Cover page
Cover page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-17820 | |
Entity Registrant Name | LAKELAND BANCORP, INC | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2953275 | |
Entity Address, Address Line One | 250 Oak Ridge Road | |
Entity Address, City or Town | Oak Ridge | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07438 | |
City Area Code | 973 | |
Local Phone Number | 697-2000 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | LBAI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,601,349 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000846901 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash | $ 189,506 | $ 262,327 |
Interest-bearing deposits due from banks | 12,612 | 7,763 |
Total cash and cash equivalents | 202,118 | 270,090 |
Investment securities available for sale, at fair value (allowance for credit losses of $144 at March 31, 2021 and $2 at December 31, 2020) | 968,394 | 855,746 |
Debt Securities, Held-to-maturity | 84,994 | 90,766 |
Equity securities, at fair value | 14,590 | 14,694 |
Federal Home Loan Bank and other membership bank stock, at cost | 10,772 | 11,979 |
Loans held for sale | 1,230 | 1,335 |
Loans, net of deferred fees | 6,108,946 | 6,021,232 |
Less: Allowance for credit losses | 67,252 | 71,124 |
Net loans | 6,041,694 | 5,950,108 |
Premises and equipment, net | 48,539 | 48,495 |
Operating lease right-of-use assets | 16,199 | 16,772 |
Accrued interest receivable | 19,840 | 19,339 |
Goodwill | 156,277 | 156,277 |
Other identifiable intangible assets | 3,063 | 3,288 |
Bank owned life insurance | 115,756 | 115,115 |
Other assets | 88,295 | 110,293 |
Total Assets | 7,771,761 | 7,664,297 |
Liabilities | ||
Deposits | 6,635,226 | 6,455,783 |
Federal funds purchased and securities sold under agreements to repurchase | 111,999 | 169,560 |
Other borrowings | 25,000 | 25,000 |
Subordinated debentures | 118,267 | 118,257 |
Operating lease liabilities | 17,574 | 18,183 |
Other liabilities | 95,630 | 113,730 |
Total Liabilities | 7,003,696 | 6,900,513 |
Stockholders' Equity | ||
Common stock, no par value; authorized 100,000,000 shares; issued 50,729,527 shares and outstanding 50,598,492 shares at March 31, 2021 and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | 562,984 | 562,421 |
Retained earnings | 208,224 | 191,418 |
Treasury shares, at cost, 131,035 shares at March 31, 2021 and December 31, 2020 | (1,452) | (1,452) |
Accumulated other comprehensive (loss) income | (1,691) | 11,397 |
Total Stockholders' Equity | 768,065 | 763,784 |
Total Liabilities and Stockholders' Equity | $ 7,771,761 | $ 7,664,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for Credit Losses | $ (144) | $ (2) |
Investment securities held to maturity, fair value | $ 87,215 | $ 93,868 |
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,729,527 | 50,610,681 |
Common stock, shares outstanding (in shares) | 50,598,492 | 50,479,646 |
Treasury shares (in shares) | 131,035 | 131,035 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Interest Income | |||
Loans and fees | $ 58,778 | $ 57,857 | |
Federal funds sold and interest-bearing deposits with banks | 37 | 159 | |
Taxable investment securities and other | 3,981 | 5,229 | |
Tax-exempt investment securities | 612 | 332 | |
Total Interest Income | 63,408 | 63,577 | |
Interest Expense | |||
Deposits | 5,124 | 10,863 | |
Federal funds purchased and securities sold under agreements to repurchase | 23 | 429 | |
Other borrowings | 1,533 | 2,386 | |
Total Interest Expense | 6,680 | 13,678 | |
Net Interest Income | 56,728 | 49,899 | |
Provision for credit losses (1) | [1] | (2,642) | 9,223 |
Net Interest Income after Provision for Credit Losses | 59,370 | 40,676 | |
Noninterest Income | |||
Service charges on deposit accounts | 2,296 | 2,500 | |
Commissions and fees | 1,598 | 1,640 | |
Income on bank owned life insurance | 634 | 665 | |
Loss on equity securities | (144) | (653) | |
Gains on sales of loans | 708 | 415 | |
Gains on sales of investment securities, net | 0 | 342 | |
Swap income | 562 | 2,843 | |
Other income | 105 | 259 | |
Total Noninterest Income | 5,759 | 8,011 | |
Noninterest Expense | |||
Salaries and employee benefits | 20,518 | 19,727 | |
Net occupancy expense | 3,019 | 2,836 | |
Furniture and equipment | 3,299 | 2,560 | |
FDIC insurance expense | 711 | 298 | |
Stationery, supplies and postage | 378 | 399 | |
Marketing expense | 318 | 227 | |
Data processing expense | 1,255 | 1,253 | |
Telecommunications expense | 522 | 444 | |
ATM and debit card expense | 604 | 587 | |
Core deposit intangible amortization | 226 | 265 | |
Other real estate and repossessed asset expense | 0 | 12 | |
Long-term debt prepayment fee | 0 | 356 | |
Other expenses | 3,053 | 3,540 | |
Total Noninterest Expense | 33,903 | 32,504 | |
Income before provision for income taxes | 31,226 | 16,183 | |
Provision for income taxes | 8,051 | 3,791 | |
Net Income | $ 23,175 | $ 12,392 | |
Earnings Per Share [Abstract] | |||
Basic earnings (in usd per share) | $ 0.45 | $ 0.24 | |
Diluted earnings (in usd per share) | 0.45 | 0.24 | |
Dividends (in usd per share) | $ 0.125 | $ 0.125 | |
[1] | The Company adopted ASU 2016-13 as of December 31, 2020. Prior year periods have not been restated. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,175 | $ 12,392 |
Other comprehensive income, net of tax: | ||
Unrealized (losses) gains on securities available for sale | (13,135) | 7,284 |
Reclassification for securities gains included in net income | 0 | (254) |
Unrealized gains (losses) on derivatives | 47 | (337) |
Other comprehensive income, net of tax | (13,088) | 6,693 |
Total Comprehensive Income | $ 10,087 | $ 19,085 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | [1] | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period at Dec. 31, 2019 | $ 725,263 | $ 560,263 | $ 162,752 | $ 0 | $ 2,248 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,392 | 12,392 | ||||
Other comprehensive income, net of tax | 6,693 | 6,693 | ||||
Treasury stock | (1,452) | (1,452) | ||||
Stock based compensation | 847 | 847 | ||||
Retirement of restricted stock | (457) | (457) | ||||
Cash dividends on common stock | (6,364) | (6,364) | ||||
Balance at end of period at Mar. 31, 2020 | 736,922 | 560,653 | 168,780 | (1,452) | 8,941 | |
Balance at beginning of period at Dec. 31, 2020 | 763,784 | 562,421 | 191,418 | (1,452) | 11,397 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 23,175 | 23,175 | ||||
Other comprehensive income, net of tax | (13,088) | (13,088) | ||||
Stock based compensation | 1,206 | 1,206 | ||||
Retirement of restricted stock | (656) | (656) | ||||
Exercise of stock options | 13 | 13 | ||||
Cash dividends on common stock | (6,369) | (6,369) | ||||
Balance at end of period at Mar. 31, 2021 | $ 768,065 | $ 562,984 | $ 208,224 | $ (1,452) | $ (1,691) | |
[1] | The Company adopted ASU 2016-13 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Stockholders' Equity Attributable to Parent | $ 763,784 | $ 725,263 | |
Retained Earnings | |||
Stockholders' Equity Attributable to Parent | [1] | $ 191,418 | 162,752 |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||
Stockholders' Equity Attributable to Parent | $ (3,395) | ||
[1] | The Company adopted ASU 2016-13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 23,175 | $ 12,392 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of premiums, discounts and deferred loan fees and costs | (1,497) | 1,109 | |
Depreciation and amortization | 1,040 | 855 | |
Amortization of intangible assets | 226 | 265 | |
Amortization of operating lease right-of-use assets | 682 | 661 | |
Provision for credit losses (1) | [1] | (2,642) | 9,223 |
Loans originated for sale | (16,905) | (14,634) | |
Proceeds from sales of loans held for sale | 17,718 | 13,694 | |
Gains on sales of securities | 0 | (342) | |
Change in market value of equity securities | 144 | 653 | |
Gains on sales of loans held for sale | (708) | (415) | |
(Gains) losses on other real estate and other repossessed assets | 0 | (86) | |
Losses on sales of premises and equipment | 0 | 14 | |
Long-term debt prepayment penalty | 0 | 356 | |
Stock-based compensation | 1,206 | 847 | |
Excess tax deficiencies | (88) | (113) | |
Decrease (increase) in other assets | 26,337 | (64,307) | |
(Decrease) increase in other liabilities | (18,687) | 64,225 | |
Net Cash Provided by Operating Activities | 30,001 | 24,397 | |
Cash Flows from Investing Activities: | |||
Proceeds from repayments and maturities of available for sale securities | 55,314 | 70,134 | |
Proceeds from repayments and maturities of held to maturity securities | 9,561 | 8,076 | |
Proceeds from sales of available for sale securities | 0 | 94,696 | |
Purchase of available for sale securities | (188,321) | (213,062) | |
Purchase of held to maturity securities | (3,968) | 0 | |
Purchase of equity securities | (40) | (1,082) | |
Proceeds from redemptions of Federal Home Loan Bank stock | 11,251 | 41,450 | |
Purchases of Federal Home Loan Bank stock | (10,044) | (47,520) | |
Net increase in loans | (84,897) | (191,014) | |
Proceeds from sales of other real estate and repossessed assets | 0 | 649 | |
Purchases of premises and equipment | (1,714) | (1,605) | |
Net Cash Used in Investing Activities | (212,858) | (239,278) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 179,458 | 161,448 | |
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase | (57,561) | 90,427 | |
Repayments of other borrowings | 0 | (25,456) | |
Purchase of treasury stock | 0 | (1,452) | |
Exercise of stock options | 13 | 0 | |
Retirement of restricted stock | (656) | (457) | |
Dividends paid | (6,369) | (6,364) | |
Net Cash Provided by Financing Activities | 114,885 | 218,146 | |
Net (decrease) increase in cash and cash equivalents | (67,972) | 3,265 | |
Cash and cash equivalents, beginning of period | 270,090 | 282,371 | |
Cash and cash equivalents, end of period | 202,118 | 285,636 | |
Supplemental schedule of non-cash investing and financing activities: | |||
Cash paid during the period for income taxes | 9,035 | 368 | |
Cash paid during the period for interest | 8,273 | 12,973 | |
Transfer of loans into other repossessed assets and other real estate owned | 0 | 393 | |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 109 | $ 0 | |
[1] | The Company adopted ASU 2016-13 as of December 31, 2020. Prior year periods have not been restated. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2021 do not necessarily indicate the results that the Company will achieve for all of 2021. Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Net income available to common shareholders $ 23,175 $ 12,392 Less: earnings allocated to participating securities 216 102 Net income allocated to common shareholders $ 22,959 $ 12,290 Weighted average number of common shares outstanding - basic 50,576 50,586 Share-based plans 204 142 Weighted average number of common shares outstanding - diluted 50,780 50,728 Basic earnings per share $ 0.45 $ 0.24 Diluted earnings per share $ 0.45 $ 0.24 There were no antidilutive options to purchase common stock excluded from the computation for the three months ended March 31, 2021 and 2020. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows: March 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 92,940 $ 1,154 $ (1,061) $ — $ 93,033 Mortgage-backed securities, residential 326,820 2,589 (5,419) — 323,990 Collateralized mortgage obligations, residential 179,400 4,296 (188) — 183,508 Mortgage-backed securities, multifamily 1,941 — (100) — 1,841 Collateralized mortgage obligations, multifamily 34,108 1,099 (46) — 35,161 Asset-backed securities 40,327 8 (148) — 40,187 Obligations of states and political subdivisions 260,108 1,872 (6,848) (10) 255,122 Debt securities 35,055 691 (60) (134) 35,552 Total $ 970,699 $ 11,709 $ (13,870) $ (144) $ 968,394 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 63,868 $ 1,447 $ (313) $ — $ 65,002 Mortgage-backed securities, residential 224,978 3,718 (540) — 228,156 Collateralized mortgage obligations, residential 204,093 4,967 (22) — 209,038 Mortgage-backed securities, multifamily 1,944 — — — 1,944 Collateralized mortgage obligations, multifamily 39,628 1,909 (2) — 41,535 Asset-backed securities 40,915 — (225) — 40,690 Obligations of states and political subdivisions 228,790 5,149 (228) (1) 233,710 Debt securities 35,056 616 — (1) 35,671 Total $ 839,272 $ 17,806 $ (1,330) $ (2) $ 855,746 The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows: March 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 25,453 $ 604 $ — $ — $ 26,057 Mortgage-backed securities, residential 36,965 1,193 (271) — 37,887 Collateralized mortgage obligations, residential 11,437 417 — — 11,854 Mortgage-backed securities, multifamily 693 37 — — 730 Obligations of states and political subdivisions 10,446 241 — — 10,687 Total $ 84,994 $ 2,492 $ (271) $ — $ 87,215 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 25,565 $ 779 $ — $ — $ 26,344 Mortgage-backed securities, residential 39,276 1,469 (12) — 40,733 Collateralized mortgage obligations, residential 14,590 532 — — 15,122 Mortgage-backed securities, multifamily 705 54 — — 759 Obligations of states and political subdivisions 10,630 280 — — 10,910 $ 90,766 $ 3,114 $ (12) $ — $ 93,868 The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Fair Amortized Fair Due in one year or less $ 20,779 $ 21,049 $ 9,425 $ 9,450 Due after one year through five years 53,784 55,207 20,950 21,673 Due after five years through ten years 63,139 64,336 3,017 3,068 Due after ten years 250,401 243,115 2,507 2,553 388,103 383,707 35,899 36,744 Mortgage-backed and asset-backed securities 582,596 584,687 49,095 50,471 Total securities $ 970,699 $ 968,394 $ 84,994 $ 87,215 For the three months ended March 31, 2021, there were no sales of available-for-sale securities. There were proceeds from sales of available-for-sale securities of $94.7 million for the three months ended March 31, 2020 with gross gains on sales of securities of $569,000 and gross losses on sales of securities of $227,000. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. Securities with a carrying value of approximately $617.4 million and $578.0 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations. Credit Quality Indicators Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of BBB or above. The table below indicates the credit profile of the Company's debt securities held to maturity at amortized cost at March 31, 2021: (in thousands) AAA AA Not Rated Total U.S. Treasury and U.S. government agencies $ 25,453 $ — $ — $ 25,453 Mortgage-backed securities, residential 36,965 — — 36,965 Collateralized mortgage obligations, residential 11,437 — — 11,437 Mortgage-backed securities, multifamily 693 — — 693 Obligations of states and political subdivisions 2,367 7,660 419 10,446 Total $ 76,915 $ 7,660 $ 419 $ 84,994 The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented: March 31, 2021 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized Available for Sale U.S. Treasury and U.S. government agencies $ 26,117 $ 805 $ 16,532 $ 256 9 $ 42,649 $ 1,061 Mortgage-backed securities, residential 215,618 5,404 4,502 15 59 220,120 5,419 Collateralized mortgage obligations, residential 19,099 188 — — 6 19,099 188 Mortgage-backed securities, multifamily 1,841 100 — — 1 1,841 100 Collateralized mortgage obligations, multifamily 2,131 46 — — 1 2,131 46 Asset-backed securities — — 33,471 148 4 33,471 148 Obligations of states and political subdivisions 173,875 6,848 — — 106 173,875 6,848 Debt securities 9,805 60 — — 6 9,805 60 Total $ 448,486 $ 13,451 $ 54,505 $ 419 $ 192 $ 502,991 $ 13,870 Held to Maturity Mortgage-backed securities, residential $ 5,784 $ 271 $ 43 — 5 $ 5,827 $ 271 Collateralized mortgage obligations, residential 110 — 1 — 3 111 — Total $ 5,894 $ 271 $ 44 $ — 8 $ 5,938 $ 271 December 31, 2020 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized Available for Sale U.S. Treasury and U.S. government agencies $ 4,966 $ 29 $ 17,652 $ 284 6 $ 22,618 $ 313 Mortgage-backed securities, residential 84,137 471 5,656 69 30 89,793 540 Collateralized mortgage obligations, residential 23,858 22 — — 7 23,858 22 Mortgage-backed securities, multifamily 1,943 — — — 1 1,943 — Collateralized mortgage obligations, multifamily 2,527 2 — — 1 2,527 2 Asset-backed securities 40,690 225 — — 6 40,690 225 Obligations of states and political subdivisions 15,901 228 — — 10 15,901 228 Total $ 174,022 $ 977 $ 23,308 $ 353 61 $ 197,330 $ 1,330 Held to Maturity Mortgage-backed securities, residential $ 2,561 $ 12 $ — $ — 4 $ 2,561 $ 12 Total $ 2,561 $ 12 $ — $ — 4 $ 2,561 $ 12 Equity securities at fair value The Company has an equity securities portfolio which consists of investments in Community Reinvestment funds. The market value of the equity portfolio was $14.6 million and $14.7 million at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, the Company recorded no sales of equity securities. The Company recorded a market value loss on equity securities of $144,000 for the first quarter of 2021 and a market value loss on equity securities $653,000 for the first quarter of 2020. Market value gain or loss on equity securities are recorded in noninterest income. As of March 31, 2021, the Company's investments in Community Reinvestment funds include $3.5 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government, there are minimal changes in market value between accounting periods. These funds can be redeemed with 60 days' notice at the net asset value less unpaid management fees with the approval of the fund manager. As of March 31, 2021, the net amortized cost equaled the market value of the investment. There are no unfunded commitments related to these investments. The Community Reinvestment funds also include $11.1 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of March 31, 2021. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans | = 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 12,835 $ — $ — $ 11,193 Owner occupied commercial 8,797 — — 6,972 Multifamily 201 — — — Non-owner occupied residential 1,417 — — 852 Commercial, industrial and other 2,252 — — 1,361 Construction 718 — — 515 Equipment finance 300 — — — Residential mortgage 2,328 — — 740 Consumer 2,277 — — — Total $ 31,125 $ — $ — $ 21,633 December 31, 2020 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 16,537 $ — $ — $ 14,719 Owner occupied commercial 14,271 — — 12,371 Multifamily 626 — — — Non-owner occupied residential 2,217 — — 1,580 Commercial, industrial and other 2,633 — — 1,418 Construction 1,440 — — 1,234 Equipment finance 327 — — — Residential mortgage 2,469 — — 1,015 Consumer 2,243 — 1 — Total $ 42,763 $ — $ 1 $ 32,337 At March 31, 2021, there were no loans that were past due more than 89 days and still accruing and at December 31, 2020, one loan with a recorded investment of $1,000 was past due more than 89 days and still accruing. The Company had $1.6 million and $1.7 million in residential mortgages and consumer home equity loans included in total non-accrual loans that were in the process of foreclosure at March 31, 2021 and December 31, 2020, respectively. Troubled Debt Restructurings Loans are classified as troubled debt restructured loans ("TDR") in cases where borrowers experience financial difficulties and Lakeland makes certain concessionary modifications to contractual terms. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate, a moratorium of principal payments and/or an extension of the maturity date at a stated interest rate lower than the current market rate of a new loan with similar risk. At March 31, 2021 and December 31, 2020, TDRs totaled $4.9 million and $5.0 million, respectively. Accruing TDRs totaled $3.8 million and non-accrual TDRs totaled $1.1 million at March 31, 2021. Accruing TDRs and non-accrual TDRs totaled $3.9 million and $1.1 million, respectively, at December 31, 2020. There were no loans that were restructured during the three months ended March 31, 2021 or 2020. There were no restructured loans that subsequently defaulted in the first quarter of 2021 and in the first quarter of 2020, there were two consumer loans with a recorded investment of $83,000 that were restructured in the previous 12 months and subsequently defaulted." id="sjs-B4">Loans When the Company adopted Financial Accounting Standards Board's Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13") for measuring credit losses, the loan portfolio segmentation was expanded to nine portfolio segments, taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. All disclosures as of and for the three months ended March 31, 2021, and December 31, 2020, are presented in accordance with ASU 2016-13. The Company did not reclassify prior comparative financial periods and has presented those disclosures under previously applicable U.S. GAAP. The following sets forth the composition of the Company’s loan portfolio: (in thousands) March 31, 2021 December 31, 2020 Non owner occupied commercial $ 2,375,024 $ 2,398,946 Owner occupied commercial 857,506 827,092 Multifamily 858,168 813,225 Non owner occupied residential 195,534 200,229 Commercial, industrial and other 740,566 718,189 Construction 291,252 266,883 Equipment finance 119,428 116,690 Residential mortgage 385,778 377,380 Home equity and consumer 285,690 302,598 Total $ 6,108,946 $ 6,021,232 Loans are recognized at amortized cost, which includes principal balance and net deferred loan fees and costs. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the Consolidated Balance Sheets and totaled $15.5 million at March 31, 2021 and $16.1 million at December 31, 2020. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. Net deferred loan fees are included in loans by respective segment and total $12.9 million at March 31, 2021 and $10.0 million at December 31, 2020. At March 31, 2021 and December 31, 2020 Small Business Association ("SBA") Paycheck Protection Program ("PPP") loans totaled $346.2 million and $284.6 million, respectively and are included in the balance of commercial, industrial and other loans. Consumer loans included overdraft deposit balances of $220,000 and $650,000, at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, the Company had $2.22 billion and $2.28 billion of loans pledged for potential borrowings at Federal Home Loan Bank ("FHLB"). Credit Quality Indicators Management closely and continually monitors the quality of its loans and assesses the quantitative and qualitative risks arising from the credit quality of its loans. Lakeland assigns a credit risk rating to all loans and loan commitments. The credit risk rating system has been developed by management to provide a methodology to be used by loan officers, department heads and senior management in identifying various levels of credit risk that exist within the loan portfolios. The risk rating system assists senior management in evaluating the loan portfolio and analyzing trends. In assigning risk ratings, management considers, among other things, the borrower’s ability to service the debt based on relevant information such as current financial information, historical payment experience, credit documentation, public information and current economic conditions. Management categorizes loans and commitments into the following risk ratings: Pass: "Pass" assets are well protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value of any underlying collateral. Watch: "Watch" assets require more than the usual amount of monitoring due to declining earnings, strained cash flow, increasing leverage and/or weakening market. These borrowers generally have limited additional debt capacity and modest coverage and average or below average asset quality, margins and market share. Any residential or consumer loan currently on deferment in accordance with the Coronavirus Aid, Relief and Economic Security ("CARES") Act or the interagency statement issued by bank regulatory agencies has been classified by management as watch or worse. Special Mention: "Special mention" assets exhibit identifiable credit weakness, which if not checked or corrected could weaken the loan quality or inadequately protect the bank’s credit position at some future date. Substandard: "Substandard" assets are inadequately protected by the current sound worth and paying capacity of the obligors or of the collateral pledged, if any. A substandard loan has a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. Doubtful: "Doubtful" assets that exhibit all of the weaknesses inherent in substandard loans, but have the added characteristics that the weaknesses make collection or liquidation in full improbable on the basis of existing facts. Loss: “Loss” is a rating for loans or portions of loans that are considered uncollectible and of such little value that their continuance as bankable loans is not warranted. The following table presents the risk category of loans by class of loan and vintage as of March 31, 2021: Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Non owner occupied commercial Pass $ 49,980 $ 555,372 $ 363,885 $ 202,094 $ 248,758 $ 681,691 $ 44,550 2,115 $ 2,148,445 Watch — 200 6,531 11,985 5,880 63,270 247 — 88,113 Special mention — 3,384 3,112 8,343 9,047 22,541 80 — 46,507 Substandard — 901 — 2,658 15,847 72,523 — 30 91,959 Total 49,980 559,857 373,528 225,080 279,532 840,025 44,877 2,145 2,375,024 Owner occupied commercial Pass 61,379 118,138 80,308 78,770 81,400 299,935 8,217 175 728,322 Watch — 1,574 22,907 904 — 22,279 800 — 48,464 Special mention — — 2,211 923 109 41,790 — — 45,033 Substandard — — — 2,995 1,971 30,666 44 11 35,687 Total 61,379 119,712 105,426 83,592 83,480 394,670 9,061 186 857,506 Multifamily Pass 34,418 253,176 59,642 103,577 85,258 260,562 20,931 — 817,564 Watch — — — 600 3,164 8,413 — — 12,177 Special mention — 9,731 — — 2,399 1,113 — — 13,243 Substandard — — 5,483 — — 9,701 — — 15,184 Total 34,418 262,907 65,125 104,177 90,821 279,789 20,931 — 858,168 Non owner occupied residential Pass 7,245 23,958 23,965 24,219 23,282 68,676 8,076 823 180,244 Watch — — 299 — 1,074 5,361 — — 6,734 Special mention — — 496 916 498 941 515 — 3,366 Substandard — 746 512 1,227 1,166 1,539 — — 5,190 Total 7,245 24,704 25,272 26,362 26,020 76,517 8,591 823 195,534 Commercial, industrial and other Pass 130,518 236,340 74,724 14,621 5,978 40,974 193,086 408 696,649 Watch — 285 592 132 1,579 603 11,776 — 14,967 Special mention — — — 788 651 2,534 4,684 — 8,657 Substandard — 7,307 50 2,643 1,533 2,013 4,984 1,763 20,293 Total 130,518 243,932 75,366 18,184 9,741 46,124 214,530 2,171 740,566 Construction Pass 17,527 88,821 82,098 48,338 24,190 5,332 330 — 266,636 Watch — — — 2,179 12,866 — — — 15,045 Special mention — — — — 8,853 — — — 8,853 Substandard — — — — 203 515 — — 718 Total 17,527 88,821 82,098 50,517 46,112 5,847 330 — 291,252 Equipment finance Pass 14,135 38,700 38,555 17,934 7,314 2,491 — — 119,129 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — — 98 107 94 — — — 299 Total 14,135 38,700 38,653 18,041 7,408 2,491 — — 119,428 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Residential mortgage Pass 43,620 121,557 35,159 32,159 14,558 136,258 — — 383,311 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — — 51 230 740 1,446 — — 2,467 Total 43,620 121,557 35,210 32,389 15,298 137,704 — — 385,778 Consumer Pass 3,764 15,063 8,664 6,846 4,803 33,285 210,525 — 282,950 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 33 56 130 1 2,038 261 221 2,740 Total 3,764 15,096 8,720 6,976 4,804 35,323 210,786 221 285,690 Total loans $ 362,586 $ 1,475,286 $ 809,398 $ 565,318 $ 563,216 $ 1,818,490 $ 509,106 $ 5,546 $ 6,108,946 The following table presents the risk category of loans by class of loan and vintage as of December 31, 2020: Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Non owner occupied commercial Pass $ 570,665 $ 376,681 $ 217,931 $ 251,751 $ 187,605 $ 509,573 $ 50,071 2,246 $ 2,166,523 Watch 770 638 8,498 5,936 19,579 47,680 315 — 83,416 Special mention 3,400 3,131 8,377 9,115 19,936 7,894 2,895 — 54,748 Substandard — — 2,809 15,903 14,844 60,703 — — 94,259 Total 574,835 380,450 237,615 282,705 241,964 625,850 53,281 2,246 2,398,946 Owner occupied commercial Pass 116,512 76,224 80,244 81,215 62,118 245,330 11,072 179 672,894 Watch 11,347 22,932 411 3,651 8,038 23,612 673 — 70,664 Special mention — 2,218 929 113 4,317 38,638 — — 46,215 Substandard 434 16 3,038 641 5,770 27,376 44 — 37,319 Total 128,293 101,390 84,622 85,620 80,243 334,956 11,789 179 827,092 Multifamily Pass 251,708 59,694 85,748 93,368 117,155 145,786 21,713 — 775,172 Watch — — 600 — — 8,472 — — 9,072 Special mention 9,781 — — 2,399 — 1,124 — — 13,304 Substandard — 5,481 — — 9,512 684 — — 15,677 Total 261,489 65,175 86,348 95,767 126,667 156,066 21,713 — 813,225 Non owner occupied residential Pass 23,506 24,378 27,752 24,344 21,488 53,200 8,180 171 183,019 Watch — 300 — 1,174 — 5,757 — — 7,231 Special mention — 496 1,199 392 293 656 655 — 3,691 Substandard 876 512 1,200 1,295 692 1,713 — — 6,288 Total 24,382 25,686 30,151 27,205 22,473 61,326 8,835 171 200,229 Commercial, industrial and other Pass 299,091 84,917 16,245 7,216 18,358 41,900 208,519 531 676,777 Watch 287 3,701 156 1,643 301 369 2,324 — 8,781 Special mention — — 884 764 2,275 — 4,727 — 8,650 Substandard 7,177 50 3,559 1,547 1,497 729 9,422 — 23,981 Total 306,555 88,668 20,844 11,170 22,431 42,998 224,992 531 718,189 Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Construction Pass 56,734 77,117 69,627 29,303 7,681 328 2,190 — 242,980 Watch — — 2,183 11,959 — — — — 14,142 Special mention — — — 8,321 — — — — 8,321 Substandard — — — 206 719 515 — — 1,440 Total 56,734 77,117 71,810 49,789 8,400 843 2,190 — 266,883 Equipment finance Pass 41,528 41,717 20,697 8,834 3,162 426 — — 116,364 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 98 88 74 64 2 — — 326 Total 41,528 41,815 20,785 8,908 3,226 428 — — 116,690 Residential mortgage Pass 127,336 43,910 34,252 17,548 12,108 139,616 — — 374,770 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 52 233 1,015 — 1,310 — — 2,610 Total 127,336 43,962 34,485 18,563 12,108 140,926 — — 377,380 Consumer Pass 15,999 9,844 7,490 5,333 4,632 31,861 224,549 166 299,874 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard 33 57 31 2 — 2,208 263 130 2,724 Total 16,032 9,901 7,521 5,335 4,632 34,069 224,812 296 302,598 Total loans $ 1,537,184 $ 834,164 $ 594,181 $ 585,062 $ 522,144 $ 1,397,462 $ 547,612 $ 3,423 $ 6,021,232 Past Due and Non-accrual Loans Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. A loan is generally considered non-performing when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection. In the absence of other intervening factors, loans granted payment deferrals related to COVID-19 are not reported as past due or placed on non-accrual status provided the borrowers have met the criteria in the CARES Act or otherwise have met the criteria included in an interagency statement issued by bank regulatory agencies. The following tables present the payment status of the recorded investment in past due loans as of the periods noted, by class of loans. March 31, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,362,259 $ 2,640 $ 396 $ 9,729 $ 12,765 $ 2,375,024 Owner occupied commercial 845,931 2,479 1,454 7,642 11,575 857,506 Multifamily 857,961 207 — — 207 858,168 Non-owner occupied residential 192,199 1,236 1,122 977 3,335 195,534 Commercial, industrial and other 737,642 177 875 1,872 2,924 740,566 Construction 290,737 — — 515 515 291,252 Equipment finance 118,113 1,114 22 179 1,315 119,428 Residential mortgage 382,994 1,357 — 1,427 2,784 385,778 Consumer 282,534 1,640 — 1,516 3,156 285,690 Total $ 6,070,370 $ 10,850 $ 3,869 $ 23,857 $ 38,576 $ 6,108,946 December 31, 2020 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,384,233 $ 1,256 $ 306 $ 13,151 $ 14,713 $ 2,398,946 Owner occupied commercial 811,408 2,759 350 12,575 15,684 827,092 Multifamily 812,597 208 — 420 628 813,225 Non-owner occupied residential 197,802 482 294 1,651 2,427 200,229 Commercial, industrial and other 716,337 125 — 1,727 1,852 718,189 Construction 265,649 — — 1,234 1,234 266,883 Equipment finance 115,124 1,338 98 130 1,566 116,690 Residential mortgage 374,370 1,046 156 1,808 3,010 377,380 Consumer 300,127 1,041 73 1,357 2,471 302,598 Total $ 5,977,647 $ 8,255 $ 1,277 $ 34,053 $ 43,585 $ 6,021,232 The following tables present information on non-accrual loans, including PCD loans on non-accrual, at March 31, 2021 and December 31, 2020: March 31, 2021 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 12,835 $ — $ — $ 11,193 Owner occupied commercial 8,797 — — 6,972 Multifamily 201 — — — Non-owner occupied residential 1,417 — — 852 Commercial, industrial and other 2,252 — — 1,361 Construction 718 — — 515 Equipment finance 300 — — — Residential mortgage 2,328 — — 740 Consumer 2,277 — — — Total $ 31,125 $ — $ — $ 21,633 December 31, 2020 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 16,537 $ — $ — $ 14,719 Owner occupied commercial 14,271 — — 12,371 Multifamily 626 — — — Non-owner occupied residential 2,217 — — 1,580 Commercial, industrial and other 2,633 — — 1,418 Construction 1,440 — — 1,234 Equipment finance 327 — — — Residential mortgage 2,469 — — 1,015 Consumer 2,243 — 1 — Total $ 42,763 $ — $ 1 $ 32,337 At March 31, 2021, there were no loans that were past due more than 89 days and still accruing and at December 31, 2020, one loan with a recorded investment of $1,000 was past due more than 89 days and still accruing. The Company had $1.6 million and $1.7 million in residential mortgages and consumer home equity loans included in total non-accrual loans that were in the process of foreclosure at March 31, 2021 and December 31, 2020, respectively. Troubled Debt Restructurings Loans are classified as troubled debt restructured loans ("TDR") in cases where borrowers experience financial difficulties and Lakeland makes certain concessionary modifications to contractual terms. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate, a moratorium of principal payments and/or an extension of the maturity date at a stated interest rate lower than the current market rate of a new loan with similar risk. At March 31, 2021 and December 31, 2020, TDRs totaled $4.9 million and $5.0 million, respectively. Accruing TDRs totaled $3.8 million and non-accrual TDRs totaled $1.1 million at March 31, 2021. Accruing TDRs and non-accrual TDRs totaled $3.9 million and $1.1 million, respectively, at December 31, 2020. There were no loans that were restructured during the three months ended March 31, 2021 or 2020. There were no restructured loans that subsequently defaulted in the first quarter of 2021 and in the first quarter of 2020, there were two consumer loans with a recorded investment of $83,000 that were restructured in the previous 12 months and subsequently defaulted. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The Company adopted the ASU 2016-13 standard, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans and certain off-balance-sheet credit exposures. See Note 1 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the adoption of ASU 2016-13 and the Company's allowance methodology. The Company recorded an increase in the allowance for credit losses on loans of $6.7 million effective January 1, 2020. Prior year disclosures have not been restated. Under the standard, the Company's methodology for determining the allowance for credit losses on loans is based upon key assumptions, including the lookback periods, historic net charge-off factors, economic forecasts, reversion periods, prepayments and qualitative adjustments. The allowance is measured on a collective, or pool, basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. At March 31, 2021, loans totaling $6.08 billion were evaluated collectively and the allowance on these balances totaled $66.0 million and loans evaluated on an individual basis totaled $30.9 million with the specific allocations of the allowance for credit losses totaling $1.2 million. Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table: For the Three Months Ended March 31, (in thousands) 2021 2020 Balance at beginning of the period $ 71,124 $ 40,003 Charge-offs (1,270) (483) Recoveries 206 141 Net (charge-offs) recoveries (1,064) (342) Provision for credit loss - loans (2,808) 9,223 Balance at end of the period $ 67,252 $ 48,884 Accrued interest receivable on loans, reported as a component of accrued interest receivable on the consolidated balance sheet, totaled $15.5 million at March 31, 2021 and $16.1 million at December 31, 2020. The Company made the election to exclude accrued interest receivable from the estimate of credit losses. The following table details activity in the allowance for credit losses by portfolio segment for the years ended March 31, 2021 and 2020: (in thousands) Balance at 12/31/2020 Charge-offs Recoveries Provision for Credit Loss - Loans Balance at 3/31/2021 Non-owner occupied commercial $ 25,910 $ (593) $ 1 $ (1,438) $ 23,880 Owner occupied commercial 3,955 (78) 8 118 4,003 Multifamily 7,253 — — 255 7,508 Non-owner occupied residential 3,321 (208) 2 (232) 2,883 Commercial, industrial and other 13,665 (265) 44 (1,305) 12,139 Construction 786 — 25 318 1,129 Equipment finance 6,552 (94) 11 (205) 6,264 Residential mortgage 3,623 — 58 100 3,781 Consumer 6,059 (32) 57 (419) 5,665 Total $ 71,124 $ (1,270) $ 206 $ (2,808) $ 67,252 (in thousands) Balance at 12/31/2019 Charge-offs Recoveries Provision for Credit Loss - Loans Balance at 3/31/2020 Commercial, secured by real estate (1) $ 28,950 $ (169) $ 26 $ 5,986 34,793 Commercial, industrial and other 3,289 — 30 2,170 5,489 Construction 2,672 — 32 640 3,344 Equipment finance 957 (84) 14 370 1,257 Residential mortgage 1,725 (116) 20 (29) 1,600 Consumer 2,410 (114) 19 86 2,401 Total $ 40,003 $ (483) $ 141 $ 9,223 $ 48,884 (1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments. The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at March 31, 2021 and December 31, 2020: March 31, 2021 Loans Allowance for Credit Losses (in thousands) Individually evaluated Collectively evaluated Acquired with deteriorated credit quality Total Individually evaluated Collectively evaluated Total Non-owner occupied commercial $ 9,605 $ 2,362,334 $ 3,085 $ 2,375,024 351 $ 23,529 $ 23,880 Owner occupied commercial 11,131 845,786 589 857,506 — 4,003 4,003 Multifamily — 858,168 — 858,168 — 7,508 7,508 Non-owner occupied residential 774 194,421 339 195,534 48 2,835 2,883 Commercial, industrial and other 1,370 737,833 1,363 740,566 810 11,329 12,139 Construction 515 290,737 — 291,252 — 1,129 1,129 Equipment finance — 119,428 — 119,428 — 6,264 6,264 Residential mortgage 1,483 384,161 134 385,778 — 3,781 3,781 Consumer — 285,201 489 285,690 30 5,635 5,665 Total loans $ 24,878 $ 6,078,069 $ 5,999 $ 6,108,946 $ 1,239 $ 66,013 $ 67,252 December 31, 2020 Loans Allowance for Credit Losses (in thousands) Individually evaluated for impairment Collectively evaluated for impairment Acquired with deteriorated credit quality Total Individually evaluated for impairment Collectively evaluated for impairment Total Non owner occupied commercial $ 12,112 $ 2,382,717 $ 4,117 2,398,946 $ 355 $ 25,555 $ 25,910 Owner occupied commercial 16,547 809,935 610 827,092 96 3,859 3,955 Multifamily — 813,225 — 813,225 — 7,253 7,253 Non owner occupied residential 1,459 198,334 436 200,229 43 3,278 3,321 Commercial, industrial and other 1,596 715,129 1,464 718,189 830 12,835 13,665 Construction 515 265,649 719 266,883 — 786 786 Equipment finance — 116,690 — 116,690 — 6,552 6,552 Residential mortgage 1,490 375,482 408 377,380 — 3,623 3,623 Consumer — 302,099 499 302,598 31 6,028 6,059 Total loans $ 33,719 $ 5,979,260 $ 8,253 $ 6,021,232 $ 1,355 $ 69,769 $ 71,124 Allowance for Credit Losses - Securities The following table presents the activity in the allowance for credit losses for securities: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 (in thousands) Available for Sale Held to Maturity Total Available for Sale Held to Maturity Total Beginning balance $ 2 $ — $ 2 $ — $ — $ — Provision for credit loss - securities 142 — 142 — — — Balance at end of the period $ 144 $ — $ 144 $ — $ — $ — The Company adopted ASU 2016-13 at December 31, 2020, and recorded an increase in the allowance for credit losses on securities of $30,000 effective January 1, 2020. Prior year disclosures have not been restated. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheet and totaled $4.4 million at March 31, 2021 and $3.3 million and December 31, 2020. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance sheet exposures is reported in other liabilities in the Consolidated Balance Sheets. The liability represents an estimate of expected credit losses arising from off balance sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off balance sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of credit loss expense. The Company adopted ASU 2016-13 at December 31, 2020, and recorded a decrease in the allowance for credit losses for off-balance-sheet exposures of $498,000 effective January 1, 2020. Prior year disclosures have not been restated. At both March 31, 2021 and December 31, 2020, the balance of the allowance for credit losses for off-balance sheet exposures was $2.6 million. The Company recorded a provision for credit loss on off-balance-sheet exposures of $24,000 for the first quarter of 2021. In the first quarter of 2020, the Company recorded a provision for unfunded lending commitments of $210,000 in other noninterest expense. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain premises and equipment under operating leases. Portions of certain properties are subleased for terms extending through 2027. At March 31, 2021, the Company had lease liabilities totaling $17.6 million and right-of-use assets totaling $16.2 million related to these leases. At December 31, 2020, the Company had lease liabilities totaling $18.2 million and right-of-use assets totaling $16.8 million. The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. The Company uses its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For the three months ended March 31, 2021, the weighted average remaining lease term for operating leases was 9.60 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.42%. As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs were as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Operating lease cost $ 829 $ 828 Short-term lease cost — — Variable lease cost 22 32 Sublease income (31) (31) Net lease cost $ 820 $ 829 The table below presents other information on the Company's operating leases for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 719 $ 689 Right-of-use asset obtained in exchange for new operating lease liabilities 109 — There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three months ended March 31, 2021. At March 31, 2021, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to the total operating lease liability at March 31, 2021 are as follows: (in thousands) Within one year $ 3,277 After one year but within three years 5,266 After three years but within five years 4,205 After five years 8,255 Total undiscounted cash flows 21,003 Discount on cash flows (3,429) Total lease liability $ 17,574 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table sets forth the details of total deposits: (dollars in thousands) March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 1,631,942 24.6 % $ 1,510,224 23.4 % Interest-bearing checking 2,092,022 31.5 % 2,057,052 31.9 % Money market 1,327,612 20.0 % 1,225,890 19.0 % Savings 630,280 9.5 % 584,361 9.1 % Certificates of deposit $250 thousand and under 794,283 12.0 % 895,056 13.8 % Certificates of deposit over $250 thousand 159,087 2.4 % 183,200 2.8 % Total deposits $ 6,635,226 100.0 % $ 6,455,783 100.0 % At March 31, 2021, certificates of deposit totaling $195.2 million were obtained through brokers, while $236.7 million of certificates of deposit at December 31, 2020 were obtained through brokers. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Overnight and Short-Term Borrowings At March 31, 2021 and December 31, 2020, the Company had overnight and short-term borrowings from the FHLB totaling $50.0 million and $100.0 million, respectively. In addition, there were no overnight and short-term borrowings from correspondent banks at either March 31, 2021 or December 31, 2020. At March 31, 2021, Lakeland had overnight and short-term federal funds lines available to borrow up to $215.0 million from correspondent banks. Lakeland may also borrow from the discount window of the Federal Reserve Bank of New York based on the market value of collateral pledged. Lakeland had no borrowings with the Federal Reserve Bank of New York as of March 31, 2021 or December 31, 2020. Other short-term borrowings at March 31, 2021 and December 31, 2020 consisted of short-term securities sold under agreements to repurchase of $62.0 million and $69.6 million, respectively. The securities sold under agreements to repurchase are overnight sweep arrangement accounts with our customers. As of March 31, 2021, the Company had $72.7 million in agency and mortgage-backed securities pledged for its securities sold under agreements to repurchase. At times the market values of securities collateralizing our securities sold under agreements to repurchase may decline due to changes in interest rates and may necessitate our lenders to issue a “margin call” which requires Lakeland to pledge additional collateral to meet that margin call. FHLB Advances Advances from the FHLB totaled $25.0 million at both March 31, 2021 and December 31, 2020, with a weighted average interest rate of 0.77% and maturity in 2025. These advances were collateralized by first mortgage loans. The advances have prepayment penalties. In the first quarter of 2020, the Company repaid two advances totaling $10.0 million and recorded $356,000 in long-term debt prepayment fees. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based CompensationThe Company's 2018 Omnibus Equity Incentive Plan (the "Plan") authorizes the granting of incentive stock options, supplemental stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), other stock-based awards and cash-based awards to officers, employees and non-employee directors of, and consultants and advisors to, the Company and its subsidiaries. Restricted Stock The following is a summary of the Company’s restricted stock activity during the three months ended March 31, 2021: Number of Weighted Outstanding, January 1, 2021 23,910 $ 14.77 Granted 16,028 13.72 Vested (13,092) 16.87 Outstanding, March 31, 2021 26,846 $ 13.13 In the first three months of 2021, the Company granted 16,028 shares of restricted stock to non-employee directors at a grant date fair value of $13.72 per share under the 2018 Omnibus Equity Incentive Program. The restricted stock vests one year from the date it was granted. Compensation expense on this restricted stock is expected to be $220,000 over a one year period. In the first three months of 2020, the Company granted 13,041 shares of restricted stock to non-employee directors at a grant date fair value of $16.87 per share. The restricted stock vested one year from the date it was granted with a compensation expense of $220,000 over such period. The Company recognized share-based compensation expense on its restricted stock of $88,000 and $54,000 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was unrecognized compensation cost of $242,000 related to unvested restricted stock that is expected to be recognized over a weighted average period of approximately 0.74 years. Restricted Stock Units The following is a summary of the Company’s RSU activity during the three months ended March 31, 2021: Number of Weighted Outstanding, January 1, 2021 372,552 $ 16.63 Granted 258,154 16.22 Vested (129,224) 18.14 Forfeited (761) 16.03 Outstanding, March 31, 2021 500,721 $ 16.03 In the first three months of 2021, the Company granted 258,154 RSUs under the 2018 Omnibus Equity Incentive Plan at a weighted average grant date fair value of $16.22 per share. These units vest within a range of two The Company recognized share based compensation expense of $1.1 million and $794,000 on RSUs for the three months ended March 31, 2021 and 2020, respectively. Unrecognized compensation expense related to RSUs was approximately $5.5 million as of March 31, 2021, and that cost is expected to be recognized over a period of 1.7 years. Stock Options A summary of the activity under the Company’s stock option plans as of March 31, 2021 is as follows: Number of Weighted Weighted Aggregate Outstanding, January 1, 2021 2,764 $ 6.94 1.07 $ 15,934 Exercised (1,757) 7.13 Outstanding, March 31, 2021 1,007 $ 6.61 1.19 $ 10,905 Options exercisable at March 31, 2021 1,007 $ 6.61 1.19 $ 10,905 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, which is the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. There were no stock option grants in the first three months of 2021 or 2020. The 1,757 stock options exercised during the first three months of 2021 resulted in $13,000 in cash receipts. No stock options were exercised during the first three months of 2020. There was no unrecognized compensation expense related to unvested stock options as of March 31, 2021. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid. The Company’s additional source of income, also referred to as noninterest income, is generated from deposit related fees, interchange fees, loan fees, merchant fees, loan sales, investment services and other miscellaneous income and is largely based on contracts with customers. In these cases, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company considers a customer to be any party to which the Company will provide goods or services that are an output of the Company’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when the Company’s financial statements are consolidated. Generally, the Company enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, the Company does not have contract assets, contract liabilities or related receivable accounts for contracts with customers. In cases where collectability is a concern, the Company does not record revenue. Generally, the pricing of transactions between the Company and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts. The Company primarily operates in one geographic region, Northern and Central New Jersey and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during the Company’s ordinary activities primarily relates to income from bank owned life insurance, gains/losses on the sale of investment securities, gains/losses on the sale of other real estate owned, gains/losses on the sale of property, plant and equipment and mortgage servicing rights. The following table sets forth the components of noninterest income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (in thousands) 2021 2020 Deposit Related Fees and Charges: Debit card interchange income $ 1,410 $ 1,223 Overdraft charges 587 953 ATM service charges 143 167 Demand deposit fees and charges 141 134 Savings service charges 15 23 Total 2,296 2,500 Commissions and Fees: Loan fees 507 340 Wire transfer charges 375 308 Investment services income 363 523 Merchant fees 201 248 Commissions from sales of checks 78 83 Safe deposit income 79 86 Other income 47 51 Total 1,650 1,639 Gains on sales of loans 708 415 Other Income: Gains on customer swap transactions 562 2,843 Title insurance income 13 (4) Other income 82 97 Total 657 2,936 Revenue not from contracts with customers 448 521 Total Noninterest Income $ 5,759 $ 8,011 Timing of Revenue Recognition: Products and services transferred at a point in time 5,292 7,471 Products and services transferred over time 19 19 Revenue not from contracts with customers 448 521 Total Noninterest Income $ 5,759 $ 8,011 |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of other comprehensive income are as follows: For the Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Before Tax Benefit Net of Before Tax Benefit Net of Net unrealized gains (losses) on available for sale securities: Net unrealized holding gains arising during period $ (18,637) $ 5,502 $ (13,135) $ 9,796 $ (2,512) $ 7,284 Reclassification adjustment for net gains arising during the period — — — (342) 88 (254) Net unrealized (losses) gains (18,637) 5,502 (13,135) 9,454 (2,424) 7,030 Unrealized gains (losses) on derivatives 67 (20) 47 (478) 141 (337) Other comprehensive (losses) income, net $ (18,570) $ 5,482 $ (13,088) $ 8,976 $ (2,283) $ 6,693 The following tables show the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Unrealized Unrealized Pension Items Total Beginning balance $ 11,402 $ 25 $ (30) $ 11,397 $ 1,936 $ 317 $ (5) $ 2,248 Other comprehensive (loss) income before classifications (13,135) 47 — (13,088) 7,284 (337) — 6,947 Amounts reclassified from accumulated other comprehensive income — — — — (254) — — (254) Net current period other comprehensive (loss) income (13,135) 47 — (13,088) 7,030 (337) — 6,693 Ending balance $ (1,733) $ 72 $ (30) $ (1,691) $ 8,966 $ (20) $ (5) $ 8,941 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, Lakeland executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Lakeland executes with a third-party financial institution, such that Lakeland minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. Lakeland had $71.7 million and $83.2 million, respectively, in available for sale securities pledged for collateral on its interest rate swaps with financial institutions at March 31, 2021 and December 31, 2020. In June 2016, the Company entered into two cash flow hedges in order to hedge the variable cash outflows associated with its subordinated debentures. The notional value of these hedges was $30.0 million. The Company’s objectives in using cash flow hedges are to add stability to interest expense and to manage its exposure to interest rate movements. The Company used interest rate swaps designated as cash flow hedges which involved the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In these particular hedges the Company is paying a third party an average of 1.10% in exchange for a payment at 3 month LIBOR. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2021, the Company did not record any hedge ineffectiveness. The Company recognized $65,000 of accumulated other comprehensive expense that was reclassified into interest expense for the first three quarters of 2021 and $62,000 of accumulated other comprehensive income that was reclassified into interest expense for the first quarter of 2020. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. Until maturity in 2021, the Company estimates that $75,000 will be reclassified as an increase to interest expense should the rate environment remain the same. The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): March 31, 2021 Notional Amount Average Weighted Average Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 326,734 9.3 3.11 % 1 Mo. LIBOR + 2.20 $ 14,627 Customer interest rate swaps 699,190 8.4 4.02 % 1 Mo. LIBOR + 1.96 38,098 Classified in Other Liabilities: Customer interest rate swaps $ 326,734 9.3 3.11 % 1 Mo. LIBOR + 2.20 $ (14,627) 3rd Party interest rate swaps 699,190 8.4 4.02 % 1 Mo. LIBOR + 1.96 (38,098) Interest rate swap (cash flow hedge) 30,000 0.3 1.10 % 3 Mo. LIBOR (76) December 31, 2020 Notional Average Weighted Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 73,075 9.5 3.20 % 1 Mo. LIBOR + 2.55 $ 503 Customer interest rate swaps 907,069 8.7 3.79 % 1 Mo. LIBOR + 1.99 80,231 Classified in Other Liabilities: Customer interest rate swaps $ 73,075 9.5 3.20 % 1 Mo. LIBOR + 2.55 (503) 3rd party interest rate swaps 907,069 8.7 3.79 % 1 Mo. LIBOR + 1.99 (80,231) Interest rate swap (cash flow hedge) 30,000 0.5 1.10 % 3 Mo. LIBOR (143) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company had goodwill of $156.3 million at both March 31, 2021 and December 31, 2020. The Company reviews its goodwill and intangible assets annually, on November 30, or more frequently if conditions warrant, for impairment. In testing goodwill for impairment, the Company compares the estimated fair value of its reporting unit to its carrying amount, including goodwill. The Company has determined that it has one reporting unit, Community Banking. At March 31, 2021, the Company evaluated whether it is more likely than not that the fair value of our one reporting unit is less than its carrying amount, by assessing relevant events and circumstances and concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company had core deposit intangibles of $3.1 million and $3.3 million at March 31, 2021 and December 31, 2020, respectively. Amortization of core deposit intangible totaled $226,000 and $265,000 for the first quarters of 2021 and 2020, respectively. The estimated future amortization expense for the remainder of 2021 and for each of the succeeding five years ended December 31 is as follows (in thousands): For the Year Ended 2021 $ 642 2022 711 2023 554 2024 425 2025 317 2026 210 |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest level priority to unobservable inputs (level 3 measurements). The following describes the three levels of fair value hierarchy: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; includes U.S. Treasury Notes, and other U.S. Government Agency securities that actively trade in over-the-counter markets; equity securities and mutual funds that actively trade in over-the-counter markets. Level 2 – quoted prices for similar assets or liabilities in active markets; or quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability including yield curves, volatilities and prepayment speeds. Level 3 – unobservable inputs for the asset or liability that reflect the Company’s own assumptions about assumptions that market participants would use in the pricing of the asset or liability and that are consequently not based on market activity but upon particular valuation techniques. The Company’s assets that are measured at fair value on a recurring basis are its available for sale investment securities and its interest rate swaps. The Company obtains fair values on its securities using information from a third-party servicer. If quoted prices for securities are available in an active market, those securities are classified as Level 1 securities. The Company has U.S. Treasury Notes and certain equity securities that are classified as Level 1 securities. Level 2 securities were primarily comprised of U.S. Agency bonds, residential mortgage-backed securities, obligations of state and political subdivisions and corporate securities. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids and offers. On a quarterly basis, the Company reviews the pricing information received from the Company’s third-party pricing service. This review includes a comparison to non-binding third-party quotes. The fair values of derivatives are based on valuation models from a third party using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2). Recurring Fair Value Measurements The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2021 and 2020, the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) Quoted Prices in Significant Significant Total March 31, 2021 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 7,742 $ 85,291 $ — $ 93,033 Mortgage-backed securities — 325,831 — 325,831 Collateralized mortgage obligations — 218,669 — 218,669 Asset-backed securities — 40,187 — 40,187 Obligations of states and political subdivisions — 255,122 — 255,122 Debt securities — 35,552 — 35,552 Total securities available for sale 7,742 960,652 — 968,394 Equity securities, at fair value — 14,590 — 14,590 Derivative assets — 52,725 — 52,725 Total Assets $ 7,742 $ 1,027,967 $ — $ 1,035,709 Liabilities: Derivative liabilities $ — $ 52,801 $ — $ 52,801 Total Liabilities $ — $ 52,801 $ — $ 52,801 December 31, 2020 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities — 230,100 — 230,100 Collateralized mortgage obligations — 250,573 — 250,573 Asset-backed securities — 40,690 — 40,690 Obligations of states and political subdivisions — 233,710 — 233,710 Debt securities — 35,671 — 35,671 Total securities available for sale 9,392 846,354 — 855,746 Equity securities, at fair value — 14,694 — 14,694 Derivative assets — 80,734 — 80,734 Total Assets $ 9,392 $ 941,782 $ — $ 951,174 Liabilities: Derivative liabilities $ — $ 80,877 $ — $ 80,877 Total Liabilities $ — $ 80,877 $ — $ 80,877 Non-Recurring Fair Value Measurements The Company has a held for sale loan portfolio that consists of residential mortgages that are being sold in the secondary market. The Company records these mortgages at the lower of cost or fair market value. Fair value is generally determined by the value of purchase commitments. Other real estate owned (OREO) and other repossessed assets, representing property acquired through foreclosure or deed in lieu of foreclosure, are carried at fair value less estimated disposal costs of the acquired property. Fair value on other real estate owned is based on the appraised value of the collateral using discount rates or capitalization rates similar to those used in impaired loan valuation. The fair value of other repossessed assets is estimated by inquiry through a recognized valuation resource. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Changes in economic conditions, locally or nationally, could impact the value of the estimated amounts of impaired loans, OREO and other repossessed assets. The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) (Level 1) (Level 2) (Level 3) Total March 31, 2021 Assets: Individually evaluated loans $ — $ — $ 2,297 $ 2,297 Loans held for sale — 1,230 — 1,230 December 31, 2020 Assets: Individually evaluated loans $ — $ — $ 2,417 $ 2,417 Loans held for sale — 1,335 — 1,335 Fair Value of Certain Financial Instruments Estimated fair values have been determined by the Company using the best available data and an estimation methodology suitable for each category of financial instruments. Management is concerned that there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. The estimation methodologies used, the estimated fair values and recorded book balances at March 31, 2021 and December 31, 2020, are outlined below. This summary, as well as the table below, excludes financial assets and liabilities for which carrying value approximates fair value. For financial assets, these include cash and cash equivalents. For financial liabilities, these include noninterest-bearing demand deposits, savings and interest-bearing transaction accounts and federal funds purchased and securities sold under agreements to repurchase. The estimated fair value of demand, savings and interest-bearing transaction accounts is the amount payable on demand at the reporting date. Carrying value is used because there is no stated maturity on these accounts, and the customer has the ability to withdraw the funds immediately. Also excluded from this summary and the following table are those financial instruments recorded at fair value on a recurring basis, as previously described. The fair value of investment securities held to maturity is measured using information from the same third-party servicer used for investment securities available for sale using the same methodologies discussed above. FHLB stock is an equity interest that can be sold to the issuing FHLB, to other FHLBs, or to other member banks at its par value. Because ownership of these securities is restricted, they do not have a readily determinable fair value. As such, the Company’s FHLB stock is recorded at cost or par value and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company’s evaluation primarily includes an evaluation of liquidity, capitalization, operating performance, commitments, and regulatory or legislative events. The net loan portfolio has been valued using an exit price approach, which incorporates a buildup discount rate calculation that uses a swap rate adjusted for credit risk, servicing costs, a liquidity premium and a prepayment premium. For fixed maturity certificates of deposit, fair value is estimated based on the present value of discounted cash flows using the rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest payable approximates its fair value. The fair value of long-term debt is based upon the discounted value of contractual cash flows. The Company estimates the discount rate using the rates currently offered for similar borrowing arrangements. The fair value of subordinated debentures is based on bid/ask prices from brokers for similar types of instruments. The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to extend credit and standby letters of credit are deemed immaterial. The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of March 31, 2021 and December 31, 2020: (in thousands) Carrying Fair Quoted Prices in Significant Significant March 31, 2021 Financial Assets: Investment securities held to maturity $ 84,994 $ 87,215 $ — $ 86,796 $ 419 Federal Home Loan Bank and other membership bank stocks 10,772 10,772 — 10,772 — Loans, net 6,041,694 6,128,887 — — 6,128,887 Financial Liabilities: Certificates of deposit 953,370 950,053 — 950,053 — Other borrowings 25,000 24,906 — 24,906 — Subordinated debentures 118,267 117,842 — — 117,842 December 31, 2020 Financial Assets: Investment securities held to maturity $ 90,766 $ 93,868 $ — $ 93,868 $ — Federal Home Loan Bank and other membership bank stocks 11,979 11,979 — 11,979 — Loans, net 5,950,108 5,939,413 — — 5,939,413 Financial Liabilities: Certificates of deposit 1,078,256 1,077,620 — 1,077,620 — Other borrowings 25,000 25,206 — 25,206 — Subordinated debentures 118,257 118,208 — — 118,208 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2021 do not necessarily indicate the results that the Company will achieve for all of 2021. Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Net income available to common shareholders $ 23,175 $ 12,392 Less: earnings allocated to participating securities 216 102 Net income allocated to common shareholders $ 22,959 $ 12,290 Weighted average number of common shares outstanding - basic 50,576 50,586 Share-based plans 204 142 Weighted average number of common shares outstanding - diluted 50,780 50,728 Basic earnings per share $ 0.45 $ 0.24 Diluted earnings per share $ 0.45 $ 0.24 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Available-for-Sale Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows: March 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 92,940 $ 1,154 $ (1,061) $ — $ 93,033 Mortgage-backed securities, residential 326,820 2,589 (5,419) — 323,990 Collateralized mortgage obligations, residential 179,400 4,296 (188) — 183,508 Mortgage-backed securities, multifamily 1,941 — (100) — 1,841 Collateralized mortgage obligations, multifamily 34,108 1,099 (46) — 35,161 Asset-backed securities 40,327 8 (148) — 40,187 Obligations of states and political subdivisions 260,108 1,872 (6,848) (10) 255,122 Debt securities 35,055 691 (60) (134) 35,552 Total $ 970,699 $ 11,709 $ (13,870) $ (144) $ 968,394 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 63,868 $ 1,447 $ (313) $ — $ 65,002 Mortgage-backed securities, residential 224,978 3,718 (540) — 228,156 Collateralized mortgage obligations, residential 204,093 4,967 (22) — 209,038 Mortgage-backed securities, multifamily 1,944 — — — 1,944 Collateralized mortgage obligations, multifamily 39,628 1,909 (2) — 41,535 Asset-backed securities 40,915 — (225) — 40,690 Obligations of states and political subdivisions 228,790 5,149 (228) (1) 233,710 Debt securities 35,056 616 — (1) 35,671 Total $ 839,272 $ 17,806 $ (1,330) $ (2) $ 855,746 |
Reconciliation of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows: March 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 25,453 $ 604 $ — $ — $ 26,057 Mortgage-backed securities, residential 36,965 1,193 (271) — 37,887 Collateralized mortgage obligations, residential 11,437 417 — — 11,854 Mortgage-backed securities, multifamily 693 37 — — 730 Obligations of states and political subdivisions 10,446 241 — — 10,687 Total $ 84,994 $ 2,492 $ (271) $ — $ 87,215 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 25,565 $ 779 $ — $ — $ 26,344 Mortgage-backed securities, residential 39,276 1,469 (12) — 40,733 Collateralized mortgage obligations, residential 14,590 532 — — 15,122 Mortgage-backed securities, multifamily 705 54 — — 759 Obligations of states and political subdivisions 10,630 280 — — 10,910 $ 90,766 $ 3,114 $ (12) $ — $ 93,868 |
Summary of Investment Securities by Stated Maturity | The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Fair Amortized Fair Due in one year or less $ 20,779 $ 21,049 $ 9,425 $ 9,450 Due after one year through five years 53,784 55,207 20,950 21,673 Due after five years through ten years 63,139 64,336 3,017 3,068 Due after ten years 250,401 243,115 2,507 2,553 388,103 383,707 35,899 36,744 Mortgage-backed and asset-backed securities 582,596 584,687 49,095 50,471 Total securities $ 970,699 $ 968,394 $ 84,994 $ 87,215 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The table below indicates the credit profile of the Company's debt securities held to maturity at amortized cost at March 31, 2021: (in thousands) AAA AA Not Rated Total U.S. Treasury and U.S. government agencies $ 25,453 $ — $ — $ 25,453 Mortgage-backed securities, residential 36,965 — — 36,965 Collateralized mortgage obligations, residential 11,437 — — 11,437 Mortgage-backed securities, multifamily 693 — — 693 Obligations of states and political subdivisions 2,367 7,660 419 10,446 Total $ 76,915 $ 7,660 $ 419 $ 84,994 |
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position | The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented: March 31, 2021 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized Available for Sale U.S. Treasury and U.S. government agencies $ 26,117 $ 805 $ 16,532 $ 256 9 $ 42,649 $ 1,061 Mortgage-backed securities, residential 215,618 5,404 4,502 15 59 220,120 5,419 Collateralized mortgage obligations, residential 19,099 188 — — 6 19,099 188 Mortgage-backed securities, multifamily 1,841 100 — — 1 1,841 100 Collateralized mortgage obligations, multifamily 2,131 46 — — 1 2,131 46 Asset-backed securities — — 33,471 148 4 33,471 148 Obligations of states and political subdivisions 173,875 6,848 — — 106 173,875 6,848 Debt securities 9,805 60 — — 6 9,805 60 Total $ 448,486 $ 13,451 $ 54,505 $ 419 $ 192 $ 502,991 $ 13,870 Held to Maturity Mortgage-backed securities, residential $ 5,784 $ 271 $ 43 — 5 $ 5,827 $ 271 Collateralized mortgage obligations, residential 110 — 1 — 3 111 — Total $ 5,894 $ 271 $ 44 $ — 8 $ 5,938 $ 271 December 31, 2020 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized Available for Sale U.S. Treasury and U.S. government agencies $ 4,966 $ 29 $ 17,652 $ 284 6 $ 22,618 $ 313 Mortgage-backed securities, residential 84,137 471 5,656 69 30 89,793 540 Collateralized mortgage obligations, residential 23,858 22 — — 7 23,858 22 Mortgage-backed securities, multifamily 1,943 — — — 1 1,943 — Collateralized mortgage obligations, multifamily 2,527 2 — — 1 2,527 2 Asset-backed securities 40,690 225 — — 6 40,690 225 Obligations of states and political subdivisions 15,901 228 — — 10 15,901 228 Total $ 174,022 $ 977 $ 23,308 $ 353 61 $ 197,330 $ 1,330 Held to Maturity Mortgage-backed securities, residential $ 2,561 $ 12 $ — $ — 4 $ 2,561 $ 12 Total $ 2,561 $ 12 $ — $ — 4 $ 2,561 $ 12 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following sets forth the composition of the Company’s loan portfolio: (in thousands) March 31, 2021 December 31, 2020 Non owner occupied commercial $ 2,375,024 $ 2,398,946 Owner occupied commercial 857,506 827,092 Multifamily 858,168 813,225 Non owner occupied residential 195,534 200,229 Commercial, industrial and other 740,566 718,189 Construction 291,252 266,883 Equipment finance 119,428 116,690 Residential mortgage 385,778 377,380 Home equity and consumer 285,690 302,598 Total $ 6,108,946 $ 6,021,232 |
Credit Quality Indicators | The following table presents the risk category of loans by class of loan and vintage as of March 31, 2021: Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Non owner occupied commercial Pass $ 49,980 $ 555,372 $ 363,885 $ 202,094 $ 248,758 $ 681,691 $ 44,550 2,115 $ 2,148,445 Watch — 200 6,531 11,985 5,880 63,270 247 — 88,113 Special mention — 3,384 3,112 8,343 9,047 22,541 80 — 46,507 Substandard — 901 — 2,658 15,847 72,523 — 30 91,959 Total 49,980 559,857 373,528 225,080 279,532 840,025 44,877 2,145 2,375,024 Owner occupied commercial Pass 61,379 118,138 80,308 78,770 81,400 299,935 8,217 175 728,322 Watch — 1,574 22,907 904 — 22,279 800 — 48,464 Special mention — — 2,211 923 109 41,790 — — 45,033 Substandard — — — 2,995 1,971 30,666 44 11 35,687 Total 61,379 119,712 105,426 83,592 83,480 394,670 9,061 186 857,506 Multifamily Pass 34,418 253,176 59,642 103,577 85,258 260,562 20,931 — 817,564 Watch — — — 600 3,164 8,413 — — 12,177 Special mention — 9,731 — — 2,399 1,113 — — 13,243 Substandard — — 5,483 — — 9,701 — — 15,184 Total 34,418 262,907 65,125 104,177 90,821 279,789 20,931 — 858,168 Non owner occupied residential Pass 7,245 23,958 23,965 24,219 23,282 68,676 8,076 823 180,244 Watch — — 299 — 1,074 5,361 — — 6,734 Special mention — — 496 916 498 941 515 — 3,366 Substandard — 746 512 1,227 1,166 1,539 — — 5,190 Total 7,245 24,704 25,272 26,362 26,020 76,517 8,591 823 195,534 Commercial, industrial and other Pass 130,518 236,340 74,724 14,621 5,978 40,974 193,086 408 696,649 Watch — 285 592 132 1,579 603 11,776 — 14,967 Special mention — — — 788 651 2,534 4,684 — 8,657 Substandard — 7,307 50 2,643 1,533 2,013 4,984 1,763 20,293 Total 130,518 243,932 75,366 18,184 9,741 46,124 214,530 2,171 740,566 Construction Pass 17,527 88,821 82,098 48,338 24,190 5,332 330 — 266,636 Watch — — — 2,179 12,866 — — — 15,045 Special mention — — — — 8,853 — — — 8,853 Substandard — — — — 203 515 — — 718 Total 17,527 88,821 82,098 50,517 46,112 5,847 330 — 291,252 Equipment finance Pass 14,135 38,700 38,555 17,934 7,314 2,491 — — 119,129 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — — 98 107 94 — — — 299 Total 14,135 38,700 38,653 18,041 7,408 2,491 — — 119,428 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Residential mortgage Pass 43,620 121,557 35,159 32,159 14,558 136,258 — — 383,311 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — — 51 230 740 1,446 — — 2,467 Total 43,620 121,557 35,210 32,389 15,298 137,704 — — 385,778 Consumer Pass 3,764 15,063 8,664 6,846 4,803 33,285 210,525 — 282,950 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 33 56 130 1 2,038 261 221 2,740 Total 3,764 15,096 8,720 6,976 4,804 35,323 210,786 221 285,690 Total loans $ 362,586 $ 1,475,286 $ 809,398 $ 565,318 $ 563,216 $ 1,818,490 $ 509,106 $ 5,546 $ 6,108,946 The following table presents the risk category of loans by class of loan and vintage as of December 31, 2020: Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Non owner occupied commercial Pass $ 570,665 $ 376,681 $ 217,931 $ 251,751 $ 187,605 $ 509,573 $ 50,071 2,246 $ 2,166,523 Watch 770 638 8,498 5,936 19,579 47,680 315 — 83,416 Special mention 3,400 3,131 8,377 9,115 19,936 7,894 2,895 — 54,748 Substandard — — 2,809 15,903 14,844 60,703 — — 94,259 Total 574,835 380,450 237,615 282,705 241,964 625,850 53,281 2,246 2,398,946 Owner occupied commercial Pass 116,512 76,224 80,244 81,215 62,118 245,330 11,072 179 672,894 Watch 11,347 22,932 411 3,651 8,038 23,612 673 — 70,664 Special mention — 2,218 929 113 4,317 38,638 — — 46,215 Substandard 434 16 3,038 641 5,770 27,376 44 — 37,319 Total 128,293 101,390 84,622 85,620 80,243 334,956 11,789 179 827,092 Multifamily Pass 251,708 59,694 85,748 93,368 117,155 145,786 21,713 — 775,172 Watch — — 600 — — 8,472 — — 9,072 Special mention 9,781 — — 2,399 — 1,124 — — 13,304 Substandard — 5,481 — — 9,512 684 — — 15,677 Total 261,489 65,175 86,348 95,767 126,667 156,066 21,713 — 813,225 Non owner occupied residential Pass 23,506 24,378 27,752 24,344 21,488 53,200 8,180 171 183,019 Watch — 300 — 1,174 — 5,757 — — 7,231 Special mention — 496 1,199 392 293 656 655 — 3,691 Substandard 876 512 1,200 1,295 692 1,713 — — 6,288 Total 24,382 25,686 30,151 27,205 22,473 61,326 8,835 171 200,229 Commercial, industrial and other Pass 299,091 84,917 16,245 7,216 18,358 41,900 208,519 531 676,777 Watch 287 3,701 156 1,643 301 369 2,324 — 8,781 Special mention — — 884 764 2,275 — 4,727 — 8,650 Substandard 7,177 50 3,559 1,547 1,497 729 9,422 — 23,981 Total 306,555 88,668 20,844 11,170 22,431 42,998 224,992 531 718,189 Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Construction Pass 56,734 77,117 69,627 29,303 7,681 328 2,190 — 242,980 Watch — — 2,183 11,959 — — — — 14,142 Special mention — — — 8,321 — — — — 8,321 Substandard — — — 206 719 515 — — 1,440 Total 56,734 77,117 71,810 49,789 8,400 843 2,190 — 266,883 Equipment finance Pass 41,528 41,717 20,697 8,834 3,162 426 — — 116,364 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 98 88 74 64 2 — — 326 Total 41,528 41,815 20,785 8,908 3,226 428 — — 116,690 Residential mortgage Pass 127,336 43,910 34,252 17,548 12,108 139,616 — — 374,770 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard — 52 233 1,015 — 1,310 — — 2,610 Total 127,336 43,962 34,485 18,563 12,108 140,926 — — 377,380 Consumer Pass 15,999 9,844 7,490 5,333 4,632 31,861 224,549 166 299,874 Watch — — — — — — — — — Special mention — — — — — — — — — Substandard 33 57 31 2 — 2,208 263 130 2,724 Total 16,032 9,901 7,521 5,335 4,632 34,069 224,812 296 302,598 Total loans $ 1,537,184 $ 834,164 $ 594,181 $ 585,062 $ 522,144 $ 1,397,462 $ 547,612 $ 3,423 $ 6,021,232 |
