (888) |
Fair Value, Less Than 12 Months, Held-to-maturity | 46,060 | 20,609 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (649) | (200) |
Fair Value, 12 Months or Longer, Held-to-maturity | 289,996 | 293,467 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (36,593) | (33,404) |
Fair Value, Held-to-maturity | 336,056 | 314,076 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (37,242) | $ (33,604) |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 3,565 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 52,525 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 317,491 | |
Due after ten years, Amortized Cost, Held-to-maturity | 2,081,005 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 2,454,586 | |
Due in one year or less, Fair Value, Held-to-maturity | 3,554 | |
Due after one year through five years, Fair Value, Held-to-maturity | 50,505 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 280,289 | |
Due after ten years, Fair Value, Held-to-maturity | 1,709,683 | |
Total, Held-to-maturity, Fair Value | 2,044,031 | |
Due in one year or less, Amortized Cost, Available-for-sale | 36,409 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 264,422 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 2,519,475 | |
Due after ten years, Amortized Cost, Available-for-sale | 513,297 | |
Amortized Cost, Available-for-sale | 3,333,603 | $ 3,398,942 |
Due in one year or less, Fair Value, Available-for-sale | 36,328 | |
Due after one year through five years, Fair Value, Available-for-sale | 241,797 | |
Due after five years through ten years, Fair Value, Available-for-sale | 2,164,588 | |
Due after ten years, Fair Value, Available-for-sale | 394,387 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,837,100 | $ 2,956,125 |
Loans and Lease Finance Recei_3
Loans and Lease Finance Receivables and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2025 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans pledged as collateral | $ 4,240,000 | $ 4,040,000 | ||||
Financing Receivable, Modified, Accumulated | 10,765 | 5,836 | ||||
Loans held-for-sale | 0 | 0 | ||||
Allowance for Credit Losses | 82,800 | 86,800 | ||||
Reserve for credit risk for undisbursed commitments | 7,500 | 7,500 | ||||
Increase in reserve for unfunded loan commitments | 500,000 | $ 500,000 | ||||
Allowance For Credit Losses Increase Decrease | $ 4,000 | |||||
Allowance For Credit Losses Write Offs | $ 7,500 | |||||
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 0.94% | 0.97% | ||||
GDP [Member] | Forecast [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Increase Decrease In Macro Economic Factors | 2% | |||||
GDP [Member] | Forecast [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Increase Decrease In Macro Economic Factors | 2.50% | |||||
Unemployment [Member] | Forecast [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Increase Decrease In Macro Economic Factors | 6% | |||||
Commercial Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 80.44% | |||||
Notes receivable gross | $ 6,720,538 | $ 6,784,505 | ||||
Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.62% | |||||
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modified, Accumulated | $ 350,000 | |||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modified, Accumulated | 3,152 | 1,587 | ||||
Loans Secured by Dairy & Livestock Land [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modified, Accumulated | 962,000 | |||||
Modifications of Loans To Borrowers Experiencing Financial Difficulty [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modified, Accumulated | 1,300 | |||||
Loans, Excluding PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 351,600 | 412,900 | ||||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 308,500 | 374,900 | ||||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | $ 43,100 | $ 38,000 | ||||
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) | 7.41% | 7.34% | ||||
Notes receivable gross | $ 498,200 | $ 497,700 | ||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Dairy & Livestock Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 121,400 | |||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Agribusiness Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | $ 376,800 | |||||
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 | 122,400 | |||||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | $ 375,300 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Construction | $ 58,806 | $ 66,734 | ||
Total loans, at amortized cost | 8,770,713 | 8,904,910 | ||
Less: Allowance for credit losses | (82,817) | (86,842) | $ (86,540) | $ (85,117) |
Net loans and lease finance receivables | 8,687,896 | 8,818,068 | ||
Commercial And Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 963,120 | 969,895 | ||
Total loans, at amortized cost | 963,120 | 969,895 | ||
SBA [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 268,320 | 270,619 | ||
Total loans, at amortized cost | 268,320 | 270,619 | ||
SBA - Paycheck Protection Program (PPP) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 2,249 | 2,736 | ||
Total loans, at amortized cost | 2,249 | 2,736 | ||
Commercial real estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 6,720,538 | 6,784,505 | ||
SFR mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 276,475 | 269,868 | ||
Total loans, at amortized cost | 276,475 | 269,868 | ||
Dairy And Livestock And Agribusiness [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 351,624 | 412,891 | ||
Total loans, at amortized cost | 351,624 | 412,891 | ||
Municipal Lease Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 72,032 | 73,590 | ||
Total loans, at amortized cost | 72,032 | 73,590 | ||
Less: Allowance for credit losses | (194) | (210) | $ (283) | $ (296) |
Consumer and other loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 57,549 | 54,072 | ||
Total loans, at amortized cost | $ 57,549 | $ 54,072 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | $ 107,973 | $ 651,552 |
2023 | 640,327 | 1,608,241 |
2022 | 1,580,443 | 1,402,964 |
2021 | 1,383,515 | 1,124,447 |
2020 | 1,093,100 | 668,632 |
Prior | 3,022,358 | 2,453,629 |
Revolving loans amortized cost basis | 891,029 | 943,285 |
Revolving loans converted to term loans | 51,968 | 52,160 |
Total | 8,770,713 | 8,904,910 |
gross charge | 300 | |
Gross charge-off prior | 3,534 | 292 |
Gross Charge Offs Revolving Loans Amortized Term Loans | 1 | |
Gross charge-offs Revolving loans converted to term loans | 432 | 113 |
Gross charge-offs total | 4,267 | 405 |
Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 55,331 | 451,976 |
2023 | 446,821 | 1,327,587 |
2022 | 1,311,212 | 1,152,090 |
2021 | 1,142,193 | 938,359 |
2020 | 918,902 | 554,351 |
Prior | 2,624,299 | 2,146,639 |
Revolving loans amortized cost basis | 182,840 | 174,935 |
Revolving loans converted to term loans | 38,940 | 38,568 |
Total | 6,720,538 | 6,784,505 |
