Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 50,606,365 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000846901 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash | $ 641,861 | $ 262,327 |
Interest-bearing deposits due from banks | 20,774 | 7,763 |
Total cash and cash equivalents | 662,635 | 270,090 |
Investment securities available for sale, at fair value (allowance for credit losses of $50 at September 30, 2021 and $2 at December 31, 2020) | 529,381 | 855,746 |
Investment securities held to maturity (fair value of $686,728 at September 30, 2021 and $93,868 at December 31, 2020 and allowance for credit losses of $183 at September 30, 2021 and none at December 31, 2020) | 693,562 | 90,766 |
Equity securities, at fair value | 16,422 | 14,694 |
Federal Home Loan Bank and other membership bank stock, at cost | 9,340 | 11,979 |
Loans held for sale | 851 | 1,335 |
Loans, net of deferred fees | 5,880,802 | 6,021,232 |
Less: Allowance for credit losses | 57,953 | 71,124 |
Net loans | 5,822,849 | 5,950,108 |
Premises and equipment, net | 46,163 | 48,495 |
Operating lease right-of-use assets | 14,809 | 16,772 |
Accrued interest receivable | 18,182 | 19,339 |
Goodwill | 156,277 | 156,277 |
Other identifiable intangible assets | 2,631 | 3,288 |
Bank owned life insurance | 117,073 | 115,115 |
Other assets | 82,304 | 110,293 |
Total Assets | 8,172,479 | 7,664,297 |
Liabilities | ||
Deposits | 6,930,912 | 6,455,783 |
Federal funds purchased and securities sold under agreements to repurchase | 111,907 | 169,560 |
Other borrowings | 25,000 | 25,000 |
Subordinated debentures | 187,107 | 118,257 |
Operating lease liabilities | 16,105 | 18,183 |
Other liabilities | 87,320 | 113,730 |
Total Liabilities | 7,358,351 | 6,900,513 |
Stockholders' Equity | ||
Common stock, no par value; authorized 100,000,000 shares; issued 50,733,113 shares and outstanding 50,602,078 shares at September 30, 2021 and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | 564,974 | 562,421 |
Retained earnings | 244,092 | 191,418 |
Treasury shares, at cost, 131,035 shares at September 30, 2021 and December 31, 2020 | (1,452) | (1,452) |
Accumulated other comprehensive income | 6,514 | 11,397 |
Total Stockholders' Equity | 814,128 | 763,784 |
Total Liabilities and Stockholders' Equity | $ 8,172,479 | $ 7,664,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 50 | $ 2 |
Investment securities held to maturity, fair value | 686,728 | 93,868 |
Allowance for credit loss | $ 183 | $ 0 |
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) | 50,733,113 | 50,610,681 |
Common stock, shares outstanding (in shares) | 50,602,078 | 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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Interest Income | |||||
Loans and fees | $ 59,957 | $ 56,801 | $ 179,264 | $ 170,483 | |
Federal funds sold and interest-bearing deposits with banks | 161 | 92 | 250 | 287 | |
Taxable investment securities and other | 4,232 | 4,139 | 12,242 | 14,131 | |
Tax-exempt investment securities | 588 | 401 | 1,831 | 1,082 | |
Total Interest Income | 64,938 | 61,433 | 193,587 | 185,983 | |
Interest Expense | |||||
Deposits | 3,987 | 7,012 | 13,349 | 25,969 | |
Federal funds purchased and securities sold under agreements to repurchase | 19 | 27 | 58 | 531 | |
Other borrowings | 1,594 | 2,260 | 4,374 | 6,931 | |
Total Interest Expense | 5,600 | 9,299 | 17,781 | 33,431 | |
Net Interest Income | 59,338 | 52,134 | 175,806 | 152,552 | |
(Benefit) provision for credit losses | [1] | (2,703) | 8,000 | (11,304) | 26,223 |
Net Interest Income after (Benefit) Provision for Credit Losses | 62,041 | 44,134 | 187,110 | 126,329 | |
Noninterest Income | |||||
Service charges on deposit accounts | 2,536 | 2,288 | 7,277 | 6,663 | |
Commissions and fees | 1,609 | 1,667 | 4,962 | 4,503 | |
Income on bank owned life insurance | 645 | 670 | 1,922 | 2,000 | |
Loss on equity securities | (58) | (170) | (191) | (625) | |
Gains on sales of loans | 550 | 1,437 | 1,865 | 2,562 | |
Gains on investment securities transactions, net | 0 | 0 | 9 | 342 | |
Swap income | 0 | 624 | 634 | 4,234 | |
Other income | 187 | 257 | 19 | 586 | |
Total Noninterest Income | 5,469 | 6,773 | 16,497 | 20,265 | |
Noninterest Expense | |||||
Compensation and employee benefits | 21,478 | 19,065 | 62,403 | 57,282 | |
Premises and equipment | 6,206 | 5,582 | 18,602 | 16,249 | |
FDIC insurance | 461 | 625 | 1,793 | 1,373 | |
Data processing | 1,495 | 1,211 | 4,049 | 3,900 | |
Merger related expenses | 1,072 | 0 | 1,072 | 0 | |
Other operating expenses | 6,495 | 5,614 | 17,288 | 17,259 | |
Total Noninterest Expense | 37,207 | 32,097 | 105,207 | 96,063 | |
Income before provision for income taxes | 30,303 | 18,810 | 98,400 | 50,531 | |
Provision for income taxes | 8,014 | 4,383 | 25,529 | 11,861 | |
Net Income | $ 22,289 | $ 14,427 | $ 72,871 | $ 38,670 | |
Per Share of Common Stock | |||||
Basic earnings (in usd per share) | $ 0.43 | $ 0.28 | $ 1.42 | $ 0.76 | |
Diluted earnings (in usd per share) | 0.43 | 0.28 | 1.42 | 0.76 | |
Dividends (in usd per share) | $ 0.135 | $ 0.125 | $ 0.395 | $ 0.375 | |
[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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 22,289 | $ 14,427 | $ 72,871 | $ 38,670 |
Other comprehensive income, net of tax: | ||||
Unrealized (losses) gains on securities available for sale | (1,504) | (576) | (7,526) | 9,220 |
Reclassification for securities gains included in net income | 0 | 0 | 0 | (254) |
Net gain on securities reclassified from available for sale to held to maturity | 2,784 | 0 | 2,784 | 0 |
Amortization of gain on debt securities reclassified to held to maturity | (116) | 0 | (116) | 0 |
Unrealized gains (losses) on derivatives | 5 | 37 | (25) | (336) |
Other comprehensive income, net of tax | 1,169 | (539) | (4,883) | 8,630 |
Total Comprehensive Income | $ 23,458 | $ 13,888 | $ 67,988 | $ 47,300 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | |
Balance at beginning of period at Dec. 31, 2019 | $ 725,263 | $ 560,263 | $ 162,752 | [1] | $ 0 | $ 2,248 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,670 | 38,670 | [1] | |||
Other comprehensive income, net of tax | 8,630 | 8,630 | ||||
Purchase of treasury stock, 131,035 shares | (1,452) | (1,452) | ||||
Issuance of stock | 2,046 | 2,046 | ||||
Retirement of restricted stock | (492) | (492) | ||||
Cash dividends on common stock | (19,093) | (19,093) | [1] | |||
Balance at end of period at Sep. 30, 2020 | 753,572 | 561,817 | 182,329 | [1],[2] | (1,452) | 10,878 |
Balance at beginning of period at Jun. 30, 2020 | 745,489 | 561,257 | 174,267 | [2] | (1,452) | 11,417 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,427 | 14,427 | [2] | |||
Other comprehensive income, net of tax | (539) | (539) | ||||
Issuance of stock | 585 | 585 | ||||
Retirement of restricted stock | (25) | (25) | ||||
Cash dividends on common stock | (6,365) | (6,365) | [2] | |||
Balance at end of period at Sep. 30, 2020 | 753,572 | 561,817 | 182,329 | [1],[2] | (1,452) | 10,878 |
Balance at beginning of period at Dec. 31, 2020 | 763,784 | 562,421 | 191,418 | [1] | (1,452) | 11,397 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 72,871 | 72,871 | [1] | |||
Other comprehensive income, net of tax | (4,883) | (4,883) | ||||
Issuance of stock | 3,154 | 3,154 | ||||
Retirement of restricted stock | (620) | (620) | ||||
Exercise of stock options | 19 | 19 | ||||
Cash dividends on common stock | (20,197) | (20,197) | [1] | |||
Balance at end of period at Sep. 30, 2021 | 814,128 | 564,974 | 244,092 | [1],[2] | (1,452) | 6,514 |
Balance at beginning of period at Jun. 30, 2021 | 796,676 | 563,980 | 228,803 | [2] | (1,452) | 5,345 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,289 | 22,289 | [2] | |||
Other comprehensive income, net of tax | 1,169 | 1,169 | ||||
Issuance of stock | 958 | 958 | ||||
Retirement of restricted stock | 36 | 36 | ||||
Cash dividends on common stock | (7,000) | (7,000) | [2] | |||
Balance at end of period at Sep. 30, 2021 | $ 814,128 | $ 564,974 | $ 244,092 | [1],[2] | $ (1,452) | $ 6,514 |
[1] | The Company adopted ASU 2016-13 | |||||
[2] | The Company adopted ASU 2016-13 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |||||||||
Purchase of treasury stock (in shares) | 131,035 | |||||||||||||||
Common stock, dividends price per share (in usd per share) | $ 0.135 | $ 0.125 | $ 0.395 | $ 0.375 | ||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||
Stockholders' equity | $ (814,128) | $ (753,572) | $ (814,128) | $ (753,572) | $ (725,263) | $ (796,676) | $ (763,784) | $ (745,489) | ||||||||
Retained Earnings | ||||||||||||||||
Stockholders' equity | $ (244,092) | [1],[2] | $ (182,329) | [1],[2] | $ (244,092) | [1],[2] | $ (182,329) | [1],[2] | (162,752) | [2] | $ (228,803) | [1] | $ (191,418) | [2] | $ (174,267) | [1] |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||||
Stockholders' equity | $ 3,395 | |||||||||||||||
[1] | The Company adopted ASU 2016-13 | |||||||||||||||
[2] | The Company adopted ASU 2016-13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 72,871,000 | $ 38,670,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of premiums, discounts and deferred loan fees and costs | (4,157,000) | 209,000 | |
Depreciation and amortization | 3,973,000 | 2,588,000 | |
Amortization of intangible assets | 658,000 | 776,000 | |
Amortization of operating lease right-of-use assets | 2,072,000 | 1,995,000 | |
(Benefit) provision for credit losses | [1] | (11,304,000) | 26,223,000 |
Loans originated for sale | (44,372,000) | (78,204,000) | |
Proceeds from sales of loans held for sale | 46,721,000 | 78,312,000 | |
Gains on investment securities transactions, net | (9,000) | (342,000) | |
Change in fair value of equity securities | 191,000 | 625,000 | |
Income on bank owned life insurance | (1,922,000) | (2,000,000) | |
Gains on sales of loans held for sale | (1,865,000) | (2,562,000) | |
Gains on other real estate and other repossessed assets | (17,000) | (76,000) | |
(Gains) losses on sales of premises and equipment | (41,000) | 54,000 | |
Impairment of property held for sale | 400,000 | 0 | |
Long-term debt prepayment fees | 0 | 356,000 | |
Long-term debt extinguishment costs | 831,000 | 0 | |
Stock-based compensation | 3,154,000 | 2,046,000 | |
Excess tax deficiencies | (93,000) | (128,000) | |
Decrease (increase) in other assets | 30,945,000 | (77,414,000) | |
(Decrease) increase in other liabilities | (27,653,000) | 70,544,000 | |
Net Cash Provided by Operating Activities | 70,383,000 | 61,672,000 | |
Cash Flows from Investing Activities: | |||
Proceeds from repayments and maturities of available for sale securities | 149,651,000 | 633,574,000 | |
Proceeds from repayments and maturities of held to maturity securities | 38,432,000 | 26,816,000 | |
Proceeds from sales of equity securities | 0 | 3,000,000 | |
Proceeds from sales of available for sale securities | 0 | 94,696,000 | |
Purchase of available for sale securities | (329,351,000) | (746,035,000) | |
Purchase of held to maturity securities | (148,684,000) | (1,160,000) | |
Purchase of equity securities | (1,919,000) | (1,228,000) | |
Proceeds from redemptions of Federal Home Loan Bank stock | 13,524,000 | 97,127,000 | |
Purchases of Federal Home Loan Bank stock | (10,885,000) | (88,857,000) | |
Net decrease (increase) in loans | 128,284,000 | (702,010,000) | |
Proceeds from sales of loans previously held for investment | 21,765,000 | 0 | |
Proceeds from sales of other real estate and repossessed assets | 17,000 | 1,032,000 | |
Proceeds from dispositions and sales of premises and equipment | 676,000 | 49,000 | |
Purchases of premises and equipment | (3,422,000) | (5,155,000) | |
Net Cash Used in Investing Activities | (141,912,000) | (688,151,000) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 475,161,000 | 972,917,000 | |
Decrease in federal funds purchased and securities sold under agreements to repurchase | (57,653,000) | (230,784,000) | |
Proceeds from other borrowings | 0 | 25,000,000 | |
Repayments of other borrowings | 0 | (56,060,000) | |
Purchase of treasury stock | 0 | (1,452,000) | |
Net proceeds from issuance of subordinated debt | 148,195,000 | 0 | |
Redemption of subordinated debt | (80,831,000) | 0 | |
Exercise of stock options | 19,000 | 0 | |
Retirement of restricted stock | (620,000) | (492,000) | |
Dividends paid | (20,197,000) | (19,093,000) | |
Net Cash Provided by Financing Activities | 464,074,000 | 690,036,000 | |
Net increase in cash and cash equivalents | 392,545,000 | 63,557,000 | |
Cash and cash equivalents, beginning of period | 270,090,000 | 282,371,000 | |
Cash and cash equivalents, end of period | 662,635,000 | 345,928,000 | |
Supplemental schedule of non-cash investing and financing activities: | |||
Cash paid during the period for income taxes | 22,964,000 | 17,386,000 | |
Cash paid during the period for interest | 19,559,000 | 35,472,000 | |
Transfer of available for sale debt securities to held to maturity securities at fair value | 494,164,000 | 0 | |
Transfer of loans to loans held for sale | 21,689,000 | 0 | |
Transfer of loans to other real estate owned | 0 | 393,000 | |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 109,000 | $ 741,000 | |
[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 | 9 Months Ended |
Sep. 30, 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 U.S. generally accepted accounting principles (“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 and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income available to common shareholders $ 22,289 $ 14,427 $ 72,871 $ 38,670 Less: earnings allocated to participating securities 303 131 839 342 Net income allocated to common shareholders $ 21,986 $ 14,296 $ 72,032 $ 38,328 Weighted average number of common shares outstanding - basic 50,637 50,526 50,616 50,544 Share-based plans 238 94 220 101 Weighted average number of common shares outstanding - diluted 50,875 50,620 50,836 50,645 Basic earnings per share $ 0.43 $ 0.28 $ 1.42 $ 0.76 Diluted earnings per share $ 0.43 $ 0.28 $ 1.42 $ 0.76 There were no antidilutive options to purchase common stock excluded from the computation for the three and nine months ended September 30, 2021 and 2020. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 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: September 30, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 102,149 $ 1,377 $ (555) $ — $ 102,971 Mortgage-backed securities, residential 94,049 1,675 (476) — 95,248 Collateralized mortgage obligations, residential 199,020 2,731 (851) — 200,900 Mortgage-backed securities, multifamily 1,935 — (68) — 1,867 Collateralized mortgage obligations, multifamily 34,409 798 (204) — 35,003 Asset-backed securities 53,809 231 (33) — 54,007 Corporate bonds 38,500 946 (11) (50) 39,385 Total $ 523,871 $ 7,758 $ (2,198) $ (50) $ 529,381 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 Corporate bonds 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: September 30, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 18,820 $ 459 $ — $ — $ 19,279 Mortgage-backed securities, residential 343,866 1,005 (2,870) — 342,001 Collateralized mortgage obligations, residential 8,488 287 — — 8,775 Mortgage-backed securities, multifamily 2,724 47 — — 2,771 Obligations of states and political subdivisions 316,847 198 (5,993) (15) 311,037 Corporate bonds 3,000 33 — (168) 2,865 Total $ 693,745 $ 2,029 $ (8,863) $ (183) $ 686,728 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 September 30, 2021. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. 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 $ 17,514 $ 17,638 $ 16,734 $ 16,817 Due after one year through five years 17,898 18,370 40,804 41,219 Due after five years through ten years 76,126 77,101 22,756 22,549 Due after ten years 29,111 29,247 258,373 252,596 140,649 142,356 338,667 333,181 Mortgage-backed and asset-backed securities 383,222 387,025 355,078 353,547 Total securities $ 523,871 $ 529,381 $ 693,745 $ 686,728 For the three and nine months ended September 30, 2021 and the three months ended September 30, 2020, 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 nine months ended September 30, 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. In the second quarter of 2021, the Company recorded a gain on a called security of $9,000. During the third quarter of 2021, the Company transferred $494.2 million of previously designated available for sale securities to a held to maturity designation at estimated fair value. The reclassification for the period ended September 30, 2021 is permitted as the Company has appropriately determined the ability and intent to hold these securities as an investment until maturity or call. The securities transferred had an unrealized net gain of $3.8 million at the time of transfer, which is reflected, net of taxes, in accumulated other comprehensive income on the consolidated balance sheet. Subsequent amortization will be recognized over the life of the securities. The Company recorded net amortization of $158,000 during the third quarter of 2021. Securities with a carrying value of approximately $675.5 million and $578.0 million at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations. The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented: September 30, 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 $ 15,366 $ 132 $ 15,548 $ 423 8 $ 30,914 $ 555 Mortgage-backed securities, residential 39,399 433 5,728 43 18 45,127 476 Collateralized mortgage obligations, residential 66,336 851 — — 15 66,336 851 Mortgage-backed securities, multifamily 1,867 68 — — 1 1,867 68 Collateralized mortgage obligations, multifamily 7,004 171 1,402 33 4 8,406 204 Asset-backed securities 14,885 33 — — 3 14,885 33 Corporate bonds 2,957 — 982 11 1 3,939 11 Total $ 147,814 $ 1,688 $ 23,660 $ 510 $ 50 $ 171,474 $ 2,198 Held to Maturity Mortgage-backed securities, residential $ 293,496 $ 2,869 $ 108 1 79 $ 293,604 $ 2,870 Obligations of states and political subdivisions 294,935 5,993 — — 235 294,935 5,993 Total $ 588,431 $ 8,862 $ 108 $ 1 314 $ 588,539 $ 8,863 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 For available for sale securities, the Company assesses whether a loss is from credit or other factors and considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero. A range of historical losses method is utilized in estimating the net amount expected to be collected for mortgage-backed securities, collateralized mortgage obligations and obligations of states and political subdivisions. 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 organizations are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of BBB or above. The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost: September 30, 2021 AAA AA A BBB Not Rated Total (in thousands) U.S. Treasury and U.S. government agencies $ 18,820 $ — $ — $ — $ — $ 18,820 Mortgage-backed securities, residential 343,866 — — — — 343,866 Collateralized mortgage obligations, residential 8,488 — — — — 8,488 Mortgage-backed securities, multifamily 2,724 — — — — 2,724 Obligations of states and political subdivisions 105,609 209,739 1,080 — 419 316,847 Corporate bonds — — — 3,000 — 3,000 Total $ 479,507 $ 209,739 $ 1,080 $ 3,000 $ 419 $ 693,745 December 31, 2020 AAA AA Total (in thousands) U.S. Treasury and U.S. government agencies $ 25,565 $ — $ 25,565 Mortgage-backed securities, residential 39,276 — 39,276 Collateralized mortgage obligations, residential 14,590 — 14,590 Mortgage-backed securities, multifamily 705 — 705 Obligations of states and political subdivisions 2,959 7,671 10,630 Total $ 83,095 $ 7,671 $ 90,766 Equity securities at fair value The Company has an equity securities portfolio which consists of investments in Community Reinvestment funds. The fair value of the equity portfolio was $16.4 million and $14.7 million at September 30, 2021 and December 31, 2020, respectively. For the three and nine months ended September 30, 2021, the Company recorded no sales of equity securities and recorded sales of Community Reinvestment funds totaling $3.0 million for the three and nine months ended September 30, 2020. The Company recorded fair value losses on equity securities of $58,000 and $170,000 for the third quarter of 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded fair value losses of $191,000 and $625,000, respectively. Fair value gain or loss on equity securities are recorded in noninterest income. As of September 30, 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 fair 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 September 30, 2021, the net amortized cost equaled the fair value of the investment. There are no unfunded commitments related to these investments. The Community Reinvestment funds also include $12.9 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of September 30, 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 | 9 Months Ended |
