Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 846,945,000 | ||
Entity Common Stock, Shares Outstanding (in shares) | 64,648,502 | ||
Documents Incorporated by Reference | Lakeland Bancorp, Inc. Proxy Statement for its 2022 Annual Meeting of Shareholders (Part III). | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000846901 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Short Hills, New Jersey |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash | $ 199,158 | $ 262,327 |
Interest-bearing deposits due from banks | 29,372 | 7,763 |
Total cash and cash equivalents | 228,530 | 270,090 |
Investment securities, available for sale, at estimated fair value (allowance for credit losses of $83 at December 31, 2021, and $2 at December 31, 2020) | 769,956 | 855,746 |
Investment securities, held to maturity (estimated fair value of $815,211 at December 31, 2021, and $93,868 at December 31, 2020, and allowance for credit losses of $181 at December 31, 2021, and none at December 31, 2020) | 824,956 | 90,766 |
Equity securities, at fair value | 17,368 | 14,694 |
Federal Home Loan Bank and other membership stock, at cost | 9,049 | 11,979 |
Loans held for sale | 1,943 | 1,335 |
Loans, net of deferred fees | 5,976,148 | 6,021,232 |
Less: Allowance for credit losses | 58,047 | 71,124 |
Total loans, net | 5,918,101 | 5,950,108 |
Premises and equipment, net | 45,916 | 48,495 |
Operating lease right-of-use assets | 15,222 | 16,772 |
Accrued interest receivable | 19,209 | 19,339 |
Goodwill | 156,277 | 156,277 |
Other identifiable intangible assets | 2,420 | 3,288 |
Bank owned life insurance | 117,356 | 115,115 |
Other assets | 71,753 | 110,293 |
Total Assets | 8,198,056 | 7,664,297 |
Liabilities | ||
Deposits | 6,965,823 | 6,455,783 |
Federal funds purchased and securities sold under agreements to repurchase | 106,453 | 169,560 |
Other borrowings | 25,000 | 25,000 |
Subordinated debentures | 179,043 | 118,257 |
Operating lease liabilities | 16,523 | 18,183 |
Other liabilities | 78,200 | 113,730 |
Total Liabilities | 7,371,042 | 6,900,513 |
Stockholders’ Equity | ||
Common stock, no par value; authorized 100,000,000 shares; issued 50,737,400 shares and outstanding 50,606,365 shares at December 31, 2021, and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | 565,862 | 562,421 |
Retained earnings | 259,340 | 191,418 |
Treasury shares, at cost, 131,035 shares at December 31, 2021 and December 31, 2020 | (1,452) | (1,452) |
Accumulated other comprehensive income | 3,264 | 11,397 |
Total Stockholders’ Equity | 827,014 | 763,784 |
Total Liabilities and Stockholders’ Equity | $ 8,198,056 | $ 7,664,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Investment securities, available for sale, allowance | $ 83,000 | $ 2,000 |
Investment securities held to maturity, fair value | 815,211,000 | 93,868,000 |
Investment securities held to maturity, allowance | $ 181,000 | $ 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,737,400 | 50,610,681 |
Common stock, shares outstanding (in shares) | 50,606,365 | 50,479,646 |
Treasury stock (in shares) | 131,035 | 131,035 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest Income | ||||
Loans and fees | $ 237,037 | $ 229,036 | $ 233,535 | |
Federal funds sold and interest-bearing deposits with banks | 440 | 348 | 1,720 | |
Taxable investment securities and other | 17,208 | 17,811 | 19,722 | |
Tax-exempt investment securities | 2,633 | 1,647 | 1,510 | |
Total Interest Income | 257,318 | 248,842 | 256,487 | |
Interest Expense | ||||
Total | 16,793 | 32,059 | 49,248 | |
Federal funds purchased and securities sold under agreements to repurchase | 78 | 556 | 1,471 | |
Other borrowings | 5,612 | 8,540 | 9,734 | |
Total Interest Expense | 22,483 | 41,155 | 60,453 | |
Net Interest Income | 234,835 | 207,687 | 196,034 | |
(Benefit) provision for credit losses | [1] | (10,896) | 27,222 | 2,130 |
Net Interest Income after (Benefit) Provision for Credit Losses | 245,731 | 180,465 | 193,904 | |
Noninterest Income | ||||
Service charges on deposit accounts | 9,856 | 9,148 | 11,205 | |
Commissions and fees | 6,939 | 5,868 | 6,230 | |
Income on bank owned life insurance | 2,676 | 2,657 | 2,740 | |
(Loss) gain on equity securities | (285) | (552) | 496 | |
Gains on sales of loans | 2,264 | 3,322 | 1,660 | |
Gains on investment securities transactions, net | 9 | 1,213 | 0 | |
Swap income | 634 | 4,719 | 3,231 | |
Other income | 268 | 735 | 1,234 | |
Total Noninterest Income | 22,361 | 27,110 | 26,796 | |
Total Noninterest Income | ||||
Compensation and employee benefits | 82,589 | 76,470 | 75,347 | |
Premises and equipment | 24,773 | 21,871 | 19,710 | |
FDIC insurance expense | 2,341 | 2,123 | 431 | |
Data processing expense | 5,454 | 4,964 | 4,913 | |
Merger related expenses | 1,782 | 0 | 3,178 | |
Other operating expenses | 23,818 | 27,370 | 23,177 | |
Total Noninterest Expense | 140,757 | 132,798 | 126,756 | |
Income before provision for income taxes | 127,335 | 74,777 | 93,944 | |
Provision for income taxes | 32,294 | 17,259 | 23,272 | |
Net Income | $ 95,041 | $ 57,518 | $ 70,672 | |
Per Share of Common Stock | ||||
Basic earnings (usd per share) | $ 1.85 | $ 1.13 | $ 1.39 | |
Diluted earnings (usd per share) | 1.85 | 1.13 | 1.38 | |
Cash dividends paid (usd per share) | $ 0.53 | $ 0.50 | $ 0.49 | |
[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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 95,041 | $ 57,518 | $ 70,672 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Unrealized (losses) gains on securities available for sale | (10,651) | 10,338 | 10,718 |
Reclassification for securities gains included in net income | (6) | (872) | 0 |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 2,784 | 0 | 0 |
Amortization of gain on debt securities reclassified to held to maturity | (265) | 0 | 0 |
Unrealized losses on derivatives | (25) | (292) | (586) |
Change in pension liability, net | 30 | (25) | (46) |
Other comprehensive (loss) income | (8,133) | 9,149 | 10,086 |
Total Comprehensive Income | $ 86,908 | $ 66,667 | $ 80,758 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulated adjustment for adoption of ASU | Common Stock | Retained Earnings | Retained EarningsCumulated adjustment for adoption of ASU | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period at Dec. 31, 2018 | $ 623,739 | $ 125 | $ 514,703 | $ 116,874 | $ 125 | $ 0 | $ (7,838) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 70,672 | 70,672 | |||||
Other comprehensive income (loss), net of tax | 10,086 | 10,086 | |||||
Issuance of stock | 43,417 | 43,417 | |||||
Stock based compensation | 2,545 | 2,545 | |||||
Retirement of restricted stock | (715) | (715) | |||||
Exercise of stock options | 313 | 313 | |||||
Cash dividends on common stock | (24,919) | (24,919) | |||||
Balance at end of period at Dec. 31, 2019 | $ 725,263 | $ (3,395) | 560,263 | 162,752 | $ (3,395) | 0 | 2,248 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 [Member] | ||||||
Net income | $ 57,518 | 57,518 | |||||
Other comprehensive income (loss), net of tax | 9,149 | 9,149 | |||||
Treasury stock | (1,452) | (1,452) | |||||
Stock based compensation | 2,659 | 2,659 | |||||
Retirement of restricted stock | (501) | (501) | |||||
Cash dividends on common stock | (25,457) | (25,457) | |||||
Balance at end of period at Dec. 31, 2020 | 763,784 | 562,421 | 191,418 | (1,452) | 11,397 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 95,041 | 95,041 | |||||
Other comprehensive income (loss), net of tax | (8,133) | (8,133) | |||||
Stock based compensation | 4,073 | 4,073 | |||||
Retirement of restricted stock | (651) | (651) | |||||
Exercise of stock options | 19 | 19 | |||||
Cash dividends on common stock | (27,119) | (27,119) | |||||
Balance at end of period at Dec. 31, 2021 | $ 827,014 | $ 565,862 | $ 259,340 | $ (1,452) | $ 3,264 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash Flows from Operating Activities: | ||||
Net income | $ 95,041,000 | $ 57,518,000 | $ 70,672,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Net (accretion) amortization of premiums, discounts and deferred loan fees and costs | (3,981,000) | (728,000) | 3,660,000 | |
Depreciation and amortization | 5,126,000 | 3,858,000 | 1,645,000 | |
Amortization of intangible assets | 868,000 | 1,025,000 | 1,182,000 | |
Amortization of operating lease right-of-use assets | 2,267,000 | 2,668,000 | 2,592,000 | |
Provision for loan losses | [1] | (10,896,000) | 27,222,000 | 2,130,000 |
Stock-based compensation | 4,073,000 | 2,659,000 | 2,545,000 | |
Loans originated for sale | (56,956,000) | (113,203,000) | (57,605,000) | |
Proceeds from sales of loans held for sale | 58,612,000 | 116,933,000 | 59,748,000 | |
Gains on investment securities transactions, net | (9,000) | (1,213,000) | 0 | |
Gains on sales of loans held for sale | (2,264,000) | (3,322,000) | (1,660,000) | |
Income on bank owned life insurance | (2,550,000) | (2,657,000) | (2,740,000) | |
Gain on death benefit from bank owned life insurance | (126,000) | 0 | 0 | |
Change in fair value of equity securities | 285,000 | 552,000 | (496,000) | |
(Gains) losses on other real estate and other repossessed assets | (32,000) | (88,000) | 72,000 | |
Loss on sale of premises and equipment | 281,000 | 77,000 | 497,000 | |
Long-term debt prepayment penalty | 0 | 4,133,000 | 0 | |
Long-term debt extinguishment costs | 831,000 | 0 | 0 | |
Deferred tax expense (benefit) | 5,422,000 | (6,763,000) | 2,854,000 | |
Excess tax (deficiencies) benefits | (89,000) | (132,000) | 189,000 | |
Decrease (increase) in other assets | 36,589,000 | (53,982,000) | (13,246,000) | |
(Decrease) increase in other liabilities | (37,389,000) | 50,434,000 | 15,092,000 | |
Net Cash Provided by Operating Activities | 95,103,000 | 84,991,000 | 87,131,000 | |
Cash Flows from Investing Activities: | ||||
Net cash acquired in acquisitions | 0 | 0 | 13,454,000 | |
Proceeds from repayments and maturities of available for sale securities | 181,706,000 | 700,409,000 | 147,130,000 | |
Proceeds from repayments and maturities of held to maturity securities | 66,709,000 | 38,941,000 | 31,457,000 | |
Proceeds from sales of equity securities | 0 | 4,148,000 | 1,287,000 | |
Proceeds from sales of available for sale securities | 4,402,000 | 130,912,000 | 0 | |
Purchase of available for sale securities | (611,589,000) | (921,343,000) | (211,503,000) | |
Purchase of held to maturity securities | (310,128,000) | (6,377,000) | (21,453,000) | |
Purchase of equity securities | (2,959,000) | (2,772,000) | (1,343,000) | |
Proceeds from redemptions of Federal Home Loan Bank stock | 13,817,000 | 106,808,000 | 95,643,000 | |
Purchases of Federal Home Loan Bank stock | (10,887,000) | (96,282,000) | (103,080,000) | |
Death benefit proceeds from bank owned life insurance | 470,000 | 0 | 121,000 | |
Net decrease (increase) in loans | 35,945,000 | (876,021,000) | (252,441,000) | |
Proceeds from sales of loans previously held for investment | 21,765,000 | 0 | 0 | |
Proceeds from dispositions and sales of bank premises and equipment | 278,000 | 50,000 | 1,827,000 | |
Purchases of premises and equipment | (4,851,000) | (7,539,000) | (5,936,000) | |
Proceeds from sales of other real estate and other repossessed assets | 32,000 | 1,044,000 | 860,000 | |
Net Cash Used in Investing Activities: | (615,290,000) | (928,022,000) | (303,977,000) | |
Cash Flows from Financing Activities: | ||||
Net increase in deposits | 510,077,000 | 1,162,206,000 | 264,279,000 | |
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase | (63,107,000) | (159,098,000) | 94,753,000 | |
Proceeds from other borrowings | 0 | 25,000,000 | 46,260,000 | |
Repayments of other borrowings | 0 | (169,948,000) | (89,353,000) | |
Purchase of treasury stock | 0 | (1,452,000) | 0 | |
Proceeds from issuance of subordinated debt, net | 147,738,000 | 0 | 0 | |
Redemption of subordinated debentures, net | (88,330,000) | 0 | 0 | |
Exercise of stock options | 19,000 | 0 | 313,000 | |
Retirement of restricted stock | (651,000) | (501,000) | (715,000) | |
Dividends paid | (27,119,000) | (25,457,000) | (24,919,000) | |
Net Cash Provided by Financing Activities: | 478,627,000 | 830,750,000 | 290,618,000 | |
Net (decrease) increase in cash and cash equivalents | (41,560,000) | (12,281,000) | 73,772,000 | |
Cash and cash equivalents, beginning of year | 270,090,000 | 282,371,000 | 208,599,000 | |
Cash and Cash Equivalents, End of Year | 228,530,000 | 270,090,000 | 282,371,000 | |
Supplemental schedule of non-cash investing and financing activities: | ||||
Cash paid during the period for income taxes | 29,111,000 | 22,486,000 | 15,944,000 | |
Cash paid during the period for interest | 23,372,000 | 42,600,000 | 59,949,000 | |
Transfer of debt securities to held to maturity at fair value | 494,164,000 | 0 | 0 | |
Transfer of loans to loans held for sale | 21,689,000 | 0 | 0 | |
Transfer of loans into other real estate owned | 0 | 393,000 | 665,000 | |
Initial recognition of operating lease right-of-use assets | 0 | 0 | 18,651,000 | |
Initial recognition of operating lease liabilities | 0 | 0 | 20,203,000 | |
Right-of-use asset obtained in exchange for new operating lease liabilities | 717,000 | 1,159,000 | 1,748,000 | |
Non-cash assets acquired: | ||||
Federal Home Loan Bank stock | 0 | 0 | 1,767,000 | |
Investment securities | 0 | 0 | 22,734,000 | |
Loans, including loans held for sale | 0 | 0 | 426,118,000 | |
Goodwill and other intangible assets, net | 0 | 0 | 23,125,000 | |
Other assets | 0 | 0 | 9,304,000 | |
Total non-cash assets acquired | 0 | 0 | 483,048,000 | |
Liabilities assumed: | ||||
Deposits | 0 | 0 | 409,638,000 | |
Other borrowings | 0 | 0 | 40,957,000 | |
Other liabilities | 0 | 0 | 2,490,000 | |
Total liabilities assumed | 0 | 0 | 453,085,000 | |
Common stock issued for acquisitions | $ 0 | $ 0 | $ 43,417,000 | |
[1] | The Company adopted ASU 2016-13 as of December 31, 2020. Prior year periods have not been restated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Lakeland Bancorp, Inc. (the “Company”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Lakeland Bank (“Lakeland”). Lakeland operates under a state bank charter and provides full banking services and, as a state bank, is subject to regulation by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located primarily in northern and central New Jersey and the metropolitan New York area. Lakeland also provides non-deposit products, such as securities brokerage services including mutual funds, variable annuities and insurance. Lakeland operates as a commercial bank offering a wide variety of commercial loans and, to a lesser degree, consumer credits. Its primary strategic aim is to establish a reputation and market presence as the “small and middle market business bank” in its principal markets. Lakeland funds its loans primarily by offering demand deposit, savings and money market, and time deposit accounts to commercial enterprises, individuals and municipalities in the communities we serve. Additionally, it originates residential mortgage loans, and services such loans which are owned by other investors. Lakeland also has an equipment finance division which provides loans to finance equipment primarily to small and medium-sized business clients and an asset-based lending department which specializes in utilizing particular assets to fund the working capital needs of borrowers. The Company and Lakeland are subject to regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, Lakeland’s business is particularly susceptible to being affected by state and federal legislation and regulations. Basis of Financial Statement Presentation The accounting and reporting policies of the Company and its subsidiaries conform with U.S.generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company, Lakeland, Lakeland NJ Investment Corp., Lakeland Investment Corp., Lakeland Equity, Inc. and Lakeland Preferred Equity, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The principal estimate that is particularly susceptible to significant change in the near term relates to the allowance for credit losses. The policies regarding this estimate are discussed below. The Company’s chief operating decision maker is its Chief Executive Officer. All of the Company’s financial services activities are interrelated and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, commercial lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and to manage interest rate and credit risk. The situation is also similar for consumer and residential mortgage lending. Moreover, the Company primarily operates in one market area, northern and central New Jersey, metropolitan New York and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. Accordingly, the Company has determined that it has one operating segment and thus one reporting segment. Cash and cash equivalents Cash and cash equivalents are defined as cash on hand, cash items in the process of collection, amounts due from banks and federal funds sold with an original maturity of three months or less. A portion of Lakeland’s cash on hand and on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. Securities Debt investment securities are classified as held to maturity or available for sale. Management determines the appropriate classification of securities at the time of purchase. Investments in securities, for which management has both the ability and intent to hold to maturity, are classified as held to maturity and carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt securities, which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements or other factors, are classified as available for sale. Net unrealized gains and losses for such securities, net of tax effect, are reported as other comprehensive income or loss in stockholders' equity and excluded from the determination of net income. Gains or losses on disposition of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. For securities available for sale, the Company adopted Accounting Standards Update ("ASU") 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") on December 31, 2020, effective January 1, 2020, which eliminates the concept of other than temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management 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 basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available for sale. The allowance for credit losses on held-to-maturity debt securities under ASU 2016-13 is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Held-to-maturity securities are reviewed upon acquisition to determine whether it has experienced a more-than-insignificant deterioration in credit quality since its original issuance date, i.e., if they meet the definition of a purchased credit impaired asset (“PCDs”). Non-PCD held-to-maturity securities are carried at cost and adjusted for amortization of premiums or accretion of discounts. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or adverse changes in expected cash flow will first decrease or increase the allowance for credit losses. Management measures expected credit losses on held to maturity securities on a collective basis by major security type. The held to maturity portfolio is classified into the following major security types: U.S. government agencies, mortgage-backed securities-residential, collateralized mortgage obligations-residential, mortgage-backed securities-multi-family, collateralized mortgage obligations-multi-family and obligations of states and political subdivisions. 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. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. 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. A debt security, either available for sale or held to maturity, is designated as non-accrual if the payment of interest is past due and unpaid for 30 days or more. Once a security is placed on non-accrual, accrued interest receivable is reversed and further interest income recognition is ceased. Since the non-accrual policy results in a timely reversal of interest receivable, the Company does not record an allowance for credit losses on interest receivable. The security will not be restored to accrual status until the security has been current on interest payments for a sustained period, i.e., a consecutive period of six months or two quarters; and the Company expects repayment of the remaining contractual principal and interest. However, if the security continues to be in deferral status, or the Company does not expect to collect the remaining interest payments and the contractual principal, charge-off is to be assessed. Upon charge-off, the allowance is written off and the loss represents a permanent write-down of the cost basis of the security. The Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. Accrued interest receivable totaled $5.3 million and $3.3 million on securities at December 31, 2021 and 2020, respectively. Prior to January 1, 2020, we regularly evaluated our debt securities to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered other-than-temporary impairment. A debt security was considered impaired if the fair value was less than its amortized cost basis at the reporting date. If impaired, the Company then assessed whether the unrealized loss was other-than-temporary. An unrealized loss on a debt security was generally deemed to be other-than-temporary and a credit loss was deemed to exist if the present value, discounted at the security’s effective rate, of the expected future cash flows was less than the amortized cost basis of the debt security. As a result, the credit loss component of an other-than-temporary impairment write-down for debt securities was recorded in earnings while the remaining portion of the impairment loss was recognized, net of tax, in other comprehensive income provided that the Company did not intend to sell the underlying debt security and it was more-likely-than not that the Company would not have to sell the debt security prior to recovery of the unrealized loss, which may be to maturity. If the Company intended to sell any securities with an unrealized loss or it was more-likely-than not that the Company would be required to sell the investment securities, before recovery of their amortized cost basis, then the entire unrealized loss would be recorded in earnings. The Company has an equity securities portfolio which consists of investments in Community Reinvestment funds and investments in other financial institutions for market appreciation purposes. During the fourth quarter of 2020, the Company sold the remainder of its investments in other financial institutions. Net unrealized gains and losses for this portfolio are recognized through net income. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are carried at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for credit losses. The Company elected to exclude accrued interest receivable balances from the amortized cost basis. Interest receivable is included as a separate line item on the consolidated balance sheets. The Company also elected not to estimate an allowance on interest receivable balances because it has policies in place that provide for the accrual of interest to cease on a timely basis when all contractual amounts due are not expected and accrued and unpaid interest is reversed. Interest income is accrued as earned on a simple interest basis, adjusted for prepayments. All unamortized fees and costs related to the loan are amortized over the life of the loan using the interest method. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of interest and principal is doubtful. When a loan is placed on such non-accrual status, all accumulated accrued interest receivable is reversed out of current period income. At the time of adoption of ASU 2016-13, the Company expanded its portfolio of collectively assessed loans to include nine portfolio segments, taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. Loan attributes and risk characteristics considered in segmentation include: borrower type, repayment source, collateral type, product type, purpose or nature of financing, typical contractual maturity and repayment terms, interest rate structure, credit management metrics, lending policies and procedures, and personnel responsible for underwriting, approval, monitoring, and collections. The close alignment of the portfolio segments is consistent with shared drivers of credit loss (e.g., unemployment, interest rates, property values, etc.) expected among loans within the various segments. The nine segments include: 1. Non-owner Occupied Commercial : Permanent mortgages extended to investors and secured by non-owner occupied commercial real estate, such as office, retail, industrial and mixed-use properties. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 2. Owner Occupied Commercial : Permanent mortgages extended to businesses and secured by owner occupied commercial real estate, such as office, retail, and industrial properties. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 3. Multifamily : Permanent mortgages extended to investors and secured by multifamily residential real estate. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 30-year schedule. They are generally fully advanced with no unfunded commitment. 4. Non-owner Occupied Residential : Permanent mortgages extended to investors and secured by one to four family residential real estate. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 5. Commercial, Industrial and Other : Commercial loans extended to businesses. These loans may be either unsecured or secured by various types of collateral, such as accounts receivable, inventory, equipment, and/or real estate. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with terms of one 6. Construction : Interim loans for the development or construction of commercial or residential property. Repayment may come from either the sale or refinance of the real estate that secures the loan. These loans are typically originated with a term of one 7. Equipment Finance : Term financing extended to businesses. These loans are typically originated for the purchase of fixed assets, such as machinery, equipment, and vehicles and are secured by the acquired assets. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with terms of three 8. Residential : Permanent mortgages extended to consumers and secured by owner occupied one to four family residential real estate held in portfolio. Primary source of repayment for these loans is personal income. These loans are generally originated with contractual terms of 15 to 30 years and are fully amortizing over their term. They are fully advanced at closing with no unfunded commitment. 9. Consumer : Loans extended to consumers with primary source of repayment being personal income. The Consumer segment includes home equity lines of credit, closed-end home equity loans (secured by both first and junior liens) and other consumer loans, such as automobile and revolving credit plans. Commercial loans are placed on non-accrual status with all accrued interest and unpaid interest reversed if (a) because of the deterioration in the financial position of the borrowers they are maintained on a cash basis (which means payments are applied when and as received rather than on a regularly scheduled basis), (b) payment in full of interest or principal is not expected, or (c) principal and interest have been in default for a period of 90 days or more unless the obligation is both well-secured and in process of collection. Residential mortgage loans and closed-end consumer loans are placed on non-accrual status at the time principal and interest have been in default for a period of 90 days or more, except where there exists sufficient collateral to cover the defaulted principal and interest payments, and the loans are well-secured and in the process of collection. Open-end consumer loans secured by real estate are generally placed on non-accrual and reviewed for charge-off when principal and interest payments are four months in arrears unless the obligations are well-secured and in the process of collection. Interest thereafter on such charged-off loans is taken into income when received only after full recovery of principal. As a general rule, a non-accrual asset may be restored to accrual status when none of its principal or interest is due and unpaid, satisfactory payments have been received for a sustained period (usually six months), or when it otherwise becomes well-secured and in the process of collection. With the adoption of ASU 2016-13, loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered purchased credit deteriorated ("PCD") loans. Management evaluates acquired loans for deterioration in credit quality based on the following: (a) non-accrual status; (b) troubled debt restructured designation; (c) risk rating lower than "Pass," and (d) delinquency status. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium, which is recognized through interest income on a level-yield basis over the lives of the related loans. All loans considered to be purchased credit-impaired ("PCI") prior to the adoption of ASU 2016-13 were converted to PCD upon adoption. For acquired loans not deemed to be PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Credit Losses Upon the adoption of ASU 2016-13, t he allowance for credit losses reserve including the allowance for the funded portion and the reserve for the unfunded portion, represents management’s estimate of current expected credit losses in the Company’s loan portfolio over its expected life, which is the contract term adjusted for expected prepayments and options to extend the contractual term that are not unconditionally cancellable by us. Management’s measurement of expected credit losses is based on relevant information about past events, current conditions, prepayments and reasonable and supportable forecasts of future economic conditions. It is presented as an offset to the amortized cost basis or as a separate liability in the case of off-balance-sheet credit exposures. The Company uses an open pool loss-rate method to calculate an institution-specific historical loss rate based on historical loan level loss experience for collectively assessed loans with similar risk characteristics. The Company’s methodology considers relevant information about past and current economic conditions, as well as a single economic forecast over a reasonable and supportable period. The loss rate is applied over the remaining life of loans to develop a “baseline lifetime loss.” The baseline lifetime loss is adjusted for changes in macroeconomic variables, including but not limited to interest rates, housing prices, GDP and unemployment, over the reasonable and supportable forecast period. After the reasonable and supportable forecast period, the adjusted loss rate reverts on a straight-line basis to the historical loss rate. The reasonable and supportable forecast and the reversion periods are established for each portfolio segment. The Company measures expected credit losses of financial assets by multiplying the adjusted loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and defaults. Changes in any of these factors, assumptions or the availability of new information, could require that the allowance be adjusted in future periods, perhaps materially. Qualitative Adjustments: The Company considers five standard qualitative general reserve factors ("qualitative adjustments"): nature and volume of loans, lending management, policy and procedures, independent review and changes in environment. Qualitative adjustments are designed to address risks that are not captured in the quantitative reserves (“quantitative reserve”). Other qualitative adjustments or model overlays may also be recorded based on expert credit judgment in circumstances where, in the Company’s view, the standard qualitative reserve factors do not capture all relevant risk factors. The use of qualitative reserves may require significant judgment that may impact the amount of allowance recognized. Prior to the adoption of ASU 2016-13, the allowance for loan losses was determined in accordance with previous applicable U.S. GAAP and was the estimated amount considered necessary to cover probable and reasonably estimable incurred losses inherent in the loan portfolio at the balance sheet date. In determining the allowance, management would make significant estimates and judgments. The allowance was established through a provision for loan losses charged against income. Loan principal considered to be uncollectible by management was charged against the allowance. Management believed that the allowance was adequate to cover identifiable losses, as well as estimated losses inherent in the portfolio for which certain losses are probable but not specifically identifiable. When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as troubled debt restructured loans (“TDRs”) are individually evaluated. For collateral-dependent loans, the Company considers the fair value of the collateral, net of anticipated selling costs and other adjustments. For non collateral-dependent individually evaluated loans, the impairment will be measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Shortfalls in collateral or cash flows are charged-off or specifically reserved for in the period the short-fall is identified. Charge-offs are recommended by the Chief Credit Officer and approved by the Company's Board of Directors. TDRs are those loans where significant concessions have been made to borrowers experiencing financial difficulties. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate lower than the current market rate of a new loan with similar risk, an extended moratorium of principal payments and/or an extension of the maturity date. Insignificant delays in payments are not considered TDRs. Loans that are classified as TDRs will continue to be classified as a TDR until it is fully repaid or until it meets all of the following criteria: 1) the borrower is no longer experiencing financial difficulties, 2) the rate is not less than the rate provided for similar credit risk, 3) other terms are no less favorable than similar new debt and 4) no concessions were granted. Prior to the adoption of ASU 2016-13, all loans with the TDR designation were considered to be impaired, even if they were accruing. With the adoption of ASU 2016-13, the definition of impaired loans was removed from accounting guidance. To identify loans which meet the definition of a reasonably expected TDR under ASC 326-20, the Company has determined the following criteria to be used in assessing whether a loan is considered a reasonably expected TDR: • A loan with a risk rating of Special Mention, or worse; • A loan identified as a foreclosure in process; • Indicated via review and assessment that a modification is probable; and • A modification approved, on a net concession/modification basis, that benefits the customer. The methods for estimating expected credit losses on reasonably expected TDRs are the same as those specified for existing TDRs. Reasonably expected TDR’s $500,000 and above that are anticipated to remain on accrual status will normally have their reserves determined using the discounted cash flow method, while those below $500,000 will be included in, and be assessed as part of, the population of collectively evaluated pooled loans. Reasonably expected TDRs that are anticipated to be placed on non-accrual status will be considered collateral-dependent. Section 4013 of the CARES Act, as interpreted by the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)" (“Revised Statement”), dated April 17, 2020, includes criteria that enable financial institutions to exclude from TDR status loans that are modified in connection with COVID-19. Under these provisions, TDR status is not required for the term of a loan modification if (i) the loan modification was made in connection with COVID-19, (ii) the loan was not past due more than 30 days as of December 31, 2019 and (iii) the loan modification was entered into during the period between March 1, 2020, and the earlier of (a) 60 days after COVID-19 was no longer characterized as a National Emergency or (b) December 31, 2020. In December 2020, CAA 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. Furthermore, pursuant to the Revised Statement, for loan modifications that do not meet these criteria but are made in connection with COVID-19, such loans may be presumed not to be TDR if the loan was current at the time the loan modification program was implemented and the modifications are short-term (e.g., six months). If the criteria are not met under either Section 4013 or the Revised Statement, banks are required to follow their existing accounting policies to determine whether COVID-related modifications should be accounted for as a TDR. The Company has elected to suspend the classification of loan modifications as TDR if they qualify under Section 4013 or the Revised Statement. For past due status, the CARES Act also provides for lenders to continue to report loans in the same delinquency bucket they were in at the time of modification. The Company applied this guidance beginning in 2020. Prior to the adoption of ASU 2016-13, the Company defined impaired loans, a concept that is eliminated in Topic 326, as all non-accrual loans with recorded investments of $500,000 or greater. Impaired loans also included all loans modified as troubled debt restructurings. Loans were considered impaired when, based on current information and events, it was probable that Lakeland would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment was measured based on the present value of expected cash flows discounted at the loan’s effective interest rate, or as a practical expedient, Lakeland measured impairment based on a loan’s observable market price, or the fair value of the collateral, less estimated costs to sell, if the loan was collateral-dependent. Regardless of the measurement method, Lakeland measured impairment based on the fair value of the collateral when it was determined that foreclosure was probable. Most of Lakeland’s impaired loans were collateral-dependent. Shortfalls in collateral or cash flows were charged-off or specifically reserved for in the period the short-fall was identified. Charge-offs were recommended by the Chief Credit Officer and approved by the Company's Board of Directors. Lakeland grouped impaired commercial loans under $500,000 into homogeneous pools and collectively evaluated them. Interest received on impaired loans was recorded as interest income. However, if management was not reasonably certain that an impaired loan would be repaid in full, or if a specific time frame to resolve full collection could not yet be reasonably determined, all payments received were recorded as reductions of principal. A loan that management designated as impaired was reviewed for charge-off when it was placed on non-accrual status with a resulting charge-off if the loan was not secured by collateral having sufficient liquidation value to repay the loan if the loan was collateral dependent or charged off if deemed uncollectible. For a loan that was not collateral dependent, a reserve would be established for any shortfall in expected cash flows. Charge-offs were recommended by the Chief Credit Officer and approved by the Board of Directors. Off-Balance Sheet Credit Exposures The Company is required to include the unfunded commitment that is expected to be funded in the future within the allowance calculation. The Company participates in lending that results in an off-balance-sheet unfunded commitment balance. Funding commitments are currently underwritten with conditionally cancellable language by the Company. To determine the expected funding balance remaining, the Comp |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations The Company completed its acquisition of Highlands Bancorp, Inc. ("Highlands"), a bank holding company headquartered in Vernon, New Jersey, on January 4, 2019. Highlands was the parent of Highlands State Bank, which operated four branches in Sussex, Passaic and Morris Counties in New Jersey. This acquisition enabled the Company to broaden its presence in those counties. The acquisition was accounted for under the acquisition method of accounting and accordingly, the assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. Highlands' assets were recorded at their fair values as of January 4, 2019 and Highlands' results of operations are included in the Company's Consolidated Statements of Income from that date forward. Direct costs related to acquisitions were expensed as incurred. In 2021 and 2019, the Company recorded $1.8 million and $3.2 million of merger and integration-related expenses, respectively, which have been separately stated in the Company’s Consolidated Statements of Income. The Company recorded no merger related expenses in 2020. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company uses the two class method to compute earnings per common share. Participating securities include non-vested restricted stock and non-vested restricted stock units. The following tables present the computation of basic and diluted earnings per share for the periods presented. Year Ended December 31, 2021 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 95,041 50,624 $ 1.87 Less: earnings allocated to participating securities 1,142 — 0.02 Net income available to common shareholders 93,899 50,624 1.85 Effect of dilutive securities Stock options and restricted stock — 246 — Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 93,899 50,870 $ 1.85 Year Ended December 31, 2020 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 57,518 50,540 $ 1.14 Less: earnings allocated to participating securities 511 — 0.01 Net income available to common shareholders 57,007 50,540 1.13 Effect of dilutive securities Stock options and restricted stock — 110 — Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 57,007 50,650 $ 1.13 Year Ended December 31, 2019 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 70,672 50,477 $ 1.40 Less: earnings allocated to participating securities 596 — 0.01 Net income available to common shareholders 70,076 50,477 1.39 Effect of dilutive securities Stock options and restricted stock — 165 (0.01) Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 70,076 50,642 $ 1.38 There were no antidilutive options to purchase common stock to be excluded from the above computations. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities available for sale are as follows: December 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 202,961 $ 1,215 $ (789) $ — $ 203,387 Mortgage-backed securities, residential 238,456 1,250 (1,731) — 237,975 Collateralized mortgage obligations, residential 191,086 1,693 (1,488) — 191,291 Mortgage-backed securities, multifamily 1,816 — (75) — 1,741 Collateralized mortgage obligations, multifamily 32,254 511 (246) — 32,519 Asset-backed securities 52,518 153 (87) — 52,584 Debt securities 49,598 959 (15) (83) 50,459 Total $ 768,689 $ 5,781 $ (4,431) $ (83) $ 769,956 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 63,868 $ 1,447 $ (313) $ — $ 65,002 Mortgage-backed securities, residential 224,978 3,718 (540) — 228,156 Collateralized mortgage obligations, residential 204,093 4,967 (22) — 209,038 Mortgage-backed securities, multifamily 1,944 — — — 1,944 Collateralized mortgage obligations, multifamily 39,628 1,909 (2) — 41,535 Asset-backed securities 40,915 — (225) — 40,690 Obligations of states and political subdivisions 228,790 5,149 (228) (1) 233,710 Debt securities 35,056 616 — (1) 35,671 Total $ 839,272 $ 17,806 $ (1,330) $ (2) $ 855,746 The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities held to maturity are as follows: December 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 18,672 $ 293 $ — $ — $ 18,965 Mortgage-backed securities, residential 370,247 718 (5,989) — 364,976 Collateralized mortgage obligations, residential 13,921 168 — — 14,089 Mortgage-backed securities, multifamily 2,710 26 (2) — 2,734 Obligations of states and political subdivisions 416,587 810 (5,800) (21) 411,576 Debt securities 3,000 31 — (160) 2,871 Total $ 825,137 $ 2,046 $ (11,791) $ (181) $ 815,211 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 Total $ 90,766 $ 3,114 $ (12) $ — $ 93,868 During the third quarter of 2021, the Company transferred $494.2 million of previously designated investment securities available for sale 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 $383,000 during the year ended December 31, 2021. The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of December 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Fair Amortized Fair Due in one year or less $ 12,005 $ 12,063 $ 21,345 $ 21,497 Due after one year through five years 58,188 58,409 34,047 34,192 Due after five years through ten years 124,825 125,735 42,528 42,315 Due after ten years 57,541 57,639 340,339 335,408 252,559 253,846 438,259 433,412 Mortgage-backed and asset-backed securities 516,130 516,110 386,878 381,799 Total $ 768,689 $ 769,956 $ 825,137 $ 815,211 For the year ended December 31, 2021, there were proceeds from sales of available for sale securities of $4.4 million with gross gains on sales of securities of $9,000 and no gross losses on sales of securities. There were proceeds from sales of available for sale securities of $130.9 million with gross gains on sales of securities of $1.3 million and gross losses on sales of securities of $248,000 for the year ended December 31, 2020. There were no sales of securities for the year ended December 31, 2019. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. Securities with a carrying value of approximately $1.04 billion and $578.0 million at December 31, 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: December 31, 2021 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 76,106 $ 322 $ 14,670 $ 467 15 $ 90,776 $ 789 Mortgage-backed securities, residential 176,990 1,465 14,582 266 45 191,572 1,731 Collateralized mortgage obligations, residential 86,749 1,429 5,000 59 18 91,749 1,488 Mortgage-backed securities, multifamily — — 1,741 75 1 1,741 75 Collateralized mortgage obligations, multifamily 9,083 210 1,072 36 4 10,155 246 Asset-backed securities 14,688 87 — — 3 14,688 87 Debt securities 15,325 (5) 980 20 8 16,305 15 Total $ 378,941 $ 3,508 $ 38,045 $ 923 $ 94 $ 416,986 $ 4,431 HELD TO MATURITY Mortgage-backed securities, residential $ 340,474 $ 5,882 $ 2,376 $ 107 96 $ 342,850 $ 5,989 Mortgage-backed securities, multifamily 2,051 2 — — 1 2,051 2 Obligations of states and political subdivisions 307,827 5,800 — — 239 307,827 5,800 Total $ 650,352 $ 11,684 $ 2,376 $ 107 $ 336 $ 652,728 $ 11,791 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. The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Credit Quality Indicators Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of A or above. The tables below indicate the credit profile of the Company's investment securities held to maturity at amortized cost for the periods presented: December 31, 2021 AAA AA A BBB Not Rated Total (in thousands) U.S. Treasury and U.S. government agencies $ 18,672 $ — $ — $ — $ — $ 18,672 Mortgage-backed securities, residential 370,247 — — — — 370,247 Collateralized mortgage obligations, residential 13,921 — — — — 13,921 Mortgage-backed securities, multifamily 2,710 — — — — 2,710 Obligations of states and political subdivisions 143,777 270,909 1,068 — 833 416,587 Debt securities — — — 3,000 — 3,000 Total $ 549,327 $ 270,909 $ 1,068 $ 3,000 $ 833 $ 825,137 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 $17.4 million and $14.7 million at December 31, 2021 and December 31, 2020, respectively. The Company recorded no sales of equity securities for the year ended December 31, 2021 and recorded $4.1 million and $1.3 million of proceeds from sales of equity securities for the years ended December 31, 2020 and 2019, respectively. The Company recorded $285,000 and $552,000 in fair value losses on equity securities in noninterest income for the year ended December 31, 2021 and 2020, respectively. and fair value gains on equity securities of $496,000 during 2019. As of December 31, 2021, the Company's investments in Community Reinvestment funds include $6.8 million that are primarily invested in community development loans that are guaranteed by the 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 December 31, 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 $10.5 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of December 31, 2021. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | = 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 3,009 $ — $ — $ 2,624 Owner occupied commercial 2,810 — — 2,398 Non-owner occupied residential 2,852 — — 2,567 Commercial, industrial and other 6,763 — — 1,122 Equipment finance 43 — — — Residential mortgage 817 — — 694 Consumer 687 — 1 — Total $ 16,981 $ — $ 1 $ 9,405 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 December 31, 2021 and December 31, 2020, there was one loan with a recorded investment of $1,000 that was past due more than 89 days and still accruing. The Company had $930,000 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, 2021 and December 31, 2020, respectively. Impaired Loans The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by the portfolio segments existing at December 31, 2019. Recorded Contractual Related Interest Average (in thousands) Loans without related allowance: Commercial, secured by real estate $ 12,478 $ 12,630 $ — $ 164 $ 10,386 Commercial, industrial and other 1,391 1,381 — 16 1,334 Construction 1,663 1,661 — 2 82 Equipment finance — — — — — Residential mortgage 803 815 — — 233 Consumer — — — — — Loans with related allowance: Commercial, secured by real estate 3,470 3,706 228 190 4,554 Commercial, industrial and other 113 113 5 6 113 Construction — — — — — Equipment finance 23 23 10 — 21 Residential mortgage 1,512 1,682 104 19 926 Consumer 671 765 5 29 693 Total: Commercial, secured by real estate $ 15,948 $ 16,336 $ 228 $ 354 $ 14,940 Commercial, industrial and other 1,504 1,494 5 22 1,447 Construction 1,663 1,661 — 2 82 Equipment finance 23 23 10 — 21 Residential mortgage 2,315 2,497 104 19 1,159 Consumer 671 765 5 29 693 $ 22,124 $ 22,776 $ 352 $ 426 $ 18,342 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 December 31, 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 December 31, 2021 and 2020, TDRs totaled $3.5 million and $5.0 million, respectively. Accruing TDRs totaled $3.3 million and non-accrual TDRs totaled $127,000 at December 31, 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 $115,000 that was restructured during 2021 that met the definition of a TDR, while no loans were restructured during 2020 that met the definition of a TDR. There were no restructured loans that subsequently defaulted in 2021; however, two consumer loans totaling $83,000 that were TDRs within the previous twelve months had subsequently defaulted in 2020. Related Party Loans Lakeland has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons on similar terms, including interest rates and collateral, as those prevailing for comparable transactions with other borrowers not related to Lakeland. At December 31, 2021 and 2020, loans to these related parties amounted to $64.0 million and $75.7 million, respectively. There were new loans of $5.0 million to related parties and repayments of $16.7 million from related parties in 2021. Mortgages Held for Sale Residential mortgages originated by the bank and held for sale in the secondary market are carried at the lower of cost or fair market value. Fair value is generally determined by the value of purchase commitments on individual loans. Losses are recorded as a valuation allowance and charged to earnings. As of December 31, 2021, Lakeland had $1.9 million in mortgages held for sale compared to $1.3 million as of December 31, 2020. Equipment Finance Receivables Future minimum payments of equipment finance receivables at December 31, 2021 are expected as follows: (in thousands) 2022 $ 40,997 2023 34,476 2024 25,736 2025 15,388 2026 5,885 Thereafter 730 $ 123,212 Other Real Estate and Other Repossessed Assets At December 31, 2021 and December 31, 2020, Lakeland had no other real estate owned and held no other repossessed assets. For the year ended December 31, 2021, Lakeland had no writedowns of other real estate owned and for the years ended December 31, 2020 and 2019 had writedowns of $39,000 and $153,000, respectively, recorded in other expense in the Consolidated Statement of Income." id="sjs-B4">Loans The following table summarizes the composition of the Company’s loan portfolio. (in thousands) December 31, 2021 December 31, 2020 Non-owner occupied commercial $ 2,316,284 $ 2,398,946 Owner occupied commercial 908,449 827,092 Multifamily 972,233 813,225 Non-owner occupied residential 177,097 200,229 Commercial, industrial and other 462,406 718,189 Construction 302,228 266,883 Equipment finance 123,212 116,690 Residential mortgage 438,710 377,380 Consumer 275,529 302,598 Total $ 5,976,148 $ 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 $13.9 million at December 31, 2021 and $16.1 million at December 31, 2020. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. Net deferred loan fees are included in loans by respective segment and total $5.8 million and $10.0 million at December 31, 2021 and December 31, 2020, respectively. At December 31, 2021 and December 31, 2020, Small Business Association ("SBA") Paycheck Protection Program ("PPP") loans totaled $56.6 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 $184,000 and $650,000 at December 31, 2021 and December 31, 2020, respectively. Loans pledged for potential borrowings at the Federal Home Loan Bank of New York ("FHLB") totaled $2.30 billion and $2.28 billion at December 31, 2021 and December 31, 2020, respectively. 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. 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 December 31, 2021. Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Non-owner occupied commercial Pass $ 363,459 $ 516,131 $ 295,944 $ 189,592 $ 195,733 $ 562,338 $ 18,795 $ — $ 2,141,992 Watch — — 25,292 14,660 4,641 47,011 130 — 91,734 Special mention — 458 — 5,749 14,639 6,602 — — 27,448 Substandard 119 431 332 2,656 8,000 43,572 — — 55,110 Total 363,578 517,020 321,568 212,657 223,013 659,523 18,925 — 2,316,284 Owner occupied commercial Pass 209,515 133,292 83,395 54,019 48,850 252,001 8,343 108 789,523 Watch — 5,757 2,134 900 280 24,873 — — 33,944 Special mention — 9,694 21,837 12,632 95 17,851 — — 62,109 Substandard 5 — — 2,597 1,299 18,972 — — 22,873 Total 209,520 148,743 107,366 70,148 50,524 313,697 8,343 108 908,449 Multifamily Pass 225,060 255,016 72,438 71,366 73,122 207,509 18,161 1,281 923,953 Watch — 966 — 13,709 854 6,497 — — 22,026 Special mention — 2,470 — — 8,944 2,948 — — 14,362 Substandard — — 5,485 1,321 — 4,987 99 — 11,892 Total 225,060 258,452 77,923 86,396 82,920 221,941 18,260 1,281 972,233 Non-owner occupied residential Pass 28,476 18,527 16,928 15,695 18,048 51,194 7,288 — 156,156 Watch — — — — 651 5,057 — — 5,708 Special mention — — 523 837 1,205 284 515 — 3,364 Substandard — 3,062 510 4,797 988 2,512 — — 11,869 Total 28,476 21,589 17,961 21,329 20,892 59,047 7,803 — 177,097 Commercial, industrial and other Pass 100,921 23,940 65,225 11,636 3,808 37,479 191,293 872 435,174 Watch 939 461 446 — 1,378 173 5,056 — 8,453 Special mention — — — — 1,896 443 1,365 — 3,704 Substandard 101 7,352 — 1,276 496 422 5,428 — 15,075 Total 101,961 31,753 65,671 12,912 7,578 38,517 203,142 872 462,406 Construction Pass 108,585 84,993 40,847 30,125 23,578 3,654 — — 291,782 Special mention — — — — 10,446 — — — 10,446 Total 108,585 84,993 40,847 30,125 34,024 3,654 — — 302,228 Equipment finance Pass 50,482 30,486 27,626 10,238 3,128 803 — — 122,763 Substandard — — 216 177 56 — — — 449 Total 50,482 30,486 27,842 10,415 3,184 803 — — 123,212 Residential mortgage Pass 171,442 112,680 27,228 20,784 9,103 96,510 — — 437,747 Substandard 12 — — 123 694 134 — — 963 Total 171,454 112,680 27,228 20,907 9,797 96,644 — — 438,710 Consumer Pass 35,283 10,476 5,358 4,561 3,260 24,888 190,481 34 274,341 Substandard 32 — — — — 630 526 — 1,188 Total 35,315 10,476 5,358 4,561 3,260 25,518 191,007 34 275,529 Total loans $ 1,294,431 $ 1,216,192 $ 691,764 $ 469,450 $ 435,192 $ 1,419,344 $ 447,480 $ 2,295 $ 5,976,148 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 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. December 31, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,312,557 $ — $ 718 $ 3,009 $ 3,727 $ 2,316,284 Owner occupied commercial 905,751 20 — 2,678 2,698 908,449 Multifamily 972,233 — — — — 972,233 Non-owner occupied residential 174,245 — 136 2,716 2,852 177,097 Commercial, industrial and other 461,659 154 — 593 747 462,406 Construction 302,228 — — — — 302,228 Equipment finance 122,923 211 41 37 289 123,212 Residential mortgage 437,574 255 64 817 1,136 438,710 Consumer 274,426 705 135 263 1,103 275,529 Total $ 5,963,596 $ 1,345 $ 1,094 $ 10,113 $ 12,552 $ 5,976,148 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 December 31, 2021 and December 31, 2020. December 31, 2021 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 3,009 $ — $ — $ 2,624 Owner occupied commercial 2,810 — — 2,398 Non-owner occupied residential 2,852 — — 2,567 Commercial, industrial and other 6,763 — — 1,122 Equipment finance 43 — — — Residential mortgage 817 — — 694 Consumer 687 — 1 — Total $ 16,981 $ — $ 1 $ 9,405 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 December 31, 2021 and December 31, 2020, there was one loan with a recorded investment of $1,000 that was past due more than 89 days and still accruing. The Company had $930,000 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, 2021 and December 31, 2020, respectively. Impaired Loans The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by the portfolio segments existing at December 31, 2019. Recorded Contractual Related Interest Average (in thousands) Loans without related allowance: Commercial, secured by real estate $ 12,478 $ 12,630 $ — $ 164 $ 10,386 Commercial, industrial and other 1,391 1,381 — 16 1,334 Construction 1,663 1,661 — 2 82 Equipment finance — — — — — Residential mortgage 803 815 — — 233 Consumer — — — — — Loans with related allowance: Commercial, secured by real estate 3,470 3,706 228 190 4,554 Commercial, industrial and other 113 113 5 6 113 Construction — — — — — Equipment finance 23 23 10 — 21 Residential mortgage 1,512 1,682 104 19 926 Consumer 671 765 5 29 693 Total: Commercial, secured by real estate $ 15,948 $ 16,336 $ 228 $ 354 $ 14,940 Commercial, industrial and other 1,504 1,494 5 22 1,447 Construction 1,663 1,661 — 2 82 Equipment finance 23 23 10 — 21 Residential mortgage 2,315 2,497 104 19 1,159 Consumer 671 765 5 29 693 $ 22,124 $ 22,776 $ 352 $ 426 $ 18,342 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 December 31, 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 December 31, 2021 and 2020, TDRs totaled $3.5 million and $5.0 million, respectively. Accruing TDRs totaled $3.3 million and non-accrual TDRs totaled $127,000 at December 31, 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 $115,000 that was restructured during 2021 that met the definition of a TDR, while no loans were restructured during 2020 that met the definition of a TDR. There were no restructured loans that subsequently defaulted in 2021; however, two consumer loans totaling $83,000 that were TDRs within the previous twelve months had subsequently defaulted in 2020. Related Party Loans Lakeland has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons on similar terms, including interest rates and collateral, as those prevailing for comparable transactions with other borrowers not related to Lakeland. At December 31, 2021 and 2020, loans to these related parties amounted to $64.0 million and $75.7 million, respectively. There were new loans of $5.0 million to related parties and repayments of $16.7 million from related parties in 2021. Mortgages Held for Sale Residential mortgages originated by the bank and held for sale in the secondary market are carried at the lower of cost or fair market value. Fair value is generally determined by the value of purchase commitments on individual loans. Losses are recorded as a valuation allowance and charged to earnings. As of December 31, 2021, Lakeland had $1.9 million in mortgages held for sale compared to $1.3 million as of December 31, 2020. Equipment Finance Receivables Future minimum payments of equipment finance receivables at December 31, 2021 are expected as follows: (in thousands) 2022 $ 40,997 2023 34,476 2024 25,736 2025 15,388 2026 5,885 Thereafter 730 $ 123,212 Other Real Estate and Other Repossessed Assets At December 31, 2021 and December 31, 2020, Lakeland had no other real estate owned and held no other repossessed assets. For the year ended December 31, 2021, Lakeland had no writedowns of other real estate owned and for the years ended December 31, 2020 and 2019 had writedowns of $39,000 and $153,000, respectively, recorded in other expense in the Consolidated Statement of Income. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 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 on December 31, 2020, effective January 1, 2020. See Note 1 - Summary of Significant Accounting Policies for a description of the adoption of ASU 2016-13 and the Company's allowance methodology. 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 December 31, 2021, loans totaling $5.95 billion were evaluated collectively and the allowance on these balances totaled $53.8 million and loans evaluated on an individual basis totaled $21.2 million with the specific allocations of the allowance for credit losses totaling $4.3 million. Federal regulatory agencies, as an integral part of their examination process, review our loans and the corresponding allowance for credit losses. While we believe that our allowance for credit losses on loans in relation to our current loan portfolio is adequate to cover current and expected losses, we cannot assure you that we will not need to increase our allowance for credit losses on loans or that the regulators will not require us to increase this allowance. Future increases in our allowance for credit losses on loans could materially and adversely affect our earnings and profitability. Allowance for Credit Losses - Loans The allowance for credit losses is summarized in the following table: (in thousands) 2021 2020 Balance at beginning of the period $ 71,124 $ 40,003 Impact of adopting ASU 2016-13 — 6,656 Charge-offs (4,589) (2,053) Recoveries 2,427 541 Net charge-offs (2,162) (1,512) Provision for credit loss - loans (10,915) 25,977 Balance at end of the period $ 58,047 $ 71,124 Accrued interest receivable on loans, reported as a component of accrued interest receivable on the consolidated balance sheet, totaled $13.9 million and $16.1 million at December 31, 2021 and December 31, 2020, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses. The following table details activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2021 and 2020: (in thousands) Balance at December 31, 2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss - Loans Balance at December 31, 2021 Non-owner occupied commercial $ 25,910 $ (2,708) $ 462 $ (3,593) $ 20,071 Owner occupied commercial 3,955 (282) 302 (11) 3,964 Multifamily 7,253 (28) — 1,084 8,309 Non-owner occupied residential 3,321 (223) 165 (883) 2,380 Commercial, industrial and other 13,665 (401) 888 (4,261) 9,891 Construction 786 (54) 75 31 838 Equipment finance 6,552 (346) 61 (2,604) 3,663 Residential mortgage 3,623 (113) 177 227 3,914 Consumer 6,059 (434) 297 (905) 5,017 Total $ 71,124 $ (4,589) $ 2,427 $ (10,915) $ 58,047 (in thousands) Balance at December 31, 2019 (1) Impact of adopting ASU 2016-13 Charge-offs Recoveries (Benefit) Provision for Credit Loss - Loans Balance at December 31, 2020 Non owner occupied commercial $ — $ 17,027 $ (53) $ 29 $ 8,907 $ 25,910 Owner occupied commercial — 3,080 (369) 21 1,223 3,955 Multifamily — 3,717 — — 3,536 7,253 Non owner occupied residential — 2,801 — 22 498 3,321 Commercial, secured by real estate 28,950 (28,950) — — — — Commercial, industrial and other 3,289 2,850 (814) 207 8,133 13,665 Construction 2,672 (2,396) (77) 100 487 786 Equipment finance 957 2,481 (284) 65 3,333 6,552 Residential mortgage 1,725 1,217 (116) 21 776 3,623 Consumer 2,410 4,829 (340) 76 (916) 6,059 Total $ 40,003 $ 6,656 $ (2,053) $ 541 $ 25,977 $ 71,124 (1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments. The allowance for credit losses decreased to $58.0 million, 0.97% of total loans, at December 31, 2021, compared to $71.1 million, 1.18% of total loans, at December 31, 2020. The decrease from December 31, 2020, was primarily due to an improvement in forecasted macroeconomic conditions, a reduction in nonperforming assets and continued strength in asset quality. The change in the allowance within the loan segments during the two comparable periods is principally due to changes in the Company's level of loan growth and the impact of changes in various economic factors on particular segments. The Company adopted ASU 2016-13 at December 31, 2020, and recorded an increase in the allowance for credit losses on loans of $6.7 million effective January 1, 2020. The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit or loan losses for the years ended December 31, 2021 and 2020: December 31, 2021 Loans Allowance for Credit Losses (in thousands) Individually evaluated Collectively evaluated Acquired with deteriorated credit quality Total Individually evaluated Collectively evaluated Total Non-owner occupied commercial $ 3,063 $ 2,313,047 $ 174 $ 2,316,284 $ — $ 20,071 $ 20,071 Owner occupied commercial 6,678 901,638 133 908,449 69 3,895 3,964 Multifamily — 972,233 — 972,233 — 8,309 8,309 Non-owner occupied residential 2,567 174,463 67 177,097 — 2,380 2,380 Commercial, industrial and other 6,537 455,306 563 462,406 4,182 5,709 9,891 Construction — 302,228 — 302,228 — 838 838 Equipment finance — 123,212 — 123,212 — 3,663 3,663 Residential mortgage 1,416 437,294 — 438,710 — 3,914 3,914 Consumer — 275,529 — 275,529 — 5,017 5,017 Total loans $ 20,261 $ 5,954,950 $ 937 $ 5,976,148 $ 4,251 $ 53,796 $ 58,047 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 December 31, 2021 , the balance of the allowance for credit loss on available for sale and held to maturity securities was $83,000 and $181,000, 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 year ended December 31, 2021, the Company recorded a provision for credit losses of $84,000 and $178,000 on securities available for sale and held to maturity, respectively, in the provision for credit losses on the Consolidated Statement of Income. For the year ended December 31, 2020, the Company, recorded a provision of $2,000 on securities available for sale and a benefit of $30,000 on securities held to maturity. 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 sheet and totaled $5.3 million and $3.3 million at December 31, 2021 and December 31, 2020, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the Consolidated Balance Sheets. The liability represents an estimate of expected credit losses arising from off balance sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off balance sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of credit loss expense. At December 31, 2021 and December 31, 2020, the balance of the allowance for credit losses for off-balance-sheet exposures was $2.3 million and $2.6 million, respectively. The Company recorded a benefit for credit losses on off-balance-sheet exposures in other noninterest expense of $243,000 for the year ended December 31, 2021 and a provision for unfunded lending commitments in other noninterest expense of $1.3 million for the year ended December 31, 2020. 