Gross charge-off prior | 2,258 | |
Gross charge-offs total | 2,258 | |
Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3 | 1,274 |
2023 | 2,513 | 15,046 |
2022 | 12,277 | 24,418 |
2021 | 24,398 | 8,058 |
2020 | 8,066 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 11,549 | 17,938 |
Revolving loans converted to term loans | 0 | 0 |
Total | 58,806 | 66,734 |
SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 10,759 | 20,701 |
2023 | 19,621 | 49,839 |
2022 | 49,512 | 51,038 |
2021 | 50,594 | 34,090 |
2020 | 29,184 | 8,117 |
Prior | 108,650 | 106,834 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 268,320 | 270,619 |
Gross charge-off prior | 90 | 288 |
Gross charge-offs total | 90 | 288 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 591 | 699 |
2021 | 1,658 | 2,037 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,249 | 2,736 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 28,523 | 148,909 |
2023 | 144,924 | 144,842 |
2022 | 137,716 | 100,804 |
2021 | 91,905 | 89,295 |
2020 | 83,323 | 72,555 |
Prior | 159,382 | 99,309 |
Revolving loans amortized cost basis | 307,006 | 302,555 |
Revolving loans converted to term loans | 10,341 | 11,626 |
Total | 963,120 | 969,895 |
gross charge | 300 | |
Gross charge-off prior | 1,186 | |
Gross charge-offs Revolving loans converted to term loans | 431 | 109 |
Gross charge-offs total | 1,917 | 109 |
Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 744 |
2023 | 432 | 0 |
2022 | 0 | 1,586 |
2021 | 2,020 | 931 |
2020 | 917 | 105 |
Prior | 322 | 268 |
Revolving loans amortized cost basis | 347,581 | 409,257 |
Revolving loans converted to term loans | 352 | 0 |
Total | 351,624 | 412,891 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 193 | 0 |
2023 | 0 | 5,735 |
2022 | 5,719 | 25,803 |
2021 | 25,803 | 5,981 |
2020 | 5,733 | 4,267 |
Prior | 34,584 | 31,804 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 72,032 | 73,590 |
SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 11,528 | 23,037 |
2023 | 21,979 | 61,070 |
2022 | 60,524 | 43,573 |
2021 | 43,305 | 44,994 |
2020 | 44,745 | 28,593 |
Prior | 94,086 | 68,277 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 308 | 324 |
Total | 276,475 | 269,868 |
Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 1,636 | 4,911 |
2023 | 4,037 | 4,122 |
2022 | 3,483 | 2,953 |
2021 | 2,706 | 702 |
2020 | 572 | 644 |
Prior | 1,035 | 498 |
Revolving loans amortized cost basis | 42,053 | 38,600 |
Revolving loans converted to term loans | 2,027 | 1,642 |
Total | 57,549 | 54,072 |
Gross charge-off prior | 4 | |
Gross Charge Offs Revolving Loans Amortized Term Loans | 1 | |
Gross charge-offs Revolving loans converted to term loans | 1 | 4 |
Gross charge-offs total | 2 | 8 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 107,295 | 638,501 |
2023 | 624,422 | 1,593,595 |
2022 | 1,565,492 | 1,381,084 |
2021 | 1,356,755 | 1,065,424 |
2020 | 1,034,523 | 605,169 |
Prior | 2,840,039 | 2,337,278 |
Revolving loans amortized cost basis | 795,716 | 854,820 |
Revolving loans converted to term loans | 45,154 | 44,899 |
Total | 8,369,396 | 8,520,770 |
Pass [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 54,653 | 447,991 |
2023 | 441,596 | 1,315,563 |
2022 | 1,299,240 | 1,133,331 |
2021 | 1,120,686 | 885,590 |
2020 | 866,833 | 497,541 |
Prior | 2,457,881 | 2,041,329 |
Revolving loans amortized cost basis | 179,725 | 171,223 |
Revolving loans converted to term loans | 38,940 | 38,568 |
Total | 6,459,554 | 6,531,136 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3 | 1,274 |
2023 | 2,513 | 15,046 |
2022 | 12,277 | 22,288 |
2021 | 22,289 | 8,058 |
2020 | 8,066 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 11,549 | 17,938 |
Revolving loans converted to term loans | 0 | 0 |
Total | 56,697 | 64,604 |
Pass [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 10,759 | 20,701 |
2023 | 19,621 | 48,212 |
2022 | 47,896 | 51,038 |
2021 | 50,594 | 29,306 |
2020 | 24,417 | 6,236 |
Prior | 102,067 | 101,856 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 255,354 | 257,349 |
Pass [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 591 | 699 |
2021 | 1,658 | 2,037 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,249 | 2,736 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 28,523 | 141,080 |
2023 | 135,426 | 143,847 |
2022 | 136,353 | 100,059 |
2021 | 90,310 | 88,743 |
2020 | 82,495 | 68,352 |
Prior | 151,348 | 94,027 |
Revolving loans amortized cost basis | 296,236 | 289,539 |
Revolving loans converted to term loans | 4,688 | 5,460 |
Total | 925,379 | 931,107 |
Pass [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 296 |
2023 | 0 | 0 |
2022 | 0 | 1,586 |
2021 | 685 | 931 |
2020 | 917 | 80 |
Prior | 262 | 208 |
Revolving loans amortized cost basis | 266,157 | 337,525 |
Revolving loans converted to term loans | 270 | 0 |
Total | 268,291 | 340,626 |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 193 | 0 |
2023 | 0 | 5,735 |
2022 | 5,719 | 25,803 |
2021 | 25,803 | 5,981 |
2020 | 5,733 | 4,267 |
Prior | 34,402 | 31,622 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 71,850 | 73,408 |
Pass [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 11,528 | 22,248 |
2023 | 21,229 | 61,070 |
2022 | 60,524 | 43,573 |
2021 | 43,305 | 44,076 |
2020 | 43,832 | 28,049 |
Prior | 93,044 | 67,750 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 273,462 | 266,766 |
Pass [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 1,636 | 4,911 |
2023 | 4,037 | 4,122 |
2022 | 3,483 | 2,707 |
2021 | 2,492 | 702 |
2020 | 572 | 644 |
Prior | 1,035 | 486 |
Revolving loans amortized cost basis | 42,049 | 38,595 |
Revolving loans converted to term loans | 1,256 | 871 |
Total | 56,560 | 53,038 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 678 | 12,307 |
2023 | 15,236 | 6,262 |
2022 | 6,607 | 18,989 |
2021 | 21,760 | 25,622 |
2020 | 25,625 | 49,639 |
Prior | 133,332 | 80,928 |
Revolving loans amortized cost basis | 89,547 | 82,676 |
Revolving loans converted to term loans | 5,452 | 5,520 |
Total | 298,237 | 281,943 |
Special Mention [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 678 | 3,241 |
2023 | 4,556 | 3,897 |
2022 | 3,867 | 15,868 |
2021 | 18,616 | 19,368 |
2020 | 19,117 | 43,824 |
Prior | 121,713 | 74,673 |
Revolving loans amortized cost basis | 2,366 | 2,911 |
Revolving loans converted to term loans | 0 | 0 |
Total | 170,913 | 163,782 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 2,130 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 2,130 |
Special Mention [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 1,627 |
2022 | 1,616 | 0 |
2021 | 0 | 4,784 |
2020 | 4,767 | 1,132 |
Prior | 3,010 | 1,760 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9,393 | 9,303 |
Special Mention [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
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] | ||
2024 | 0 | 7,829 |
2023 | 9,498 | 738 |
2022 | 1,124 | 745 |
2021 | 1,595 | 552 |