Sep. 30, 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 $ 4,748 $ — $ — $ 4,284 Owner occupied commercial 4,656 — — 4,221 Non-owner occupied residential 922 — — 523 Commercial, industrial and other 1,108 — — 477 Equipment finance 238 — — — Residential mortgage 123 — — — Consumer 453 — — — Total $ 12,248 $ — $ — $ 9,505 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 September 30, 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 no loans included in total non-accrual loans that were in the process of foreclosure at September 30, 2021 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 December 31, 2020. 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. The CARES Act provided relief from TDR classification for certain loan modifications related to the COVID-19 pandemic beginning March 1, 2020 through the earlier of 60 days after the end of the pandemic or December 31, 2020. Additionally, banking regulatory agencies issued interagency guidance that COVID-19 related short-term modifications (i.e., six months or less) granted to borrowers that were current as of the loan modification program implementation date do not need to be considered TDRs. The Consolidated Appropriations Act, 2021 (the "CAA"), which was signed into law on December 27, 2020, extended this guidance to modifications made until the earlier of January 1, 2022 or 60 days after the end of the COVID-19 national emergency. The Company elected this provision of the CARES Act and excluded modified loans that met the required guidelines for relief from its TDR classification. At September 30, 2021, no loans were on COVID-related deferrals as the remaining 90-day loan deferments expired and borrowers began paying their pre-deferral loan payments in the first quarter of 2021. For most commercial loans, borrowers are paying their pre-deferral loan payments plus an additional monthly amount to catch up on the payments that were deferred. None of these modifications were considered TDRs. At September 30, 2021 and December 31, 2020, TDRs totaled $3.7 million and $5.0 million, respectively. Accruing TDRs totaled $3.4 million and non-accrual TDRs totaled $241,000 at September 30, 2021. Accruing TDRs and non-accrual TDRs totaled $3.9 million and $1.1 million, respectively, at December 31, 2020. There was one consumer loan totaling $116,000 that was restructured during the three and nine months ended September 30, 2021 and that met the definition of a TDR, while no loans were restructured during the three and nine months ended September 30, 2020. There were no restructured loans that subsequently defaulted in the nine months ended September 30, 2021; however, one construction loan totaling $694,000 that was a TDR within the previous twelve months had subsequently defaulted in the nine months ended September 30, 2020." 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 and nine months ended September 30, 2021, and as of 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) September 30, 2021 December 31, 2020 Non-owner occupied commercial $ 2,300,637 $ 2,398,946 Owner occupied commercial 884,144 827,092 Multifamily 907,903 813,225 Non-owner occupied residential 177,592 200,229 Commercial, industrial and other 473,324 718,189 Construction 332,868 266,883 Equipment finance 119,709 116,690 Residential mortgage 407,021 377,380 Home equity and consumer 277,604 302,598 Total $ 5,880,802 $ 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 $13.5 million at September 30, 2021 and $16.0 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 $7.7 million at September 30, 2021 and $10.0 million at December 31, 2020. At September 30, 2021 and December 31, 2020, Small Business Association ("SBA") Paycheck Protection Program ("PPP") loans totaled $109.3 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 $188,000 and $650,000, at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, the Company had $2.29 billion and $2.28 billion of loans pledged for potential borrowings at the Federal Home Loan Bank of New York ("FHLB"). The Company transferred approximately $21.7 million of commercial and residential mortgage loans from the loan portfolio to loans held for sale during the nine months ended September 30, 2021 and subsequently sold these loans. Excluding the loan transfers, there were no other sales of loans from the held for investment portfolio during the nine months ended September 30, 2021. 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 September 30, 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 $ 231,072 $ 527,479 $ 307,663 $ 191,755 $ 214,269 $ 612,630 $ 19,746 14 $ 2,104,628 Watch — — 25,434 11,811 4,673 37,995 — — 79,913 Special mention — 3,353 2,731 8,274 14,757 29,028 30 — 58,173 Substandard 98 894 336 2,657 8,112 45,826 — — 57,923 Total 231,170 531,726 336,164 214,497 241,811 725,479 19,776 14 2,300,637 Owner occupied commercial Pass 166,660 130,638 103,320 61,259 50,889 275,250 6,725 52 794,793 Watch — — 2,171 1,220 282 18,708 20 — 22,401 Special mention — — 2,152 13,615 100 24,679 — — 40,546 Substandard 5 — 18 2,647 1,311 22,423 — — 26,404 Total 166,665 130,638 107,661 78,741 52,582 341,060 6,745 52 884,144 Multifamily Pass 141,957 250,242 73,107 87,035 76,472 228,609 10,289 302 868,013 Watch — 970 — — 872 7,174 — — 9,016 Special mention — 12,115 — — 2,391 4,310 — — 18,816 Substandard — — 5,484 1,325 — 5,049 200 — 12,058 Total 141,957 263,327 78,591 88,360 79,735 245,142 10,489 302 907,903 Non-owner occupied residential Pass 20,108 18,924 17,058 17,834 18,647 54,147 7,593 579 154,890 Watch — — — — 916 5,412 — — 6,328 Special mention — — 1,023 841 474 286 515 — 3,139 Substandard — 3,315 512 5,028 1,738 2,642 — — 13,235 Total 20,108 22,239 18,593 23,703 21,775 62,487 8,108 579 177,592 Commercial, industrial and other Pass 121,489 28,903 69,997 12,635 4,645 38,923 166,640 717 443,949 Watch 726 483 495 36 1,432 198 3,545 — 6,915 Special mention — — — 258 1,976 771 3,554 — 6,559 Substandard — 7,184 47 1,678 502 1,307 5,183 — 15,901 Total 122,215 36,570 70,539 14,607 8,555 41,199 178,922 717 473,324 Construction Pass 69,225 101,557 59,474 33,870 30,095 3,753 — — 297,974 Watch — — — 12,664 12,078 — — — 24,742 Special mention — — — — 10,152 — — — 10,152 Total 69,225 101,557 59,474 46,534 52,325 3,753 — — 332,868 Equipment finance Pass 37,254 33,204 31,374 12,228 4,304 1,107 — — 119,471 Substandard 156 — — 57 25 — — — 238 Total 37,410 33,204 31,374 12,285 4,329 1,107 — — 119,709 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Residential mortgage Pass 118,452 116,567 28,856 26,376 9,946 106,566 — — 406,763 Substandard — — — 123 — 135 — — 258 Total 118,452 116,567 28,856 26,499 9,946 106,701 — — 407,021 Consumer Pass 24,133 12,093 6,199 5,276 3,445 27,531 197,703 220 276,600 Substandard 42 — — — 1 318 266 377 1,004 Total 24,175 12,093 6,199 5,276 3,446 27,849 197,969 597 277,604 Total loans $ 931,377 $ 1,247,921 $ 737,451 $ 510,502 $ 474,504 $ 1,554,777 $ 422,009 $ 2,261 $ 5,880,802 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 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 Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Equipment finance Pass 41,528 41,717 20,697 8,834 3,162 426 — — 116,364 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 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 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. September 30, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,295,310 $ 336 $ 432 $ 4,559 $ 5,327 $ 2,300,637 Owner occupied commercial 878,881 616 263 4,384 5,263 884,144 Multifamily 904,961 2,942 — — 2,942 907,903 Non-owner occupied residential 174,412 102 2,156 922 3,180 177,592 Commercial, industrial and other 471,628 595 — 1,101 1,696 473,324 Construction 332,868 — — — — 332,868 Equipment finance 119,439 44 156 70 270 119,709 Residential mortgage 406,091 807 — 123 930 407,021 Consumer 276,610 563 54 377 994 277,604 Total $ 5,860,200 $ 6,005 $ 3,061 $ 11,536 $ 20,602 $ 5,880,802 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 at September 30, 2021 and December 31, 2020: September 30, 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 $ 4,748 $ — $ — $ 4,284 Owner occupied commercial 4,656 — — 4,221 Non-owner occupied residential 922 — — 523 Commercial, industrial and other 1,108 — — 477 Equipment finance 238 — — — Residential mortgage 123 — — — Consumer 453 — — — Total $ 12,248 $ — $ — $ 9,505 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 September 30, 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 no loans included in total non-accrual loans that were in the process of foreclosure at September 30, 2021 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 December 31, 2020. 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. The CARES Act provided relief from TDR classification for certain loan modifications related to the COVID-19 pandemic beginning March 1, 2020 through the earlier of 60 days after the end of the pandemic or December 31, 2020. Additionally, banking regulatory agencies issued interagency guidance that COVID-19 related short-term modifications (i.e., six months or less) granted to borrowers that were current as of the loan modification program implementation date do not need to be considered TDRs. The Consolidated Appropriations Act, 2021 (the "CAA"), which was signed into law on December 27, 2020, extended this guidance to modifications made until the earlier of January 1, 2022 or 60 days after the end of the COVID-19 national emergency. The Company elected this provision of the CARES Act and excluded modified loans that met the required guidelines for relief from its TDR classification. At September 30, 2021, no loans were on COVID-related deferrals as the remaining 90-day loan deferments expired and borrowers began paying their pre-deferral loan payments in the first quarter of 2021. For most commercial loans, borrowers are paying their pre-deferral loan payments plus an additional monthly amount to catch up on the payments that were deferred. None of these modifications were considered TDRs. At September 30, 2021 and December 31, 2020, TDRs totaled $3.7 million and $5.0 million, respectively. Accruing TDRs totaled $3.4 million and non-accrual TDRs totaled $241,000 at September 30, 2021. Accruing TDRs and non-accrual TDRs totaled $3.9 million and $1.1 million, respectively, at December 31, 2020. There was one consumer loan totaling $116,000 that was restructured during the three and nine months ended September 30, 2021 and that met the definition of a TDR, while no loans were restructured during the three and nine months ended September 30, 2020. There were no restructured loans that subsequently defaulted in the nine months ended September 30, 2021; however, one construction loan totaling $694,000 that was a TDR within the previous twelve months had subsequently defaulted in the nine months ended September 30, 2020. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The Company adopted ASU 2016-13, 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 September 30, 2021, loans totaling $5.86 billion were evaluated collectively and the allowance on these balances totaled $57.3 million and loans evaluated on an individual basis totaled $16.6 million with the specific allocations of the allowance for credit losses totaling $666,000. Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of the period $ 60,389 $ 57,839 $ 71,124 $ 40,003 Charge-offs (996) (682) (4,128) (1,306) Recoveries 1,266 85 1,785 322 Net recoveries (charge-offs) 270 (597) (2,343) (984) (Benefit) provision for credit loss - loans (2,706) 8,000 (10,828) 26,223 Balance at end of the period $ 57,953 $ 65,242 $ 57,953 $ 65,242 The benefit for credit losses for the three and nine months ended September 30, 2021 was largely due to an improvement in economic conditions utilized in the calculation. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the consolidated balance sheets, totaled $13.5 million at September 30, 2021 and $16.0 million at December 31, 2020. The Company made the election to exclude accrued interest receivable from the estimate of credit losses. Non-performing loans totaling $6.6 million were sold during the third quarter of 2021 resulting in a net recoveries of $502,000. During the nine months ended September 30, 2021, the Company sold $21.7 million of non-performing loans and recorded net charge-offs of $706,000. The following tables detail activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020: (in thousands) Balance at 6/30/2021 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2021 Non-owner occupied commercial $ 20,906 $ (465) $ 459 $ (387) $ 20,513 Owner occupied commercial 4,100 (204) 284 131 4,311 Multifamily 7,177 (28) — 418 7,567 Non-owner occupied residential 2,592 (11) 16 206 2,803 Commercial, industrial and other 10,489 (26) 290 (2,678) 8,075 Construction 1,034 (54) 4 (118) 866 Equipment finance 5,120 (138) — (142) 4,840 Residential mortgage 3,885 (28) 1 348 4,206 Consumer 5,086 (42) 212 (484) 4,772 Total $ 60,389 $ (996) $ 1,266 $ (2,706) $ 57,953 (in thousands) Balance at 6/30/2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2020 Commercial, secured by real estate (1) 43,280 $ (329) $ 10 $ 7,305 50,266 Commercial, industrial and other 4,698 (204) 31 460 4,985 Construction 3,119 — 21 (37) 3,103 Equipment finance 2,971 (96) 1 8 2,884 Residential mortgage 1,436 — 1 256 1,693 Consumer 2,335 (53) 21 8 2,311 Total $ 57,839 $ (682) $ 85 $ 8,000 $ 65,242 (in thousands) Balance at 12/31/2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2021 Non-owner occupied commercial $ 25,910 $ (2,708) $ 462 $ (3,151) $ 20,513 Owner occupied commercial 3,955 (282) 301 337 4,311 Multifamily 7,253 (28) — 342 7,567 Non-owner occupied residential 3,321 (223) 29 (324) 2,803 Commercial, industrial and other 13,665 (401) 439 (5,628) 8,075 Construction 786 (54) 71 63 866 Equipment finance 6,552 (242) 17 (1,487) 4,840 Residential mortgage 3,623 (64) 177 470 4,206 Consumer 6,059 (126) 289 (1,450) 4,772 Total $ 71,124 $ (4,128) $ 1,785 $ (10,828) $ 57,953 (in thousands) Balance at 12/31/2019 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2020 Commercial, secured by real estate (1) $ 28,950 $ (498) $ 57 $ 21,757 50,266 Commercial, industrial and other 3,289 (204) 74 1,826 4,985 Construction 2,672 — 69 362 3,103 Equipment finance 957 (194) 39 2,082 2,884 Residential mortgage 1,725 (116) 21 63 1,693 Consumer 2,410 (294) 62 133 2,311 Total $ 40,003 $ (1,306) $ 322 $ 26,223 $ 65,242 (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 September 30, 2021 and December 31, 2020: September 30, 2021 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 $ 2,848 $ 2,295,742 $ 2,047 $ 2,300,637 — $ 20,513 $ 20,513 Owner occupied commercial 8,534 875,477 133 884,144 73 4,238 4,311 Multifamily — 907,903 — 907,903 — 7,567 7,567 Non-owner occupied residential 523 177,000 69 177,592 — 2,803 2,803 Commercial, industrial and other 720 471,876 728 473,324 593 7,482 8,075 Construction — 332,868 — 332,868 — 866 866 Equipment finance — 119,709 — 119,709 — 4,840 4,840 Residential mortgage 729 406,292 — 407,021 — 4,206 4,206 Consumer — 277,378 226 277,604 — 4,772 4,772 Total loans $ 13,354 $ 5,864,245 $ 3,203 $ 5,880,802 $ 666 $ 57,287 $ 57,953 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 At September 30, 2021, the balance of the allowance for credit loss on available for sale and held to maturity securities was $50,000 and $183,000, respectively. At December 31, 2020, the Company reported an allowance for credit losses on available for sale securities of $2,000 and no allowance for credit losses on held to maturity securities. For the three months ended September 30, 2021, the Company recorded a provision for credit losses on available for sale securities of $32,000 and a provision for credit losses on held to maturity securities of $43,000. For the nine months ended September 30, 2021, the Company recorded a provision for credit losses of $51,000 and $180,000 on securities available for sale and held to maturity, respectively. The Company adopted ASU 2016-13 at December 31, 2020, and recorded an increase in the allowance for credit losses on held to maturity 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 sheets and totaled $4.6 million at September 30, 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 the provision for credit losses. 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 September 30, 2021 and December 31, 2020, the balance of the allowance for credit losses for off-balance sheet exposures was $1.8 million and $2.6 million, respectively. The Company recorded a benefit for credit losses on off-balance-sheet exposures of $72,000 and $707,000 for the three and nine months ended September 30, 2021, respectively. In the third quarter of 2020, the Company recorded no provision for unfunded lending commitments and, for the nine months ended September 30, 2020, recorded $210,000 of provision for unfunded lending commitments in other noninterest expense. |