Age Analysis of Past Due Loans, Segregated by Class of Loans | The following tables present the payment status of the recorded investment in past due loans as of the periods noted, by class of loans. March 31, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,362,259 $ 2,640 $ 396 $ 9,729 $ 12,765 $ 2,375,024 Owner occupied commercial 845,931 2,479 1,454 7,642 11,575 857,506 Multifamily 857,961 207 — — 207 858,168 Non-owner occupied residential 192,199 1,236 1,122 977 3,335 195,534 Commercial, industrial and other 737,642 177 875 1,872 2,924 740,566 Construction 290,737 — — 515 515 291,252 Equipment finance 118,113 1,114 22 179 1,315 119,428 Residential mortgage 382,994 1,357 — 1,427 2,784 385,778 Consumer 282,534 1,640 — 1,516 3,156 285,690 Total $ 6,070,370 $ 10,850 $ 3,869 $ 23,857 $ 38,576 $ 6,108,946 December 31, 2020 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,384,233 $ 1,256 $ 306 $ 13,151 $ 14,713 $ 2,398,946 Owner occupied commercial 811,408 2,759 350 12,575 15,684 827,092 Multifamily 812,597 208 — 420 628 813,225 Non-owner occupied residential 197,802 482 294 1,651 2,427 200,229 Commercial, industrial and other 716,337 125 — 1,727 1,852 718,189 Construction 265,649 — — 1,234 1,234 266,883 Equipment finance 115,124 1,338 98 130 1,566 116,690 Residential mortgage 374,370 1,046 156 1,808 3,010 377,380 Consumer 300,127 1,041 73 1,357 2,471 302,598 Total $ 5,977,647 $ 8,255 $ 1,277 $ 34,053 $ 43,585 $ 6,021,232 |
Company's Non-Performing Assets and its Accruing Troubled Debt Restructurings, Excluding PCI Loans | The following tables present information on non-accrual loans, including PCD loans on non-accrual, at March 31, 2021 and December 31, 2020: March 31, 2021 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 12,835 $ — $ — $ 11,193 Owner occupied commercial 8,797 — — 6,972 Multifamily 201 — — — Non-owner occupied residential 1,417 — — 852 Commercial, industrial and other 2,252 — — 1,361 Construction 718 — — 515 Equipment finance 300 — — — Residential mortgage 2,328 — — 740 Consumer 2,277 — — — Total $ 31,125 $ — $ — $ 21,633 December 31, 2020 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 16,537 $ — $ — $ 14,719 Owner occupied commercial 14,271 — — 12,371 Multifamily 626 — — — Non-owner occupied residential 2,217 — — 1,580 Commercial, industrial and other 2,633 — — 1,418 Construction 1,440 — — 1,234 Equipment finance 327 — — — Residential mortgage 2,469 — — 1,015 Consumer 2,243 — 1 — Total $ 42,763 $ — $ 1 $ 32,337 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses by Portfolio Segment | The allowance for credit losses on loans is summarized in the following table: For the Three Months Ended March 31, (in thousands) 2021 2020 Balance at beginning of the period $ 71,124 $ 40,003 Charge-offs (1,270) (483) Recoveries 206 141 Net (charge-offs) recoveries (1,064) (342) Provision for credit loss - loans (2,808) 9,223 Balance at end of the period $ 67,252 $ 48,884 The following table details activity in the allowance for credit losses by portfolio segment for the years ended March 31, 2021 and 2020: (in thousands) Balance at 12/31/2020 Charge-offs Recoveries Provision for Credit Loss - Loans Balance at 3/31/2021 Non-owner occupied commercial $ 25,910 $ (593) $ 1 $ (1,438) $ 23,880 Owner occupied commercial 3,955 (78) 8 118 4,003 Multifamily 7,253 — — 255 7,508 Non-owner occupied residential 3,321 (208) 2 (232) 2,883 Commercial, industrial and other 13,665 (265) 44 (1,305) 12,139 Construction 786 — 25 318 1,129 Equipment finance 6,552 (94) 11 (205) 6,264 Residential mortgage 3,623 — 58 100 3,781 Consumer 6,059 (32) 57 (419) 5,665 Total $ 71,124 $ (1,270) $ 206 $ (2,808) $ 67,252 (in thousands) Balance at 12/31/2019 Charge-offs Recoveries Provision for Credit Loss - Loans Balance at 3/31/2020 Commercial, secured by real estate (1) $ 28,950 $ (169) $ 26 $ 5,986 34,793 Commercial, industrial and other 3,289 — 30 2,170 5,489 Construction 2,672 — 32 640 3,344 Equipment finance 957 (84) 14 370 1,257 Residential mortgage 1,725 (116) 20 (29) 1,600 Consumer 2,410 (114) 19 86 2,401 Total $ 40,003 $ (483) $ 141 $ 9,223 $ 48,884 (1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments. The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at March 31, 2021 and December 31, 2020: March 31, 2021 Loans Allowance for Credit Losses (in thousands) Individually evaluated Collectively evaluated Acquired with deteriorated credit quality Total Individually evaluated Collectively evaluated Total Non-owner occupied commercial $ 9,605 $ 2,362,334 $ 3,085 $ 2,375,024 351 $ 23,529 $ 23,880 Owner occupied commercial 11,131 845,786 589 857,506 — 4,003 4,003 Multifamily — 858,168 — 858,168 — 7,508 7,508 Non-owner occupied residential 774 194,421 339 195,534 48 2,835 2,883 Commercial, industrial and other 1,370 737,833 1,363 740,566 810 11,329 12,139 Construction 515 290,737 — 291,252 — 1,129 1,129 Equipment finance — 119,428 — 119,428 — 6,264 6,264 Residential mortgage 1,483 384,161 134 385,778 — 3,781 3,781 Consumer — 285,201 489 285,690 30 5,635 5,665 Total loans $ 24,878 $ 6,078,069 $ 5,999 $ 6,108,946 $ 1,239 $ 66,013 $ 67,252 December 31, 2020 Loans Allowance for Credit Losses (in thousands) Individually evaluated for impairment Collectively evaluated for impairment Acquired with deteriorated credit quality Total Individually evaluated for impairment Collectively evaluated for impairment Total Non owner occupied commercial $ 12,112 $ 2,382,717 $ 4,117 2,398,946 $ 355 $ 25,555 $ 25,910 Owner occupied commercial 16,547 809,935 610 827,092 96 3,859 3,955 Multifamily — 813,225 — 813,225 — 7,253 7,253 Non owner occupied residential 1,459 198,334 436 200,229 43 3,278 3,321 Commercial, industrial and other 1,596 715,129 1,464 718,189 830 12,835 13,665 Construction 515 265,649 719 266,883 — 786 786 Equipment finance — 116,690 — 116,690 — 6,552 6,552 Residential mortgage 1,490 375,482 408 377,380 — 3,623 3,623 Consumer — 302,099 499 302,598 31 6,028 6,059 Total loans $ 33,719 $ 5,979,260 $ 8,253 $ 6,021,232 $ 1,355 $ 69,769 $ 71,124 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for securities: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 (in thousands) Available for Sale Held to Maturity Total Available for Sale Held to Maturity Total Beginning balance $ 2 $ — $ 2 $ — $ — $ — Provision for credit loss - securities 142 — 142 — — — Balance at end of the period $ 144 $ — $ 144 $ — $ — $ — |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for securities: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 (in thousands) Available for Sale Held to Maturity Total Available for Sale Held to Maturity Total Beginning balance $ 2 $ — $ 2 $ — $ — $ — Provision for credit loss - securities 142 — 142 — — — Balance at end of the period $ 144 $ — $ 144 $ — $ — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Lease costs were as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Operating lease cost $ 829 $ 828 Short-term lease cost — — Variable lease cost 22 32 Sublease income (31) (31) Net lease cost $ 820 $ 829 The table below presents other information on the Company's operating leases for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 719 $ 689 Right-of-use asset obtained in exchange for new operating lease liabilities 109 — |
Maturity analysis of operating lease liabilities | A maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to the total operating lease liability at March 31, 2021 are as follows: (in thousands) Within one year $ 3,277 After one year but within three years 5,266 After three years but within five years 4,205 After five years 8,255 Total undiscounted cash flows 21,003 Discount on cash flows (3,429) Total lease liability $ 17,574 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Summary of Deposits | The following table sets forth the details of total deposits: (dollars in thousands) March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 1,631,942 24.6 % $ 1,510,224 23.4 % Interest-bearing checking 2,092,022 31.5 % 2,057,052 31.9 % Money market 1,327,612 20.0 % 1,225,890 19.0 % Savings 630,280 9.5 % 584,361 9.1 % Certificates of deposit $250 thousand and under 794,283 12.0 % 895,056 13.8 % Certificates of deposit over $250 thousand 159,087 2.4 % 183,200 2.8 % Total deposits $ 6,635,226 100.0 % $ 6,455,783 100.0 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Company's Restricted Stock Activity | The following is a summary of the Company’s restricted stock activity during the three months ended March 31, 2021: Number of Weighted Outstanding, January 1, 2021 23,910 $ 14.77 Granted 16,028 13.72 Vested (13,092) 16.87 Outstanding, March 31, 2021 26,846 $ 13.13 The following is a summary of the Company’s RSU activity during the three months ended March 31, 2021: Number of Weighted Outstanding, January 1, 2021 372,552 $ 16.63 Granted 258,154 16.22 Vested (129,224) 18.14 Forfeited (761) 16.03 Outstanding, March 31, 2021 500,721 $ 16.03 |
Option Activity under the Company's Stock Option Plans | A summary of the activity under the Company’s stock option plans as of March 31, 2021 is as follows: Number of Weighted Weighted Aggregate Outstanding, January 1, 2021 2,764 $ 6.94 1.07 $ 15,934 Exercised (1,757) 7.13 Outstanding, March 31, 2021 1,007 $ 6.61 1.19 $ 10,905 Options exercisable at March 31, 2021 1,007 $ 6.61 1.19 $ 10,905 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table sets forth the components of noninterest income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (in thousands) 2021 2020 Deposit Related Fees and Charges: Debit card interchange income $ 1,410 $ 1,223 Overdraft charges 587 953 ATM service charges 143 167 Demand deposit fees and charges 141 134 Savings service charges 15 23 Total 2,296 2,500 Commissions and Fees: Loan fees 507 340 Wire transfer charges 375 308 Investment services income 363 523 Merchant fees 201 248 Commissions from sales of checks 78 83 Safe deposit income 79 86 Other income 47 51 Total 1,650 1,639 Gains on sales of loans 708 415 Other Income: Gains on customer swap transactions 562 2,843 Title insurance income 13 (4) Other income 82 97 Total 657 2,936 Revenue not from contracts with customers 448 521 Total Noninterest Income $ 5,759 $ 8,011 Timing of Revenue Recognition: Products and services transferred at a point in time 5,292 7,471 Products and services transferred over time 19 19 Revenue not from contracts with customers 448 521 Total Noninterest Income $ 5,759 $ 8,011 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Changes in Components of Other Comprehensive Income, Net of Tax | The components of other comprehensive income are as follows: For the Three Months Ended March 31, 2021 March 31, 2020 (in thousands) Before Tax Benefit Net of Before Tax Benefit Net of Net unrealized gains (losses) on available for sale securities: Net unrealized holding gains arising during period $ (18,637) $ 5,502 $ (13,135) $ 9,796 $ (2,512) $ 7,284 Reclassification adjustment for net gains arising during the period — — — (342) 88 (254) Net unrealized (losses) gains (18,637) 5,502 (13,135) 9,454 (2,424) 7,030 Unrealized gains (losses) on derivatives 67 (20) 47 (478) 141 (337) Other comprehensive (losses) income, net $ (18,570) $ 5,482 $ (13,088) $ 8,976 $ (2,283) $ 6,693 The following tables show the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Unrealized Unrealized Pension Items Total Beginning balance $ 11,402 $ 25 $ (30) $ 11,397 $ 1,936 $ 317 $ (5) $ 2,248 Other comprehensive (loss) income before classifications (13,135) 47 — (13,088) 7,284 (337) — 6,947 Amounts reclassified from accumulated other comprehensive income — — — — (254) — — (254) Net current period other comprehensive (loss) income (13,135) 47 — (13,088) 7,030 (337) — 6,693 Ending balance $ (1,733) $ 72 $ (30) $ (1,691) $ 8,966 $ (20) $ (5) $ 8,941 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Information Regarding Derivatives | The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): March 31, 2021 Notional Amount Average Weighted Average Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 326,734 9.3 3.11 % 1 Mo. LIBOR + 2.20 $ 14,627 Customer interest rate swaps 699,190 8.4 4.02 % 1 Mo. LIBOR + 1.96 38,098 Classified in Other Liabilities: Customer interest rate swaps $ 326,734 9.3 3.11 % 1 Mo. LIBOR + 2.20 $ (14,627) 3rd Party interest rate swaps 699,190 8.4 4.02 % 1 Mo. LIBOR + 1.96 (38,098) Interest rate swap (cash flow hedge) 30,000 0.3 1.10 % 3 Mo. LIBOR (76) December 31, 2020 Notional Average Weighted Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 73,075 9.5 3.20 % 1 Mo. LIBOR + 2.55 $ 503 Customer interest rate swaps 907,069 8.7 3.79 % 1 Mo. LIBOR + 1.99 80,231 Classified in Other Liabilities: Customer interest rate swaps $ 73,075 9.5 3.20 % 1 Mo. LIBOR + 2.55 (503) 3rd party interest rate swaps 907,069 8.7 3.79 % 1 Mo. LIBOR + 1.99 (80,231) Interest rate swap (cash flow hedge) 30,000 0.5 1.10 % 3 Mo. LIBOR (143) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense for the remainder of 2021 and for each of the succeeding five years ended December 31 is as follows (in thousands): For the Year Ended 2021 $ 642 2022 711 2023 554 2024 425 2025 317 2026 210 |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2021 and 2020, the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) Quoted Prices in Significant Significant Total March 31, 2021 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 7,742 $ 85,291 $ — $ 93,033 Mortgage-backed securities — 325,831 — 325,831 Collateralized mortgage obligations — 218,669 — 218,669 Asset-backed securities — 40,187 — 40,187 Obligations of states and political subdivisions — 255,122 — 255,122 Debt securities — 35,552 — 35,552 Total securities available for sale 7,742 960,652 — 968,394 Equity securities, at fair value — 14,590 — 14,590 Derivative assets — 52,725 — 52,725 Total Assets $ 7,742 $ 1,027,967 $ — $ 1,035,709 Liabilities: Derivative liabilities $ — $ 52,801 $ — $ 52,801 Total Liabilities $ — $ 52,801 $ — $ 52,801 December 31, 2020 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities — 230,100 — 230,100 Collateralized mortgage obligations — 250,573 — 250,573 Asset-backed securities — 40,690 — 40,690 Obligations of states and political subdivisions — 233,710 — 233,710 Debt securities — 35,671 — 35,671 Total securities available for sale 9,392 846,354 — 855,746 Equity securities, at fair value — 14,694 — 14,694 Derivative assets — 80,734 — 80,734 Total Assets $ 9,392 $ 941,782 $ — $ 951,174 Liabilities: Derivative liabilities $ — $ 80,877 $ — $ 80,877 Total Liabilities $ — $ 80,877 $ — $ 80,877 |
Fair Value of Assets Measured on Non-recurring Basis | The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) (Level 1) (Level 2) (Level 3) Total March 31, 2021 Assets: Individually evaluated loans $ — $ — $ 2,297 $ 2,297 Loans held for sale — 1,230 — 1,230 December 31, 2020 Assets: Individually evaluated loans $ — $ — $ 2,417 $ 2,417 Loans held for sale — 1,335 — 1,335 |
Carrying Values and Fair Values of Company's Financial Instruments | The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of March 31, 2021 and December 31, 2020: (in thousands) Carrying Fair Quoted Prices in Significant Significant March 31, 2021 Financial Assets: Investment securities held to maturity $ 84,994 $ 87,215 $ — $ 86,796 $ 419 Federal Home Loan Bank and other membership bank stocks 10,772 10,772 — 10,772 — Loans, net 6,041,694 6,128,887 — — 6,128,887 Financial Liabilities: Certificates of deposit 953,370 950,053 — 950,053 — Other borrowings 25,000 24,906 — 24,906 — Subordinated debentures 118,267 117,842 — — 117,842 December 31, 2020 Financial Assets: Investment securities held to maturity $ 90,766 $ 93,868 $ — $ 93,868 $ — Federal Home Loan Bank and other membership bank stocks 11,979 11,979 — 11,979 — Loans, net 5,950,108 5,939,413 — — 5,939,413 Financial Liabilities: Certificates of deposit 1,078,256 1,077,620 — 1,077,620 — Other borrowings 25,000 25,206 — 25,206 — Subordinated debentures 118,257 118,208 — — 118,208 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 23,175 | $ 12,392 |
Less: earnings allocated to participating securities | 216 | 102 |
Net income allocated to common shareholders | $ 22,959 | $ 12,290 |
Weighted average number of common shares outstanding - basic (in shares) | 50,576 | 50,586 |
Share-based plans (in shares) | 204 | 142 |
Weighted average number of common shares outstanding - diluted (in shares) | 50,780 | 50,728 |
Basic earnings per share (in usd per share) | $ 0.45 | $ 0.24 |
Diluted earnings per share (in usd per share) | $ 0.45 | $ 0.24 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Options to purchase (in shares) | 0 | 0 |
Investment Securities - Reconci
Investment Securities - Reconciliation of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 970,699 | $ 839,272 | ||
Gross Unrealized Gains | 11,709 | 17,806 | ||
Gross Unrealized Losses | (13,870) | (1,330) | ||
Allowance for Credit Losses | (144) | (2) | $ 0 | $ 0 |
Total securities | 968,394 | 855,746 | ||
U.S. Treasury and U.S. government agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 92,940 | 63,868 | ||
Gross Unrealized Gains | 1,154 | 1,447 | ||
Gross Unrealized Losses | (1,061) | (313) | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 93,033 | 65,002 | ||
Mortgage-backed securities, residential | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 326,820 | 224,978 | ||
Gross Unrealized Gains | 2,589 | 3,718 | ||
Gross Unrealized Losses | (5,419) | (540) | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 323,990 | 228,156 | ||
Collateralized mortgage obligations, residential | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 179,400 | 204,093 | ||
Gross Unrealized Gains | 4,296 | 4,967 | ||
Gross Unrealized Losses | (188) | (22) | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 183,508 | 209,038 | ||
Mortgage-backed securities, multifamily | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,941 | 1,944 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (100) | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 1,841 | 1,944 | ||
Collateralized mortgage obligations, multifamily | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 34,108 | 39,628 | ||
Gross Unrealized Gains | 1,099 | 1,909 | ||
Gross Unrealized Losses | (46) | (2) | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 35,161 | 41,535 | ||
Asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 40,327 | 40,915 | ||
Gross Unrealized Gains | 8 | 0 | ||
Gross Unrealized Losses | (148) | (225) | ||
Allowance for Credit Losses | 0 | 0 | ||
Total securities | 40,187 | 40,690 | ||
Obligations of states and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 260,108 | 228,790 | ||
Gross Unrealized Gains | 1,872 | 5,149 | ||
Gross Unrealized Losses | (6,848) | (228) | ||
Allowance for Credit Losses | (10) | (1) | ||
Total securities | 255,122 | 233,710 | ||
Debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 35,055 | 35,056 | ||
Gross Unrealized Gains | 691 | 616 | ||
Gross Unrealized Losses | (60) | 0 | ||
Allowance for Credit Losses | (134) | (1) | ||
Total securities | $ 35,552 | $ 35,671 |
Investment Securities - Recon_2
Investment Securities - Reconciliation of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $ 84,994 | $ 90,766 | ||
Gross Unrealized Gains | 2,492 | 3,114 | ||
Gross Unrealized Losses | (271) | (12) | ||
Allowance for Credit Losses | 0 | 0 | $ 0 | $ 0 |
Fair Value | 87,215 | 93,868 | ||
U.S. government agencies | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 25,453 | 25,565 | ||
Gross Unrealized Gains | 604 | 779 | ||
Gross Unrealized Losses | 0 | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 26,057 | 26,344 | ||
Mortgage-backed securities, residential | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 36,965 | 39,276 | ||
Gross Unrealized Gains | 1,193 | 1,469 | ||
Gross Unrealized Losses | (271) | (12) | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 37,887 | 40,733 | ||
Collateralized mortgage obligations, residential | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 11,437 | 14,590 | ||
Gross Unrealized Gains | 417 | 532 | ||
Gross Unrealized Losses | 0 | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 11,854 | 15,122 | ||
Mortgage-backed securities, multifamily | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 693 | 705 | ||
Gross Unrealized Gains | 37 | 54 | ||
Gross Unrealized Losses | 0 | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 730 | 759 | ||
Obligations of states and political subdivisions | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 10,446 | 10,630 | ||
Gross Unrealized Gains | 241 | 280 | ||
Gross Unrealized Losses | 0 | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | $ 10,687 | $ 10,910 |
Investment Securities - Summary
Investment Securities - Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 20,779 | |
Due after one year through five years | 53,784 | |
Due after five years through ten years | 63,139 | |
Due after ten years | 250,401 | |
Total | 388,103 | |
Total securities | 970,699 | $ 839,272 |
Available for Sale, Fair Value | ||
Due in one year or less | 21,049 | |
Due after one year through five years | 55,207 | |
Due after five years through ten years | 64,336 | |
Due after ten years | 243,115 | |
Total | 383,707 | |
Total securities | 968,394 | 855,746 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 9,425 | |
Due after one year through five years | 20,950 | |
Due after five years through ten years | 3,017 | |
Due after ten years | 2,507 | |
Total | 35,899 | |
Amortized Cost | 84,994 | 90,766 |
Held to Maturity, Fair Value | ||
Due in one year or less | 9,450 | |
Due after one year through five years | 21,673 | |
Due after five years through ten years | 3,068 | |
Due after ten years | 2,553 | |
Total | 36,744 | |
Total securities | 87,215 | $ 93,868 |
Mortgage-backed and asset-backed securities | ||
Available for Sale, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 582,596 | |
Available for Sale, Fair Value | ||
Mortgage-backed and asset-backed securities | 584,687 | |
Held to Maturity, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 49,095 | |
Held to Maturity, Fair Value | ||
Mortgage-backed and asset-backed securities | $ 50,471 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | |||
Proceeds from sale of debt securities, available-for-sale | $ 0 | $ 94,696,000 | |
Debt securities, available-for-sale, realized gain | 569,000 | ||
Debt securities, available-for-sale, realized loss | (227,000) | ||
Securities, carrying value | 617,400,000 | $ 578,000,000 | |
Equity securities, at fair value | 14,590,000 | $ 14,694,000 | |
Proceeds from sales of equity securities | 0 | 0 | |
Loss on equity securities | $ 144,000 | $ 653,000 | |
Redemption of funds, notice period | 60 days | ||
Unfunded commitments | $ 0 | ||
Investment in government guaranteed loans, mortgage-backed securities, small business loans | 11,100,000 | ||
Community reinvestment funds | |||
Investment Holdings [Line Items] | |||
Equity securities, at fair value | 3,500,000 | ||
Other financial institutions | |||
Investment Holdings [Line Items] | |||
Unfunded commitments | $ 0 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 84,994 | $ 90,766 |
AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 76,915 | |
AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 7,660 | |
Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 419 | |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 25,453 | |
U.S. Treasury and U.S. government agencies | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 25,453 | |
U.S. Treasury and U.S. government agencies | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
U.S. Treasury and U.S. government agencies | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 36,965 | 39,276 |
Mortgage-backed securities, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 36,965 | |
Mortgage-backed securities, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Collateralized mortgage obligations, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 11,437 | 14,590 |
Collateralized mortgage obligations, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 11,437 | |
Collateralized mortgage obligations, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Collateralized mortgage obligations, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, multifamily | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 693 | 705 |
Mortgage-backed securities, multifamily | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 693 | |
Mortgage-backed securities, multifamily | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, multifamily | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 10,446 | $ 10,630 |
Obligations of states and political subdivisions | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 2,367 | |
Obligations of states and political subdivisions | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 7,660 | |
Obligations of states and political subdivisions | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 419 |
Investment Securities - Recon_3
Investment Securities - Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position (Detail) $ in Thousands | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Fair Value | ||
Less Than 12 Months | $ 448,486 | $ 174,022 |
12 Months or Longer | 54,505 | 23,308 |
Total | $ 502,991 | $ 197,330 |
Number of Securities | security | 192 | 61 |
Unrealized Losses | ||
Less Than 12 Months | $ 13,451 | $ 977 |
12 Months or Longer | 419 | 353 |
Total | 13,870 | 1,330 |
Fair Value | ||
Less Than 12 Months | 5,894 | 2,561 |
12 Months or Longer | 44 | 0 |
Total | 5,938 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 271 | 12 |
12 Months or Longer | 0 | 0 |
Total | $ 271 | $ 12 |
Number of Securities | security | 8 | 4 |
U.S. Treasury and U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | $ 26,117 | $ 4,966 |
12 Months or Longer | 16,532 | 17,652 |
Total | $ 42,649 | $ 22,618 |
Number of Securities | security | 9 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 805 | $ 29 |
12 Months or Longer | 256 | 284 |
Total | 1,061 | 313 |
Mortgage-backed securities, residential | ||
Fair Value | ||
Less Than 12 Months | 215,618 | 84,137 |
12 Months or Longer | 4,502 | 5,656 |
Total | $ 220,120 | $ 89,793 |
Number of Securities | security | 59 | 30 |
Unrealized Losses | ||
Less Than 12 Months | $ 5,404 | $ 471 |
12 Months or Longer | 15 | 69 |
Total | 5,419 | 540 |
Fair Value | ||
Less Than 12 Months | 5,784 | 2,561 |
12 Months or Longer | 43 | 0 |
Total | 5,827 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 271 | 12 |
12 Months or Longer | 0 | 0 |
Total | $ 271 | $ 12 |
Number of Securities | security | 5 | 4 |
Collateralized mortgage obligations, residential | ||
Fair Value | ||
Less Than 12 Months | $ 19,099 | $ 23,858 |
12 Months or Longer | 0 | 0 |
Total | $ 19,099 | $ 23,858 |
Number of Securities | security | 6 | 7 |
Unrealized Losses | ||
Less Than 12 Months | $ 188 | $ 22 |
12 Months or Longer | 0 | 0 |
Total | 188 | 22 |
Fair Value | ||
Less Than 12 Months | 110 | |
12 Months or Longer | 1 | |
Total | 111 | |
Unrealized Losses | ||
Less Than 12 Months | 0 | |
12 Months or Longer | 0 | |
Total | $ 0 | |
Number of Securities | security | 3 | |
Mortgage-backed securities, multifamily | ||
Fair Value | ||
Less Than 12 Months | $ 1,841 | 1,943 |
12 Months or Longer | 0 | 0 |
Total | $ 1,841 | $ 1,943 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 100 | $ 0 |
12 Months or Longer | 0 | 0 |
Total | 100 | 0 |
Collateralized mortgage obligations, multifamily | ||
Fair Value | ||
Less Than 12 Months | 2,131 | 2,527 |
12 Months or Longer | 0 | 0 |
Total | $ 2,131 | $ 2,527 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 46 | $ 2 |
12 Months or Longer | 0 | 0 |
Total | 46 | 2 |
Asset-backed securities | ||
Fair Value | ||
Less Than 12 Months | 0 | 40,690 |
12 Months or Longer | 33,471 | 0 |
Total | $ 33,471 | $ 40,690 |
Number of Securities | security | 4 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 0 | $ 225 |
12 Months or Longer | 148 | 0 |
Total | 148 | 225 |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 173,875 | 15,901 |
12 Months or Longer | 0 | 0 |
Total | $ 173,875 | $ 15,901 |
Number of Securities | security | 106 | 10 |
Unrealized Losses | ||
Less Than 12 Months | $ 6,848 | $ 228 |
12 Months or Longer | 0 | 0 |
Total | 6,848 | $ 228 |
Debt securities | ||
Fair Value | ||
Less Than 12 Months | 9,805 | |
12 Months or Longer | 0 | |
Total | $ 9,805 | |
Number of Securities | security | 6 | |
Unrealized Losses | ||
Less Than 12 Months | $ 60 | |
12 Months or Longer | 0 | |
Total | $ 60 |
Loans - Composition of Loan Por
Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,108,946 | $ 6,021,232 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,375,024 | 2,398,946 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 857,506 | 827,092 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 858,168 | 813,225 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 195,534 | 200,229 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 740,566 | 718,189 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 291,252 | 266,883 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 119,428 | 116,690 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 385,778 | 377,380 |
Home equity and consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 285,690 | $ 302,598 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)contractloan | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable on loans | $ 15,500,000 | $ 16,100,000 | |
Net deferred loan fees | (12,900,000) | (10,000,000) | |
Overdraft balances included in home equity and consumer loans | 220,000 | 650,000 | |
Loans pledged for actual and potential borrowings at the Federal Home Loan Bank | $ 2,220,000,000 | $ 2,280,000,000 | |
Number of loans still accruing | loan | 0 | 1 | |
Financing receivable, 90 days or more past due, still accruing | $ 0 | $ 1,000 | |
Financing receivable, nonaccrual, in the process of foreclosure | 1,600,000 | 1,700,000 | |
Financing receivable, troubled debt restructuring | 4,900,000 | 5,000,000 | |
Financing receivable, accrual, troubled debt restructuring | 3,800,000 | 3,900,000 | |
Financing receivable nonaccrual troubled debt restructuring | $ 1,100,000 | 1,100,000 | |
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 0 | ||
COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, deferred | $ 0 | ||
Paycheck Protection Program ("PPP") | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, before allowance for credit loss and fee | 346,200,000 | 284,600,000 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, 90 days or more past due, still accruing | $ 0 | $ 1,000 | |
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 2 | ||
Recorded investment | $ 83,000 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans After Adoption of CECL (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | $ 362,586 | $ 1,537,184 |
2020/2019 | 1,475,286 | 834,164 |
2019/2018 | 809,398 | 594,181 |
2018/2017 | 565,318 | 585,062 |
2017/2016 | 563,216 | 522,144 |
Pre-2017/2016 | 1,818,490 | 1,397,462 |
Revolving Loans | 509,106 | 547,612 |
Revolving to Term | 5,546 | 3,423 |
Loans, net of deferred fees | 6,108,946 | 6,021,232 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 49,980 | 574,835 |
2020/2019 | 559,857 | 380,450 |
2019/2018 | 373,528 | 237,615 |
2018/2017 | 225,080 | 282,705 |
2017/2016 | 279,532 | 241,964 |
Pre-2017/2016 | 840,025 | 625,850 |
Revolving Loans | 44,877 | 53,281 |
Revolving to Term | 2,145 | 2,246 |
Loans, net of deferred fees | 2,375,024 | 2,398,946 |
Non owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 49,980 | 570,665 |
2020/2019 | 555,372 | 376,681 |
2019/2018 | 363,885 | 217,931 |
2018/2017 | 202,094 | 251,751 |
2017/2016 | 248,758 | 187,605 |
Pre-2017/2016 | 681,691 | 509,573 |
Revolving Loans | 44,550 | 50,071 |
Revolving to Term | 2,115 | 2,246 |
Loans, net of deferred fees | 2,148,445 | 2,166,523 |
Non owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 770 |
2020/2019 | 200 | 638 |
2019/2018 | 6,531 | 8,498 |
2018/2017 | 11,985 | 5,936 |
2017/2016 | 5,880 | 19,579 |
Pre-2017/2016 | 63,270 | 47,680 |
Revolving Loans | 247 | 315 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 88,113 | 83,416 |
Non owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 3,400 |
2020/2019 | 3,384 | 3,131 |
2019/2018 | 3,112 | 8,377 |
2018/2017 | 8,343 | 9,115 |
2017/2016 | 9,047 | 19,936 |
Pre-2017/2016 | 22,541 | 7,894 |
Revolving Loans | 80 | 2,895 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 46,507 | 54,748 |
Non owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 901 | 0 |
2019/2018 | 0 | 2,809 |
2018/2017 | 2,658 | 15,903 |
2017/2016 | 15,847 | 14,844 |
Pre-2017/2016 | 72,523 | 60,703 |
Revolving Loans | 0 | 0 |
Revolving to Term | 30 | 0 |
Loans, net of deferred fees | 91,959 | 94,259 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 61,379 | 128,293 |
2020/2019 | 119,712 | 101,390 |
2019/2018 | 105,426 | 84,622 |
2018/2017 | 83,592 | 85,620 |
2017/2016 | 83,480 | 80,243 |
Pre-2017/2016 | 394,670 | 334,956 |
Revolving Loans | 9,061 | 11,789 |
Revolving to Term | 186 | 179 |
Loans, net of deferred fees | 857,506 | 827,092 |
Owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 61,379 | 116,512 |
2020/2019 | 118,138 | 76,224 |
2019/2018 | 80,308 | 80,244 |
2018/2017 | 78,770 | 81,215 |
2017/2016 | 81,400 | 62,118 |
Pre-2017/2016 | 299,935 | 245,330 |
Revolving Loans | 8,217 | 11,072 |
Revolving to Term | 175 | 179 |
Loans, net of deferred fees | 728,322 | 672,894 |
Owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 11,347 |
2020/2019 | 1,574 | 22,932 |
2019/2018 | 22,907 | 411 |
2018/2017 | 904 | 3,651 |
2017/2016 | 0 | 8,038 |
Pre-2017/2016 | 22,279 | 23,612 |
Revolving Loans | 800 | 673 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 48,464 | 70,664 |
Owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 2,218 |
2019/2018 | 2,211 | 929 |
2018/2017 | 923 | 113 |
2017/2016 | 109 | 4,317 |
Pre-2017/2016 | 41,790 | 38,638 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 45,033 | 46,215 |
Owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 434 |
2020/2019 | 0 | 16 |
2019/2018 | 0 | 3,038 |
2018/2017 | 2,995 | 641 |
2017/2016 | 1,971 | 5,770 |
Pre-2017/2016 | 30,666 | 27,376 |
Revolving Loans | 44 | 44 |
Revolving to Term | 11 | 0 |
Loans, net of deferred fees | 35,687 | 37,319 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 34,418 | 261,489 |
2020/2019 | 262,907 | 65,175 |
2019/2018 | 65,125 | 86,348 |
2018/2017 | 104,177 | 95,767 |
2017/2016 | 90,821 | 126,667 |
Pre-2017/2016 | 279,789 | 156,066 |
Revolving Loans | 20,931 | 21,713 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 858,168 | 813,225 |
Multifamily | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 34,418 | 251,708 |
2020/2019 | 253,176 | 59,694 |
2019/2018 | 59,642 | 85,748 |
2018/2017 | 103,577 | 93,368 |
2017/2016 | 85,258 | 117,155 |
Pre-2017/2016 | 260,562 | 145,786 |
Revolving Loans | 20,931 | 21,713 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 817,564 | 775,172 |
Multifamily | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 600 |
2018/2017 | 600 | 0 |
2017/2016 | 3,164 | 0 |
Pre-2017/2016 | 8,413 | 8,472 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 12,177 | 9,072 |
Multifamily | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 9,781 |
2020/2019 | 9,731 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 2,399 |
2017/2016 | 2,399 | 0 |
Pre-2017/2016 | 1,113 | 1,124 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 13,243 | 13,304 |
Multifamily | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 5,481 |
2019/2018 | 5,483 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 9,512 |
Pre-2017/2016 | 9,701 | 684 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 15,184 | 15,677 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 7,245 | 24,382 |
2020/2019 | 24,704 | 25,686 |
2019/2018 | 25,272 | 30,151 |
2018/2017 | 26,362 | 27,205 |
2017/2016 | 26,020 | 22,473 |
Pre-2017/2016 | 76,517 | 61,326 |
Revolving Loans | 8,591 | 8,835 |
Revolving to Term | 823 | 171 |
Loans, net of deferred fees | 195,534 | 200,229 |
Non owner occupied residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 7,245 | 23,506 |
2020/2019 | 23,958 | 24,378 |
2019/2018 | 23,965 | 27,752 |
2018/2017 | 24,219 | 24,344 |
2017/2016 | 23,282 | 21,488 |
Pre-2017/2016 | 68,676 | 53,200 |
Revolving Loans | 8,076 | 8,180 |
Revolving to Term | 823 | 171 |
Loans, net of deferred fees | 180,244 | 183,019 |
Non owner occupied residential | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 300 |
2019/2018 | 299 | 0 |
2018/2017 | 0 | 1,174 |
2017/2016 | 1,074 | 0 |
Pre-2017/2016 | 5,361 | 5,757 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 6,734 | 7,231 |
Non owner occupied residential | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 496 |
2019/2018 | 496 | 1,199 |
2018/2017 | 916 | 392 |
2017/2016 | 498 | 293 |
Pre-2017/2016 | 941 | 656 |
Revolving Loans | 515 | 655 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 3,366 | 3,691 |
Non owner occupied residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 876 |
2020/2019 | 746 | 512 |
2019/2018 | 512 | 1,200 |
2018/2017 | 1,227 | 1,295 |
2017/2016 | 1,166 | 692 |
Pre-2017/2016 | 1,539 | 1,713 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 5,190 | 6,288 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 130,518 | 306,555 |