2020 | 828 | 4,114 |
Prior | 7,989 | 3,986 |
Revolving loans amortized cost basis | 8,133 | 10,529 |
Revolving loans converted to term loans | 5,279 | 5,347 |
Total | 34,446 | 33,840 |
Special Mention [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 448 |
2023 | 432 | 0 |
2022 | 0 | 0 |
2021 | 1,335 | 0 |
2020 | 25 | |
Prior | 0 | |
Revolving loans amortized cost basis | 79,044 | 69,232 |
Revolving loans converted to term loans | 0 | |
Total | 80,811 | 69,705 |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 182 | 182 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 182 | 182 |
Special Mention [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 789 |
2023 | 750 | 0 |
2022 | 0 | 246 |
2021 | 0 | 0 |
2020 | 913 | 0 |
Prior | 438 | 0 |
Revolving loans amortized cost basis | 0 | 4 |
Revolving loans converted to term loans | 0 | 173 |
Total | 2,101 | 423 |
Special Mention [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 214 | 918 |
2020 | 0 | 544 |
Prior | 0 | 327 |
Revolving loans amortized cost basis | 4 | 0 |
Revolving loans converted to term loans | 173 | 0 |
Total | 391 | 2,578 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 744 |
2023 | 669 | 8,384 |
2022 | 8,344 | 2,891 |
2021 | 5,000 | 33,401 |
2020 | 32,952 | 13,824 |
Prior | 48,987 | 35,423 |
Revolving loans amortized cost basis | 5,766 | 5,789 |
Revolving loans converted to term loans | 1,362 | 1,741 |
Total | 103,080 | 102,197 |
Substandard [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 744 |
2023 | 669 | 8,127 |
2022 | 8,105 | 2,891 |
2021 | 2,891 | 33,401 |
2020 | 32,952 | 12,986 |
Prior | 44,705 | 30,637 |
Revolving loans amortized cost basis | 749 | 801 |
Revolving loans converted to term loans | 0 | 0 |
Total | 90,071 | 89,587 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 2,109 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,109 | 0 |
Substandard [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 749 |
Prior | 3,573 | 3,218 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 3,573 | 3,967 |
Substandard [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 257 |
2022 | 239 | 0 |
2021 | 0 | 0 |
2020 | 0 | 89 |
Prior | 45 | 1,296 |
Revolving loans amortized cost basis | 2,637 | 2,487 |
Revolving loans converted to term loans | 374 | 819 |
Total | 3,295 | 4,948 |
Substandard [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | |
2021 | ||
2020 | ||
Prior | 60 | |
Revolving loans amortized cost basis | 2,380 | |
Revolving loans converted to term loans | 82 | |
Total | 2,522 | |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 60 |
Revolving loans amortized cost basis | 0 | 2,500 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 2,560 |
Substandard [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 604 | 200 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 308 | 324 |
Total | 912 | 524 |
Substandard [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 12 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans | 598 | 598 |
Total | 598 | 611 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
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] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
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] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
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] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 86,842 | $ 85,117 |
Charge-offs | (4,267) | (110) |
Recoveries | 242 | 33 |
Provision Recorded at Acquisition | 1,500 | |
Provision for (Recapture of) Credit Losses | 0 | |
Ending Balance | 82,817 | 86,540 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 69,466 | 64,806 |
Charge-offs | (2,258) | 0 |
Recoveries | 0 | 0 |
Provision Recorded at Acquisition | 2,311 | |
Provision for (Recapture of) Credit Losses | 2,237 | |
Ending Balance | 69,445 | 67,117 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,277 | 1,702 |
Charge-offs | 0 | 0 |
Recoveries | 3 | 3 |
Provision Recorded at Acquisition | (31) | |
Provision for (Recapture of) Credit Losses | 16 | |
Ending Balance | 1,296 | 1,674 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 2,679 | 2,809 |
Charge-offs | (90) | (94) |
Recoveries | 63 | 12 |
Provision Recorded at Acquisition | 2 | |
Provision for (Recapture of) Credit Losses | (121) | |
Ending Balance | 2,531 | 2,729 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 9,116 | 10,206 |
Charge-offs | (1,917) | (16) |
Recoveries | 176 | 14 |
Provision Recorded at Acquisition | (1,241) | |
Provision for (Recapture of) Credit Losses | (2,316) | |
Ending Balance | 5,059 | 8,963 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 3,098 | 4,400 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 4 |
Provision Recorded at Acquisition | 366 | |
Provision for (Recapture of) Credit Losses | 154 | |
Ending Balance | 3,252 | 4,770 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 210 | 296 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision Recorded at Acquisition | (13) | |
Provision for (Recapture of) Credit Losses | (16) | |
Ending Balance | 194 | 283 |
SFR Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 535 | 366 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision Recorded at Acquisition | 43 | |
Provision for (Recapture of) Credit Losses | (52) | |
Ending Balance | 483 | 409 |
Consumer and Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 461 | 532 |
Charge-offs | (2) | 0 |
Recoveries | 0 | 0 |
Provision Recorded at Acquisition | 63 | |
Provision for (Recapture of) Credit Losses | 98 | |
Ending Balance | $ 557 | $ 595 |
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 ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 33,397 | $ 8,913 | ||
Nonaccrual | 13,810 | [1],[2] | 21,302 | [3] |
Nonaccrual with No Allowance for Credit Losses | 13,810 | 5,131 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 8,770,713 | 8,904,910 | ||
Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 8,737,316 | 8,895,997 | ||
30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 14,235 | 547 | ||
Nonaccrual | 16,000 | |||
60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 5,960 | 108 | ||
Nonaccrual | 13,200 | |||
Greater than 89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 13,202 | 8,258 | ||
Nonaccrual | 8,300 | |||
Commercial Real Estate Owner Occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 2,526 | 2,805 | ||
Nonaccrual | 0 | [1],[2] | 2,505 | [3] |
Nonaccrual with No Allowance for Credit Losses | 0 | 2,505 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 2,410,119 | 2,433,252 | ||
Commercial Real Estate Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 2,407,593 | 2,430,447 | ||
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 2,526 | 300 | ||
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 | 0 | 2,505 | ||
Commercial Real Estate Non-owner Occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 27,916 | 547 | ||