Leases
Leases | 9 Months Ended |
Sep. 30, 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 September 30, 2021, the Company had lease liabilities totaling $16.1 million and right-of-use assets totaling $14.8 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 nine months ended September 30, 2021, the weighted average remaining lease term for operating leases was 9.54 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.46%. At December 31, 2020, the weighted average remaining lease term for operating leases was 9.69 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.41%. 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 September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 769 $ 828 $ 2,427 $ 2,484 Variable lease cost 22 22 67 87 Sublease income $ (30) $ (31) (91) (92) Net lease cost $ 761 $ 819 $ 2,403 $ 2,479 The table below presents other information on the Company's operating leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,194 $ 2,085 Right-of-use asset obtained in exchange for new operating lease liabilities 109 741 There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the nine months ended September 30, 2021 or September 30, 2020. At September 30, 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 September 30, 2021 are as follows: (in thousands) Within one year $ 2,956 After one year but within three years 5,081 After three years but within five years 3,792 After five years 7,423 Total undiscounted cash flows 19,252 Discount on cash flows (3,147) Total lease liability $ 16,105 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table sets forth the details of total deposits: (dollars in thousands) September 30, 2021 December 31, 2020 Noninterest-bearing demand $ 1,724,646 24.9 % $ 1,510,224 23.4 % Interest-bearing checking 2,231,162 32.2 % 2,057,052 31.9 % Money market 1,512,578 21.8 % 1,225,890 19.0 % Savings 657,627 9.5 % 584,361 9.1 % Certificates of deposit $250 thousand and under 667,297 9.6 % 895,056 13.8 % Certificates of deposit over $250 thousand 137,602 2.0 % 183,200 2.8 % Total deposits $ 6,930,912 100.0 % $ 6,455,783 100.0 % At September 30, 2021, certificates of deposit totaling $139.3 million were obtained through brokers, while $236.7 million of certificates of deposit at December 31, 2020 were obtained through brokers. Brokered deposits are included in certificates of deposit $250,000 and under in the Consolidated Balance Sheets. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Overnight and Short-Term Borrowings At September 30, 2021, the Company had no overnight and short-term borrowings from the FHLB, while these borrowings totaled $100.0 million at December 31, 2020. In addition, there were no overnight and short-term borrowings from correspondent banks at either September 30, 2021 or December 31, 2020. At September 30, 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 fair value of collateral pledged. Lakeland had no borrowings with the Federal Reserve Bank of New York as of September 30, 2021 or December 31, 2020. Other short-term borrowings at September 30, 2021 and December 31, 2020 consisted of short-term securities sold under agreements to repurchase of $111.9 million and $69.6 million, respectively. The securities sold under agreements to repurchase are overnight sweep arrangement accounts with our customers. As of September 30, 2021, the Company had $121.4 million in agency and mortgage-backed securities pledged for its securities sold under agreements to repurchase. At times, the fair 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 The Company had one advance from the FHLB, which totaled $25.0 million at both September 30, 2021 and December 31, 2020, with a weighted average interest rate of 0.77% and maturity in 2025. The advance was collateralized by first mortgage loans and has 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. Subordinated Debentures On September 15, 2021, the Company completed an offering of $150.0 million of fixed to floating rate subordinated notes due on September 15, 2031. The notes bear interest at a rate of 2.875% per annum until September 15, 2026 and will then reset quarterly to the then current Benchmark rate (expected to be the three-month term Secured Overnight Financing Rate ("SOFR")) plus a spread of 220 basis points. The debt is included in Tier 2 capital for the Company. Debt issuance costs totaled $1.8 million and are being amortized to maturity. Subordinated debt is presented net of issuance costs on the consolidated balance sheets. On September 30, 2021, the Company redeemed $75.0 million of its 5.125% fixed to floating rate subordinated notes due September 30, 2026, which resulted in an acceleration of unamortized debt issuance costs of $831,000. In addition, the Company redeemed $5.0 million of subordinated notes in the second quarter of 2021. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The 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 nine months ended September 30, 2021: Number of Weighted Outstanding, January 1, 2021 23,910 $ 14.77 Granted 16,028 13.72 Vested (13,092) 16.87 Outstanding, September 30, 2021 26,846 $ 13.13 In the first nine 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 Plan. 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 nine 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 $56,000 for the third quarter of 2021 and 2020, respectively. Share-based compensation expense on restricted stock for the nine months ended September 30, 2021 and 2020 was $264,000 and $165,000, respectively. As of September 30, 2021, there was unrecognized compensation cost of $66,000 related to unvested restricted stock that is expected to be recognized over a weighted average period of approximately 0.24 years. Restricted Stock Units The following is a summary of the Company’s RSU activity during the nine months ended September 30, 2021: Number of Weighted Outstanding, January 1, 2021 372,552 $ 16.63 Granted 375,716 17.20 Vested (140,133) 18.20 Forfeited (7,282) 15.39 Outstanding, September 30, 2021 600,853 $ 16.64 In the first nine months of 2021, the Company granted 375,716 RSUs under the Plan at a weighted average grant date fair value of $17.20 per share. These units vest within a range of two For the third quarter of 2021 and 2020, the Company recognized share-based compensation expense on RSUs of $871,000 and $530,000, respectively. Share-based compensation expense on RSUs of $2.9 million and $1.9 million was recognized for the nine months ended September 30, 2021 and 2020, respectively. Unrecognized compensation expense related to RSUs was approximately $6.0 million as of September 30, 2021, and that cost is expected to be recognized over a period of 1.30 years. Stock Options A summary of the activity under the Company’s stock option plans as of September 30, 2021 is as follows: Number of Weighted Weighted Aggregate Outstanding, January 1, 2021 2,764 $ 6.94 1.07 $ 15,934 Exercised (2,764) 6.94 Outstanding, September 30, 2021 — $ — 0.00 $ — Options exercisable at September 30, 2021 — $ — 0.00 $ — 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 nine months of 2021 or 2020. The 2,764 stock options exercised during the first nine months of 2021 resulted in $19,000 in cash receipts. The aggregate intrinsic vale of options exercised in the first nine months of 2021 was $27,000. No stock options were exercised during the first nine months of 2020. There was no unrecognized compensation expense related to unvested stock options as of September 30, 2021. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Service charges on deposit accounts: Debit card interchange income $ 1,585 $ 1,472 $ 4,603 $ 3,910 Overdraft charges 647 533 1,785 1,935 ATM service charges 182 138 497 367 Demand deposit fees and charges 107 129 348 394 Savings service charges 15 16 44 57 Total 2,536 2,288 7,277 6,663 Commissions and fees: Loan fees 376 510 1,367 1,063 Wire transfer charges 376 372 1,126 1,021 Investment services income 373 392 1,210 1,231 Merchant fees 270 184 729 598 Commissions from sales of checks 73 73 226 216 Safe deposit income 82 85 240 256 Other income 54 51 143 138 Total 1,604 1,667 5,041 4,523 Gains on sales of loans 550 1,437 1,865 2,562 Swap income — 624 634 4,234 Other Income: Title insurance income 43 46 87 126 Other income 99 200 262 370 Total 142 246 349 496 Revenue not from contracts with customers 637 511 1,331 1,787 Total Noninterest Income $ 5,469 $ 6,773 $ 16,497 $ 20,265 Timing of Revenue Recognition: Products and services transferred at a point in time 4,832 6,243 15,143 18,422 Products and services transferred over time — 19 23 56 Revenue not from contracts with customers 637 511 1,331 1,787 Total Noninterest Income $ 5,469 $ 6,773 $ 16,497 $ 20,265 |
Other Operating Expenses
Other Operating Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | Other Operating Expenses The following table presents the major components of other operating expenses for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Consulting and advisory board fees 927 938 2,281 2,760 ATM and debit card expense 658 615 1,873 1,738 Telecommunications expense 536 501 1,575 1,399 Marketing expense 395 381 1,140 840 Core deposit intangible amortization 211 250 658 776 Other real estate owned and other repossessed assets expense — (2) — 53 Long-term debt prepayment penalties — — — 356 Long-term debt extinguishment costs 831 — 831 — Other operating expenses 2,937 2,931 8,930 9,337 Total other operating expenses $ 6,495 $ 5,614 $ 17,288 $ 17,259 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of other comprehensive income are as follows: For the Three Months Ended September 30, 2021 September 30, 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 losses arising during period $ (2,008) $ 504 $ (1,504) $ (649) $ 73 $ (576) Net gain on securities reclassified from available for sale to held to maturity 3,814 (1,030) 2,784 — — — Amortization of gain on debt securities reclassified to held to maturity from available for sale (158) 42 (116) — — — Unrealized gains on derivatives 8 (3) 5 51 (14) 37 Other comprehensive income (loss), net $ 1,656 $ (487) $ 1,169 $ (598) $ 59 $ (539) For the Nine Months Ended September 30, 2021 September 30, 2020 (in thousands) Before Tax Amount Tax Benefit (Expense) Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount Net unrealized gains (losses) on available for sale securities: Net unrealized holding (losses) gains arising during period $ (10,916) $ 3,390 $ (7,526) $ 12,475 $ (3,255) $ 9,220 Reclassification adjustment for net gains arising during the period — — — (342) 88 (254) Net unrealized (losses) gains (10,916) 3,390 (7,526) 12,133 (3,167) 8,966 Net gain on securities reclassified from available for sale to held to maturity 3,814 (1,030) 2,784 — — — Amortization of gain on debt securities reclassified to held to maturity from available for sale (158) 42 (116) — — — Unrealized gains (losses) on derivatives 143 (168) (25) (477) 141 (336) Other comprehensive (loss) income, net $ (7,117) $ 2,234 $ (4,883) $ 11,656 $ (3,026) $ 8,630 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 September 30, 2021 (in thousands) Unrealized Gains Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Items Total Beginning balance $ 5,380 $ — $ (5) $ (30) $ 5,345 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Net current period other comprehensive income (loss) 1,280 (116) 5 — 1,169 Ending balance $ 3,876 $ 2,668 $ — $ (30) $ 6,514 For the Three Months Ended September 30, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Beginning balance $ 11,478 $ (56) $ (5) $ 11,417 Net current period other comprehensive (loss) income (576) 37 — (539) Ending balance $ 10,902 $ (19) $ (5) $ 10,878 For the Nine Months Ended September 30, 2021 (in thousands) Unrealized Gains Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Items Total Beginning balance $ 11,402 $ — $ 25 $ (30) $ 11,397 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Net current period other comprehensive loss (4,742) (116) (25) — (4,883) Ending balance $ 3,876 $ 2,668 $ — $ (30) $ 6,514 For the Nine Months Ended September 30, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Beginning balance $ 1,936 $ 317 $ (5) $ 2,248 Other comprehensive income (loss) before classifications 9,220 (336) — 8,884 Amounts reclassified from accumulated other comprehensive income (254) — — (254) Net current period other comprehensive income (loss) 8,966 (336) — 8,630 Ending balance $ 10,902 $ (19) $ (5) $ 10,878 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 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. 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 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 $60.5 million and $83.2 million in investment securities available for sale pledged for collateral on its interest rate swaps with financial institutions at September 30, 2021 and December 31, 2020, respectively. 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 nine months ended September 30, 2021, the Company did not record any hedge ineffectiveness. The Company reclassified $8,000 and $58,000 of accumulated other comprehensive loss into interest expense for the third quarter of 2021 and 2020, respectively. The Company recognized $142,000 of accumulated other comprehensive loss that was reclassified into interest expense for the first nine months of 2021 and $17,000 of accumulated other comprehensive income that was reclassified into interest expense for same period in 2020. On June 30, 2021, $20.0 million in notional value of the swaps matured and on August 1, 2021, the remaining $10.0 million matured. Amounts reported in accumulated other comprehensive income related to derivatives were reclassified to interest expense as interest payments are made on the Company’s debt. The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): September 30, 2021 Notional Amount Average Weighted Average Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 293,760 8.8 3.11 % 1 Mo. LIBOR + 2.26 $ 8,814 Customer interest rate swaps 688,585 7.9 3.93 % 1 Mo. LIBOR + 1.93 41,200 Classified in Other Liabilities: Customer interest rate swaps $ 293,760 8.8 3.11 % 1 Mo. LIBOR + 2.26 $ (8,814) 3rd Party interest rate swaps 688,585 7.9 3.93 % 1 Mo. LIBOR + 1.93 (41,200) 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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. During the three and nine months ended September 30, 2021, there were no triggering events that would more likely than not reduce the fair value of our one reporting unit below its carrying amount. There was no impairment of goodwill recognized during the three and nine months ended September 30, 2021 and 2020. The Company had core deposit intangibles of $2.6 million and $3.3 million at September 30, 2021 and December 31, 2020, respectively. Amortization of core deposit intangible totaled $211,000 and $250,000 for the third quarters of 2021 and 2020, respectively, and $658,000 and $776,000 for the first nine months 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 $ 210 2022 711 2023 554 2024 425 2025 317 2026 210 |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 investment securities available for sale, equity 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 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 nine months ended September 30, 2021 and during 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 September 30, 2021 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 22,178 $ 80,793 $ — $ 102,971 Mortgage-backed securities, residential — 95,248 — 95,248 Collateralized mortgage obligations, residential — 200,900 — 200,900 Mortgage-backed securities, multifamily — 1,867 — 1,867 Collateralized mortgage obligations, multifamily — 35,003 — 35,003 Asset-backed securities — 54,007 — 54,007 Corporate bonds — 39,385 — 39,385 Total securities available for sale 22,178 507,203 — 529,381 Equity securities, at fair value — 16,422 — 16,422 Derivative assets — 50,014 — 50,014 Total Assets $ 22,178 $ 573,639 $ — $ 595,817 Liabilities: Derivative liabilities $ — $ 50,014 $ — $ 50,014 Total Liabilities $ — $ 50,014 $ — $ 50,014 December 31, 2020 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities, residential — 228,156 — 228,156 Collateralized mortgage obligations, residential — 209,038 — 209,038 Mortgage-backed securities, multifamily — 1,944 — 1,944 Collateralized mortgage obligations, multifamily — 41,535 — 41,535 Asset-backed securities — 40,690 — 40,690 Obligations of states and political subdivisions — 233,710 — 233,710 Corporate bonds — 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. Loans that do not have similar risk characteristics to the segments reported must be individually evaluated to determine an appropriate allowance. Management has identified criteria and procedures for identifying whether a loan should be individually evaluated for calculation of expected credit losses. If a loan is identified as meeting any of the criteria, it is deemed to have risk characteristics that are unique and will be separated from a pool. Those loans that are considered to have unique risk characteristics are then subjected to an individual allowance evaluation using either the fair value of the collateral, less estimated costs to sell, if collateral-dependent or the discounted cash flow method. 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. At September 30, 2021 and December 31, 2020, the Company had no OREO or other repossessed assets. 