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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Estimated December 31, (in thousands) Useful Lives 2021 2020 Land Indefinite $ 9,444 $ 9,926 Buildings and building improvements 10 to 50 years 42,115 44,312 Leasehold improvements 10 to 25 years 13,976 14,017 Furniture, fixtures and equipment 2 to 30 years 32,569 35,046 98,104 103,301 Less accumulated depreciation and amortization 52,188 54,806 $ 45,916 $ 48,495 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table sets forth the details of total deposits: (dollars in thousands) December 31, 2021 December 31, 2020 Noninterest-bearing demand $ 1,732,452 24.9 % $ 1,510,224 23.4 % Interest-bearing checking 2,219,658 31.9 % 2,057,052 31.9 % Money market 1,577,385 22.6 % 1,225,890 19.0 % Savings 677,101 9.7 % 584,361 9.1 % Certificates of deposit $250 thousand and under 623,393 8.9 % 895,056 13.8 % Certificates of deposit over $250 thousand 135,834 2.0 % 183,200 2.8 % Total deposits $ 6,965,823 100.0 % $ 6,455,783 100.0 % At December 31, 2021, the schedule of maturities of certificates of deposit is as follows: (in thousands) 2022 $ 653,645 2023 74,095 2024 13,750 2025 17,459 2026 278 Total $ 759,227 At December 31, 2021 and 2020, certificates of deposit obtained through brokers totaled $114.3 million and $236.7 million, respectively. Interest expense on deposits is as follows: (in thousands) 2021 2020 2019 Checking accounts $ 4,591 $ 9,095 $ 18,023 Money market accounts 6,226 8,301 13,134 Savings 334 325 335 Certificates of deposit 5,642 14,338 17,756 Total $ 16,793 $ 32,059 $ 49,248 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LeasesThe Company leases certain premises and equipment under operating leases. Portions of certain properties are subleased for terms extending through 2027. At December 31, 2021, the Company had lease liabilities totaling $16.5 million and right-of-use assets totaling $15.2 million related to these leases. At December 31, 2020, the Company had lease liabilities totaling $18.2 million and right-of-use assets totaling $16.8 million. The calculated amount of the right-of-use asset 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 year ended December 31, 2021, the weighted average remaining lease term for operating leases was 9.16 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.41%. For the year ended 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: (in thousands) 2021 2020 2019 Operating lease cost $ 3,154 $ 3,312 $ 3,293 Variable lease cost 67 90 133 Sublease income (121) (122) (122) Net lease cost $ 3,100 $ 3,280 $ 3,304 The table below presents other information on the Company's operating leases for the years ended December 31, 2021 and 2020: (in thousands) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,757 $ 2,790 $ 2,654 Right-of-use asset obtained in exchange for new operating lease liabilities 717 1,159 1,748 There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended December 31, 2021 and 2020. At December 31, 2021 and 2020, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at December 31, 2021 is as follows: (in thousands) Within one year $ 3,077 After one year but within three years 5,467 After three years but within five years 4,033 After 5 years 7,018 Total undiscounted cash flows 19,595 Discount on cash flows (3,072) Total lease liability $ 16,523 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Overnight and Short-Term Borrowings At December 31, 2021, there were no overnight and short-term borrowings from FHLB and at December 31, 2020, overnight and short-term borrowings totaled $100.0 million. In addition, Lakeland had no overnight and short-term borrowings from correspondent banks at December 31, 2021 or December 31, 2020. At December 31, 2021, Lakeland had overnight and short-term federal funds lines available to borrow up to $215.0 million from correspondent banks. Lakeland may also borrow from the discount window of the Federal Reserve Bank of New York based on the market value of collateral pledged. Lakeland had no borrowings with the Federal Reserve Bank of New York as of December 31, 2021 or 2020. Other short-term borrowings at December 31, 2021 and 2020 consisted of short-term securities sold under agreements to repurchase totaling $106.5 million and $69.6 million, respectively. Securities underlying the agreements were under Lakeland’s control. At December 31, 2021, the Company had $46.2 million in mortgage-backed securities, $46.7 million in collateralized mortgage obligations, $23.2 million in agency securities and $5.0 million in U.S. treasury notes pledged for its short-term securities sold under agreements to repurchase. FHLB Advances Advances from the Federal Home Loan Bank ("FHLB") totaled $25.0 million at both December 31, 2021 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 have prepayment penalties. There were no FHLB advance prepayments in 2021, however in 2020, the Company repaid an aggregate of $114.9 million in advances from the FHLB and recorded $4.1 million 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, which is 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 $2.3 million and are being amortized to maturity. Subordinated debt is presented net of issuance costs on the consolidated balance sheets. On January 4, 2019, the Company acquired subordinated notes in connection with the Highlands acquisition. Highlands issued $5.0 million of fixed rate notes in May 2014 bearing an interest rate of 8.00% per annum until maturity on May 16, 2024. In October 2015, Highlands issued $7.5 million of fixed rate notes bearing an interest rate of 6.94% until maturity on October 1, 2025. The Company redeemed both issuances in 2021. On September 30, 2016, the Company completed an offering of $75.0 million of fixed to floating rate subordinated notes due September 30, 2026. The notes paid interest at a rate of 5.125% per annum until September 30, 2021 when they were to reset quarterly to the then current three-month LIBOR plus 397 basis points until maturity in September 30, 2026 or their earlier redemption. The debt was included in Tier 2 capital for the Company. Debt issuance costs totaled $1.5 million and were being amortized to maturity. On September 30, 2021, the Company redeemed this issuance which resulted in an acceleration of unamortized debt issuance costs of $831,000. In May 2007, the Company issued $20.6 million of junior subordinated debentures due August 31, 2037 to Lakeland Bancorp Capital Trust IV, a Delaware business trust. The distribution rate on these securities was 6.61% for 5 years and floats at LIBOR plus 152 basis points thereafter. The debentures are the sole asset of the Trust. The Trust issued 20,000 shares of trust preferred securities, $1,000 face value, for total proceeds of $20.0 million. The Company’s obligations under the debentures and related documents, taken together, constitute a full, irrevocable and unconditional guarantee on a subordinated basis by the Company of the Trust’s obligations under the preferred securities. The preferred securities are callable by the Company on or after August 1, 2012, or earlier if the deduction of related interest for federal income taxes is prohibited, treatment as Tier I capital is no longer permitted, or certain other contingencies arise. The preferred securities must be redeemed upon maturity of the debentures in 2037. On August 3, 2015, the Company acquired and extinguished $10.0 million of Lakeland Bancorp Capital Trust IV debentures and recorded a $1.8 million gain on the extinguishment of debt. In June 2003, the Company issued $20.6 million of junior subordinated debentures due June 30, 2033 to Lakeland Bancorp Capital Trust II, a Delaware business trust. The distribution rate on these securities was 5.71% for 5 years and floats at LIBOR plus 310 basis points thereafter. The debentures are the sole asset of the Trust. The Trust issued 20,000 shares of trust preferred securities, $1,000 face value, for total proceeds of $20.0 million. The Company’s obligations under the debentures and related documents, taken together, constitute a full, irrevocable and unconditional guarantee on a subordinated basis by the Company of the Trust’s obligations under the preferred securities. The preferred securities are callable by the Company on or after June 30, 2008, or earlier if the deduction of related interest for federal income taxes is prohibited, treatment as Tier I capital is no longer permitted, or certain other contingencies arise. The preferred securities must be redeemed upon maturity of the debentures in 2033. In June 2016, the Company entered into two five-year cash flow swaps totaling $30.0 million in order to hedge the variable cash outflows associated with the junior subordinated debentures issued to Lakeland Bancorp Capital Trust II and Lakeland Bancorp Capital Trust IV. Both of these swaps matured in 2021. For more information please see Note 20 – Derivatives. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ EquityOn October 22, 2019, the Board of Directors of Lakeland approved a share repurchase program whereby the Company may repurchase up to 2,524,458 shares of its common stock, or approximately 5% of its outstanding shares of common stock at September 30, 2019. The Company had 50,489,161 shares outstanding as of September 30, 2019. Repurchases may be made from time to time through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of the Company and will depend on a variety of factors, including general market conditions, the trading price of the common stock, legal and contractual requirements and the Company's financial performance. Open market purchases may be conducted in accordance with the limitations of Rule 10b-18 of the Securities and Exchange Commission (the "SEC"). Repurchases may be made pursuant to trading plans adopted in accordance with SEC Rule 10b5-1, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate the Company to repurchase any particular number of shares and may be terminated at any time without notice, in the Company’s discretion. As of December 31, 2021, the Company had repurchased 131,035 shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income taxes are as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Current tax provision $ 26,872 $ 24,022 $ 20,418 Deferred tax (benefit) expense 5,422 (6,763) 2,854 Total provision for income taxes $ 32,294 $ 17,259 $ 23,272 The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate of 21% as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Federal income tax, at statutory rates $ 26,740 $ 15,703 $ 19,728 Increase (deduction) in taxes resulting from: Tax-exempt income (1,114) (961) (952) State income tax, net of federal income tax effect 6,176 2,178 4,322 Excess tax expense (benefits) from employee share-based payments 89 132 (189) Other, net 403 207 363 Provision for income taxes $ 32,294 $ 17,259 $ 23,272 The net deferred tax asset consisted of the following: December 31, (in thousands) 2021 2020 Deferred tax assets: Allowance for credit losses $ 17,837 $ 21,300 Stock based compensation plans 1,446 985 Purchase accounting fair market value adjustments 1,487 2,174 Non-accrued interest 504 664 Deferred compensation 2,796 2,570 Loss on equity securities 136 50 Federal net operating loss carryforward 303 875 Unrealized loss on pension plans — 13 Unrealized loss on derivatives — 42 Other, net 514 508 Gross deferred tax assets 25,023 29,181 Deferred tax liabilities: Core deposit intangible from acquired companies 705 852 Undistributed income from subsidiary not consolidated for tax return purposes (REIT) 903 852 Deferred loan costs 2,150 1,822 Depreciation and amortization 1,660 793 Prepaid expenses 824 578 Unrealized gain on investment securities 1,228 4,746 Other 235 260 Gross deferred tax liabilities 7,705 9,903 Net deferred tax assets $ 17,318 $ 19,278 Upon the adoption of ASU 2016-13 in 2020, the Company recorded a net deferred tax asset of $1.4 million. The Company evaluates the realizability of its deferred tax assets by examining its earnings history and projected future earnings and by assessing whether it is more likely than not that carryforwards would not be realized. Based upon the majority of the Company’s deferred tax assets having no expiration date, the Company’s earnings history, and the projections of future earnings, the Company’s management believes that it is more likely than not that all of the Company’s deferred tax assets as of December 31, 2021 will be realized. The Company evaluates tax positions that may be uncertain using a recognition threshold of more likely than not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. The Company had no unrecognized tax benefits or related interest or penalties at December 31, 2021 or 2020. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans 401(k) plan The Company has a 401(k) plan covering substantially all employees providing they meet eligibility requirements. The Company matches 50% of the first 6% contributed by the participants to the 401(k) plan. The Company’s contributions in 2021, 2020 and 2019 totaled $1.6 million, $1.5 million and $1.3 million, respectively. Supplemental Executive Retirement Plans In 2003, the Company entered into a non-qualified Supplemental Executive Retirement Plan (“SERP”) agreement with its former Chief Executive Officer ("CEO") that provides annual retirement benefits of $150,000 a year for 15 years when the former CEO reached the age of 65. The former CEO retired and is receiving annual retirement benefits pursuant to the plan. In 2008, the Company entered into a SERP agreement with its current CEO that provides annual retirement benefits of $150,000 for 15 years when the CEO reaches the age of 65. Also in 2008, the Company entered into a SERP with a former Regional President that provides annual retirement benefits of $90,000 a year for ten years upon his reaching the age of 65. In 2016, the Company entered into a SERP with a former Regional President that provides $84,500 a year for 15 years upon his reaching the age of 66. Both former Regional Presidents are receiving the annual retirement benefits pursuant to the plans. Somerset Hills Bank, acquired by the Company in 2013, entered into a SERP with its former CEO and its Chief Financial Officer ("CFO") which entitles them to a benefit of $48,000 and $24,000, respectively, per year for 15 years after the earlier of retirement or death. The former CEO and the beneficiary of the CFO are currently being paid out under the plan. The Company intends to fund its obligations under the deferred compensation arrangements with the increase in cash surrender value of bank owned life insurance policies. In 2021, 2020 and 2019, the Company recorded compensation expense of $163,000, $411,000 and $430,000, respectively, for these plans. The accrued liability for these plans was $3.8 million and $4.1 million for the years ended December 31, 2021 and 2020, respectively. Deferred Compensation Agreement In 2015, the Company entered into a Deferred Compensation Agreement with its CEO where it would contribute $16,500 monthly into a deferral account which would earn interest at an annual rate of the Company’s prior year return on equity, provided that the Company’s return on equity remained in a range of 0% to 15%. The Company has agreed to make such contributions each month that the CEO is actively employed from February 2015 through December 31, 2022. The expense incurred in 2021, 2020 and 2019 was $331,000, $339,000 and $311,000, respectively, and the accrued liability at December 31, 2021 and 2020 was $1.9 million and $1.6 million, respectively. Following the CEO’s normal retirement date, he shall be paid out in 180 consecutive monthly installments. Elective Deferral Plan In 2015, the Company established an Elective Deferral Plan for eligible executives in which the executive may elect to contribute a portion of their base salaries and bonuses to a deferral account that will earn an interest rate of 75% of the Company’s prior year return on equity provided that the return on equity remains in the range of 0% to 15%. The Company recorded an expense of $183,000, $162,000 and $136,000 in 2021, 2020 and 2019, respectively, and had a liability recorded of $3.2 million and $2.6 million at December 31, 2021 and 2020, respectively. Directors Retirement Plan The Company maintains an Amended and Restated Directors' Deferred Compensation Plan, which applies to directors appointed to the Company's Board of Directors prior to January 1, 2009. The non-qualified, defined benefit plan provides participants, who after completing five years of service, may retire and receive benefit payments ranging from $5,000 through $17,500 per annum, depending upon years of credited service, for a period of ten years. The plan is unfunded and holds no assets. At December 31, 2021 and 2020, the directors' deferred compensation plan had a recorded liability of $647,000 and $655,000, respectively. The was no balance recognized in accumulated other comprehensive income for pension items at December 31, 2021, while a net actuarial loss of $30,000 was recognized in accumulated other comprehensive income at December 31, 2020. This amount was not recognized as a component of net postretirement benefit cost in 2020. The net periodic plan cost included the following components: Years Ended December 31, (in thousands) 2021 2020 2019 Service cost $ 22 $ 18 $ 14 Interest cost 16 17 22 Amortization of gain — — (2) $ 38 $ 35 $ 34 A discount rate of 2.49%, 2.21% and 2.89% was assumed in the plan valuation for 2021, 2020 and 2019, respectively. As the benefit amount is not dependent upon compensation levels, a rate of increase in compensation assumption was not utilized in the plan valuation. The Company expects its contribution to the directors' retirement plan to be $38,000 in 2022. The benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows: (in thousands) 2022 $ 38 2023 38 2024 38 2025 37 2026 27 2027-2031 200 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-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 shares, 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. The Plan authorized the issuance of up to 2.0 million shares of Company common stock. Restricted Stock The following is a summary of the Company's restricted stock activity during the year ended December 31, 2021: Number of Weighted Outstanding, beginning of year 23,910 $ 14.77 Granted 16,028 13.72 Vested (23,903) 14.78 Outstanding, end of year 16,035 $ 13.72 In 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 Company’s 2018 Omnibus Equity Incentive 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 2020, the Company granted 23,852 shares of restricted stock to non-employee directors at a grant date fair value of $14.78 per share under the Company’s 2018 Omnibus Equity Incentive Plan. These shares vested over a one year period and totaled $353,000 in compensation expense. In 2019, the Company granted 13,052 shares of restricted stock to non-employee directors at a grant date fair value of $15.96 per share under the Company’s 2018 Omnibus Equity Incentive Plan. These shares vested over a one year period and totaled $208,000 in compensation expense. The total fair value of the restricted stock vested during the year ended December 31, 2021 was approximately $353,000. Compensation expense recognized for restricted stock was $330,000, $242,000 and $212,000 in 2021, 2020 and 2019, respectively. There was no unrecognized compensation expense related to restricted stock grants as of December 31, 2021. Restricted Stock Units The following is a summary of the Company's RSU activity during the year ended December 31, 2021: Number of Weighted Outstanding, beginning of year 372,552 $ 16.63 Granted 376,966 17.21 Vested (146,133) 18.19 Forfeited (12,043) 15.21 Outstanding, end of year 591,342 $ 16.64 In 2021, the Company granted 376,966 RSUs at a weighted average grant date fair value of $17.21 per share under the Company’s 2018 Omnibus Equity Incentive Plan. The RSUs vest within a range of two In 2020, the Company granted 176,869 RSUs at a weighted average grant date fair value of $15.34 per share under the Company’s 2018 Omnibus Equity Incentive Plan. These RSUs vest within a range of two Compensation expense for restricted stock units totaled $3.7 million, $2.4 million and $2.3 million in 2021, 2020 and 2019, respectively. There was approximately $5.1 million in unrecognized compensation expense related to RSUs as of December 31, 2021, which is expected to be recognized over a period of 1.06 years. Stock Options The following is a summary of the Company's stock option activity during the year ended December 31, 2021: Number of Weighted Weighted Aggregate Outstanding, beginning of year 2,764 $ 6.94 1.07 $ 15,934 Exercised (2,764) 6.94 Outstanding, end of year — $ — 0.00 $ — Options exercisable at year-end — $ — 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 during 2021 or 2020. The 2,764 stock options exercised during 2021 had an intrinsic value of $27,000 and resulted in $19,000 in cash receipts. No stock options were exercised during 2020. As of December 31, 2021, there was no unrecognized compensation expense related to unvested stock options and there was no compensation expense recognized for stock options for 2021, 2020 and 2019. Excess tax deficiencies on stock based compensation was $89,000 for 2021 and $132,000 for 2020, while excess tax benefits of stock based compensation totaled $189,000 for the year 2019. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionThe 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 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 the 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, metropolitan New York 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 mortgage servicing rights, 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 income from bank owned life insurance. The following table sets forth the components of noninterest income for the years ended December 31, 2021, 2020 and 2019: (in thousands) 2021 2020 2019 Deposit-Related Fees and Charges Debit card interchange income $ 6,213 $ 5,431 $ 5,719 Overdraft charges 2,476 2,582 4,052 ATM service charges 660 522 826 Demand deposit fees and charges 446 540 501 Savings service charges 61 73 107 Total deposit-related fees and charges 9,856 9,148 11,205 Commissions and Fees Loan fees 1,858 1,227 1,510 Wire transfer charges 1,533 1,412 1,223 Investment services income 1,837 1,630 1,651 Merchant fees 984 833 813 Commissions from sales of checks 301 292 407 Safe deposit income 320 345 364 Other income 189 181 250 Total commissions and fees 7,022 5,920 6,218 Gains on Sale of Loans 2,264 3,322 1,660 Other Income Gains on customer swap transactions 634 4,719 3,231 Title insurance income 109 177 183 Other income 404 438 1,463 Total other income 1,147 5,334 4,877 Revenue not from contracts with customers 2,072 3,386 2,836 Total Noninterest Income $ 22,361 $ 27,110 $ 26,796 Timing of Revenue Recognition Products and services transferred at a point in time $ 20,266 $ 23,649 $ 23,885 Products and services transferred over time 23 75 75 Revenue not from contracts with customers 2,072 3,386 2,836 Total Noninterest Income $ 22,361 $ 27,110 $ 26,796 |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 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: (in thousands) 2021 2020 2019 Consulting and advisory board fees $ 2,856 $ 3,937 $ 2,635 ATM and debit card expense 2,528 2,331 2,377 Telecommunications expense 2,099 1,875 1,943 Marketing expense 1,642 1,253 1,945 Core deposit intangible amortization 868 1,025 1,182 Other real estate owned and other repossessed assets expense — 53 256 Long-term debt prepayment penalties — 4,133 — Long-term debt extinguishment costs 831 — — Other operating expenses 12,994 12,763 12,839 Total other operating expenses $ 23,818 $ 27,370 $ 23,177 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation There are no pending legal proceedings involving the Company or Lakeland other than those arising in the normal course of business. Management does not anticipate that the potential liability, if any, arising out of such legal proceedings will have a material effect on the financial condition or results of operations of the Company and Lakeland on a consolidated basis. Financial Instruments with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is a party to transactions with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers and consists of commitments to extend credit. These transactions involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the accompanying consolidated balance sheets. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract and generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Lakeland evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Lakeland upon extension of credit, is based on management’s credit evaluation of the borrower. At December 31, 2021 and 2020, Lakeland had $1.14 billion and $1.11 billion, respectively, in commitments to originate loans, including unused lines of credit. Lakeland issues financial standby letters of credit and performance letters of credit that are conditional commitments issued by Lakeland to guarantee the payment by or performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Lakeland holds deposit accounts, residential or commercial real estate, accounts receivable, inventory and equipment as collateral to support those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies based on management’s credit evaluation. Lakeland’s exposure under these letters of credit would be reduced by actual performance, subsequent termination by the beneficiaries and by any proceeds that Lakeland obtained in liquidating the collateral for the loans, which varies depending on the customer. The maximum potential undiscounted amount of future payments of these letters of credit as of December 31, 2021 and 2020 was $19.5 million and $14.8 million, respectively, and they expire through 2024. The fair value of Lakeland's liability for financial standby letters of credit was insignificant at December 31, 2021. At December 31, 2021, there were $39,000 of commitments to lend additional funds to borrowers whose terms have been modified in troubled debt restructurings. There were no such commitments to lend additional funds at December 31, 2020. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company reports comprehensive income or loss in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The following table shows the changes in the balances of each of the components of other comprehensive income (loss) for the periods presented. Year Ended December 31, 2021 (in thousands) Before Tax Benefit Net of Unrealized holding losses on securities available for sale arising during the period $ (15,117) $ 4,466 $ (10,651) Reclassification adjustment for securities gains included in net income (9) 3 (6) Net unrealized losses on securities available for sale (15,126) 4,469 (10,657) 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 (383) 118 (265) Unrealized gains on derivatives 143 (168) (25) Change in pension liability, net 43 (13) 30 Other comprehensive loss $ (11,509) $ 3,376 $ (8,133) Year Ended December 31, 2020 (in thousands) Before Tax Benefit Net of Unrealized holding gains on securities available for sale arising during the period $ 14,049 $ (3,711) $ 10,338 Reclassification adjustment for securities gains included in net income (1,213) 341 (872) Unrealized holding gains on securities available for sale arising during the period 12,836 (3,370) 9,466 Unrealized losses on derivatives (413) 121 (292) Change in pension liability, net (36) 11 (25) Other comprehensive income $ 12,387 $ (3,238) $ 9,149 Year Ended December 31, 2019 (in thousands) Before Tax Benefit Net of Unrealized holding gains on securities available for sale arising during the period 14,763 (4,045) 10,718 Unrealized losses on derivatives (828) 242 (586) Change in pension liability, net (64) 18 (46) Other comprehensive income $ 13,871 $ (3,785) $ 10,086 (in thousands) Unrealized Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Total Balance at January 1, 2019 $ (8,782) $ — $ 903 $ 41 $ (7,838) Net current period other comprehensive income (loss) 10,718 — (586) (46) 10,086 Balance at December 31, 2019 $ 1,936 $ — $ 317 $ (5) $ 2,248 Other comprehensive income (loss) before reclassifications 10,338 — (292) (25) 10,021 Amounts reclassified from accumulated other comprehensive income (872) — — — (872) Net current period other comprehensive income (loss) 9,466 — (292) (25) 9,149 Balance at December 31, 2020 $ 11,402 $ — $ 25 $ (30) $ 11,397 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Other comprehensive (loss) income before reclassifications (7,867) (265) (25) 30 (8,127) Amounts reclassified from accumulated other comprehensive income (6) — — — (6) Net current period other comprehensive (loss) income (7,873) (265) (25) 30 (8,133) Balance at December 31, 2021 $ 745 $ 2,519 $ — $ — $ 3,264 |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Fair Value Measurement Accounting standards related to fair value measurements define fair value, provide a framework for measuring fair value and establish related disclosure requirements. Fair value is broadly 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 three levels of fair value hierarchy are as follows: 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; quoted prices for identical or similar assets or liabilities in markets that are less 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 on 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 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 years ended December 31, 2021 and 2020, the Company did not make any transfers between recurring Level 1 fair value measurements and recurring Level 2 fair value measurements. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: December 31, 2021 Quoted Prices in Significant Significant Total Fair (in thousands) Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 104,861 $ 98,526 $ — $ 203,387 Mortgage-backed securities, residential — 237,975 — 237,975 Collateralized mortgage obligations, residential — 191,291 — 191,291 Mortgage-backed securities, multifamily — 1,741 — 1,741 Collateralized mortgage obligations, multifamily — 32,519 — 32,519 Asset-backed securities — 52,584 — 52,584 Corporate debt securities — 50,459 — 50,459 Total securities available for sale 104,861 665,095 — 769,956 Equity securities, at fair value — 17,368 — 17,368 Derivative assets — 43,799 — 43,799 Total Assets $ 104,861 $ 726,262 $ — $ 831,123 Liabilities: Derivative liabilities $ — $ 43,799 $ — $ 43,799 Total Liabilities $ — $ 43,799 $ — $ 43,799 December 31, 2020 Quoted Prices in Significant Significant Total Fair (in thousands) Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities — 228,156 — 228,156 Collateralized mortgage obligations — 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 debt securities — 35,671 — 35,671 Total securities available for sale 9,392 846,354 — 855,746 Equity securities, at fair value — 14,694 — 14,694 Derivative assets — 80,734 — 80,734 Total Assets $ 9,392 $ 941,782 $ — $ 951,174 Liabilities: Derivative liabilities $ — $ 80,877 $ — $ 80,877 Total Liabilities $ — $ 80,877 $ — $ 80,877 Non-Recurring Fair Value Measurements The Company has a held for sale loan portfolio that consists of residential mortgages that are being sold in the secondary market. The Company records these mortgages at the lower of cost or fair market value. Fair value is generally determined by the value of purchase commitments. 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. 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: December 31, 2021 (Level 1) (Level 2) (Level 3) Total Fair Value (in thousands) Assets: Individually evaluated loans $ — $ — $ 7,113 $ 7,113 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Fair Value (in thousands) 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 December 31, 2021 and December 31, 2020 are outlined below. This summary, as well as the table below, excludes financial assets and liabilities for which carrying value approximates fair value. For financial assets, these include cash and cash equivalents. For financial liabilities, these include noninterest-bearing demand deposits, savings and interest-bearing transaction accounts and federal funds sold 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 was 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 is valued using an exit price approach, which incorporates a build-up 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 was 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 values of commitments to extend credit and standby letters of credit are deemed immaterial. The following table summarized the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2021 and December 31, 2020: December 31, 2021 Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Financial Assets: Investment securities held to maturity U.S. Treasury and U.S. government agencies $ 18,672 $ 18,965 $ — $ 18,965 $ — Mortgage-backed securities, residential 370,247 364,976 — 364,976 — Collateralized mortgage obligations, residential 13,921 14,089 — 14,089 — Mortgage-backed securities, multifamily 2,710 2,734 — 2,734 — Collateralized mortgage obligations, multifamily — — — — — Obligations of states and political subdivisions 416,566 411,576 — 410,744 832 Corporate bonds 2,840 2,871 — 2,871 — Total investment securities held to maturity, net 824,956 815,211 — 814,379 832 Federal Home Loan and other membership bank stock 9,049 9,049 — 9,049 — Loans, net 5,918,101 5,900,876 — — 5,900,876 Financial Liabilities: Certificates of deposit 759,227 753,483 — 753,483 — Other borrowings 25,000 24,604 — 24,604 — Subordinated debentures 179,043 175,243 — — 175,243 December 31, 2020 Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) 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, net 90,766 93,868 — 93,868 — Federal Home Loan and other membership bank stock 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 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. 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, such that Lakeland minimizes its net risk exposure resulting from such transactions. Because these 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. As of December 31, 2021 and 2020, Lakeland had $55.1 million and $83.2 million, respectively, in securities pledged for collateral on its interest rate swaps. In June 2016, the Company entered into two cash flow hedges in order to hedge the variable cash outflows associated with its floating rate subordinated debentures. For more information, see Note 10 to the Company's consolidated financial statements. The notional value of these hedges was $30.0 million. The Company’s objective in using the cash flow hedge was 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 was 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 year ended December 31, 2021, the Company did not record any hedge ineffectiveness. The Company recognized $142,000 and $50,000 of accumulated other comprehensive expense that was reclassified into interest expense during 2021 and 2020, respectively. 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. The Company did not enter into any hedges in 2021. The following tables present summary information regarding these derivatives for the periods presented (dollars in thousands): December 31, 2021 Notional Amount Average Weighted Average Weighted Average Fair Value Classified in Other Assets: Third party interest rate swaps $ 326,941 7.7 3.14 % 1 Mo. LIBOR + 2.32 $ 9,847 Customer interest rate swaps 607,688 8.2 3.97 % 1 Mo. LIBOR + 1.87 33,952 Classified in Other Liabilities: Customer interest rate swaps $ 326,941 7.7 3.14 % 1 Mo. LIBOR + 2.32 $ (9,847) Third party interest rate swaps 607,688 8.2 3.97 % 1 Mo. LIBOR + 1.87 (33,952) December 31, 2020 Notional Amount Average Weighted Average Weighted Average Fair Value 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) |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters The Bank Holding Company Act of 1956 restricts the amount of dividends the Company can pay. Accordingly, dividends should generally only be paid out of current earnings, as defined. The New Jersey Banking Act of 1948 restricts the amount of dividends paid on the capital stock of New Jersey chartered banks. Accordingly, no dividends shall be paid by such banks on their capital stock unless, following the payment of such dividends, the capital stock of Lakeland will be unimpaired, and: (1) Lakeland will have a surplus, as defined, of not less than 50% of its capital stock, or, if not, (2) the payment of such dividend will not reduce the surplus, as defined, of Lakeland. Under these limitations, approximately $782.9 million was available for payment of dividends from Lakeland to the Company as of December 31, 2021. The Company and Lakeland are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possible additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Lakeland’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s and Lakeland’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Lakeland’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulations to ensure capital adequacy require the Company and Lakeland to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2021, that the Company and Lakeland met all capital adequacy requirements to which they are subject. As of December 31, 2021, the most recent notification from the FDIC categorized Lakeland as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Lakeland must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1 capital and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the institution’s category. As of December 31, 2021 and 2020, the Company and Lakeland have the following capital ratios based on the then current regulations: (dollars in thousands) Actual For Capital To Be Well Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Company $ 903,415 14.48 % > $ 654,978 > 10.50% N/A N/A Lakeland 852,339 13.67 % 654,692 10.50 % > $ 623,516 > 10.00% Tier 1 capital (to risk-weighted assets) Company $ 695,634 11.15 % > $ 530,220 > 8.50% N/A N/A Lakeland 792,363 12.71 % 529,989 8.50 % > $ 498,813 > 8.00% Common equity Tier 1 capital (to risk-weighted assets) Company $ 665,634 10.67 % > $ 436,652 > 7.00% N/A N/A Lakeland 792,363 12.71 % 436,461 7.00 % > $ 405,285 > 6.50% Tier 1 capital (to average assets) Company $ 695,634 8.51 % > $ 326,813 > 4.00% N/A N/A Lakeland 792,363 9.70 % 326,734 4.00 % > $ 408,418 > 5.00% (dollars in thousands) Actual For Capital To Be Well Capitalized Under December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Company $ 783,107 12.84 % > $ 640,632 > 10.50% N/A N/A Lakeland 745,276 12.22 % 640,416 10.50 % > $ 609,920 > 10.00% Tier 1 capital (to risk-weighted assets) Company $ 623,644 10.22 % > $ 518,607 > 8.50% N/A N/A Lakeland 672,832 11.03 % 518,432 8.50 % > $ 487,936 > 8.00% Common equity Tier 1 capital (to risk-weighted assets) Company $ 593,644 9.73 % > $ 427,088 > 7.00% N/A N/A Lakeland 672,832 11.03 % 426,944 7.00 % > $ 396,448 > 6.50% Tier 1 capital (to average assets) Company $ 623,644 8.37 % > $ 298,096 > 4.00% N/A N/A Lakeland 672,832 9.04 % 297,748 4.00 % > $ 372,185 > 5.00% |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsThe Company reported goodwill of $156.3 million at December 31, 2021 and 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 year ended December 31, 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 years ended December 31, 2021 and 2020. Core deposit intangible was $2.4 million on December 31, 2021 compared to $3.3 million on December 31, 2020. In 2021, 2020 and 2019, amortization of core deposit intangible totaled $868,000, $1.0 million and $1.2 million, respectively. The estimated future amortization expense for each of the succeeding five years ended December 31 is as follows: (in thousands) 2022 $ 711 2023 554 2024 425 2025 317 2026 210 |