Nonaccrual | 10,661 | [1],[2] | 12,935 | [3] |
Nonaccrual with No Allowance for Credit Losses | 10,661 | 548 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 4,310,419 | 4,351,253 | ||
Commercial Real Estate Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 4,282,503 | 4,350,706 | ||
Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 11,295 | 16 | ||
Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 5,960 | 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 | 10,661 | 531 | ||
Construction Speculative [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | [4] | 0 | [5] |
Nonaccrual | 0 | [1],[2],[6] | 0 | [3],[7] |
Nonaccrual with No Allowance for Credit Losses | 0 | [6] | 0 | [7] |
Loans Past Due Over 89 Days Still Accruing | 0 | [6] | 0 | [7] |
Total loans, at amortized cost | 52,256 | [4] | 57,921 | [5] |
Construction Speculative [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 52,256 | [4] | 57,921 | [5] |
Construction Speculative [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | [4] | 0 | [5] |
Construction Speculative [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | [4] | 0 | [5] |
Construction Speculative [Member] | Greater than 89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | [4] | 0 | [5] |
Construction Non-speculative [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Nonaccrual | 0 | [1],[2] | 0 | [3] |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 6,550 | 8,813 | ||
Construction Non-speculative [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 6,550 | 8,813 | ||
Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Construction Non-speculative [Member] | Greater than 89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Small Business Administration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 462 | 1,077 | ||
Nonaccrual | 54 | [1],[2] | 969 | [3] |
Nonaccrual with No Allowance for Credit Losses | 54 | 787 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 268,320 | 270,619 | ||
Small Business Administration [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 267,858 | 269,542 | ||
Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 408 | 0 | ||
Small Business Administration [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 108 | ||
Small Business Administration [Member] | Greater than 89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 54 | 969 | ||
SBA - Paycheck Protection Program (PPP) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Loans Not Past Due | 2,249 | 2,736 | ||
Nonaccrual | 0 | [1],[2] | 0 | [3] |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 2,249 | 2,736 | ||
SBA - Paycheck Protection Program (PPP) [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 2,249 | 2,736 | ||
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 | 2,493 | 4,265 | ||
Nonaccrual | 2,727 | [1],[2] | 4,509 | [3] |
Nonaccrual with No Allowance for Credit Losses | 2,727 | 908 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 963,120 | 969,895 | ||
Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 960,627 | 965,630 | ||
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 6 | 12 | ||
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Commercial and Industrial [Member] | Greater than 89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 2,487 | 4,253 | ||
Dairy & Livestock and Agribusiness [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Nonaccrual | 60 | [1],[2] | 60 | [3] |
Nonaccrual with No Allowance for Credit Losses | 60 | 60 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 351,624 | 412,891 | ||
Dairy & Livestock and Agribusiness [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 351,624 | 412,891 | ||
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 | 0 | 0 | ||
Municipal Lease Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Loans Not Past Due | 72,032 | 73,590 | ||
Nonaccrual | 0 | [1],[2] | 0 | [3] |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 72,032 | 73,590 | ||
Municipal Lease Finance Receivables [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 72,032 | 73,590 | ||
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 | 201 | ||
Nonaccrual | 308 | [1],[2] | 324 | [3] |
Nonaccrual with No Allowance for Credit Losses | 308 | 323 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 276,475 | 269,868 | ||
SFR Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 276,475 | 269,667 | ||
SFR Mortgage [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 201 | ||
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 | 0 | 18 | ||
Nonaccrual | 0 | [1],[2] | 0 | [3] |
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Total loans, at amortized cost | 57,549 | 54,072 | ||
Consumer and Other Loans [Member] | Financial Asset, Not Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Not Past Due | 57,549 | 54,054 | ||
Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 0 | 18 | ||
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 | $ 0 | $ 0 | ||
[1] As of March 31, 2024, $ 608,000 of nonaccruing loans were current and $ 13.2 million were 90+ days past due. There were no guaranteed portion of nonaccrual SBA loans that are in process of collection. As of December 31, 2023 , $ 13.0 million of nonaccruing loans were current, $ 16,000 were 30-59 days past due, and $ 8.3 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. 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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccruing loans, current | $ 608,000 | $ 13 | ||
Nonaccrual | 13,810,000 | [1],[2] | 21,302,000 | [3] |
Small Business Administration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | 54,000 | [1],[2] | 969,000 | [3] |
30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | 16,000,000 | |||
60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | $ 13,200,000 | |||
90+ Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual | $ 8,300,000 | |||
[1] As of March 31, 2024, $ 608,000 of nonaccruing loans were current and $ 13.2 million were 90+ days past due. There were no guaranteed portion of nonaccrual SBA loans that are in process of collection. As of December 31, 2023 , $ 13.0 million of nonaccruing loans were current, $ 16,000 were 30-59 days past due, and $ 8.3 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 | Mar. 31, 2024 USD ($) Collateral | Dec. 31, 2023 USD ($) Collateral |
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 11,083 | $ 16,965 |
Business Assets | 2,727 | 3,170 |
Other | $ 0 | $ 1,167 |
Number of Loans Dependent on Collateral | Collateral | 7 | 19 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 10,661 | $ 15,440 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 2 | 5 |
Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
Small Business Administration [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 54 | $ 749 |