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 September 30, 2021 Assets: Individually evaluated loans $ — $ — $ 2,049 $ 2,049 December 31, 2020 Assets: Individually evaluated loans $ — $ — $ 2,417 $ 2,417 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 September 30, 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 September 30, 2021 and December 31, 2020: (in thousands) Carrying Fair Quoted Prices in Significant Significant September 30, 2021 Financial Assets: Investment securities, held to maturity U.S. Treasury and U.S. government agencies $ 18,820 $ 19,279 $ — $ 19,279 $ — Mortgage-backed securities, residential 343,866 342,001 — 342,001 — Collateralized mortgage obligations, residential 8,488 8,775 — 8,775 — Mortgage-backed securities, multifamily 2,724 2,771 — 2,771 — Obligations of states and political subdivisions 316,832 311,037 — 310,578 459 Corporate bonds 2,832 2,865 — 2,865 — Total investment securities held to maturity, net $ 693,562 $ 686,728 $ — $ 686,269 $ 459 Federal Home Loan Bank and other membership bank stocks 9,340 9,340 — 9,340 — Loans, net 5,822,849 5,844,767 — — 5,844,767 Financial Liabilities: Certificates of deposit 804,899 800,083 — 800,083 — Other borrowings 25,000 24,902 — 24,902 — Subordinated debentures 187,107 185,965 — — 185,965 December 31, 2020 Financial Assets: Investment securities, held to maturity U.S. Treasury and U.S. government agencies 25,565 26,344 — 26,344 — Mortgage-backed securities, residential 39,276 40,733 — 40,733 — Collateralized mortgage obligations, residential 14,590 15,122 — 15,122 — Mortgage-backed securities, multifamily 705 759 — 759 — Obligations of states and political subdivisions 10,630 10,910 — 10,910 — Total 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 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Business Combination On July 11, 2021, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with 1st Constitution Bancorp pursuant to which 1st Constitution Bancorp (parent company of 1st Constitution Bank) will merge with and into the Company and 1st Constitution Bank will merge with and into Lakeland Bank. The merger agreement provides that the shareholders of 1st Constitution Bancorp will receive for each outstanding share of 1st Constitution Bancorp common stock that they own at the effective time of the merger, 1.3577 shares of Lakeland Bancorp, Inc. common stock. The Company expects to issue an aggregate of approximately 14.0 million shares of its common stock in the merger. As of July 11, 2021, the transaction is valued at approximately $244.4 million on a fully diluted basis. The transaction has been approved by the boards of directors of the Company and 1st Constitution Bancorp. Federal Deposit Insurance Corporation and New Jersey Department of Banking and Insurance approval has been received. Subject to the approval of the shareholders of both the Company and 1st Constitution Bancorp, the approval or waiver by the Board of Governors of the Federal Reserve System and other customary closing conditions, the Company anticipates completing the merger in the first quarter of 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 U.S. generally accepted accounting principles (“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 and nine months ended September 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income available to common shareholders $ 22,289 $ 14,427 $ 72,871 $ 38,670 Less: earnings allocated to participating securities 303 131 839 342 Net income allocated to common shareholders $ 21,986 $ 14,296 $ 72,032 $ 38,328 Weighted average number of common shares outstanding - basic 50,637 50,526 50,616 50,544 Share-based plans 238 94 220 101 Weighted average number of common shares outstanding - diluted 50,875 50,620 50,836 50,645 Basic earnings per share $ 0.43 $ 0.28 $ 1.42 $ 0.76 Diluted earnings per share $ 0.43 $ 0.28 $ 1.42 $ 0.76 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 102,149 $ 1,377 $ (555) $ — $ 102,971 Mortgage-backed securities, residential 94,049 1,675 (476) — 95,248 Collateralized mortgage obligations, residential 199,020 2,731 (851) — 200,900 Mortgage-backed securities, multifamily 1,935 — (68) — 1,867 Collateralized mortgage obligations, multifamily 34,409 798 (204) — 35,003 Asset-backed securities 53,809 231 (33) — 54,007 Corporate bonds 38,500 946 (11) (50) 39,385 Total $ 523,871 $ 7,758 $ (2,198) $ (50) $ 529,381 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 Corporate bonds 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: September 30, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 18,820 $ 459 $ — $ — $ 19,279 Mortgage-backed securities, residential 343,866 1,005 (2,870) — 342,001 Collateralized mortgage obligations, residential 8,488 287 — — 8,775 Mortgage-backed securities, multifamily 2,724 47 — — 2,771 Obligations of states and political subdivisions 316,847 198 (5,993) (15) 311,037 Corporate bonds 3,000 33 — (168) 2,865 Total $ 693,745 $ 2,029 $ (8,863) $ (183) $ 686,728 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 September 30, 2021. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. 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 $ 17,514 $ 17,638 $ 16,734 $ 16,817 Due after one year through five years 17,898 18,370 40,804 41,219 Due after five years through ten years 76,126 77,101 22,756 22,549 Due after ten years 29,111 29,247 258,373 252,596 140,649 142,356 338,667 333,181 Mortgage-backed and asset-backed securities 383,222 387,025 355,078 353,547 Total securities $ 523,871 $ 529,381 $ 693,745 $ 686,728 |
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: September 30, 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 $ 15,366 $ 132 $ 15,548 $ 423 8 $ 30,914 $ 555 Mortgage-backed securities, residential 39,399 433 5,728 43 18 45,127 476 Collateralized mortgage obligations, residential 66,336 851 — — 15 66,336 851 Mortgage-backed securities, multifamily 1,867 68 — — 1 1,867 68 Collateralized mortgage obligations, multifamily 7,004 171 1,402 33 4 8,406 204 Asset-backed securities 14,885 33 — — 3 14,885 33 Corporate bonds 2,957 — 982 11 1 3,939 11 Total $ 147,814 $ 1,688 $ 23,660 $ 510 $ 50 $ 171,474 $ 2,198 Held to Maturity Mortgage-backed securities, residential $ 293,496 $ 2,869 $ 108 1 79 $ 293,604 $ 2,870 Obligations of states and political subdivisions 294,935 5,993 — — 235 294,935 5,993 Total $ 588,431 $ 8,862 $ 108 $ 1 314 $ 588,539 $ 8,863 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 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost: September 30, 2021 AAA AA A BBB Not Rated Total (in thousands) U.S. Treasury and U.S. government agencies $ 18,820 $ — $ — $ — $ — $ 18,820 Mortgage-backed securities, residential 343,866 — — — — 343,866 Collateralized mortgage obligations, residential 8,488 — — — — 8,488 Mortgage-backed securities, multifamily 2,724 — — — — 2,724 Obligations of states and political subdivisions 105,609 209,739 1,080 — 419 316,847 Corporate bonds — — — 3,000 — 3,000 Total $ 479,507 $ 209,739 $ 1,080 $ 3,000 $ 419 $ 693,745 December 31, 2020 AAA AA Total (in thousands) U.S. Treasury and U.S. government agencies $ 25,565 $ — $ 25,565 Mortgage-backed securities, residential 39,276 — 39,276 Collateralized mortgage obligations, residential 14,590 — 14,590 Mortgage-backed securities, multifamily 705 — 705 Obligations of states and political subdivisions 2,959 7,671 10,630 Total $ 83,095 $ 7,671 $ 90,766 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following sets forth the composition of the Company’s loan portfolio: (in thousands) September 30, 2021 December 31, 2020 Non-owner occupied commercial $ 2,300,637 $ 2,398,946 Owner occupied commercial 884,144 827,092 Multifamily 907,903 813,225 Non-owner occupied residential 177,592 200,229 Commercial, industrial and other 473,324 718,189 Construction 332,868 266,883 Equipment finance 119,709 116,690 Residential mortgage 407,021 377,380 Home equity and consumer 277,604 302,598 Total $ 5,880,802 $ 6,021,232 |
Credit Quality Indicators | The following table presents the risk category of loans by class of loan and vintage as of September 30, 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 $ 231,072 $ 527,479 $ 307,663 $ 191,755 $ 214,269 $ 612,630 $ 19,746 14 $ 2,104,628 Watch — — 25,434 11,811 4,673 37,995 — — 79,913 Special mention — 3,353 2,731 8,274 14,757 29,028 30 — 58,173 Substandard 98 894 336 2,657 8,112 45,826 — — 57,923 Total 231,170 531,726 336,164 214,497 241,811 725,479 19,776 14 2,300,637 Owner occupied commercial Pass 166,660 130,638 103,320 61,259 50,889 275,250 6,725 52 794,793 Watch — — 2,171 1,220 282 18,708 20 — 22,401 Special mention — — 2,152 13,615 100 24,679 — — 40,546 Substandard 5 — 18 2,647 1,311 22,423 — — 26,404 Total 166,665 130,638 107,661 78,741 52,582 341,060 6,745 52 884,144 Multifamily Pass 141,957 250,242 73,107 87,035 76,472 228,609 10,289 302 868,013 Watch — 970 — — 872 7,174 — — 9,016 Special mention — 12,115 — — 2,391 4,310 — — 18,816 Substandard — — 5,484 1,325 — 5,049 200 — 12,058 Total 141,957 263,327 78,591 88,360 79,735 245,142 10,489 302 907,903 Non-owner occupied residential Pass 20,108 18,924 17,058 17,834 18,647 54,147 7,593 579 154,890 Watch — — — — 916 5,412 — — 6,328 Special mention — — 1,023 841 474 286 515 — 3,139 Substandard — 3,315 512 5,028 1,738 2,642 — — 13,235 Total 20,108 22,239 18,593 23,703 21,775 62,487 8,108 579 177,592 Commercial, industrial and other Pass 121,489 28,903 69,997 12,635 4,645 38,923 166,640 717 443,949 Watch 726 483 495 36 1,432 198 3,545 — 6,915 Special mention — — — 258 1,976 771 3,554 — 6,559 Substandard — 7,184 47 1,678 502 1,307 5,183 — 15,901 Total 122,215 36,570 70,539 14,607 8,555 41,199 178,922 717 473,324 Construction Pass 69,225 101,557 59,474 33,870 30,095 3,753 — — 297,974 Watch — — — 12,664 12,078 — — — 24,742 Special mention — — — — 10,152 — — — 10,152 Total 69,225 101,557 59,474 46,534 52,325 3,753 — — 332,868 Equipment finance Pass 37,254 33,204 31,374 12,228 4,304 1,107 — — 119,471 Substandard 156 — — 57 25 — — — 238 Total 37,410 33,204 31,374 12,285 4,329 1,107 — — 119,709 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Residential mortgage Pass 118,452 116,567 28,856 26,376 9,946 106,566 — — 406,763 Substandard — — — 123 — 135 — — 258 Total 118,452 116,567 28,856 26,499 9,946 106,701 — — 407,021 Consumer Pass 24,133 12,093 6,199 5,276 3,445 27,531 197,703 220 276,600 Substandard 42 — — — 1 318 266 377 1,004 Total 24,175 12,093 6,199 5,276 3,446 27,849 197,969 597 277,604 Total loans $ 931,377 $ 1,247,921 $ 737,451 $ 510,502 $ 474,504 $ 1,554,777 $ 422,009 $ 2,261 $ 5,880,802 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 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 Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Pre-2016 Revolving Loans Revolving to Term Total Equipment finance Pass 41,528 41,717 20,697 8,834 3,162 426 — — 116,364 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 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 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. September 30, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,295,310 $ 336 $ 432 $ 4,559 $ 5,327 $ 2,300,637 Owner occupied commercial 878,881 616 263 4,384 5,263 884,144 Multifamily 904,961 2,942 — — 2,942 907,903 Non-owner occupied residential 174,412 102 2,156 922 3,180 177,592 Commercial, industrial and other 471,628 595 — 1,101 1,696 473,324 Construction 332,868 — — — — 332,868 Equipment finance 119,439 44 156 70 270 119,709 Residential mortgage 406,091 807 — 123 930 407,021 Consumer 276,610 563 54 377 994 277,604 Total $ 5,860,200 $ 6,005 $ 3,061 $ 11,536 $ 20,602 $ 5,880,802 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 at September 30, 2021 and December 31, 2020: September 30, 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 $ 4,748 $ — $ — $ 4,284 Owner occupied commercial 4,656 — — 4,221 Non-owner occupied residential 922 — — 523 Commercial, industrial and other 1,108 — — 477 Equipment finance 238 — — — Residential mortgage 123 — — — Consumer 453 — — — Total $ 12,248 $ — $ — $ 9,505 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) | 9 Months Ended |
Sep. 30, 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 September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of the period $ 60,389 $ 57,839 $ 71,124 $ 40,003 Charge-offs (996) (682) (4,128) (1,306) Recoveries 1,266 85 1,785 322 Net recoveries (charge-offs) 270 (597) (2,343) (984) (Benefit) provision for credit loss - loans (2,706) 8,000 (10,828) 26,223 Balance at end of the period $ 57,953 $ 65,242 $ 57,953 $ 65,242 The following tables detail activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020: (in thousands) Balance at 6/30/2021 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2021 Non-owner occupied commercial $ 20,906 $ (465) $ 459 $ (387) $ 20,513 Owner occupied commercial 4,100 (204) 284 131 4,311 Multifamily 7,177 (28) — 418 7,567 Non-owner occupied residential 2,592 (11) 16 206 2,803 Commercial, industrial and other 10,489 (26) 290 (2,678) 8,075 Construction 1,034 (54) 4 (118) 866 Equipment finance 5,120 (138) — (142) 4,840 Residential mortgage 3,885 (28) 1 348 4,206 Consumer 5,086 (42) 212 (484) 4,772 Total $ 60,389 $ (996) $ 1,266 $ (2,706) $ 57,953 (in thousands) Balance at 6/30/2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2020 Commercial, secured by real estate (1) 43,280 $ (329) $ 10 $ 7,305 50,266 Commercial, industrial and other 4,698 (204) 31 460 4,985 Construction 3,119 — 21 (37) 3,103 Equipment finance 2,971 (96) 1 8 2,884 Residential mortgage 1,436 — 1 256 1,693 Consumer 2,335 (53) 21 8 2,311 Total $ 57,839 $ (682) $ 85 $ 8,000 $ 65,242 (in thousands) Balance at 12/31/2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2021 Non-owner occupied commercial $ 25,910 $ (2,708) $ 462 $ (3,151) $ 20,513 Owner occupied commercial 3,955 (282) 301 337 4,311 Multifamily 7,253 (28) — 342 7,567 Non-owner occupied residential 3,321 (223) 29 (324) 2,803 Commercial, industrial and other 13,665 (401) 439 (5,628) 8,075 Construction 786 (54) 71 63 866 Equipment finance 6,552 (242) 17 (1,487) 4,840 Residential mortgage 3,623 (64) 177 470 4,206 Consumer 6,059 (126) 289 (1,450) 4,772 Total $ 71,124 $ (4,128) $ 1,785 $ (10,828) $ 57,953 (in thousands) Balance at 12/31/2019 Charge-offs Recoveries (Benefit) Provision for Credit Loss Balance at 9/30/2020 Commercial, secured by real estate (1) $ 28,950 $ (498) $ 57 $ 21,757 50,266 Commercial, industrial and other 3,289 (204) 74 1,826 4,985 Construction 2,672 — 69 362 3,103 Equipment finance 957 (194) 39 2,082 2,884 Residential mortgage 1,725 (116) 21 63 1,693 Consumer 2,410 (294) 62 133 2,311 Total $ 40,003 $ (1,306) $ 322 $ 26,223 $ 65,242 (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 September 30, 2021 and December 31, 2020: September 30, 2021 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 $ 2,848 $ 2,295,742 $ 2,047 $ 2,300,637 — $ 20,513 $ 20,513 Owner occupied commercial 8,534 875,477 133 884,144 73 4,238 4,311 Multifamily — 907,903 — 907,903 — 7,567 7,567 Non-owner occupied residential 523 177,000 69 177,592 — 2,803 2,803 Commercial, industrial and other 720 471,876 728 473,324 593 7,482 8,075 Construction — 332,868 — 332,868 — 866 866 Equipment finance — 119,709 — 119,709 — 4,840 4,840 Residential mortgage 729 406,292 — 407,021 — 4,206 4,206 Consumer — 277,378 226 277,604 — 4,772 4,772 Total loans $ 13,354 $ 5,864,245 $ 3,203 $ 5,880,802 $ 666 $ 57,287 $ 57,953 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 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | Lease costs were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 769 $ 828 $ 2,427 $ 2,484 Variable lease cost 22 22 67 87 Sublease income $ (30) $ (31) (91) (92) Net lease cost $ 761 $ 819 $ 2,403 $ 2,479 The table below presents other information on the Company's operating leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,194 $ 2,085 Right-of-use asset obtained in exchange for new operating lease liabilities 109 741 |
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 September 30, 2021 are as follows: (in thousands) Within one year $ 2,956 After one year but within three years 5,081 After three years but within five years 3,792 After five years 7,423 Total undiscounted cash flows 19,252 Discount on cash flows (3,147) Total lease liability $ 16,105 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deposit Liabilities [Abstract] | |
Summary of Deposits | The following table sets forth the details of total deposits: (dollars in thousands) September 30, 2021 December 31, 2020 Noninterest-bearing demand $ 1,724,646 24.9 % $ 1,510,224 23.4 % Interest-bearing checking 2,231,162 32.2 % 2,057,052 31.9 % Money market 1,512,578 21.8 % 1,225,890 19.0 % Savings 657,627 9.5 % 584,361 9.1 % Certificates of deposit $250 thousand and under 667,297 9.6 % 895,056 13.8 % Certificates of deposit over $250 thousand 137,602 2.0 % 183,200 2.8 % Total deposits $ 6,930,912 100.0 % $ 6,455,783 100.0 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2021: Number of Weighted Outstanding, January 1, 2021 23,910 $ 14.77 Granted 16,028 13.72 Vested (13,092) 16.87 Outstanding, September 30, 2021 26,846 $ 13.13 The following is a summary of the Company’s RSU activity during the nine months ended September 30, 2021: Number of Weighted Outstanding, January 1, 2021 372,552 $ 16.63 Granted 375,716 17.20 Vested (140,133) 18.20 Forfeited (7,282) 15.39 Outstanding, September 30, 2021 600,853 $ 16.64 |