2020/2019 | 243,932 | 88,668 |
2019/2018 | 75,366 | 20,844 |
2018/2017 | 18,184 | 11,170 |
2017/2016 | 9,741 | 22,431 |
Pre-2017/2016 | 46,124 | 42,998 |
Revolving Loans | 214,530 | 224,992 |
Revolving to Term | 2,171 | 531 |
Loans, net of deferred fees | 740,566 | 718,189 |
Commercial, industrial and other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 130,518 | 299,091 |
2020/2019 | 236,340 | 84,917 |
2019/2018 | 74,724 | 16,245 |
2018/2017 | 14,621 | 7,216 |
2017/2016 | 5,978 | 18,358 |
Pre-2017/2016 | 40,974 | 41,900 |
Revolving Loans | 193,086 | 208,519 |
Revolving to Term | 408 | 531 |
Loans, net of deferred fees | 696,649 | 676,777 |
Commercial, industrial and other | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 287 |
2020/2019 | 285 | 3,701 |
2019/2018 | 592 | 156 |
2018/2017 | 132 | 1,643 |
2017/2016 | 1,579 | 301 |
Pre-2017/2016 | 603 | 369 |
Revolving Loans | 11,776 | 2,324 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 14,967 | 8,781 |
Commercial, industrial and other | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 884 |
2018/2017 | 788 | 764 |
2017/2016 | 651 | 2,275 |
Pre-2017/2016 | 2,534 | 0 |
Revolving Loans | 4,684 | 4,727 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 8,657 | 8,650 |
Commercial, industrial and other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 7,177 |
2020/2019 | 7,307 | 50 |
2019/2018 | 50 | 3,559 |
2018/2017 | 2,643 | 1,547 |
2017/2016 | 1,533 | 1,497 |
Pre-2017/2016 | 2,013 | 729 |
Revolving Loans | 4,984 | 9,422 |
Revolving to Term | 1,763 | 0 |
Loans, net of deferred fees | 20,293 | 23,981 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 17,527 | 56,734 |
2020/2019 | 88,821 | 77,117 |
2019/2018 | 82,098 | 71,810 |
2018/2017 | 50,517 | 49,789 |
2017/2016 | 46,112 | 8,400 |
Pre-2017/2016 | 5,847 | 843 |
Revolving Loans | 330 | 2,190 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 291,252 | 266,883 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 17,527 | 56,734 |
2020/2019 | 88,821 | 77,117 |
2019/2018 | 82,098 | 69,627 |
2018/2017 | 48,338 | 29,303 |
2017/2016 | 24,190 | 7,681 |
Pre-2017/2016 | 5,332 | 328 |
Revolving Loans | 330 | 2,190 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 266,636 | 242,980 |
Construction | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 2,183 |
2018/2017 | 2,179 | 11,959 |
2017/2016 | 12,866 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 15,045 | 14,142 |
Construction | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 8,321 |
2017/2016 | 8,853 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 8,853 | 8,321 |
Construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 206 |
2017/2016 | 203 | 719 |
Pre-2017/2016 | 515 | 515 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 718 | 1,440 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 14,135 | 41,528 |
2020/2019 | 38,700 | 41,815 |
2019/2018 | 38,653 | 20,785 |
2018/2017 | 18,041 | 8,908 |
2017/2016 | 7,408 | 3,226 |
Pre-2017/2016 | 2,491 | 428 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 119,428 | 116,690 |
Equipment finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 14,135 | 41,528 |
2020/2019 | 38,700 | 41,717 |
2019/2018 | 38,555 | 20,697 |
2018/2017 | 17,934 | 8,834 |
2017/2016 | 7,314 | 3,162 |
Pre-2017/2016 | 2,491 | 426 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 119,129 | 116,364 |
Equipment finance | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Equipment finance | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Equipment finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 98 |
2019/2018 | 98 | 88 |
2018/2017 | 107 | 74 |
2017/2016 | 94 | 64 |
Pre-2017/2016 | 0 | 2 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 299 | 326 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 43,620 | 127,336 |
2020/2019 | 121,557 | 43,962 |
2019/2018 | 35,210 | 34,485 |
2018/2017 | 32,389 | 18,563 |
2017/2016 | 15,298 | 12,108 |
Pre-2017/2016 | 137,704 | 140,926 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 385,778 | 377,380 |
Residential mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 43,620 | 127,336 |
2020/2019 | 121,557 | 43,910 |
2019/2018 | 35,159 | 34,252 |
2018/2017 | 32,159 | 17,548 |
2017/2016 | 14,558 | 12,108 |
Pre-2017/2016 | 136,258 | 139,616 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 383,311 | 374,770 |
Residential mortgage | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Residential mortgage | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Residential mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 52 |
2019/2018 | 51 | 233 |
2018/2017 | 230 | 1,015 |
2017/2016 | 740 | 0 |
Pre-2017/2016 | 1,446 | 1,310 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 2,467 | 2,610 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 3,764 | 16,032 |
2020/2019 | 15,096 | 9,901 |
2019/2018 | 8,720 | 7,521 |
2018/2017 | 6,976 | 5,335 |
2017/2016 | 4,804 | 4,632 |
Pre-2017/2016 | 35,323 | 34,069 |
Revolving Loans | 210,786 | 224,812 |
Revolving to Term | 221 | 296 |
Loans, net of deferred fees | 285,690 | 302,598 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 3,764 | 15,999 |
2020/2019 | 15,063 | 9,844 |
2019/2018 | 8,664 | 7,490 |
2018/2017 | 6,846 | 5,333 |
2017/2016 | 4,803 | 4,632 |
Pre-2017/2016 | 33,285 | 31,861 |
Revolving Loans | 210,525 | 224,549 |
Revolving to Term | 0 | 166 |
Loans, net of deferred fees | 282,950 | 299,874 |
Consumer | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Consumer | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans, net of deferred fees | 0 | 0 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 33 |
2020/2019 | 33 | 57 |
2019/2018 | 56 | 31 |
2018/2017 | 130 | 2 |
2017/2016 | 1 | 0 |
Pre-2017/2016 | 2,038 | 2,208 |
Revolving Loans | 261 | 263 |
Revolving to Term | 221 | 130 |
Loans, net of deferred fees | $ 2,740 | $ 2,724 |
Loans - Age Analysis (Details)
Loans - Age Analysis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 6,070,370 | $ 5,977,647 |
Total Past Due | 38,576 | 43,585 |
Loans, net of deferred fees | 6,108,946 | 6,021,232 |
Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,362,259 | 2,384,233 |
Total Past Due | 12,765 | 14,713 |
Loans, net of deferred fees | 2,375,024 | 2,398,946 |
Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 845,931 | 811,408 |
Total Past Due | 11,575 | 15,684 |
Loans, net of deferred fees | 857,506 | 827,092 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 857,961 | 812,597 |
Total Past Due | 207 | 628 |
Loans, net of deferred fees | 858,168 | 813,225 |
Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 192,199 | 197,802 |
Total Past Due | 3,335 | 2,427 |
Loans, net of deferred fees | 195,534 | 200,229 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 737,642 | 716,337 |
Total Past Due | 2,924 | 1,852 |
Loans, net of deferred fees | 740,566 | 718,189 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 290,737 | 265,649 |
Total Past Due | 515 | 1,234 |
Loans, net of deferred fees | 291,252 | 266,883 |
Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 118,113 | 115,124 |
Total Past Due | 1,315 | 1,566 |
Loans, net of deferred fees | 119,428 | 116,690 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 382,994 | 374,370 |
Total Past Due | 2,784 | 3,010 |
Loans, net of deferred fees | 385,778 | 377,380 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 282,534 | 300,127 |
Total Past Due | 3,156 | 2,471 |
Loans, net of deferred fees | 285,690 | 302,598 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,850 | 8,255 |
30 - 59 Days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,640 | 1,256 |
30 - 59 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,479 | 2,759 |
30 - 59 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 207 | 208 |
30 - 59 Days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,236 | 482 |
30 - 59 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | 125 |
30 - 59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
30 - 59 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,114 | 1,338 |
30 - 59 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,357 | 1,046 |
30 - 59 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,640 | 1,041 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,869 | 1,277 |
60 - 89 Days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 396 | 306 |
60 - 89 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,454 | 350 |
60 - 89 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
60 - 89 Days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,122 | 294 |
60 - 89 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 875 | 0 |
60 - 89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
60 - 89 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22 | 98 |
60 - 89 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 156 |
60 - 89 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 73 |
Greater than 89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23,857 | 34,053 |
Greater than 89 days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,729 | 13,151 |
Greater than 89 days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,642 | 12,575 |
Greater than 89 days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 420 |
Greater than 89 days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 977 | 1,651 |
Greater than 89 days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,872 | 1,727 |
Greater than 89 days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 515 | 1,234 |
Greater than 89 days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 179 | 130 |
Greater than 89 days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,427 | 1,808 |
Greater than 89 days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,516 | $ 1,357 |
Loans - Non-accrual (Details)
Loans - Non-accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 31,125 | $ 42,763 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 21,633 | 32,337 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 12,835 | 16,537 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 11,193 | 14,719 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 8,797 | 14,271 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 6,972 | 12,371 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 201 | 626 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 0 | 0 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,417 | 2,217 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 852 | 1,580 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,252 | 2,633 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 1,361 | 1,418 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 718 | 1,440 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 515 | 1,234 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 300 | 327 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 0 | 0 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,328 | 2,469 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 740 | 1,015 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,277 | 2,243 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | $ 0 | $ 0 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, collectively evaluated for impairment | $ 6,078,069 | $ 5,979,260 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 66,013 | 69,769 | ||
Financing receivable, individually evaluated for impairment and acquired with deteriorated credit quality | 30,900 | |||
Financing receivable, allowance for credit losses, individually evaluated for impairment and acquired with deteriorated credit quality | 1,200 | |||
Accrued interest receivable on loans | 15,500 | 16,100 | ||
Financing receivable, allowance for credit loss | 67,252 | $ 48,884 | 71,124 | $ 40,003 |
Provision for credit loss - securities | 0 | 0 | ||
Debt securities, accrued interest after allowance for credit loss | 4,400 | 3,300 | ||
Off-balance sheet, credit loss, liability | 2,600 | 2,600 | ||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | 24 | 210 | ||
Debt Securities, Allowance For Credit Loss | $ 144 | $ 0 | $ 2 | 0 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit loss | 6,700 | |||
Off-balance sheet, credit loss, liability | (498) | |||
Debt Securities, Allowance For Credit Loss | $ 30 |
Allowance For Credit Losses - L
Allowance For Credit Losses - Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | $ 71,124 | $ 40,003 |
Charge-offs | (1,270) | (483) |
Recoveries | 206 | 141 |
Net (charge-offs) recoveries | (1,064) | (342) |
Provision for credit loss - loans | (2,808) | 9,223 |
Balance at end of the period | $ 67,252 | $ 48,884 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | $ 71,124 | $ 40,003 |
Charge-offs | (1,270) | (483) |
Recoveries | 206 | 141 |
Provision for credit loss - loans | (2,808) | 9,223 |
Balance at end of the period | 67,252 | 48,884 |
Commercial, secured by real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 28,950 | |
Charge-offs | (169) | |
Recoveries | 26 | |
Provision for credit loss - loans | 5,986 | |
Balance at end of the period | 34,793 | |
Non owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 25,910 | |
Charge-offs | (593) | |
Recoveries | 1 | |
Provision for credit loss - loans | (1,438) | |
Balance at end of the period | 23,880 | |
Owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 3,955 | |
Charge-offs | (78) | |
Recoveries | 8 | |
Provision for credit loss - loans | 118 | |
Balance at end of the period | 4,003 | |
Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 7,253 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision for credit loss - loans | 255 | |
Balance at end of the period | 7,508 | |
Non owner occupied residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 3,321 | |
Charge-offs | (208) | |
Recoveries | 2 | |
Provision for credit loss - loans | (232) | |
Balance at end of the period | 2,883 | |
Commercial, industrial and other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 13,665 | 3,289 |
Charge-offs | (265) | 0 |
Recoveries | 44 | 30 |
Provision for credit loss - loans | (1,305) | 2,170 |
Balance at end of the period | 12,139 | 5,489 |
Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 786 | 2,672 |
Charge-offs | 0 | 0 |
Recoveries | 25 | 32 |
Provision for credit loss - loans | 318 | 640 |
Balance at end of the period | 1,129 | 3,344 |
Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 6,552 | 957 |
Charge-offs | (94) | (84) |
Recoveries | 11 | 14 |
Provision for credit loss - loans | (205) | 370 |
Balance at end of the period | 6,264 | 1,257 |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 3,623 | 1,725 |
Charge-offs | 0 | (116) |
Recoveries | 58 | 20 |
Provision for credit loss - loans | 100 | (29) |
Balance at end of the period | 3,781 | 1,600 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of the period | 6,059 | 2,410 |
Charge-offs | (32) | (114) |
Recoveries | 57 | 19 |
Provision for credit loss - loans | (419) | 86 |
Balance at end of the period | $ 5,665 | $ 2,401 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | $ 24,878 | $ 33,719 | ||
Loans, Collectively evaluated | 6,078,069 | 5,979,260 | ||
Loans, Acquired with deteriorated credit quality | 5,999 | 8,253 | ||
Loans, net of deferred fees | 6,108,946 | 6,021,232 | ||
Allowance for Credit Losses, Individually evaluated | 1,239 | 1,355 | ||
Allowance for Credit Losses, Collectively evaluated | 66,013 | 69,769 | ||
Allowance for Credit Losses | 67,252 | 71,124 | $ 48,884 | $ 40,003 |
Non owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 9,605 | 12,112 | ||
Loans, Collectively evaluated | 2,362,334 | 2,382,717 | ||
Loans, Acquired with deteriorated credit quality | 3,085 | 4,117 | ||
Loans, net of deferred fees | 2,375,024 | 2,398,946 | ||
Allowance for Credit Losses, Individually evaluated | 351 | 355 | ||
Allowance for Credit Losses, Collectively evaluated | 23,529 | 25,555 | ||
Allowance for Credit Losses | 23,880 | 25,910 | ||
Owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 11,131 | 16,547 | ||
Loans, Collectively evaluated | 845,786 | 809,935 | ||
Loans, Acquired with deteriorated credit quality | 589 | 610 | ||
Loans, net of deferred fees | 857,506 | 827,092 | ||
Allowance for Credit Losses, Individually evaluated | 0 | 96 | ||
Allowance for Credit Losses, Collectively evaluated | 4,003 | 3,859 | ||
Allowance for Credit Losses | 4,003 | 3,955 | ||
Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 0 | 0 | ||
Loans, Collectively evaluated | 858,168 | 813,225 | ||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||
Loans, net of deferred fees | 858,168 | 813,225 | ||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated | 7,508 | 7,253 | ||
Allowance for Credit Losses | 7,508 | 7,253 | ||
Non owner occupied residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 774 | 1,459 | ||
Loans, Collectively evaluated | 194,421 | 198,334 | ||
Loans, Acquired with deteriorated credit quality | 339 | 436 | ||
Loans, net of deferred fees | 195,534 | 200,229 | ||
Allowance for Credit Losses, Individually evaluated | 48 | 43 | ||
Allowance for Credit Losses, Collectively evaluated | 2,835 | 3,278 | ||
Allowance for Credit Losses | 2,883 | 3,321 | ||
Commercial, industrial and other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 1,370 | 1,596 | ||
Loans, Collectively evaluated | 737,833 | 715,129 | ||
Loans, Acquired with deteriorated credit quality | 1,363 | 1,464 | ||
Loans, net of deferred fees | 740,566 | 718,189 | ||
Allowance for Credit Losses, Individually evaluated | 810 | 830 | ||
Allowance for Credit Losses, Collectively evaluated | 11,329 | 12,835 | ||
Allowance for Credit Losses | 12,139 | 13,665 | 5,489 | 3,289 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 515 | 515 | ||
Loans, Collectively evaluated | 290,737 | 265,649 | ||
Loans, Acquired with deteriorated credit quality | 0 | 719 | ||
Loans, net of deferred fees | 291,252 | 266,883 | ||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated | 1,129 | 786 | ||
Allowance for Credit Losses | 1,129 | 786 | 3,344 | 2,672 |
Equipment finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 0 | 0 | ||
Loans, Collectively evaluated | 119,428 | 116,690 | ||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||
Loans, net of deferred fees | 119,428 | 116,690 | ||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated | 6,264 | 6,552 | ||
Allowance for Credit Losses | 6,264 | 6,552 | 1,257 | 957 |
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 1,483 | 1,490 | ||
Loans, Collectively evaluated | 384,161 | 375,482 | ||
Loans, Acquired with deteriorated credit quality | 134 | 408 | ||
Loans, net of deferred fees | 385,778 | 377,380 | ||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated | 3,781 | 3,623 | ||
Allowance for Credit Losses | 3,781 | 3,623 | 1,600 | 1,725 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans, Individually evaluated | 0 | 0 | ||
Loans, Collectively evaluated | 285,201 | 302,099 | ||
Loans, Acquired with deteriorated credit quality | 489 | 499 | ||
Loans, net of deferred fees | 285,690 | 302,598 | ||
Allowance for Credit Losses, Individually evaluated | 30 | 31 | ||