Business Assets | 0 | 220 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 1 | 4 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 392 |
Business Assets | 2,727 | 2,950 |
Other | $ 0 | $ 1,167 |
Number of Loans Dependent on Collateral | Collateral | 2 | 8 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 60 | $ 60 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 1 | 1 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
SFR Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 308 | $ 324 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 1 | 1 |
Consumer and Other Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Business Assets | 0 | 0 |
Other | $ 0 | $ 0 |
Number of Loans Dependent on Collateral | Collateral | 0 | 0 |
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) $ in Thousands | Mar. 31, 2024 USD ($) |
Financing Receivable, Modifications [Line Items] | |
Beginning balance | $ 5,836 |
Ending balance | $ 10,765 |
Loans and Lease Finance Rece_11
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Amortized Cost of Loans Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 10,765 | $ 5,836 |
Combination-Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | 928 | 0 |
Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | 9,837 | 5,836 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | 3,152 | 1,587 |
Commercial Real Estate [Member] | Combination-Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 686 | $ 0 |
Financing receivable, modified in period, to total financing receivables, percentage | 0.01% | 0% |
Commercial Real Estate [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 2,466 | $ 1,587 |
Financing receivable, modified in period, to total financing receivables, percentage | 0.03% | 0.02% |
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 1,886 | $ 2,250 |
Commercial and Industrial Sector [Member] | Combination-Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 242 | $ 0 |
Financing receivable, modified in period, to total financing receivables, percentage | 0% | 0% |
Commercial and Industrial Sector [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 1,644 | $ 2,250 |
Financing receivable, modified in period, to total financing receivables, percentage | 0.02% | 0.03% |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 5,727 | $ 1,999 |
Dairy & Livestock and Agribusiness [Member] | Combination-Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 0 | $ 0 |
Financing receivable, modified in period, to total financing receivables, percentage | 0% | 0% |
Dairy & Livestock and Agribusiness [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis of financing receivable | $ 5,727 | $ 1,999 |
Financing receivable, modified in period, to total financing receivables, percentage | 0.07% | 0.02% |
Loans and Lease Finance Rece_12
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Financial Effect of the Loan Activity (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Real Estate [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Financing receivable, modified, weighted average term | 1 year 3 months 18 days | 1 year 1 month 6 days |
Commercial Real Estate [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Commercial and Industrial [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 0.7 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Financing receivable, modified, weighted average term | 8 months 12 days | |
Commercial and Industrial [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 0.8 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Financing receivable, modified, weighted average term | 9 months 18 days | |
Dairy & Livestock and Agribusiness [Member] | Term Extension [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 0.6 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Financing receivable, modified, weighted average term | 7 months 6 days | |
Dairy & Livestock and Agribusiness [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.2 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Financing receivable, modified, weighted average term | 1 year 2 months 12 days |
Loans and Lease Finance Rece_13
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investments for Past Due Loans at Amortized Cost (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Current [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | $ 10,765 |
30-89 Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
90+ Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Commercial Real Estate [Member] | Current [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 3,152 |
Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Commercial and Industrial [Member] | Current [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 1,886 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Commercial and Industrial [Member] | 90+ Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Dairy & Livestock and Agribusiness [Member] | Current [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 5,727 |
Dairy & Livestock and Agribusiness [Member] | 30-89 Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Dairy & Livestock and Agribusiness [Member] | 90+ Days Past Due [Member] | |
Financing Receivable, Modified [Line Items] | |
Total | $ 0 |
Borrowings (Additional Informat
Borrowings (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2024 | May 31, 2024 | Dec. 31, 2023 | Mar. 31, 2024 | |
Debt Instrument [Line Items] | ||||
Customer repurchase agreements | $ 271,642 | $ 275,720 | ||
Weighted average interest rates | 0.29% | 0.41% | ||
Investment securities with carrying value | $ 2,510,000 | |||
Secured Public Fund [Member] | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 1,370,000 | |||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 2,750,000 | |||
Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 372,300 | |||
Borrowings | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 1,880,000 | |||
Unused borrowing capacity | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 446,000 | |||
Other Purposes | ||||
Debt Instrument [Line Items] | ||||
Investment securities with carrying value | 51,000 | |||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rates | 5.70% | |||
Short term borrowings | $ 2,070,000 | |||
Short Term Advances | $ 1,910,000 | |||
Subordinated Borrowing, Interest Rate | 4.78% | |||
Other Short-Term Borrowings | $ 160,000 | |||
Maturities of Subordinated Debt | $ 1,200,000 | $ 695,000 | ||
Loans pledged as collaterals | 4,240 | |||
Federal Reserve's Bank Term Funding Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | $ 2,000,000 | |||
Borrowed funds cost percentage | 4.75% | |||
BTFP advances current maturities | $ 695,000 | |||
BTFP advances non current maturities | $ 1,300,000 |
Earnings Per Share Reconcilia_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per common share | 1,021,000 | 348,000 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings per common share: | ||