Option Activity under the Company's Stock Option Plans | A summary of the activity under the Company’s stock option plans as of September 30, 2021 is as follows: Number of Weighted Weighted Aggregate Outstanding, January 1, 2021 2,764 $ 6.94 1.07 $ 15,934 Exercised (2,764) 6.94 Outstanding, September 30, 2021 — $ — 0.00 $ — Options exercisable at September 30, 2021 — $ — 0.00 $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table sets forth the components of noninterest income for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Service charges on deposit accounts: Debit card interchange income $ 1,585 $ 1,472 $ 4,603 $ 3,910 Overdraft charges 647 533 1,785 1,935 ATM service charges 182 138 497 367 Demand deposit fees and charges 107 129 348 394 Savings service charges 15 16 44 57 Total 2,536 2,288 7,277 6,663 Commissions and fees: Loan fees 376 510 1,367 1,063 Wire transfer charges 376 372 1,126 1,021 Investment services income 373 392 1,210 1,231 Merchant fees 270 184 729 598 Commissions from sales of checks 73 73 226 216 Safe deposit income 82 85 240 256 Other income 54 51 143 138 Total 1,604 1,667 5,041 4,523 Gains on sales of loans 550 1,437 1,865 2,562 Swap income — 624 634 4,234 Other Income: Title insurance income 43 46 87 126 Other income 99 200 262 370 Total 142 246 349 496 Revenue not from contracts with customers 637 511 1,331 1,787 Total Noninterest Income $ 5,469 $ 6,773 $ 16,497 $ 20,265 Timing of Revenue Recognition: Products and services transferred at a point in time 4,832 6,243 15,143 18,422 Products and services transferred over time — 19 23 56 Revenue not from contracts with customers 637 511 1,331 1,787 Total Noninterest Income $ 5,469 $ 6,773 $ 16,497 $ 20,265 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Major Components of Other Operating Expenses | The following table presents the major components of other operating expenses for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Consulting and advisory board fees 927 938 2,281 2,760 ATM and debit card expense 658 615 1,873 1,738 Telecommunications expense 536 501 1,575 1,399 Marketing expense 395 381 1,140 840 Core deposit intangible amortization 211 250 658 776 Other real estate owned and other repossessed assets expense — (2) — 53 Long-term debt prepayment penalties — — — 356 Long-term debt extinguishment costs 831 — 831 — Other operating expenses 2,937 2,931 8,930 9,337 Total other operating expenses $ 6,495 $ 5,614 $ 17,288 $ 17,259 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 September 30, 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 losses arising during period $ (2,008) $ 504 $ (1,504) $ (649) $ 73 $ (576) Net gain on securities reclassified from available for sale to held to maturity 3,814 (1,030) 2,784 — — — Amortization of gain on debt securities reclassified to held to maturity from available for sale (158) 42 (116) — — — Unrealized gains on derivatives 8 (3) 5 51 (14) 37 Other comprehensive income (loss), net $ 1,656 $ (487) $ 1,169 $ (598) $ 59 $ (539) For the Nine Months Ended September 30, 2021 September 30, 2020 (in thousands) Before Tax Amount Tax Benefit (Expense) Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount Net unrealized gains (losses) on available for sale securities: Net unrealized holding (losses) gains arising during period $ (10,916) $ 3,390 $ (7,526) $ 12,475 $ (3,255) $ 9,220 Reclassification adjustment for net gains arising during the period — — — (342) 88 (254) Net unrealized (losses) gains (10,916) 3,390 (7,526) 12,133 (3,167) 8,966 Net gain on securities reclassified from available for sale to held to maturity 3,814 (1,030) 2,784 — — — Amortization of gain on debt securities reclassified to held to maturity from available for sale (158) 42 (116) — — — Unrealized gains (losses) on derivatives 143 (168) (25) (477) 141 (336) Other comprehensive (loss) income, net $ (7,117) $ 2,234 $ (4,883) $ 11,656 $ (3,026) $ 8,630 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 September 30, 2021 (in thousands) Unrealized Gains Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Items Total Beginning balance $ 5,380 $ — $ (5) $ (30) $ 5,345 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Net current period other comprehensive income (loss) 1,280 (116) 5 — 1,169 Ending balance $ 3,876 $ 2,668 $ — $ (30) $ 6,514 For the Three Months Ended September 30, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Beginning balance $ 11,478 $ (56) $ (5) $ 11,417 Net current period other comprehensive (loss) income (576) 37 — (539) Ending balance $ 10,902 $ (19) $ (5) $ 10,878 For the Nine Months Ended September 30, 2021 (in thousands) Unrealized Gains Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Items Total Beginning balance $ 11,402 $ — $ 25 $ (30) $ 11,397 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Net current period other comprehensive loss (4,742) (116) (25) — (4,883) Ending balance $ 3,876 $ 2,668 $ — $ (30) $ 6,514 For the Nine Months Ended September 30, 2020 (in thousands) Unrealized Gains Unrealized Pension Items Total Beginning balance $ 1,936 $ 317 $ (5) $ 2,248 Other comprehensive income (loss) before classifications 9,220 (336) — 8,884 Amounts reclassified from accumulated other comprehensive income (254) — — (254) Net current period other comprehensive income (loss) 8,966 (336) — 8,630 Ending balance $ 10,902 $ (19) $ (5) $ 10,878 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, 2021 Notional Amount Average Weighted Average Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 293,760 8.8 3.11 % 1 Mo. LIBOR + 2.26 $ 8,814 Customer interest rate swaps 688,585 7.9 3.93 % 1 Mo. LIBOR + 1.93 41,200 Classified in Other Liabilities: Customer interest rate swaps $ 293,760 8.8 3.11 % 1 Mo. LIBOR + 2.26 $ (8,814) 3rd Party interest rate swaps 688,585 7.9 3.93 % 1 Mo. LIBOR + 1.93 (41,200) 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) | 9 Months Ended |
Sep. 30, 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 $ 210 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) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2021 and during 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 September 30, 2021 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 22,178 $ 80,793 $ — $ 102,971 Mortgage-backed securities, residential — 95,248 — 95,248 Collateralized mortgage obligations, residential — 200,900 — 200,900 Mortgage-backed securities, multifamily — 1,867 — 1,867 Collateralized mortgage obligations, multifamily — 35,003 — 35,003 Asset-backed securities — 54,007 — 54,007 Corporate bonds — 39,385 — 39,385 Total securities available for sale 22,178 507,203 — 529,381 Equity securities, at fair value — 16,422 — 16,422 Derivative assets — 50,014 — 50,014 Total Assets $ 22,178 $ 573,639 $ — $ 595,817 Liabilities: Derivative liabilities $ — $ 50,014 $ — $ 50,014 Total Liabilities $ — $ 50,014 $ — $ 50,014 December 31, 2020 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities, residential — 228,156 — 228,156 Collateralized mortgage obligations, residential — 209,038 — 209,038 Mortgage-backed securities, multifamily — 1,944 — 1,944 Collateralized mortgage obligations, multifamily — 41,535 — 41,535 Asset-backed securities — 40,690 — 40,690 Obligations of states and political subdivisions — 233,710 — 233,710 Corporate bonds — 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 September 30, 2021 Assets: Individually evaluated loans $ — $ — $ 2,049 $ 2,049 December 31, 2020 Assets: Individually evaluated loans $ — $ — $ 2,417 $ 2,417 |
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 September 30, 2021 and December 31, 2020: (in thousands) Carrying Fair Quoted Prices in Significant Significant September 30, 2021 Financial Assets: Investment securities, held to maturity U.S. Treasury and U.S. government agencies $ 18,820 $ 19,279 $ — $ 19,279 $ — Mortgage-backed securities, residential 343,866 342,001 — 342,001 — Collateralized mortgage obligations, residential 8,488 8,775 — 8,775 — Mortgage-backed securities, multifamily 2,724 2,771 — 2,771 — Obligations of states and political subdivisions 316,832 311,037 — 310,578 459 Corporate bonds 2,832 2,865 — 2,865 — Total investment securities held to maturity, net $ 693,562 $ 686,728 $ — $ 686,269 $ 459 Federal Home Loan Bank and other membership bank stocks 9,340 9,340 — 9,340 — Loans, net 5,822,849 5,844,767 — — 5,844,767 Financial Liabilities: Certificates of deposit 804,899 800,083 — 800,083 — Other borrowings 25,000 24,902 — 24,902 — Subordinated debentures 187,107 185,965 — — 185,965 December 31, 2020 Financial Assets: Investment securities, held to maturity U.S. Treasury and U.S. government agencies 25,565 26,344 — 26,344 — Mortgage-backed securities, residential 39,276 40,733 — 40,733 — Collateralized mortgage obligations, residential 14,590 15,122 — 15,122 — Mortgage-backed securities, multifamily 705 759 — 759 — Obligations of states and political subdivisions 10,630 10,910 — 10,910 — Total 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 22,289 | $ 14,427 | $ 72,871 | $ 38,670 |
Less: earnings allocated to participating securities | 303 | 131 | 839 | 342 |
Net income allocated to common shareholders | $ 21,986 | $ 14,296 | $ 72,032 | $ 38,328 |
Weighted average number of common shares outstanding - basic (in shares) | 50,637 | 50,526 | 50,616 | 50,544 |
Share-based plans (in shares) | 238 | 94 | 220 | 101 |
Weighted average number of common shares outstanding - diluted (in shares) | 50,875 | 50,620 | 50,836 | 50,645 |
Basic earnings per share (in usd per share) | $ 0.43 | $ 0.28 | $ 1.42 | $ 0.76 |
Diluted earnings per share (in usd per share) | $ 0.43 | $ 0.28 | $ 1.42 | $ 0.76 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Options to purchase (in shares) | 0 | 0 | 0 | 0 |
Investment Securities - Reconci
Investment Securities - Reconciliation of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 523,871 | $ 839,272 |
Gross Unrealized Gains | 7,758 | 17,806 |
Gross Unrealized Losses | (2,198) | (1,330) |
Allowance for Credit Losses | (50) | (2) |
Total securities | 529,381 | 855,746 |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 102,149 | 63,868 |
Gross Unrealized Gains | 1,377 | 1,447 |
Gross Unrealized Losses | (555) | (313) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 102,971 | 65,002 |
Mortgage-backed securities, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 94,049 | 224,978 |
Gross Unrealized Gains | 1,675 | 3,718 |
Gross Unrealized Losses | (476) | (540) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 95,248 | 228,156 |
Collateralized mortgage obligations, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 199,020 | 204,093 |
Gross Unrealized Gains | 2,731 | 4,967 |
Gross Unrealized Losses | (851) | (22) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 200,900 | 209,038 |
Mortgage-backed securities, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,935 | 1,944 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (68) | 0 |
Allowance for Credit Losses | 0 | 0 |
Total securities | 1,867 | 1,944 |
Collateralized mortgage obligations, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,409 | 39,628 |
Gross Unrealized Gains | 798 | 1,909 |
Gross Unrealized Losses | (204) | (2) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 35,003 | 41,535 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 53,809 | 40,915 |
Gross Unrealized Gains | 231 | 0 |
Gross Unrealized Losses | (33) | (225) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 54,007 | 40,690 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 228,790 | |
Gross Unrealized Gains | 5,149 | |
Gross Unrealized Losses | (228) | |
Allowance for Credit Losses | (1) | |
Total securities | 233,710 | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 38,500 | 35,056 |
Gross Unrealized Gains | 946 | 616 |
Gross Unrealized Losses | (11) | 0 |
Allowance for Credit Losses | (50) | (1) |
Total securities | $ 39,385 | $ 35,671 |
Investment Securities - Recon_2
Investment Securities - Reconciliation of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 693,745 | $ 90,766 |
Gross Unrealized Gains | 2,029 | 3,114 |
Gross Unrealized Losses | (8,863) | (12) |
Allowance for Credit Losses | (183) | 0 |
Fair Value | 686,728 | 93,868 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 18,820 | 25,565 |
Gross Unrealized Gains | 459 | 779 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 19,279 | 26,344 |
Mortgage-backed securities, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 343,866 | 39,276 |
Gross Unrealized Gains | 1,005 | 1,469 |
Gross Unrealized Losses | (2,870) | (12) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 342,001 | 40,733 |
Collateralized mortgage obligations, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 8,488 | 14,590 |
Gross Unrealized Gains | 287 | 532 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 8,775 | 15,122 |
Mortgage-backed securities, multifamily | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,724 | 705 |
Gross Unrealized Gains | 47 | 54 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 2,771 | 759 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 316,847 | 10,630 |
Gross Unrealized Gains | 198 | 280 |
Gross Unrealized Losses | (5,993) | 0 |
Allowance for Credit Losses | (15) | 0 |
Fair Value | 311,037 | $ 10,910 |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,000 | |
Gross Unrealized Gains | 33 | |
Gross Unrealized Losses | 0 | |
Allowance for Credit Losses | (168) | |
Fair Value | $ 2,865 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 17,514 | |
Due after one year through five years | 17,898 | |
Due after five years through ten years | 76,126 | |
Due after ten years | 29,111 | |
Total | 140,649 | |
Total securities | 523,871 | |
Available for Sale, Fair Value | ||
Due in one year or less | 17,638 | |
Due after one year through five years | 18,370 | |
Due after five years through ten years | 77,101 | |
Due after ten years | 29,247 | |
Total | 142,356 | |
Total securities | 529,381 | |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 16,734 | |
Due after one year through five years | 40,804 | |
Due after five years through ten years | 22,756 | |
Due after ten years | 258,373 | |
Total | 338,667 | |
Amortized Cost | 693,745 | |
Held to Maturity, Fair Value | ||
Due in one year or less | 16,817 | |
Due after one year through five years | 41,219 | |
Due after five years through ten years | 22,549 | |
Due after ten years | 252,596 | |
Total | 333,181 | |
Total securities | 686,728 | $ 93,868 |
Mortgage-backed and asset-backed securities | ||
Available for Sale, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 383,222 | |
Available for Sale, Fair Value | ||
Mortgage-backed and asset-backed securities | 387,025 | |
Held to Maturity, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 355,078 | |
Held to Maturity, Fair Value | ||
Mortgage-backed and asset-backed securities | $ 353,547 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | ||||||
Proceeds from sale of debt securities, available-for-sale | $ 0 | $ 0 | $ 0 | $ 94,696,000 | ||
Debt securities, available-for-sale, realized gain | $ 9,000 | 569,000 | ||||
Debt securities, available-for-sale, realized loss | 227,000 | |||||
Debt securities, available-for-sale, transfer to held to maturity, fair value | 494,200,000 | |||||
OCI, debt securities, held-to-maturity, transfer from available-for-sale, gain (loss), before adjustment, before tax | 3,800,000 | |||||
Amortization of gain on debt securities reclassified to held to maturity | 116,000 | 0 | 116,000 | 0 | ||
Securities, carrying value | 675,500,000 | 675,500,000 | $ 578,000,000 | |||
Equity securities, at fair value | 16,422,000 | 16,422,000 | $ 14,694,000 | |||
Proceeds from sales of equity securities | 0 | 3,000,000 | 0 | 3,000,000 | ||
Loss on equity securities | 58,000 | 170,000 | $ 191,000 | 625,000 | ||
Redemption of funds, notice period | 60 days | |||||
Unfunded commitments | 0 | $ 0 | ||||
Investment in government guaranteed loans, mortgage-backed securities, small business loans | 12,900,000 | 12,900,000 | ||||
Other comprehensive income (loss) | (1,656,000) | 598,000 | 7,117,000 | (11,656,000) | ||
Amortization of Gain on Debt Securities Reclassified to Held to Maturity | ||||||
Investment Holdings [Line Items] | ||||||
Other comprehensive income (loss) | 158,000 | $ 0 | 158,000 | $ 0 | ||
Community reinvestment funds | ||||||
Investment Holdings [Line Items] | ||||||
Equity securities, at fair value | 3,500,000 | 3,500,000 | ||||
Other financial institutions | ||||||
Investment Holdings [Line Items] | ||||||
Unfunded commitments | $ 0 | $ 0 |
Investment Securities - Recon_3
Investment Securities - Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position (Detail) $ in Thousands | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Fair Value | ||
Less Than 12 Months | $ 147,814 | $ 174,022 |
12 Months or Longer | 23,660 | 23,308 |
Total | $ 171,474 | $ 197,330 |
Number of Securities | security | 50 | 61 |
Unrealized Losses | ||
Less Than 12 Months | $ 1,688 | $ 977 |
12 Months or Longer | 510 | 353 |
Total | 2,198 | 1,330 |
Fair Value | ||
Less Than 12 Months | 588,431 | 2,561 |
12 Months or Longer | 108 | 0 |
Total | 588,539 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 8,862 | 12 |
12 Months or Longer | 1 | 0 |
Total | $ 8,863 | $ 12 |
Number of Securities | security | 314 | 4 |
U.S. Treasury and U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | $ 15,366 | $ 4,966 |
12 Months or Longer | 15,548 | 17,652 |
Total | $ 30,914 | $ 22,618 |
Number of Securities | security | 8 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 132 | $ 29 |
12 Months or Longer | 423 | 284 |
Total | 555 | 313 |
Mortgage-backed securities, residential | ||
Fair Value | ||
Less Than 12 Months | 39,399 | 84,137 |
12 Months or Longer | 5,728 | 5,656 |
Total | $ 45,127 | $ 89,793 |
Number of Securities | security | 18 | 30 |
Unrealized Losses | ||
Less Than 12 Months | $ 433 | $ 471 |
12 Months or Longer | 43 | 69 |
Total | 476 | 540 |
Fair Value | ||
Less Than 12 Months | 293,496 | 2,561 |
12 Months or Longer | 108 | 0 |
Total | 293,604 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 2,869 | 12 |
12 Months or Longer | 1 | 0 |
Total | $ 2,870 | $ 12 |
Number of Securities | security | 79 | 4 |
Collateralized mortgage obligations, residential | ||
Fair Value | ||
Less Than 12 Months | $ 66,336 | $ 23,858 |
12 Months or Longer | 0 | 0 |
Total | $ 66,336 | $ 23,858 |
Number of Securities | security | 15 | 7 |
Unrealized Losses | ||
Less Than 12 Months | $ 851 | $ 22 |
12 Months or Longer | 0 | 0 |
Total | 851 | 22 |
Mortgage-backed securities, multifamily | ||
Fair Value | ||
Less Than 12 Months | 1,867 | 1,943 |
12 Months or Longer | 0 | 0 |
Total | $ 1,867 | $ 1,943 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 68 | $ 0 |
12 Months or Longer | 0 | 0 |
Total | 68 | 0 |
Collateralized mortgage obligations, multifamily | ||
Fair Value | ||
Less Than 12 Months | 7,004 | 2,527 |
12 Months or Longer | 1,402 | 0 |
Total | $ 8,406 | $ 2,527 |
Number of Securities | security | 4 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 171 | $ 2 |
12 Months or Longer | 33 | 0 |
Total | 204 | 2 |
Asset-backed securities | ||
Fair Value | ||
Less Than 12 Months | 14,885 | 40,690 |
12 Months or Longer | 0 | 0 |
Total | $ 14,885 | $ 40,690 |
Number of Securities | security | 3 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 33 | $ 225 |
12 Months or Longer | 0 | 0 |
Total | 33 | 225 |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 15,901 | |
12 Months or Longer | 0 | |
Total | $ 15,901 | |
Number of Securities | security | 10 | |
Unrealized Losses | ||
Less Than 12 Months | $ 228 | |
12 Months or Longer | 0 | |
Total | $ 228 | |
Fair Value | ||
Less Than 12 Months | 294,935 | |
12 Months or Longer | 0 | |
Total | 294,935 | |
Unrealized Losses | ||
Less Than 12 Months | 5,993 | |
12 Months or Longer | 0 | |
Total | $ 5,993 | |
Number of Securities | security | 235 | |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | $ 2,957 | |
12 Months or Longer | 982 | |
Total | $ 3,939 | |
Number of Securities | security | 1 | |
Unrealized Losses | ||
Less Than 12 Months | $ 0 | |
12 Months or Longer | 11 | |
Total | $ 11 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 693,745 | $ 90,766 |
AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 479,507 | 83,095 |
AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 209,739 | 7,671 |
A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 1,080 | |
BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 3,000 | |
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 | 18,820 | 25,565 |
U.S. Treasury and U.S. government agencies | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 18,820 | 25,565 |
U.S. Treasury and U.S. government agencies | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
U.S. Treasury and U.S. government agencies | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
U.S. Treasury and U.S. government agencies | BBB | ||
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 | 343,866 | 39,276 |
Mortgage-backed securities, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 343,866 | 39,276 |
Mortgage-backed securities, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Mortgage-backed securities, residential | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, residential | BBB | ||
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 | 8,488 | 14,590 |
Collateralized mortgage obligations, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 8,488 | 14,590 |
Collateralized mortgage obligations, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Collateralized mortgage obligations, residential | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Collateralized mortgage obligations, residential | BBB | ||
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 | 2,724 | 705 |
Mortgage-backed securities, multifamily | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 2,724 | 705 |
Mortgage-backed securities, multifamily | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Mortgage-backed securities, multifamily | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, multifamily | BBB | ||
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 | 316,847 | 10,630 |
Obligations of states and political subdivisions | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 105,609 | 2,959 |
Obligations of states and political subdivisions | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 209,739 | $ 7,671 |
Obligations of states and political subdivisions | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 1,080 | |
Obligations of states and political subdivisions | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Obligations of states and political subdivisions | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 419 | |
Corporate bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 3,000 | |
Corporate bonds | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Corporate bonds | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Corporate bonds | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Corporate bonds | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 3,000 | |
Corporate bonds | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 0 |
Loans - Composition of Loan Por
Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | $ 5,880,802 | $ 6,021,232 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 2,300,637 | 2,398,946 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 884,144 | 827,092 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 907,903 | 813,225 |
Non-owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 177,592 | 200,229 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 473,324 | 718,189 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 332,868 | 266,883 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 119,709 | 116,690 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 407,021 | 377,380 |
Home equity and consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | $ 277,604 | $ 302,598 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)loancontractportfolio | Sep. 30, 2020contract | Sep. 30, 2021USD ($)contractloanportfolio | Sep. 30, 2020USD ($)contract | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of portfolio segments | portfolio | 9 | 9 | |||
Accrued interest receivable on loans | $ 13,500,000 | $ 13,500,000 | $ 16,000,000 | ||
Net deferred loan fees | (7,700,000) | (7,700,000) | (10,000,000) | ||
Overdraft balances included in home equity and consumer loans | 188,000 | 188,000 | 650,000 | ||
Loans pledged for actual and potential borrowings at the Federal Home Loan Bank | $ 2,290,000,000 | 2,290,000,000 | $ 2,280,000,000 | ||
Transfer of loans to loans held for sale | $ 21,689,000 | $ 0 | |||
Number of loans still accruing | loan | 0 | 0 | 1 | ||
Financing receivable, 90 days or more past due, still accruing | $ 0 | $ 0 | $ 1,000 | ||
Financing receivable, nonaccrual, in the process of foreclosure | 0 | 0 | 1,700,000 | ||
Financing receivable, troubled debt restructuring | 3,700,000 | 3,700,000 | 5,000,000 | ||
Financing receivable, accrual, troubled debt restructuring | 3,400,000 | 3,400,000 | 3,900,000 | ||
Financing receivable nonaccrual troubled debt restructuring | 241,000 | $ 241,000 | 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 | $ 0 | |||
Paycheck Protection Program ("PPP") | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, before allowance for credit loss and fee | 109,300,000 | 109,300,000 | 284,600,000 | ||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, 90 days or more past due, still accruing | 0 | 0 | 1,000 | ||
Financing receivable, troubled debt restructuring | $ 116,000 | $ 116,000 | |||
Financing receivable, modifications, number of contracts | contract | 1 | 1 | |||
Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, 90 days or more past due, still accruing | $ 0 | ||||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 1 | ||||
Recorded investment | $ 694,000 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans After Adoption of CECL (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | $ 931,377 | $ 1,537,184 |
2020/2019 | 1,247,921 | 834,164 |
2019/2018 | 737,451 | 594,181 |
2018/2017 | 510,502 | 585,062 |
2017/2016 | 474,504 | 522,144 |
Pre-2017/2016 | 1,554,777 | 1,397,462 |
Revolving Loans | 422,009 | 547,612 |
Revolving to Term | 2,261 | 3,423 |
Loans | 5,880,802 | 6,021,232 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 231,170 | 574,835 |
2020/2019 | 531,726 | 380,450 |
2019/2018 | 336,164 | 237,615 |
2018/2017 | 214,497 | 282,705 |
2017/2016 | 241,811 | 241,964 |
Pre-2017/2016 | 725,479 | 625,850 |
Revolving Loans | 19,776 | 53,281 |
Revolving to Term | 14 | 2,246 |
Loans | 2,300,637 | 2,398,946 |
Non-owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 231,072 | 570,665 |
2020/2019 | 527,479 | 376,681 |
2019/2018 | 307,663 | 217,931 |
2018/2017 | 191,755 | 251,751 |
2017/2016 | 214,269 | 187,605 |
Pre-2017/2016 | 612,630 | 509,573 |
Revolving Loans | 19,746 | 50,071 |
Revolving to Term | 14 | 2,246 |
Loans | 2,104,628 | 2,166,523 |
Non-owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 770 |
2020/2019 | 0 | 638 |
2019/2018 | 25,434 | 8,498 |
2018/2017 | 11,811 | 5,936 |
2017/2016 | 4,673 | 19,579 |
Pre-2017/2016 | 37,995 | 47,680 |
Revolving Loans | 0 | 315 |
Revolving to Term | 0 | 0 |
Loans | 79,913 | 83,416 |
Non-owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 3,400 |
2020/2019 | 3,353 | 3,131 |
2019/2018 | 2,731 | 8,377 |
2018/2017 | 8,274 | 9,115 |
2017/2016 | 14,757 | 19,936 |
Pre-2017/2016 | 29,028 | 7,894 |
Revolving Loans | 30 | 2,895 |
Revolving to Term | 0 | 0 |
Loans | 58,173 | 54,748 |
Non-owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 98 | 0 |
2020/2019 | 894 | 0 |
2019/2018 | 336 | 2,809 |
2018/2017 | 2,657 | 15,903 |
2017/2016 | 8,112 | 14,844 |
Pre-2017/2016 | 45,826 | 60,703 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 57,923 | 94,259 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 166,665 | 128,293 |
2020/2019 | 130,638 | 101,390 |
2019/2018 | 107,661 | 84,622 |
2018/2017 | 78,741 | 85,620 |
2017/2016 | 52,582 | 80,243 |
Pre-2017/2016 | 341,060 | 334,956 |
Revolving Loans | 6,745 | 11,789 |
Revolving to Term | 52 | 179 |
Loans | 884,144 | 827,092 |
Owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 166,660 | 116,512 |
2020/2019 | 130,638 | 76,224 |
2019/2018 | 103,320 | 80,244 |
2018/2017 | 61,259 | 81,215 |
2017/2016 | 50,889 | 62,118 |
Pre-2017/2016 | 275,250 | 245,330 |
Revolving Loans | 6,725 | 11,072 |
Revolving to Term | 52 | 179 |
Loans | 794,793 | 672,894 |
Owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 11,347 |
2020/2019 | 0 | 22,932 |
2019/2018 | 2,171 | 411 |
2018/2017 | 1,220 | 3,651 |
2017/2016 | 282 | 8,038 |
Pre-2017/2016 | 18,708 | 23,612 |
Revolving Loans | 20 | 673 |
Revolving to Term | 0 | 0 |
Loans | 22,401 | 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 | 2,152 | 929 |
2018/2017 | 13,615 | 113 |
2017/2016 | 100 | 4,317 |
Pre-2017/2016 | 24,679 | 38,638 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 40,546 | 46,215 |
Owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 5 | 434 |
2020/2019 | 0 | 16 |
2019/2018 | 18 | 3,038 |
2018/2017 | 2,647 | 641 |
2017/2016 | 1,311 | 5,770 |
Pre-2017/2016 | 22,423 | 27,376 |
Revolving Loans | 0 | 44 |
Revolving to Term | 0 | 0 |
Loans | 26,404 | 37,319 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 141,957 | 261,489 |
2020/2019 | 263,327 | 65,175 |
2019/2018 | 78,591 | 86,348 |
2018/2017 | 88,360 | 95,767 |
2017/2016 | 79,735 | 126,667 |
Pre-2017/2016 | 245,142 | 156,066 |
Revolving Loans | 10,489 | 21,713 |
Revolving to Term | 302 | 0 |
Loans | 907,903 | 813,225 |
Multifamily | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 141,957 | 251,708 |
2020/2019 | 250,242 | 59,694 |
2019/2018 | 73,107 | 85,748 |
2018/2017 | 87,035 | 93,368 |
2017/2016 | 76,472 | 117,155 |
Pre-2017/2016 | 228,609 | 145,786 |
Revolving Loans | 10,289 | 21,713 |
Revolving to Term | 302 | 0 |
Loans | 868,013 | 775,172 |
Multifamily | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 970 | 0 |
2019/2018 | 0 | 600 |
2018/2017 | 0 | 0 |
2017/2016 | 872 | 0 |
Pre-2017/2016 | 7,174 | 8,472 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 9,016 | 9,072 |
Multifamily | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 9,781 |
2020/2019 | 12,115 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 2,399 |
2017/2016 | 2,391 | 0 |
Pre-2017/2016 | 4,310 | 1,124 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 18,816 | 13,304 |
Multifamily | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 5,481 |
2019/2018 | 5,484 | 0 |
2018/2017 | 1,325 | 0 |
2017/2016 | 0 | 9,512 |
Pre-2017/2016 | 5,049 | 684 |
Revolving Loans | 200 | 0 |
Revolving to Term | 0 | 0 |
Loans | 12,058 | 15,677 |
Non-owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 20,108 | 24,382 |
2020/2019 | 22,239 | 25,686 |
2019/2018 | 18,593 | 30,151 |
2018/2017 | 23,703 | 27,205 |
2017/2016 | 21,775 | 22,473 |
Pre-2017/2016 | 62,487 | 61,326 |
Revolving Loans | 8,108 | 8,835 |
Revolving to Term | 579 | 171 |
Loans | 177,592 | 200,229 |
Non-owner occupied residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 20,108 | 23,506 |
2020/2019 | 18,924 | 24,378 |
2019/2018 | 17,058 | 27,752 |
2018/2017 | 17,834 | 24,344 |
2017/2016 | 18,647 | 21,488 |
Pre-2017/2016 | 54,147 | 53,200 |
Revolving Loans | 7,593 | 8,180 |
Revolving to Term | 579 | 171 |
Loans | 154,890 | 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 | 0 | 0 |
2018/2017 | 0 | 1,174 |
2017/2016 | 916 | 0 |
Pre-2017/2016 | 5,412 | 5,757 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 6,328 | 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 | 1,023 | 1,199 |
2018/2017 | 841 | 392 |
2017/2016 | 474 | 293 |
Pre-2017/2016 | 286 | 656 |
Revolving Loans | 515 | 655 |
Revolving to Term | 0 | 0 |
Loans | 3,139 | 3,691 |
Non-owner occupied residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 876 |
2020/2019 | 3,315 | 512 |
2019/2018 | 512 | 1,200 |
2018/2017 | 5,028 | 1,295 |
2017/2016 | 1,738 | 692 |
Pre-2017/2016 | 2,642 | 1,713 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 13,235 | 6,288 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 122,215 | 306,555 |
2020/2019 | 36,570 | 88,668 |
2019/2018 | 70,539 | 20,844 |
2018/2017 | 14,607 | 11,170 |
2017/2016 | 8,555 | 22,431 |
Pre-2017/2016 | 41,199 | 42,998 |
Revolving Loans | 178,922 | 224,992 |
Revolving to Term | 717 | 531 |
Loans | 473,324 | 718,189 |
Commercial, industrial and other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 121,489 | 299,091 |
2020/2019 | 28,903 | 84,917 |
2019/2018 | 69,997 | 16,245 |
2018/2017 | 12,635 | 7,216 |
2017/2016 | 4,645 | 18,358 |
Pre-2017/2016 | 38,923 | 41,900 |
Revolving Loans | 166,640 | 208,519 |
Revolving to Term | 717 | 531 |
Loans | 443,949 | 676,777 |
Commercial, industrial and other | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 726 | 287 |
2020/2019 | 483 | 3,701 |
2019/2018 | 495 | 156 |
2018/2017 | 36 | 1,643 |
2017/2016 | 1,432 | 301 |
Pre-2017/2016 | 198 | 369 |
Revolving Loans | 3,545 | 2,324 |
Revolving to Term | 0 | 0 |
Loans | 6,915 | 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 | 258 | 764 |
2017/2016 | 1,976 | 2,275 |
Pre-2017/2016 | 771 | 0 |
Revolving Loans | 3,554 | 4,727 |
Revolving to Term | 0 | 0 |
Loans | 6,559 | 8,650 |
Commercial, industrial and other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 7,177 |
2020/2019 | 7,184 | 50 |
2019/2018 | 47 | 3,559 |
2018/2017 | 1,678 | 1,547 |
2017/2016 | 502 | 1,497 |
Pre-2017/2016 | 1,307 | 729 |
Revolving Loans | 5,183 | 9,422 |
Revolving to Term | 0 | 0 |
Loans | 15,901 | 23,981 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 69,225 | 56,734 |
2020/2019 | 101,557 | 77,117 |
2019/2018 | 59,474 | 71,810 |
2018/2017 | 46,534 | 49,789 |
2017/2016 | 52,325 | 8,400 |
Pre-2017/2016 | 3,753 | 843 |
Revolving Loans | 0 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 332,868 | 266,883 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 69,225 | 56,734 |
2020/2019 | 101,557 | 77,117 |
2019/2018 | 59,474 | 69,627 |
2018/2017 | 33,870 | 29,303 |
2017/2016 | 30,095 | 7,681 |
Pre-2017/2016 | 3,753 | 328 |
Revolving Loans | 0 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 297,974 | 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 | 12,664 | 11,959 |
2017/2016 | 12,078 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 24,742 | 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 | 10,152 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 10,152 | 8,321 |
Construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | |
2020/2019 | 0 | |
2019/2018 | 0 | |
2018/2017 | 206 | |
2017/2016 | 719 | |
Pre-2017/2016 | 515 | |
Revolving Loans | 0 | |
Revolving to Term | 0 | |
Loans | 1,440 | |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 37,410 | 41,528 |
2020/2019 | 33,204 | 41,815 |
2019/2018 | 31,374 | 20,785 |
2018/2017 | 12,285 | 8,908 |
2017/2016 | 4,329 | 3,226 |
Pre-2017/2016 | 1,107 | 428 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 119,709 | 116,690 |
Equipment finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 37,254 | 41,528 |
2020/2019 | 33,204 | 41,717 |
2019/2018 | 31,374 | 20,697 |
2018/2017 | 12,228 | 8,834 |
2017/2016 | 4,304 | 3,162 |
Pre-2017/2016 | 1,107 | 426 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 119,471 | 116,364 |
Equipment finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 156 | 0 |
2020/2019 | 0 | 98 |
2019/2018 | 0 | 88 |
2018/2017 | 57 | 74 |
2017/2016 | 25 | 64 |
Pre-2017/2016 | 0 | 2 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 238 | 326 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 118,452 | 127,336 |
2020/2019 | 116,567 | 43,962 |
2019/2018 | 28,856 | 34,485 |
2018/2017 | 26,499 | 18,563 |
2017/2016 | 9,946 | 12,108 |
Pre-2017/2016 | 106,701 | 140,926 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 407,021 | 377,380 |
Residential mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 118,452 | 127,336 |
2020/2019 | 116,567 | 43,910 |
2019/2018 | 28,856 | 34,252 |
2018/2017 | 26,376 | 17,548 |
2017/2016 | 9,946 | 12,108 |
Pre-2017/2016 | 106,566 | 139,616 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 406,763 | 374,770 |
Residential mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 52 |
2019/2018 | 0 | 233 |
2018/2017 | 123 | 1,015 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 135 | 1,310 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 258 | 2,610 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 24,175 | 16,032 |
2020/2019 | 12,093 | 9,901 |
2019/2018 | 6,199 | 7,521 |
2018/2017 | 5,276 | 5,335 |
2017/2016 | 3,446 | 4,632 |
Pre-2017/2016 | 27,849 | 34,069 |
Revolving Loans | 197,969 | 224,812 |
Revolving to Term | 597 | 296 |
Loans | 277,604 | 302,598 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 24,133 | 15,999 |
2020/2019 | 12,093 | 9,844 |
2019/2018 | 6,199 | 7,490 |
2018/2017 | 5,276 | 5,333 |
2017/2016 | 3,445 | 4,632 |
Pre-2017/2016 | 27,531 | 31,861 |
Revolving Loans | 197,703 | 224,549 |
Revolving to Term | 220 | 166 |
Loans | 276,600 | 299,874 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 42 | 33 |
2020/2019 | 0 | 57 |
2019/2018 | 0 | 31 |
2018/2017 | 0 | 2 |
2017/2016 | 1 | 0 |
Pre-2017/2016 | 318 | 2,208 |
Revolving Loans | 266 | 263 |
Revolving to Term | 377 | 130 |
Loans | $ 1,004 | $ 2,724 |
Loans - Age Analysis (Details)
Loans - Age Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 5,880,802 | $ 6,021,232 |
Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,300,637 | 2,398,946 |
Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 884,144 | 827,092 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 907,903 | 813,225 |
Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 177,592 | 200,229 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 473,324 | 718,189 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 332,868 | 266,883 |
Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 119,709 | 116,690 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 407,021 | 377,380 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 277,604 | 302,598 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,860,200 | 5,977,647 |
Current | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,295,310 | 2,384,233 |
Current | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 878,881 | 811,408 |
Current | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 904,961 | 812,597 |
Current | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 174,412 | 197,802 |
Current | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 471,628 | 716,337 |
Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 332,868 | 265,649 |
Current | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 119,439 | 115,124 |
Current | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 406,091 | 374,370 |