Subsequent Event (Unaudited)
Subsequent Event (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event (Unaudited) | Subsequent Event (Unaudited)1st Constitution Bancorp On January 6, 2022, the Company completed its acquisition of 1st Constitution Bancorp ("1st Constitution"), a bank holding company headquartered in Cranbury, New Jersey. 1st Constitution was the parent of 1st Constitution Bank, which operated 25 branches in Bergen, Mercer, Middlesex, Monmouth, Ocean and Somerset Counties in New Jersey. This acquisition enabled the Company to broaden its presence in those counties. Effective as of the close of business on January 6, 2022, 1st Constitution merged into the Company and 1st Constitution Bank merged into Lakeland. Pursuant to the merger agreement, the shareholders of 1st Constitution received for each outstanding share of 1st Constitution common stock that they owned at the effective time of the merger, 1.3577 shares of Lakeland Bancorp, Inc. common stock. The Company issued 14,020,495 shares of its common stock in the merger. Outstanding 1st Constitution options were paid out in cash at the difference between $25.55 and an average strike price of $15.95 for a total cash payment of $559,000. Given the close proximity between the transaction closing date and the Company’s Annual Report on Form 10-K, the preliminary purchase price allocation has not yet been completed. Management expects to complete the initial accounting for 1 st |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | Condensed Financial Information - Parent Company Only Condensed Balance Sheets December 31, (in thousands) 2021 2020 Assets Cash and due from banks $ 40,228 $ 28,366 Investment in subsidiaries 954,506 843,711 Other assets 12,639 11,274 Total Assets $ 1,007,373 $ 883,351 Liabilities and Stockholders’ Equity Other liabilities $ 1,316 $ 1,310 Subordinated debentures 179,043 118,257 Total stockholders’ equity 827,014 763,784 Total Liabilities and Stockholders’ Equity $ 1,007,373 $ 883,351 Condensed Statements of Income Years Ended December 31, (in thousands) 2021 2020 2019 Income Dividends from subsidiaries $ 50,648 $ 29,961 $ 36,905 Other income (loss) 34 (486) 408 Total Income 50,682 29,475 37,313 Expense Interest on subordinated debentures 5,419 5,968 5,983 Noninterest expenses 1,498 549 464 Total Expense 6,917 6,517 6,447 Income before benefit for income taxes 43,765 22,958 30,866 Income taxes benefit (1,445) (1,645) (1,646) Income before equity in undistributed income of subsidiaries 45,210 24,603 32,512 Equity in undistributed income of subsidiaries 49,831 32,915 38,160 Net Income Available to Common Shareholders $ 95,041 $ 57,518 $ 70,672 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2021 2020 2019 Cash Flows from Operating Activities Net income $ 95,041 $ 57,518 $ 70,672 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on sale of equity securities — (149) — Amortization of subordinated debt costs 547 37 36 Benefit for credit losses — (12) — Long-term debt extinguishment costs 831 — — Change in fair value of equity securities — 786 (197) Excess tax (deficiency) benefits (89) (132) 189 Increase in other assets (1,443) (1,462) (1,873) Increase in other liabilities 149 25 121 Equity in undistributed income of subsidiaries (49,831) (32,915) (38,160) Net Cash Provided by Operating Activities 45,205 23,696 30,788 Cash Flows from Investing Activities Purchases of equity securities — (49) (82) Proceeds from maturity of held to maturity securities — 1,000 — Proceeds from sale of equity securities — 1,148 1,287 Net cash received from business acquisition — — 24 Contribution to subsidiary (65,000) — — Net Cash (Used in) Provided by Investing Activities (65,000) 2,099 1,229 Cash Flows from Financing Activities Cash dividends paid on common stock (27,119) (25,457) (24,919) Proceeds from issuance of common stock, net — — — Proceeds from issuance of subordinated debt, net 147,738 — — Redemption of subordinated debentures, net (88,330) — — Purchase of treasury stock — (1,452) — Retirement of restricted stock (651) (501) (715) Exercise of stock options 19 — 313 Net Cash Provided by (Used in) Financing Activities 31,657 (27,410) (25,321) Net increase (decrease) in cash and cash equivalents 11,862 (1,615) 6,696 Cash and cash equivalents, beginning of year 28,366 29,981 23,285 Cash and Cash Equivalents, End of Year $ 40,228 $ 28,366 $ 29,981 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accounting and reporting policies of the Company and its subsidiaries conform with U.S.generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company, Lakeland, Lakeland NJ Investment Corp., Lakeland Investment Corp., Lakeland Equity, Inc. and Lakeland Preferred Equity, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The principal estimate that is particularly susceptible to significant change in the near term relates to the allowance for credit losses. The policies regarding this estimate are discussed below. The Company’s chief operating decision maker is its Chief Executive Officer. All of the Company’s financial services activities are interrelated and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, commercial lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and to manage interest rate and credit risk. The situation is also similar for consumer and residential mortgage lending. Moreover, the Company primarily operates in one market area, northern and central New Jersey, metropolitan New York and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. Accordingly, the Company has determined that it has one operating segment and thus one reporting segment. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are defined as cash on hand, cash items in the process of collection, amounts due from banks and federal funds sold with an original maturity of three months or less. A portion of Lakeland’s cash on hand and on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. |
Securities | Securities Debt investment securities are classified as held to maturity or available for sale. Management determines the appropriate classification of securities at the time of purchase. Investments in securities, for which management has both the ability and intent to hold to maturity, are classified as held to maturity and carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt securities, which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements or other factors, are classified as available for sale. Net unrealized gains and losses for such securities, net of tax effect, are reported as other comprehensive income or loss in stockholders' equity and excluded from the determination of net income. Gains or losses on disposition of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. For securities available for sale, the Company adopted Accounting Standards Update ("ASU") 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") on December 31, 2020, effective January 1, 2020, which eliminates the concept of other than temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management 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 basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available for sale. The allowance for credit losses on held-to-maturity debt securities under ASU 2016-13 is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Held-to-maturity securities are reviewed upon acquisition to determine whether it has experienced a more-than-insignificant deterioration in credit quality since its original issuance date, i.e., if they meet the definition of a purchased credit impaired asset (“PCDs”). Non-PCD held-to-maturity securities are carried at cost and adjusted for amortization of premiums or accretion of discounts. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or adverse changes in expected cash flow will first decrease or increase the allowance for credit losses. Management measures expected credit losses on held to maturity securities on a collective basis by major security type. The held to maturity portfolio is classified into the following major security types: U.S. government agencies, mortgage-backed securities-residential, collateralized mortgage obligations-residential, mortgage-backed securities-multi-family, collateralized mortgage obligations-multi-family and obligations of states and political subdivisions. 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. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. 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. A debt security, either available for sale or held to maturity, is designated as non-accrual if the payment of interest is past due and unpaid for 30 days or more. Once a security is placed on non-accrual, accrued interest receivable is reversed and further interest income recognition is ceased. Since the non-accrual policy results in a timely reversal of interest receivable, the Company does not record an allowance for credit losses on interest receivable. The security will not be restored to accrual status until the security has been current on interest payments for a sustained period, i.e., a consecutive period of six months or two quarters; and the Company expects repayment of the remaining contractual principal and interest. However, if the security continues to be in deferral status, or the Company does not expect to collect the remaining interest payments and the contractual principal, charge-off is to be assessed. Upon charge-off, the allowance is written off and the loss represents a permanent write-down of the cost basis of the security. The Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. Accrued interest receivable totaled $5.3 million and $3.3 million on securities at December 31, 2021 and 2020, respectively. Prior to January 1, 2020, we regularly evaluated our debt securities to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered other-than-temporary impairment. A debt security was considered impaired if the fair value was less than its amortized cost basis at the reporting date. If impaired, the Company then assessed whether the unrealized loss was other-than-temporary. An unrealized loss on a debt security was generally deemed to be other-than-temporary and a credit loss was deemed to exist if the present value, discounted at the security’s effective rate, of the expected future cash flows was less than the amortized cost basis of the debt security. As a result, the credit loss component of an other-than-temporary impairment write-down for debt securities was recorded in earnings while the remaining portion of the impairment loss was recognized, net of tax, in other comprehensive income provided that the Company did not intend to sell the underlying debt security and it was more-likely-than not that the Company would not have to sell the debt security prior to recovery of the unrealized loss, which may be to maturity. If the Company intended to sell any securities with an unrealized loss or it was more-likely-than not that the Company would be required to sell the investment securities, before recovery of their amortized cost basis, then the entire unrealized loss would be recorded in earnings. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are carried at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for credit losses. The Company elected to exclude accrued interest receivable balances from the amortized cost basis. Interest receivable is included as a separate line item on the consolidated balance sheets. The Company also elected not to estimate an allowance on interest receivable balances because it has policies in place that provide for the accrual of interest to cease on a timely basis when all contractual amounts due are not expected and accrued and unpaid interest is reversed. Interest income is accrued as earned on a simple interest basis, adjusted for prepayments. All unamortized fees and costs related to the loan are amortized over the life of the loan using the interest method. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of interest and principal is doubtful. When a loan is placed on such non-accrual status, all accumulated accrued interest receivable is reversed out of current period income. At the time of adoption of ASU 2016-13, the Company expanded its portfolio of collectively assessed loans to include nine portfolio segments, taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. Loan attributes and risk characteristics considered in segmentation include: borrower type, repayment source, collateral type, product type, purpose or nature of financing, typical contractual maturity and repayment terms, interest rate structure, credit management metrics, lending policies and procedures, and personnel responsible for underwriting, approval, monitoring, and collections. The close alignment of the portfolio segments is consistent with shared drivers of credit loss (e.g., unemployment, interest rates, property values, etc.) expected among loans within the various segments. The nine segments include: 1. Non-owner Occupied Commercial : Permanent mortgages extended to investors and secured by non-owner occupied commercial real estate, such as office, retail, industrial and mixed-use properties. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 2. Owner Occupied Commercial : Permanent mortgages extended to businesses and secured by owner occupied commercial real estate, such as office, retail, and industrial properties. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 3. Multifamily : Permanent mortgages extended to investors and secured by multifamily residential real estate. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 30-year schedule. They are generally fully advanced with no unfunded commitment. 4. Non-owner Occupied Residential : Permanent mortgages extended to investors and secured by one to four family residential real estate. Primary source of repayment for these loans is rental income. These loans are generally originated with contractual terms of up to ten years with amortization based on a 25-year schedule. They are generally fully advanced with no unfunded commitment. 5. Commercial, Industrial and Other : Commercial loans extended to businesses. These loans may be either unsecured or secured by various types of collateral, such as accounts receivable, inventory, equipment, and/or real estate. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with terms of one 6. Construction : Interim loans for the development or construction of commercial or residential property. Repayment may come from either the sale or refinance of the real estate that secures the loan. These loans are typically originated with a term of one 7. Equipment Finance : Term financing extended to businesses. These loans are typically originated for the purchase of fixed assets, such as machinery, equipment, and vehicles and are secured by the acquired assets. Primary source of repayment for these loans is operating cash flow. These loans are generally originated with terms of three 8. Residential : Permanent mortgages extended to consumers and secured by owner occupied one to four family residential real estate held in portfolio. Primary source of repayment for these loans is personal income. These loans are generally originated with contractual terms of 15 to 30 years and are fully amortizing over their term. They are fully advanced at closing with no unfunded commitment. 9. Consumer : Loans extended to consumers with primary source of repayment being personal income. The Consumer segment includes home equity lines of credit, closed-end home equity loans (secured by both first and junior liens) and other consumer loans, such as automobile and revolving credit plans. Commercial loans are placed on non-accrual status with all accrued interest and unpaid interest reversed if (a) because of the deterioration in the financial position of the borrowers they are maintained on a cash basis (which means payments are applied when and as received rather than on a regularly scheduled basis), (b) payment in full of interest or principal is not expected, or (c) principal and interest have been in default for a period of 90 days or more unless the obligation is both well-secured and in process of collection. Residential mortgage loans and closed-end consumer loans are placed on non-accrual status at the time principal and interest have been in default for a period of 90 days or more, except where there exists sufficient collateral to cover the defaulted principal and interest payments, and the loans are well-secured and in the process of collection. Open-end consumer loans secured by real estate are generally placed on non-accrual and reviewed for charge-off when principal and interest payments are four months in arrears unless the obligations are well-secured and in the process of collection. Interest thereafter on such charged-off loans is taken into income when received only after full recovery of principal. As a general rule, a non-accrual asset may be restored to accrual status when none of its principal or interest is due and unpaid, satisfactory payments have been received for a sustained period (usually six months), or when it otherwise becomes well-secured and in the process of collection. With the adoption of ASU 2016-13, loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered purchased credit deteriorated ("PCD") loans. Management evaluates acquired loans for deterioration in credit quality based on the following: (a) non-accrual status; (b) troubled debt restructured designation; (c) risk rating lower than "Pass," and (d) delinquency status. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium, which is recognized through interest income on a level-yield basis over the lives of the related loans. All loans considered to be purchased credit-impaired ("PCI") prior to the adoption of ASU 2016-13 were converted to PCD upon adoption. For acquired loans not deemed to be PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. |
Allowance for Credit Losses | Allowance for Credit Losses Upon the adoption of ASU 2016-13, t he allowance for credit losses reserve including the allowance for the funded portion and the reserve for the unfunded portion, represents management’s estimate of current expected credit losses in the Company’s loan portfolio over its expected life, which is the contract term adjusted for expected prepayments and options to extend the contractual term that are not unconditionally cancellable by us. Management’s measurement of expected credit losses is based on relevant information about past events, current conditions, prepayments and reasonable and supportable forecasts of future economic conditions. It is presented as an offset to the amortized cost basis or as a separate liability in the case of off-balance-sheet credit exposures. The Company uses an open pool loss-rate method to calculate an institution-specific historical loss rate based on historical loan level loss experience for collectively assessed loans with similar risk characteristics. The Company’s methodology considers relevant information about past and current economic conditions, as well as a single economic forecast over a reasonable and supportable period. The loss rate is applied over the remaining life of loans to develop a “baseline lifetime loss.” The baseline lifetime loss is adjusted for changes in macroeconomic variables, including but not limited to interest rates, housing prices, GDP and unemployment, over the reasonable and supportable forecast period. After the reasonable and supportable forecast period, the adjusted loss rate reverts on a straight-line basis to the historical loss rate. The reasonable and supportable forecast and the reversion periods are established for each portfolio segment. The Company measures expected credit losses of financial assets by multiplying the adjusted loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and defaults. Changes in any of these factors, assumptions or the availability of new information, could require that the allowance be adjusted in future periods, perhaps materially. Qualitative Adjustments: The Company considers five standard qualitative general reserve factors ("qualitative adjustments"): nature and volume of loans, lending management, policy and procedures, independent review and changes in environment. Qualitative adjustments are designed to address risks that are not captured in the quantitative reserves (“quantitative reserve”). Other qualitative adjustments or model overlays may also be recorded based on expert credit judgment in circumstances where, in the Company’s view, the standard qualitative reserve factors do not capture all relevant risk factors. The use of qualitative reserves may require significant judgment that may impact the amount of allowance recognized. Prior to the adoption of ASU 2016-13, the allowance for loan losses was determined in accordance with previous applicable U.S. GAAP and was the estimated amount considered necessary to cover probable and reasonably estimable incurred losses inherent in the loan portfolio at the balance sheet date. In determining the allowance, management would make significant estimates and judgments. The allowance was established through a provision for loan losses charged against income. Loan principal considered to be uncollectible by management was charged against the allowance. Management believed that the allowance was adequate to cover identifiable losses, as well as estimated losses inherent in the portfolio for which certain losses are probable but not specifically identifiable. When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as troubled debt restructured loans (“TDRs”) are individually evaluated. For collateral-dependent loans, the Company considers the fair value of the collateral, net of anticipated selling costs and other adjustments. For non collateral-dependent individually evaluated loans, the impairment will be measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Shortfalls in collateral or cash flows are charged-off or specifically reserved for in the period the short-fall is identified. Charge-offs are recommended by the Chief Credit Officer and approved by the Company's Board of Directors. TDRs are those loans where significant concessions have been made to borrowers experiencing financial difficulties. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate lower than the current market rate of a new loan with similar risk, an extended moratorium of principal payments and/or an extension of the maturity date. Insignificant delays in payments are not considered TDRs. Loans that are classified as TDRs will continue to be classified as a TDR until it is fully repaid or until it meets all of the following criteria: 1) the borrower is no longer experiencing financial difficulties, 2) the rate is not less than the rate provided for similar credit risk, 3) other terms are no less favorable than similar new debt and 4) no concessions were granted. Prior to the adoption of ASU 2016-13, all loans with the TDR designation were considered to be impaired, even if they were accruing. With the adoption of ASU 2016-13, the definition of impaired loans was removed from accounting guidance. To identify loans which meet the definition of a reasonably expected TDR under ASC 326-20, the Company has determined the following criteria to be used in assessing whether a loan is considered a reasonably expected TDR: • A loan with a risk rating of Special Mention, or worse; • A loan identified as a foreclosure in process; • Indicated via review and assessment that a modification is probable; and • A modification approved, on a net concession/modification basis, that benefits the customer. The methods for estimating expected credit losses on reasonably expected TDRs are the same as those specified for existing TDRs. Reasonably expected TDR’s $500,000 and above that are anticipated to remain on accrual status will normally have their reserves determined using the discounted cash flow method, while those below $500,000 will be included in, and be assessed as part of, the population of collectively evaluated pooled loans. Reasonably expected TDRs that are anticipated to be placed on non-accrual status will be considered collateral-dependent. Section 4013 of the CARES Act, as interpreted by the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)" (“Revised Statement”), dated April 17, 2020, includes criteria that enable financial institutions to exclude from TDR status loans that are modified in connection with COVID-19. Under these provisions, TDR status is not required for the term of a loan modification if (i) the loan modification was made in connection with COVID-19, (ii) the loan was not past due more than 30 days as of December 31, 2019 and (iii) the loan modification was entered into during the period between March 1, 2020, and the earlier of (a) 60 days after COVID-19 was no longer characterized as a National Emergency or (b) December 31, 2020. In December 2020, CAA 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. Furthermore, pursuant to the Revised Statement, for loan modifications that do not meet these criteria but are made in connection with COVID-19, such loans may be presumed not to be TDR if the loan was current at the time the loan modification program was implemented and the modifications are short-term (e.g., six months). If the criteria are not met under either Section 4013 or the Revised Statement, banks are required to follow their existing accounting policies to determine whether COVID-related modifications should be accounted for as a TDR. The Company has elected to suspend the classification of loan modifications as TDR if they qualify under Section 4013 or the Revised Statement. For past due status, the CARES Act also provides for lenders to continue to report loans in the same delinquency bucket they were in at the time of modification. The Company applied this guidance beginning in 2020. Prior to the adoption of ASU 2016-13, the Company defined impaired loans, a concept that is eliminated in Topic 326, as all non-accrual loans with recorded investments of $500,000 or greater. Impaired loans also included all loans modified as troubled debt restructurings. Loans were considered impaired when, based on current information and events, it was probable that Lakeland would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment was measured based on the present value of expected cash flows discounted at the loan’s effective interest rate, or as a practical expedient, Lakeland measured impairment based on a loan’s observable market price, or the fair value of the collateral, less estimated costs to sell, if the loan was collateral-dependent. Regardless of the measurement method, Lakeland measured impairment based on the fair value of the collateral when it was determined that foreclosure was probable. Most of Lakeland’s impaired loans were collateral-dependent. Shortfalls in collateral or cash flows were charged-off or specifically reserved for in the period the short-fall was identified. Charge-offs were recommended by the Chief Credit Officer and approved by the Company's Board of Directors. Lakeland grouped impaired commercial loans under $500,000 into homogeneous pools and collectively evaluated them. Interest received on impaired loans was recorded as interest income. However, if management was not reasonably certain that an impaired loan would be repaid in full, or if a specific time frame to resolve full collection could not yet be reasonably determined, all payments received were recorded as reductions of principal. A loan that management designated as impaired was reviewed for charge-off when it was placed on non-accrual status with a resulting charge-off if the loan was not secured by collateral having sufficient liquidation value to repay the loan if the loan was collateral dependent or charged off if deemed uncollectible. For a loan that was not collateral dependent, a reserve would be established for any shortfall in expected cash flows. Charge-offs were recommended by the Chief Credit Officer and approved by the Board of Directors. |
Off-Balance Sheet Credit Exposures | Off-Balance Sheet Credit ExposuresThe Company is required to include the unfunded commitment that is expected to be funded in the future within the allowance calculation. The Company participates in lending that results in an off-balance-sheet unfunded commitment balance. Funding commitments are currently underwritten with conditionally cancellable language by the Company. To determine the expected funding balance remaining, the Company uses a historical utilization rate for each of the segments to calculate the expected commitment balance and determines the expected credit loss based on the same method used to calculate the quantitative reserve for funded loans, applied to the expected balance over the remaining life of the loan, taking into consideration amortization, prepayments and defaults. The allowance for credit reserve for unfunded lending commitments is recorded in other liabilities in the consolidated balance sheets and the corresponding provision is included in the provision for credit losses. Prior to the adoption of ASU 2016-13, the Company recorded a provision for unfunded lending commitments in its other noninterest expense in the consolidated statements of income. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Gains and losses on sales of loans are specifically identified and accounted for in accordance with U.S. GAAP which requires that an entity engaged in mortgage banking activities classify the retained mortgage-backed security or other interest, which resulted from the securitization of a mortgage loan held for sale, based upon its ability and intent to sell or hold these investments. |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. |
Other Real Estate Owned and Other Repossessed Assets | Other Real Estate Owned and Other Repossessed Assets 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. Costs relating to holding the assets are charged to expense. An allowance for OREO or other repossessed assets is established, through charges to expense, to maintain properties at fair value less estimated costs to sell. Operating results of OREO and other repossessed assets, including rental income and operating expenses, are included in other expenses. |
Mortgage Servicing | Mortgage Servicing Lakeland performs various servicing functions on loans owned by others. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received for these services. At December 31, 2021 and 2020, Lakeland was servicing approximately $35.3 million and $34.1 million, respectively, of loans for others. Lakeland originates certain mortgages under a definitive plan to sell those loans and service the loans owned by the investor. Upon the transfer of the mortgage loans in a sale, Lakeland records the servicing assets retained. Lakeland records mortgage servicing rights and the loans based on relative fair values at the date of origination and evaluates the mortgage servicing rights for impairment at each reporting period. Lakeland also originates loans that it sells to other banks and investors and does not retain the servicing rights. |
Mortgage Servicing Rights | Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. As of December 31, 2021 and 2020, Lakeland had originated mortgage servicing rights of $188,000 and $129,000, respectively. Under the amortization measurement method, Lakeland subsequently measures servicing rights at fair value at each reporting date and records any impairment in value of servicing assets in earnings in the period in which the impairment occurs. The fair values of servicing rights are subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as commissions and fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan, and are recorded as income when earned. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, put presumptively beyond the reach of the transferor and its creditors even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Derivatives | Derivatives Lakeland enters into interest rate swaps (“swaps”) with loan customers to provide a facility to mitigate the fluctuations in the variable rate on the respective loans. These swaps are matched in offsetting terms to swaps that Lakeland enters into with an outside third party. The swaps are reported at fair value in other assets or other liabilities. Lakeland’s swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in swap income. The credit risk associated with derivatives executed with customers is similar as that involved in extending loans and is subject to normal credit policies. Collateral is obtained based on management’s assessment of the customer. The positions of customer derivatives are recorded at fair value and changes in value are included in swap income on the consolidated statement of income. Cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate fluctuations. Changes in the fair value of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income and are reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Hedge ineffectiveness and gains and losses on the component of a derivative excluded in assessing hedge effectiveness are recorded in the same income statement line item. Further discussion of Lakeland’s financial derivatives is set forth in Note 20 to the Consolidated Financial Statements. |