Net earnings | $ 48,599 | $ 59,270 |
Less: Net earnings allocated to restricted stock | 324 | 407 |
Net earnings allocated to common shareholders | $ 48,275 | $ 58,863 |
Weighted average shares outstanding | 138,429 | 138,592 |
Basic earnings per common share | $ 0.35 | $ 0.42 |
Diluted earnings per common share: | ||
Net income allocated to common shareholders | $ 48,275 | $ 58,863 |
Weighted average shares outstanding | 138,429 | 138,592 |
Incremental shares from assumed exercise of outstanding options | 174 | 361 |
Diluted weighted average shares outstanding | 138,603 | 138,953 |
Diluted earnings per common share | $ 0.35 | $ 0.42 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | $ 2,837,100 | $ 2,956,125 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 25,144 | 25,635 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 275,758 | 271,754 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 38 | 112 |
Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | |
Interest rate swaps, liabilities | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 2,837,100 | 2,956,125 |
Fair Value Hedges [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | |
Interest rate swaps, liabilities | 0 | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | |
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 0 | |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 2,837,100 | |
Total assets | 2,848,820 | 2,956,237 |
Total liabilities | 38 | 7,050 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 0 | |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, 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] | ||
Fair Value, Available-for-sale | 25,144 | 25,635 |
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] | ||
Fair Value, Available-for-sale | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government agency/GSE [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government agency/GSE [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 32,640 | 32,253 |
Fair Value on Recurring Basis [Member] | Government agency/GSE [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, 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] | ||
Fair Value, 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] | ||
Fair Value, Available-for-sale | 2,399,107 | 2,507,679 |
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] | ||
Fair Value, 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] | ||
Fair Value, 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] | ||
Fair Value, Available-for-sale | 378,894 | 389,362 |
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] | ||
Fair Value, 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] | ||
Fair Value, 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] | ||
Fair Value, Available-for-sale | 1,315 | 1,196 |
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] | ||
Fair Value, 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] | ||
Fair Value, Available-for-sale | 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] | ||
Fair Value, Available-for-sale | 2,956,125 | |
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] | ||
Fair Value, Available-for-sale | 0 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 112 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 38 | |
Interest rate swaps, liabilities | 38 | 112 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 6,938 | |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 2,837,100 | |
Total assets | 2,848,820 | 2,956,237 |
Total liabilities | 38 | 7,050 |
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] | ||
Fair Value, Available-for-sale | 25,144 | 25,635 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Government agency/GSE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Available-for-sale | 32,640 | 32,253 |
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] | ||
Fair Value, Available-for-sale | 2,399,107 | 2,507,679 |
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] | ||
Fair Value, Available-for-sale | 378,894 | 389,362 |
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] | ||
Fair Value, Available-for-sale | 1,315 | 1,196 |
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] | ||
Fair Value, Available-for-sale | 2,956,125 | |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 112 | |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 38 | |
Interest rate swaps, liabilities | 38 | 112 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 6,938 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 10,893 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Carrying Value [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Fair Value Hedges [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 10,893 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 789 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Carrying Value [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Fair Value on Recurring Basis [Member] | Cash Flow Hedges [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | $ 789 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Description of assets | ||
Total assets | $ 2,300 | $ 5,722 |
Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | |
Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 2,258 | 2,128 |
Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
SBA | ||
Description of assets | ||
Total assets | 26 | 57 |
SBA - PPP [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 16 | 3,510 |
Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 27 |
Municipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | SBA | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | SBA - PPP [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Municipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | SBA | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | SBA - PPP [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Municipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 24,731 | 30,465 |
Level 3 [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 13,813 | 18,678 |
Level 3 [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | SBA | ||
Description of assets | ||
Total assets | 211 | 995 |
Level 3 [Member] | SBA - PPP [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 4,612 | 6,092 |
Level 3 [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 5,787 | 4,700 |
Level 3 [Member] | Municipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 308 | 0 |
Level 3 [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 24,731 | 30,465 |
Carrying Value [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 13,813 | 18,678 |
Carrying Value [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | SBA | ||
Description of assets | ||
Total assets | 211 | 995 |
Carrying Value [Member] | SBA - PPP [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 4,612 | 6,092 |
Carrying Value [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 5,787 | 4,700 |