Current | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 276,610 | 300,127 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 6,005 | 8,255 |
30 - 59 Days | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 336 | 1,256 |
30 - 59 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 616 | 2,759 |
30 - 59 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,942 | 208 |
30 - 59 Days | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 102 | 482 |
30 - 59 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 595 | 125 |
30 - 59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
30 - 59 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 44 | 1,338 |
30 - 59 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 807 | 1,046 |
30 - 59 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 563 | 1,041 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,061 | 1,277 |
60 - 89 Days | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 432 | 306 |
60 - 89 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 263 | 350 |
60 - 89 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60 - 89 Days | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,156 | 294 |
60 - 89 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60 - 89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60 - 89 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 156 | 98 |
60 - 89 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 156 |
60 - 89 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 54 | 73 |
Greater than 89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 11,536 | 34,053 |
Greater than 89 days | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 4,559 | 13,151 |
Greater than 89 days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 4,384 | 12,575 |
Greater than 89 days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 420 |
Greater than 89 days | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 922 | 1,651 |
Greater than 89 days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,101 | 1,727 |
Greater than 89 days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 1,234 |
Greater than 89 days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 70 | 130 |
Greater than 89 days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 123 | 1,808 |
Greater than 89 days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 377 | 1,357 |
Total past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 20,602 | 43,585 |
Total past due | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,327 | 14,713 |
Total past due | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,263 | 15,684 |
Total past due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,942 | 628 |
Total past due | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,180 | 2,427 |
Total past due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,696 | 1,852 |
Total past due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 1,234 |
Total past due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 270 | 1,566 |
Total past due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 930 | 3,010 |
Total past due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 994 | $ 2,471 |
Loans - Non-accrual (Details)
Loans - Non-accrual (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 12,248 | $ 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 | 9,505 | 32,337 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 4,748 | 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 | 4,284 | 14,719 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 4,656 | 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 | 4,221 | 12,371 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 626 | |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 0 | |
Non-owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 922 | 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 | 523 | 1,580 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,108 | 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 | 477 | 1,418 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,440 | |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 1,234 | |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 238 | 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 | 123 | 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 | 0 | 1,015 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 453 | 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 ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit loss | $ 57,953,000 | $ 65,242,000 | $ 57,953,000 | $ 65,242,000 | $ 60,389,000 | $ 71,124,000 | $ 57,839,000 | $ 40,003,000 |
Financing receivable, collectively evaluated for impairment | 5,864,245,000 | 5,864,245,000 | 5,979,260,000 | |||||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 57,287,000 | 57,287,000 | 69,769,000 | |||||
Financing receivable, individually evaluated for impairment and acquired with deteriorated credit quality | 16,600,000 | 16,600,000 | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment and acquired with deteriorated credit quality | 666,000 | 666,000 | ||||||
Accrued interest receivable on loans | 13,500,000 | 13,500,000 | 16,000,000 | |||||
Debt securities, available-for-sale, allowance for credit loss | 50,000 | 50,000 | 2,000 | |||||
Debt securities, held-to-maturity, allowance for credit loss | 183,000 | 183,000 | 0 | |||||
Debt securities, available-for-sale, allowance for credit loss, period increase (decrease) | 32,000 | 51,000 | ||||||
Debt securities, held-to-maturity, credit loss expense (reversal) | 43,000 | 180,000 | ||||||
Debt securities, accrued interest after allowance for credit loss | 4,600,000 | 4,600,000 | 3,300,000 | |||||
Off-balance sheet, credit loss, liability | 1,800,000 | 1,800,000 | $ 2,600,000 | |||||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | (72,000) | $ 0 | (707,000) | $ 210,000 | ||||
Nonperforming Financial Instruments | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Loans sold | 6,600,000 | 21,700,000 | ||||||
Financing receivable, sale, recovery | $ (502,000) | |||||||
Financing receivable, sale, write-off | $ (706,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit loss | 6,700,000 | |||||||
Debt securities, allowance for credit loss | 30,000 | |||||||
Off-balance sheet, credit loss, liability | $ (498,000) |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | $ 60,389 | $ 57,839 | $ 71,124 | $ 40,003 |
Charge-offs | (996) | (682) | (4,128) | (1,306) |
Recoveries | 1,266 | 85 | 1,785 | 322 |
Net recoveries (charge-offs) | 270 | (597) | (2,343) | (984) |
(Benefit) provision for credit loss - loans | (2,706) | 8,000 | (10,828) | 26,223 |
Balance at end of the period | $ 57,953 | $ 65,242 | $ 57,953 | $ 65,242 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | $ 60,389 | $ 57,839 | $ 71,124 | $ 40,003 |
Charge-offs | (996) | (682) | (4,128) | (1,306) |
Recoveries | 1,266 | 85 | 1,785 | 322 |
(Benefit) provision for credit loss - loans | (2,706) | 8,000 | (10,828) | 26,223 |
Balance at end of the period | 57,953 | 65,242 | 57,953 | 65,242 |
Commercial, secured by real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 43,280 | 28,950 | ||
Charge-offs | (329) | (498) | ||
Recoveries | 10 | 57 | ||
(Benefit) provision for credit loss - loans | 7,305 | 21,757 | ||
Balance at end of the period | 50,266 | 50,266 | ||
Non-owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 20,906 | 25,910 | ||
Charge-offs | (465) | (2,708) | ||
Recoveries | 459 | 462 | ||
(Benefit) provision for credit loss - loans | (387) | (3,151) | ||
Balance at end of the period | 20,513 | 20,513 | ||
Owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 4,100 | 3,955 | ||
Charge-offs | (204) | (282) | ||
Recoveries | 284 | 301 | ||
(Benefit) provision for credit loss - loans | 131 | 337 | ||
Balance at end of the period | 4,311 | 4,311 | ||
Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 7,177 | 7,253 | ||
Charge-offs | (28) | (28) | ||
Recoveries | 0 | 0 | ||
(Benefit) provision for credit loss - loans | 418 | 342 | ||
Balance at end of the period | 7,567 | 7,567 | ||
Non-owner occupied residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 2,592 | 3,321 | ||
Charge-offs | (11) | (223) | ||
Recoveries | 16 | 29 | ||
(Benefit) provision for credit loss - loans | 206 | (324) | ||
Balance at end of the period | 2,803 | 2,803 | ||
Commercial, industrial and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 10,489 | 4,698 | 13,665 | 3,289 |
Charge-offs | (26) | (204) | (401) | (204) |
Recoveries | 290 | 31 | 439 | 74 |
(Benefit) provision for credit loss - loans | (2,678) | 460 | (5,628) | 1,826 |
Balance at end of the period | 8,075 | 4,985 | 8,075 | 4,985 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 1,034 | 3,119 | 786 | 2,672 |
Charge-offs | (54) | 0 | (54) | 0 |
Recoveries | 4 | 21 | 71 | 69 |
(Benefit) provision for credit loss - loans | (118) | (37) | 63 | 362 |
Balance at end of the period | 866 | 3,103 | 866 | 3,103 |
Equipment finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 5,120 | 2,971 | 6,552 | 957 |
Charge-offs | (138) | (96) | (242) | (194) |
Recoveries | 0 | 1 | 17 | 39 |
(Benefit) provision for credit loss - loans | (142) | 8 | (1,487) | 2,082 |
Balance at end of the period | 4,840 | 2,884 | 4,840 | 2,884 |
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 3,885 | 1,436 | 3,623 | 1,725 |
Charge-offs | (28) | 0 | (64) | (116) |
Recoveries | 1 | 1 | 177 | 21 |
(Benefit) provision for credit loss - loans | 348 | 256 | 470 | 63 |
Balance at end of the period | 4,206 | 1,693 | 4,206 | 1,693 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 5,086 | 2,335 | 6,059 | 2,410 |
Charge-offs | (42) | (53) | (126) | (294) |
Recoveries | 212 | 21 | 289 | 62 |
(Benefit) provision for credit loss - loans | (484) | 8 | (1,450) | 133 |
Balance at end of the period | $ 4,772 | $ 2,311 | $ 4,772 | $ 2,311 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | $ 13,354 | $ 33,719 | ||||
Loans, Collectively evaluated | 5,864,245 | 5,979,260 | ||||
Loans, Acquired with deteriorated credit quality | 3,203 | 8,253 | ||||
Loans | 5,880,802 | 6,021,232 | ||||
Allowance for Credit Losses, Individually evaluated | 666 | 1,355 | ||||
Allowance for Credit Losses, Collectively evaluated | 57,287 | 69,769 | ||||
Allowance for Credit Losses | 57,953 | $ 60,389 | 71,124 | $ 65,242 | $ 57,839 | $ 40,003 |
Non-owner occupied commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 2,848 | 12,112 | ||||
Loans, Collectively evaluated | 2,295,742 | 2,382,717 | ||||
Loans, Acquired with deteriorated credit quality | 2,047 | 4,117 | ||||
Loans | 2,300,637 | 2,398,946 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 355 | ||||
Allowance for Credit Losses, Collectively evaluated | 20,513 | 25,555 | ||||
Allowance for Credit Losses | 20,513 | 20,906 | 25,910 | |||
Owner occupied commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 8,534 | 16,547 | ||||
Loans, Collectively evaluated | 875,477 | 809,935 | ||||
Loans, Acquired with deteriorated credit quality | 133 | 610 | ||||
Loans | 884,144 | 827,092 | ||||
Allowance for Credit Losses, Individually evaluated | 73 | 96 | ||||
Allowance for Credit Losses, Collectively evaluated | 4,238 | 3,859 | ||||
Allowance for Credit Losses | 4,311 | 4,100 | 3,955 | |||
Multifamily | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 907,903 | 813,225 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans | 907,903 | 813,225 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 7,567 | 7,253 | ||||
Allowance for Credit Losses | 7,567 | 7,177 | 7,253 | |||
Non-owner occupied residential | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 523 | 1,459 | ||||
Loans, Collectively evaluated | 177,000 | 198,334 | ||||
Loans, Acquired with deteriorated credit quality | 69 | 436 | ||||
Loans | 177,592 | 200,229 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 43 | ||||
Allowance for Credit Losses, Collectively evaluated | 2,803 | 3,278 | ||||
Allowance for Credit Losses | 2,803 | 2,592 | 3,321 | |||
Commercial, industrial and other | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 720 | 1,596 | ||||
Loans, Collectively evaluated | 471,876 | 715,129 | ||||
Loans, Acquired with deteriorated credit quality | 728 | 1,464 | ||||
Loans | 473,324 | 718,189 | ||||
Allowance for Credit Losses, Individually evaluated | 593 | 830 | ||||
Allowance for Credit Losses, Collectively evaluated | 7,482 | 12,835 | ||||
Allowance for Credit Losses | 8,075 | 10,489 | 13,665 | 4,985 | 4,698 | 3,289 |
Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 515 | ||||
Loans, Collectively evaluated | 332,868 | 265,649 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 719 | ||||
Loans | 332,868 | 266,883 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 866 | 786 | ||||
Allowance for Credit Losses | 866 | 1,034 | 786 | 3,103 | 3,119 | 2,672 |
Equipment finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 119,709 | 116,690 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans | 119,709 | 116,690 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 4,840 | 6,552 | ||||
Allowance for Credit Losses | 4,840 | 5,120 | 6,552 | 2,884 | 2,971 | 957 |
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 729 | 1,490 | ||||
Loans, Collectively evaluated | 406,292 | 375,482 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 408 | ||||
Loans | 407,021 | 377,380 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 4,206 | 3,623 | ||||
Allowance for Credit Losses | 4,206 | 3,885 | 3,623 | 1,693 | 1,436 | 1,725 |
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 277,378 | 302,099 | ||||
Loans, Acquired with deteriorated credit quality | 226 | 499 | ||||
Loans | 277,604 | 302,598 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 31 | ||||
Allowance for Credit Losses, Collectively evaluated | 4,772 | 6,028 | ||||
Allowance for Credit Losses | $ 4,772 | $ 5,086 | $ 6,059 | $ 2,311 | $ 2,335 | $ 2,410 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease liabilities | $ 16,105,000 | $ 18,183,000 |
Operating lease right-of-use assets | $ 14,809,000 | $ 16,772,000 |
Operating lease, weighted average remaining lease term | 9 years 6 months 14 days | 9 years 8 months 8 days |
Lessee, operating lease, discount rate | 3.46% | 3.41% |
Operating lease, lease not yet commenced | $ 0 |
Leases - Schedule of Lease, Cos
Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 769 | $ 828 | $ 2,427 | $ 2,484 |
Variable lease cost | 22 | 22 | 67 | 87 |
Sublease income | (30) | (31) | (91) | (92) |
Net lease cost | $ 761 | $ 819 | $ 2,403 | $ 2,479 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 2,194 | $ 2,085 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 109 | $ 741 |
Leases - Maturity analysis of o
Leases - Maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Within one year | $ 2,956 | |
After one year but within three years | 5,081 | |
After three years but within five years | 3,792 | |
After five years | 7,423 | |
Total undiscounted cash flows | 19,252 | |
Discount on cash flows | (3,147) | |
Operating lease liabilities | $ 16,105 | $ 18,183 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | $ 1,724,646 | $ 1,510,224 |
Interest-bearing checking | 2,231,162 | 2,057,052 |
Money market | 1,512,578 | 1,225,890 |
Savings | 657,627 | 584,361 |
Certificates of deposit $250 thousand and under | 667,297 | 895,056 |
Certificates of deposit over $250 thousand | 137,602 | 183,200 |
Deposits | $ 6,930,912 | $ 6,455,783 |
Percentage Of Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | 24.90% | 23.40% |
Interest-bearing checking | 32.20% | 31.90% |
Money market | 21.80% | 19.00% |
Savings | 9.50% | 9.10% |
Certificates of deposit $250 thousand and under | 9.60% | 13.80% |
Certificates of deposit over $250 thousand | 2.00% | 2.80% |
Total deposits | 100.00% | 100.00% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deposit Liabilities [Abstract] | ||
Deposits obtained through brokers | $ 139,300 | $ 236,700 |
Certificates of deposit $250 thousand and under | $ 667,297 | $ 895,056 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Sep. 15, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Securities sold under agreements to repurchase | $ 111,900,000 | $ 111,900,000 | $ 111,900,000 | $ 69,600,000 | |||||
Advances from the FHLB | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |||||
Repayments of debt | $ 10,000,000 | ||||||||
Repayments of subordinated debt | $ 5,000,000 | 80,831,000 | $ 0 | ||||||
Long-term debt extinguishment costs | 831,000 | $ 831,000 | $ 0 | $ 831,000 | $ 0 | ||||
Fixed To Floating, Due September 30, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of subordinated debt | $ 75,000,000 | ||||||||
Subordinated Debt | Fixed To Floating, Due September 15, 2031 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 150,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 2.875% | ||||||||
Debt issuance costs, net | $ 1,800,000 | ||||||||
Subordinated Debt | Fixed To Floating, Due September 15, 2031 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.20% | ||||||||
Subordinated Debt | Fixed To Floating, Due September 30, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 5.125% | 5.125% | 5.125% | ||||||
Securities Sold under Agreements to Repurchase | |||||||||
Debt Instrument [Line Items] | |||||||||
Pledged securities | $ 121,400,000 | $ 121,400,000 | $ 121,400,000 | ||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Overnight federal funds borrowed | 0 | 0 | 0 | 0 | |||||
Federal funds available for borrowing | 215,000,000 | 215,000,000 | 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 | 0 | 0 | |||||
Federal Home Loan Bank of New York | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Overnight borrowings | $ 0 | $ 0 | $ 0 | $ 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% | 0.77% | 0.77% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Company's Restricted Stock Activity (Detail) | 9 Months Ended |
Sep. 30, 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 | 375,716 |
Vested (in shares) | shares | (140,133) |
Forfeited (in shares) | shares | (7,282) |
Balance at end of period (in shares) | shares | 600,853 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 16.63 |
Granted (in usd per share) | $ / shares | 17.20 |
Vested (in usd per share) | $ / shares | 18.20 |
Forfeited (in usd per share) | $ / shares | 15.39 |
Balance of end of period (in usd per share) | $ / shares | $ 16.64 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 3,154,000 | $ 2,046,000 | ||
Options granted (in shares) | 0 | 0 | ||
Options exercised (in shares) | 2,764 | 0 | ||
Exercise of stock options | $ 19,000 | $ 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 | $ 56,000 | $ 264,000 | $ 165,000 |
Restricted Stock | 2018 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 66,000 | $ 66,000 | ||
Unrecognized compensation expense, period of recognition | 2 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) | 375,716 | |||
Granted (in usd per share) | $ 17.20 | |||
Share-based compensation expense | 871,000 | $ 530,000 | $ 2,900,000 | $ 1,900,000 |
Unrecognized compensation cost | 6,000,000 | $ 6,000,000 | ||
Unrecognized compensation expense, period of recognition | 1 year 3 months 18 days | |||
RSUs | 2018 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 375,716 | 175,869 | ||
Granted (in usd per share) | $ 17.20 | $ 15.37 | ||
Vesting period | 3 years | 3 years | ||
Share-based compensation expense | $ 2,200,000 | $ 901,000 | ||
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 | $ 0 | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 27,000 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity under the Company's Stock Option Plans (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,764 | ||
Exercised (in shares) | (2,764) | 0 | |
Outstanding, end of period (in shares) | 0 | 2,764 | |
Options exercisable end of period (in shares) | 0 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning of period (in usd per share) | $ 6.94 | ||
Exercised (in usd per share) | 6.94 | ||
Outstanding, end of period (in usd per share) | 0 | $ 6.94 | |
Options exercisable at end of period (in usd per share) | $ 0 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Outstanding | 0 years | 1 year 25 days | |
Options exercisable | 0 years | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | $ 15,934 | |
Options exercisable | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Gains on sales of loans | $ 550 | $ 1,437 | $ 1,865 | $ 2,562 |
Swap income | 0 | 624 | 634 | 4,234 |
Other Income: | ||||
Title insurance income | 43 | 46 | 87 | 126 |
Other income | 99 | 200 | 262 | 370 |
Total | 142 | 246 | 349 | 496 |
Revenue not from contracts with customers | 637 | 511 | 1,331 | 1,787 |
Total Noninterest Income | 5,469 | 6,773 | 16,497 | 20,265 |
Products and services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 4,832 | 6,243 | 15,143 | 18,422 |
Products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 0 | 19 | 23 | 56 |
Deposit Related Fees and Charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 2,536 | 2,288 | 7,277 | 6,663 |
Debit card interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 1,585 | 1,472 | 4,603 | 3,910 |
Overdraft charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 647 | 533 | 1,785 | 1,935 |
ATM service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 182 | 138 | 497 | 367 |
Demand deposit fees and charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 107 | 129 | 348 | 394 |
Savings service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 15 | 16 | 44 | 57 |
Commissions and fees: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 1,604 | 1,667 | 5,041 | 4,523 |
Loan fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 376 | 510 | 1,367 | 1,063 |
Wire transfer charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 376 | 372 | 1,126 | 1,021 |
Investment services income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 373 | 392 | 1,210 | 1,231 |
Merchant fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 270 | 184 | 729 | 598 |
Commissions from sales of checks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 73 | 73 | 226 | 216 |
Safe deposit income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 82 | 85 | 240 | 256 |
Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 54 | $ 51 | $ 143 | $ 138 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Other Income and Expenses [Abstract] | |||||
Consulting and advisory board fees | $ 927 | $ 938 | $ 2,281 | $ 2,760 | |
ATM and debit card expense | 658 | 615 | 1,873 | 1,738 | |
Telecommunications expense | 536 | 501 | 1,575 | 1,399 | |
Marketing expense | 395 | 381 | 1,140 | 840 | |
Amortization of intangible assets | 211 | 250 | 658 | 776 | |
Other real estate and repossessed asset expense | 0 | (2) | 0 | 53 | |
Long-term debt prepayment penalties | 0 | 0 | 0 | 356 | |
Long-term debt extinguishment costs | $ 831 | 831 | 0 | 831 | 0 |
Other operating expenses | 2,937 | 2,931 | 8,930 | 9,337 | |
Other operating expenses | $ 6,495 | $ 5,614 | $ 17,288 | $ 17,259 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Before Tax Amount | ||||
Other comprehensive income (loss), net | $ 1,656 | $ (598) | $ (7,117) | $ 11,656 |
Tax Benefit (Expense) | ||||
Other comprehensive income (loss), net | (487) | 59 | 2,234 | (3,026) |
Net of Tax Amount | ||||
Net current period other comprehensive income | 8,884 | |||
Reclassification adjustment for net gains arising during the period | (254) | |||
Other comprehensive income, net of tax | 1,169 | (539) | (4,883) | 8,630 |
Net unrealized holding (losses) gains arising during period | ||||
Before Tax Amount | ||||
Net unrealized holding losses arising during period | (2,008) | (649) | (10,916) | 12,475 |
Reclassification adjustment for net gains arising during the period | 0 | (342) | ||
Other comprehensive income (loss), net | (10,916) | 12,133 | ||
Tax Benefit (Expense) | ||||
Net unrealized holding losses arising during period | 504 | 73 | 3,390 | (3,255) |
Reclassification adjustment for net gains arising during the period | 0 | 88 | ||
Other comprehensive income (loss), net | 3,390 | (3,167) | ||
Net of Tax Amount | ||||
Net current period other comprehensive income | (1,504) | (576) | (7,526) | 9,220 |
Reclassification adjustment for net gains arising during the period | 0 | (254) | ||
Other comprehensive income, net of tax | (7,526) | 8,966 | ||
Net gain on securities reclassified from available for sale to held to maturity | ||||
Before Tax Amount | ||||
Other comprehensive income (loss), net | 3,814 | 0 | 3,814 | 0 |
Tax Benefit (Expense) | ||||
Other comprehensive income (loss), net | (1,030) | 0 | (1,030) | 0 |
Net of Tax Amount | ||||
Other comprehensive income, net of tax | 2,784 | 0 | 2,784 | 0 |
Amortization of Gain on Debt Securities Reclassified to Held to Maturity | ||||
Before Tax Amount | ||||
Other comprehensive income (loss), net | (158) | 0 | (158) | 0 |
Tax Benefit (Expense) | ||||
Other comprehensive income (loss), net | 42 | 0 | 42 | 0 |
Net of Tax Amount | ||||
Other comprehensive income, net of tax | (116) | 0 | (116) | 0 |
Unrealized gains on derivatives | ||||
Before Tax Amount | ||||
Other comprehensive income (loss), net | 8 | 51 | 143 | (477) |
Tax Benefit (Expense) | ||||
Other comprehensive income (loss), net | (3) | (14) | (168) | 141 |
Net of Tax Amount | ||||
Net current period other comprehensive income | (336) | |||
Reclassification adjustment for net gains arising during the period | 0 | |||
Other comprehensive income, net of tax | $ 5 | $ 37 | $ (25) | $ (336) |
Comprehensive Income - Summary
Comprehensive Income - Summary of Changes in Components of Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 796,676 | $ 745,489 | $ 763,784 | $ 725,263 |
Net gain on securities reclassified from available for sale to held to maturity | 2,784 | 0 | 2,784 | 0 |
Net current period other comprehensive income | 8,884 | |||
Amounts reclassified from accumulated other comprehensive income | (254) | |||
Other comprehensive income, net of tax | 1,169 | (539) | (4,883) | 8,630 |
Balance at end of period | 814,128 | 753,572 | 814,128 | 753,572 |
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 5,345 | 11,417 | 11,397 | 2,248 |
Other comprehensive income, net of tax | 1,169 | (539) | (4,883) | 8,630 |
Balance at end of period | 6,514 | 10,878 | 6,514 | 10,878 |
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 | 5,380 | 11,478 | 11,402 | 1,936 |
Net gain on securities reclassified from available for sale to held to maturity | (2,784) | (2,784) | ||
Net current period other comprehensive income | 9,220 | |||
Amounts reclassified from accumulated other comprehensive income | (254) | |||
Other comprehensive income, net of tax | 1,280 | (576) | (4,742) | 8,966 |
Balance at end of period | 3,876 | 10,902 | 3,876 | 10,902 |
Amortization of Gain on Debt Securities Reclassified to Held to Maturity | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | ||
Net gain on securities reclassified from available for sale to held to maturity | 2,784 | 2,784 | ||
Other comprehensive income, net of tax | (116) | 0 | (116) | 0 |
Balance at end of period | 2,668 | 2,668 | ||
Unrealized Gains (Losses) on Derivatives | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (5) | (56) | 25 | 317 |
Net current period other comprehensive income | (336) | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive income, net of tax | 5 | 37 | (25) | (336) |
Balance at end of period | 0 | (19) | 0 | (19) |
Pension Items | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (30) | (5) | (30) | (5) |
Net current period other comprehensive income | 0 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 |
Balance at end of period | $ (30) | $ (5) | $ (30) | $ (5) |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Aug. 01, 2021USD ($) | Jun. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||||||
Interest expense | $ 5,600 | $ 9,299 | $ 17,781 | $ 33,431 | |||
Interest rate swap (cash flow hedge) | |||||||
Derivative [Line Items] | |||||||
Debt securities, pledged as collateral, available-for-sale, restricted | 60,500 | 60,500 | $ 83,200 | ||||
Notional amount | $ 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% | ||||||
Derivative liability, amount matured | $ 10,000 | $ 20,000 | |||||
Interest rate swap (cash flow hedge) | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | |||||||
Derivative [Line Items] | |||||||
Interest expense | $ 8 | $ 58 | $ 142 | $ 17 |
Derivatives - Summary Informati
Derivatives - Summary Information Regarding Derivatives (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
3rd Party interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 293,760 | $ 73,075 |
Average Maturity (Years) | 8 years 9 months 18 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.11% | 3.20% |
Weighted Average Variable Rate | 226.00% | 255.00% |
Fair Value | $ 8,814 | $ 503 |
Classified in Other Liabilities: | ||
Notional Amount | $ 688,585 | $ 907,069 |
Average Maturity (Years) | 7 years 10 months 24 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 3.93% | 3.79% |
Weighted Average Variable Rate | 193.00% | 199.00% |
Fair Value | $ (41,200) | $ (80,231) |
Customer interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 688,585 | $ 907,069 |
Average Maturity (Years) | 7 years 10 months 24 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 3.93% | 3.79% |
Weighted Average Variable Rate | 193.00% | 199.00% |
Fair Value | $ 41,200 | $ 80,231 |
Classified in Other Liabilities: | ||
Notional Amount | $ 293,760 | $ 73,075 |
Average Maturity (Years) | 8 years 9 months 18 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.11% | 3.20% |
Weighted Average Variable Rate | 226.00% | 255.00% |
Fair Value | $ (8,814) | $ (503) |
Interest rate swap (cash flow hedge) | ||
Classified in Other Liabilities: | ||
Notional Amount | $ 30,000 | |
Average Maturity (Years) | 6 months | |
Weighted Average Fixed Rate | 1.10% | |
Fair Value | $ (143) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)reportingUnit | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 156,277,000 | $ 156,277,000 | $ 156,277,000 | ||
Number of reporting units | reportingUnit | 1 | ||||
Goodwill, impairment loss | 0 | $ 0 | $ 0 | $ 0 | |
Amortization of intangible assets | 211,000 | 250,000 | 658,000 | $ 776,000 | |
Core Deposits | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 2,600,000 | $ 2,600,000 | $ 3,300,000 | ||
Amortization of intangible assets | $ 211,000 | $ 250,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) - Core Deposits $ in Thousands | Sep. 30, 2021USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 210 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Total securities | $ 529,381 | $ 855,746 |
Equity securities, at fair value | 16,422 | 14,694 |
U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 102,971 | 65,002 |
Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,867 | 1,944 |
Asset-backed securities | ||
Assets: | ||
Total securities | 54,007 | 40,690 |
Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 233,710 | |
Corporate bonds | ||
Assets: | ||
Total securities | 39,385 | 35,671 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 529,381 | 855,746 |
Equity securities, at fair value | 16,422 | 14,694 |
Derivative assets | 50,014 | 80,734 |
Total Assets | 595,817 | 951,174 |
Liabilities: | ||
Derivative liabilities | 50,014 | 80,877 |
Total Liabilities | 50,014 | 80,877 |
Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 102,971 | 65,002 |
Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 95,248 | 228,156 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 200,900 | 209,038 |
Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,867 | 1,944 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 35,003 | 41,535 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 54,007 | 40,690 |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 233,710 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Total securities | 39,385 | 35,671 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 22,178 | 9,392 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 22,178 | 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 | 22,178 | 9,392 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
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 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 507,203 | 846,354 |
Equity securities, at fair value | 16,422 | 14,694 |
Derivative assets | 50,014 | 80,734 |
Total Assets | 573,639 | 941,782 |
Liabilities: | ||
Derivative liabilities | 50,014 | 80,877 |
Total Liabilities | 50,014 | 80,877 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 80,793 | 55,610 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 95,248 | 228,156 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 200,900 | 209,038 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,867 | 1,944 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 35,003 | 41,535 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 54,007 | 40,690 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 233,710 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Total securities | 39,385 | 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 securities, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
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 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate bonds | ||
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Individually evaluated loans | $ 2,049 | $ 2,417 |
(Level 1) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
(Level 2) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
(Level 3) | ||
Assets: | ||
Individually evaluated loans | $ 2,049 | $ 2,417 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Amortized Cost | $ 693,562 | $ 90,766 |
Investment securities held to maturity, fair value | 686,728 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Carrying Value | 9,340 | 11,979 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,340 | 11,979 |
Loans | 5,822,849 | 5,950,108 |
Fair Value | 5,844,767 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Carrying Value | 804,899 | 1,078,256 |
Certificates of deposit, Fair Value | 800,083 | 1,077,620 |
Other borrowings, Carrying Value | 25,000 | 25,000 |
Other borrowings, Fair Value | 24,902 | 25,206 |
Subordinated debt, Carrying Value | 187,107 | 118,257 |
Subordinated debentures, Fair Value | 185,965 | 118,208 |
U.S. Treasury and U.S. government agencies | ||
Financial Assets: | ||
Amortized Cost | 18,820 | 25,565 |
Investment securities held to maturity, fair value | 19,279 | 26,344 |
Mortgage-backed securities, residential | ||
Financial Assets: | ||
Amortized Cost | 343,866 | 39,276 |
Investment securities held to maturity, fair value | 342,001 | 40,733 |
Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Amortized Cost | 8,488 | 14,590 |
Investment securities held to maturity, fair value | 8,775 | 15,122 |
Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Amortized Cost | 2,724 | 705 |
Investment securities held to maturity, fair value | 2,771 | 759 |
Obligations of states and political subdivisions | ||
Financial Assets: | ||
Amortized Cost | 316,832 | 10,630 |
Investment securities held to maturity, fair value | 311,037 | 10,910 |
Corporate bonds | ||
Financial Assets: | ||
Amortized Cost | 2,832 | |
Investment securities held to maturity, fair value | 2,865 | |
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 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and U.S. government agencies | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 686,269 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,340 | 11,979 |
Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 800,083 | 1,077,620 |
Other borrowings, Fair Value | 24,902 | 25,206 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and U.S. government agencies | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 19,279 | 26,344 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 342,001 | 40,733 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 8,775 | 15,122 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 2,771 | 759 |
Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 310,578 | 10,910 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 2,865 | |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 459 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Fair Value | 5,844,767 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 185,965 | 118,208 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and U.S. government agencies | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 459 | $ 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | $ 0 |
Business Combination - Narrativ
Business Combination - Narrative (Details) - Merger Agreement, 1st Constitution Bancorp $ in Millions | Jul. 11, 2021USD ($)shares |
Business Acquisition [Line Items] | |
Business combination, consideration transferred, equity interests issued and issuable, entity shares issued per acquiree share (in shares) | 1.3577 |
Consideration paid through common stock (in shares) | 14,000,000 |
Business combination, consideration transferred | $ | $ 244.4 |