Earnings Per Share | Earnings Per ShareEarnings per share is calculated on the basis of the weighted average number of common shares outstanding during the year. Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. |
Employee Benefit Plans | Employee Benefit Plans The Company has certain employee benefit plans covering substantially all employees. The Company accrues such costs as incurred. We recognize the overfunded or underfunded status of pension and postretirement benefit plans in accordance with U.S. GAAP. Actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations are recognized as a component of Accumulated Other Comprehensive Income, net of tax effects, until they are amortized as a component of net periodic benefit cost. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company reports comprehensive income (loss) in addition to net income from operations. Other comprehensive income or loss includes items recorded directly in equity such as unrealized gains or losses on securities available for sale, net gain on securities transferred from available for sale to held to maturity and unrealized gains or losses recorded on derivatives and benefit plans. |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets Intangible assets resulting from acquisitions under the purchase method of accounting consist of goodwill and other intangible assets. On January 1, 2020, we adopted ASU 2017-04, “Simplifying the Test for Goodwill Impairment” which simplifies how an entity is required to test goodwill for impairment. The guidance removed step two of the goodwill impairment test, which had required a hypothetical purchase price allocation. The ASU does not change the optional qualitative assessment which allows companies to assess qualitative factors to determine whether it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, commonly referred to as the qualitative assessment or step zero. Goodwill is allocated to Lakeland's one reporting unit at the date goodwill is actually recorded. As of December 31, 2021, the carrying value of goodwill totaled $156.3 million. The Company performed its annual goodwill impairment test, as of November 30, 2021, and determined that the fair value of the Company’s single reporting unit to be in excess of its carrying value. The Company qualitatively assessed the current economic environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts, and on the Company's stock price, considering how these might impact the fair value of its reporting unit. After consideration of these items, the Company determined that it was more-likely-than-not that the fair value of its reporting unit was above its book value as of our goodwill impairment test date. The Company will test goodwill for impairment between annual test dates if an event occurs or circumstances change that would indicate the fair value of the reporting unit is below its carrying amount. No events have occurred and no circumstances have changed since the annual impairment test date that would indicate the fair value of the reporting unit is below its carrying amount. |
Bank Owned Life Insurance | Bank Owned Life Insurance Lakeland invests in bank owned life insurance (“BOLI”). BOLI involves the purchasing of life insurance by Lakeland on a chosen group of employees. Lakeland is the owner and beneficiary of the policies. At December 31, 2021 and 2020, Lakeland had $117.4 million and $115.1 million, respectively, in BOLI. Income earned on BOLI was $2.7 million for the each of the years ended December 31, 2021, 2020 and 2019. BOLI is accounted for using the cash surrender value method and is recorded at its net realizable value. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. The principal types of differences between assets and liabilities for financial statement and tax return purposes are allowance for credit losses, core deposit intangibles, deferred loan fees and deferred compensation. |
Variable Interest Entities | Variable Interest Entities Management has determined that Lakeland Bancorp Capital Trust II and Lakeland Bancorp Capital Trust IV (collectively, “the Trusts”) qualify as variable interest entities. The Trusts issued mandatorily redeemable preferred stock to investors and loaned the proceeds to the Company. The Trusts hold, as their sole asset, subordinated debentures issued by the Company. The Company is not considered the primary beneficiary of the Trusts, therefore the Trusts are not consolidated in the Company’s financial statements. The Company’s maximum exposure to the Trusts is $30.0 million at December 31, 2021, which is the Company’s liability to the Trusts and includes the Company’s investment in the Trusts. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following tables present the computation of basic and diluted earnings per share for the periods presented. Year Ended December 31, 2021 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 95,041 50,624 $ 1.87 Less: earnings allocated to participating securities 1,142 — 0.02 Net income available to common shareholders 93,899 50,624 1.85 Effect of dilutive securities Stock options and restricted stock — 246 — Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 93,899 50,870 $ 1.85 Year Ended December 31, 2020 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 57,518 50,540 $ 1.14 Less: earnings allocated to participating securities 511 — 0.01 Net income available to common shareholders 57,007 50,540 1.13 Effect of dilutive securities Stock options and restricted stock — 110 — Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 57,007 50,650 $ 1.13 Year Ended December 31, 2019 Income Shares Per Share (in thousands, except per share amounts) Basic earnings per share Net income available to common shareholders $ 70,672 50,477 $ 1.40 Less: earnings allocated to participating securities 596 — 0.01 Net income available to common shareholders 70,076 50,477 1.39 Effect of dilutive securities Stock options and restricted stock — 165 (0.01) Diluted earnings per share Net income available to common shareholders plus assumed conversions $ 70,076 50,642 $ 1.38 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Available-for-Sale Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities available for sale are as follows: December 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 202,961 $ 1,215 $ (789) $ — $ 203,387 Mortgage-backed securities, residential 238,456 1,250 (1,731) — 237,975 Collateralized mortgage obligations, residential 191,086 1,693 (1,488) — 191,291 Mortgage-backed securities, multifamily 1,816 — (75) — 1,741 Collateralized mortgage obligations, multifamily 32,254 511 (246) — 32,519 Asset-backed securities 52,518 153 (87) — 52,584 Debt securities 49,598 959 (15) (83) 50,459 Total $ 768,689 $ 5,781 $ (4,431) $ (83) $ 769,956 December 31, 2020 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. Treasury and U.S. government agencies $ 63,868 $ 1,447 $ (313) $ — $ 65,002 Mortgage-backed securities, residential 224,978 3,718 (540) — 228,156 Collateralized mortgage obligations, residential 204,093 4,967 (22) — 209,038 Mortgage-backed securities, multifamily 1,944 — — — 1,944 Collateralized mortgage obligations, multifamily 39,628 1,909 (2) — 41,535 Asset-backed securities 40,915 — (225) — 40,690 Obligations of states and political subdivisions 228,790 5,149 (228) (1) 233,710 Debt securities 35,056 616 — (1) 35,671 Total $ 839,272 $ 17,806 $ (1,330) $ (2) $ 855,746 |
Reconciliation of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities held to maturity are as follows: December 31, 2021 (in thousands) Amortized Gross Gross Allowance for Credit Losses Fair U.S. government agencies $ 18,672 $ 293 $ — $ — $ 18,965 Mortgage-backed securities, residential 370,247 718 (5,989) — 364,976 Collateralized mortgage obligations, residential 13,921 168 — — 14,089 Mortgage-backed securities, multifamily 2,710 26 (2) — 2,734 Obligations of states and political subdivisions 416,587 810 (5,800) (21) 411,576 Debt securities 3,000 31 — (160) 2,871 Total $ 825,137 $ 2,046 $ (11,791) $ (181) $ 815,211 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 Total $ 90,766 $ 3,114 $ (12) $ — $ 93,868 |
Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity | The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of December 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Fair Amortized Fair Due in one year or less $ 12,005 $ 12,063 $ 21,345 $ 21,497 Due after one year through five years 58,188 58,409 34,047 34,192 Due after five years through ten years 124,825 125,735 42,528 42,315 Due after ten years 57,541 57,639 340,339 335,408 252,559 253,846 438,259 433,412 Mortgage-backed and asset-backed securities 516,130 516,110 386,878 381,799 Total $ 768,689 $ 769,956 $ 825,137 $ 815,211 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented: December 31, 2021 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 76,106 $ 322 $ 14,670 $ 467 15 $ 90,776 $ 789 Mortgage-backed securities, residential 176,990 1,465 14,582 266 45 191,572 1,731 Collateralized mortgage obligations, residential 86,749 1,429 5,000 59 18 91,749 1,488 Mortgage-backed securities, multifamily — — 1,741 75 1 1,741 75 Collateralized mortgage obligations, multifamily 9,083 210 1,072 36 4 10,155 246 Asset-backed securities 14,688 87 — — 3 14,688 87 Debt securities 15,325 (5) 980 20 8 16,305 15 Total $ 378,941 $ 3,508 $ 38,045 $ 923 $ 94 $ 416,986 $ 4,431 HELD TO MATURITY Mortgage-backed securities, residential $ 340,474 $ 5,882 $ 2,376 $ 107 96 $ 342,850 $ 5,989 Mortgage-backed securities, multifamily 2,051 2 — — 1 2,051 2 Obligations of states and political subdivisions 307,827 5,800 — — 239 307,827 5,800 Total $ 650,352 $ 11,684 $ 2,376 $ 107 $ 336 $ 652,728 $ 11,791 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 investment securities held to maturity at amortized cost for the periods presented: December 31, 2021 AAA AA A BBB Not Rated Total (in thousands) U.S. Treasury and U.S. government agencies $ 18,672 $ — $ — $ — $ — $ 18,672 Mortgage-backed securities, residential 370,247 — — — — 370,247 Collateralized mortgage obligations, residential 13,921 — — — — 13,921 Mortgage-backed securities, multifamily 2,710 — — — — 2,710 Obligations of states and political subdivisions 143,777 270,909 1,068 — 833 416,587 Debt securities — — — 3,000 — 3,000 Total $ 549,327 $ 270,909 $ 1,068 $ 3,000 $ 833 $ 825,137 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) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Nots, Loans and Financing Receivable | The following table summarizes the composition of the Company’s loan portfolio. (in thousands) December 31, 2021 December 31, 2020 Non-owner occupied commercial $ 2,316,284 $ 2,398,946 Owner occupied commercial 908,449 827,092 Multifamily 972,233 813,225 Non-owner occupied residential 177,097 200,229 Commercial, industrial and other 462,406 718,189 Construction 302,228 266,883 Equipment finance 123,212 116,690 Residential mortgage 438,710 377,380 Consumer 275,529 302,598 Total $ 5,976,148 $ 6,021,232 |
Lakeland's Commercial Loan Portfolio | The following table presents the risk category of loans by class of loan and vintage as of December 31, 2021. Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Pre-2017 Revolving Loans Revolving to Term Total Non-owner occupied commercial Pass $ 363,459 $ 516,131 $ 295,944 $ 189,592 $ 195,733 $ 562,338 $ 18,795 $ — $ 2,141,992 Watch — — 25,292 14,660 4,641 47,011 130 — 91,734 Special mention — 458 — 5,749 14,639 6,602 — — 27,448 Substandard 119 431 332 2,656 8,000 43,572 — — 55,110 Total 363,578 517,020 321,568 212,657 223,013 659,523 18,925 — 2,316,284 Owner occupied commercial Pass 209,515 133,292 83,395 54,019 48,850 252,001 8,343 108 789,523 Watch — 5,757 2,134 900 280 24,873 — — 33,944 Special mention — 9,694 21,837 12,632 95 17,851 — — 62,109 Substandard 5 — — 2,597 1,299 18,972 — — 22,873 Total 209,520 148,743 107,366 70,148 50,524 313,697 8,343 108 908,449 Multifamily Pass 225,060 255,016 72,438 71,366 73,122 207,509 18,161 1,281 923,953 Watch — 966 — 13,709 854 6,497 — — 22,026 Special mention — 2,470 — — 8,944 2,948 — — 14,362 Substandard — — 5,485 1,321 — 4,987 99 — 11,892 Total 225,060 258,452 77,923 86,396 82,920 221,941 18,260 1,281 972,233 Non-owner occupied residential Pass 28,476 18,527 16,928 15,695 18,048 51,194 7,288 — 156,156 Watch — — — — 651 5,057 — — 5,708 Special mention — — 523 837 1,205 284 515 — 3,364 Substandard — 3,062 510 4,797 988 2,512 — — 11,869 Total 28,476 21,589 17,961 21,329 20,892 59,047 7,803 — 177,097 Commercial, industrial and other Pass 100,921 23,940 65,225 11,636 3,808 37,479 191,293 872 435,174 Watch 939 461 446 — 1,378 173 5,056 — 8,453 Special mention — — — — 1,896 443 1,365 — 3,704 Substandard 101 7,352 — 1,276 496 422 5,428 — 15,075 Total 101,961 31,753 65,671 12,912 7,578 38,517 203,142 872 462,406 Construction Pass 108,585 84,993 40,847 30,125 23,578 3,654 — — 291,782 Special mention — — — — 10,446 — — — 10,446 Total 108,585 84,993 40,847 30,125 34,024 3,654 — — 302,228 Equipment finance Pass 50,482 30,486 27,626 10,238 3,128 803 — — 122,763 Substandard — — 216 177 56 — — — 449 Total 50,482 30,486 27,842 10,415 3,184 803 — — 123,212 Residential mortgage Pass 171,442 112,680 27,228 20,784 9,103 96,510 — — 437,747 Substandard 12 — — 123 694 134 — — 963 Total 171,454 112,680 27,228 20,907 9,797 96,644 — — 438,710 Consumer Pass 35,283 10,476 5,358 4,561 3,260 24,888 190,481 34 274,341 Substandard 32 — — — — 630 526 — 1,188 Total 35,315 10,476 5,358 4,561 3,260 25,518 191,007 34 275,529 Total loans $ 1,294,431 $ 1,216,192 $ 691,764 $ 469,450 $ 435,192 $ 1,419,344 $ 447,480 $ 2,295 $ 5,976,148 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 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. December 31, 2021 Past Due (in thousands) Current 30 - 59 Days 60 - 89 Days Greater than 89 days Total Total Loans Non-owner occupied commercial $ 2,312,557 $ — $ 718 $ 3,009 $ 3,727 $ 2,316,284 Owner occupied commercial 905,751 20 — 2,678 2,698 908,449 Multifamily 972,233 — — — — 972,233 Non-owner occupied residential 174,245 — 136 2,716 2,852 177,097 Commercial, industrial and other 461,659 154 — 593 747 462,406 Construction 302,228 — — — — 302,228 Equipment finance 122,923 211 41 37 289 123,212 Residential mortgage 437,574 255 64 817 1,136 438,710 Consumer 274,426 705 135 263 1,103 275,529 Total $ 5,963,596 $ 1,345 $ 1,094 $ 10,113 $ 12,552 $ 5,976,148 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 |
Lakeland's Non-Accrual Loans and Leases and Its Accruing Troubled Debt Restructurings (TDRs) | The following tables present information on non-accrual loans at December 31, 2021 and December 31, 2020. December 31, 2021 (in thousands) Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 days Past due but still accruing Amortized Cost Basis of Non-accrual Loans without Related Allowance Non-owner occupied commercial $ 3,009 $ — $ — $ 2,624 Owner occupied commercial 2,810 — — 2,398 Non-owner occupied residential 2,852 — — 2,567 Commercial, industrial and other 6,763 — — 1,122 Equipment finance 43 — — — Residential mortgage 817 — — 694 Consumer 687 — 1 — Total $ 16,981 $ — $ 1 $ 9,405 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 |
Impaired Loans with and without Specific Allowances | Impaired Loans The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by the portfolio segments existing at December 31, 2019. Recorded Contractual Related Interest Average (in thousands) Loans without related allowance: Commercial, secured by real estate $ 12,478 $ 12,630 $ — $ 164 $ 10,386 Commercial, industrial and other 1,391 1,381 — 16 1,334 Construction 1,663 1,661 — 2 82 Equipment finance — — — — — Residential mortgage 803 815 — — 233 Consumer — — — — — Loans with related allowance: Commercial, secured by real estate 3,470 3,706 228 190 4,554 Commercial, industrial and other 113 113 5 6 113 Construction — — — — — Equipment finance 23 23 10 — 21 Residential mortgage 1,512 1,682 104 19 926 Consumer 671 765 5 29 693 Total: Commercial, secured by real estate $ 15,948 $ 16,336 $ 228 $ 354 $ 14,940 Commercial, industrial and other 1,504 1,494 5 22 1,447 Construction 1,663 1,661 — 2 82 Equipment finance 23 23 10 — 21 Residential mortgage 2,315 2,497 104 19 1,159 Consumer 671 765 5 29 693 $ 22,124 $ 22,776 $ 352 $ 426 $ 18,342 |
Summary of Restructured Loans | |
Summary of Future Minimum Lease Payments of Lease Receivables | Future minimum payments of equipment finance receivables at December 31, 2021 are expected as follows: (in thousands) 2022 $ 40,997 2023 34,476 2024 25,736 2025 15,388 2026 5,885 Thereafter 730 $ 123,212 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses by Portfolio Segment and Related Recorded Investment in Loans and Leases | Allowance for Credit Losses - Loans The allowance for credit losses is summarized in the following table: (in thousands) 2021 2020 Balance at beginning of the period $ 71,124 $ 40,003 Impact of adopting ASU 2016-13 — 6,656 Charge-offs (4,589) (2,053) Recoveries 2,427 541 Net charge-offs (2,162) (1,512) Provision for credit loss - loans (10,915) 25,977 Balance at end of the period $ 58,047 $ 71,124 The following table details activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2021 and 2020: (in thousands) Balance at December 31, 2020 Charge-offs Recoveries (Benefit) Provision for Credit Loss - Loans Balance at December 31, 2021 Non-owner occupied commercial $ 25,910 $ (2,708) $ 462 $ (3,593) $ 20,071 Owner occupied commercial 3,955 (282) 302 (11) 3,964 Multifamily 7,253 (28) — 1,084 8,309 Non-owner occupied residential 3,321 (223) 165 (883) 2,380 Commercial, industrial and other 13,665 (401) 888 (4,261) 9,891 Construction 786 (54) 75 31 838 Equipment finance 6,552 (346) 61 (2,604) 3,663 Residential mortgage 3,623 (113) 177 227 3,914 Consumer 6,059 (434) 297 (905) 5,017 Total $ 71,124 $ (4,589) $ 2,427 $ (10,915) $ 58,047 (in thousands) Balance at December 31, 2019 (1) Impact of adopting ASU 2016-13 Charge-offs Recoveries (Benefit) Provision for Credit Loss - Loans Balance at December 31, 2020 Non owner occupied commercial $ — $ 17,027 $ (53) $ 29 $ 8,907 $ 25,910 Owner occupied commercial — 3,080 (369) 21 1,223 3,955 Multifamily — 3,717 — — 3,536 7,253 Non owner occupied residential — 2,801 — 22 498 3,321 Commercial, secured by real estate 28,950 (28,950) — — — — Commercial, industrial and other 3,289 2,850 (814) 207 8,133 13,665 Construction 2,672 (2,396) (77) 100 487 786 Equipment finance 957 2,481 (284) 65 3,333 6,552 Residential mortgage 1,725 1,217 (116) 21 776 3,623 Consumer 2,410 4,829 (340) 76 (916) 6,059 Total $ 40,003 $ 6,656 $ (2,053) $ 541 $ 25,977 $ 71,124 (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 or loan losses for the years ended December 31, 2021 and 2020: December 31, 2021 Loans Allowance for Credit Losses (in thousands) Individually evaluated Collectively evaluated Acquired with deteriorated credit quality Total Individually evaluated Collectively evaluated Total Non-owner occupied commercial $ 3,063 $ 2,313,047 $ 174 $ 2,316,284 $ — $ 20,071 $ 20,071 Owner occupied commercial 6,678 901,638 133 908,449 69 3,895 3,964 Multifamily — 972,233 — 972,233 — 8,309 8,309 Non-owner occupied residential 2,567 174,463 67 177,097 — 2,380 2,380 Commercial, industrial and other 6,537 455,306 563 462,406 4,182 5,709 9,891 Construction — 302,228 — 302,228 — 838 838 Equipment finance — 123,212 — 123,212 — 3,663 3,663 Residential mortgage 1,416 437,294 — 438,710 — 3,914 3,914 Consumer — 275,529 — 275,529 — 5,017 5,017 Total loans $ 20,261 $ 5,954,950 $ 937 $ 5,976,148 $ 4,251 $ 53,796 $ 58,047 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Estimated December 31, (in thousands) Useful Lives 2021 2020 Land Indefinite $ 9,444 $ 9,926 Buildings and building improvements 10 to 50 years 42,115 44,312 Leasehold improvements 10 to 25 years 13,976 14,017 Furniture, fixtures and equipment 2 to 30 years 32,569 35,046 98,104 103,301 Less accumulated depreciation and amortization 52,188 54,806 $ 45,916 $ 48,495 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Summary of Deposits | The following table sets forth the details of total deposits: (dollars in thousands) December 31, 2021 December 31, 2020 Noninterest-bearing demand $ 1,732,452 24.9 % $ 1,510,224 23.4 % Interest-bearing checking 2,219,658 31.9 % 2,057,052 31.9 % Money market 1,577,385 22.6 % 1,225,890 19.0 % Savings 677,101 9.7 % 584,361 9.1 % Certificates of deposit $250 thousand and under 623,393 8.9 % 895,056 13.8 % Certificates of deposit over $250 thousand 135,834 2.0 % 183,200 2.8 % Total deposits $ 6,965,823 100.0 % $ 6,455,783 100.0 % |
Schedule of Maturities of Certificates of Deposit | At December 31, 2021, the schedule of maturities of certificates of deposit is as follows: (in thousands) 2022 $ 653,645 2023 74,095 2024 13,750 2025 17,459 2026 278 Total $ 759,227 |
Interest Income and Interest Expense Disclosure | Interest expense on deposits is as follows: (in thousands) 2021 2020 2019 Checking accounts $ 4,591 $ 9,095 $ 18,023 Money market accounts 6,226 8,301 13,134 Savings 334 325 335 Certificates of deposit 5,642 14,338 17,756 Total $ 16,793 $ 32,059 $ 49,248 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Lease costs were as follows: (in thousands) 2021 2020 2019 Operating lease cost $ 3,154 $ 3,312 $ 3,293 Variable lease cost 67 90 133 Sublease income (121) (122) (122) Net lease cost $ 3,100 $ 3,280 $ 3,304 The table below presents other information on the Company's operating leases for the years ended December 31, 2021 and 2020: (in thousands) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,757 $ 2,790 $ 2,654 Right-of-use asset obtained in exchange for new operating lease liabilities 717 1,159 1,748 |
Maturity Analysis of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at December 31, 2021 is as follows: (in thousands) Within one year $ 3,077 After one year but within three years 5,467 After three years but within five years 4,033 After 5 years 7,018 Total undiscounted cash flows 19,595 Discount on cash flows (3,072) Total lease liability $ 16,523 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Taxes | The components of income taxes are as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Current tax provision $ 26,872 $ 24,022 $ 20,418 Deferred tax (benefit) expense 5,422 (6,763) 2,854 Total provision for income taxes $ 32,294 $ 17,259 $ 23,272 |
Summary of Income Tax Provision Reconciled to Income Taxes that Computed at Statutory Federal Rate | The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate of 21% as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Federal income tax, at statutory rates $ 26,740 $ 15,703 $ 19,728 Increase (deduction) in taxes resulting from: Tax-exempt income (1,114) (961) (952) State income tax, net of federal income tax effect 6,176 2,178 4,322 Excess tax expense (benefits) from employee share-based payments 89 132 (189) Other, net 403 207 363 Provision for income taxes $ 32,294 $ 17,259 $ 23,272 |
Summary of Net Deferred Tax Asset | The net deferred tax asset consisted of the following: December 31, (in thousands) 2021 2020 Deferred tax assets: Allowance for credit losses $ 17,837 $ 21,300 Stock based compensation plans 1,446 985 Purchase accounting fair market value adjustments 1,487 2,174 Non-accrued interest 504 664 Deferred compensation 2,796 2,570 Loss on equity securities 136 50 Federal net operating loss carryforward 303 875 Unrealized loss on pension plans — 13 Unrealized loss on derivatives — 42 Other, net 514 508 Gross deferred tax assets 25,023 29,181 Deferred tax liabilities: Core deposit intangible from acquired companies 705 852 Undistributed income from subsidiary not consolidated for tax return purposes (REIT) 903 852 Deferred loan costs 2,150 1,822 Depreciation and amortization 1,660 793 Prepaid expenses 824 578 Unrealized gain on investment securities 1,228 4,746 Other 235 260 Gross deferred tax liabilities 7,705 9,903 Net deferred tax assets $ 17,318 $ 19,278 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Cost | The net periodic plan cost included the following components: Years Ended December 31, (in thousands) 2021 2020 2019 Service cost $ 22 $ 18 $ 14 Interest cost 16 17 22 Amortization of gain — — (2) $ 38 $ 35 $ 34 |
Benefits Expected to be Paid | The benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows: (in thousands) 2022 $ 38 2023 38 2024 38 2025 37 2026 27 2027-2031 200 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Company's Restricted Stock Awards | The following is a summary of the Company's restricted stock activity during the year ended December 31, 2021: Number of Weighted Outstanding, beginning of year 23,910 $ 14.77 Granted 16,028 13.72 Vested (23,903) 14.78 Outstanding, end of year 16,035 $ 13.72 |
Summary of Company's Restricted Stock Units | The following is a summary of the Company's RSU activity during the year ended December 31, 2021: Number of Weighted Outstanding, beginning of year 372,552 $ 16.63 Granted 376,966 17.21 Vested (146,133) 18.19 Forfeited (12,043) 15.21 Outstanding, end of year 591,342 $ 16.64 |
Option Activity under the Company's Stock Option Plans | The following is a summary of the Company's stock option activity during the year ended December 31, 2021: Number of Weighted Weighted Aggregate Outstanding, beginning of year 2,764 $ 6.94 1.07 $ 15,934 Exercised (2,764) 6.94 Outstanding, end of year — $ — 0.00 $ — Options exercisable at year-end — $ — 0.00 $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table sets forth the components of noninterest income for the years ended December 31, 2021, 2020 and 2019: (in thousands) 2021 2020 2019 Deposit-Related Fees and Charges Debit card interchange income $ 6,213 $ 5,431 $ 5,719 Overdraft charges 2,476 2,582 4,052 ATM service charges 660 522 826 Demand deposit fees and charges 446 540 501 Savings service charges 61 73 107 Total deposit-related fees and charges 9,856 9,148 11,205 Commissions and Fees Loan fees 1,858 1,227 1,510 Wire transfer charges 1,533 1,412 1,223 Investment services income 1,837 1,630 1,651 Merchant fees 984 833 813 Commissions from sales of checks 301 292 407 Safe deposit income 320 345 364 Other income 189 181 250 Total commissions and fees 7,022 5,920 6,218 Gains on Sale of Loans 2,264 3,322 1,660 Other Income Gains on customer swap transactions 634 4,719 3,231 Title insurance income 109 177 183 Other income 404 438 1,463 Total other income 1,147 5,334 4,877 Revenue not from contracts with customers 2,072 3,386 2,836 Total Noninterest Income $ 22,361 $ 27,110 $ 26,796 Timing of Revenue Recognition Products and services transferred at a point in time $ 20,266 $ 23,649 $ 23,885 Products and services transferred over time 23 75 75 Revenue not from contracts with customers 2,072 3,386 2,836 Total Noninterest Income $ 22,361 $ 27,110 $ 26,796 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 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: (in thousands) 2021 2020 2019 Consulting and advisory board fees $ 2,856 $ 3,937 $ 2,635 ATM and debit card expense 2,528 2,331 2,377 Telecommunications expense 2,099 1,875 1,943 Marketing expense 1,642 1,253 1,945 Core deposit intangible amortization 868 1,025 1,182 Other real estate owned and other repossessed assets expense — 53 256 Long-term debt prepayment penalties — 4,133 — Long-term debt extinguishment costs 831 — — Other operating expenses 12,994 12,763 12,839 Total other operating expenses $ 23,818 $ 27,370 $ 23,177 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income | The following table shows the changes in the balances of each of the components of other comprehensive income (loss) for the periods presented. Year Ended December 31, 2021 (in thousands) Before Tax Benefit Net of Unrealized holding losses on securities available for sale arising during the period $ (15,117) $ 4,466 $ (10,651) Reclassification adjustment for securities gains included in net income (9) 3 (6) Net unrealized losses on securities available for sale (15,126) 4,469 (10,657) 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 (383) 118 (265) Unrealized gains on derivatives 143 (168) (25) Change in pension liability, net 43 (13) 30 Other comprehensive loss $ (11,509) $ 3,376 $ (8,133) Year Ended December 31, 2020 (in thousands) Before Tax Benefit Net of Unrealized holding gains on securities available for sale arising during the period $ 14,049 $ (3,711) $ 10,338 Reclassification adjustment for securities gains included in net income (1,213) 341 (872) Unrealized holding gains on securities available for sale arising during the period 12,836 (3,370) 9,466 Unrealized losses on derivatives (413) 121 (292) Change in pension liability, net (36) 11 (25) Other comprehensive income $ 12,387 $ (3,238) $ 9,149 Year Ended December 31, 2019 (in thousands) Before Tax Benefit Net of Unrealized holding gains on securities available for sale arising during the period 14,763 (4,045) 10,718 Unrealized losses on derivatives (828) 242 (586) Change in pension liability, net (64) 18 (46) Other comprehensive income $ 13,871 $ (3,785) $ 10,086 |
Summary of Changes in Accumulated Other Comprehensive Income | (in thousands) Unrealized Amortization of Gain on Debt Securities Reclassified to Held to Maturity Unrealized Pension Total Balance at January 1, 2019 $ (8,782) $ — $ 903 $ 41 $ (7,838) Net current period other comprehensive income (loss) 10,718 — (586) (46) 10,086 Balance at December 31, 2019 $ 1,936 $ — $ 317 $ (5) $ 2,248 Other comprehensive income (loss) before reclassifications 10,338 — (292) (25) 10,021 Amounts reclassified from accumulated other comprehensive income (872) — — — (872) Net current period other comprehensive income (loss) 9,466 — (292) (25) 9,149 Balance at December 31, 2020 $ 11,402 $ — $ 25 $ (30) $ 11,397 Net unrealized gain on securities reclassified from available for sale to held to maturity (2,784) 2,784 — — — Other comprehensive (loss) income before reclassifications (7,867) (265) (25) 30 (8,127) Amounts reclassified from accumulated other comprehensive income (6) — — — (6) Net current period other comprehensive (loss) income (7,873) (265) (25) 30 (8,133) Balance at December 31, 2021 $ 745 $ 2,519 $ — $ — $ 3,264 |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: December 31, 2021 Quoted Prices in Significant Significant Total Fair (in thousands) Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 104,861 $ 98,526 $ — $ 203,387 Mortgage-backed securities, residential — 237,975 — 237,975 Collateralized mortgage obligations, residential — 191,291 — 191,291 Mortgage-backed securities, multifamily — 1,741 — 1,741 Collateralized mortgage obligations, multifamily — 32,519 — 32,519 Asset-backed securities — 52,584 — 52,584 Corporate debt securities — 50,459 — 50,459 Total securities available for sale 104,861 665,095 — 769,956 Equity securities, at fair value — 17,368 — 17,368 Derivative assets — 43,799 — 43,799 Total Assets $ 104,861 $ 726,262 $ — $ 831,123 Liabilities: Derivative liabilities $ — $ 43,799 $ — $ 43,799 Total Liabilities $ — $ 43,799 $ — $ 43,799 December 31, 2020 Quoted Prices in Significant Significant Total Fair (in thousands) Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 9,392 $ 55,610 $ — $ 65,002 Mortgage-backed securities — 228,156 — 228,156 Collateralized mortgage obligations — 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 debt securities — 35,671 — 35,671 Total securities available for sale 9,392 846,354 — 855,746 Equity securities, at fair value — 14,694 — 14,694 Derivative assets — 80,734 — 80,734 Total Assets $ 9,392 $ 941,782 $ — $ 951,174 Liabilities: Derivative liabilities $ — $ 80,877 $ — $ 80,877 Total Liabilities $ — $ 80,877 $ — $ 80,877 |
Fair Value of Financial 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: December 31, 2021 (Level 1) (Level 2) (Level 3) Total Fair Value (in thousands) Assets: Individually evaluated loans $ — $ — $ 7,113 $ 7,113 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Fair Value (in thousands) Assets: Individually evaluated loans $ — $ — $ 2,417 $ 2,417 |
Carrying Values and Fair Values of Company's Financial Instruments | The following table summarized the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2021 and December 31, 2020: December 31, 2021 Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Financial Assets: Investment securities held to maturity U.S. Treasury and U.S. government agencies $ 18,672 $ 18,965 $ — $ 18,965 $ — Mortgage-backed securities, residential 370,247 364,976 — 364,976 — Collateralized mortgage obligations, residential 13,921 14,089 — 14,089 — Mortgage-backed securities, multifamily 2,710 2,734 — 2,734 — Collateralized mortgage obligations, multifamily — — — — — Obligations of states and political subdivisions 416,566 411,576 — 410,744 832 Corporate bonds 2,840 2,871 — 2,871 — Total investment securities held to maturity, net 824,956 815,211 — 814,379 832 Federal Home Loan and other membership bank stock 9,049 9,049 — 9,049 — Loans, net 5,918,101 5,900,876 — — 5,900,876 Financial Liabilities: Certificates of deposit 759,227 753,483 — 753,483 — Other borrowings 25,000 24,604 — 24,604 — Subordinated debentures 179,043 175,243 — — 175,243 December 31, 2020 Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) 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, net 90,766 93,868 — 93,868 — Federal Home Loan and other membership bank stock 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 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Information Regarding Derivatives | The following tables present summary information regarding these derivatives for the periods presented (dollars in thousands): December 31, 2021 Notional Amount Average Weighted Average Weighted Average Fair Value Classified in Other Assets: Third party interest rate swaps $ 326,941 7.7 3.14 % 1 Mo. LIBOR + 2.32 $ 9,847 Customer interest rate swaps 607,688 8.2 3.97 % 1 Mo. LIBOR + 1.87 33,952 Classified in Other Liabilities: Customer interest rate swaps $ 326,941 7.7 3.14 % 1 Mo. LIBOR + 2.32 $ (9,847) Third party interest rate swaps 607,688 8.2 3.97 % 1 Mo. LIBOR + 1.87 (33,952) December 31, 2020 Notional Amount Average Weighted Average Weighted Average Fair Value 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) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Summary of Capital Ratios | As of December 31, 2021 and 2020, the Company and Lakeland have the following capital ratios based on the then current regulations: (dollars in thousands) Actual For Capital To Be Well Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Company $ 903,415 14.48 % > $ 654,978 > 10.50% N/A N/A Lakeland 852,339 13.67 % 654,692 10.50 % > $ 623,516 > 10.00% Tier 1 capital (to risk-weighted assets) Company $ 695,634 11.15 % > $ 530,220 > 8.50% N/A N/A Lakeland 792,363 12.71 % 529,989 8.50 % > $ 498,813 > 8.00% Common equity Tier 1 capital (to risk-weighted assets) Company $ 665,634 10.67 % > $ 436,652 > 7.00% N/A N/A Lakeland 792,363 12.71 % 436,461 7.00 % > $ 405,285 > 6.50% Tier 1 capital (to average assets) Company $ 695,634 8.51 % > $ 326,813 > 4.00% N/A N/A Lakeland 792,363 9.70 % 326,734 4.00 % > $ 408,418 > 5.00% (dollars in thousands) Actual For Capital To Be Well Capitalized Under December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Company $ 783,107 12.84 % > $ 640,632 > 10.50% N/A N/A Lakeland 745,276 12.22 % 640,416 10.50 % > $ 609,920 > 10.00% Tier 1 capital (to risk-weighted assets) Company $ 623,644 10.22 % > $ 518,607 > 8.50% N/A N/A Lakeland 672,832 11.03 % 518,432 8.50 % > $ 487,936 > 8.00% Common equity Tier 1 capital (to risk-weighted assets) Company $ 593,644 9.73 % > $ 427,088 > 7.00% N/A N/A Lakeland 672,832 11.03 % 426,944 7.00 % > $ 396,448 > 6.50% Tier 1 capital (to average assets) Company $ 623,644 8.37 % > $ 298,096 > 4.00% N/A N/A Lakeland 672,832 9.04 % 297,748 4.00 % > $ 372,185 > 5.00% |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense for each of the succeeding five years ended December 31 is as follows: (in thousands) 2022 $ 711 2023 554 2024 425 2025 317 2026 210 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, (in thousands) 2021 2020 Assets Cash and due from banks $ 40,228 $ 28,366 Investment in subsidiaries 954,506 843,711 Other assets 12,639 11,274 Total Assets $ 1,007,373 $ 883,351 Liabilities and Stockholders’ Equity Other liabilities $ 1,316 $ 1,310 Subordinated debentures 179,043 118,257 Total stockholders’ equity 827,014 763,784 Total Liabilities and Stockholders’ Equity $ 1,007,373 $ 883,351 |