Carrying Value [Member] | Municipal Lease Finance Receivables [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 308 | 0 |
Carrying Value [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Total cash and cash equivalents | $ 949,589 | $ 281,285 |
Fair Value, Available-for-sale | 2,837,100 | 2,956,125 |
Investment securities held-to-maturity | 2,454,586 | 2,464,610 |
Total loans, net of allowance for loan losses | 8,687,896 | 8,818,068 |
Deposits: | ||
Interest-bearing | 4,782,132 | 4,227,467 |
Carrying Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 949,589 | 281,285 |
Interest-earning balances due from depository institutions | 12,632 | 8,216 |
Fair Value, Available-for-sale | 2,837,100 | 2,956,125 |
Investment securities held-to-maturity | 2,454,586 | 2,464,610 |
Total loans, net of allowance for loan losses | 8,687,896 | 8,818,068 |
Deposits: | ||
Interest-bearing | 4,782,132 | 4,227,467 |
Borrowings | 2,270,720 | 2,341,642 |
Carrying Value [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Carrying Value [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 38 | 112 |
Deposits: | ||
Interest rate swaps, liabilities | 38 | 112 |
Carrying Value [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 10,893 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 6,938 |
Carrying Value [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 789 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | |
Estimated Fair Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 949,589 | 281,285 |
Interest-earning balances due from depository institutions | 12,632 | 8,216 |
Fair Value, Available-for-sale | 2,837,100 | 2,956,125 |
Investment securities held-to-maturity | 2,044,031 | 2,082,881 |
Total loans, net of allowance for loan losses | 8,273,529 | 8,503,518 |
Deposits: | ||
Interest-bearing | 4,777,393 | 4,222,773 |
Borrowings | 2,204,434 | 2,283,631 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Total cash and cash equivalents | 949,589 | 281,285 |
Interest-earning balances due from depository institutions | 0 | 0 |
Fair Value, Available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Total loans, net of allowance for loan losses | 0 | 0 |
Deposits: | ||
Interest-bearing | 0 | 0 |
Borrowings | 0 | 0 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Assets | ||
Total cash and cash equivalents | 0 | 0 |
Interest-earning balances due from depository institutions | 12,632 | 8,216 |
Fair Value, Available-for-sale | 2,837,100 | 2,956,125 |
Investment securities held-to-maturity | 2,044,031 | 2,082,881 |
Total loans, net of allowance for loan losses | 0 | 0 |
Deposits: | ||
Interest-bearing | 4,777,393 | 4,222,773 |
Borrowings | 2,204,434 | 2,283,631 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Assets | ||
Total cash and cash equivalents | 0 | 0 |
Interest-earning balances due from depository institutions | 0 | 0 |
Fair Value, Available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Total loans, net of allowance for loan losses | 8,273,529 | 8,503,518 |
Deposits: | ||
Interest-bearing | 0 | 0 |
Borrowings | 0 | 0 |
Estimated Fair Value [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Estimated Fair Value [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Estimated Fair Value [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Estimated Fair Value [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Estimated Fair Value [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 38 | 112 |
Deposits: | ||
Interest rate swaps, liabilities | 38 | 112 |
Estimated Fair Value [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | 0 |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 0 |
Estimated Fair Value [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Assets | ||
Interest rate swaps, assets | 38 | 112 |
Deposits: | ||
Interest rate swaps, liabilities | 38 | 112 |
Estimated Fair Value [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | 0 |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 0 |
Estimated Fair Value [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 10,893 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 6,938 |
Estimated Fair Value [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 0 |
Estimated Fair Value [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Assets | ||
Interest rate swaps, assets | 10,893 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | 6,938 |
Estimated Fair Value [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | $ 0 |
Estimated Fair Value [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | ||
Assets | ||
Interest rate swaps, assets | 789 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | |
Estimated Fair Value [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | |
Estimated Fair Value [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Assets | ||
Interest rate swaps, assets | 789 | |
Deposits: | ||
Interest rate swaps, liabilities | 0 | |
Estimated Fair Value [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Assets | ||
Interest rate swaps, assets | 0 | |
Deposits: | ||
Interest rate swaps, liabilities | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Agreement | Jun. 30, 2023 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Description of Conditions Relating to Clearing of Interest rate Swaps | 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 | 114 | |
Total notional amount of the Company's swaps | $ 390,300 | |
Fair Value Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total notional amount of the Company's swaps | $ 1,000,000 | |
Weighted average fixed rate | 3.80% | |
Derivative Notional Amount | $ 10,900 | |
Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total notional amount of the Company's swaps | $ 300,000 | |
Weighted average fixed rate | 4.20% | |
Cash flow hedging transactions | $ 300,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset Notional | $ 300,000 | $ 1,000,000 | |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 38 | $ 112 | |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 38 | 112 | |
Derivative Asset Notional | 390,307 | 394,359 | |
Derivative Liability Notional | 390,307 | 394,359 | |
Other Assets [Member] | Derivatives designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 11,682 | 0 | |
Other Assets [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 10,893 | 0 | |
Derivative Asset Notional | 1,000,000 | 1,000,000 | |
Other Assets [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 789 | ||
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 38 | 112 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 38 | 112 | |
Other Liabilities [Member] | Derivatives designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 0 | 6,938 | |
Other Liabilities [Member] | Fair Value Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 0 | ||
Other Liabilities [Member] | Cash Flow Hedges [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability Notional | 300,000 | ||
Liability Derivatives | $ 0 | $ 6,938 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 13,425 | $ 0 |
Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 556 | $ 0 |
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 12,869 | $ 0 |
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 0 | $ 0 |
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 | $ 0 |
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income | Noninterest Income |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 3,865 | $ 0 |
Derivatives designated as hedging instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 178 | $ 0 |
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Derivatives designated as hedging instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 3,687 | $ 0 |
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (35,856) | $ 40,424 |
Net change in fair value recorded in accumulated OCI, Tax effect | 10,600 | (11,951) |
Net change in fair value recorded in accumulated OCI, After-tax | (25,256) | 28,473 |
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | 163 | 278 |
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | (48) | (82) |
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | 115 | 196 |
Fair value hedges: Net change in fair value recorded in accumulated OCI, Before-tax | 17,831 | 0 |
Fair value hedges: Net change in fair value recorded in accumulated OCI, Tax effect | (4,962) | 0 |
Other Comprehensive Income (Loss), Fair Value Hedge, Gain (Loss), after Tax, Total | 12,869 | 0 |
Cash flow hedges: Net change in fair value recorded in accumulated OCI, Before-tax | 789 | 0 |
Cash flow hedges: Net change in fair value recorded in accumulated OCI, Tax effect | (233) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax, Total | 556 | 0 |
Net change, Before-tax | (17,073) | 40,702 |
Net change, Tax effect | 5,357 | (12,033) |
Other comprehensive (loss), net of tax | $ (11,716) | $ 28,669 |
Balance Sheet Offsetting (Addit
Balance Sheet Offsetting (Additional Information) (Details) - Interest Rate Swaps [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2024 | |
Offsetting Assets Liabilities [Line Items] | ||
Total notional amount of the Company's swaps | $ 1,000,000,000 | $ 300,000,000 |
Derivative, Average Remaining Maturity | 4 years | |
Derivative, Remaining Maturity | 5 years | 3 years |
Weighted average fixed rate | 3.80% | 4.20% |
Derivative Notional Amount | $ 10,900,000 | $ 789,000 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 275,720 | $ 271,642 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 275,720 | 271,642 |
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 | 360,312 | 362,505 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 636,032 | 634,147 |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 11,720 | 112 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 11,720 | 112 |
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 | 11,720 | 112 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 323,227 | 321,193 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (47,469) | (42,501) |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 275,758 | 271,754 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 47,469 | 49,439 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 344,485 | 350,846 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 667,712 | 672,039 |
Interest Rate Swaps [Member] | Fair Value Hedges [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 10,893 | |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 10,893 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 10,893 | |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 0 | |
Interest Rate Swaps [Member] | Cash Flow Hedges [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 789 | |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 789 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 789 | |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 0 | |
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 | 38 | 112 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 38 | 112 |
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 | 38 | 112 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 47,507 | 42,613 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (47,469) | (42,501) |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 38 | 112 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 47,469 | 42,501 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (15,827) | (11,659) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 31,680 | 30,954 |
Interest Rate Swaps [Member] | Derivatives designated as hedging instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 0 | |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 0 | 6,938 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 6,938 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ 0 | $ 6,938 |
Leases - Components of lease co
Leases - Components of lease costs and supplemental information related to leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Lease Assets and Liabilities | ||||
Operating Lease, Right-of-Use Asset | $ 20,666 | $ 21,655 | ||
Total lease liabilities | $ 23,037 | $ 24,056 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | ||
Lease Cost | ||||
Operating lease expense (1) | [1] | $ 1,845 | $ 1,841 | |
Sublease income | 0 | |||
Total lease expense | 1,845 | 1,841 | ||
Other Information | ||||
Operating cash outflows from operating leases, net | $ 1,864 | $ 1,756 | ||
Lease Term and Discount Rate | ||||
Weighted average remaining lease term (years) | 3 years 10 months 2 days | 3 years 11 months 8 days | ||
Weighted average discount rate | 3.58% | 3.48% | ||
[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 | Mar. 31, 2024 USD ($) |
2024 (excluding the three months ended March 31, 2024) | $ 5,490 |
2025 | 6,759 |
2026 | 5,524 |
2027 | 4,040 |
2028 | 2,169 |
Thereafter | 825 |
Total future lease payments | 24,807 |
Less: Imputed interest | (1,770) |
Present value of lease liabilities | $ 23,037 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Noninterest income: | ||
Other | $ 1,875 | $ 3,378 |
Total noninterest income | 14,113 | 13,202 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 5,036 | 5,344 |
Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 3,224 | 2,914 |
Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 385 | 377 |
Accounting Standards Update 2014-09 [Member] | ||
Noninterest income: | ||
Other | 1,875 | 3,378 |
Total noninterest income | 10,520 | 12,013 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 5,036 | 5,344 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 3,224 | 2,914 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 385 | 377 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||
Noninterest income: | ||
Total noninterest income | $ 3,593 | $ 1,189 |