Allowance for Credit Losses, Collectively evaluated | 5,635 | 6,028 | ||
Allowance for Credit Losses | $ 5,665 | $ 6,059 | $ 2,401 | $ 2,410 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Available for Sale | ||
Beginning balance | $ 2 | $ 0 |
Provision for credit loss - securities | 142 | 0 |
Balance at end of the period | 144 | 0 |
Held to Maturity | ||
Beginning balance | 0 | 0 |
Provision for credit loss - securities | 0 | 0 |
Balance at end of the period | 0 | 0 |
Total | ||
Beginning balance | 2 | 0 |
Provision for credit loss - securities | 142 | 0 |
Balance at end of the period | $ 144 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease liabilities | $ 17,574,000 | $ 18,183,000 |
Operating lease right-of-use assets | $ 16,199,000 | $ 16,772,000 |
Operating lease, weighted average remaining lease term | 9 years 7 months 6 days | |
Lessee, operating lease, discount rate | 3.42% | |
Operating lease, lease not yet commenced | $ 0 |
Leases - Schedule of Lease, Cos
Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 829 | $ 828 |
Short-term lease cost | 0 | 0 |
Variable lease cost | 22 | 32 |
Sublease income | (31) | (31) |
Net lease cost | $ 820 | $ 829 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 719 | $ 689 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 109 | $ 0 |
Leases - Maturity analysis of o
Leases - Maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Within one year | $ 3,277 | |
After one year but within three years | 5,266 | |
After three years but within five years | 4,205 | |
After five years | 8,255 | |
Total undiscounted cash flows | 21,003 | |
Discount on cash flows | (3,429) | |
Operating lease liabilities | $ 17,574 | $ 18,183 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | $ 1,631,942 | $ 1,510,224 |
Interest-bearing checking | 2,092,022 | 2,057,052 |
Money market | 1,327,612 | 1,225,890 |
Savings | 630,280 | 584,361 |
Certificates of deposit $250 thousand and under | 794,283 | 895,056 |
Certificates of deposit over $250 thousand | 159,087 | 183,200 |
Deposits | $ 6,635,226 | $ 6,455,783 |
Percentage Of Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | 24.60% | 23.40% |
Interest-bearing checking | 31.50% | 31.90% |
Money market | 20.00% | 19.00% |
Savings | 9.50% | 9.10% |
Certificates of deposit $250 thousand and under | 12.00% | 13.80% |
Certificates of deposit over $250 thousand | 2.40% | 2.80% |
Total deposits | 100.00% | 100.00% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Deposit Liabilities [Abstract] | ||
Deposits obtained through brokers | $ 195.2 | $ 236.7 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Securities sold under agreements to repurchase | $ 62,000,000 | $ 69,600,000 | |
Advances from the FHLB | 25,000,000 | 25,000,000 | |
Repayments of debt | $ 10,000,000 | ||
Securities Sold under Agreements to Repurchase | |||
Debt Instrument [Line Items] | |||
Pledged securities | 72,700,000 | ||
Line of Credit | |||
Debt Instrument [Line Items] | |||
Overnight federal funds borrowed | 0 | 0 | |
Federal funds available for borrowing | 215,000,000 | ||
Line of Credit | Federal Reserve Bank of New York | |||
Debt Instrument [Line Items] | |||
Federal reserve bank, advances, amount of advances by branch | 0 | 0 | |
Federal Home Loan Bank of New York | Line of Credit | |||
Debt Instrument [Line Items] | |||
Overnight borrowings | $ 50,000,000 | $ 100,000,000 | |
Collateralized FHLB Advances | |||
Debt Instrument [Line Items] | |||
Long term debt prepayment fee | $ 356,000 | ||
Collateralized FHLB Advances | Weighted Average | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, advances, branch of FHLB Bank, interest rate | 0.77% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Company's Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted Stock | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 23,910 |
Granted (in shares) | shares | 16,028 |
Vested (in shares) | shares | (13,092) |
Balance at end of period (in shares) | shares | 26,846 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 14.77 |
Granted (in usd per share) | $ / shares | 13.72 |
Vested (in usd per share) | $ / shares | 16.87 |
Balance of end of period (in usd per share) | $ / shares | $ 13.13 |
RSUs | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 372,552 |
Granted (in shares) | shares | 258,154 |
Vested (in shares) | shares | (129,224) |
Forfeited (in shares) | shares | (761) |
Balance at end of period (in shares) | shares | 500,721 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 16.63 |
Granted (in usd per share) | $ / shares | 16.22 |
Vested (in usd per share) | $ / shares | 18.14 |
Forfeited (in usd per share) | $ / shares | 16.03 |
Balance of end of period (in usd per share) | $ / shares | $ 16.03 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 1,206,000 | $ 847,000 |
Options granted (in shares) | 0 | 0 |
Options exercised (in shares) | 1,757 | 0 |
Exercise of stock options | $ 13,000 | $ 0 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 16,028 | |
Granted (in usd per share) | $ 13.72 | |
Share-based compensation expense | $ 88,000 | $ 54,000 |
Restricted Stock | 2018 Omnibus Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 242,000 | |
Unrecognized compensation expense, period of recognition | 8 months 26 days | |
Restricted Stock | 2018 Omnibus Equity Incentive Plan | Non-Employee Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 16,028 | 13,041 |
Granted (in usd per share) | $ 13.72 | $ 16.87 |
Vesting period | 1 year | 1 year |
Share-based compensation expense | $ 220,000 | $ 220,000 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 258,154 | |
Granted (in usd per share) | $ 16.22 | |
Share-based compensation expense | $ 1,100,000 | $ 794,000 |
Unrecognized compensation cost | $ 5,500,000 | |
Unrecognized compensation expense, period of recognition | 1 year 8 months 12 days | |
RSUs | 2018 Omnibus Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 258,154 | 169,169 |
Granted (in usd per share) | $ 16.22 | $ 15.56 |
Vesting period | 3 years | 3 years |
Share-based compensation expense | $ 1,400,000 | $ 877,000 |
RSUs | 2018 Omnibus Equity Incentive Plan | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 2 years | |
RSUs | 2018 Omnibus Equity Incentive Plan | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 0 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity under the Company's Stock Option Plans (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,764 | ||
Exercised (in shares) | (1,757) | 0 | |
Outstanding, end of period (in shares) | 1,007 | 2,764 | |
Options exercisable end of period (in shares) | 1,007 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning of period (in usd per share) | $ 6.94 | ||
Exercised (in usd per share) | 7.13 | ||
Outstanding, end of period (in usd per share) | 6.61 | $ 6.94 | |
Options exercisable at end of period (in usd per share) | $ 6.61 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Outstanding | 1 year 2 months 8 days | 1 year 25 days | |
Options exercisable | 1 year 2 months 8 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 10,905 | $ 15,934 | |
Options exercisable | $ 10,905 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021regionsegment | |
Revenue from Contract with Customer [Abstract] | |
Number of geographic regions | region | 1 |
Number of operating segments | segment | 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Gains on sales of loans | $ 708 | $ 415 |
Other Income: | ||
Gains on customer swap transactions | 562 | 2,843 |
Title insurance income | 13 | (4) |
Other income | 82 | 97 |
Total | 657 | 2,936 |
Revenue not from contracts with customers | 448 | 521 |
Total Noninterest Income | 5,759 | 8,011 |
Products and services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 5,292 | 7,471 |
Products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 19 | 19 |
Deposit Related Fees and Charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 2,296 | 2,500 |
Debit card interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 1,410 | 1,223 |
Overdraft charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 587 | 953 |
ATM service charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 143 | 167 |
Demand deposit fees and charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 141 | 134 |
Savings service charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 15 | 23 |
Commissions and Fees: | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 1,650 | 1,639 |
Loan fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 507 | 340 |
Wire transfer charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 375 | 308 |
Investment services income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 363 | 523 |
Merchant fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 201 | 248 |
Commissions from sales of checks | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 78 | 83 |
Safe deposit income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 79 | 86 |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 47 | $ 51 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Before Tax Amount | ||
Other comprehensive (losses) income, net | $ (18,570) | $ 8,976 |
Tax Benefit (Expense) | ||
Other comprehensive (losses) income, net | 5,482 | (2,283) |
Net of Tax Amount | ||
Other comprehensive (loss) income before classifications | (13,088) | 6,947 |
Reclassification adjustment for net gains arising during the period | 0 | (254) |
Other comprehensive income, net of tax | (13,088) | 6,693 |
Net unrealized gains (losses) on available for sale securities: | ||
Before Tax Amount | ||
Net unrealized holding gains arising during period | (18,637) | 9,796 |
Reclassification adjustment for net gains arising during the period | 0 | (342) |
Other comprehensive (losses) income, net | (18,637) | 9,454 |
Tax Benefit (Expense) | ||
Net unrealized holding gains arising during period | 5,502 | (2,512) |
Reclassification adjustment for net gains arising during the period | 0 | 88 |
Other comprehensive (losses) income, net | 5,502 | (2,424) |
Net of Tax Amount | ||
Other comprehensive (loss) income before classifications | (13,135) | 7,284 |
Reclassification adjustment for net gains arising during the period | 0 | (254) |
Other comprehensive income, net of tax | (13,135) | 7,030 |
Unrealized gains (losses) on derivatives | ||
Before Tax Amount | ||
Other comprehensive (losses) income, net | 67 | (478) |
Tax Benefit (Expense) | ||
Other comprehensive (losses) income, net | (20) | 141 |
Net of Tax Amount | ||
Other comprehensive (loss) income before classifications | 47 | (337) |
Reclassification adjustment for net gains arising during the period | 0 | 0 |
Other comprehensive income, net of tax | $ 47 | $ (337) |
Comprehensive Income - Summary
Comprehensive Income - Summary of Changes in Components of Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 763,784 | $ 725,263 |
Other comprehensive (loss) income before classifications | (13,088) | 6,947 |
Amounts reclassified from accumulated other comprehensive income | 0 | (254) |
Other comprehensive income, net of tax | (13,088) | 6,693 |
Balance at end of period | 768,065 | 736,922 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 11,397 | 2,248 |
Other comprehensive income, net of tax | (13,088) | 6,693 |
Balance at end of period | (1,691) | 8,941 |
Net unrealized gains (losses) on available for sale securities: | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 11,402 | 1,936 |
Other comprehensive (loss) income before classifications | (13,135) | 7,284 |
Amounts reclassified from accumulated other comprehensive income | 0 | (254) |
Other comprehensive income, net of tax | (13,135) | 7,030 |
Balance at end of period | (1,733) | 8,966 |
Unrealized gains (losses) on derivatives | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 25 | 317 |
Other comprehensive (loss) income before classifications | 47 | (337) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | 47 | (337) |
Balance at end of period | 72 | (20) |
Pension Items | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (30) | (5) |
Other comprehensive (loss) income before classifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | 0 | 0 |
Balance at end of period | $ (30) | $ (5) |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2016USD ($)derivative | |
Derivative [Line Items] | ||||
Interest expense | $ (6,680) | $ (13,678) | ||
Estimated reclassification of cash flow hedge gain (loss) within next twelve months | (75) | |||
Interest rate swap (cash flow hedge) | ||||
Derivative [Line Items] | ||||
Debt securities, pledged as collateral, available-for-sale, restricted | 71,700 | $ 83,200 | ||
Notional amount | 30,000 | $ 30,000 | ||
Interest rate swap (cash flow hedge) | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Number of derivatives | derivative | 2 | |||
Notional amount | $ 30,000 | |||
Average interest rate | 1.10% | |||
Interest expense | $ (65) | $ (62) |
Derivatives - Summary Informati
Derivatives - Summary Information Regarding Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
3rd Party interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 326,734 | $ 73,075 |
Average Maturity (Years) | 9 years 3 months 18 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.11% | 3.20% |
Weighted Average Variable Rate | 220.00% | 255.00% |
Fair Value | $ 14,627 | $ 503 |
Classified in Other Liabilities: | ||
Notional Amount | $ 699,190 | $ 907,069 |
Average Maturity (Years) | 8 years 4 months 24 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 4.02% | 3.79% |
Weighted Average Variable Rate | 196.00% | 199.00% |
Fair Value | $ (38,098) | $ (80,231) |
Customer interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 699,190 | $ 907,069 |
Average Maturity (Years) | 8 years 4 months 24 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 4.02% | 3.79% |
Weighted Average Variable Rate | 196.00% | 199.00% |
Fair Value | $ 38,098 | $ 80,231 |
Classified in Other Liabilities: | ||
Notional Amount | $ 326,734 | $ 73,075 |
Average Maturity (Years) | 9 years 3 months 18 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.11% | 3.20% |
Weighted Average Variable Rate | 220.00% | 255.00% |
Fair Value | $ (14,627) | $ (503) |
Interest rate swap (cash flow hedge) | ||
Classified in Other Liabilities: | ||
Notional Amount | $ 30,000 | $ 30,000 |
Average Maturity (Years) | 3 months 18 days | 6 months |
Weighted Average Fixed Rate | 1.10% | 1.10% |
Fair Value | $ (76) | $ (143) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)reportingUnit | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 156,277 | $ 156,277 | |
Number of reporting units | reportingUnit | 1 | ||
Amortization of intangible assets | $ 226 | $ 265 | |
Core Deposits | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 3,100 | $ 3,300 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 642 |
2022 | 711 |
2023 | 554 |
2024 | 425 |
2025 | 317 |
2026 | $ 210 |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Total securities | $ 968,394 | $ 855,746 |
Equity securities, at fair value | 14,590 | 14,694 |
U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 93,033 | 65,002 |
Asset-backed securities | ||
Assets: | ||
Total securities | 40,187 | 40,690 |
Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 255,122 | 233,710 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 968,394 | 855,746 |
Equity securities, at fair value | 14,590 | 14,694 |
Derivative assets | 52,725 | 80,734 |
Total Assets | 1,035,709 | 951,174 |
Liabilities: | ||
Derivative liabilities | 52,801 | 80,877 |
Total Liabilities | 52,801 | 80,877 |
Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 93,033 | 65,002 |
Fair Value, Measurements, Recurring | Mortgage-backed and asset-backed securities | ||
Assets: | ||
Total securities | 325,831 | 230,100 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Assets: | ||
Total securities | 218,669 | 250,573 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 40,187 | 40,690 |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 255,122 | 233,710 |
Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 35,552 | 35,671 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 7,742 | 9,392 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 7,742 | 9,392 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 7,742 | 9,392 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed and asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 960,652 | 846,354 |
Equity securities, at fair value | 14,590 | 14,694 |
Derivative assets | 52,725 | 80,734 |
Total Assets | 1,027,967 | 941,782 |
Liabilities: | ||
Derivative liabilities | 52,801 | 80,877 |
Total Liabilities | 52,801 | 80,877 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 85,291 | 55,610 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed and asset-backed securities | ||
Assets: | ||
Total securities | 325,831 | 230,100 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Assets: | ||
Total securities | 218,669 | 250,573 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 40,187 | 40,690 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 255,122 | 233,710 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 35,552 | 35,671 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed and asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | $ 0 | $ 0 |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value of Assets Measured on Non-recurring Basis (Detail) - Fair Value, Measurements, Non-recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Individually evaluated loans | $ 2,297 | $ 2,417 |
Loans held for sale | 1,230 | 1,335 |
(Level 1) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
Loans held for sale | 0 | 0 |
(Level 2) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
Loans held for sale | 1,230 | 1,335 |
(Level 3) | ||
Assets: | ||
Individually evaluated loans | 2,297 | 2,417 |
Loans held for sale | $ 0 | $ 0 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments- Carrying Values and Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Investment securities held to maturity, Carrying Value | $ 84,994 | $ 90,766 |
Investment securities held to maturity, fair value | 87,215 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Carrying Value | 10,772 | 11,979 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 10,772 | 11,979 |
Net loans | 6,041,694 | 5,950,108 |
Fair Value | 6,128,887 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Carrying Value | 953,370 | 1,078,256 |
Certificates of deposit, Fair Value | 950,053 | 1,077,620 |
Other borrowings, Carrying Value | 25,000 | 25,000 |
Other borrowings, Fair Value | 24,906 | 25,206 |
Subordinated debt, Carrying Value | 118,267 | 118,257 |
Subordinated debentures, Fair Value | 117,842 | 118,208 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 86,796 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 10,772 | 11,979 |
Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 950,053 | 1,077,620 |
Other borrowings, Fair Value | 24,906 | 25,206 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 419 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Fair Value | 6,128,887 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | $ 117,842 | $ 118,208 |