Condensed Statements of Operations | Condensed Statements of Income Years Ended December 31, (in thousands) 2021 2020 2019 Income Dividends from subsidiaries $ 50,648 $ 29,961 $ 36,905 Other income (loss) 34 (486) 408 Total Income 50,682 29,475 37,313 Expense Interest on subordinated debentures 5,419 5,968 5,983 Noninterest expenses 1,498 549 464 Total Expense 6,917 6,517 6,447 Income before benefit for income taxes 43,765 22,958 30,866 Income taxes benefit (1,445) (1,645) (1,646) Income before equity in undistributed income of subsidiaries 45,210 24,603 32,512 Equity in undistributed income of subsidiaries 49,831 32,915 38,160 Net Income Available to Common Shareholders $ 95,041 $ 57,518 $ 70,672 |
Condensed Statements of Cash Flows | Years Ended December 31, (in thousands) 2021 2020 2019 Income Dividends from subsidiaries $ 50,648 $ 29,961 $ 36,905 Other income (loss) 34 (486) 408 Total Income 50,682 29,475 37,313 Expense Interest on subordinated debentures 5,419 5,968 5,983 Noninterest expenses 1,498 549 464 Total Expense 6,917 6,517 6,447 Income before benefit for income taxes 43,765 22,958 30,866 Income taxes benefit (1,445) (1,645) (1,646) Income before equity in undistributed income of subsidiaries 45,210 24,603 32,512 Equity in undistributed income of subsidiaries 49,831 32,915 38,160 Net Income Available to Common Shareholders $ 95,041 $ 57,518 $ 70,672 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2021 2020 2019 Cash Flows from Operating Activities Net income $ 95,041 $ 57,518 $ 70,672 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on sale of equity securities — (149) — Amortization of subordinated debt costs 547 37 36 Benefit for credit losses — (12) — Long-term debt extinguishment costs 831 — — Change in fair value of equity securities — 786 (197) Excess tax (deficiency) benefits (89) (132) 189 Increase in other assets (1,443) (1,462) (1,873) Increase in other liabilities 149 25 121 Equity in undistributed income of subsidiaries (49,831) (32,915) (38,160) Net Cash Provided by Operating Activities 45,205 23,696 30,788 Cash Flows from Investing Activities Purchases of equity securities — (49) (82) Proceeds from maturity of held to maturity securities — 1,000 — Proceeds from sale of equity securities — 1,148 1,287 Net cash received from business acquisition — — 24 Contribution to subsidiary (65,000) — — Net Cash (Used in) Provided by Investing Activities (65,000) 2,099 1,229 Cash Flows from Financing Activities Cash dividends paid on common stock (27,119) (25,457) (24,919) Proceeds from issuance of common stock, net — — — Proceeds from issuance of subordinated debt, net 147,738 — — Redemption of subordinated debentures, net (88,330) — — Purchase of treasury stock — (1,452) — Retirement of restricted stock (651) (501) (715) Exercise of stock options 19 — 313 Net Cash Provided by (Used in) Financing Activities 31,657 (27,410) (25,321) Net increase (decrease) in cash and cash equivalents 11,862 (1,615) 6,696 Cash and cash equivalents, beginning of year 28,366 29,981 23,285 Cash and Cash Equivalents, End of Year $ 40,228 $ 28,366 $ 29,981 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Nonaccrual [Line Items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Debt securities, non-accrual status, past due payment period | 30 days | ||
Debt securities, accrual status, sustained interest payment period | 6 months | ||
Debt securities, accrued interest after allowance for credit loss | $ 5,300,000 | $ 3,300,000 | |
Principal and interest default period | 90 days | ||
Residential mortgage loans are placed on non-accrual status at the time principal and interest period | 90 days | ||
Period of principal and interest payments in arrears for open-end consumer loans are reviewed for charge-off | 4 months | ||
Non-accrual asset satisfactory payments period | 6 months | ||
Non-accrual loans with recorded investment, minimum amount | $ 500,000 | ||
Maximum amount of individual impaired commercial loans that places into homogeneous pool for collective evaluation | $ 500,000 | ||
Amount of loans sold that are being serviced for others | 35,300,000 | 34,100,000 | |
Originated mortgage servicing rights | 188,000 | 129,000 | |
Goodwill | 156,277,000 | 156,277,000 | |
Bank owned life insurance | 117,356,000 | 115,115,000 | |
Income on bank owned life insurance | 2,676,000 | $ 2,657,000 | $ 2,740,000 |
Company's liability to trusts including investments | $ 30,000,000 | ||
Percentage of capital permitted for trust preferred securities | 25.00% | ||
Non-owner occupied commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 10 years | ||
Financing receivable, amortization schedule term | 25 years | ||
Owner occupied commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 10 years | ||
Financing receivable, amortization schedule term | 25 years | ||
Multifamily | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 10 years | ||
Financing receivable, amortization schedule term | 30 years | ||
Non-owner occupied residential | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 10 years | ||
Financing receivable, amortization schedule term | 25 years | ||
Commercial, industrial and other | Minimum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 1 year | ||
Commercial, industrial and other | Maximum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 7 years | ||
Construction | Minimum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 1 year | ||
Construction | Maximum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 3 years | ||
Equipment finance | Minimum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 3 years | ||
Equipment finance | Maximum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 5 years | ||
Residential mortgage | Minimum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 15 years | ||
Residential mortgage | Maximum | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing receivable contract term | 30 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - Highlands Bancorp, Inc. | Jan. 04, 2019branch | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Number of bank branches operated | branch | 4 | |||
Merger and acquisition integration-related expenses | $ | $ 1,800,000 | $ 0 | $ 3,200,000 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic earnings per share | |||
Net Income | $ 95,041 | $ 57,518 | $ 70,672 |
Less: earnings allocated to participating securities, Income | 1,142 | 511 | 596 |
Net income available to common shareholders, Total | $ 93,899 | $ 57,007 | $ 70,076 |
Net income available to common shareholders, (in shares) | 50,624 | 50,540 | 50,477 |
Less: earnings allocated to participating securities, (in shares) | 0 | 0 | 0 |
Net income available to common shareholders, Total (in shares) | 50,624 | 50,540 | 50,477 |
Net income available to common shareholders, (in usd per share) | $ 1.87 | $ 1.14 | $ 1.40 |
Less: earnings allocated to participating securities, (in usd per share) | 0.02 | 0.01 | 0.01 |
Basic earnings (usd per share) | $ 1.85 | $ 1.13 | $ 1.39 |
Effect of dilutive securities | |||
Stock options and restricted stock, Income | $ 0 | $ 0 | $ 0 |
Stock options and restricted stock, (in shares) | 246 | 110 | 165 |
Stock options and restricted stock, (in usd per share) | $ 0 | $ 0 | $ (0.01) |
Diluted earnings per share | |||
Net income available to common shareholders plus assumed conversions, Income | $ 93,899 | $ 57,007 | $ 70,076 |
Net income available to common shareholders plus assumed conversions, (in shares) | 50,870 | 50,650 | 50,642 |
Diluted earnings (usd per share) | $ 1.85 | $ 1.13 | $ 1.38 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Antidilutive options to purchase common stock (in shares) | 0 | 0 | 0 |
Securities - Reconciliation of
Securities - Reconciliation of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 768,689 | $ 839,272 |
Gross Unrealized Gains | 5,781 | 17,806 |
Gross Unrealized Losses | (4,431) | (1,330) |
Allowance for Credit Losses | (83) | (2) |
Fair Value | 769,956 | 855,746 |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 202,961 | 63,868 |
Gross Unrealized Gains | 1,215 | 1,447 |
Gross Unrealized Losses | (789) | (313) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 203,387 | 65,002 |
Mortgage-backed securities, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 238,456 | 224,978 |
Gross Unrealized Gains | 1,250 | 3,718 |
Gross Unrealized Losses | (1,731) | (540) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 237,975 | 228,156 |
Collateralized mortgage obligations, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 191,086 | 204,093 |
Gross Unrealized Gains | 1,693 | 4,967 |
Gross Unrealized Losses | (1,488) | (22) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 191,291 | 209,038 |
Mortgage-backed securities, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,816 | 1,944 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (75) | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,741 | 1,944 |
Collateralized mortgage obligations, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,254 | 39,628 |
Gross Unrealized Gains | 511 | 1,909 |
Gross Unrealized Losses | (246) | (2) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 32,519 | 41,535 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 52,518 | 40,915 |
Gross Unrealized Gains | 153 | 0 |
Gross Unrealized Losses | (87) | (225) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 52,584 | 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) | |
Fair Value | 233,710 | |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 49,598 | 35,056 |
Gross Unrealized Gains | 959 | 616 |
Gross Unrealized Losses | (15) | 0 |
Allowance for Credit Losses | (83) | (1) |
Fair Value | $ 50,459 | $ 35,671 |
Securities - Reconciliation o_2
Securities - Reconciliation of Held-to-Maturity Securities (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 825,137,000 | $ 90,766,000 |
Gross Unrealized Gains | 2,046,000 | 3,114,000 |
Gross Unrealized Losses | (11,791,000) | (12,000) |
Allowance for Credit Losses | (181,000) | 0 |
Fair Value | 815,211,000 | 93,868,000 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 18,672,000 | 25,565,000 |
Gross Unrealized Gains | 293,000 | 779,000 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 18,965,000 | 26,344,000 |
Mortgage-backed securities, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 370,247,000 | 39,276,000 |
Gross Unrealized Gains | 718,000 | 1,469,000 |
Gross Unrealized Losses | (5,989,000) | (12,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 364,976,000 | 40,733,000 |
Collateralized mortgage obligations, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 13,921,000 | 14,590,000 |
Gross Unrealized Gains | 168,000 | 532,000 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 14,089,000 | 15,122,000 |
Mortgage-backed securities, multifamily | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,710,000 | 705,000 |
Gross Unrealized Gains | 26,000 | 54,000 |
Gross Unrealized Losses | (2,000) | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 2,734,000 | 759,000 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 416,587,000 | 10,630,000 |
Gross Unrealized Gains | 810,000 | 280,000 |
Gross Unrealized Losses | (5,800,000) | 0 |
Allowance for Credit Losses | (21,000) | 0 |
Fair Value | 411,576,000 | $ 10,910,000 |
Debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,000,000 | |
Gross Unrealized Gains | 31,000 | |
Gross Unrealized Losses | 0 | |
Allowance for Credit Losses | (160,000) | |
Fair Value | $ 2,871,000 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||||
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 | |||
Other comprehensive income (loss), before tax, portion attributable to parent | $ (11,509,000) | $ 12,387,000 | $ 13,871,000 | |
Sale proceeds | 4,402,000 | 130,912,000 | 0 | |
Gross gains | 9,000 | 1,300,000 | ||
Gross losses | 0 | 248,000 | ||
Securities, carrying value | 1,040,000,000 | 578,000,000 | ||
Equity securities, at fair value | 17,368,000 | 14,694,000 | ||
Proceeds from sales of equity securities | 0 | 4,148,000 | 1,287,000 | |
(Loss) gain on equity securities | $ (285,000) | $ (552,000) | $ 496,000 | |
Redemption of funds | 60 days | |||
Unfunded commitments | $ 0 | |||
Fair value of securities | 10,500,000 | |||
Amortization of gain on debt securities reclassified to held to maturity from available for sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Other comprehensive income (loss), before tax, portion attributable to parent | (383,000) | |||
Community Reinvestment Funds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities, at fair value | 6,800,000 | |||
Other Financial Institutions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unfunded commitments | $ 0 |
Securities - Summary of Contrac
Securities - Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 12,005 | |
Due after one year through five years | 58,188 | |
Due after five years through ten years | 124,825 | |
Due after ten years | 57,541 | |
Total | 252,559 | |
Amortized Cost | 768,689 | $ 839,272 |
Available for Sale, Fair Value | ||
Due in one year or less | 12,063 | |
Due after one year through five years | 58,409 | |
Due after five years through ten years | 125,735 | |
Due after ten years | 57,639 | |
Total | 253,846 | |
Investment securities, available for sale, at fair value | 769,956 | 855,746 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 21,345 | |
Due after one year through five years | 34,047 | |
Due after five years through ten years | 42,528 | |
Due after ten years | 340,339 | |
Total | 438,259 | |
Amortized Cost | 825,137 | |
Held to Maturity, Fair Value | ||
Due in one year or less | 21,497 | |
Due after one year through five years | 34,192 | |
Due after five years through ten years | 42,315 | |
Due after ten years | 335,408 | |
Total | 433,412 | |
Total securities, Held to Maturity, Fair Value | 815,211 | $ 93,868 |
Mortgage-backed securities | ||
Available for Sale, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 516,130 | |
Available for Sale, Fair Value | ||
Mortgage-backed and asset-backed securities | 516,110 | |
Held to Maturity, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 386,878 | |
Held to Maturity, Fair Value | ||
Mortgage-backed and asset-backed securities | $ 381,799 |
Securities - Reconciliation o_3
Securities - Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position (Detail) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Fair Value | ||
Less than 12 Months | $ 378,941 | $ 174,022 |
12 Months or Longer | 38,045 | 23,308 |
Total | $ 416,986 | $ 197,330 |
Number of Securities | security | 94 | 61 |
Unrealized Losses | ||
Less than 12 Months | $ 3,508 | $ 977 |
12 Months or Longer | 923 | 353 |
Total | 4,431 | 1,330 |
Fair Value | ||
Less than 12 Months | 650,352 | 2,561 |
12 Months or Longer | 2,376 | 0 |
Total | 652,728 | 2,561 |
Unrealized Losses | ||
Less than 12 Months | 11,684 | 12 |
12 Months or Longer | 107 | 0 |
Total | $ 11,791 | $ 12 |
Number of Securities | security | 336 | 4 |
U.S. Treasury and U.S. government agencies | ||
Fair Value | ||
Less than 12 Months | $ 76,106 | $ 4,966 |
12 Months or Longer | 14,670 | 17,652 |
Total | $ 90,776 | $ 22,618 |
Number of Securities | security | 15 | 6 |
Unrealized Losses | ||
Less than 12 Months | $ 322 | $ 29 |
12 Months or Longer | 467 | 284 |
Total | 789 | 313 |
Mortgage-backed securities, residential | ||
Fair Value | ||
Less than 12 Months | 176,990 | 84,137 |
12 Months or Longer | 14,582 | 5,656 |
Total | $ 191,572 | $ 89,793 |
Number of Securities | security | 45 | 30 |
Unrealized Losses | ||
Less than 12 Months | $ 1,465 | $ 471 |
12 Months or Longer | 266 | 69 |
Total | 1,731 | 540 |
Fair Value | ||
Less than 12 Months | 340,474 | 2,561 |
12 Months or Longer | 2,376 | 0 |
Total | 342,850 | 2,561 |
Unrealized Losses | ||
Less than 12 Months | 5,882 | 12 |
12 Months or Longer | 107 | 0 |
Total | $ 5,989 | $ 12 |
Number of Securities | security | 96 | 4 |
Collateralized mortgage obligations, residential | ||
Fair Value | ||
Less than 12 Months | $ 86,749 | $ 23,858 |
12 Months or Longer | 5,000 | 0 |
Total | $ 91,749 | $ 23,858 |
Number of Securities | security | 18 | 7 |
Unrealized Losses | ||
Less than 12 Months | $ 1,429 | $ 22 |
12 Months or Longer | 59 | 0 |
Total | 1,488 | 22 |
Mortgage-backed securities, multifamily | ||
Fair Value | ||
Less than 12 Months | 0 | 1,943 |
12 Months or Longer | 1,741 | 0 |
Total | $ 1,741 | $ 1,943 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 75 | 0 |
Total | 75 | 0 |
Fair Value | ||
Less than 12 Months | 2,051 | |
12 Months or Longer | 0 | |
Total | 2,051 | |
Unrealized Losses | ||
Less than 12 Months | 2 | |
12 Months or Longer | 0 | |
Total | $ 2 | |
Number of Securities | security | 1 | |
Collateralized mortgage obligations, multifamily | ||
Fair Value | ||
Less than 12 Months | $ 9,083 | 2,527 |
12 Months or Longer | 1,072 | 0 |
Total | $ 10,155 | $ 2,527 |
Number of Securities | security | 4 | 1 |
Unrealized Losses | ||
Less than 12 Months | $ 210 | $ 2 |
12 Months or Longer | 36 | 0 |
Total | 246 | 2 |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 14,688 | 40,690 |
12 Months or Longer | 0 | 0 |
Total | $ 14,688 | $ 40,690 |
Number of Securities | security | 3 | 6 |
Unrealized Losses | ||
Less than 12 Months | $ 87 | $ 225 |
12 Months or Longer | 0 | 0 |
Total | 87 | 225 |
Debt securities | ||
Fair Value | ||
Less than 12 Months | 15,325 | |
12 Months or Longer | 980 | |
Total | $ 16,305 | |
Number of Securities | security | 8 | |
Unrealized Losses | ||
Less than 12 Months | $ (5) | |
12 Months or Longer | 20 | |
Total | 15 | |
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 | 307,827 | |
12 Months or Longer | 0 | |
Total | 307,827 | |
Unrealized Losses | ||
Less than 12 Months | 5,800 | |
12 Months or Longer | 0 | |
Total | $ 5,800 | |
Number of Securities | security | 239 |
Securities - Credit Quality Ind
Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | $ 825,137 | $ 90,766 |
AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 549,327 | 83,095 |
AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 270,909 | 7,671 |
A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 1,068 | |
BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 3,000 | |
Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 833 | |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 18,672 | 25,565 |
U.S. Treasury and U.S. government agencies | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 18,672 | 25,565 |
U.S. Treasury and U.S. government agencies | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | 0 |
U.S. Treasury and U.S. government agencies | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
U.S. Treasury and U.S. government agencies | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
U.S. Treasury and U.S. government agencies | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 370,247 | 39,276 |
Mortgage-backed securities, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 370,247 | 39,276 |
Mortgage-backed securities, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | 0 |
Mortgage-backed securities, residential | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, residential | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Collateralized mortgage obligations, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 13,921 | 14,590 |
Collateralized mortgage obligations, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 13,921 | 14,590 |
Collateralized mortgage obligations, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | 0 |
Collateralized mortgage obligations, residential | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Collateralized mortgage obligations, residential | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Collateralized mortgage obligations, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, multifamily | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 2,710 | 705 |
Mortgage-backed securities, multifamily | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 2,710 | 705 |
Mortgage-backed securities, multifamily | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | 0 |
Mortgage-backed securities, multifamily | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, multifamily | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Mortgage-backed securities, multifamily | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 416,587 | 10,630 |
Obligations of states and political subdivisions | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 143,777 | 2,959 |
Obligations of states and political subdivisions | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 270,909 | $ 7,671 |
Obligations of states and political subdivisions | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 1,068 | |
Obligations of states and political subdivisions | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Obligations of states and political subdivisions | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 833 | |
Debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 3,000 | |
Debt securities | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Debt securities | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Debt securities | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Debt securities | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 3,000 | |
Debt securities | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | $ 0 |
Loans - Composition of Loan Por
Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 5,976,148 | $ 6,021,232 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,316,284 | 2,398,946 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 908,449 | 827,092 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 972,233 | 813,225 |
Non-owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 177,097 | 200,229 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 462,406 | 718,189 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 302,228 | 266,883 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 123,212 | 116,690 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 438,710 | 377,380 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 275,529 | $ 302,598 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)contractloan | Dec. 31, 2020USD ($)contractloan | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable on loans | $ 13,900,000 | $ 16,100,000 | |
Net deferred loan fees | (5,800,000) | (10,000,000) | |
Overdraft balances included in home equity and consumer loans | 184,000 | 650,000 | |
Residential loans pledged for potential borrowings at the Federal Home Loan Bank of New York | $ 2,300,000,000 | $ 2,280,000,000 | |
Number of loans still accruing | loan | 1 | 1 | |
Financing receivable, 90 days or more past due, still accruing | $ 1,000 | $ 1,000 | |
Financing receivable, troubled debt restructuring | 3,500,000 | 5,000,000 | |
Financing receivable, accrual, troubled debt restructuring | 3,300,000 | 3,900,000 | |
Financing receivable nonaccrual troubled debt restructuring | $ 127,000 | $ 1,100,000 | |
Number of contracts | contract | 0 | ||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 0 | ||
Loans to related parties | $ 64,000,000 | $ 75,700,000 | |
Loans to related parties, additions | 5,000,000 | ||
Repayment of loan from related parties | 16,700,000 | ||
Loans held for sale | 1,943,000 | 1,335,000 | |
Residential real estate acquired through disclosure | 0 | 0 | |
Other repossessed assets owned | 0 | 0 | |
Writedown of other repossessed assets | 0 | 39,000 | $ 153,000 |
COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, deferred | 0 | ||
Paycheck Protection Program ("PPP") | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, before allowance for credit loss and fee | 56,600,000 | 284,600,000 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, 90 days or more past due, still accruing | 1,000 | 1,000 | |
Financing receivable, troubled debt restructuring | $ 115,000 | ||
Number of contracts | contract | 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 | 2 | ||
Recorded Investment | $ 83,000 | ||
Residential And Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, nonaccrual, in the process of foreclosure | $ 930,000 | $ 1,700,000 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans After Adoption of CECL (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | $ 1,294,431 | $ 1,537,184 |
2020/2019 | 1,216,192 | 834,164 |
2019/2018 | 691,764 | 594,181 |
2018/2017 | 469,450 | 585,062 |
2017/2016 | 435,192 | 522,144 |
Pre-2017/2016 | 1,419,344 | 1,397,462 |
Revolving Loans | 447,480 | 547,612 |
Revolving to Term | 2,295 | 3,423 |
Loans | 5,976,148 | 6,021,232 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 363,578 | 574,835 |
2020/2019 | 517,020 | 380,450 |
2019/2018 | 321,568 | 237,615 |
2018/2017 | 212,657 | 282,705 |
2017/2016 | 223,013 | 241,964 |
Pre-2017/2016 | 659,523 | 625,850 |
Revolving Loans | 18,925 | 53,281 |
Revolving to Term | 0 | 2,246 |
Loans | 2,316,284 | 2,398,946 |
Non-owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 363,459 | 570,665 |
2020/2019 | 516,131 | 376,681 |
2019/2018 | 295,944 | 217,931 |
2018/2017 | 189,592 | 251,751 |
2017/2016 | 195,733 | 187,605 |
Pre-2017/2016 | 562,338 | 509,573 |
Revolving Loans | 18,795 | 50,071 |
Revolving to Term | 0 | 2,246 |
Loans | 2,141,992 | 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 | 25,292 | 8,498 |
2018/2017 | 14,660 | 5,936 |
2017/2016 | 4,641 | 19,579 |
Pre-2017/2016 | 47,011 | 47,680 |
Revolving Loans | 130 | 315 |
Revolving to Term | 0 | 0 |
Loans | 91,734 | 83,416 |
Non-owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 3,400 |
2020/2019 | 458 | 3,131 |
2019/2018 | 0 | 8,377 |
2018/2017 | 5,749 | 9,115 |
2017/2016 | 14,639 | 19,936 |
Pre-2017/2016 | 6,602 | 7,894 |
Revolving Loans | 0 | 2,895 |
Revolving to Term | 0 | 0 |
Loans | 27,448 | 54,748 |
Non-owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 119 | 0 |
2020/2019 | 431 | 0 |
2019/2018 | 332 | 2,809 |
2018/2017 | 2,656 | 15,903 |
2017/2016 | 8,000 | 14,844 |
Pre-2017/2016 | 43,572 | 60,703 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 55,110 | 94,259 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 209,520 | 128,293 |
2020/2019 | 148,743 | 101,390 |
2019/2018 | 107,366 | 84,622 |
2018/2017 | 70,148 | 85,620 |
2017/2016 | 50,524 | 80,243 |
Pre-2017/2016 | 313,697 | 334,956 |
Revolving Loans | 8,343 | 11,789 |
Revolving to Term | 108 | 179 |
Loans | 908,449 | 827,092 |
Owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 209,515 | 116,512 |
2020/2019 | 133,292 | 76,224 |
2019/2018 | 83,395 | 80,244 |
2018/2017 | 54,019 | 81,215 |
2017/2016 | 48,850 | 62,118 |
Pre-2017/2016 | 252,001 | 245,330 |
Revolving Loans | 8,343 | 11,072 |
Revolving to Term | 108 | 179 |
Loans | 789,523 | 672,894 |
Owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 11,347 |
2020/2019 | 5,757 | 22,932 |
2019/2018 | 2,134 | 411 |
2018/2017 | 900 | 3,651 |
2017/2016 | 280 | 8,038 |
Pre-2017/2016 | 24,873 | 23,612 |
Revolving Loans | 0 | 673 |
Revolving to Term | 0 | 0 |
Loans | 33,944 | 70,664 |
Owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 9,694 | 2,218 |
2019/2018 | 21,837 | 929 |
2018/2017 | 12,632 | 113 |
2017/2016 | 95 | 4,317 |
Pre-2017/2016 | 17,851 | 38,638 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 62,109 | 46,215 |
Owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 5 | 434 |
2020/2019 | 0 | 16 |
2019/2018 | 0 | 3,038 |
2018/2017 | 2,597 | 641 |
2017/2016 | 1,299 | 5,770 |
Pre-2017/2016 | 18,972 | 27,376 |
Revolving Loans | 0 | 44 |
Revolving to Term | 0 | 0 |
Loans | 22,873 | 37,319 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 225,060 | 261,489 |
2020/2019 | 258,452 | 65,175 |
2019/2018 | 77,923 | 86,348 |
2018/2017 | 86,396 | 95,767 |
2017/2016 | 82,920 | 126,667 |
Pre-2017/2016 | 221,941 | 156,066 |
Revolving Loans | 18,260 | 21,713 |
Revolving to Term | 1,281 | 0 |
Loans | 972,233 | 813,225 |
Multifamily | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 225,060 | 251,708 |
2020/2019 | 255,016 | 59,694 |
2019/2018 | 72,438 | 85,748 |
2018/2017 | 71,366 | 93,368 |
2017/2016 | 73,122 | 117,155 |
Pre-2017/2016 | 207,509 | 145,786 |
Revolving Loans | 18,161 | 21,713 |
Revolving to Term | 1,281 | 0 |
Loans | 923,953 | 775,172 |
Multifamily | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 966 | 0 |
2019/2018 | 0 | 600 |
2018/2017 | 13,709 | 0 |
2017/2016 | 854 | 0 |
Pre-2017/2016 | 6,497 | 8,472 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 22,026 | 9,072 |
Multifamily | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 9,781 |
2020/2019 | 2,470 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 2,399 |
2017/2016 | 8,944 | 0 |
Pre-2017/2016 | 2,948 | 1,124 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 14,362 | 13,304 |
Multifamily | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 5,481 |
2019/2018 | 5,485 | 0 |
2018/2017 | 1,321 | 0 |
2017/2016 | 0 | 9,512 |
Pre-2017/2016 | 4,987 | 684 |
Revolving Loans | 99 | 0 |
Revolving to Term | 0 | 0 |
Loans | 11,892 | 15,677 |
Non-owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 28,476 | 24,382 |
2020/2019 | 21,589 | 25,686 |
2019/2018 | 17,961 | 30,151 |
2018/2017 | 21,329 | 27,205 |
2017/2016 | 20,892 | 22,473 |
Pre-2017/2016 | 59,047 | 61,326 |
Revolving Loans | 7,803 | 8,835 |
Revolving to Term | 0 | 171 |
Loans | 177,097 | 200,229 |
Non-owner occupied residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 28,476 | 23,506 |
2020/2019 | 18,527 | 24,378 |
2019/2018 | 16,928 | 27,752 |
2018/2017 | 15,695 | 24,344 |
2017/2016 | 18,048 | 21,488 |
Pre-2017/2016 | 51,194 | 53,200 |
Revolving Loans | 7,288 | 8,180 |
Revolving to Term | 0 | 171 |
Loans | 156,156 | 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 | 651 | 0 |
Pre-2017/2016 | 5,057 | 5,757 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 5,708 | 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 | 523 | 1,199 |
2018/2017 | 837 | 392 |
2017/2016 | 1,205 | 293 |
Pre-2017/2016 | 284 | 656 |
Revolving Loans | 515 | 655 |
Revolving to Term | 0 | 0 |
Loans | 3,364 | 3,691 |
Non-owner occupied residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 876 |
2020/2019 | 3,062 | 512 |
2019/2018 | 510 | 1,200 |
2018/2017 | 4,797 | 1,295 |
2017/2016 | 988 | 692 |
Pre-2017/2016 | 2,512 | 1,713 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 11,869 | 6,288 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 101,961 | 306,555 |
2020/2019 | 31,753 | 88,668 |
2019/2018 | 65,671 | 20,844 |
2018/2017 | 12,912 | 11,170 |
2017/2016 | 7,578 | 22,431 |
Pre-2017/2016 | 38,517 | 42,998 |
Revolving Loans | 203,142 | 224,992 |
Revolving to Term | 872 | 531 |
Loans | 462,406 | 718,189 |
Commercial, industrial and other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 100,921 | 299,091 |
2020/2019 | 23,940 | 84,917 |
2019/2018 | 65,225 | 16,245 |
2018/2017 | 11,636 | 7,216 |
2017/2016 | 3,808 | 18,358 |
Pre-2017/2016 | 37,479 | 41,900 |
Revolving Loans | 191,293 | 208,519 |
Revolving to Term | 872 | 531 |
Loans | 435,174 | 676,777 |
Commercial, industrial and other | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 939 | 287 |
2020/2019 | 461 | 3,701 |
2019/2018 | 446 | 156 |
2018/2017 | 0 | 1,643 |
2017/2016 | 1,378 | 301 |
Pre-2017/2016 | 173 | 369 |
Revolving Loans | 5,056 | 2,324 |
Revolving to Term | 0 | 0 |
Loans | 8,453 | 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 | 0 | 764 |
2017/2016 | 1,896 | 2,275 |
Pre-2017/2016 | 443 | 0 |
Revolving Loans | 1,365 | 4,727 |
Revolving to Term | 0 | 0 |
Loans | 3,704 | 8,650 |
Commercial, industrial and other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 101 | 7,177 |
2020/2019 | 7,352 | 50 |
2019/2018 | 0 | 3,559 |
2018/2017 | 1,276 | 1,547 |
2017/2016 | 496 | 1,497 |
Pre-2017/2016 | 422 | 729 |
Revolving Loans | 5,428 | 9,422 |
Revolving to Term | 0 | 0 |
Loans | 15,075 | 23,981 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 108,585 | 56,734 |
2020/2019 | 84,993 | 77,117 |
2019/2018 | 40,847 | 71,810 |
2018/2017 | 30,125 | 49,789 |
2017/2016 | 34,024 | 8,400 |
Pre-2017/2016 | 3,654 | 843 |
Revolving Loans | 0 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 302,228 | 266,883 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 108,585 | 56,734 |
2020/2019 | 84,993 | 77,117 |
2019/2018 | 40,847 | 69,627 |
2018/2017 | 30,125 | 29,303 |
2017/2016 | 23,578 | 7,681 |
Pre-2017/2016 | 3,654 | 328 |
Revolving Loans | 0 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 291,782 | 242,980 |
Construction | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | |
2020/2019 | 0 | |
2019/2018 | 2,183 | |
2018/2017 | 11,959 | |
2017/2016 | 0 | |
Pre-2017/2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term | 0 | |
Loans | 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 | 10,446 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 10,446 | 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 | 50,482 | 41,528 |
2020/2019 | 30,486 | 41,815 |
2019/2018 | 27,842 | 20,785 |
2018/2017 | 10,415 | 8,908 |
2017/2016 | 3,184 | 3,226 |
Pre-2017/2016 | 803 | 428 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 123,212 | 116,690 |
Equipment finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 50,482 | 41,528 |
2020/2019 | 30,486 | 41,717 |
2019/2018 | 27,626 | 20,697 |
2018/2017 | 10,238 | 8,834 |
2017/2016 | 3,128 | 3,162 |
Pre-2017/2016 | 803 | 426 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 122,763 | 116,364 |
Equipment finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 98 |
2019/2018 | 216 | 88 |
2018/2017 | 177 | 74 |
2017/2016 | 56 | 64 |
Pre-2017/2016 | 0 | 2 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 449 | 326 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 171,454 | 127,336 |
2020/2019 | 112,680 | 43,962 |
2019/2018 | 27,228 | 34,485 |
2018/2017 | 20,907 | 18,563 |
2017/2016 | 9,797 | 12,108 |
Pre-2017/2016 | 96,644 | 140,926 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 438,710 | 377,380 |
Residential mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 171,442 | 127,336 |
2020/2019 | 112,680 | 43,910 |
2019/2018 | 27,228 | 34,252 |
2018/2017 | 20,784 | 17,548 |
2017/2016 | 9,103 | 12,108 |
Pre-2017/2016 | 96,510 | 139,616 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 437,747 | 374,770 |
Residential mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 12 | 0 |
2020/2019 | 0 | 52 |
2019/2018 | 0 | 233 |
2018/2017 | 123 | 1,015 |
2017/2016 | 694 | 0 |
Pre-2017/2016 | 134 | 1,310 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 963 | 2,610 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 35,315 | 16,032 |
2020/2019 | 10,476 | 9,901 |
2019/2018 | 5,358 | 7,521 |
2018/2017 | 4,561 | 5,335 |
2017/2016 | 3,260 | 4,632 |
Pre-2017/2016 | 25,518 | 34,069 |
Revolving Loans | 191,007 | 224,812 |
Revolving to Term | 34 | 296 |
Loans | 275,529 | 302,598 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 35,283 | 15,999 |
2020/2019 | 10,476 | 9,844 |
2019/2018 | 5,358 | 7,490 |
2018/2017 | 4,561 | 5,333 |
2017/2016 | 3,260 | 4,632 |
Pre-2017/2016 | 24,888 | 31,861 |
Revolving Loans | 190,481 | 224,549 |
Revolving to Term | 34 | 166 |
Loans | 274,341 | 299,874 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 32 | 33 |
2020/2019 | 0 | 57 |
2019/2018 | 0 | 31 |
2018/2017 | 0 | 2 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 630 | 2,208 |
Revolving Loans | 526 | 263 |
Revolving to Term | 0 | 130 |
Loans | $ 1,188 | $ 2,724 |
Loans - Age Analysis (Details)
Loans - Age Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 5,976,148 | $ 6,021,232 |
Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,316,284 | 2,398,946 |
Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 908,449 | 827,092 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 972,233 | 813,225 |
Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 177,097 | 200,229 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 462,406 | 718,189 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 302,228 | 266,883 |
Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 123,212 | 116,690 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 438,710 | 377,380 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 275,529 | 302,598 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,963,596 | 5,977,647 |
Current | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,312,557 | 2,384,233 |
Current | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 905,751 | 811,408 |
Current | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 972,233 | 812,597 |
Current | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 174,245 | 197,802 |
Current | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 461,659 | 716,337 |
Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 302,228 | 265,649 |
Current | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 122,923 | 115,124 |
Current | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 437,574 | 374,370 |
Current | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 274,426 | 300,127 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,345 | 8,255 |
30-59 Days Past Due | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 1,256 |
30-59 Days Past Due | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 20 | 2,759 |
30-59 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 208 |
30-59 Days Past Due | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 482 |
30-59 Days Past Due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 154 | 125 |
30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
30-59 Days Past Due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 211 | 1,338 |
30-59 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 255 | 1,046 |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 705 | 1,041 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,094 | 1,277 |
60-89 Days Past Due | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 718 | 306 |
60-89 Days Past Due | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 350 |
60-89 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60-89 Days Past Due | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 136 | 294 |
60-89 Days Past Due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60-89 Days Past Due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 41 | 98 |
60-89 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 64 | 156 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 135 | 73 |
Greater Than 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 10,113 | 34,053 |
Greater Than 89 Days | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,009 | 13,151 |
Greater Than 89 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,678 | 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 | 2,716 | 1,651 |
Greater Than 89 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 593 | 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 | 37 | 130 |
Greater Than 89 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 817 | 1,808 |
Greater Than 89 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 263 | 1,357 |
Total past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 12,552 | 43,585 |
Total past due | Non-owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,727 | 14,713 |
Total past due | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,698 | 15,684 |
Total past due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 628 |
Total past due | Non-owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,852 | 2,427 |
Total past due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 747 | 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 | 289 | 1,566 |
Total past due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,136 | 3,010 |
Total past due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 1,103 | $ 2,471 |
Loans - Non-accrual (Details)
Loans - Non-accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 16,981 | $ 42,763 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 1 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 9,405 | 32,337 |
Non-owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 3,009 | 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 | 2,624 | 14,719 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,810 | 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 | 2,398 | 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 | 2,852 | 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 | 2,567 | 1,580 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 6,763 | 2,633 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 1,122 | 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 | 43 | 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 | 817 | 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 | 694 | 1,015 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 687 | 2,243 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 1 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | $ 0 | $ 0 |
Loans - Impaired Loans (Details
Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans with related allowance: | |||
Related Allowance | $ 4,251 | $ 1,355 | |
Total: | |||
Recorded Investment in Impaired Loans | $ 22,124 | ||
Contractual Unpaid Principal Balance | 22,776 | ||
Related Allowance | 352 | ||
Interest Income Recognized | 426 | ||
Average Investment in Impaired Loans | 18,342 | ||
Commercial, secured by real estate | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 12,478 | ||
Contractual Unpaid Principal Balance | 12,630 | ||
Interest Income Recognized | 164 | ||
Average Investment in Impaired Loans | 10,386 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 3,470 | ||
Contractual Unpaid Principal Balance | 3,706 | ||
Related Allowance | 228 | ||
Interest Income Recognized | 190 | ||
Average Investment in Impaired Loans | 4,554 | ||
Total: | |||
Recorded Investment in Impaired Loans | 15,948 | ||
Contractual Unpaid Principal Balance | 16,336 | ||
Related Allowance | 228 | ||
Interest Income Recognized | 354 | ||
Average Investment in Impaired Loans | 14,940 | ||
Commercial, industrial and other | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 1,391 | ||
Contractual Unpaid Principal Balance | 1,381 | ||
Interest Income Recognized | 16 | ||
Average Investment in Impaired Loans | 1,334 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 113 | ||
Contractual Unpaid Principal Balance | 113 | ||
Related Allowance | 5 | 4,182 | 830 |
Interest Income Recognized | 6 | ||
Average Investment in Impaired Loans | 113 | ||
Total: | |||
Recorded Investment in Impaired Loans | 1,504 | ||
Contractual Unpaid Principal Balance | 1,494 | ||
Related Allowance | 5 | ||
Interest Income Recognized | 22 | ||
Average Investment in Impaired Loans | 1,447 | ||
Construction | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 1,663 | ||
Contractual Unpaid Principal Balance | 1,661 | ||
Interest Income Recognized | 2 | ||
Average Investment in Impaired Loans | 82 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 0 | ||
Contractual Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | 0 | 0 |
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 0 | ||
Total: | |||
Recorded Investment in Impaired Loans | 1,663 | ||
Contractual Unpaid Principal Balance | 1,661 | ||
Related Allowance | 0 | ||
Interest Income Recognized | 2 | ||
Average Investment in Impaired Loans | 82 | ||
Equipment finance | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 0 | ||
Contractual Unpaid Principal Balance | 0 | ||
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 0 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 23 | ||
Contractual Unpaid Principal Balance | 23 | ||
Related Allowance | 10 | 0 | 0 |
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 21 | ||
Total: | |||
Recorded Investment in Impaired Loans | 23 | ||
Contractual Unpaid Principal Balance | 23 | ||
Related Allowance | 10 | ||
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 21 | ||
Residential mortgage | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 803 | ||
Contractual Unpaid Principal Balance | 815 | ||
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 233 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 1,512 | ||
Contractual Unpaid Principal Balance | 1,682 | ||
Related Allowance | 104 | 0 | 0 |
Interest Income Recognized | 19 | ||
Average Investment in Impaired Loans | 926 | ||
Total: | |||
Recorded Investment in Impaired Loans | 2,315 | ||
Contractual Unpaid Principal Balance | 2,497 | ||
Related Allowance | 104 | ||
Interest Income Recognized | 19 | ||
Average Investment in Impaired Loans | 1,159 | ||
Consumer | |||
Loans without related allowance: | |||
Recorded Investment in Impaired Loans | 0 | ||
Contractual Unpaid Principal Balance | 0 | ||
Interest Income Recognized | 0 | ||
Average Investment in Impaired Loans | 0 | ||
Loans with related allowance: | |||
Recorded Investment in Impaired Loans | 671 | ||
Contractual Unpaid Principal Balance | 765 | ||
Related Allowance | 5 | $ 0 | $ 31 |
Interest Income Recognized | 29 | ||
Average Investment in Impaired Loans | 693 | ||
Total: | |||
Recorded Investment in Impaired Loans | 671 | ||
Contractual Unpaid Principal Balance | 765 | ||
Related Allowance | 5 | ||
Interest Income Recognized | 29 | ||
Average Investment in Impaired Loans | $ 693 |
Loans - Future Minimum Payments
Loans - Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Receivables [Abstract] | |
2022 | $ 40,997 |
2023 | 34,476 |
2024 | 25,736 |
2025 | 15,388 |
2026 | 5,885 |
Thereafter | 730 |
Total | $ 123,212 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, collectively evaluated for impairment | $ 5,954,950,000 | $ 5,979,260,000 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 53,796,000 | 69,769,000 | |
Financing receivable, individually evaluated for impairment and acquired with deteriorated credit quality | 21,200,000 | ||
Financing receivable, allowance for credit losses, individually evaluated for impairment and acquired with deteriorated credit quality | 4,300,000 | ||
Accrued interest receivable on loans | 13,900,000 | 16,100,000 | |
Financing receivable, allowance for credit loss, excluding accrued interest | $ 58,047,000 | $ 71,124,000 | $ 40,003,000 |
Financing receivable, allowance for credit loss, excluding accrued interest, loan percentage | 0.97% | 1.18% | |
Investment securities, available for sale, allowance | $ 83,000 | $ 2,000 | |
Investment securities held to maturity, allowance | 181,000 | 0 | |
Debt securities, available-for-sale, allowance for credit loss, period increase (decrease) | 84,000 | 2,000 | |
Debt securities, held-to-maturity, credit loss expense (reversal) | 178,000 | (30,000) | |
Debt securities, accrued interest after allowance for credit loss | 5,300,000 | 3,300,000 | |
Off-balance sheet, credit loss, liability | 2,300,000 | 2,600,000 | |
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | $ (243,000) | $ 1,300,000 | |
Cumulated adjustment for adoption of ASU | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, allowance for credit loss, excluding accrued interest | 6,656,000 | ||
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | $ 71,124 | $ 40,003 |
Charge-offs | (4,589) | (2,053) |
Recoveries | 2,427 | 541 |
Net charge-offs | (2,162) | (1,512) |
Provision for credit loss - loans | (10,915) | 25,977 |
Balance end of period | $ 58,047 | 71,124 |
Cumulated adjustment for adoption of ASU | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | $ 6,656 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | $ 71,124 | $ 40,003 |
Charge-offs | (4,589) | (2,053) |
Recoveries | 2,427 | 541 |
(Benefit) Provision for Credit Loss - Loans | (10,915) | 25,977 |
Balance end of period | 58,047 | 71,124 |
Commercial, secured by real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 0 | 28,950 |
Charge-offs | 0 | |
Recoveries | 0 | |
(Benefit) Provision for Credit Loss - Loans | 0 | |
Balance end of period | 0 | |
Non-owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 25,910 | 0 |
Charge-offs | (2,708) | (53) |
Recoveries | 462 | 29 |
(Benefit) Provision for Credit Loss - Loans | (3,593) | 8,907 |
Balance end of period | 20,071 | 25,910 |
Owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 3,955 | 0 |
Charge-offs | (282) | (369) |
Recoveries | 302 | 21 |
(Benefit) Provision for Credit Loss - Loans | (11) | 1,223 |
Balance end of period | 3,964 | 3,955 |
Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 7,253 | 0 |
Charge-offs | (28) | 0 |
Recoveries | 0 | 0 |
(Benefit) Provision for Credit Loss - Loans | 1,084 | 3,536 |
Balance end of period | 8,309 | 7,253 |
Non-owner occupied residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 3,321 | 0 |
Charge-offs | (223) | 0 |
Recoveries | 165 | 22 |
(Benefit) Provision for Credit Loss - Loans | (883) | 498 |
Balance end of period | 2,380 | 3,321 |
Commercial, industrial and other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 13,665 | 3,289 |
Charge-offs | (401) | (814) |
Recoveries | 888 | 207 |
(Benefit) Provision for Credit Loss - Loans | (4,261) | 8,133 |
Balance end of period | 9,891 | 13,665 |
Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 786 | 2,672 |
Charge-offs | (54) | (77) |
Recoveries | 75 | 100 |
(Benefit) Provision for Credit Loss - Loans | 31 | 487 |
Balance end of period | 838 | 786 |
Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 6,552 | 957 |
Charge-offs | (346) | (284) |
Recoveries | 61 | 65 |
(Benefit) Provision for Credit Loss - Loans | (2,604) | 3,333 |
Balance end of period | 3,663 | 6,552 |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 3,623 | 1,725 |
Charge-offs | (113) | (116) |
Recoveries | 177 | 21 |
(Benefit) Provision for Credit Loss - Loans | 227 | 776 |
Balance end of period | 3,914 | 3,623 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 6,059 | 2,410 |
Charge-offs | (434) | (340) |
Recoveries | 297 | 76 |
(Benefit) Provision for Credit Loss - Loans | (905) | (916) |
Balance end of period | $ 5,017 | 6,059 |
Cumulated adjustment for adoption of ASU | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 6,656 | |
Cumulated adjustment for adoption of ASU | Commercial, secured by real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | (28,950) | |
Cumulated adjustment for adoption of ASU | Non-owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 17,027 | |
Cumulated adjustment for adoption of ASU | Owner occupied commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 3,080 | |
Cumulated adjustment for adoption of ASU | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 3,717 | |
Cumulated adjustment for adoption of ASU | Non-owner occupied residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 2,801 | |
Cumulated adjustment for adoption of ASU | Commercial, industrial and other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 2,850 | |
Cumulated adjustment for adoption of ASU | Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | (2,396) | |
Cumulated adjustment for adoption of ASU | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 2,481 | |
Cumulated adjustment for adoption of ASU | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 1,217 | |
Cumulated adjustment for adoption of ASU | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | $ 4,829 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | $ 20,261 | $ 33,719 | |
Collectively evaluated | 5,954,950 | 5,979,260 | |
Acquired with deteriorated credit quality | 937 | 8,253 | |
Loans | 5,976,148 | 6,021,232 | |
Individually evaluated | 4,251 | 1,355 | |
Collectively evaluated | 53,796 | 69,769 | |
Total | 58,047 | 71,124 | $ 40,003 |
Non-owner occupied commercial | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 3,063 | 12,112 | |
Collectively evaluated | 2,313,047 | 2,382,717 | |
Acquired with deteriorated credit quality | 174 | 4,117 | |
Loans | 2,316,284 | 2,398,946 | |
Individually evaluated | 0 | 355 | |
Collectively evaluated | 20,071 | 25,555 | |
Total | 20,071 | 25,910 | 0 |
Owner occupied commercial | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 6,678 | 16,547 | |
Collectively evaluated | 901,638 | 809,935 | |
Acquired with deteriorated credit quality | 133 | 610 | |
Loans | 908,449 | 827,092 | |
Individually evaluated | 69 | 96 | |
Collectively evaluated | 3,895 | 3,859 | |
Total | 3,964 | 3,955 | 0 |
Mortgage-backed securities, multifamily | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 972,233 | 813,225 | |
Acquired with deteriorated credit quality | 0 | 0 | |
Loans | 972,233 | 813,225 | |
Individually evaluated | 0 | 0 | |
Collectively evaluated | 8,309 | 7,253 | |
Total | 8,309 | 7,253 | |
Non-owner occupied residential | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 2,567 | 1,459 | |
Collectively evaluated | 174,463 | 198,334 | |
Acquired with deteriorated credit quality | 67 | 436 | |
Loans | 177,097 | 200,229 | |
Individually evaluated | 0 | 43 | |
Collectively evaluated | 2,380 | 3,278 | |
Total | 2,380 | 3,321 | 0 |
Commercial, industrial and other | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 6,537 | 1,596 | |
Collectively evaluated | 455,306 | 715,129 | |
Acquired with deteriorated credit quality | 563 | 1,464 | |
Loans | 462,406 | 718,189 | |
Individually evaluated | 4,182 | 830 | 5 |
Collectively evaluated | 5,709 | 12,835 | |
Total | 9,891 | 13,665 | 3,289 |
Construction | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 0 | 515 | |
Collectively evaluated | 302,228 | 265,649 | |
Acquired with deteriorated credit quality | 0 | 719 | |
Loans | 302,228 | 266,883 | |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | 838 | 786 | |
Total | 838 | 786 | 2,672 |
Equipment finance | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 123,212 | 116,690 | |
Acquired with deteriorated credit quality | 0 | 0 | |
Loans | 123,212 | 116,690 | |
Individually evaluated | 0 | 0 | 10 |
Collectively evaluated | 3,663 | 6,552 | |
Total | 3,663 | 6,552 | 957 |
Residential mortgage | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 1,416 | 1,490 | |
Collectively evaluated | 437,294 | 375,482 | |
Acquired with deteriorated credit quality | 0 | 408 | |
Loans | 438,710 | 377,380 | |
Individually evaluated | 0 | 0 | 104 |
Collectively evaluated | 3,914 | 3,623 | |
Total | 3,914 | 3,623 | 1,725 |
Consumer | |||
Debt Securities, Allowance for Credit Loss [Line Items] | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 275,529 | 302,099 | |
Acquired with deteriorated credit quality | 0 | 499 | |
Loans | 275,529 | 302,598 | |
Individually evaluated | 0 | 31 | 5 |
Collectively evaluated | 5,017 | 6,028 | |
Total | $ 5,017 | $ 6,059 | $ 2,410 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 9,444 | $ 9,926 |
Buildings and building improvements | 42,115 | 44,312 |
Leasehold improvements | 13,976 | 14,017 |
Furniture, fixtures and equipment | 32,569 | 35,046 |
Premises and equipment, gross | 98,104 | 103,301 |
Less accumulated depreciation and amortization | 52,188 | 54,806 |
Premises and equipment | $ 45,916 | $ 48,495 |
Buildings and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Buildings and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 50 years | |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 25 years | |
Furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 6.8 | $ 6.5 | $ 5.9 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | $ 1,732,452 | $ 1,510,224 |
Interest-bearing checking | 2,219,658 | 2,057,052 |
Money market | 1,577,385 | 1,225,890 |
Savings | 677,101 | 584,361 |
Certificates of deposit $250 thousand and under | 623,393 | 895,056 |
Certificates of deposit over $250 thousand | 135,834 | 183,200 |
Total deposits | $ 6,965,823 | $ 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 | 31.90% | 31.90% |
Money market | 22.60% | 19.00% |
Savings | 9.70% | 9.10% |
Certificates of deposit $250 thousand and under | 8.90% | 13.80% |
Certificates of deposit over $250 thousand | 2.00% | 2.80% |
Total deposits | 100.00% | 100.00% |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposit Liabilities [Abstract] | ||
2022 | $ 653,645 | |
2023 | 74,095 | |
2024 | 13,750 | |
2025 | 17,459 | |
2026 | 278 | |
Total | $ 759,227 | $ 1,078,256 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposit Liabilities [Abstract] | ||
Deposits obtained through brokers | $ 114.3 | $ 236.7 |
Deposits - Summary of Interest
Deposits - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deposit Liabilities [Abstract] | |||
Checking accounts | $ 4,591 | $ 9,095 | $ 18,023 |
Money market accounts | 6,226 | 8,301 | 13,134 |
Savings | 334 | 325 | 335 |
Certificates of deposit | 5,642 | 14,338 | 17,756 |
Total | $ 16,793 | $ 32,059 | $ 49,248 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease liabilities | $ 16,523 | $ 18,183 |
Operating lease right-of-use assets | $ 15,222 | $ 16,772 |
Operating lease, weighted average remaining lease term | 9 years 1 month 28 days | 9 years 8 months 8 days |
Lessee, operating lease, discount rate | 3.41% | 3.41% |
Leases - Schedule of Lease, Cos
Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 3,154 | $ 3,312 | $ 3,293 |
Variable lease cost | 67 | 90 | 133 |
Sublease income | (121) | (122) | (122) |
Net lease cost | $ 3,100 | $ 3,280 | $ 3,304 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 2,757 | $ 2,790 | $ 2,654 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 717 | $ 1,159 | $ 1,748 |
Leases - Maturity analysis of o
Leases - Maturity analysis of operating lease liabilities (Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Within one year | $ 3,077 | |
After one year but within three years | 5,467 | |
After three years but within five years | 4,033 | |
After 5 years | 7,018 | |
Total undiscounted cash flows | 19,595 | |
Discount on cash flows | (3,072) | |
Total lease liability | $ 16,523 | $ 18,183 |
Debt - Additional Information (
Debt - Additional Information (Short Term Debt) (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Overnight federal funds borrowed | $ 0 | $ 0 |
Securities sold under agreements to repurchase | 106,500,000 | 69,600,000 |
Securities Sold under Agreements to Repurchase | Mortgage Backed Securities, Other | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 46,200,000 | |
Securities Sold under Agreements to Repurchase | Mortgage-backed securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 46,700,000 | |
Securities Sold under Agreements to Repurchase | Agency Securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 23,200,000 | |
Securities Sold under Agreements to Repurchase | US Treasury Notes Securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 5,000,000 | |
Federal Home Loan Bank of New York | ||
Short-term Debt [Line Items] | ||
Overnight borrowings | 0 | 100,000,000 |
Line of Credit | ||
Short-term Debt [Line Items] | ||
Overnight federal funds lines available for borrow | 215,000,000 | |
Federal Reserve Bank of New York | ||
Short-term Debt [Line Items] | ||
Borrowings with the Federal Reserve Bank | $ 0 | $ 0 |
Debt - Additional Information_2
Debt - Additional Information (Long Term Debt) (Detail) | Sep. 30, 2021USD ($) | Sep. 15, 2021USD ($) | Sep. 30, 2016USD ($) | Aug. 03, 2015USD ($) | May 31, 2007USD ($)shares | Jun. 30, 2003USD ($)shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2016USD ($)derivative | Oct. 31, 2015USD ($) | May 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Advances from the FHLB | $ 25,000,000 | $ 25,000,000 | ||||||||||
Repayments of debt | 114,900,000 | |||||||||||
Long-term debt extinguishment costs | $ 831,000 | 831,000 | $ 0 | $ 0 | ||||||||
Cash Flow Hedging | Interest Rate Swap | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 30,000,000 | |||||||||||
Number of derivatives | derivative | 2 | |||||||||||
Collateralized FHLB Advances | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt prepayment fee | $ 4,100,000 | |||||||||||
Collateralized FHLB Advances | Weighted Average | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate of advances | 0.77% | 0.77% | ||||||||||
Subordinated Debenture Offering | Fixed To Floating, Due September 15, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||||||
Debt issuance costs | $ 2,300,000 | |||||||||||
Debt instrument, interest rate | 2.875% | |||||||||||
Subordinated Debenture Offering | Fixed To Floating | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 75,000,000 | |||||||||||
Debt issuance costs | $ 1,500,000 | |||||||||||
Debt instrument, interest rate | 5.125% | |||||||||||
Subordinated Debenture Offering | London Interbank Offered Rate (LIBOR) | Fixed To Floating | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 3.97% | |||||||||||
Subordinated Debenture Offering | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Fixed To Floating, Due September 15, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.20% | |||||||||||
Junior Subordinated Debt | Lakeland Bancorp Capital Trust IV | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 20,600,000 | |||||||||||
Long-term debt extinguishment costs | $ (1,800,000) | |||||||||||
Distribution rate on securities | 6.61% | |||||||||||
Distribution of securities years | 5 years | |||||||||||
Trust preferred securities, issued (in shares) | shares | 20,000 | |||||||||||
Trust preferred securities, face value | $ 1,000 | |||||||||||
Proceeds of trust preferred securities | $ 20,000,000 | |||||||||||
Debentures extinguished | $ 10,000,000 | |||||||||||
Junior Subordinated Debt | Lakeland Bancorp Capital II | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 20,600,000 | |||||||||||
Distribution rate on securities | 5.71% | |||||||||||
Distribution of securities years | 5 years | |||||||||||
Trust preferred securities, issued (in shares) | shares | 20,000 | |||||||||||
Trust preferred securities, face value | $ 1,000 | |||||||||||
Proceeds of trust preferred securities | $ 20,000,000 | |||||||||||
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Lakeland Bancorp Capital Trust IV | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.52% | |||||||||||
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Lakeland Bancorp Capital II | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 3.10% | |||||||||||
Highlands Bancorp, Inc. | Subordinated Debenture Offering | Fixed Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 7,500,000 | $ 5,000,000 | ||||||||||
Debt instrument, interest rate | 6.94% | 8.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 22, 2019 | Sep. 30, 2019 |
Equity [Abstract] | ||||
Stock repurchase program, authorized amount (in shares) | 2,524,458 | |||
Stock repurchase program, number of shares authorized to be repurchased, as a percentage of outstanding shares of common stock (percentage) | 5.00% | |||
Common stock, shares outstanding (in shares) | 50,606,365 | 50,479,646 | 50,489,161 | |
Stock repurchased during period (in shares) | 131,035 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current tax provision | $ 26,872 | $ 24,022 | $ 20,418 |
Deferred tax (benefit) expense | 5,422 | (6,763) | 2,854 |
Total provision for income taxes | $ 32,294 | $ 17,259 | $ 23,272 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Net deferred tax assets | $ 17,318,000 | $ 19,278,000 |
Unrecognized tax benefits | 0 | 0 |
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | 0 |
Accounting Standards Update 2016-13 | ||
Income Tax Disclosure [Line Items] | ||
Net deferred tax assets | $ 1,400,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision Reconciled to Income Taxes that Computed at Statutory Federal Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax, at statutory rates | $ 26,740 | $ 15,703 | $ 19,728 |
Increase (deduction) in taxes resulting from: | |||
Tax-exempt income | (1,114) | (961) | (952) |
State income tax, net of federal income tax effect | 6,176 | 2,178 | 4,322 |
Excess tax expense (benefits) from employee share-based payments | 89 | 132 | (189) |
Other, net | 403 | 207 | 363 |
Total provision for income taxes | $ 32,294 | $ 17,259 | $ 23,272 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses | $ 17,837 | $ 21,300 |
Stock based compensation plans | 1,446 | 985 |
Purchase accounting fair market value adjustments | 1,487 | 2,174 |
Non-accrued interest | 504 | 664 |
Deferred compensation | 2,796 | 2,570 |
Loss on equity securities | 136 | 50 |
Federal net operating loss carryforward | 303 | 875 |
Unrealized loss on pension plans | 0 | 13 |
Unrealized loss on derivatives | 0 | 42 |
Other, net | 514 | 508 |
Gross deferred tax assets | 25,023 | 29,181 |
Deferred tax liabilities: | ||
Core deposit intangible from acquired companies | 705 | 852 |
Undistributed income from subsidiary not consolidated for tax return purposes (REIT) | 903 | 852 |
Deferred loan costs | 2,150 | 1,822 |
Depreciation and amortization | 1,660 | 793 |
Prepaid expenses | 824 | 578 |
Unrealized gain on investment securities | 1,228 | 4,746 |
Other | 235 | 260 |
Gross deferred tax liabilities | 7,705 | 9,903 |
Net deferred tax assets | $ 17,318 | $ 19,278 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2021USD ($)installments | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($)age | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2008USD ($)age | Dec. 31, 2003USD ($)age | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Percent of match | 50.00% | |||||||
Employer matching contribution, percent of employees' gross pay | 6.00% | |||||||
Company's contributions to employees salary | $ 1,600,000 | $ 1,500,000 | $ 1,300,000 | |||||
Minimum period of service for retirement | 5 years | |||||||
Maximum payment period for benefits | 10 years | |||||||
Director | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Accrued plan cost included in other liabilities | $ 647,000 | 655,000 | ||||||
Net actuarial loss | 0 | (30,000) | ||||||
Minimum | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Remuneration rate for board of directors | 5,000 | |||||||
Maximum | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Remuneration rate for board of directors | 17,500 | |||||||
Supplemental Employee Retirement Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Retirement age of CEO | age | 66 | |||||||
Compensation expense | 163,000 | 411,000 | 430,000 | |||||
Accrued liabilities | 3,800,000 | 4,100,000 | ||||||
Supplemental Employee Retirement Plan | Former Chief Executive Officer | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Annual retirement benefit | $ 150,000 | |||||||
Retirement benefit period | 15 years | |||||||
Retirement age of CEO | age | 65 | |||||||
Supplemental Employee Retirement Plan | CEO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Annual retirement benefit | $ 150,000 | |||||||
Retirement benefit period | 15 years | |||||||
Retirement age of CEO | age | 65 | |||||||
Supplemental Employee Retirement Plan | Former Regional President | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Annual retirement benefit | $ 84,500 | $ 90,000 | ||||||
Retirement benefit period | 15 years | 10 years | ||||||
Retirement age of CEO | age | 65 | |||||||
Supplemental Employee Retirement Plan | Somerset Hills Bancorp | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Retirement benefit period | 15 years | |||||||
Supplemental Employee Retirement Plan | Somerset Hills Bancorp | CEO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Annual retirement benefit | $ 48,000 | |||||||
Supplemental Employee Retirement Plan | Somerset Hills Bancorp | CFO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Annual retirement benefit | $ 24,000 | |||||||
Deferred Compensation Agreement | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Expense related to the deferred compensation plan | 331,000 | 339,000 | 311,000 | |||||
Accrued liability on deferred compensation plans | $ 1,900,000 | 1,600,000 | ||||||
Deferred Compensation Agreement | CEO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Employer monthly contribution | $ 16,500 | |||||||
Number of consecutive installments payments | installments | 180 | |||||||
Deferred Compensation Agreement | Minimum | CEO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Range of return on equity | 0.00% | |||||||
Deferred Compensation Agreement | Maximum | CEO | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Range of return on equity | 15.00% | |||||||
Elective Deferral Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Expense related to the deferred compensation plan | $ 183,000 | 162,000 | $ 136,000 | |||||
Accrued liability on deferred compensation plans | 3,200,000 | $ 2,600,000 | ||||||
Elective Deferral Plan | Eligible Executives | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Deferral account, interest rate | 75.00% | |||||||
Elective Deferral Plan | Minimum | Eligible Executives | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Range of return on equity | 0.00% | |||||||
Elective Deferral Plan | Maximum | Eligible Executives | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Range of return on equity | 15.00% | |||||||
Director's Retirement Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Plan assets of director's retirement plan | $ 0 | |||||||
Discount rate of directors retirement plan | 2.49% | 2.21% | 2.89% | |||||
Contribution to the director's retirement plan | $ 38,000 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Plan Cost for Retirement Plan (Detail) - Director's Retirement Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 22 | $ 18 | $ 14 |
Interest cost | 16 | 17 | 22 |
Amortization of gain | 0 | 0 | (2) |
Net periodic postretirement cost | $ 38 | $ 35 | $ 34 |
Benefit Plans - Benefits Expect
Benefit Plans - Benefits Expected to be Paid (Detail) - Director $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 38 |
2023 | 38 |
2024 | 38 |
2025 | 37 |
2026 | 27 |
2027-2031 | $ 200 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4,073,000 | $ 2,659,000 | $ 2,545,000 |
Options outstanding (in shares) | 0 | 2,764 | |
Exercises in period (in shares) | 2,764 | 0 | |
Aggregate intrinsic value of options exercised | $ 27,000 | ||
Exercise of stock options | 19,000 | $ 0 | 313,000 |
Excess tax (deficiencies) benefits | $ (89,000) | (132,000) | 189,000 |
2018 Omnibus Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, common stock, shares authorized (in shares) | 2,000,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (usd per share) | $ 13.72 | ||
Fair value of options vested | $ 353,000 | ||
Share-based compensation expense | $ 330,000 | $ 242,000 | $ 212,000 |
Granted (in shares) | 16,028 | ||
Restricted Stock | 2018 Omnibus Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 16,028 | 23,852 | |
Granted (usd per share) | $ 13.72 | $ 14.78 | |
Vesting period | 1 year | 1 year | |
Allocated share based compensation expense | $ 220,000 | $ 353,000 | |
Restricted Stock | 2018 Omnibus Equity Plan and 2009 Equity Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 13,052 | ||
Granted (usd per share) | $ 15.96 | ||
Vesting period | 1 year | ||
Allocated share based compensation expense | $ 208,000 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (usd per share) | $ 17.21 | ||
Allocated share based compensation expense | $ 3,700,000 | $ 2,400,000 | $ 2,300,000 |
Granted (in shares) | 376,966 | ||
Unrecognized compensation cost | $ 5,100,000 | ||
Unrecognized compensation expense, period of recognition | 1 year 21 days | ||
RSUs | 2018 Omnibus Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (usd per share) | $ 17.21 | $ 15.34 | |
Vesting period | 3 years | 3 years | |
Granted (in shares) | 376,966 | 176,869 | |
Average annual compensation cost | $ 2,200,000 | $ 904,000 | |
RSUs | 2018 Omnibus Equity Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | 2 years | |
RSUs | 2018 Omnibus Equity Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years | |
RSUs | 2018 Omnibus Equity Plan and 2009 Equity Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (usd per share) | $ 16.54 | ||
Vesting period | 3 years | ||
Granted (in shares) | 149,559 | ||
Average annual compensation cost | $ 825,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 0 | ||
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 0 | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Restricted Stock Activity (Detail) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Restricted Stock | |
Number of Shares/RSUs | |
Balance at beginning of period (in shares) | shares | 23,910 |
Granted (in shares) | shares | 16,028 |
Vested (in shares) | shares | (23,903) |
Balance at end of period (in shares) | shares | 16,035 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 14.77 |
Granted (usd per share) | $ / shares | 13.72 |
Vested (in usd per share) | $ / shares | 14.78 |
Balance of end of period (in usd per share) | $ / shares | $ 13.72 |
RSUs | |
Number of Shares/RSUs | |
Balance at beginning of period (in shares) | shares | 372,552 |
Granted (in shares) | shares | 376,966 |
Vested (in shares) | shares | (146,133) |
Forfeited (in shares) | shares | (12,043) |
Balance at end of period (in shares) | shares | 591,342 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 16.63 |
Granted (usd per share) | $ / shares | 17.21 |
Vested (in usd per share) | $ / shares | 18.19 |
Forfeited (in usd per share) | $ / shares | 15.21 |
Balance of end of period (in usd per share) | $ / shares | $ 16.64 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Activity under the Company's Stock Option Plans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||
Outstanding beginning of period (in shares) | 2,764 | |
Exercises in period (in shares) | 2,764 | 0 |
Outstanding at end of period (in shares) | 0 | 2,764 |
Options exercisable at year-end (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 year-end (in usd per share) | $ 0 | |
Weighted Average Remaining Contractual Term (in Years) | ||
Weighted average remaining contractual term (in years) | 0 years | 1 year 25 days |
Options exercisable at year-end | 0 years | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ 0 | $ 15,934 |
Options exercisable at year-end | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021regionsegment | |
Revenue from Contract with Customer [Abstract] | |
Number of geographic regions | region | 1 |
Number of operating segments | segment | 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Gains on sales of loans | $ 2,264 | $ 3,322 | $ 1,660 |
Gains on customer swap transactions | 634 | 4,719 | 3,231 |
Title insurance income | 109 | 177 | 183 |
Other income | 404 | 438 | 1,463 |
Total other income | 1,147 | 5,334 | 4,877 |
Revenue not from contracts with customers | 2,072 | 3,386 | 2,836 |
Total Noninterest Income | 22,361 | 27,110 | 26,796 |
Products and services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 20,266 | 23,649 | 23,885 |
Products and services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 23 | 75 | 75 |
Deposit-Related Fees and Charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 9,856 | 9,148 | 11,205 |
Debit card interchange income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 6,213 | 5,431 | 5,719 |
Overdraft charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 2,476 | 2,582 | 4,052 |
ATM service charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 660 | 522 | 826 |
Demand deposit fees and charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 446 | 540 | 501 |
Savings service charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 61 | 73 | 107 |
Commissions and Fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 7,022 | 5,920 | 6,218 |
Loan fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 1,858 | 1,227 | 1,510 |
Wire transfer charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 1,533 | 1,412 | 1,223 |
Investment services income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 1,837 | 1,630 | 1,651 |
Merchant fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 984 | 833 | 813 |
Commissions from sales of checks | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 301 | 292 | 407 |
Safe deposit income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 320 | 345 | 364 |
Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 189 | $ 181 | $ 250 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||||
Consulting and advisory board fees | $ 2,856 | $ 3,937 | $ 2,635 | |
ATM and debit card expense | 2,528 | 2,331 | 2,377 | |
Telecommunications expense | 2,099 | 1,875 | 1,943 | |
Marketing expense | 1,642 | 1,253 | 1,945 | |
Core deposit intangible amortization | 868 | 1,025 | 1,182 | |
Other real estate owned and other repossessed assets expense | 0 | 53 | 256 | |
Long-term debt prepayment penalties | 0 | 4,133 | 0 | |
Long-term debt extinguishment costs | $ 831 | 831 | 0 | 0 |
Other operating expenses | 12,994 | 12,763 | 12,839 | |
Total other operating expenses | $ 23,818 | $ 27,370 | $ 23,177 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Financial Instruments With Off Balance Sheet Credit Risk [Line Items] | ||
Commitments to lend additional funds to borrowers | $ 39,000 | $ 0 |
Maximum | ||
Schedule Of Financial Instruments With Off Balance Sheet Credit Risk [Line Items] | ||
Standby letters of credit | 19,500,000 | 14,800,000 |
Commitments to Extend Credit | ||
Schedule Of Financial Instruments With Off Balance Sheet Credit Risk [Line Items] | ||
Financial instruments with off-balance sheet risks, contract amount | $ 1,140,000,000 | $ 1,110,000,000 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Before Tax Amount | |||
Other comprehensive income (loss) | $ (11,509) | $ 12,387 | $ 13,871 |
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | 3,376 | (3,238) | (3,785) |
Net of Tax Amount | |||
Unrealized holding gains on securities available for sale arising during the period | (10,651) | 10,338 | 10,718 |
Other comprehensive (loss) income | (8,133) | 9,149 | 10,086 |
AOCI, Debt Securities Available For Sale, Unrealized Holding Gain Loss Parent Member | |||
Before Tax Amount | |||
Unrealized holding gains on securities available for sale arising during the period | (15,117) | 14,049 | |
Reclassification adjustment for securities gains included in net income | (9) | (1,213) | |
Other comprehensive income (loss) | (15,126) | 12,836 | |
Tax Benefit (Expense) | |||
Unrealized holding gains on securities available for sale arising during the period | 4,466 | (3,711) | |
Reclassification adjustment for securities gains included in net income | 3 | 341 | |
Other comprehensive income (loss) | 4,469 | (3,370) | |
Net of Tax Amount | |||
Unrealized holding gains on securities available for sale arising during the period | (10,651) | 10,338 | |
Reclassification adjustment for securities gains included in net income | (6) | (872) | |
Other comprehensive (loss) income | (10,657) | 9,466 | |
Unrealized Gains (Losses) on Available- for-Sale Securities | |||
Before Tax Amount | |||
Other comprehensive income (loss) | 14,763 | ||
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | (4,045) | ||
Net of Tax Amount | |||
Reclassification adjustment for securities gains included in net income | (6) | (872) | |
Other comprehensive (loss) income | (7,873) | 9,466 | 10,718 |
Net gain on securities reclassified from available for sale to held to maturity | |||
Before Tax Amount | |||
Other comprehensive income (loss) | 3,814 | ||
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | (1,030) | ||
Net of Tax Amount | |||
Other comprehensive (loss) income | 2,784 | ||
Amortization of gain on debt securities reclassified to held to maturity from available for sale | |||
Before Tax Amount | |||
Other comprehensive income (loss) | (383) | ||
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | 118 | ||
Net of Tax Amount | |||
Reclassification adjustment for securities gains included in net income | 0 | 0 | |
Other comprehensive (loss) income | (265) | 0 | 0 |
Unrealized gains on derivatives | |||
Before Tax Amount | |||
Other comprehensive income (loss) | 143 | (413) | (828) |
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | (168) | 121 | 242 |
Net of Tax Amount | |||
Reclassification adjustment for securities gains included in net income | 0 | 0 | |
Other comprehensive (loss) income | (25) | (292) | (586) |
Change in pension liability, net | |||
Before Tax Amount | |||
Other comprehensive income (loss) | 43 | (36) | (64) |
Tax Benefit (Expense) | |||
Other comprehensive income (loss) | (13) | 11 | 18 |
Net of Tax Amount | |||
Reclassification adjustment for securities gains included in net income | 0 | 0 | |
Other comprehensive (loss) income | $ 30 | $ (25) | $ (46) |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 763,784 | $ 725,263 | $ 623,739 |
Net current period other comprehensive income (loss) | (8,133) | 9,149 | 10,086 |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 2,784 | 0 | 0 |
Balance at end of period | 827,014 | 763,784 | 725,263 |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 11,397 | 2,248 | (7,838) |
Net current period other comprehensive income (loss) | (8,133) | 9,149 | 10,086 |
Other comprehensive (loss) income before reclassifications | (8,127) | 10,021 | |
Amounts reclassified from accumulated other comprehensive income | (6) | (872) | |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 0 | ||
Balance at end of period | 3,264 | 11,397 | 2,248 |
Unrealized Gains (Losses) on Available- for-Sale Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 11,402 | 1,936 | (8,782) |
Net current period other comprehensive income (loss) | (7,873) | 9,466 | 10,718 |
Other comprehensive (loss) income before reclassifications | (7,867) | 10,338 | |
Amounts reclassified from accumulated other comprehensive income | (6) | (872) | |
Net unrealized gain on securities reclassified from available for sale to held to maturity | (2,784) | ||
Balance at end of period | 745 | 11,402 | 1,936 |
Amortization of Gain on Debt Securities Reclassified to Held to Maturity | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (265) | 0 | 0 |
Other comprehensive (loss) income before reclassifications | (265) | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 2,784 | ||
Balance at end of period | 2,519 | 0 | 0 |
Unrealized Gains (Losses) on Derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 25 | 317 | 903 |
Net current period other comprehensive income (loss) | (25) | (292) | (586) |
Other comprehensive (loss) income before reclassifications | (25) | (292) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 0 | ||
Balance at end of period | 0 | 25 | 317 |
Pension Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (30) | (5) | 41 |
Net current period other comprehensive income (loss) | 30 | (25) | (46) |
Other comprehensive (loss) income before reclassifications | 30 | (25) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Net unrealized gain on securities reclassified from available for sale to held to maturity | 0 | ||
Balance at end of period | $ 0 | $ (30) | $ (5) |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Fair Value | $ 769,956 | $ 855,746 |
Equity securities, at fair value | 17,368 | 14,694 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 769,956 | 855,746 |
Equity securities, at fair value | 17,368 | 14,694 |
Derivative assets | 43,799 | 80,734 |
Total Assets | 831,123 | 951,174 |
Liabilities: | ||
Derivative liabilities | 43,799 | 80,877 |
Total Liabilities | 43,799 | 80,877 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 104,861 | 9,392 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 104,861 | 9,392 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 665,095 | 846,354 |
Equity securities, at fair value | 17,368 | 14,694 |
Derivative assets | 43,799 | 80,734 |
Total Assets | 726,262 | 941,782 |
Liabilities: | ||
Derivative liabilities | 43,799 | 80,877 |
Total Liabilities | 43,799 | 80,877 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 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 |
U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Fair Value | 203,387 | 65,002 |
U.S. Treasury and U.S. government agencies | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 203,387 | 65,002 |
U.S. Treasury and U.S. government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 104,861 | 9,392 |
U.S. Treasury and U.S. government agencies | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 98,526 | 55,610 |
U.S. Treasury and U.S. government agencies | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 237,975 | 228,156 |
Mortgage-backed securities, residential | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Mortgage-backed securities, residential | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 237,975 | 228,156 |
Mortgage-backed securities, residential | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Collateralized mortgage obligations, residential | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 191,291 | 209,038 |
Collateralized mortgage obligations, residential | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Collateralized mortgage obligations, residential | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 191,291 | 209,038 |
Collateralized mortgage obligations, residential | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Mortgage-backed securities, multifamily | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 1,741 | 1,944 |
Mortgage-backed securities, multifamily | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Mortgage-backed securities, multifamily | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 1,741 | 1,944 |
Mortgage-backed securities, multifamily | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Collateralized mortgage obligations, multifamily | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 32,519 | 41,535 |
Collateralized mortgage obligations, multifamily | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Collateralized mortgage obligations, multifamily | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 32,519 | 41,535 |
Collateralized mortgage obligations, multifamily | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Asset-backed securities | ||
Assets: | ||
Fair Value | 52,584 | 40,690 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 52,584 | 40,690 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 52,584 | 40,690 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 50,459 | 35,671 |
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | 0 |
Corporate debt securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 50,459 | 35,671 |
Corporate debt securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | $ 0 | 0 |
Obligations of states and political subdivisions | ||
Assets: | ||
Fair Value | 233,710 | |
Obligations of states and political subdivisions | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 233,710 | |
Obligations of states and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 0 | |
Obligations of states and political subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | 233,710 | |
Obligations of states and political subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Fair Value | $ 0 |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value of Financial Assets Measured on Non-recurring Basis (Detail) - Fair Value, Measurements, Non-recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 7,113 | $ 2,417 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 7,113 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Investment securities held to maturity, carrying value | $ 824,956 | $ 90,766 |
Investment securities held to maturity, fair value | 815,211 | 93,868 |
Federal Home Loan Bank and other membership stock, at cost | 9,049 | 11,979 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,049 | 11,979 |
Loans, net, Carrying Value | 5,918,101 | 5,950,108 |
Loans, net, Fair Value | 5,900,876 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Carrying Value | 759,227 | 1,078,256 |
Certificates of deposit, Fair Value | 753,483 | 1,077,620 |
Other borrowings, Carrying Value | 25,000 | 25,000 |
Other borrowings, Fair Value | 24,604 | 25,206 |
Subordinate debentures, Carrying Value | 179,043 | 118,257 |
Subordinated debentures, Fair Value | 175,243 | 118,208 |
U.S. Treasury and U.S. government agencies | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 18,672 | 25,565 |
Investment securities held to maturity, fair value | 18,965 | 26,344 |
Mortgage-backed securities, residential | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 370,247 | 39,276 |
Investment securities held to maturity, fair value | 364,976 | 40,733 |
Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 13,921 | 14,590 |
Investment securities held to maturity, fair value | 14,089 | 15,122 |
Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 2,710 | 705 |
Investment securities held to maturity, fair value | 2,734 | 759 |
Collateralized mortgage obligations, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 0 | |
Investment securities held to maturity, fair value | 0 | |
Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 416,566 | 10,630 |
Investment securities held to maturity, fair value | 411,576 | 10,910 |
Corporate debt securities | ||
Financial Assets: | ||
Investment securities held to maturity, carrying value | 2,840 | |
Investment securities held to maturity, fair value | 2,871 | |
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 |
Loans, net, 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) | Collateralized mortgage obligations, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 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 debt securities | ||
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 | 814,379 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,049 | 11,979 |
Loans, net, Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 753,483 | 1,077,620 |
Other borrowings, Fair Value | 24,604 | 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 | 18,965 | 26,344 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 364,976 | 40,733 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations, residential | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 14,089 | 15,122 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 2,734 | 759 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 410,744 | 10,910 |
Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 2,871 | |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 832 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Loans, net, Fair Value | 5,900,876 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 175,243 | 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) | Collateralized mortgage obligations, multifamily | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 832 | $ 0 |
Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | $ 0 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 01, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2016USD ($)derivative | |
Derivative [Line Items] | ||||||
Interest expense | $ 22,483,000 | $ 41,155,000 | $ 60,453,000 | |||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Debt securities, pledged as collateral, available-for-sale, restricted | 55,100,000 | 83,200,000 | ||||
Cash Flow Hedging | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Number of derivatives | derivative | 2 | |||||
Notional amount | $ 30,000,000 | |||||
Average interest rate | 1.10% | |||||
Derivative liability, matured | $ 10,000,000 | $ 20,000,000 | ||||
Cash Flow Hedging | Interest Rate Swap | Reclassification Out of Accumulated Other Comprehensive Income | ||||||
Derivative [Line Items] | ||||||
Interest expense | $ (142,000) | $ (50,000) |
Derivatives - Summary Informati
Derivatives - Summary Information Regarding Derivatives (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Third party interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 326,941 | $ 73,075 |
Average Maturity (Years) | 7 years 8 months 12 days | 9 years 6 months |
Weighted Average Rate Fixed | 3.14% | 3.20% |
Weighted Average Variable Rate | 232.00% | 255.00% |
Fair Value | $ 9,847 | $ 503 |
Classified in Other Liabilities: | ||
Notional Amount | $ 607,688 | $ 907,069 |
Average Maturity (Years) | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted Average Rate Fixed | 3.97% | 3.79% |
Weighted Average Variable Rate | 187.00% | 199.00% |
Fair Value | $ (33,952) | $ (80,231) |
Customer interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 607,688 | $ 907,069 |
Average Maturity (Years) | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted Average Rate Fixed | 3.97% | 3.79% |
Weighted Average Variable Rate | 187.00% | 199.00% |
Fair Value | $ 33,952 | $ 80,231 |
Classified in Other Liabilities: | ||
Notional Amount | $ 326,941 | $ 73,075 |
Average Maturity (Years) | 7 years 8 months 12 days | 9 years 6 months |
Weighted Average Rate Fixed | 3.14% | 3.20% |
Weighted Average Variable Rate | 232.00% | 255.00% |
Fair Value | $ (9,847) | $ (503) |
Interest rate swap (cash flow hedge) | ||
Classified in Other Liabilities: | ||
Notional Amount | $ 30,000 | |
Average Maturity (Years) | 6 months | |
Weighted Average Rate Fixed | 1.10% | |
Fair Value | $ (143) |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Amount of capital available for payment of dividends | $ 782.9 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Capital Ratios (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Company | ||
Total capital (to risk-weighted assets) | ||
Total capital (to risk-weighted assets) | $ 903,415 | $ 783,107 |
Total capital (to risk-weighted assets), For capital adequacy purposes | 654,978 | 640,632 |
Tier 1 capital (to risk-weighted assets) | ||
Tier 1 capital (to risk-weighted assets) | 695,634 | 623,644 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes | 530,220 | 518,607 |
Common equity Tier 1 capital (to risk-weighted assets) | ||
Common equity Tier 1 capital (to risk-weighted assets) | 665,634 | 593,644 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes | 436,652 | 427,088 |
Tier 1 capital (to average assets) | ||
Tier 1 capital (to average assets) | 695,634 | 623,644 |
Tier 1 capital (to average assets), For capital adequacy purposes | $ 326,813 | $ 298,096 |
Risk Based Ratios [Abstract] | ||
Total capital (to risk-weighted assets), ratio | 0.1448 | 0.1284 |
Tier 1 capital (to risk-weighted assets), ratio | 0.1115 | 0.1022 |
Common equity Tier 1 capital (to risk-weighted assets), ratio | 0.1067 | 0.0973 |
Tier 1 capital (to average assets), ratio | 0.0851 | 0.0837 |
Total capital (to risk-weighted assets), For capital adequacy purposes , ratio | 10.5 | 10.5 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, ratio | 8.5 | 8.5 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, ratio | 700.00% | 700.00% |
Tier 1 capital (to average assets), For capital adequacy purposes, ratio | 4 | 4 |
Lakeland | ||
Total capital (to risk-weighted assets) | ||
Total capital (to risk-weighted assets) | $ 852,339 | $ 745,276 |
Total capital (to risk-weighted assets), For capital adequacy purposes | 654,692 | 640,416 |
Total capital (to risk - weighted assets), To be well capitalized under prompt corrective action provisions | 623,516 | 609,920 |
Tier 1 capital (to risk-weighted assets) | ||
Tier 1 capital (to risk-weighted assets) | 792,363 | 672,832 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes | 529,989 | 518,432 |
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions | 498,813 | 487,936 |
Common equity Tier 1 capital (to risk-weighted assets) | ||
Common equity Tier 1 capital (to risk-weighted assets) | 792,363 | 672,832 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes | 436,461 | 426,944 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions | 405,285 | 396,448 |
Tier 1 capital (to average assets) | ||
Tier 1 capital (to average assets) | 792,363 | 672,832 |
Tier 1 capital (to average assets), For capital adequacy purposes | 326,734 | 297,748 |
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action provisions | $ 408,418 | $ 372,185 |
Risk Based Ratios [Abstract] | ||
Total capital (to risk-weighted assets), ratio | 0.1367 | 0.1222 |
Tier 1 capital (to risk-weighted assets), ratio | 0.1271 | 0.1103 |
Common equity Tier 1 capital (to risk-weighted assets), ratio | 0.1271 | 0.1103 |
Tier 1 capital (to average assets), ratio | 0.0970 | 0.0904 |
Total capital (to risk-weighted assets), For capital adequacy purposes , ratio | 0.1050 | 0.1050 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, ratio | 0.0850 | 0.0850 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, ratio | 7.00% | 7.00% |
Tier 1 capital (to average assets), For capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Total capital (to risk - weighted assets), To be well capitalized under prompt corrective action provisions, ratio | 10 | 10 |
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, ratio | 8 | 8 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, ratio | 650.00% | 650.00% |
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action provisions, ratio | 5 | 5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 156,277 | $ 156,277 | |
Amortization of intangible assets | 868 | 1,025 | $ 1,182 |
Core Deposits | |||
Goodwill And Intangible Assets [Line Items] | |||
Core deposit intangible | $ 2,400 | $ 3,300 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 711 |
2023 | 554 |
2024 | 425 |
2025 | 317 |
2026 | $ 210 |
Subsequent Event (Unaudited) (D
Subsequent Event (Unaudited) (Details) - 1st Constitution Bancorp - Subsequent Event $ / shares in Units, $ in Thousands | Jan. 06, 2022USD ($)branch$ / sharesshares | Feb. 28, 2022branch |
Subsequent Event [Line Items] | ||
Number of operating bank branches | 25 | |
Business combination, consideration transferred, equity interests issued and issuable, entity shares issued per acquiree share (in shares) | shares | 1.3577 | |
Consideration paid through common stock (in shares) | shares | 14,020,495 | |
Business acquisition, share price (in usd per share) | $ / shares | $ 25.55 | |
Business acquisition, average strike price (in usd per share) | $ / shares | $ 15.95 | |
Payments to acquire businesses, gross | $ | $ 559 | |
1st Constitution | ||
Subsequent Event [Line Items] | ||
Business acquisition, number of bank branches closed | 3 | |
Lakeland Bank | ||
Subsequent Event [Line Items] | ||
Business acquisition, number of bank branches closed | 1 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and due from banks | $ 228,530 | $ 270,090 | ||
Other assets | 71,753 | 110,293 | ||
Total Assets | 8,198,056 | 7,664,297 | ||
Liabilities and Stockholders' Equity | ||||
Other liabilities | 78,200 | 113,730 | ||
Subordinated debentures | 179,043 | 118,257 | ||
Total stockholders’ equity | 827,014 | 763,784 | $ 725,263 | $ 623,739 |
Total Liabilities and Stockholders’ Equity | 8,198,056 | 7,664,297 | ||
Parent Company | ||||
Assets | ||||
Cash and due from banks | 40,228 | 28,366 | ||
Investment in subsidiaries | 954,506 | 843,711 | ||
Other assets | 12,639 | 11,274 | ||
Total Assets | 1,007,373 | 883,351 | ||
Liabilities and Stockholders' Equity | ||||
Other liabilities | 1,316 | 1,310 | ||
Subordinated debentures | 179,043 | 118,257 | ||
Total stockholders’ equity | 827,014 | 763,784 | ||
Total Liabilities and Stockholders’ Equity | $ 1,007,373 | $ 883,351 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income | |||
Other income (loss) | $ 268 | $ 735 | $ 1,234 |
Expense | |||
Noninterest expenses | 140,757 | 132,798 | 126,756 |
Income taxes benefit | 32,294 | 17,259 | 23,272 |
Net Income | 95,041 | 57,518 | 70,672 |
Parent Company | |||
Income | |||
Dividends from subsidiaries | 50,648 | 29,961 | 36,905 |
Other income (loss) | 34 | (486) | 408 |
Total Income | 50,682 | 29,475 | 37,313 |
Expense | |||
Interest on subordinated debentures | 5,419 | 5,968 | 5,983 |
Noninterest expenses | 1,498 | 549 | 464 |
Total Expense | 6,917 | 6,517 | 6,447 |
Income before benefit for income taxes | 43,765 | 22,958 | 30,866 |
Income taxes benefit | (1,445) | (1,645) | (1,646) |
Income before equity in undistributed income of subsidiaries | 45,210 | 24,603 | 32,512 |
Equity in undistributed income of subsidiaries | 49,831 | 32,915 | 38,160 |
Net Income | $ 95,041 | $ 57,518 | $ 70,672 |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only - Condensed Statements of Cash Flows (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||||
Net Income | $ 95,041,000 | $ 57,518,000 | $ 70,672,000 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Gain on sale of equity securities | (9,000) | (1,213,000) | 0 | ||
Benefit for credit losses | [1] | (10,896,000) | 27,222,000 | 2,130,000 | |
Long-term debt extinguishment costs | $ 831,000 | 831,000 | 0 | 0 | |
Change in fair value of equity securities | 285,000 | 552,000 | (496,000) | ||
Excess tax (deficiencies) benefits | (89,000) | (132,000) | 189,000 | ||
Increase in other assets | 36,589,000 | (53,982,000) | (13,246,000) | ||
Increase in other liabilities | (37,389,000) | 50,434,000 | 15,092,000 | ||
Net Cash Provided by Operating Activities | 95,103,000 | 84,991,000 | 87,131,000 | ||
Cash Flows from Investing Activities | |||||
Purchase of equity securities | (2,959,000) | (2,772,000) | (1,343,000) | ||
Proceeds from repayments and maturities of held to maturity securities | 66,709,000 | 38,941,000 | 31,457,000 | ||
Proceeds from sales of equity securities | 0 | 4,148,000 | 1,287,000 | ||
Net cash received from business acquisition | 0 | 0 | 13,454,000 | ||
Net Cash Used in Investing Activities: | (615,290,000) | (928,022,000) | (303,977,000) | ||
Cash Flows from Financing Activities | |||||
Cash dividends paid on common stock | (27,119,000) | (25,457,000) | (24,919,000) | ||
Proceeds from issuance of subordinated debt, net | 147,738,000 | 0 | 0 | ||
Redemption of subordinated debentures, net | (88,330,000) | 0 | 0 | ||
Purchase of treasury stock | 0 | (1,452,000) | 0 | ||
Retirement of restricted stock | (651,000) | (501,000) | (715,000) | ||
Exercise of stock options | 19,000 | 0 | 313,000 | ||
Net Cash Provided by Financing Activities: | 478,627,000 | 830,750,000 | 290,618,000 | ||
Net (decrease) increase in cash and cash equivalents | (41,560,000) | (12,281,000) | 73,772,000 | ||
Cash and cash equivalents, beginning of year | 270,090,000 | 282,371,000 | 208,599,000 | ||
Cash and Cash Equivalents, End of Year | 228,530,000 | 270,090,000 | 282,371,000 | ||
Parent Company | |||||
Cash Flows from Operating Activities | |||||
Net Income | 95,041,000 | 57,518,000 | 70,672,000 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Gain on sale of equity securities | 0 | (149,000) | 0 | ||
Amortization of subordinated debt costs | 547,000 | 37,000 | 36,000 | ||
Benefit for credit losses | 0 | (12,000) | 0 | ||
Long-term debt extinguishment costs | 831,000 | 0 | 0 | ||
Change in fair value of equity securities | 0 | 786,000 | (197,000) | ||
Excess tax (deficiencies) benefits | (89,000) | (132,000) | 189,000 | ||
Increase in other assets | (1,443,000) | (1,462,000) | (1,873,000) | ||
Increase in other liabilities | 149,000 | 25,000 | 121,000 | ||
Equity in undistributed income of subsidiaries | (49,831,000) | (32,915,000) | (38,160,000) | ||
Net Cash Provided by Operating Activities | 45,205,000 | 23,696,000 | 30,788,000 | ||
Cash Flows from Investing Activities | |||||
Purchase of equity securities | 0 | (49,000) | (82,000) | ||
Proceeds from repayments and maturities of held to maturity securities | 0 | 1,000,000 | 0 | ||
Proceeds from sales of equity securities | 0 | 1,148,000 | 1,287,000 | ||
Net cash received from business acquisition | 0 | 0 | 24,000 | ||
Contribution to subsidiary | (65,000,000) | 0 | 0 | ||
Net Cash Used in Investing Activities: | (65,000,000) | 2,099,000 | 1,229,000 | ||
Cash Flows from Financing Activities | |||||
Cash dividends paid on common stock | (27,119,000) | (25,457,000) | (24,919,000) | ||
Proceeds from issuance of common stock, net | 0 | 0 | 0 | ||
Proceeds from issuance of subordinated debt, net | 147,738,000 | 0 | 0 | ||
Redemption of subordinated debentures, net | (88,330,000) | 0 | 0 | ||
Purchase of treasury stock | 0 | (1,452,000) | 0 | ||
Retirement of restricted stock | (651,000) | (501,000) | (715,000) | ||
Exercise of stock options | 19,000 | 0 | 313,000 | ||
Net Cash Provided by Financing Activities: | 31,657,000 | (27,410,000) | (25,321,000) | ||
Net (decrease) increase in cash and cash equivalents | 11,862,000 | (1,615,000) | 6,696,000 | ||
Cash and cash equivalents, beginning of year | 28,366,000 | 29,981,000 | 23,285,000 | ||
Cash and Cash Equivalents, End of Year | $ 40,228,000 | $ 28,366,000 | $ 29,981,000 | ||
[1] | The Company adopted ASU 2016-13 as of December 31, 2020. Prior year periods have not been restated. |
Uncategorized Items - lbai-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |