Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34653 | |
Entity Registrant Name | FIRST INTERSTATE BANCSYSTEM, INC. | |
Entity Incorporation, State or Country Code | MT | |
Entity Tax Identification Number | 81-0331430 | |
Entity Address, Address Line One | 401 North 31st Street | |
Entity Address, City or Town | Billings, | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59116-0918 | |
City Area Code | 406 | |
Local Phone Number | 255-5311 | |
Title of 12(b) Security | Class A common stock, no par value | |
Trading Symbol | FIBK | |
Security Exchange Name | NASDAQ | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 109,493,618 | |
Amendment Flag | false | |
Entity Central Index Key | 0000860413 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 387.6 | $ 168.6 |
Interest bearing deposits in banks | 3,423.6 | 2,176.1 |
Federal funds sold | 0.1 | 0.1 |
Total cash and cash equivalents | 3,811.3 | 2,344.8 |
Securities Purchased under Agreements to Resell | 102 | 0 |
Investment securities: | ||
Available-for-sale, at estimated fair value | 6,283.8 | 4,820.5 |
Held-to-maturity, net of allowance for credit losses of $1.6 and $0 at March 31, 2022 and December 31, 2021 (estimated fair values of $3,029.1 and $1,667.5 at March 31, 2022 and December 31, 2021) | 3,218.7 | 1,687.6 |
Total investment securities | 9,502.5 | 6,508.1 |
Loans held for sale | 178.1 | 30.1 |
Loans held for investment, net of deferred fees and costs | 16,945 | 9,331.7 |
Allowance for credit losses | 247.2 | 122.3 |
Net loans held for investment | 16,697.8 | 9,209.4 |
Goodwill | 1,137.6 | 621.6 |
Bank Owned Life Insurance | 490.1 | 301.5 |
Premises and equipment, net of accumulated depreciation | 444.4 | 299.6 |
Other intangibles, net of accumulated amortization | 109.6 | 41.3 |
Accrued interest receivable | 81.1 | 47.4 |
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 32.7 | 28.2 |
Other real estate owned | 17.5 | 2 |
Deferred tax assets | 137.4 | 0 |
Other assets | 420.1 | 237.9 |
Total assets | 33,162.2 | 19,671.9 |
Deposits: | ||
Non-interest bearing | 8,240.6 | 5,568.3 |
Interest bearing | 19,847.7 | 10,701.3 |
Total deposits | 28,088.3 | 16,269.6 |
Securities sold under repurchase agreements | 1,071 | 1,051.1 |
Accounts payable and accrued expenses | 266.1 | 148.4 |
Accrued interest payable | 6 | 3.7 |
Deferred tax liability, net | 0 | 9.3 |
Long-term debt | 120.4 | 112.4 |
Allowance for credit losses on off-balance sheet credit exposures | 6.2 | 3.8 |
Subordinated debentures held by subsidiary trusts | 163.1 | 87 |
Total liabilities | 29,721.1 | 17,685.3 |
Stockholders’ equity: | ||
Preferred stock, no par value; 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
#REF! | 2,668.6 | 945 |
Retained earnings | 974.5 | 1,052.6 |
Accumulated other comprehensive loss, net | (202) | (11) |
Total stockholders’ equity | 3,441.1 | 1,986.6 |
Total liabilities and stockholders’ equity | $ 33,162.2 | $ 19,671.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities: | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 1,600,000 | $ 0 |
Estimated fair value | $ 3,029,100,000 | $ 1,667,500,000 |
Stockholders' equity: | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Nonvoting, noncumulative preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Nonvoting, noncumulative preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Shares, Issued | 62,200,456 | |
Common Stock, Shares Authorized | 150,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Shares outstanding (in shares) | 109,503,010 | 62,200,456 |
Common Stock, Shares, Issued | 62,200,456 | |
Class A Common Stock | ||
Stockholders' equity: | ||
Shares outstanding (in shares) | 41,699,409 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Interest and fees on loans | $ 151.7 | $ 107.8 |
Interest and dividends on investment securities: | ||
Taxable | 29.3 | 15.8 |
Exempt from federal taxes | 1.3 | 1.4 |
Interest on deposits in banks | 1.7 | 0.3 |
Total interest income | 184 | 125.3 |
Interest expense: | ||
Interest on deposits | 3 | 2.3 |
Interest on securities sold under repurchase agreements | 0.3 | 0.1 |
Interest on long-term debt | 1.7 | 1.5 |
Interest on subordinated debentures held by subsidiary trusts | 1 | 0.7 |
Total interest expense | 6 | 4.6 |
Net interest income | 178 | 120.7 |
Provision for (reversal of) credit losses | 61.3 | (5.1) |
Net interest income after provision for (reversal of) credit losses | 116.7 | 125.8 |
Non-interest income: | ||
Debt Securities, Available-for-sale, Gain (Loss) | (0.1) | 0 |
Mortgage banking revenues | 8.4 | 11.6 |
Other income | 6 | 4.1 |
Total non-interest income | 49.2 | 38.1 |
Non-interest expense: | ||
Salaries and wages | 60 | 39 |
Employee benefits | 21.2 | 16.1 |
Outsourced technology services | 11.3 | 8.1 |
Occupancy, net | 10 | 7.3 |
Furniture and equipment | 5.4 | 4.4 |
OREO expense, net of income | 0.1 | (0.1) |
Professional fees | 3.9 | 3.4 |
FDIC insurance premiums | 3.3 | 1.6 |
Other intangibles amortization | 3.6 | 2.5 |
Other expenses | 23.2 | 16.1 |
Acquisition related expenses | 65.2 | 0 |
Noninterest Expense | 207.2 | 98.4 |
(Loss) income before income tax | (41.3) | 65.5 |
(Benefit from) provision for income tax | (7.9) | 14.1 |
Net (loss) income | $ (33.4) | $ 51.4 |
Earnings per common share, basic (in dollars per share) | $ (0.36) | $ 0.83 |
Earnings per common share, diluted (in dollars per share) | $ (0.36) | $ 0.83 |
Weighted average common shares outstanding, basic (in shares) | 92,855,173 | 61,591,877 |
Weighted average common shares outstanding, diluted (in shares) | 92,855,173 | 61,714,063 |
Payment services revenues | ||
Non-interest income: | ||
Non-interest income | $ 14.8 | $ 10.2 |
Wealth management revenues | ||
Non-interest income: | ||
Wealth management revenues | 8.1 | 6.3 |
Service charges on deposit accounts | ||
Non-interest income: | ||
Non-interest income | 7.7 | 3.8 |
Other service charges, commissions, and fees | ||
Non-interest income: | ||
Non-interest income | $ 4.3 | $ 2.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (33.4) | $ 51.4 |
Other comprehensive (loss) income, before tax: | ||
Change in net unrealized loss during period | (252.6) | (66.8) |
Reclassification adjustment for net loss included in income | 0.1 | 0 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale | 0.2 | 0 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax | (23) | 0 |
Change in unrealized loss (gain) on derivatives | 21.3 | (0.1) |
Other comprehensive loss, before tax | (254) | (66.9) |
Changes in deferred taxes related to other comprehensive loss | 63 | 17 |
Other comprehensive loss, net of tax | (191) | (49.9) |
Comprehensive (loss) income, net of tax | $ (224.4) | $ 1.5 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss) |
Equity, beginning balance at Dec. 31, 2020 | $ 1,959.8 | $ 941.1 | $ 962.1 | $ 56.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | 51.4 | 0 | 51.4 | 0 |
Other comprehensive income (loss), net of tax expense | (49.9) | 0 | 0 | (49.9) |
Common stock transactions: | ||||
Common shares purchased and retired | $ (5.4) | (5.4) | 0 | 0 |
Common shares issued (in shares) | 604 | |||
Common shares issued | $ 0 | 0 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0.4 | (0.4) | 0 | 0 |
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 2.4 | 2.4 | 0 | 0 |
Stock-based compensation expense | (25.3) | 0 | (25.3) | 0 |
Equity, ending balance at Mar. 31, 2021 | 1,933.4 | 938.5 | 988.2 | 6.7 |
Equity, beginning balance at Dec. 31, 2021 | 1,986.6 | 945 | 1,052.6 | (11) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (33.4) | 0 | (33.4) | 0 |
Other comprehensive income (loss), net of tax expense | (191) | 0 | 0 | (191) |
Common stock transactions: | ||||
Common shares purchased and retired | $ (1.4) | (1.4) | 0 | 0 |
Common shares issued (in shares) | 46,887,104 | |||
Common shares issued | $ 1,722.5 | 1,722.5 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 |
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.1 | 0.1 | 0 | 0 |
Stock-based compensation expense | 2.4 | 2.4 | 0 | 0 |
Common cash dividend declared | (44.7) | 0 | (44.7) | 0 |
Equity, ending balance at Mar. 31, 2022 | $ 3,441.1 | $ 2,668.6 | $ 974.5 | $ (202) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock repurchased and retired (in shares) | 37,698 | 127,180 |
Common shares issued (in shares) | 46,887,104 | 604 |
Non-vested common shares issued (in shares) | 450,813 | 239,525 |
Non-vested common shares forfeited (in shares) | 15,472 | 19,068 |
stock options exercised (in shares) | 17,807 | 40,663 |
Shares tendered (in shares) | 4,877 | 6,177 |
Common dividends (in dollars per share) | $ 0.41 | $ 0.41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (33.4) | $ 51.4 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Provision for (reversal of) credit losses | 61.3 | (5.1) | |
Net gain on disposal of premises and equipment | (0.2) | (0.4) | |
Depreciation and amortization | 13.3 | 11.4 | |
Net premium amortization on investment securities | 8.1 | 7.7 | |
Net loss on investment securities transactions | 0.1 | 0 | |
Realized and unrealized net gains on mortgage banking activities | (3.3) | (3.9) | |
Net gain on sale of OREO | 0 | (0.1) | |
Gain (Loss) on Extinguishment of Debt | (1.4) | 0 | |
Mortgage servicing rights recovery | (3.4) | (5.9) | |
Deferred taxes | 6.5 | (9.6) | |
Net increase in cash surrender value of company-owned life insurance | (2) | (1.2) | |
Stock-based compensation expense | 2.4 | 2.4 | |
Originations of mortgage loans held for sale | (98.8) | (156.4) | |
Proceeds from sales of mortgage loans held for sale | 112 | 177.2 | |
Changes in operating assets and liabilities: | |||
(Increase) decrease in interest receivable | (0.6) | 1.1 | |
Decrease (increase) in other assets | 4.3 | (7.8) | |
(Decrease) increase in accrued interest payable | (0.1) | 1.1 | |
Increase (decrease) in accounts payable and accrued expenses | 13.1 | (10.6) | |
Net cash provided by operating activities | 64.9 | 70.5 | |
Purchases of investment securities: | |||
Held-to-maturity | (370) | (825.1) | |
Available-for-sale | (1,144.5) | (378.6) | |
Proceeds from sales, maturities, and pay-downs of investment securities: | |||
Held-to-maturity | 106.4 | 9.3 | |
Available-for-sale | 826.5 | 293.7 | |
Extensions of credit to clients, net of repayments | 106.4 | (58.7) | |
Proceeds from sale of OREO | 0.3 | 0.7 | |
Acquisition of bank and bank holding company, net of cash and cash equivalents received | 2,006.9 | $ 0 | |
Payments for (Proceeds from) Productive Assets | (9.5) | (0.5) | |
Net cash provided by (used in) investing activities | 1,522.5 | (959.2) | |
Cash flows from financing activities: | |||
Net increase in deposits | 130.8 | 877 | |
Net decrease in securities sold under repurchase agreements | (55) | (38.8) | |
Repayments of long-term debt | (157.9) | 0 | |
Advances on long-term debt | 8 | 0 | |
Payments of Stock Issuance Costs | (0.8) | 0 | |
Proceeds from issuance of common stock, net | 0.1 | 0.4 | |
Purchase and retirement of common stock | (1.4) | (5.4) | |
Dividends paid to common stockholders | (44.7) | (25.3) | |
Net cash (used in) provided by financing activities | (120.9) | 807.9 | |
Net increase (decrease) in cash and cash equivalents | 1,466.5 | (80.8) | |
Cash and cash equivalents at beginning of period | 2,344.8 | 2,276.8 | $ 2,276.8 |
Cash and cash equivalents at end of period | 3,811.3 | 2,196 | |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for income taxes | 0.1 | 21 | |
Cash paid during the period for interest expense | 6 | 3.5 | |
Supplemental disclosures of non-cash investing and financing activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | 19.9 | 0 | |
Net change in unamortized losses on available-for-sale securities transferred into held-to-maturity | 10.9 | 0 | |
Debt Securities, Available-For-Sale, Transfer, Unrealized Gain (Loss) | 463.6 | 0 | |
Transfer of loans from held-for-sale to held for investment | 19.8 | 0 | |
Transfer of loans to other real estate owned | 0 | 0.3 | |
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 1,723.3 | 0 | |
Capitalization of internally originated mortgage servicing rights | 1.1 | 0.1 | |
Investment securities | 2,699 | 0 | |
Securities Purchased under Agreements to Resell, Increase | 101.1 | 0 | |
Loans held for sale | 181.9 | 0 | |
Loans held for investment, net | 7,629.1 | 0 | |
Premises and equipment | 144.1 | 0 | |
Goodwill | 516 | 0 | |
Company-owned life insurance | 186.6 | 0 | |
Noncash or Part Noncash Acquisition, Deferred Tax Assets Acquired | 76.1 | 0 | |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired, Other Real Estate Owned | 15.8 | 0 | |
Other assets | 198 | 0 | |
Total noncash assets acquired | 11,820.9 | 0 | |
Noncash or Part Noncash Acquisition, Liabilities Assumed, Deposits | 11,688 | 0 | |
Securities sold under repurchase agreements | 74 | 0 | |
Accounts payable and accrued expenses | 107.1 | 0 | |
Long-term debt | 159.3 | 0 | |
Noncash or Part Noncash Acquisition, Liabilities Assumed, Trust preferred securities | 76.1 | 0 | |
Total liabilities assumed | 12,104.5 | 0 | |
Core Deposits | |||
Supplemental disclosures of non-cash investing and financing activities: | |||
Other intangibles | 71.9 | 0 | |
Servicing Contracts | |||
Supplemental disclosures of non-cash investing and financing activities: | |||
Other intangibles | $ 1.3 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc., First Interstate Bank (“FIB”), and its other subsidiaries (collectively, the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at March 31, 2022 and December 31, 2021, the results of operations, changes in stockholders’ equity, and cash flows for each of the three month periods ended March 31, 2022 and 2021, in conformity with U.S. generally accepted accounting principles (“GAAP”). The balance sheet information at December 31, 2021 is derived from the audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform the Company’s prior year financial statements to the March 31, 2022 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which includes a description of significant accounting policies. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and the approximate fair values of investment securities are summarized as follows: March 31, 2022 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 698.2 $ — $ (53.3) $ 644.9 State, county, and municipal securities 320.3 0.2 (27.8) 292.7 Obligations of U.S. government agencies 144.6 — (6.7) 137.9 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,816.4 1.1 (171.8) 3,645.7 Private mortgage-backed securities 288.4 — (13.6) 274.8 Collateralized loan obligations 1,075.4 — (4.5) 1,070.9 Corporate securities 231.8 0.5 (15.4) 216.9 Total $ 6,575.1 $ 1.8 $ (293.1) $ 6,283.8 March 31, 2022 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: U.S. Treasury notes $ 296.2 $ — $ 296.2 $ — $ — $ 296.2 State, county, and municipal securities 197.3 (0.1) 197.2 0.8 (21.4) 176.6 Obligations of U.S. government agencies 340.8 — 340.8 — (32.3) 308.5 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 2,302.0 — 2,302.0 18.2 (152.4) 2,167.8 Corporate securities 84.0 (1.5) 82.5 0.2 (2.7) 80.0 Total $ 3,220.3 $ (1.6) $ 3,218.7 $ 19.2 $ (208.8) $ 3,029.1 (1) Amortized cost presented above include $21.8 million of unamortized losses and $17.9 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity. December 31, 2021 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 697.6 $ — $ (12.9) $ 684.7 State, county, and municipal securities 434.7 2.1 (9.3) 427.5 Obligations of U.S. government agencies 356.0 0.1 (9.2) 346.9 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 2,027.3 14.1 (23.3) 2,018.1 Private mortgage-backed securities 174.4 0.1 (1.1) 173.4 Collateralized loan obligation 898.2 1.2 — 899.4 Corporate securities 271.1 3.0 (3.6) 270.5 Total $ 4,859.3 $ 20.6 $ (59.4) $ 4,820.5 December 31, 2021 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: State, county, and municipal securities $ 67.6 $ — $ 67.6 $ 2.0 $ (0.4) $ 69.2 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 1,609.0 — 1,609.0 13.2 (35.3) 1,586.9 Corporate securities 11.0 — 11.0 0.4 — 11.4 Total $ 1,687.6 $ — $ 1,687.6 $ 15.6 $ (35.7) $ 1,667.5 (1) Amortized cost presented above include $20.1 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity. On February 1, 2022, in conjunction with the acquisition of GWB and under ASC 320, the Company transferred debt securities classified as held-to-maturity with an amortized cost of $10.7 million and an estimated fair value of $10.9 million to the available-for-sale category classification and transferred debt securities classified as available-for-sale with an amortized cost of $485.9 million and an estimated fair value of $463.6 million to the held-to-maturity classification to maintain the Company’s intended risk profile. The transfer of debt securities into the available-for-sale and held-to-maturity categories were recorded at fair value on the date of transfer. This discount, as well as the related unrealized loss in accumulated other comprehensive income, will be amortized into interest income as a yield adjustment over the remaining term of the securities. The amortization of the unrealized loss reported in accumulated other comprehensive (loss) income will offset the effect on interest income of the accretion of the discount. No gains or losses were recorded at the time of transfer. The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in an unrealized loss position as of March 31, 2022 and December 31, 2021. Less than 12 Months 12 Months or More Total March 31, 2022 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 644.9 $ (53.3) $ — $ — $ 644.9 $ (53.3) State, county, and municipal securities 223.6 (22.7) 29.6 (5.1) 253.2 (27.8) Obligations of U.S. government agencies 101.5 (5.4) 15.4 (1.3) 116.9 (6.7) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,238.5 (163.4) 84.9 (8.4) 3,323.4 (171.8) Private mortgage-backed securities 274.8 (13.6) — — 274.8 (13.6) Collateralized loan obligations 1,020.9 (4.5) — — 1,020.9 (4.5) Corporate securities 146.7 (13.5) 19.3 (1.9) 166.0 (15.4) Total $ 5,650.9 $ (276.4) $ 149.2 $ (16.7) $ 5,800.1 $ (293.1) Less than 12 Months 12 Months or More Total December 31, 2021 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 684.7 $ (12.9) $ — $ — $ 684.7 $ (12.9) State, county, and municipal securities 278.7 (9.1) 5.0 (0.2) 283.7 (9.3) Obligations of U.S. government agencies 297.0 (8.9) 16.4 (0.3) 313.4 (9.2) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 1,262.8 (23.0) 26.4 (0.3) 1,289.2 (23.3) Private mortgage-backed securities 127.2 (1.1) — — 127.2 (1.1) Corporate securities 109.9 (3.3) 20.9 (0.3) 130.8 (3.6) Total $ 2,760.3 $ (58.3) $ 68.7 $ (1.1) $ 2,829.0 $ (59.4) As of March 31, 2022 and December 31, 2021, there were no holdings of securities of any issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. During the three month period ended March 31, 2022, the Company acquired $2,356.9 million of available-for-sale securities and $342.1 million of held-to-maturity securities in connection with the acquisition of GWB. Such securities were evaluated and it was determined that there were no investment securities that met the definition of a PCD asset and classified as PCD upon acquisition. The Company determines credit losses on both available-for-sale and held-to-maturity investment securities by a discounted cash flow approach using the security’s effective interest rate at the time of purchase or upon acquisition. The allowance for credit losses is measured as the amount by which an investment security’s amortized cost exceeds the net present value of expected future cash flows. However, the amount of credit losses for available-for-sale investment securities is limited to the amount of a security’s unrealized loss. Credit losses on held-to-maturity investment securities are representative of current expected credit losses that may be incurred over the life of the investment. The allowance for credit losses is established through a charge to provision for credit losses in current period earnings. The available-for-sale securities portfolio contains securities that are guaranteed by a sovereign entity or are generally considered to have non-credit related risks, such as interest rate risk or prepayment and liquidity factors. The Company considers whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred. The Company had no allowance for credit losses for available-for-sale investment securities as of March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had 965 and 285 individual investment securities, respectively, that were in an unrealized loss position, which was related primarily to fluctuations in current interest rates. As of March 31, 2022, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. The Company does not intend to sell any of the available-for-sale securities in the above table and the Company does not anticipate it will have to sell any securities before a recovery in cost. The following table presents the activity in the allowance for credit losses related to held-to-maturity securities classified as corporate and state, county, and municipal securities: Three Months Ended March 31, 2022 2021 Beginning balance $ — $ — Provision for credit loss expense 1.6 — Ending balance of allowance for credit losses $ 1.6 $ — There was no allowance for credit losses on held-to-maturity securities at December 31, 2021. On a quarterly basis, the Company refreshes the credit quality of each held-to-maturity security. The following table summarizes the credit quality indicators of held-to-maturity securities at amortized cost for the periods indicated: March 31, 2022 AAA AA A BBB Not Rated Total U.S. Treasury notes $ 296.2 $ — $ — $ — $ — $ 296.2 State, county, and municipal securities 72.6 102.7 13.7 — 8.3 197.3 Obligations of U.S. government agencies 340.8 — — — — 340.8 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 1,958.2 — — — — 1,958.2 GNMA 343.8 — — — — 343.8 Corporate securities — — 4.0 75.0 5.0 84.0 Total $ 3,011.6 $ 102.7 $ 17.7 $ 75.0 $ 13.3 $ 3,220.3 December 31, 2021 AAA AA A BBB Not Rated Total State, county, and municipal securities $ 17.2 $ 31.6 $ 14.7 $ — $ 4.1 $ 67.6 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 1,439.1 — — — — 1,439.1 GNMA 169.9 — — — — 169.9 Corporate securities — — 4.0 7.0 — 11.0 Total $ 1,626.2 $ 31.6 $ 18.7 $ 7.0 $ 4.1 $ 1,687.6 As of March 31, 2022 and December 31, 2021, the Company had $23.6 million and $16.6 million, respectively, of accrued interest receivable on the consolidated balance sheet. The Company does not consider accrued interest receivable in the carrying amount of financial assets held at the amortized cost basis or in the allowance for credit losses calculation. As of March 31, 2022 and December 31, 2021, there were no available-for-sale or held-to-maturity securities on nonaccrual status. All securities in the portfolio were current with their contractual principal and interest payments. As of March 31, 2022 and December 31, 2021, there were no collateral dependent available-for-sale or held-to-maturity securities. There were no material gross realized gains and no material gross realized losses on the disposition of available-for-sale investment securities during the three month periods ended March 31, 2022 and 2021. Maturities of securities do not reflect rate repricing opportunities present in adjustable-rate mortgage-backed securities. In the table below, the Company had variable rate mortgage-backed and corporate securities which had an amortized cost of $253.0 million and were classified as available-for-sale as of March 31, 2022. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates. Available-for-Sale Held-to-Maturity March 31, 2022 Amortized Estimated Amortized Estimated Within one year $ 926.6 $ 886.6 $ 377.1 $ 355.3 After one year but within five years 2,724.4 2,592.0 1,334.1 1,274.0 After five years but within ten years 1,139.8 1,074.3 1,026.2 956.0 After ten years 1,784.3 1,730.9 482.9 443.8 Total $ 6,575.1 $ 6,283.8 $ 3,220.3 $ 3,029.1 As of March 31, 2022, the Company held investment securities callable within one year having amortized costs and estimated fair values of $206.3 million and $202.3 million, respectively. These investment securities are primarily included in the “after five years but within ten years” category in the table above. As of March 31, 2022, the Company held no callable structured notes. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisition Great Western Bank. On September 15, 2021, the Company entered into a definitive agreement (“Agreement”) to acquire 100% of the outstanding stock of Great Western Bancorp, Inc. (“Great Western”), the parent company of Great Western Bank (“GWB”), a Sioux Falls, South Dakota based community bank with 174 banking offices across Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. The acquisition of GWB expanded the Company’s geographical footprint with an enhanced platform for future growth. The acquisition was completed on February 1, 2022. Consideration for the acquisition was $1,723.3 million, consisting of the issuance of 46.9 million shares of the Company’s Class A common stock valued at $36.76 per share, which was the opening price of the Company’s Class A common stock as quoted on the NASDAQ stock market on the acquisition date. Holders of shares of Great Western common stock received 0.8425 shares of First Interstate Class A common stock for each whole share of Great Western common stock and received cash in lieu of fractional shares. Previously unvested Great Western restricted stock awards that were outstanding immediately prior to the close of the transaction became vested and were considered issued and outstanding at acquisition close and included in consideration. The Company accounted for this transaction under the acquisition method of accounting in accordance with ASC 805, Business Combinations , which requires purchased assets and liabilities assumed and consideration exchanged to be recorded at their respective estimated fair values at the date of acquisition. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows, and market conditions at the time of the acquisition, as well as other future events that are highly subjective in nature. This determination is subject to refinement for up to one year after the closing date of the acquisition as additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The following table provides the provisional purchase price allocation as of the acquisition date and the Great Western assets acquired and liabilities assumed at their estimated fair value as of the acquisition date. We recorded the estimate of fair value based on initial valuations available at the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. The purchase price allocation resulted in provisional goodwill of $516.0 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of Great Western and the Company. Due to the recent closing of the transaction, all amounts reported are provisional pending the review of valuations obtained from third parties. As of February 1, 2022 Assets acquired: Cash and cash equivalents $ 2,006.9 Investment securities 2,699.0 Securities purchased under agreement to resell 101.1 Loans held for sale 181.9 Loans held for investment 7,713.4 Allowance for credit losses (84.3) Premises and equipment, including right of use lease assets 144.1 Other real estate owned (“OREO”) 15.8 Company owned life insurance 186.6 Core deposit intangibles 49.1 Customer relationship intangible 22.8 Mortgage servicing rights 1.3 Deferred tax assets, net 76.1 Other assets 198.0 Total assets acquired 13,311.8 Liabilities assumed: Deposits 11,688.0 Securities sold under repurchase agreements 74.0 Accrued expenses and other liabilities 107.1 FHLB advances 122.9 Subordinated debt 36.4 Subordinated debentures held by subsidiary trusts 76.1 Total liabilities assumed 12,104.5 Net assets acquired $ 1,207.3 Consideration paid: Class A common stock 1,723.3 Total consideration paid (1) $ 1,723.3 Goodwill $ 516.0 (1) Includes $13 thousand of cash paid in lieu of fractional shares. The Company determined the fair value of loans, core deposit and customer relationship intangible assets, investment securities, premises and equipment, leases, mortgage servicing rights, deposits, FHLB advances, subordinated debt, and subordinated debentures held by subsidiary trusts with the assistance of third-party valuation specialists. The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above. Cash and cash equivalents The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Investment Securities Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair value estimates are based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value is estimated based on pricing models and/or discounted cash flow methodologies. Loans held for sale The loans held for sale portfolio was recorded at fair value at the date of acquisition based on quotes or bids from third party investors. Loans held for investment The loans held for investment portfolio was recorded at fair value at the date of acquisition. A valuation of the loans held for investment portfolio was performed by a third party as of the acquisition date in accordance with ASC 820 to assess the fair value of the loan portfolio, considering adjustments for interest rate risk, required equity return, servicing, credit, and liquidity risk. The loans held for investment portfolio was segmented into two groups including purchase credit deteriorated (PCD) loans and non-PCD loans. The non-PCD loans were pooled based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The PCD loans were valued at the loan level with similar characteristics noted above. The fair value was calculated using a discounted cash flow analysis. The discount rate utilized to analyze fair value considered the cost of funds rate, capital charge, servicing costs, and liquidity premium, mostly based on industry standards. The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since origination or issuance, at the purchase price plus the allowance for credit losses expected at the time of acquisition. Under this method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected credit losses after acquisition are recognized in subsequent periods as credit loss expense (or reversal of credit loss expense) arise. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit deterioration is allocated to each individual asset. At the acquisition date, the initial allowance for credit losses determined on a collective basis is allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, is accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Information regarding loans acquired at the acquisition date is as follows: (In millions) PCD loans: Unpaid principal balance $ 979.2 Principal amounts previously written off by GWB (238.7) Interest applied to principal by GWB (18.1) Adjusted unpaid principal balance 722.4 Credit discount (90.9) Discount attributable to other factors (24.6) Fair value 606.9 Allowance for credit losses 84.3 Amortized cost basis 691.2 Non-PCD loans: Unpaid principal balance 7,107.9 Credit discount (1) (76.5) Non-credit discount (9.2) Fair value 7,022.2 Amortized cost basis $ 7,713.4 (1) Represents the best estimate of the contractual cash flows not expected to be collected as of the acquisition date. Core deposit intangible Core deposit intangible assets of $49.1 million on non-maturing deposits were determined by evaluating the underlying characteristics of the deposit relationships, including customer attrition, deposit interest rates and maintenance costs, and costs of alternative funding using the discounted cash flow approach. The core deposit intangibles represent the costs saved by the Company between maintaining the existing deposits and obtaining alternative funds over the life of the deposit base. These costs are amortized using an accelerated method over the estimated useful life of 10 years for the related deposits. Premises and equipment The fair values of premises are based on a market approach, using third-party appraisals of value for land and premises. Deposits The fair values used for the demand and savings deposits equal the amounts payable on demand at the acquisition date. In determining the fair value of certificates of deposit, the cash flows of the contractual interest payments during the specific period of the certificates of deposit and scheduled principal payout were discounted to present value at market-based interest rates. Customer relationship intangible Customer relationship intangible assets of $22.8 million were determined using an excess earnings model associated with the expected fee income related to the underlying client relationships and is being amortized using the straight-line method over the estimated useful life of 12 years. FHLB advances The fair value of fixed rate Federal Home Loan Bank of Des Moines (“FHLB”) advances was determined using a discounted cash flow approach. The cash flows of the advances were projected based on scheduled payments of the fixed rate advances, which factored in prepayment fees. The cash flows were then discounted to present value using the FHLB rates as of February 1, 2022. Subordinated debt and subordinated debentures held by subsidiary trusts The fair value of subordinated debt and subordinated debentures held by subsidiary trusts was determined by using a discounted cash flow method using a market participant discount rate for similar instruments over the remaining terms. Acquisition related expenses related to the GWB acquisition of $65.2 million for the three month period ended March 31, 2022 were included as a component of non-interest expense in the consolidated income statement, of which approximately $25.8 million are acquisition related costs as defined by ASC 805. The Company contributed $21.5 million to the First Interstate Foundation and reimbursed an aggregate of $8.2 million of the Scott family control group’s acquisition expenses pursuant to the Agreement. The accompanying consolidated statements of loss for the three months ended March 31, 2022, include the results of operations of the acquired entity from the February 1, 2022 acquisition date. The disclosure of GWB post-acquisition revenue and net income is not practical due to the combining of certain GWB operations with and into FIB as of the acquisition date. Although legally merged with FIB, the acquired entity will continue to do business as GWB until system conversion, expected to occur in May 2022, at which point GWB’s operations will be integrated with the Company’s operations. The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three month periods ended March 31, 2022 and 2021 as if GWB had been acquired on January 1, 2021. This unaudited pro forma information combines the historical results of GWB with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred at the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented, and the differences could be significant. Three Months Ended March 31, 2022 2021 Total revenues $ 268.9 $ 321.6 Net income (loss) $ 76.4 $ (78.2) Earnings (loss) per common share (Basic) $ 0.70 $ (0.72) Earnings (loss) per common share (Diluted) $ 0.70 $ (0.72) |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Management analyzes its goodwill for impairment on an annual basis and between annual tests in certain circumstances, such as upon material adverse changes in legal, business, regulatory, and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an impairment assessment as of July 1, 2021 and 2020 and concluded that there was no impairment to goodwill. The following table details changes in the recorded amount of goodwill as of the dates indicated: March 31, December 31, Net carrying value at beginning of the period $ 621.6 $ 621.6 Provisional additions to goodwill from acquisition 516.0 — Net carrying value at end of period $ 1,137.6 $ 621.6 Other Intangible Assets Other intangible assets are comprised of core deposit intangibles (“CDI”) and other customer relationship intangibles (“OCRI”) and amounted to the following at March 31, 2022 and December 31, 2021: CDI OCRI Total March 31, 2022 Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Provisional amounts established through acquisition 49.1 22.8 71.9 Accumulated amortization (68.0) (0.3) (68.3) Net other intangible assets, end of period $ 87.1 $ 22.5 $ 109.6 December 31, 2021 Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Accumulated amortization (64.7) — (64.7) Net other intangible assets, end of period $ 41.3 $ — $ 41.3 The Company recorded $3.6 million and $2.5 million of other intangible asset amortization expense for the three months ended March 31, 2022 and 2021, respectively. CDI and OCRI are evaluated for impairment if events and circumstances indicate a possible impairment. CDI is amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits, which is generally 10 years. OCRI is amortized using a straight-line method over its estimated useful life of 12 years based on customer revenue attrition on an annualized basis. The following table provides the estimated aggregate future amortization expense of other intangible assets: Years Ending December 31, CDI OCRI Total 2022 remaining $ 10.9 $ 1.4 $ 12.3 2023 13.7 1.9 15.6 2024 12.7 1.9 14.6 2025 11.8 1.9 13.7 2026 11.0 1.9 12.9 Thereafter 27.0 13.5 40.5 Total $ 87.1 $ 22.5 $ 109.6 |
Loans Held for Investment
Loans Held for Investment | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans Held for Investment The following table presents loans by segment as of the dates indicated: March 31, December 31, Real estate loans: Commercial $ 7,805.7 $ 3,971.5 Construction loans: Land acquisition & development 344.8 247.8 Residential 406.0 262.0 Commercial 844.8 498.0 Total construction loans 1,595.6 1,007.8 Residential 1,997.5 1,538.2 Agricultural 833.6 213.9 Total real estate loans 12,232.4 6,731.4 Consumer loans: Indirect 739.6 737.6 Direct and advance lines 142.5 129.2 Credit card 73.5 64.9 Total consumer loans 955.6 931.7 Commercial 3,017.9 1,475.5 Agricultural 744.3 203.9 Other, including overdrafts 4.6 1.5 Loans held for investment 16,954.8 9,344.0 Deferred loan fees and costs (9.8) (12.3) Loans held for investment, net of deferred fees and costs 16,945.0 9,331.7 Allowance for credit losses (247.2) (122.3) Net loans held for investment $ 16,697.8 $ 9,209.4 Allowance for Credit Losses The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment: Three Months Ended March 31, 2022 Beginning Balance Initial ACL Recorded for PCD loans Provision for (reversal of) Credit Losses (2) Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 17.3 $ 24.1 $ 6.7 $ (2.9) $ — $ 45.2 Owner occupied 13.3 9.5 4.6 (2.2) — 25.2 Multi-family 13.3 29.9 11.4 — — 54.6 Total commercial real estate 43.9 63.5 22.7 (5.1) — 125.0 Construction: Land acquisition & development 0.5 3.4 (0.8) (2.7) 0.1 0.5 Residential construction 2.4 — 0.9 — — 3.3 Commercial construction 6.0 0.2 4.0 — — 10.2 Total construction 8.9 3.6 4.1 (2.7) 0.1 14.0 Residential real estate: Residential 1-4 family 13.4 0.1 5.2 (0.1) 0.1 18.7 Home equity and HELOC 1.2 — 0.1 — 0.1 1.4 Total residential real estate 14.6 0.1 5.3 (0.1) 0.2 20.1 Agricultural real estate 1.9 2.3 6.4 (5.2) — 5.4 Total real estate 69.3 69.5 38.5 (13.1) 0.3 164.5 Consumer: Indirect 14.3 — (0.3) (0.9) 0.4 13.5 Direct and advance lines 4.6 — (0.1) (0.8) 0.9 4.6 Credit card 2.2 — 0.6 (0.6) 0.1 2.3 Total consumer 21.1 — 0.2 (2.3) 1.4 20.4 Commercial: Commercial and floor plans 27.1 11.2 18.4 (4.2) 0.4 52.9 Commercial purpose secured by 1-4 family 4.4 0.2 0.4 — — 5.0 Credit card 0.1 — 0.3 (0.1) — 0.3 Total commercial 31.6 11.4 19.1 (4.3) 0.4 58.2 Agricultural: Agricultural 0.3 3.4 (0.5) (0.2) 1.1 4.1 Total agricultural 0.3 3.4 (0.5) (0.2) 1.1 4.1 Total allowance for credit losses $ 122.3 $ 84.3 $ 57.3 $ (19.9) $ 3.2 $ 247.2 (1) Amounts presented exclude the allowance for credit losses related to unfunded commitments. These amounts are included in Note “Financial Instruments with Off-Balance Sheet Risk” and the allowance for credit losses related to investment securities which are included in Note “Investment Securities” included in this report. (2) Amounts include $68.3 million related to the acquired GWB non-PCD loans. Three Months Ended March 31, 2021 Beginning Balance Provision for (reversal of) Credit Losses Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 25.5 $ (2.5) $ — $ — $ 23.0 Owner occupied 18.3 (0.8) (0.1) — 17.4 Multi-family 11.0 0.8 — — 11.8 Total commercial real estate 54.8 (2.5) (0.1) — 52.2 Construction: Land acquisition & development 1.3 (0.2) — 0.1 1.2 Residential construction 1.6 (0.2) — — 1.4 Commercial construction 7.3 (0.2) — 0.1 7.2 Total construction 10.2 (0.6) — 0.2 9.8 Residential real estate: Residential 1-4 family 11.4 0.1 — — 11.5 Home equity and HELOC 1.4 — (0.1) 0.1 1.4 Total residential real estate 12.8 0.1 (0.1) 0.1 12.9 Agricultural real estate 2.7 0.1 — — 2.8 Total real estate 80.5 (2.9) (0.2) 0.3 77.7 Consumer: Indirect 16.7 — (1.3) 0.6 16.0 Direct and advance lines 4.6 0.7 (0.8) 0.3 4.8 Credit card 2.6 (0.7) (0.6) 0.2 1.5 Total consumer 23.9 — (2.7) 1.1 22.3 Commercial: Commercial and floor plans 34.2 (1.8) (1.8) 0.4 31.0 Commercial purpose secured by 1-4 family 4.7 (0.2) — 0.2 4.7 Credit card 0.3 0.2 (0.2) — 0.3 Total commercial 39.2 (1.8) (2.0) 0.6 36.0 Agricultural: Agricultural 0.7 (0.1) — — 0.6 Total agricultural 0.7 (0.1) — — 0.6 Total allowance for credit losses $ 144.3 $ (4.8) $ (4.9) $ 2.0 $ 136.6 (1) Amounts presented exclude the allowance for credit losses related to unfunded commitments. These amounts are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. Collateral-Dependent Financial Loans A collateral-dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers (1) character, overall financial condition and resources, and payment record of the borrower; (2) the prospects for support from any financially responsible guarantors; and (3) the nature and degree of protection provided by the cash flow and value of any underlying collateral. The loan may become collateral-dependent when the borrower is experiencing financial difficulty and, its sources of repayment become inadequate over time. At such time, the Company develops an expectation that repayment will be provided substantially through the operation or sale of the collateral. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated: Collateral Type As of March 31, 2022 Business Assets Real Property Other Total Real estate $ 0.2 $ 67.5 $ — $ 67.7 Commercial 4.8 4.6 — 9.4 Agricultural — 24.0 — 24.0 Total collateral-dependent $ 5.0 $ 96.1 $ — $ 101.1 Collateral Type As of December 31, 2021 Business Assets Real Property Other Total Real estate $ 1.2 $ 7.0 $ — $ 8.2 Commercial 1.8 1.0 — 2.8 Agricultural — 0.7 — 0.7 Total collateral-dependent $ 3.0 $ 8.7 $ — $ 11.7 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated. Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of March 31, 2022 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 7.2 $ 2.2 $ 0.3 $ 9.7 $ 7,758.6 $ 37.4 $ 7,805.7 Construction: Land acquisition & development 2.6 0.1 — 2.7 338.2 3.9 344.8 Residential 2.6 — — 2.6 403.4 — 406.0 Commercial 0.4 — — 0.4 844.4 — 844.8 Total construction loans 5.6 0.1 — 5.7 1,586.0 3.9 1,595.6 Residential 4.4 1.6 0.1 6.1 1,984.3 7.1 1,997.5 Agricultural 0.1 3.9 0.4 4.4 790.8 38.4 833.6 Total real estate loans 17.3 7.8 0.8 25.9 12,119.7 86.8 12,232.4 Consumer: Indirect consumer 5.2 0.9 0.2 6.3 731.5 1.8 739.6 Other consumer 0.5 0.3 — 0.8 141.6 0.1 142.5 Credit card 0.3 0.2 0.4 0.9 72.6 — 73.5 Total consumer loans 6.0 1.4 0.6 8.0 945.7 1.9 955.6 Commercial 2.0 3.8 1.3 7.1 2,995.6 15.2 3,017.9 Agricultural 11.4 4.7 — 16.1 713.2 15.0 744.3 Other, including overdrafts — — — — 4.6 — 4.6 Loans held for investment $ 36.7 $ 17.7 $ 2.7 $ 57.1 $ 16,778.8 $ 118.9 $ 16,954.8 Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of December 31, 2021 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 1.1 $ 1.0 $ 0.6 $ 2.7 $ 3,960.8 $ 8.0 $ 3,971.5 Construction: Land acquisition & development 0.2 — — 0.2 246.9 0.7 247.8 Residential 4.2 — — 4.2 257.8 — 262.0 Commercial — — — — 498.0 — 498.0 Total construction loans 4.4 — — 4.4 1,002.7 0.7 1,007.8 Residential 3.0 0.8 0.1 3.9 1,531.4 2.9 1,538.2 Agricultural 1.9 0.2 — 2.1 206.9 4.9 213.9 Total real estate loans 10.4 2.0 0.7 13.1 6,701.8 16.5 6,731.4 Consumer: Indirect consumer 5.1 1.4 0.4 6.9 729.0 1.7 737.6 Other consumer 0.5 0.2 0.1 0.8 128.3 0.1 129.2 Credit card 0.6 0.2 0.5 1.3 63.6 — 64.9 Total consumer loans 6.2 1.8 1.0 9.0 920.9 1.8 931.7 Commercial 4.9 0.7 1.1 6.7 1,463.8 5.0 1,475.5 Agricultural 0.7 — — 0.7 201.6 1.6 203.9 Other, including overdrafts — — — — 1.5 — 1.5 Loans held for investment $ 22.2 $ 4.5 $ 2.8 $ 29.5 $ 9,289.6 $ 24.9 $ 9,344.0 (1) As of March 31, 2022 and December 31, 2021, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three months ended March 31, 2022 and 2021, respectively. The Company reversed $1.0 million of accrued interest at March 31, 2022 and none for the same period in 2021. Troubled Debt Restructurings Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis through negotiation with the borrower in connection with the ongoing loan collection processes. Loan modifications are made to provide borrowers payment relief and typically include adjustments such as changes to interest rates, the implementation of interest only periods of less than twelve months, the deferment of short-term payments, and extension of amortization periods. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not under other circumstances. Certain troubled loans are on non-accrual status at the time of debt restructuring. These restructured loans may be returned to accrual status if the borrower has exhibited sustained repayment performance in compliance with the restructuring agreement for a period of at least six months and the Company is reasonably assured of the borrower’s future performance. If the troubled debt restructuring meets these performance criteria, and the interest rate granted at the modification date is equal to or greater than the rate that the Company might grant for a new loan at the same time at comparable risk, then the loan will be reclassified to performing status and the accrual of interest will resume. Loans that return to performing status will continue to be evaluated individually for credit deterioration in the ordinary course of business. The Company renegotiated loans in troubled debt restructurings in the amount of $23.0 million as of March 31, 2022, of which $8.3 million were included in non-accrual loans and $14.7 million were on accrual status. As of March 31, 2022, the Company allocated $0.6 million of its allowance for credit losses to these loans. The Company had no material commitments to lend additional funds to borrowers whose existing loans had been renegotiated or classified as non-accrual. The Company renegotiated loans in troubled debt restructurings in the amount of $6.2 million as of December 31, 2021, of which $3.9 million were included in non-accrual loans and $2.3 million were on accrual status. As of December 31, 2021, the Company allocated $0.1 million of its allowance for credit losses to these loans. The Company had no material commitments to lend additional funds to borrowers whose existing loans had been renegotiated or classified as non-accrual. The Company had $17.2 million of new troubled debt restructurings during the three months ended March 31, 2022, which were primarily attributable to the GWB acquisition. Number of Notes Type of Concession Principal Balance at Restructure Three Months Ended March 31, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 2 $ 3.2 $ 4.2 $ — $ — $ 7.4 Residential real estate 1 — 0.5 — — 0.5 Agricultural real estate 1 — 8.9 — — 8.9 Commercial 1 — — — 0.4 0.4 Total loans restructured during period 5 $ 3.2 $ 13.6 $ — $ 0.4 $ 17.2 (1) Other includes concessions that reduce or defer payments for a specified period of time and/or concessions that do not fit into other designated categories. For troubled debt restructurings that were on non-accrual status or otherwise deemed collateral-dependent before a modification, the Company may record an allowance for credit losses depending on the circumstances. In periods after modification, the Company continues to evaluate all troubled debt restructurings for possible credit deterioration and, where deterioration is observed, recognizes credit loss through the allowance. Additionally, the Company continues to work these loans through the credit cycle through charge-off, pay-off, or foreclosure. Financial effects of modifications of troubled debt restructurings may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to modifying troubled debt restructurings during the three months ended March 31, 2022 or 2021. The Company had no material troubled debt restructurings resulting in payment default during the previous 12 months ended March 31, 2022. The Company considers a payment default to occur on troubled debt restructurings when the loan is 90 days or more past due or the loan is placed on non-accrual status after the modification. The Company modified the terms of certain other loans with a total recorded investment of $94.7 million as of March 31, 2022, where the loan did not meet the definition of a troubled debt restructuring and the borrowers had not been experiencing financial difficulties or there were delays in a payment considered to be insignificant. The Company determines whether a borrower is experiencing financial difficulty by evaluating the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification as required under the Company’s internal underwriting policy. Purchased Credit Deteriorated Loans (PCD) The Company analyzes all acquired loans at the time of acquisition for more-than-insignificant deterioration in credit quality since their origination date. Such loans are classified as PCD, also referred to as PCD loans. Acquired loans classified as PCD are recorded at an initial amortized cost, which is comprised of the purchase price of the loans plus the initial allowance for credit losses for the loans, and any resulting discount or premium related to factors other than credit. The Company accounts for interest income on PCD loans using the interest method, whereby any purchase discounts or premiums are accreted or amortized into interest income as an adjustment of the loan’s yield. The following table reconciles the par value, or initial amortized cost, of PCD loans acquired in the GWB acquisition as of the date of the acquisition with the purchase price (or initial fair value of the loans): Purchase price (initial fair value) $ 606.9 Allowance for credit losses (1) 323.0 Discount attributable to other factors (2) 49.3 Par value (unpaid principal balance) $ 979.2 (1) For acquired PCD loans, an allowance of $323.0 million was required with a corresponding increase to the amortized cost basis as of the acquisition date. For PCD loans where all or a portion of the loan balance had been previously written-off by GWB, or would be subject to write-off under the Company’s charge-off policy, a CECL allowance of $238.7 million, included as part of the grossed-up loan balance at acquisition was immediately written-off. The net impact to the allowance for PCD assets on the acquisition date was $84.3 million. (2) Non-credit discount includes the difference between the amortized cost basis and the unpaid principal balance of $31.2 million established on GWB PCD loans acquired and interest applied to principal of $18.1 million. Credit Quality Indicators As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans based on relevant information about the ability of borrowers to service their debt. The factors considered by the Company include, among other factors, the borrower’s current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually to classify the credit risk of the loans. This analysis generally includes loans with an outstanding balance greater than $1.0 million, which are generally considered non-homogeneous loans, such as commercial loans and commercial real estate loans. This analysis is performed no less than on an annual basis, depending upon the size of exposure and the contractual obligations governing the borrower’s financial reporting frequency. Homogeneous loans, including small business loans, are typically managed by payment performance. The Company internally risk rates its loans in accordance with a Uniform Classification System developed jointly by the various bank regulatory agencies. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators in addition to the 6 Pass ratings in its 10-point rating scale: Special Mention — includes loans that exhibit a potential weakness in financial condition, loan structure, or documentation that warrants management’s close attention. If not promptly corrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard — includes loans that are inadequately protected by the current net worth and paying capacity of the borrower which have well-defined weaknesses that jeopardize the liquidation of the debt. Although the primary source of repayment for a substandard loan may not currently be sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. Doubtful — includes loans that exhibit pronounced weaknesses based on currently existing facts, conditions, and values to a point where collection or liquidation for full repayment is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered pass-rated loans. The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale for the periods indicated: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 182.1 $ 845.0 $ 737.0 $ 517.2 $ 344.9 $ 1,023.6 $ 67.6 $ 3,717.4 Special mention — 33.4 5.9 21.6 34.0 37.1 — 132.0 Substandard 3.7 21.5 25.5 49.8 36.8 27.8 23.8 188.9 Doubtful — 0.3 — — — — — 0.3 Total $ 185.8 $ 900.2 $ 768.4 $ 588.6 $ 415.7 $ 1,088.5 $ 91.4 $ 4,038.6 Commercial real estate owner occupied: Pass $ 189.4 $ 843.8 $ 585.4 $ 336.9 $ 220.4 $ 585.0 $ 54.7 $ 2,815.6 Special mention 0.7 3.2 4.2 8.5 7.9 15.7 0.1 40.3 Substandard 6.8 6.1 4.2 6.3 15.4 22.0 0.2 61.0 Doubtful — — — — 1.8 2.0 — 3.8 Total $ 196.9 $ 853.1 $ 593.8 $ 351.7 $ 245.5 $ 624.7 $ 55.0 $ 2,920.7 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial multi-family: Pass $ 86.2 $ 218.9 $ 194.7 $ 62.2 $ 45.5 $ 141.1 $ 4.7 $ 753.3 Special mention — — — — — 0.1 — 0.1 Substandard — — 37.7 1.2 47.2 0.3 — 86.4 Doubtful — — 6.6 — — — — 6.6 Total $ 86.2 $ 218.9 $ 239.0 $ 63.4 $ 92.7 $ 141.5 $ 4.7 $ 846.4 Land, acquisition and development: Pass $ 25.3 $ 175.2 $ 43.4 $ 28.8 $ 16.2 $ 37.5 $ 13.2 $ 339.6 Special mention — — 0.1 — 0.2 0.4 — 0.7 Substandard — 0.7 0.2 — — 0.4 — 1.3 Doubtful — 3.2 — — — — — 3.2 Total $ 25.3 $ 179.1 $ 43.7 $ 28.8 $ 16.4 $ 38.3 $ 13.2 $ 344.8 Residential construction: Pass $ 29.7 $ 165.4 $ 6.7 $ 10.3 $ 0.8 $ 6.4 $ 185.9 $ 405.2 Substandard — — 0.4 — — 0.4 — 0.8 Total $ 29.7 $ 165.4 $ 7.1 $ 10.3 $ 0.8 $ 6.8 $ 185.9 $ 406.0 Commercial construction: Pass $ 118.2 $ 353.6 $ 201.4 $ 161.6 $ 6.6 $ 0.6 $ 0.4 $ 842.4 Substandard — — — 2.4 — — — 2.4 Total $ 118.2 $ 353.6 $ 201.4 $ 164.0 $ 6.6 $ 0.6 $ 0.4 $ 844.8 Agricultural real estate: Pass $ 44.2 $ 220.5 $ 132.1 $ 76.7 $ 59.7 $ 131.8 $ 56.2 $ 721.2 Special mention — 7.1 2.8 1.2 12.7 7.6 10.0 41.4 Substandard 0.8 18.1 5.4 5.0 20.0 17.8 — 67.1 Doubtful — 0.2 1.2 — — 2.5 — 3.9 Total $ 45.0 $ 245.9 $ 141.5 $ 82.9 $ 92.4 $ 159.7 $ 66.2 $ 833.6 Commercial and floor plans: Pass $ 142.4 $ 582.5 $ 282.5 $ 169.5 $ 162.9 $ 233.4 $ 818.5 $ 2,391.7 Special mention — 4.1 0.6 1.1 1.3 3.0 18.1 28.2 Substandard 9.2 7.6 5.1 2.2 5.4 8.8 16.1 54.4 Doubtful — — — — — 3.3 0.2 3.5 Total $ 151.6 $ 594.2 $ 288.2 $ 172.8 $ 169.6 $ 248.5 $ 852.9 $ 2,477.8 Commercial purpose secured by 1-4 family: Pass $ 48.0 $ 152.9 $ 78.0 $ 37.6 $ 35.5 $ 53.3 $ 15.5 $ 420.8 Special mention — 0.2 0.6 0.6 2.0 0.7 — 4.1 Substandard 0.1 1.3 1.2 0.7 0.5 1.5 0.1 5.4 Total $ 48.1 $ 154.4 $ 79.8 $ 38.9 $ 38.0 $ 55.5 $ 15.6 $ 430.3 Agricultural: Pass $ 25.9 $ 137.5 $ 40.6 $ 15.1 $ 12.3 $ 9.5 $ 396.4 $ 637.3 Special mention 0.4 3.1 0.7 1.2 2.7 0.3 17.9 26.3 Substandard 1.8 25.8 6.8 0.9 4.4 1.1 34.8 75.6 Doubtful — — — — 2.5 0.9 — 3.4 Total $ 28.1 $ 166.4 $ 48.1 $ 17.2 $ 21.9 $ 11.8 $ 449.1 $ 742.6 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 507.9 $ 452.2 $ 237.9 $ 150.4 $ 76.3 $ 409.0 $ 15.3 $ 1,849.0 Special mention 0.2 3.1 2.1 — — 3.6 — 9.0 Substandard 3.9 15.3 2.3 0.7 1.0 12.4 — 35.6 Total $ 512.0 $ 470.6 $ 242.3 $ 151.1 $ 77.3 $ 425.0 $ 15.3 $ 1,893.6 Commercial real estate owner occupied: Pass $ 452.7 $ 314.9 $ 235.0 $ 151.0 $ 94.5 $ 322.5 $ 14.2 $ 1,584.8 Special mention 1.3 3.2 1.5 7.4 3.5 13.8 — 30.7 Substandard 3.8 4.3 4.7 5.4 2.7 20.3 — 41.2 Total $ 457.8 $ 322.4 $ 241.2 $ 163.8 $ 100.7 $ 356.6 $ 14.2 $ 1,656.7 Commercial multi-family: Pass $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Total $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Land, acquisition and development: Pass $ 113.0 $ 41.5 $ 34.2 $ 14.8 $ 19.8 $ 20.8 $ 1.2 $ 245.3 Special mention — 0.1 — — 0.1 0.3 — 0.5 Substandard 0.8 0.2 — 0.6 0.3 0.1 — 2.0 Total $ 113.8 $ 41.8 $ 34.2 $ 15.4 $ 20.2 $ 21.2 $ 1.2 $ 247.8 Residential construction: Pass $ 112.4 $ 7.0 $ 13.7 $ 0.9 $ — $ — $ 127.2 $ 261.2 Substandard — 0.4 — — 0.4 — — 0.8 Total $ 112.4 $ 7.4 $ 13.7 $ 0.9 $ 0.4 $ — $ 127.2 $ 262.0 Commercial construction: Pass $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Total $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Agricultural real estate: Pass $ 58.3 $ 36.9 $ 35.1 $ 22.6 $ 11.8 $ 28.1 $ 4.9 $ 197.7 Special mention 0.1 1.3 1.2 0.1 0.1 0.9 0.9 4.6 Substandard 4.0 0.4 1.0 0.6 1.3 4.3 — 11.6 Total $ 62.4 $ 38.6 $ 37.3 $ 23.3 $ 13.2 $ 33.3 $ 5.8 $ 213.9 Commercial and floor plans: Pass $ 394.2 $ 165.7 $ 94.5 $ 73.5 $ 47.1 $ 91.3 $ 224.7 $ 1,091.0 Special mention 0.8 11.4 0.8 0.8 3.0 2.3 7.0 26.1 Substandard 1.3 2.8 1.6 2.6 0.6 4.1 2.6 15.6 Total $ 396.3 $ 179.9 $ 96.9 $ 76.9 $ 50.7 $ 97.7 $ 234.3 $ 1,132.7 Commercial purpose secured by 1-4 family: Pass $ 94.9 $ 55.0 $ 27.8 $ 23.1 $ 15.3 $ 32.2 $ 14.4 $ 262.7 Special mention — 0.2 0.2 0.5 0.1 0.6 — 1.6 Substandard 1.3 1.2 0.6 0.6 0.2 1.3 0.1 5.3 Total $ 96.2 $ 56.4 $ 28.6 $ 24.2 $ 15.6 $ 34.1 $ 14.5 $ 269.6 Agricultural: Pass $ 35.1 $ 16.2 $ 9.0 $ 5.4 $ 2.1 $ 1.6 $ 108.9 $ 178.3 Special mention 0.2 4.1 0.1 0.4 0.6 0.3 7.0 12.7 Substandard 4.9 0.7 0.6 2.5 — 0.1 2.6 11.4 Total $ 40.2 $ 21.0 $ 9.7 $ 8.3 $ 2.7 $ 2.0 $ 118.5 $ 202.4 The Company evaluates the credit quality, loan performance, and the allowance for credit losses of its residential and consumer loan portfolios based primarily on the aging status of the loan and borrower payment activity. Accordingly, loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans modified under troubled debt restructurings are considered nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 34.5 $ 446.5 $ 581.5 $ 112.5 $ 35.5 $ 260.3 $ 0.9 $ 1,471.7 Nonperforming — — 0.1 0.3 0.3 3.8 — 4.5 Total $ 34.5 $ 446.5 $ 581.6 $ 112.8 $ 35.8 $ 264.1 $ 0.9 $ 1,476.2 Consumer home equity and HELOC: Performing $ 4.6 $ 16.5 $ 10.6 $ 5.8 $ 6.9 $ 19.5 $ 454.8 $ 518.7 Nonperforming — 0.5 0.2 0.2 0.1 1.1 0.5 2.6 Total $ 4.6 $ 17.0 $ 10.8 $ 6.0 $ 7.0 $ 20.6 $ 455.3 $ 521.3 Consumer indirect: Performing $ 78.4 $ 251.6 $ 187.0 $ 94.4 $ 54.9 $ 71.3 $ — $ 737.6 Nonperforming — 0.5 0.5 0.3 0.2 0.5 — 2.0 Total $ 78.4 $ 252.1 $ 187.5 $ 94.7 $ 55.1 $ 71.8 $ — $ 739.6 Consumer direct and advance line: Performing $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 Total $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 360.9 $ 477.0 $ 74.7 $ 27.5 $ 25.7 $ 176.5 $ — $ 1,142.3 Nonperforming — 0.3 — — 0.2 0.8 — 1.3 Total $ 360.9 $ 477.3 $ 74.7 $ 27.5 $ 25.9 $ 177.3 $ — $ 1,143.6 Consumer home equity and HELOC: Performing $ 11.1 $ 7.0 $ 3.7 $ 4.8 $ 3.6 $ 12.0 $ 350.7 $ 392.9 Nonperforming 0.3 — 0.3 — 0.6 0.5 — 1.7 Total $ 11.4 $ 7.0 $ 4.0 $ 4.8 $ 4.2 $ 12.5 $ 350.7 $ 394.6 Consumer indirect: Performing $ 272.6 $ 208.6 $ 108.3 $ 64.0 $ 37.0 $ 45.0 $ — $ 735.5 Nonperforming 0.5 0.5 0.4 0.2 0.1 0.4 — 2.1 Total $ 273.1 $ 209.1 $ 108.7 $ 64.2 $ 37.1 $ 45.4 $ — $ 737.6 Consumer direct and advance line: Performing $ 42.5 $ 27.9 $ 15.0 $ 13.3 $ 5.8 $ 7.6 $ 16.9 $ 129.0 Nonperforming 0.1 — — 0.1 — — — 0.2 Total $ 42.6 $ 27.9 $ 15.0 $ 13.4 $ 5.8 $ 7.6 $ 16.9 $ 129.2 While the Company considers the performance of the loan portfolio on the allowance for credit losses, for certain credit card loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity of the credit card holder. The following table presents the recorded investment in credit card loans based on payment activity for the periods indicated: As of March 31, 2022 Consumer Commercial Agricultural Total Credit Card: Performing $ 73.1 $ 109.5 $ 1.8 $ 184.4 Nonperforming 0.4 0.3 — 0.7 Total credit card $ 73.5 $ 109.8 $ 1.8 $ 185.1 As of December 31, 2021 Consumer Commercial Agricultural Total Credit Card: Performing $ 64.4 $ 73.1 $ 1.5 $ 139.0 Nonperforming 0.5 0.1 — 0.6 Total credit card $ 64.9 $ 73.2 $ 1.5 $ 139.6 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2022 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is a category of real estate owned by the Company as a result of a default by the borrower. Information with respect to the Company’s other real estate owned is reflected in the following table: Three Months Ended March 31, 2022 2021 Beginning balance $ 2.0 $ 2.5 OREO acquired through acquisition 15.8 — Additions — 0.3 Dispositions (0.3) (0.6) Ending balance $ 17.5 $ 2.2 The carrying value of foreclosed residential real estate properties included in other real estate owned was $0.2 million as of March 31, 2022 and $0.2 million as of December 31, 2021. The Company had recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure of $0.4 million and $0.2 million as of March 31, 2022 and December 31, 2021, respectively. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | Capital Stock On March 25, 2022, all outstanding shares of the Company’s Class B common stock automatically converted into shares of the Company’s Class A common stock on a one-for-one basis, pursuant to the terms of the Company’s Third Amended and Restated Articles of Incorporation, as amended (the “Charter”). No additional shares of Class B common stock are permitted to be issued. The conversion occurred automatically pursuant to the Company’s Charter because the number of the Company’s outstanding shares of Class B common stock represented on March 25, 2022, the record date for determining the shareholders of the Company entitled to notice of, and to vote at, the Company’s upcoming 2022 Annual Meeting of Shareholders, was less than twenty percent (20%) of the aggregate number of all of the outstanding shares of Class A common stock and Class B common stock of the Company. The former holders of Class B common stock now hold Class A common stock with the same voting powers, preferences, rights and qualifications, limitations and restrictions as the other holders of Class A common stock. All shares of the Company’s outstanding capital stock are now composed solely of shares of Class A common stock and are entitled to one vote per share. The Company’s Class A common stock will continue to trade on the NASDAQ Stock Market under the ticker symbol “FIBK” The Company had 109,503,010 shares of Class A common stock outstanding as of March 31, 2022. The Company had 41,699,409 shares of Class A common stock and 20,501,047 shares of Class B common stock outstanding as of December 31, 2021. On February 1, 2022, the Company issued 46,879,601 shares of its Class A common stock with an aggregate value of approximately $1.7 billion as consideration for the acquisition of Great Western. During the three months ended March 31, 2022 and 2021, the Company also issued 7,503 shares and 604 shares, respectively, of its Class A common stock to directors for their annual service on the Company's board of directors. The aggregate value of the shares issued to directors is included in employee benefits in the consolidated statement of income and in stock-based compensation expense in the consolidated statements of changes in stockholders' equity. On June 11, 2019, the Company’s board of directors adopted a stock repurchase program pursuant to which the Company may repurchase up to 2.5 million of its outstanding shares of Class A common stock. On September 12, 2020, the Company’s board of directors increased the number of shares of Class A common stock authorized to be repurchased by the Company under the stock repurchase program by an additional 3.0 million shares for a total of 5.5 million shares. There were no shares repurchased under the program during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company repurchased and retired 72,700 shares of our Class A common stock at a total cost of $2.9 million, including costs and commissions, at an average cost of $39.69 per share. The shares of common stock repurchased during the period represented 1.3% of the total 5.5 million shares authorized to be repurchased. As of March 31, 2022, there were 1.9 million shares remaining authorized under the repurchase program. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2022 2021 Net (loss) income $ (33.4) $ 51.4 Weighted average common shares outstanding for basic earnings per share computation 92,855,173 61,591,877 Dilutive effects of stock-based compensation — 122,186 Weighted average common shares outstanding for diluted earnings per common share computation 92,855,173 61,714,063 Basic (loss) earnings per common share $ (0.36) $ 0.83 Diluted (loss) earnings per common share $ (0.36) $ 0.83 Anti-dilutive unvested time restricted stock 55,504 92,602 The Company had 537,374 and 368,793 shares of unvested restricted stock as of March 31, 2022 and 2021, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. As a result of incurring a net loss during the three months ended March 31, 2022, potential common shares of 71,379 were excluded from diluted loss per share because the effect would have been anti-dilutive. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2022 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Capital | Regulatory Capital As of March 31, 2022 and December 31, 2021, the Company exceeded all capital adequacy requirements to which it is subject. Actual capital amounts and ratios for the Company and its subsidiary Bank, as of March 31, 2022 and December 31, 2021 are presented in the following tables: Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 2,930.9 14.27 % $ 1,643.5 8.00 % $ 2,157.1 10.50 % $ 2,054.4 10.00 % FIB 2,787.3 13.61 1,638.3 8.00 2,150.2 10.50 2,047.9 10.00 Tier 1 risk-based capital: Consolidated 2,446.7 11.91 1,232.6 6.00 1,746.2 8.50 1,643.5 8.00 FIB 2,560.7 12.50 1,228.7 6.00 1,740.7 8.50 1,638.3 8.00 Common equity tier 1 risk-based capital: Consolidated 2,446.7 11.91 924.5 4.50 1,438.1 7.00 1,335.3 6.50 FIB 2,560.7 12.50 921.5 4.50 1,433.5 7.00 1,331.1 6.50 Leverage capital ratio: Consolidated 2,446.7 8.96 1,091.7 4.00 1,091.7 4.00 1,364.6 5.00 FIB 2,560.7 9.36 1,093.8 4.00 1,093.8 4.00 1,367.2 5.00 Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,659.3 14.11 % $ 940.9 8.00 % $ 1,235.0 10.50 % $ 1,176.2 10.00 % FIB 1,472.5 12.56 938.0 8.00 1,231.1 10.50 1,172.5 10.00 Tier 1 risk-based capital: Consolidated 1,469.0 12.49 705.7 6.00 999.7 8.50 940.9 8.00 FIB 1,382.2 11.79 703.5 6.00 996.6 8.50 938.0 8.00 Common equity tier 1 risk-based capital: Consolidated 1,384.8 11.77 529.3 4.50 823.3 7.00 764.5 6.50 FIB 1,382.2 11.79 527.6 4.50 820.8 7.00 762.1 6.50 Leverage capital ratio: Consolidated 1,469.0 7.68 765.5 4.00 765.5 4.00 956.9 5.00 FIB 1,382.2 7.24 764.1 4.00 764.1 4.00 955.1 5.00 (1) The ratios to meet the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is involved in various claims and litigation. The Company establishes accruals for legal matters when potential losses associated with the actions become probable and the amount of loss can be reasonably estimated. There is no assurance that the ultimate resolution of these matters will not significantly exceed the amounts that the Company has accrued. Accruals for legal matters are based on management’s best judgment after consultation with counsel and others. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition of all such claims and litigation is not expected to have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company. As of March 31, 2022, the Company had commitments under construction contracts of $6.7 million. Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially all the loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty, or covenant; untimely document delivery; false or misleading statements; failure to obtain certain certificates or insurance; or unmarketability. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days or months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2022 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of amounts recorded in the consolidated balance sheets. Commitments to extend credit are agreements to lend to a client so long as there is no violation of any condition established in the commitment contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as the credit risk involved in extending loan facilities to clients. The Company’s policy for obtaining collateral, and determining the nature of such collateral, is essentially the same as in the Company’s policies for making commitments to extend credit. The estimated fair value of the obligation undertaken by the Company in issuing standby letters of credit is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets. The following table presents our financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments: Three Months Ended March 31, 2022 2021 Beginning balance $ 3.8 $ 3.7 Provision for (reversal of) credit loss expense 2.4 (0.3) Ending balance of allowance for off-balance sheet credit losses $ 6.2 $ 3.4 March 31, 2022 December 31, 2021 Unused credit card lines $ 819.0 $ 681.6 Commitments to extend credit 4,899.4 2,539.8 Standby letter of credit 100.2 57.5 |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income/Loss | Other Comprehensive Loss The gross amounts of each component of other comprehensive loss and the related tax effects are as follows: Pre-tax Tax Expense (Benefit) Net of Tax Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (252.6) $ (66.8) $ (62.7) $ (17.0) $ (189.9) $ (49.8) Reclassification adjustment for net loss included in net income 0.1 — — — 0.1 — Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale 0.2 — 0.1 — 0.1 — Net change in unamortized losses on available-for-sale securities transferred into held-to-maturity (23.0) — (5.7) — (17.3) — Change in net unrealized loss (gain) on derivatives 21.3 (0.1) 5.3 — 16.0 (0.1) Total other comprehensive loss $ (254.0) $ (66.9) $ (63.0) $ (17.0) $ (191.0) $ (49.9) The components of accumulated other comprehensive loss, net of related tax effects, are as follows: March 31, 2022 December 31, 2021 Net unrealized loss on investment securities available-for-sale $ (218.1) $ (29.0) Net unrealized (loss) gain on investment securities transferred to held-to-maturity (2.9) 15.0 Net unrealized gain on derivatives 19.0 3.0 Net accumulated other comprehensive loss $ (202.0) $ (11.0) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2022 and 2021. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2022 and 2021. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale . The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for residential mortgage loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Commercial and agricultural loans held for sale are derived from quotes or bids from third party investors. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. For purposes of potential valuation adjustments to our derivative positions, we evaluate the credit risk of our counterparties as well as ours. Accordingly, we have considered factors such as the likelihood of our default and the default of our counterparties, our net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. The change in value of derivative assets and derivative liabilities attributable to credit risk was not significant during the reported periods. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets and liabilities are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 644.9 $ 644.9 $ — $ — State, county, and municipal securities 292.7 — 292.7 — Obligations of U.S. government agencies 137.9 — 137.9 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 3,645.7 — 3,645.7 — Private mortgage-backed securities 274.8 — 274.8 — Collateralized loan obligations 1,070.9 — 1,070.9 — Corporate securities 216.9 — 216.9 — Loans held for sale 178.1 — 178.1 — Derivative assets: Interest rate swap contracts 25.6 — 25.6 — Forward loan sale contracts 1.3 — 1.3 — Derivative liabilities: Interest rate swap contracts 62.3 — 62.3 — Risk participation agreements 0.4 — 0.4 — Deferred compensation plan assets 19.7 — 19.7 — Deferred compensation plan liabilities 19.7 — 19.7 — Fair Value Measurements at Reporting Date Using As of December 31, 2021 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 684.7 $ 684.7 $ — $ — State, county and municipal securities $ 427.5 $ — 427.5 $ — Obligations of U.S. government agencies 346.9 — 346.9 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,018.1 — 2,018.1 — Private mortgage-backed securities 173.4 — 173.4 — Collateralized loan obligations 899.4 — 899.4 — Corporate securities 270.5 — 270.5 — Loans held for sale 30.1 — 30.1 — Derivative assets: Interest rate swap contracts 26.3 — 26.3 — Interest rate lock commitments 1.8 — 1.8 — Derivative liabilities Interest rate swap contracts 18.2 — 18.2 — Deferred compensation plan assets 21.4 — 21.4 — Deferred compensation plan liabilities 21.4 — 21.4 — Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to credit deterioration. The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 101.1 $ — $ — $ 101.1 Other real estate owned 17.5 — — 17.5 Long-lived assets to be disposed of by sale 1.5 — — 1.5 Fair Value Measurements at Reporting Date Using As of December 31, 2021 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 11.7 $ — $ — $ 11.7 Other real estate owned 2.0 — — 2.0 Long-lived assets to be disposed of by sale 1.3 — — 1.3 Collateral-dependent Loans. Collateral-dependent loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The collateral-dependent loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of a collateral-dependent loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for credit losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of March 31, 2022 and December 31, 2021, the Company had collateral-dependent loans with a carrying and fair value of $101.1 million and $11.7 million, respectively. OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset’s fair value at foreclosure are reported through charges to the allowance for credit losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. The Company had no material write downs on OREO properties during the three months ended March 31, 2022 and 2021, respectively. Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. As of March 31, 2022, the Company had long-lived assets to be disposed of by sale with carrying and fair values aggregating $1.5 million, with no write-downs charged to other expense. As of December 31, 2021, the Company had long-lived assets to be disposed of by sale with carrying and fair values aggregating $1.3 million, with no write-downs charged to other expense. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values: Fair Value As of March 31, 2022 December 31, 2021 Valuation Unobservable Range Collateral dependent loans $ 101.1 $ 11.7 Appraisal Appraisal adjustment 1% - 18% (7%) Other real estate owned 17.5 2.0 Appraisal Appraisal adjustment 0% - 0% 0% Long-lived assets to be disposed of by sale 1.5 1.3 Appraisal Appraisal adjustment 0% - 0% 0% The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value. Financial Assets. Carrying values of cash, cash equivalents, and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality using an exit price notion. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments. Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements, and accrued interest payable are the amounts that are payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates that are currently offered for deposits that have similar remaining maturities. The fair values of derivative liabilities are obtained from an independent pricing service, which considers observable data that may include the three-month LIBOR forward curve, the federal funds effective swap rate and cash flows, among other things. The carrying values of the interest-bearing demand notes to the United States Treasury are deemed an approximation of fair values due to the frequent repayment and repricing at market rates. The fixed and floating rate subordinated debentures, floating rate subordinated term loan, notes payable to the FHLB, fixed rate subordinated term debt, and capital lease obligation are estimated by discounting future cash flows using current rates for advances that have similar characteristics. Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant. The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 3,811.3 $ 3,811.3 $ 3,811.3 $ — $ — Securities purchased under agreement to resell 102.0 102.0 — 102.0 — Investment debt securities available-for-sale 6,283.8 6,283.8 644.9 5,638.9 — Investment debt securities held-to-maturity 3,218.7 3,029.1 296.2 2,732.9 — Accrued interest receivable 81.1 81.1 — 81.1 — Mortgage servicing rights, net 32.7 35.8 — 35.8 — Loans held for sale 178.1 178.1 — 178.1 — Net loans held for investment 16,697.8 16,676.6 — 16,575.5 101.1 Derivative assets 26.9 26.9 — 26.9 — Deferred compensation plan assets 19.7 19.7 — 19.7 — Total financial assets $ 30,452.1 $ 30,244.4 $ 4,752.4 $ 25,390.9 $ 101.1 Financial liabilities: Total deposits, excluding time deposits $ 26,489.9 $ 26,489.9 $ 26,489.9 $ — $ — Time deposits 1,598.4 1,579.8 — 1,579.8 — Securities sold under repurchase agreements 1,071.0 1,071.0 — 1,071.0 — Accrued interest payable 6.0 6.0 — 6.0 — Long-term debt 120.4 122.8 — 122.8 — Subordinated debentures held by subsidiary trusts 163.1 162.3 — 162.3 — Derivative liabilities 62.7 62.7 — 62.7 — Deferred compensation plan liabilities 19.7 19.7 — 19.7 — Total financial liabilities $ 29,531.2 $ 29,514.2 $ 26,489.9 $ 3,024.3 $ — Fair Value Measurements at Reporting Date Using As of December 31, 2021 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 2,344.8 $ 2,344.8 $ 2,344.8 $ — $ — Investment debt securities available-for-sale 4,820.5 4,820.5 684.7 4,135.8 — Investment debt securities held-to-maturity 1,687.6 1,667.5 — 1,667.5 — Accrued interest receivable 47.4 47.4 — 47.4 — Mortgage servicing rights, net 28.2 28.2 — 28.2 — Loans held for sale 30.1 30.1 — 30.1 — Net loans held for investment 9,209.4 9,254.3 — 9,242.6 11.7 Derivative assets 28.1 28.1 — 28.1 — Deferred compensation plan assets 21.4 21.4 — 21.4 — Total financial assets $ 18,217.5 $ 18,242.3 $ 3,029.5 $ 15,201.1 $ 11.7 Financial liabilities: Total deposits, excluding time deposits $ 15,303.1 $ 15,303.1 $ 15,303.1 $ — $ — Time deposits 966.5 963.1 — 963.1 — Securities sold under repurchase agreements 1,051.1 1,051.1 — 1,051.1 — Accrued interest payable 3.7 3.7 — 3.7 — Long-term debt 112.4 120.7 — 120.7 — Subordinated debentures held by subsidiary trusts 87.0 85.5 — 85.5 — Derivative liabilities 18.2 18.2 — 18.2 — Deferred compensation plan liabilities 21.4 21.4 — 21.4 — Total financial liabilities $ 17,563.4 $ 17,566.8 $ 15,303.1 $ 2,263.7 $ — |
Recent Authoritative Accounting
Recent Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events have been evaluated for potential recognition and disclosure through the date the Company’s financial statements were filed with the SEC. On April 27, 2022, the Company declared a quarterly dividend to common shareholders of $0.41 per share, to be paid on May 20, 2022 to shareholders of record as of May 10, 2022. No other undisclosed events requiring recognition or disclosure were identified. |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale | Loans Held for Sale The following table presents loans held for sale by segment for the dates indicated: March 31, December 31, Loans Held for Sale: Agricultural $ 132.1 $ — Commercial 23.4 — Residential real estate 22.6 30.1 Total loans held for sale $ 178.1 $ 30.1 Residential real estate loans that the Company originated with the intent to sell are recorded at fair value. Conforming agency mortgage production is sold on a servicing retained basis. Certain loans, such as government guaranteed mortgage loans, are sold on a servicing released basis. The fair value of loans held for sale are primarily determined based on quoted prices for similar loans in active markets or outstanding commitments from third-party investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to non-interest income in the consolidated statements from operations. Net gains and losses on loan sales are recorded as a component of non-interest income. As of March 31, 2022, loans held for sale included nonaccrual loans of $32.7 million, all of which were agricultural loans. There were no loans held for sale that were considered a troubled debt restructuring as of March 31, 2022. On February 1, 2022, in conjunction with the acquisition of GWB, agricultural loans with a carrying value of $155.8 million and commercial loans with a carrying value of $24.0 million were reclassified as loans held for sale from loans held for investment due to management’s intent and decision to sell the loans. During the period ended March 31, 2022, agricultural loans with a carrying value of $19.8 million were reclassified from loans held for sale to loans held for investment due to management’s change in intent and decision not to sell the loans. On the date of transfer, the amortized cost exceeded the fair value of the loans due to credit deterioration. The Company recorded a charge-off of $5.1 million to the allowance for credit losses, which established a new aggregate cost basis for the loans of $14.7 million on the date of transfer. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2022 and 2021. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2022 and 2021. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale . The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for residential mortgage loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Commercial and agricultural loans held for sale are derived from quotes or bids from third party investors. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. For purposes of potential valuation adjustments to our derivative positions, we evaluate the credit risk of our counterparties as well as ours. Accordingly, we have considered factors such as the likelihood of our default and the default of our counterparties, our net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. The change in value of derivative assets and derivative liabilities attributable to credit risk was not significant during the reported periods. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized as follows: March 31, 2022 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 698.2 $ — $ (53.3) $ 644.9 State, county, and municipal securities 320.3 0.2 (27.8) 292.7 Obligations of U.S. government agencies 144.6 — (6.7) 137.9 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,816.4 1.1 (171.8) 3,645.7 Private mortgage-backed securities 288.4 — (13.6) 274.8 Collateralized loan obligations 1,075.4 — (4.5) 1,070.9 Corporate securities 231.8 0.5 (15.4) 216.9 Total $ 6,575.1 $ 1.8 $ (293.1) $ 6,283.8 March 31, 2022 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: U.S. Treasury notes $ 296.2 $ — $ 296.2 $ — $ — $ 296.2 State, county, and municipal securities 197.3 (0.1) 197.2 0.8 (21.4) 176.6 Obligations of U.S. government agencies 340.8 — 340.8 — (32.3) 308.5 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 2,302.0 — 2,302.0 18.2 (152.4) 2,167.8 Corporate securities 84.0 (1.5) 82.5 0.2 (2.7) 80.0 Total $ 3,220.3 $ (1.6) $ 3,218.7 $ 19.2 $ (208.8) $ 3,029.1 (1) Amortized cost presented above include $21.8 million of unamortized losses and $17.9 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity. December 31, 2021 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 697.6 $ — $ (12.9) $ 684.7 State, county, and municipal securities 434.7 2.1 (9.3) 427.5 Obligations of U.S. government agencies 356.0 0.1 (9.2) 346.9 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 2,027.3 14.1 (23.3) 2,018.1 Private mortgage-backed securities 174.4 0.1 (1.1) 173.4 Collateralized loan obligation 898.2 1.2 — 899.4 Corporate securities 271.1 3.0 (3.6) 270.5 Total $ 4,859.3 $ 20.6 $ (59.4) $ 4,820.5 December 31, 2021 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: State, county, and municipal securities $ 67.6 $ — $ 67.6 $ 2.0 $ (0.4) $ 69.2 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 1,609.0 — 1,609.0 13.2 (35.3) 1,586.9 Corporate securities 11.0 — 11.0 0.4 — 11.4 Total $ 1,687.6 $ — $ 1,687.6 $ 15.6 $ (35.7) $ 1,667.5 (1) Amortized cost presented above include $20.1 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity. |
Gross Unrealized Losses and Fair Values of Investment Securities | The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in an unrealized loss position as of March 31, 2022 and December 31, 2021. Less than 12 Months 12 Months or More Total March 31, 2022 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 644.9 $ (53.3) $ — $ — $ 644.9 $ (53.3) State, county, and municipal securities 223.6 (22.7) 29.6 (5.1) 253.2 (27.8) Obligations of U.S. government agencies 101.5 (5.4) 15.4 (1.3) 116.9 (6.7) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,238.5 (163.4) 84.9 (8.4) 3,323.4 (171.8) Private mortgage-backed securities 274.8 (13.6) — — 274.8 (13.6) Collateralized loan obligations 1,020.9 (4.5) — — 1,020.9 (4.5) Corporate securities 146.7 (13.5) 19.3 (1.9) 166.0 (15.4) Total $ 5,650.9 $ (276.4) $ 149.2 $ (16.7) $ 5,800.1 $ (293.1) Less than 12 Months 12 Months or More Total December 31, 2021 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 684.7 $ (12.9) $ — $ — $ 684.7 $ (12.9) State, county, and municipal securities 278.7 (9.1) 5.0 (0.2) 283.7 (9.3) Obligations of U.S. government agencies 297.0 (8.9) 16.4 (0.3) 313.4 (9.2) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 1,262.8 (23.0) 26.4 (0.3) 1,289.2 (23.3) Private mortgage-backed securities 127.2 (1.1) — — 127.2 (1.1) Corporate securities 109.9 (3.3) 20.9 (0.3) 130.8 (3.6) Total $ 2,760.3 $ (58.3) $ 68.7 $ (1.1) $ 2,829.0 $ (59.4) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses related to held-to-maturity securities classified as corporate and state, county, and municipal securities: Three Months Ended March 31, 2022 2021 Beginning balance $ — $ — Provision for credit loss expense 1.6 — Ending balance of allowance for credit losses $ 1.6 $ — |
Maturities of Investment Securities | , the Company had variable rate mortgage-backed and corporate securities which had an amortized cost of $253.0 million and were classified as available-for-sale as of March 31, 2022. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates. Available-for-Sale Held-to-Maturity March 31, 2022 Amortized Estimated Amortized Estimated Within one year $ 926.6 $ 886.6 $ 377.1 $ 355.3 After one year but within five years 2,724.4 2,592.0 1,334.1 1,274.0 After five years but within ten years 1,139.8 1,074.3 1,026.2 956.0 After ten years 1,784.3 1,730.9 482.9 443.8 Total $ 6,575.1 $ 6,283.8 $ 3,220.3 $ 3,029.1 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the credit quality indicators of held-to-maturity securities at amortized cost for the periods indicated: March 31, 2022 AAA AA A BBB Not Rated Total U.S. Treasury notes $ 296.2 $ — $ — $ — $ — $ 296.2 State, county, and municipal securities 72.6 102.7 13.7 — 8.3 197.3 Obligations of U.S. government agencies 340.8 — — — — 340.8 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 1,958.2 — — — — 1,958.2 GNMA 343.8 — — — — 343.8 Corporate securities — — 4.0 75.0 5.0 84.0 Total $ 3,011.6 $ 102.7 $ 17.7 $ 75.0 $ 13.3 $ 3,220.3 December 31, 2021 AAA AA A BBB Not Rated Total State, county, and municipal securities $ 17.2 $ 31.6 $ 14.7 $ — $ 4.1 $ 67.6 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 1,439.1 — — — — 1,439.1 GNMA 169.9 — — — — 169.9 Corporate securities — — 4.0 7.0 — 11.0 Total $ 1,626.2 $ 31.6 $ 18.7 $ 7.0 $ 4.1 $ 1,687.6 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides the provisional purchase price allocation as of the acquisition date and the Great Western assets acquired and liabilities assumed at their estimated fair value as of the acquisition date. We recorded the estimate of fair value based on initial valuations available at the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. The purchase price allocation resulted in provisional goodwill of $516.0 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of Great Western and the Company. Due to the recent closing of the transaction, all amounts reported are provisional pending the review of valuations obtained from third parties. As of February 1, 2022 Assets acquired: Cash and cash equivalents $ 2,006.9 Investment securities 2,699.0 Securities purchased under agreement to resell 101.1 Loans held for sale 181.9 Loans held for investment 7,713.4 Allowance for credit losses (84.3) Premises and equipment, including right of use lease assets 144.1 Other real estate owned (“OREO”) 15.8 Company owned life insurance 186.6 Core deposit intangibles 49.1 Customer relationship intangible 22.8 Mortgage servicing rights 1.3 Deferred tax assets, net 76.1 Other assets 198.0 Total assets acquired 13,311.8 Liabilities assumed: Deposits 11,688.0 Securities sold under repurchase agreements 74.0 Accrued expenses and other liabilities 107.1 FHLB advances 122.9 Subordinated debt 36.4 Subordinated debentures held by subsidiary trusts 76.1 Total liabilities assumed 12,104.5 Net assets acquired $ 1,207.3 Consideration paid: Class A common stock 1,723.3 Total consideration paid (1) $ 1,723.3 Goodwill $ 516.0 (1) Includes $13 thousand of cash paid in lieu of fractional shares. |
Schedule of Pro Forma Financial Information | The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three month periods ended March 31, 2022 and 2021 as if GWB had been acquired on January 1, 2021. This unaudited pro forma information combines the historical results of GWB with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred at the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented, and the differences could be significant. Three Months Ended March 31, 2022 2021 Total revenues $ 268.9 $ 321.6 Net income (loss) $ 76.4 $ (78.2) Earnings (loss) per common share (Basic) $ 0.70 $ (0.72) Earnings (loss) per common share (Diluted) $ 0.70 $ (0.72) |
Financing Receivable, Purchased | The non-credit discount or premium, after the adjustment for the allowance for credit losses, is accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Information regarding loans acquired at the acquisition date is as follows: (In millions) PCD loans: Unpaid principal balance $ 979.2 Principal amounts previously written off by GWB (238.7) Interest applied to principal by GWB (18.1) Adjusted unpaid principal balance 722.4 Credit discount (90.9) Discount attributable to other factors (24.6) Fair value 606.9 Allowance for credit losses 84.3 Amortized cost basis 691.2 Non-PCD loans: Unpaid principal balance 7,107.9 Credit discount (1) (76.5) Non-credit discount (9.2) Fair value 7,022.2 Amortized cost basis $ 7,713.4 (1) Represents the best estimate of the contractual cash flows not expected to be collected as of the acquisition date. |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table details changes in the recorded amount of goodwill as of the dates indicated: March 31, December 31, Net carrying value at beginning of the period $ 621.6 $ 621.6 Provisional additions to goodwill from acquisition 516.0 — Net carrying value at end of period $ 1,137.6 $ 621.6 |
Schedule of Intangibles | Other intangible assets are comprised of core deposit intangibles (“CDI”) and other customer relationship intangibles (“OCRI”) and amounted to the following at March 31, 2022 and December 31, 2021: CDI OCRI Total March 31, 2022 Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Provisional amounts established through acquisition 49.1 22.8 71.9 Accumulated amortization (68.0) (0.3) (68.3) Net other intangible assets, end of period $ 87.1 $ 22.5 $ 109.6 December 31, 2021 Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Accumulated amortization (64.7) — (64.7) Net other intangible assets, end of period $ 41.3 $ — $ 41.3 |
Schedule of Future Amortization Expense | The following table provides the estimated aggregate future amortization expense of other intangible assets: Years Ending December 31, CDI OCRI Total 2022 remaining $ 10.9 $ 1.4 $ 12.3 2023 13.7 1.9 15.6 2024 12.7 1.9 14.6 2025 11.8 1.9 13.7 2026 11.0 1.9 12.9 Thereafter 27.0 13.5 40.5 Total $ 87.1 $ 22.5 $ 109.6 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans by Class | The following table presents loans by segment as of the dates indicated: March 31, December 31, Real estate loans: Commercial $ 7,805.7 $ 3,971.5 Construction loans: Land acquisition & development 344.8 247.8 Residential 406.0 262.0 Commercial 844.8 498.0 Total construction loans 1,595.6 1,007.8 Residential 1,997.5 1,538.2 Agricultural 833.6 213.9 Total real estate loans 12,232.4 6,731.4 Consumer loans: Indirect 739.6 737.6 Direct and advance lines 142.5 129.2 Credit card 73.5 64.9 Total consumer loans 955.6 931.7 Commercial 3,017.9 1,475.5 Agricultural 744.3 203.9 Other, including overdrafts 4.6 1.5 Loans held for investment 16,954.8 9,344.0 Deferred loan fees and costs (9.8) (12.3) Loans held for investment, net of deferred fees and costs 16,945.0 9,331.7 Allowance for credit losses (247.2) (122.3) Net loans held for investment $ 16,697.8 $ 9,209.4 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment: Three Months Ended March 31, 2022 Beginning Balance Initial ACL Recorded for PCD loans Provision for (reversal of) Credit Losses (2) Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 17.3 $ 24.1 $ 6.7 $ (2.9) $ — $ 45.2 Owner occupied 13.3 9.5 4.6 (2.2) — 25.2 Multi-family 13.3 29.9 11.4 — — 54.6 Total commercial real estate 43.9 63.5 22.7 (5.1) — 125.0 Construction: Land acquisition & development 0.5 3.4 (0.8) (2.7) 0.1 0.5 Residential construction 2.4 — 0.9 — — 3.3 Commercial construction 6.0 0.2 4.0 — — 10.2 Total construction 8.9 3.6 4.1 (2.7) 0.1 14.0 Residential real estate: Residential 1-4 family 13.4 0.1 5.2 (0.1) 0.1 18.7 Home equity and HELOC 1.2 — 0.1 — 0.1 1.4 Total residential real estate 14.6 0.1 5.3 (0.1) 0.2 20.1 Agricultural real estate 1.9 2.3 6.4 (5.2) — 5.4 Total real estate 69.3 69.5 38.5 (13.1) 0.3 164.5 Consumer: Indirect 14.3 — (0.3) (0.9) 0.4 13.5 Direct and advance lines 4.6 — (0.1) (0.8) 0.9 4.6 Credit card 2.2 — 0.6 (0.6) 0.1 2.3 Total consumer 21.1 — 0.2 (2.3) 1.4 20.4 Commercial: Commercial and floor plans 27.1 11.2 18.4 (4.2) 0.4 52.9 Commercial purpose secured by 1-4 family 4.4 0.2 0.4 — — 5.0 Credit card 0.1 — 0.3 (0.1) — 0.3 Total commercial 31.6 11.4 19.1 (4.3) 0.4 58.2 Agricultural: Agricultural 0.3 3.4 (0.5) (0.2) 1.1 4.1 Total agricultural 0.3 3.4 (0.5) (0.2) 1.1 4.1 Total allowance for credit losses $ 122.3 $ 84.3 $ 57.3 $ (19.9) $ 3.2 $ 247.2 (1) Amounts presented exclude the allowance for credit losses related to unfunded commitments. These amounts are included in Note “Financial Instruments with Off-Balance Sheet Risk” and the allowance for credit losses related to investment securities which are included in Note “Investment Securities” included in this report. (2) Amounts include $68.3 million related to the acquired GWB non-PCD loans. Three Months Ended March 31, 2021 Beginning Balance Provision for (reversal of) Credit Losses Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 25.5 $ (2.5) $ — $ — $ 23.0 Owner occupied 18.3 (0.8) (0.1) — 17.4 Multi-family 11.0 0.8 — — 11.8 Total commercial real estate 54.8 (2.5) (0.1) — 52.2 Construction: Land acquisition & development 1.3 (0.2) — 0.1 1.2 Residential construction 1.6 (0.2) — — 1.4 Commercial construction 7.3 (0.2) — 0.1 7.2 Total construction 10.2 (0.6) — 0.2 9.8 Residential real estate: Residential 1-4 family 11.4 0.1 — — 11.5 Home equity and HELOC 1.4 — (0.1) 0.1 1.4 Total residential real estate 12.8 0.1 (0.1) 0.1 12.9 Agricultural real estate 2.7 0.1 — — 2.8 Total real estate 80.5 (2.9) (0.2) 0.3 77.7 Consumer: Indirect 16.7 — (1.3) 0.6 16.0 Direct and advance lines 4.6 0.7 (0.8) 0.3 4.8 Credit card 2.6 (0.7) (0.6) 0.2 1.5 Total consumer 23.9 — (2.7) 1.1 22.3 Commercial: Commercial and floor plans 34.2 (1.8) (1.8) 0.4 31.0 Commercial purpose secured by 1-4 family 4.7 (0.2) — 0.2 4.7 Credit card 0.3 0.2 (0.2) — 0.3 Total commercial 39.2 (1.8) (2.0) 0.6 36.0 Agricultural: Agricultural 0.7 (0.1) — — 0.6 Total agricultural 0.7 (0.1) — — 0.6 Total allowance for credit losses $ 144.3 $ (4.8) $ (4.9) $ 2.0 $ 136.6 (1) Amounts presented exclude the allowance for credit losses related to unfunded commitments. These amounts are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. |
Schedule of Recorded Investment in Impaired Loans | The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated: Collateral Type As of March 31, 2022 Business Assets Real Property Other Total Real estate $ 0.2 $ 67.5 $ — $ 67.7 Commercial 4.8 4.6 — 9.4 Agricultural — 24.0 — 24.0 Total collateral-dependent $ 5.0 $ 96.1 $ — $ 101.1 |
Schedule of Recorded Investment in Past Due Loans by Class | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated. Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of March 31, 2022 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 7.2 $ 2.2 $ 0.3 $ 9.7 $ 7,758.6 $ 37.4 $ 7,805.7 Construction: Land acquisition & development 2.6 0.1 — 2.7 338.2 3.9 344.8 Residential 2.6 — — 2.6 403.4 — 406.0 Commercial 0.4 — — 0.4 844.4 — 844.8 Total construction loans 5.6 0.1 — 5.7 1,586.0 3.9 1,595.6 Residential 4.4 1.6 0.1 6.1 1,984.3 7.1 1,997.5 Agricultural 0.1 3.9 0.4 4.4 790.8 38.4 833.6 Total real estate loans 17.3 7.8 0.8 25.9 12,119.7 86.8 12,232.4 Consumer: Indirect consumer 5.2 0.9 0.2 6.3 731.5 1.8 739.6 Other consumer 0.5 0.3 — 0.8 141.6 0.1 142.5 Credit card 0.3 0.2 0.4 0.9 72.6 — 73.5 Total consumer loans 6.0 1.4 0.6 8.0 945.7 1.9 955.6 Commercial 2.0 3.8 1.3 7.1 2,995.6 15.2 3,017.9 Agricultural 11.4 4.7 — 16.1 713.2 15.0 744.3 Other, including overdrafts — — — — 4.6 — 4.6 Loans held for investment $ 36.7 $ 17.7 $ 2.7 $ 57.1 $ 16,778.8 $ 118.9 $ 16,954.8 Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of December 31, 2021 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 1.1 $ 1.0 $ 0.6 $ 2.7 $ 3,960.8 $ 8.0 $ 3,971.5 Construction: Land acquisition & development 0.2 — — 0.2 246.9 0.7 247.8 Residential 4.2 — — 4.2 257.8 — 262.0 Commercial — — — — 498.0 — 498.0 Total construction loans 4.4 — — 4.4 1,002.7 0.7 1,007.8 Residential 3.0 0.8 0.1 3.9 1,531.4 2.9 1,538.2 Agricultural 1.9 0.2 — 2.1 206.9 4.9 213.9 Total real estate loans 10.4 2.0 0.7 13.1 6,701.8 16.5 6,731.4 Consumer: Indirect consumer 5.1 1.4 0.4 6.9 729.0 1.7 737.6 Other consumer 0.5 0.2 0.1 0.8 128.3 0.1 129.2 Credit card 0.6 0.2 0.5 1.3 63.6 — 64.9 Total consumer loans 6.2 1.8 1.0 9.0 920.9 1.8 931.7 Commercial 4.9 0.7 1.1 6.7 1,463.8 5.0 1,475.5 Agricultural 0.7 — — 0.7 201.6 1.6 203.9 Other, including overdrafts — — — — 1.5 — 1.5 Loans held for investment $ 22.2 $ 4.5 $ 2.8 $ 29.5 $ 9,289.6 $ 24.9 $ 9,344.0 (1) As of March 31, 2022 and December 31, 2021, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three months ended March 31, 2022 and 2021, respectively. The Company reversed $1.0 million of accrued interest at March 31, 2022 and none for the same period in 2021. |
Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale for the periods indicated: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 182.1 $ 845.0 $ 737.0 $ 517.2 $ 344.9 $ 1,023.6 $ 67.6 $ 3,717.4 Special mention — 33.4 5.9 21.6 34.0 37.1 — 132.0 Substandard 3.7 21.5 25.5 49.8 36.8 27.8 23.8 188.9 Doubtful — 0.3 — — — — — 0.3 Total $ 185.8 $ 900.2 $ 768.4 $ 588.6 $ 415.7 $ 1,088.5 $ 91.4 $ 4,038.6 Commercial real estate owner occupied: Pass $ 189.4 $ 843.8 $ 585.4 $ 336.9 $ 220.4 $ 585.0 $ 54.7 $ 2,815.6 Special mention 0.7 3.2 4.2 8.5 7.9 15.7 0.1 40.3 Substandard 6.8 6.1 4.2 6.3 15.4 22.0 0.2 61.0 Doubtful — — — — 1.8 2.0 — 3.8 Total $ 196.9 $ 853.1 $ 593.8 $ 351.7 $ 245.5 $ 624.7 $ 55.0 $ 2,920.7 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial multi-family: Pass $ 86.2 $ 218.9 $ 194.7 $ 62.2 $ 45.5 $ 141.1 $ 4.7 $ 753.3 Special mention — — — — — 0.1 — 0.1 Substandard — — 37.7 1.2 47.2 0.3 — 86.4 Doubtful — — 6.6 — — — — 6.6 Total $ 86.2 $ 218.9 $ 239.0 $ 63.4 $ 92.7 $ 141.5 $ 4.7 $ 846.4 Land, acquisition and development: Pass $ 25.3 $ 175.2 $ 43.4 $ 28.8 $ 16.2 $ 37.5 $ 13.2 $ 339.6 Special mention — — 0.1 — 0.2 0.4 — 0.7 Substandard — 0.7 0.2 — — 0.4 — 1.3 Doubtful — 3.2 — — — — — 3.2 Total $ 25.3 $ 179.1 $ 43.7 $ 28.8 $ 16.4 $ 38.3 $ 13.2 $ 344.8 Residential construction: Pass $ 29.7 $ 165.4 $ 6.7 $ 10.3 $ 0.8 $ 6.4 $ 185.9 $ 405.2 Substandard — — 0.4 — — 0.4 — 0.8 Total $ 29.7 $ 165.4 $ 7.1 $ 10.3 $ 0.8 $ 6.8 $ 185.9 $ 406.0 Commercial construction: Pass $ 118.2 $ 353.6 $ 201.4 $ 161.6 $ 6.6 $ 0.6 $ 0.4 $ 842.4 Substandard — — — 2.4 — — — 2.4 Total $ 118.2 $ 353.6 $ 201.4 $ 164.0 $ 6.6 $ 0.6 $ 0.4 $ 844.8 Agricultural real estate: Pass $ 44.2 $ 220.5 $ 132.1 $ 76.7 $ 59.7 $ 131.8 $ 56.2 $ 721.2 Special mention — 7.1 2.8 1.2 12.7 7.6 10.0 41.4 Substandard 0.8 18.1 5.4 5.0 20.0 17.8 — 67.1 Doubtful — 0.2 1.2 — — 2.5 — 3.9 Total $ 45.0 $ 245.9 $ 141.5 $ 82.9 $ 92.4 $ 159.7 $ 66.2 $ 833.6 Commercial and floor plans: Pass $ 142.4 $ 582.5 $ 282.5 $ 169.5 $ 162.9 $ 233.4 $ 818.5 $ 2,391.7 Special mention — 4.1 0.6 1.1 1.3 3.0 18.1 28.2 Substandard 9.2 7.6 5.1 2.2 5.4 8.8 16.1 54.4 Doubtful — — — — — 3.3 0.2 3.5 Total $ 151.6 $ 594.2 $ 288.2 $ 172.8 $ 169.6 $ 248.5 $ 852.9 $ 2,477.8 Commercial purpose secured by 1-4 family: Pass $ 48.0 $ 152.9 $ 78.0 $ 37.6 $ 35.5 $ 53.3 $ 15.5 $ 420.8 Special mention — 0.2 0.6 0.6 2.0 0.7 — 4.1 Substandard 0.1 1.3 1.2 0.7 0.5 1.5 0.1 5.4 Total $ 48.1 $ 154.4 $ 79.8 $ 38.9 $ 38.0 $ 55.5 $ 15.6 $ 430.3 Agricultural: Pass $ 25.9 $ 137.5 $ 40.6 $ 15.1 $ 12.3 $ 9.5 $ 396.4 $ 637.3 Special mention 0.4 3.1 0.7 1.2 2.7 0.3 17.9 26.3 Substandard 1.8 25.8 6.8 0.9 4.4 1.1 34.8 75.6 Doubtful — — — — 2.5 0.9 — 3.4 Total $ 28.1 $ 166.4 $ 48.1 $ 17.2 $ 21.9 $ 11.8 $ 449.1 $ 742.6 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 507.9 $ 452.2 $ 237.9 $ 150.4 $ 76.3 $ 409.0 $ 15.3 $ 1,849.0 Special mention 0.2 3.1 2.1 — — 3.6 — 9.0 Substandard 3.9 15.3 2.3 0.7 1.0 12.4 — 35.6 Total $ 512.0 $ 470.6 $ 242.3 $ 151.1 $ 77.3 $ 425.0 $ 15.3 $ 1,893.6 Commercial real estate owner occupied: Pass $ 452.7 $ 314.9 $ 235.0 $ 151.0 $ 94.5 $ 322.5 $ 14.2 $ 1,584.8 Special mention 1.3 3.2 1.5 7.4 3.5 13.8 — 30.7 Substandard 3.8 4.3 4.7 5.4 2.7 20.3 — 41.2 Total $ 457.8 $ 322.4 $ 241.2 $ 163.8 $ 100.7 $ 356.6 $ 14.2 $ 1,656.7 Commercial multi-family: Pass $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Total $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Land, acquisition and development: Pass $ 113.0 $ 41.5 $ 34.2 $ 14.8 $ 19.8 $ 20.8 $ 1.2 $ 245.3 Special mention — 0.1 — — 0.1 0.3 — 0.5 Substandard 0.8 0.2 — 0.6 0.3 0.1 — 2.0 Total $ 113.8 $ 41.8 $ 34.2 $ 15.4 $ 20.2 $ 21.2 $ 1.2 $ 247.8 Residential construction: Pass $ 112.4 $ 7.0 $ 13.7 $ 0.9 $ — $ — $ 127.2 $ 261.2 Substandard — 0.4 — — 0.4 — — 0.8 Total $ 112.4 $ 7.4 $ 13.7 $ 0.9 $ 0.4 $ — $ 127.2 $ 262.0 Commercial construction: Pass $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Total $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Agricultural real estate: Pass $ 58.3 $ 36.9 $ 35.1 $ 22.6 $ 11.8 $ 28.1 $ 4.9 $ 197.7 Special mention 0.1 1.3 1.2 0.1 0.1 0.9 0.9 4.6 Substandard 4.0 0.4 1.0 0.6 1.3 4.3 — 11.6 Total $ 62.4 $ 38.6 $ 37.3 $ 23.3 $ 13.2 $ 33.3 $ 5.8 $ 213.9 Commercial and floor plans: Pass $ 394.2 $ 165.7 $ 94.5 $ 73.5 $ 47.1 $ 91.3 $ 224.7 $ 1,091.0 Special mention 0.8 11.4 0.8 0.8 3.0 2.3 7.0 26.1 Substandard 1.3 2.8 1.6 2.6 0.6 4.1 2.6 15.6 Total $ 396.3 $ 179.9 $ 96.9 $ 76.9 $ 50.7 $ 97.7 $ 234.3 $ 1,132.7 Commercial purpose secured by 1-4 family: Pass $ 94.9 $ 55.0 $ 27.8 $ 23.1 $ 15.3 $ 32.2 $ 14.4 $ 262.7 Special mention — 0.2 0.2 0.5 0.1 0.6 — 1.6 Substandard 1.3 1.2 0.6 0.6 0.2 1.3 0.1 5.3 Total $ 96.2 $ 56.4 $ 28.6 $ 24.2 $ 15.6 $ 34.1 $ 14.5 $ 269.6 Agricultural: Pass $ 35.1 $ 16.2 $ 9.0 $ 5.4 $ 2.1 $ 1.6 $ 108.9 $ 178.3 Special mention 0.2 4.1 0.1 0.4 0.6 0.3 7.0 12.7 Substandard 4.9 0.7 0.6 2.5 — 0.1 2.6 11.4 Total $ 40.2 $ 21.0 $ 9.7 $ 8.3 $ 2.7 $ 2.0 $ 118.5 $ 202.4 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 34.5 $ 446.5 $ 581.5 $ 112.5 $ 35.5 $ 260.3 $ 0.9 $ 1,471.7 Nonperforming — — 0.1 0.3 0.3 3.8 — 4.5 Total $ 34.5 $ 446.5 $ 581.6 $ 112.8 $ 35.8 $ 264.1 $ 0.9 $ 1,476.2 Consumer home equity and HELOC: Performing $ 4.6 $ 16.5 $ 10.6 $ 5.8 $ 6.9 $ 19.5 $ 454.8 $ 518.7 Nonperforming — 0.5 0.2 0.2 0.1 1.1 0.5 2.6 Total $ 4.6 $ 17.0 $ 10.8 $ 6.0 $ 7.0 $ 20.6 $ 455.3 $ 521.3 Consumer indirect: Performing $ 78.4 $ 251.6 $ 187.0 $ 94.4 $ 54.9 $ 71.3 $ — $ 737.6 Nonperforming — 0.5 0.5 0.3 0.2 0.5 — 2.0 Total $ 78.4 $ 252.1 $ 187.5 $ 94.7 $ 55.1 $ 71.8 $ — $ 739.6 Consumer direct and advance line: Performing $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 Total $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 As of March 31, 2022 Consumer Commercial Agricultural Total Credit Card: Performing $ 73.1 $ 109.5 $ 1.8 $ 184.4 Nonperforming 0.4 0.3 — 0.7 Total credit card $ 73.5 $ 109.8 $ 1.8 $ 185.1 As of December 31, 2021 Consumer Commercial Agricultural Total Credit Card: Performing $ 64.4 $ 73.1 $ 1.5 $ 139.0 Nonperforming 0.5 0.1 — 0.6 Total credit card $ 64.9 $ 73.2 $ 1.5 $ 139.6 |
Financing Receivable, Troubled Debt Restructuring | Number of Notes Type of Concession Principal Balance at Restructure Three Months Ended March 31, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 2 $ 3.2 $ 4.2 $ — $ — $ 7.4 Residential real estate 1 — 0.5 — — 0.5 Agricultural real estate 1 — 8.9 — — 8.9 Commercial 1 — — — 0.4 0.4 Total loans restructured during period 5 $ 3.2 $ 13.6 $ — $ 0.4 $ 17.2 (1) Other includes concessions that reduce or defer payments for a specified period of time and/or concessions that do not fit into other designated categories. |
Schedule of Acquired Loans with Credit Impairment | The following table reconciles the par value, or initial amortized cost, of PCD loans acquired in the GWB acquisition as of the date of the acquisition with the purchase price (or initial fair value of the loans): Purchase price (initial fair value) $ 606.9 Allowance for credit losses (1) 323.0 Discount attributable to other factors (2) 49.3 Par value (unpaid principal balance) $ 979.2 (1) For acquired PCD loans, an allowance of $323.0 million was required with a corresponding increase to the amortized cost basis as of the acquisition date. For PCD loans where all or a portion of the loan balance had been previously written-off by GWB, or would be subject to write-off under the Company’s charge-off policy, a CECL allowance of $238.7 million, included as part of the grossed-up loan balance at acquisition was immediately written-off. The net impact to the allowance for PCD assets on the acquisition date was $84.3 million. (2) Non-credit discount includes the difference between the amortized cost basis and the unpaid principal balance of $31.2 million established on GWB PCD loans acquired and interest applied to principal of $18.1 million. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned Roll Forward | Information with respect to the Company’s other real estate owned is reflected in the following table: Three Months Ended March 31, 2022 2021 Beginning balance $ 2.0 $ 2.5 OREO acquired through acquisition 15.8 — Additions — 0.3 Dispositions (0.3) (0.6) Ending balance $ 17.5 $ 2.2 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2022 2021 Net (loss) income $ (33.4) $ 51.4 Weighted average common shares outstanding for basic earnings per share computation 92,855,173 61,591,877 Dilutive effects of stock-based compensation — 122,186 Weighted average common shares outstanding for diluted earnings per common share computation 92,855,173 61,714,063 Basic (loss) earnings per common share $ (0.36) $ 0.83 Diluted (loss) earnings per common share $ (0.36) $ 0.83 Anti-dilutive unvested time restricted stock 55,504 92,602 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual capital amounts and ratios for the Company and its subsidiary Bank, as of March 31, 2022 and December 31, 2021 are presented in the following tables: Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 2,930.9 14.27 % $ 1,643.5 8.00 % $ 2,157.1 10.50 % $ 2,054.4 10.00 % FIB 2,787.3 13.61 1,638.3 8.00 2,150.2 10.50 2,047.9 10.00 Tier 1 risk-based capital: Consolidated 2,446.7 11.91 1,232.6 6.00 1,746.2 8.50 1,643.5 8.00 FIB 2,560.7 12.50 1,228.7 6.00 1,740.7 8.50 1,638.3 8.00 Common equity tier 1 risk-based capital: Consolidated 2,446.7 11.91 924.5 4.50 1,438.1 7.00 1,335.3 6.50 FIB 2,560.7 12.50 921.5 4.50 1,433.5 7.00 1,331.1 6.50 Leverage capital ratio: Consolidated 2,446.7 8.96 1,091.7 4.00 1,091.7 4.00 1,364.6 5.00 FIB 2,560.7 9.36 1,093.8 4.00 1,093.8 4.00 1,367.2 5.00 Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,659.3 14.11 % $ 940.9 8.00 % $ 1,235.0 10.50 % $ 1,176.2 10.00 % FIB 1,472.5 12.56 938.0 8.00 1,231.1 10.50 1,172.5 10.00 Tier 1 risk-based capital: Consolidated 1,469.0 12.49 705.7 6.00 999.7 8.50 940.9 8.00 FIB 1,382.2 11.79 703.5 6.00 996.6 8.50 938.0 8.00 Common equity tier 1 risk-based capital: Consolidated 1,384.8 11.77 529.3 4.50 823.3 7.00 764.5 6.50 FIB 1,382.2 11.79 527.6 4.50 820.8 7.00 762.1 6.50 Leverage capital ratio: Consolidated 1,469.0 7.68 765.5 4.00 765.5 4.00 956.9 5.00 FIB 1,382.2 7.24 764.1 4.00 764.1 4.00 955.1 5.00 (1) The ratios to meet the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis. |
Other Comprehensive Income_Lo_2
Other Comprehensive Income/Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income and Related Tax Effects | The gross amounts of each component of other comprehensive loss and the related tax effects are as follows: Pre-tax Tax Expense (Benefit) Net of Tax Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (252.6) $ (66.8) $ (62.7) $ (17.0) $ (189.9) $ (49.8) Reclassification adjustment for net loss included in net income 0.1 — — — 0.1 — Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale 0.2 — 0.1 — 0.1 — Net change in unamortized losses on available-for-sale securities transferred into held-to-maturity (23.0) — (5.7) — (17.3) — Change in net unrealized loss (gain) on derivatives 21.3 (0.1) 5.3 — 16.0 (0.1) Total other comprehensive loss $ (254.0) $ (66.9) $ (63.0) $ (17.0) $ (191.0) $ (49.9) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss, net of related tax effects, are as follows: March 31, 2022 December 31, 2021 Net unrealized loss on investment securities available-for-sale $ (218.1) $ (29.0) Net unrealized (loss) gain on investment securities transferred to held-to-maturity (2.9) 15.0 Net unrealized gain on derivatives 19.0 3.0 Net accumulated other comprehensive loss $ (202.0) $ (11.0) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 644.9 $ 644.9 $ — $ — State, county, and municipal securities 292.7 — 292.7 — Obligations of U.S. government agencies 137.9 — 137.9 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 3,645.7 — 3,645.7 — Private mortgage-backed securities 274.8 — 274.8 — Collateralized loan obligations 1,070.9 — 1,070.9 — Corporate securities 216.9 — 216.9 — Loans held for sale 178.1 — 178.1 — Derivative assets: Interest rate swap contracts 25.6 — 25.6 — Forward loan sale contracts 1.3 — 1.3 — Derivative liabilities: Interest rate swap contracts 62.3 — 62.3 — Risk participation agreements 0.4 — 0.4 — Deferred compensation plan assets 19.7 — 19.7 — Deferred compensation plan liabilities 19.7 — 19.7 — Fair Value Measurements at Reporting Date Using As of December 31, 2021 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 684.7 $ 684.7 $ — $ — State, county and municipal securities $ 427.5 $ — 427.5 $ — Obligations of U.S. government agencies 346.9 — 346.9 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,018.1 — 2,018.1 — Private mortgage-backed securities 173.4 — 173.4 — Collateralized loan obligations 899.4 — 899.4 — Corporate securities 270.5 — 270.5 — Loans held for sale 30.1 — 30.1 — Derivative assets: Interest rate swap contracts 26.3 — 26.3 — Interest rate lock commitments 1.8 — 1.8 — Derivative liabilities Interest rate swap contracts 18.2 — 18.2 — Deferred compensation plan assets 21.4 — 21.4 — Deferred compensation plan liabilities 21.4 — 21.4 — |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 101.1 $ — $ — $ 101.1 Other real estate owned 17.5 — — 17.5 Long-lived assets to be disposed of by sale 1.5 — — 1.5 Fair Value Measurements at Reporting Date Using As of December 31, 2021 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 11.7 $ — $ — $ 11.7 Other real estate owned 2.0 — — 2.0 Long-lived assets to be disposed of by sale 1.3 — — 1.3 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values: Fair Value As of March 31, 2022 December 31, 2021 Valuation Unobservable Range Collateral dependent loans $ 101.1 $ 11.7 Appraisal Appraisal adjustment 1% - 18% (7%) Other real estate owned 17.5 2.0 Appraisal Appraisal adjustment 0% - 0% 0% Long-lived assets to be disposed of by sale 1.5 1.3 Appraisal Appraisal adjustment 0% - 0% 0% |
Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows: Fair Value Measurements at Reporting Date Using As of March 31, 2022 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 3,811.3 $ 3,811.3 $ 3,811.3 $ — $ — Securities purchased under agreement to resell 102.0 102.0 — 102.0 — Investment debt securities available-for-sale 6,283.8 6,283.8 644.9 5,638.9 — Investment debt securities held-to-maturity 3,218.7 3,029.1 296.2 2,732.9 — Accrued interest receivable 81.1 81.1 — 81.1 — Mortgage servicing rights, net 32.7 35.8 — 35.8 — Loans held for sale 178.1 178.1 — 178.1 — Net loans held for investment 16,697.8 16,676.6 — 16,575.5 101.1 Derivative assets 26.9 26.9 — 26.9 — Deferred compensation plan assets 19.7 19.7 — 19.7 — Total financial assets $ 30,452.1 $ 30,244.4 $ 4,752.4 $ 25,390.9 $ 101.1 Financial liabilities: Total deposits, excluding time deposits $ 26,489.9 $ 26,489.9 $ 26,489.9 $ — $ — Time deposits 1,598.4 1,579.8 — 1,579.8 — Securities sold under repurchase agreements 1,071.0 1,071.0 — 1,071.0 — Accrued interest payable 6.0 6.0 — 6.0 — Long-term debt 120.4 122.8 — 122.8 — Subordinated debentures held by subsidiary trusts 163.1 162.3 — 162.3 — Derivative liabilities 62.7 62.7 — 62.7 — Deferred compensation plan liabilities 19.7 19.7 — 19.7 — Total financial liabilities $ 29,531.2 $ 29,514.2 $ 26,489.9 $ 3,024.3 $ — Fair Value Measurements at Reporting Date Using As of December 31, 2021 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 2,344.8 $ 2,344.8 $ 2,344.8 $ — $ — Investment debt securities available-for-sale 4,820.5 4,820.5 684.7 4,135.8 — Investment debt securities held-to-maturity 1,687.6 1,667.5 — 1,667.5 — Accrued interest receivable 47.4 47.4 — 47.4 — Mortgage servicing rights, net 28.2 28.2 — 28.2 — Loans held for sale 30.1 30.1 — 30.1 — Net loans held for investment 9,209.4 9,254.3 — 9,242.6 11.7 Derivative assets 28.1 28.1 — 28.1 — Deferred compensation plan assets 21.4 21.4 — 21.4 — Total financial assets $ 18,217.5 $ 18,242.3 $ 3,029.5 $ 15,201.1 $ 11.7 Financial liabilities: Total deposits, excluding time deposits $ 15,303.1 $ 15,303.1 $ 15,303.1 $ — $ — Time deposits 966.5 963.1 — 963.1 — Securities sold under repurchase agreements 1,051.1 1,051.1 — 1,051.1 — Accrued interest payable 3.7 3.7 — 3.7 — Long-term debt 112.4 120.7 — 120.7 — Subordinated debentures held by subsidiary trusts 87.0 85.5 — 85.5 — Derivative liabilities 18.2 18.2 — 18.2 — Deferred compensation plan liabilities 21.4 21.4 — 21.4 — Total financial liabilities $ 17,563.4 $ 17,566.8 $ 15,303.1 $ 2,263.7 $ — |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from Interest Received | $ 0.6 | $ (1.1) | ||
Accounts Receivable, Allowance for Credit Loss | 247.2 | 136.6 | $ 122.3 | $ 144.3 |
Off-Balance Sheet, Credit Loss, Liability | 6.2 | $ 3.4 | 3.8 | $ 3.7 |
Deferred tax liability, net | 0 | (9.3) | ||
Retained Earnings (Accumulated Deficit) | 974.5 | $ 1,052.6 | ||
2022 remaining | 12.3 | |||
OCRI | ||||
2022 remaining | $ 1.4 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Approximate Fair Values of Investment Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Available-for-Sale: | ||||
Amortized Cost | $ 6,575,100,000 | $ 4,859,300,000 | ||
Gross Unrealized Gains | 1,800,000 | 20,600,000 | ||
Gross Unrealized Losses | (293,100,000) | (59,400,000) | ||
Estimated Fair Value | 6,283,800,000 | 4,820,500,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 3,220,300,000 | 1,687,600,000 | ||
Allowance for Credit Losses | (1,600,000) | 0 | $ 0 | $ 0 |
Net Carrying Amount | 3,218,700,000 | 1,687,600,000 | ||
Gross Unrealized Gains | 19,200,000 | 15,600,000 | ||
Gross Unrealized Losses | (208,800,000) | (35,700,000) | ||
Estimated Fair Value | 3,029,100,000 | 1,667,500,000 | ||
U.S. Treasury notes | ||||
Available-for-Sale: | ||||
Amortized Cost | 698,200,000 | 697,600,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (53,300,000) | (12,900,000) | ||
Estimated Fair Value | 644,900,000 | 684,700,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 296,200,000 | |||
Allowance for Credit Losses | 0 | |||
Net Carrying Amount | 296,200,000 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | 0 | |||
Estimated Fair Value | 296,200,000 | |||
State, county, and municipal securities | ||||
Available-for-Sale: | ||||
Amortized Cost | 320,300,000 | 434,700,000 | ||
Gross Unrealized Gains | 200,000 | 2,100,000 | ||
Gross Unrealized Losses | (27,800,000) | (9,300,000) | ||
Estimated Fair Value | 292,700,000 | 427,500,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 197,300,000 | 67,600,000 | ||
Allowance for Credit Losses | (100,000) | 0 | ||
Net Carrying Amount | 197,200,000 | 67,600,000 | ||
Gross Unrealized Gains | 800,000 | 2,000,000 | ||
Gross Unrealized Losses | (21,400,000) | (400,000) | ||
Estimated Fair Value | 176,600,000 | 69,200,000 | ||
Obligations of U.S. government agencies | ||||
Available-for-Sale: | ||||
Amortized Cost | 144,600,000 | 356,000,000 | ||
Gross Unrealized Gains | 0 | 100,000 | ||
Gross Unrealized Losses | (6,700,000) | (9,200,000) | ||
Estimated Fair Value | 137,900,000 | 346,900,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 340,800,000 | |||
Allowance for Credit Losses | 0 | |||
Net Carrying Amount | 340,800,000 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | (32,300,000) | |||
Estimated Fair Value | 308,500,000 | |||
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | ||||
Available-for-Sale: | ||||
Amortized Cost | 3,816,400,000 | 2,027,300,000 | ||
Gross Unrealized Gains | 1,100,000 | 14,100,000 | ||
Gross Unrealized Losses | (171,800,000) | (23,300,000) | ||
Estimated Fair Value | 3,645,700,000 | 2,018,100,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 2,302,000,000 | 1,609,000,000 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 2,302,000,000 | 1,609,000,000 | ||
Gross Unrealized Gains | 18,200,000 | 13,200,000 | ||
Gross Unrealized Losses | (152,400,000) | (35,300,000) | ||
Estimated Fair Value | 2,167,800,000 | 1,586,900,000 | ||
Debt Securities, Held-To-Maturity, Transfer, Unamortized Gain | 17,900,000 | 20,100,000 | ||
Debt Securities, Held-To-Maturity, Transfer, Unamortized Loss | (21,800,000) | |||
Private mortgage-backed securities | ||||
Available-for-Sale: | ||||
Amortized Cost | 288,400,000 | 174,400,000 | ||
Gross Unrealized Gains | 0 | 100,000 | ||
Gross Unrealized Losses | (13,600,000) | (1,100,000) | ||
Estimated Fair Value | 274,800,000 | 173,400,000 | ||
Collateralized Loan Obligations | ||||
Available-for-Sale: | ||||
Amortized Cost | 1,075,400,000 | 898,200,000 | ||
Gross Unrealized Gains | 0 | 1,200,000 | ||
Gross Unrealized Losses | (4,500,000) | 0 | ||
Estimated Fair Value | 1,070,900,000 | 899,400,000 | ||
Corporate Debt Securities | ||||
Available-for-Sale: | ||||
Amortized Cost | 231,800,000 | 271,100,000 | ||
Gross Unrealized Gains | 500,000 | 3,000,000 | ||
Gross Unrealized Losses | (15,400,000) | (3,600,000) | ||
Estimated Fair Value | 216,900,000 | 270,500,000 | ||
Held-to-Maturity: | ||||
Amortized Cost | 84,000,000 | 11,000,000 | ||
Allowance for Credit Losses | (1,500,000) | 0 | ||
Net Carrying Amount | 82,500,000 | 11,000,000 | ||
Gross Unrealized Gains | 200,000 | 400,000 | ||
Gross Unrealized Losses | (2,700,000) | 0 | ||
Estimated Fair Value | $ 80,000,000 | $ 11,400,000 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale: | ||
Fair Value, Less than 12 Months | $ 5,650.9 | $ 2,760.3 |
Gross Unrealized Losses, Less than 12 Months | (276.4) | (58.3) |
Fair Value, 12 Months or Longer | 149.2 | 68.7 |
Gross Unrealized Losses, 12 Months or Longer | (16.7) | (1.1) |
Fair Value, Total | 5,800.1 | 2,829 |
Gross Unrealized Losses, Total | (293.1) | (59.4) |
US Treasury Notes Securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 644.9 | |
Gross Unrealized Losses, Less than 12 Months | (53.3) | |
Fair Value, 12 Months or Longer | 0 | |
Gross Unrealized Losses, 12 Months or Longer | 0 | |
Fair Value, Total | 644.9 | |
Gross Unrealized Losses, Total | (53.3) | |
U.S. Treasury notes | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 684.7 | |
Gross Unrealized Losses, Less than 12 Months | (12.9) | |
Fair Value, 12 Months or Longer | 0 | |
Gross Unrealized Losses, 12 Months or Longer | 0 | |
Fair Value, Total | 684.7 | |
Gross Unrealized Losses, Total | (12.9) | |
State, county, and municipal securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 223.6 | 278.7 |
Gross Unrealized Losses, Less than 12 Months | (22.7) | (9.1) |
Fair Value, 12 Months or Longer | 29.6 | 5 |
Gross Unrealized Losses, 12 Months or Longer | (5.1) | (0.2) |
Fair Value, Total | 253.2 | 283.7 |
Gross Unrealized Losses, Total | (27.8) | (9.3) |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 101.5 | 297 |
Gross Unrealized Losses, Less than 12 Months | (5.4) | (8.9) |
Fair Value, 12 Months or Longer | 15.4 | 16.4 |
Gross Unrealized Losses, 12 Months or Longer | (1.3) | (0.3) |
Fair Value, Total | 116.9 | 313.4 |
Gross Unrealized Losses, Total | (6.7) | (9.2) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 3,238.5 | 1,262.8 |
Gross Unrealized Losses, Less than 12 Months | (163.4) | (23) |
Fair Value, 12 Months or Longer | 84.9 | 26.4 |
Gross Unrealized Losses, 12 Months or Longer | (8.4) | (0.3) |
Fair Value, Total | 3,323.4 | 1,289.2 |
Gross Unrealized Losses, Total | (171.8) | (23.3) |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 274.8 | 127.2 |
Gross Unrealized Losses, Less than 12 Months | (13.6) | (1.1) |
Fair Value, 12 Months or Longer | 0 | 0 |
Gross Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 274.8 | 127.2 |
Gross Unrealized Losses, Total | (13.6) | (1.1) |
Collateralized Loan Obligations | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 1,020.9 | |
Gross Unrealized Losses, Less than 12 Months | (4.5) | |
Fair Value, 12 Months or Longer | 0 | |
Gross Unrealized Losses, 12 Months or Longer | 0 | |
Fair Value, Total | 1,020.9 | |
Gross Unrealized Losses, Total | (4.5) | |
Corporate Debt Securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 146.7 | 109.9 |
Gross Unrealized Losses, Less than 12 Months | (13.5) | (3.3) |
Fair Value, 12 Months or Longer | 19.3 | 20.9 |
Gross Unrealized Losses, 12 Months or Longer | (1.9) | (0.3) |
Fair Value, Total | 166 | 130.8 |
Gross Unrealized Losses, Total | $ (15.4) | $ (3.6) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | Feb. 01, 2022USD ($) | Mar. 31, 2022USD ($)Investments | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)Investments | Dec. 31, 2020USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Transfer, Amount | $ 10,700,000 | ||||
Debt Securities, Held-To-Maturity, After Allowance For Credit Loss, Transfer, Amount | 10,900,000 | ||||
Debt Securities, Available-For-Sale, Amortized Cost, after Allowance for Credit Loss, Transfer, Amount | 485,900,000 | ||||
Debt Securities, Available-For-Sale, after Allowance for Credit Loss, Transfer, Amount | 463,600,000 | ||||
Debt Securities, Held-to-maturity, Transfer to Trading, Unrealized Gain (Loss) | 0 | ||||
Allowance for Credit Losses | $ 0 | $ 0 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 1,600,000 | $ 0 | 0 | $ 0 | |
Interest Receivable | 81,100,000 | 47,400,000 | |||
Debt Securities, Available-for-sale, Realized Gain | 0 | 0 | |||
Debt Securities, Available-for-sale, Realized Loss | 0 | $ 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 6,575,100,000 | 4,859,300,000 | |||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 2,587,000,000 | 2,617,800,000 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 2,421,800,000 | $ 2,610,800,000 | |||
Investment securities in an unrealized loss position (securities) | Investments | 965 | 285 | |||
Great Western Bank | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Debt Securities, Available-For-Sale | 2,356,900,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Debt Securities, Held-To-Maturity | $ 342,100,000 | ||||
Residential Mortgage Backed Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Debt Securities, Available-for-sale, Amortized Cost | $ 253,000,000 | ||||
Debt Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Interest Receivable | 23,600,000 | $ 16,600,000 | |||
Callable Within One Year | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized cost of investment securities callable after one year but within five years | 206,300,000 | ||||
Fair value of investment securities callable after one year but within five years | 202,300,000 | ||||
Callable structured notes amortized costs | $ 0 |
Investment Securities - Held-To
Investment Securities - Held-To-Maturity Allowance For Credit Loss (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ 0 |
Provision for credit loss expense | 1,600,000 | 0 |
Ending balance of allowance for credit losses | $ 1,600,000 | $ 0 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | $ 3,220.3 | $ 1,687.6 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 3,011.6 | 1,626.2 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 102.7 | 31.6 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 17.7 | 18.7 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 75 | 7 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 13.3 | 4.1 |
U.S. Treasury notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 296.2 | |
U.S. Treasury notes | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 296.2 | |
U.S. Treasury notes | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
U.S. Treasury notes | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
U.S. Treasury notes | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
U.S. Treasury notes | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
State, county, and municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 197.3 | 67.6 |
State, county, and municipal securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 72.6 | 17.2 |
State, county, and municipal securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 102.7 | 31.6 |
State, county, and municipal securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 13.7 | 14.7 |
State, county, and municipal securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
State, county, and municipal securities | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 8.3 | 4.1 |
Obligations of U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 340.8 | |
Obligations of U.S. government agencies | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 340.8 | |
Obligations of U.S. government agencies | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
Obligations of U.S. government agencies | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
Obligations of U.S. government agencies | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
Obligations of U.S. government agencies | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
Corporate securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 84 | 11 |
Corporate securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
Corporate securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
Corporate securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 4 | 4 |
Corporate securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 75 | 7 |
Corporate securities | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 5 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 2,302 | 1,609 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 1,958.2 | 1,439.1 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 1,958.2 | 1,439.1 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | FNMA/FHLMC | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 343.8 | 169.9 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 343.8 | 169.9 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | 0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | $ 0 | $ 0 |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale, Amortized Cost | ||
Available-for-Sale Amortized Cost, Within One Year | $ 926.6 | |
Available-for-Sale Amortized Cost, After One Year but Within Five Years | 2,724.4 | |
Available-for-Sale Amortized Cost, After Five Years but Within Ten Years | 1,139.8 | |
Available-for-Sale Amortized Cost, After Ten Years | 1,784.3 | |
Amortized Cost | 6,575.1 | $ 4,859.3 |
Available-for-Sale, Estimated Fair Value | ||
Available-for-Sale Estimated Fair Value, Within One Year | 886.6 | |
Available-for-Sale Estimated Fair Value, After One Year but Within Five Years | 2,592 | |
Available-for-Sale Estimated Fair Value, After Five Years but Within Ten Years | 1,074.3 | |
Available-for-Sale Estimated Fair Value, After Ten Years | 1,730.9 | |
Available-for-Sale, Estimated Fair Value | 6,283.8 | 4,820.5 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity Amortized Cost, Within One Year | 377.1 | |
Held-to-Maturity Amortized Cost, After One Year but Within Five Years | 1,334.1 | |
Held-to-Maturity Amortized Cost, After Five Years but Within Ten Years | 1,026.2 | |
Held-to-Maturity Amortized Cost, After Ten Years | 482.9 | |
Amortized Cost | 3,220.3 | 1,687.6 |
Held-to-Maturity, Estimated Fair Value | ||
Held-to-Maturity Estimated Fair Value, Within One Year | 355.3 | |
Held-to-Maturity Estimated Fair Value, After One Year but Within Five Years | 1,274 | |
Held-to-Maturity Estimated Fair Value, After Five Years but Within Ten Years | 956 | |
Held-to-Maturity Estimated Fair Value, After Ten Years | 443.8 | |
Held-to-Maturity, Estimated Fair Value | 3,029.1 | 1,667.5 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 2,587 | 2,617.8 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 2,421.8 | $ 2,610.8 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions | Feb. 01, 2022USD ($)office$ / sharesshares | Apr. 08, 2019 | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,137.6 | $ 621.6 | $ 621.6 | |||
Estimated useful lives of related deposits | 12 years | |||||
Acquisition related expenses | $ 65.2 | $ 0 | ||||
Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of related deposits | 10 years | 10 years | ||||
Great Western Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of banking offices acquired | office | 174 | |||||
Total consideration exchanged | $ 1,723.3 | |||||
Goodwill | 516 | |||||
Core deposit intangibles | 49.1 | |||||
Customer relationship intangible | 22.8 | |||||
Acquisition related costs | 25.8 | |||||
Great Western Bank | First Interstate Foundation | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related costs | 21.5 | |||||
Great Western Bank | Scott Family | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related costs | $ 8.2 | |||||
Great Western Bank | Class A Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued in connection with Cascade merger (in shares) | shares | 46,879,601 | |||||
Price per share of First Interstate Class A common stock (in dollars per share) | $ / shares | $ 36.76 | |||||
Business acquisition conversion share rate (in shares) | shares | 0.8425 | |||||
Great Western Bank | Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of related deposits | 12 years |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities assumed: | ||||
Goodwill | $ 1,137,600 | $ 621,600 | $ 621,600 | |
Great Western Bank | ||||
Assets acquired: | ||||
Cash and cash equivalents | $ 2,006,900 | |||
Investment securities | 2,699,000 | |||
Securities purchased under agreement to resell | 101,100 | |||
Loans held for sale | 181,900 | |||
Loans held for investment | 7,713,400 | |||
Allowance for credit losses | (84,300) | |||
Premises and equipment, including right of use lease assets | 144,100 | |||
Other real estate owned (“OREO”) | 15,800 | |||
Company owned life insurance | 186,600 | |||
Core deposit intangibles | 49,100 | |||
Customer relationship intangible | 22,800 | |||
Mortgage servicing rights | 1,300 | |||
Deferred tax assets, net | 76,100 | |||
Other assets | 198,000 | |||
Total assets acquired | 13,311,800 | |||
Liabilities assumed: | ||||
Deposits | 11,688,000 | |||
Securities sold under repurchase agreements | 74,000 | |||
Accrued expenses and other liabilities | 107,100 | |||
FHLB advances | 122,900 | |||
Subordinated debt | 36,400 | |||
Subordinated debentures held by subsidiary trusts | 76,100 | |||
Total liabilities assumed | 12,104,500 | |||
Net assets acquired | 1,207,300 | |||
Class A common stock | 1,723,300 | |||
Total consideration paid (1) | 1,723,300 | |||
Goodwill | 516,000 | |||
Cash paid in lieu of fractional shares | $ 13 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired loans with Credit Impairment (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Feb. 01, 2022 |
Business Acquisition [Line Items] | ||
Purchase price (initial fair value) | $ 606.9 | |
Allowance for credit losses | $ 323 | 323 |
Great Western Bank | ||
Business Acquisition [Line Items] | ||
Unpaid principal balance | 979.2 | |
Credit discount | 90.9 | |
Discount attributable to other factors | 24.6 | |
Purchase price (initial fair value) | 606.9 | |
Allowance for credit losses | 84.3 | |
Amortized cost basis | $ 691.2 |
Acquisitions - Schedule of Ac_2
Acquisitions - Schedule of Acquired Loans not Deemed to Have Credit Impairment (Details) - USD ($) $ in Millions | Feb. 01, 2022 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Purchase price (initial fair value) | $ 606.9 | |
Allowance for credit losses | 323 | $ 323 |
Great Western Bank | ||
Business Acquisition [Line Items] | ||
Unpaid principal balance | 979.2 | |
Principal amounts previously written off by GWB | (238.7) | |
Interest applied to principal by GWB | (18.1) | |
Adjusted unpaid principal balance | 722.4 | |
Credit discount | (90.9) | |
Discount attributable to other factors | (24.6) | |
Purchase price (initial fair value) | 606.9 | |
Allowance for credit losses | 84.3 | |
Amortized cost basis | 691.2 | |
Unpaid principal balance | 7,107.9 | |
Credit discount (1) | (76.5) | |
Non-credit discount | (9.2) | |
Fair value | 7,022.2 | |
Amortized cost basis | $ 7,713.4 |
Acquisitions - Summary of Pro F
Acquisitions - Summary of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.70 | $ (0.72) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.70 | $ (0.72) |
Great Western Bank | ||
Business Acquisition [Line Items] | ||
Total revenues | $ 268.9 | $ 321.6 |
Net income (loss) | $ 76.4 | $ (78.2) |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Narrative (Details) - USD ($) | Apr. 08, 2019 | Mar. 31, 2022 | Mar. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $ 0 | ||
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 3,600,000 | $ 2,500,000 | |
Weighted average useful lives of related deposits | 12 years | ||
Core Deposits | |||
Goodwill [Line Items] | |||
Weighted average useful lives of related deposits | 10 years | 10 years |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangibles - Goodwill Carrying Value (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Net carrying value at beginning of the period | $ 621.6 | $ 621.6 |
Provisional additions to goodwill from acquisition | 516 | 0 |
Net carrying value at end of period | $ 1,137.6 | $ 621.6 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
2023 | $ 15.6 | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross other intangible assets, at beginning of the period | $ 106 | $ 106 | |
Provisional amounts established through acquisition | 71.9 | ||
Accumulated amortization | (68.3) | (64.7) | |
Net other intangible assets, end of period | 109.6 | 41.3 | |
Core Deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 13.7 | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross other intangible assets, at beginning of the period | 106 | 106 | |
Provisional amounts established through acquisition | 49.1 | ||
Accumulated amortization | (68) | (64.7) | |
Net other intangible assets, end of period | 87.1 | 41.3 | |
OCRI | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 1.9 | ||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross other intangible assets, at beginning of the period | 0 | $ 0 | |
Provisional amounts established through acquisition | 22.8 | ||
Accumulated amortization | (0.3) | 0 | |
Net other intangible assets, end of period | $ 22.5 | $ 0 |
Goodwill and Core Deposit Int_6
Goodwill and Core Deposit Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | $ 12.3 | |
2023 | 15.6 | |
2024 | 14.6 | |
2025 | 13.7 | |
2026 | 12.9 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 40.5 | |
Total | 109.6 | $ 41.3 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | 10.9 | |
2023 | 13.7 | |
2024 | 12.7 | |
2025 | 11.8 | |
2026 | 11 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 27 | |
Total | 87.1 | 41.3 |
OCRI | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | 1.4 | |
2023 | 1.9 | |
2024 | 1.9 | |
2025 | 1.9 | |
2026 | 1.9 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 13.5 | |
Total | $ 22.5 | $ 0 |
Loans Held for Investment - Sch
Loans Held for Investment - Schedule of Loans by Segment (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Deferred loan fees and costs | $ (9.8) | $ (12.3) | ||
Loans held for investment, net of deferred fees and costs | 16,945 | 9,331.7 | ||
Allowance for credit losses | (247.2) | (122.3) | $ (136.6) | $ (144.3) |
Net loans held for investment | 16,697.8 | 9,209.4 | ||
Commercial real estate | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 7,805.7 | 3,971.5 | ||
Allowance for credit losses | (125) | (43.9) | (52.2) | (54.8) |
Financing Receivable, Loan in Process | 9.7 | 2.7 | ||
Commercial real estate | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 7.2 | 1.1 | ||
Commercial real estate | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2.2 | 1 | ||
Commercial real estate | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.3 | 0.6 | ||
Commercial real estate | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 7,758.6 | 3,960.8 | ||
Land acquisition & development | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 344.8 | 247.8 | ||
Allowance for credit losses | (0.5) | (0.5) | (1.2) | (1.3) |
Financing Receivable, Loan in Process | 2.7 | 0.2 | ||
Land acquisition & development | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2.6 | 0.2 | ||
Land acquisition & development | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.1 | 0 | ||
Land acquisition & development | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Land acquisition & development | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 338.2 | 246.9 | ||
Residential | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 406 | 262 | ||
Allowance for credit losses | (3.3) | (2.4) | (1.4) | (1.6) |
Financing Receivable, Loan in Process | 2.6 | 4.2 | ||
Residential | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2.6 | 4.2 | ||
Residential | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Residential | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Residential | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 403.4 | 257.8 | ||
Commercial | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 844.8 | 498 | ||
Allowance for credit losses | (10.2) | (6) | (7.2) | (7.3) |
Financing Receivable, Loan in Process | 0.4 | 0 | ||
Commercial | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.4 | 0 | ||
Commercial | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Commercial | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Commercial | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 844.4 | 498 | ||
Total construction loans | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,595.6 | 1,007.8 | ||
Financing Receivable, Loan in Process | 5.7 | 4.4 | ||
Total construction loans | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 5.6 | 4.4 | ||
Total construction loans | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.1 | 0 | ||
Total construction loans | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Total construction loans | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 1,586 | 1,002.7 | ||
Residential | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,997.5 | 1,538.2 | ||
Allowance for credit losses | (20.1) | (14.6) | (12.9) | (12.8) |
Financing Receivable, Loan in Process | 6.1 | 3.9 | ||
Residential | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 4.4 | 3 | ||
Residential | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 1.6 | 0.8 | ||
Residential | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.1 | 0.1 | ||
Residential | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 1,984.3 | 1,531.4 | ||
Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 833.6 | 213.9 | ||
Allowance for credit losses | (5.4) | (1.9) | (2.8) | (2.7) |
Financing Receivable, Loan in Process | 4.4 | 2.1 | ||
Agricultural | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.1 | 1.9 | ||
Agricultural | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 3.9 | 0.2 | ||
Agricultural | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.4 | 0 | ||
Agricultural | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 790.8 | 206.9 | ||
Total real estate loans | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 12,232.4 | 6,731.4 | ||
Allowance for credit losses | (164.5) | (69.3) | (77.7) | (80.5) |
Financing Receivable, Loan in Process | 25.9 | 13.1 | ||
Total real estate loans | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 17.3 | 10.4 | ||
Total real estate loans | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 7.8 | 2 | ||
Total real estate loans | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.8 | 0.7 | ||
Total real estate loans | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 12,119.7 | 6,701.8 | ||
Indirect consumer | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 739.6 | 737.6 | ||
Allowance for credit losses | (13.5) | (14.3) | (16) | (16.7) |
Financing Receivable, Loan in Process | 6.3 | 6.9 | ||
Indirect consumer | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 5.2 | 5.1 | ||
Indirect consumer | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.9 | 1.4 | ||
Indirect consumer | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.2 | 0.4 | ||
Indirect consumer | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 731.5 | 729 | ||
Direct and advance lines | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 142.5 | 129.2 | ||
Allowance for credit losses | (4.6) | (4.6) | (4.8) | (4.6) |
Financing Receivable, Loan in Process | 0.8 | 0.8 | ||
Direct and advance lines | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.5 | 0.5 | ||
Direct and advance lines | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.3 | 0.2 | ||
Direct and advance lines | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0.1 | ||
Direct and advance lines | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 141.6 | 128.3 | ||
Credit card | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 73.5 | 64.9 | ||
Allowance for credit losses | (2.3) | (2.2) | (1.5) | (2.6) |
Financing Receivable, Loan in Process | 0.9 | 1.3 | ||
Credit card | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.3 | 0.6 | ||
Credit card | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.2 | 0.2 | ||
Credit card | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.4 | 0.5 | ||
Credit card | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 72.6 | 63.6 | ||
Total consumer loans | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 955.6 | 931.7 | ||
Allowance for credit losses | (20.4) | (21.1) | (22.3) | (23.9) |
Financing Receivable, Loan in Process | 8 | 9 | ||
Total consumer loans | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 6 | 6.2 | ||
Total consumer loans | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 1.4 | 1.8 | ||
Total consumer loans | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0.6 | 1 | ||
Total consumer loans | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 945.7 | 920.9 | ||
Commercial | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 3,017.9 | 1,475.5 | ||
Allowance for credit losses | (58.2) | (31.6) | (36) | (39.2) |
Financing Receivable, Loan in Process | 7.1 | 6.7 | ||
Commercial | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2 | 4.9 | ||
Commercial | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 3.8 | 0.7 | ||
Commercial | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 1.3 | 1.1 | ||
Commercial | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2,995.6 | 1,463.8 | ||
Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 744.3 | 203.9 | ||
Allowance for credit losses | (4.1) | (0.3) | $ (0.6) | $ (0.7) |
Financing Receivable, Loan in Process | 16.1 | 0.7 | ||
Agricultural | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 11.4 | 0.7 | ||
Agricultural | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 4.7 | 0 | ||
Agricultural | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Agricultural | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 713.2 | 201.6 | ||
Other, including overdrafts | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 4.6 | 1.5 | ||
Financing Receivable, Loan in Process | 0 | 0 | ||
Other, including overdrafts | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Other, including overdrafts | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Other, including overdrafts | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 0 | 0 | ||
Other, including overdrafts | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 4.6 | 1.5 | ||
Loans And Leases Held For Investment [Member] | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 16,954.8 | 9,344 | ||
Financing Receivable, Loan in Process | 57.1 | 29.5 | ||
Loans And Leases Held For Investment [Member] | 30 to 59 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 36.7 | 22.2 | ||
Loans And Leases Held For Investment [Member] | 60 to 89 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 17.7 | 4.5 | ||
Loans And Leases Held For Investment [Member] | Equal to or Greater than 90 Days Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | 2.7 | 2.8 | ||
Loans And Leases Held For Investment [Member] | Financial Asset, Not Past Due | ||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Loan in Process | $ 16,778.8 | $ 9,289.6 |
Loans Held for Investment - S_2
Loans Held for Investment - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 122.3 | $ 144.3 |
Initial ACL Recorded for PCD loans | 84.3 | |
Provision for (reversal of) credit losses | 61.3 | (5.1) |
Loans Charged-Off | (19.9) | (4.9) |
Recoveries Collected | 3.2 | 2 |
Ending balance | 247.2 | 136.6 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 57.3 | (4.8) |
Great Western Bank | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 68.3 | |
Non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 17.3 | 25.5 |
Initial ACL Recorded for PCD loans | 24.1 | |
Provision for (reversal of) credit losses | 6.7 | (2.5) |
Loans Charged-Off | (2.9) | 0 |
Recoveries Collected | 0 | 0 |
Ending balance | 45.2 | 23 |
Owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.3 | 18.3 |
Initial ACL Recorded for PCD loans | 9.5 | |
Provision for (reversal of) credit losses | 4.6 | (0.8) |
Loans Charged-Off | (2.2) | (0.1) |
Recoveries Collected | 0 | 0 |
Ending balance | 25.2 | 17.4 |
Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.3 | 11 |
Initial ACL Recorded for PCD loans | 29.9 | |
Provision for (reversal of) credit losses | 11.4 | 0.8 |
Loans Charged-Off | 0 | 0 |
Recoveries Collected | 0 | 0 |
Ending balance | 54.6 | 11.8 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 43.9 | 54.8 |
Initial ACL Recorded for PCD loans | 63.5 | |
Provision for (reversal of) credit losses | 22.7 | (2.5) |
Loans Charged-Off | (5.1) | (0.1) |
Recoveries Collected | 0 | 0 |
Ending balance | 125 | 52.2 |
Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.3 | 0.7 |
Initial ACL Recorded for PCD loans | 3.4 | |
Provision for (reversal of) credit losses | (0.5) | (0.1) |
Loans Charged-Off | (0.2) | 0 |
Recoveries Collected | 1.1 | 0 |
Ending balance | 4.1 | 0.6 |
Commercial and floor plans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 27.1 | 34.2 |
Initial ACL Recorded for PCD loans | 11.2 | |
Provision for (reversal of) credit losses | 18.4 | (1.8) |
Loans Charged-Off | (4.2) | (1.8) |
Recoveries Collected | 0.4 | 0.4 |
Ending balance | 52.9 | 31 |
Commercial purpose secured by 1-4 family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4.4 | 4.7 |
Initial ACL Recorded for PCD loans | 0.2 | |
Provision for (reversal of) credit losses | 0.4 | (0.2) |
Loans Charged-Off | 0 | 0 |
Recoveries Collected | 0 | 0.2 |
Ending balance | 5 | 4.7 |
Land acquisition & development | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.5 | 1.3 |
Initial ACL Recorded for PCD loans | 3.4 | |
Provision for (reversal of) credit losses | (0.8) | (0.2) |
Loans Charged-Off | (2.7) | 0 |
Recoveries Collected | 0.1 | 0.1 |
Ending balance | 0.5 | 1.2 |
Residential construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2.4 | 1.6 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | 0.9 | (0.2) |
Loans Charged-Off | 0 | 0 |
Recoveries Collected | 0 | 0 |
Ending balance | 3.3 | 1.4 |
Commercial construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 6 | 7.3 |
Initial ACL Recorded for PCD loans | 0.2 | |
Provision for (reversal of) credit losses | 4 | (0.2) |
Loans Charged-Off | 0 | 0 |
Recoveries Collected | 0 | 0.1 |
Ending balance | 10.2 | 7.2 |
Total construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 8.9 | 10.2 |
Initial ACL Recorded for PCD loans | 3.6 | |
Provision for (reversal of) credit losses | 4.1 | (0.6) |
Loans Charged-Off | (2.7) | 0 |
Recoveries Collected | 0.1 | 0.2 |
Ending balance | 14 | 9.8 |
Residential 1-4 family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.4 | 11.4 |
Initial ACL Recorded for PCD loans | 0.1 | |
Provision for (reversal of) credit losses | 5.2 | 0.1 |
Loans Charged-Off | (0.1) | 0 |
Recoveries Collected | 0.1 | 0 |
Ending balance | 18.7 | 11.5 |
Home equity and HELOC | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1.2 | 1.4 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | 0.1 | 0 |
Loans Charged-Off | 0 | (0.1) |
Recoveries Collected | 0.1 | 0.1 |
Ending balance | 1.4 | 1.4 |
Residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14.6 | 12.8 |
Initial ACL Recorded for PCD loans | 0.1 | |
Provision for (reversal of) credit losses | 5.3 | 0.1 |
Loans Charged-Off | (0.1) | (0.1) |
Recoveries Collected | 0.2 | 0.1 |
Ending balance | 20.1 | 12.9 |
Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1.9 | 2.7 |
Initial ACL Recorded for PCD loans | 2.3 | |
Provision for (reversal of) credit losses | 6.4 | 0.1 |
Loans Charged-Off | (5.2) | 0 |
Recoveries Collected | 0 | 0 |
Ending balance | 5.4 | 2.8 |
Total real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 69.3 | 80.5 |
Initial ACL Recorded for PCD loans | 69.5 | |
Provision for (reversal of) credit losses | 38.5 | (2.9) |
Loans Charged-Off | (13.1) | (0.2) |
Recoveries Collected | 0.3 | 0.3 |
Ending balance | 164.5 | 77.7 |
Indirect consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14.3 | 16.7 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | (0.3) | 0 |
Loans Charged-Off | (0.9) | (1.3) |
Recoveries Collected | 0.4 | 0.6 |
Ending balance | 13.5 | 16 |
Direct and advance lines | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4.6 | 4.6 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | (0.1) | 0.7 |
Loans Charged-Off | (0.8) | (0.8) |
Recoveries Collected | 0.9 | 0.3 |
Ending balance | 4.6 | 4.8 |
Credit card | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2.2 | 2.6 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | 0.6 | (0.7) |
Loans Charged-Off | (0.6) | (0.6) |
Recoveries Collected | 0.1 | 0.2 |
Ending balance | 2.3 | 1.5 |
Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 21.1 | 23.9 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | 0.2 | 0 |
Loans Charged-Off | (2.3) | (2.7) |
Recoveries Collected | 1.4 | 1.1 |
Ending balance | 20.4 | 22.3 |
Credit card | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.1 | 0.3 |
Initial ACL Recorded for PCD loans | 0 | |
Provision for (reversal of) credit losses | 0.3 | 0.2 |
Loans Charged-Off | (0.1) | (0.2) |
Recoveries Collected | 0 | 0 |
Ending balance | 0.3 | 0.3 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 31.6 | 39.2 |
Initial ACL Recorded for PCD loans | 11.4 | |
Provision for (reversal of) credit losses | 19.1 | (1.8) |
Loans Charged-Off | (4.3) | (2) |
Recoveries Collected | 0.4 | 0.6 |
Ending balance | 58.2 | 36 |
Agriculture Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.3 | 0.7 |
Initial ACL Recorded for PCD loans | 3.4 | |
Provision for (reversal of) credit losses | (0.5) | (0.1) |
Loans Charged-Off | (0.2) | 0 |
Recoveries Collected | 1.1 | 0 |
Ending balance | $ 4.1 | $ 0.6 |
Loans Held for Investment - S_3
Loans Held for Investment - Schedule of Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 122.3 | $ 144.3 |
Provision charged to operating expense | 61.3 | (5.1) |
Loans Charged-Off | (19.9) | (4.9) |
Ending balance | 247.2 | 136.6 |
Financing Receivable, Allowance for Credit Loss, Recovery | 3.2 | 2 |
Commercial Real Estate Non Owner Occupied Loans [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 17.3 | 25.5 |
Provision charged to operating expense | 6.7 | (2.5) |
Loans Charged-Off | (2.9) | 0 |
Ending balance | 45.2 | 23 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Agricultural Financing Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.3 | 0.7 |
Provision charged to operating expense | (0.5) | (0.1) |
Loans Charged-Off | (0.2) | 0 |
Ending balance | 4.1 | 0.6 |
Financing Receivable, Allowance for Credit Loss, Recovery | 1.1 | 0 |
Commercial and Floor Plans [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 27.1 | 34.2 |
Provision charged to operating expense | 18.4 | (1.8) |
Loans Charged-Off | (4.2) | (1.8) |
Ending balance | 52.9 | 31 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.4 | 0.4 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.3 | 18.3 |
Provision charged to operating expense | 4.6 | (0.8) |
Loans Charged-Off | (2.2) | (0.1) |
Ending balance | 25.2 | 17.4 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Commercial Real Estate Multi-family [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.3 | 11 |
Provision charged to operating expense | 11.4 | 0.8 |
Loans Charged-Off | 0 | 0 |
Ending balance | 54.6 | 11.8 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Commercial real estate | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 43.9 | 54.8 |
Provision charged to operating expense | 22.7 | (2.5) |
Loans Charged-Off | (5.1) | (0.1) |
Ending balance | 125 | 52.2 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Land Acquisition And Development Construction Financing Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.5 | 1.3 |
Provision charged to operating expense | (0.8) | (0.2) |
Loans Charged-Off | (2.7) | 0 |
Ending balance | 0.5 | 1.2 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.1 |
Residential construction | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2.4 | 1.6 |
Provision charged to operating expense | 0.9 | (0.2) |
Loans Charged-Off | 0 | 0 |
Ending balance | 3.3 | 1.4 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Commercial construction | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 6 | 7.3 |
Provision charged to operating expense | 4 | (0.2) |
Loans Charged-Off | 0 | 0 |
Ending balance | 10.2 | 7.2 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.1 |
Construction Loans [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 8.9 | 10.2 |
Provision charged to operating expense | 4.1 | (0.6) |
Loans Charged-Off | (2.7) | 0 |
Ending balance | 14 | 9.8 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.2 |
Residential Real Estate 1-4 Family [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 13.4 | 11.4 |
Provision charged to operating expense | 5.2 | 0.1 |
Loans Charged-Off | (0.1) | 0 |
Ending balance | 18.7 | 11.5 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0 |
Home Equity Line of Credit [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1.2 | 1.4 |
Provision charged to operating expense | 0.1 | 0 |
Loans Charged-Off | 0 | (0.1) |
Ending balance | 1.4 | 1.4 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.1 |
Residential Real Estate [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14.6 | 12.8 |
Provision charged to operating expense | 5.3 | 0.1 |
Loans Charged-Off | (0.1) | (0.1) |
Ending balance | 20.1 | 12.9 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.1 |
Agricultural Real Estate Financing Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1.9 | 2.7 |
Provision charged to operating expense | 6.4 | 0.1 |
Loans Charged-Off | (5.2) | 0 |
Ending balance | 5.4 | 2.8 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Real Estate Financing Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 69.3 | 80.5 |
Provision charged to operating expense | 38.5 | (2.9) |
Loans Charged-Off | (13.1) | (0.2) |
Ending balance | 164.5 | 77.7 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.3 | 0.3 |
Consumer Indirect Financing Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14.3 | 16.7 |
Provision charged to operating expense | (0.3) | 0 |
Loans Charged-Off | (0.9) | (1.3) |
Ending balance | 13.5 | 16 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.4 | 0.6 |
Direct consumer | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4.6 | 4.6 |
Provision charged to operating expense | (0.1) | 0.7 |
Loans Charged-Off | (0.8) | (0.8) |
Ending balance | 4.6 | 4.8 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.9 | 0.3 |
Credit Card Receivable [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2.2 | 2.6 |
Provision charged to operating expense | 0.6 | (0.7) |
Loans Charged-Off | (0.6) | (0.6) |
Ending balance | 2.3 | 1.5 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.2 |
Consumer | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 21.1 | 23.9 |
Provision charged to operating expense | 0.2 | 0 |
Loans Charged-Off | (2.3) | (2.7) |
Ending balance | 20.4 | 22.3 |
Financing Receivable, Allowance for Credit Loss, Recovery | 1.4 | 1.1 |
Commercial Purpose secured by 1-4 Family [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4.4 | 4.7 |
Provision charged to operating expense | 0.4 | (0.2) |
Loans Charged-Off | 0 | 0 |
Ending balance | 5 | 4.7 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.2 |
Commercial Borrower [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.1 | 0.3 |
Provision charged to operating expense | 0.3 | 0.2 |
Loans Charged-Off | (0.1) | (0.2) |
Ending balance | 0.3 | 0.3 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 31.6 | 39.2 |
Provision charged to operating expense | 19.1 | (1.8) |
Loans Charged-Off | (4.3) | (2) |
Ending balance | 58.2 | 36 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0.4 | 0.6 |
Agriculture Portfolio Segment [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0.3 | 0.7 |
Provision charged to operating expense | (0.5) | (0.1) |
Loans Charged-Off | (0.2) | 0 |
Ending balance | 4.1 | 0.6 |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 1.1 | $ 0 |
Loans Held for Investment - Nar
Loans Held for Investment - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Loans renegotiated in troubled debt restructurings | $ 23,000,000 | $ 6,200,000 | |
Troubled restructurings included in non-accrual loans | 8,300,000 | 3,900,000 | |
Loans renegotiated in troubled debt restructurings, accrual loans | 14,700,000 | 2,300,000 | |
Financing receivable, after allowance for credit loss, noncurrent | 600,000 | 100,000 | |
TDR commitment to lend | $ 0 | ||
Troubled debt restructurings | 17,200,000 | ||
Charge-offs directly related to modifying troubled debt restructurings | 0 | $ 0 | |
Balance of defaulted loans under trouble debt restructurings | 0 | ||
Impaired financing receivable, recorded investment | 94,700,000 | ||
Commitments to purchase or sell | 0 | 0 | |
Proceeds from sale of loans held-for-investment | $ 0 | $ 0 |
Loans Held for Investment - S_4
Loans Held for Investment - Schedule of Recorded Investment in Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Provision charged to operating expense | $ (61.3) | $ 5.1 | ||
Accounts Receivable, Allowance for Credit Loss | 247.2 | 136.6 | $ 122.3 | $ 144.3 |
Collateral dependent borrowings | 101.1 | 11.7 | ||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 57.3 | (4.8) | ||
Balance of defaulted loans under trouble debt restructurings | 0 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | ||
Agriculture Portfolio Segment [Member] | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Provision charged to operating expense | 0.5 | 0.1 | ||
Accounts Receivable, Allowance for Credit Loss | 4.1 | 0.6 | 0.3 | 0.7 |
Total real estate loans | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Provision charged to operating expense | (38.5) | 2.9 | ||
Accounts Receivable, Allowance for Credit Loss | 164.5 | 77.7 | 69.3 | 80.5 |
Collateral dependent borrowings | 67.7 | 8.2 | ||
Commercial | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Provision charged to operating expense | (19.1) | 1.8 | ||
Accounts Receivable, Allowance for Credit Loss | 58.2 | 36 | 31.6 | 39.2 |
Collateral dependent borrowings | 9.4 | 2.8 | ||
Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Provision charged to operating expense | 0.5 | 0.1 | ||
Accounts Receivable, Allowance for Credit Loss | 4.1 | $ 0.6 | 0.3 | $ 0.7 |
Collateral dependent borrowings | 24 | 0.7 | ||
Business Assets Pledged as Collateral [Member] | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 5 | 3 | ||
Business Assets Pledged as Collateral [Member] | Total real estate loans | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 0.2 | 1.2 | ||
Business Assets Pledged as Collateral [Member] | Commercial | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 4.8 | 1.8 | ||
Business Assets Pledged as Collateral [Member] | Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 0 | 0 | ||
Real Property Pledged as Collateral [Member] | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 96.1 | 8.7 | ||
Real Property Pledged as Collateral [Member] | Total real estate loans | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 67.5 | 7 | ||
Real Property Pledged as Collateral [Member] | Commercial | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 4.6 | 1 | ||
Real Property Pledged as Collateral [Member] | Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 24 | 0.7 | ||
Other Property [Member] | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 0 | 0 | ||
Other Property [Member] | Total real estate loans | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 0 | 0 | ||
Other Property [Member] | Commercial | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | 0 | 0 | ||
Other Property [Member] | Agricultural | ||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||
Collateral dependent borrowings | $ 0 | $ 0 |
Loans Held for Investment - S_5
Loans Held for Investment - Schedule of Contractual Aging of Loans by Portfolio (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | $ 0 | |
Accrued interest reversal | 1,000,000 | $ 0 | |
Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 900,000 | 1,300,000 | |
Nonaccrual loans | 0 | 0 | |
Total Loans | 73,500,000 | 64,900,000 | |
Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 9,700,000 | 2,700,000 | |
Nonaccrual loans | 37,400,000 | 8,000,000 | |
Total Loans | 7,805,700,000 | 3,971,500,000 | |
Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 6,300,000 | 6,900,000 | |
Nonaccrual loans | 1,800,000 | 1,700,000 | |
Total Loans | 739,600,000 | 737,600,000 | |
Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 800,000 | 800,000 | |
Nonaccrual loans | 100,000 | 100,000 | |
Total Loans | 142,500,000 | 129,200,000 | |
Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,700,000 | 200,000 | |
Nonaccrual loans | 3,900,000 | 700,000 | |
Total Loans | 344,800,000 | 247,800,000 | |
Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,600,000 | 4,200,000 | |
Nonaccrual loans | 0 | 0 | |
Total Loans | 406,000,000 | 262,000,000 | |
Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 400,000 | 0 | |
Nonaccrual loans | 0 | 0 | |
Total Loans | 844,800,000 | 498,000,000 | |
Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 5,700,000 | 4,400,000 | |
Nonaccrual loans | 3,900,000 | 700,000 | |
Total Loans | 1,595,600,000 | 1,007,800,000 | |
Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 6,100,000 | 3,900,000 | |
Nonaccrual loans | 7,100,000 | 2,900,000 | |
Total Loans | 1,997,500,000 | 1,538,200,000 | |
Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 4,400,000 | 2,100,000 | |
Nonaccrual loans | 38,400,000 | 4,900,000 | |
Total Loans | 833,600,000 | 213,900,000 | |
Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 25,900,000 | 13,100,000 | |
Nonaccrual loans | 86,800,000 | 16,500,000 | |
Total Loans | 12,232,400,000 | 6,731,400,000 | |
Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 8,000,000 | 9,000,000 | |
Nonaccrual loans | 1,900,000 | 1,800,000 | |
Total Loans | 955,600,000 | 931,700,000 | |
Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 7,100,000 | 6,700,000 | |
Nonaccrual loans | 15,200,000 | 5,000,000 | |
Total Loans | 3,017,900,000 | 1,475,500,000 | |
Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 16,100,000 | 700,000 | |
Nonaccrual loans | 15,000,000 | 1,600,000 | |
Total Loans | 744,300,000 | 203,900,000 | |
Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Nonaccrual loans | 0 | 0 | |
Total Loans | 4,600,000 | 1,500,000 | |
Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 57,100,000 | 29,500,000 | |
Nonaccrual loans | 118,900,000 | 24,900,000 | |
Total Loans | 16,954,800,000 | 9,344,000,000 | |
30 to 59 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 300,000 | 600,000 | |
30 to 59 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 7,200,000 | 1,100,000 | |
30 to 59 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 5,200,000 | 5,100,000 | |
30 to 59 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 500,000 | 500,000 | |
30 to 59 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,600,000 | 200,000 | |
30 to 59 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,600,000 | 4,200,000 | |
30 to 59 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 400,000 | 0 | |
30 to 59 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 5,600,000 | 4,400,000 | |
30 to 59 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 4,400,000 | 3,000,000 | |
30 to 59 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 100,000 | 1,900,000 | |
30 to 59 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 17,300,000 | 10,400,000 | |
30 to 59 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 6,000,000 | 6,200,000 | |
30 to 59 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,000,000 | 4,900,000 | |
30 to 59 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 11,400,000 | 700,000 | |
30 to 59 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
30 to 59 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 36,700,000 | 22,200,000 | |
60 to 89 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 200,000 | 200,000 | |
60 to 89 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,200,000 | 1,000,000 | |
60 to 89 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 900,000 | 1,400,000 | |
60 to 89 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 300,000 | 200,000 | |
60 to 89 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 100,000 | 0 | |
60 to 89 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
60 to 89 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
60 to 89 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 100,000 | 0 | |
60 to 89 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 1,600,000 | 800,000 | |
60 to 89 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 3,900,000 | 200,000 | |
60 to 89 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 7,800,000 | 2,000,000 | |
60 to 89 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 1,400,000 | 1,800,000 | |
60 to 89 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 3,800,000 | 700,000 | |
60 to 89 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 4,700,000 | 0 | |
60 to 89 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
60 to 89 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 17,700,000 | 4,500,000 | |
Equal to or Greater than 90 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 400,000 | 500,000 | |
Equal to or Greater than 90 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 300,000 | 600,000 | |
Equal to or Greater than 90 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 200,000 | 400,000 | |
Equal to or Greater than 90 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 100,000 | |
Equal to or Greater than 90 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 100,000 | 100,000 | |
Equal to or Greater than 90 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 400,000 | 0 | |
Equal to or Greater than 90 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 800,000 | 700,000 | |
Equal to or Greater than 90 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 600,000 | 1,000,000 | |
Equal to or Greater than 90 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 1,300,000 | 1,100,000 | |
Equal to or Greater than 90 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 0 | 0 | |
Equal to or Greater than 90 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,700,000 | 2,800,000 | |
Financial Asset, Not Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 72,600,000 | 63,600,000 | |
Financial Asset, Not Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 7,758,600,000 | 3,960,800,000 | |
Financial Asset, Not Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 731,500,000 | 729,000,000 | |
Financial Asset, Not Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 141,600,000 | 128,300,000 | |
Financial Asset, Not Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 338,200,000 | 246,900,000 | |
Financial Asset, Not Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 403,400,000 | 257,800,000 | |
Financial Asset, Not Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 844,400,000 | 498,000,000 | |
Financial Asset, Not Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 1,586,000,000 | 1,002,700,000 | |
Financial Asset, Not Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 1,984,300,000 | 1,531,400,000 | |
Financial Asset, Not Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 790,800,000 | 206,900,000 | |
Financial Asset, Not Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 12,119,700,000 | 6,701,800,000 | |
Financial Asset, Not Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 945,700,000 | 920,900,000 | |
Financial Asset, Not Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 2,995,600,000 | 1,463,800,000 | |
Financial Asset, Not Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 713,200,000 | 201,600,000 | |
Financial Asset, Not Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | 4,600,000 | 1,500,000 | |
Financial Asset, Not Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Loan in Process | $ 16,778,800,000 | $ 9,289,600,000 |
Loans Held for Investment - S_6
Loans Held for Investment - Schedule of Troubled Debt Restructurings (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)note | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Notes | note | 5 |
Troubled debt restructurings | $ 17.2 |
Interest only period | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 3.2 |
Extension of term or amortization schedule | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 13.6 |
Interest rate adjustment | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Other Loan Restructuring Modification | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | $ 0.4 |
Commercial Real Estate | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Notes | note | 2 |
Troubled debt restructurings | $ 7.4 |
Commercial Real Estate | Interest only period | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 3.2 |
Commercial Real Estate | Extension of term or amortization schedule | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 4.2 |
Commercial Real Estate | Interest rate adjustment | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Commercial Real Estate | Other Loan Restructuring Modification | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | $ 0 |
Residential | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Notes | note | 1 |
Troubled debt restructurings | $ 0.5 |
Residential | Interest only period | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Residential | Extension of term or amortization schedule | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0.5 |
Residential | Interest rate adjustment | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Residential | Other Loan Restructuring Modification | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | $ 0 |
Agricultural | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Notes | note | 1 |
Troubled debt restructurings | $ 8.9 |
Agricultural | Interest only period | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Agricultural | Extension of term or amortization schedule | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 8.9 |
Agricultural | Interest rate adjustment | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Agricultural | Other Loan Restructuring Modification | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | $ 0 |
Commercial | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Notes | note | 1 |
Troubled debt restructurings | $ 0.4 |
Commercial | Interest only period | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Commercial | Extension of term or amortization schedule | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Commercial | Interest rate adjustment | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | 0 |
Commercial | Other Loan Restructuring Modification | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |
Troubled debt restructurings | $ 0.4 |
Loans Held for Investment - S_7
Loans Held for Investment - Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Impaired financing receivable, recorded investment | $ 94,700,000 | ||
Commitments to purchase or sell | 0 | $ 0 | |
Proceeds from sale of loans held-for-investment | $ 0 | $ 0 | |
Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale for the periods indicated: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 182.1 $ 845.0 $ 737.0 $ 517.2 $ 344.9 $ 1,023.6 $ 67.6 $ 3,717.4 Special mention — 33.4 5.9 21.6 34.0 37.1 — 132.0 Substandard 3.7 21.5 25.5 49.8 36.8 27.8 23.8 188.9 Doubtful — 0.3 — — — — — 0.3 Total $ 185.8 $ 900.2 $ 768.4 $ 588.6 $ 415.7 $ 1,088.5 $ 91.4 $ 4,038.6 Commercial real estate owner occupied: Pass $ 189.4 $ 843.8 $ 585.4 $ 336.9 $ 220.4 $ 585.0 $ 54.7 $ 2,815.6 Special mention 0.7 3.2 4.2 8.5 7.9 15.7 0.1 40.3 Substandard 6.8 6.1 4.2 6.3 15.4 22.0 0.2 61.0 Doubtful — — — — 1.8 2.0 — 3.8 Total $ 196.9 $ 853.1 $ 593.8 $ 351.7 $ 245.5 $ 624.7 $ 55.0 $ 2,920.7 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial multi-family: Pass $ 86.2 $ 218.9 $ 194.7 $ 62.2 $ 45.5 $ 141.1 $ 4.7 $ 753.3 Special mention — — — — — 0.1 — 0.1 Substandard — — 37.7 1.2 47.2 0.3 — 86.4 Doubtful — — 6.6 — — — — 6.6 Total $ 86.2 $ 218.9 $ 239.0 $ 63.4 $ 92.7 $ 141.5 $ 4.7 $ 846.4 Land, acquisition and development: Pass $ 25.3 $ 175.2 $ 43.4 $ 28.8 $ 16.2 $ 37.5 $ 13.2 $ 339.6 Special mention — — 0.1 — 0.2 0.4 — 0.7 Substandard — 0.7 0.2 — — 0.4 — 1.3 Doubtful — 3.2 — — — — — 3.2 Total $ 25.3 $ 179.1 $ 43.7 $ 28.8 $ 16.4 $ 38.3 $ 13.2 $ 344.8 Residential construction: Pass $ 29.7 $ 165.4 $ 6.7 $ 10.3 $ 0.8 $ 6.4 $ 185.9 $ 405.2 Substandard — — 0.4 — — 0.4 — 0.8 Total $ 29.7 $ 165.4 $ 7.1 $ 10.3 $ 0.8 $ 6.8 $ 185.9 $ 406.0 Commercial construction: Pass $ 118.2 $ 353.6 $ 201.4 $ 161.6 $ 6.6 $ 0.6 $ 0.4 $ 842.4 Substandard — — — 2.4 — — — 2.4 Total $ 118.2 $ 353.6 $ 201.4 $ 164.0 $ 6.6 $ 0.6 $ 0.4 $ 844.8 Agricultural real estate: Pass $ 44.2 $ 220.5 $ 132.1 $ 76.7 $ 59.7 $ 131.8 $ 56.2 $ 721.2 Special mention — 7.1 2.8 1.2 12.7 7.6 10.0 41.4 Substandard 0.8 18.1 5.4 5.0 20.0 17.8 — 67.1 Doubtful — 0.2 1.2 — — 2.5 — 3.9 Total $ 45.0 $ 245.9 $ 141.5 $ 82.9 $ 92.4 $ 159.7 $ 66.2 $ 833.6 Commercial and floor plans: Pass $ 142.4 $ 582.5 $ 282.5 $ 169.5 $ 162.9 $ 233.4 $ 818.5 $ 2,391.7 Special mention — 4.1 0.6 1.1 1.3 3.0 18.1 28.2 Substandard 9.2 7.6 5.1 2.2 5.4 8.8 16.1 54.4 Doubtful — — — — — 3.3 0.2 3.5 Total $ 151.6 $ 594.2 $ 288.2 $ 172.8 $ 169.6 $ 248.5 $ 852.9 $ 2,477.8 Commercial purpose secured by 1-4 family: Pass $ 48.0 $ 152.9 $ 78.0 $ 37.6 $ 35.5 $ 53.3 $ 15.5 $ 420.8 Special mention — 0.2 0.6 0.6 2.0 0.7 — 4.1 Substandard 0.1 1.3 1.2 0.7 0.5 1.5 0.1 5.4 Total $ 48.1 $ 154.4 $ 79.8 $ 38.9 $ 38.0 $ 55.5 $ 15.6 $ 430.3 Agricultural: Pass $ 25.9 $ 137.5 $ 40.6 $ 15.1 $ 12.3 $ 9.5 $ 396.4 $ 637.3 Special mention 0.4 3.1 0.7 1.2 2.7 0.3 17.9 26.3 Substandard 1.8 25.8 6.8 0.9 4.4 1.1 34.8 75.6 Doubtful — — — — 2.5 0.9 — 3.4 Total $ 28.1 $ 166.4 $ 48.1 $ 17.2 $ 21.9 $ 11.8 $ 449.1 $ 742.6 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 507.9 $ 452.2 $ 237.9 $ 150.4 $ 76.3 $ 409.0 $ 15.3 $ 1,849.0 Special mention 0.2 3.1 2.1 — — 3.6 — 9.0 Substandard 3.9 15.3 2.3 0.7 1.0 12.4 — 35.6 Total $ 512.0 $ 470.6 $ 242.3 $ 151.1 $ 77.3 $ 425.0 $ 15.3 $ 1,893.6 Commercial real estate owner occupied: Pass $ 452.7 $ 314.9 $ 235.0 $ 151.0 $ 94.5 $ 322.5 $ 14.2 $ 1,584.8 Special mention 1.3 3.2 1.5 7.4 3.5 13.8 — 30.7 Substandard 3.8 4.3 4.7 5.4 2.7 20.3 — 41.2 Total $ 457.8 $ 322.4 $ 241.2 $ 163.8 $ 100.7 $ 356.6 $ 14.2 $ 1,656.7 Commercial multi-family: Pass $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Total $ 129.1 $ 118.6 $ 43.9 $ 15.4 $ 36.0 $ 76.7 $ 1.5 $ 421.2 Land, acquisition and development: Pass $ 113.0 $ 41.5 $ 34.2 $ 14.8 $ 19.8 $ 20.8 $ 1.2 $ 245.3 Special mention — 0.1 — — 0.1 0.3 — 0.5 Substandard 0.8 0.2 — 0.6 0.3 0.1 — 2.0 Total $ 113.8 $ 41.8 $ 34.2 $ 15.4 $ 20.2 $ 21.2 $ 1.2 $ 247.8 Residential construction: Pass $ 112.4 $ 7.0 $ 13.7 $ 0.9 $ — $ — $ 127.2 $ 261.2 Substandard — 0.4 — — 0.4 — — 0.8 Total $ 112.4 $ 7.4 $ 13.7 $ 0.9 $ 0.4 $ — $ 127.2 $ 262.0 Commercial construction: Pass $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Total $ 209.7 $ 141.4 $ 118.8 $ 27.6 $ — $ 0.5 $ — $ 498.0 Agricultural real estate: Pass $ 58.3 $ 36.9 $ 35.1 $ 22.6 $ 11.8 $ 28.1 $ 4.9 $ 197.7 Special mention 0.1 1.3 1.2 0.1 0.1 0.9 0.9 4.6 Substandard 4.0 0.4 1.0 0.6 1.3 4.3 — 11.6 Total $ 62.4 $ 38.6 $ 37.3 $ 23.3 $ 13.2 $ 33.3 $ 5.8 $ 213.9 Commercial and floor plans: Pass $ 394.2 $ 165.7 $ 94.5 $ 73.5 $ 47.1 $ 91.3 $ 224.7 $ 1,091.0 Special mention 0.8 11.4 0.8 0.8 3.0 2.3 7.0 26.1 Substandard 1.3 2.8 1.6 2.6 0.6 4.1 2.6 15.6 Total $ 396.3 $ 179.9 $ 96.9 $ 76.9 $ 50.7 $ 97.7 $ 234.3 $ 1,132.7 Commercial purpose secured by 1-4 family: Pass $ 94.9 $ 55.0 $ 27.8 $ 23.1 $ 15.3 $ 32.2 $ 14.4 $ 262.7 Special mention — 0.2 0.2 0.5 0.1 0.6 — 1.6 Substandard 1.3 1.2 0.6 0.6 0.2 1.3 0.1 5.3 Total $ 96.2 $ 56.4 $ 28.6 $ 24.2 $ 15.6 $ 34.1 $ 14.5 $ 269.6 Agricultural: Pass $ 35.1 $ 16.2 $ 9.0 $ 5.4 $ 2.1 $ 1.6 $ 108.9 $ 178.3 Special mention 0.2 4.1 0.1 0.4 0.6 0.3 7.0 12.7 Substandard 4.9 0.7 0.6 2.5 — 0.1 2.6 11.4 Total $ 40.2 $ 21.0 $ 9.7 $ 8.3 $ 2.7 $ 2.0 $ 118.5 $ 202.4 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 34.5 $ 446.5 $ 581.5 $ 112.5 $ 35.5 $ 260.3 $ 0.9 $ 1,471.7 Nonperforming — — 0.1 0.3 0.3 3.8 — 4.5 Total $ 34.5 $ 446.5 $ 581.6 $ 112.8 $ 35.8 $ 264.1 $ 0.9 $ 1,476.2 Consumer home equity and HELOC: Performing $ 4.6 $ 16.5 $ 10.6 $ 5.8 $ 6.9 $ 19.5 $ 454.8 $ 518.7 Nonperforming — 0.5 0.2 0.2 0.1 1.1 0.5 2.6 Total $ 4.6 $ 17.0 $ 10.8 $ 6.0 $ 7.0 $ 20.6 $ 455.3 $ 521.3 Consumer indirect: Performing $ 78.4 $ 251.6 $ 187.0 $ 94.4 $ 54.9 $ 71.3 $ — $ 737.6 Nonperforming — 0.5 0.5 0.3 0.2 0.5 — 2.0 Total $ 78.4 $ 252.1 $ 187.5 $ 94.7 $ 55.1 $ 71.8 $ — $ 739.6 Consumer direct and advance line: Performing $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 Total $ 13.4 $ 42.4 $ 25.7 $ 13.8 $ 11.1 $ 12.4 $ 23.7 $ 142.5 As of March 31, 2022 Consumer Commercial Agricultural Total Credit Card: Performing $ 73.1 $ 109.5 $ 1.8 $ 184.4 Nonperforming 0.4 0.3 — 0.7 Total credit card $ 73.5 $ 109.8 $ 1.8 $ 185.1 As of December 31, 2021 Consumer Commercial Agricultural Total Credit Card: Performing $ 64.4 $ 73.1 $ 1.5 $ 139.0 Nonperforming 0.5 0.1 — 0.6 Total credit card $ 64.9 $ 73.2 $ 1.5 $ 139.6 | ||
Non-owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | $ 185,800,000 | $ 512,000,000 | |
2019 | 900,200,000 | 470,600,000 | |
2018 | 768,400,000 | 242,300,000 | |
2017 | 588,600,000 | 151,100,000 | |
2016 | 415,700,000 | 77,300,000 | |
Prior | 1,088,500,000 | 425,000,000 | |
Revolving Loans Amortized Cost Basis | 91,400,000 | 15,300,000 | |
Total | 4,038,600,000 | 1,893,600,000 | |
Commercial | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 7,805,700,000 | 3,971,500,000 | |
Land acquisition & development | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 25,300,000 | 113,800,000 | |
2019 | 179,100,000 | 41,800,000 | |
2018 | 43,700,000 | 34,200,000 | |
2017 | 28,800,000 | 15,400,000 | |
2016 | 16,400,000 | 20,200,000 | |
Prior | 38,300,000 | 21,200,000 | |
Revolving Loans Amortized Cost Basis | 13,200,000 | 1,200,000 | |
Total | 344,800,000 | 247,800,000 | |
Loans held for investment | 344,800,000 | 247,800,000 | |
Residential | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 29,700,000 | 112,400,000 | |
2019 | 165,400,000 | 7,400,000 | |
2018 | 7,100,000 | 13,700,000 | |
2017 | 10,300,000 | 900,000 | |
2016 | 800,000 | 400,000 | |
Prior | 6,800,000 | 0 | |
Revolving Loans Amortized Cost Basis | 185,900,000 | 127,200,000 | |
Total | 406,000,000 | 262,000,000 | |
Loans held for investment | 406,000,000 | 262,000,000 | |
Commercial | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 118,200,000 | 209,700,000 | |
2019 | 353,600,000 | 141,400,000 | |
2018 | 201,400,000 | 118,800,000 | |
2017 | 164,000,000 | 27,600,000 | |
2016 | 6,600,000 | 0 | |
Prior | 600,000 | 500,000 | |
Revolving Loans Amortized Cost Basis | 400,000 | 0 | |
Total | 844,800,000 | 498,000,000 | |
Loans held for investment | 844,800,000 | 498,000,000 | |
Residential | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 1,997,500,000 | 1,538,200,000 | |
Total construction loans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 1,595,600,000 | 1,007,800,000 | |
Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 45,000,000 | 62,400,000 | |
2019 | 245,900,000 | 38,600,000 | |
2018 | 141,500,000 | 37,300,000 | |
2017 | 82,900,000 | 23,300,000 | |
2016 | 92,400,000 | 13,200,000 | |
Prior | 159,700,000 | 33,300,000 | |
Revolving Loans Amortized Cost Basis | 66,200,000 | 5,800,000 | |
Total | 833,600,000 | 213,900,000 | |
Loans held for investment | 833,600,000 | 213,900,000 | |
Total real estate loans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 12,232,400,000 | 6,731,400,000 | |
Indirect consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 78,400,000 | 273,100,000 | |
2019 | 252,100,000 | 209,100,000 | |
2018 | 187,500,000 | 108,700,000 | |
2017 | 94,700,000 | 64,200,000 | |
2016 | 55,100,000 | 37,100,000 | |
Prior | 71,800,000 | 45,400,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 739,600,000 | 737,600,000 | |
Loans held for investment | 739,600,000 | 737,600,000 | |
Direct consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 13,400,000 | 42,600,000 | |
2019 | 42,400,000 | 27,900,000 | |
2018 | 25,700,000 | 15,000,000 | |
2017 | 13,800,000 | 13,400,000 | |
2016 | 11,100,000 | 5,800,000 | |
Prior | 12,400,000 | 7,600,000 | |
Revolving Loans Amortized Cost Basis | 23,700,000 | 16,900,000 | |
Total | 142,500,000 | 129,200,000 | |
Loans held for investment | 142,500,000 | 129,200,000 | |
Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 185,100,000 | 139,600,000 | |
Loans held for investment | 73,500,000 | 64,900,000 | |
Total consumer loans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 955,600,000 | 931,700,000 | |
Commercial | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
Loans held for investment | 3,017,900,000 | 1,475,500,000 | |
Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 40,200,000 | ||
2019 | 21,000,000 | ||
2018 | 9,700,000 | ||
2017 | 8,300,000 | ||
2016 | 2,700,000 | ||
Prior | 2,000,000 | ||
Revolving Loans Amortized Cost Basis | 118,500,000 | ||
Total | 202,400,000 | ||
Loans held for investment | 744,300,000 | 203,900,000 | |
Owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 196,900,000 | 457,800,000 | |
2019 | 853,100,000 | 322,400,000 | |
2018 | 593,800,000 | 241,200,000 | |
2017 | 351,700,000 | 163,800,000 | |
2016 | 245,500,000 | 100,700,000 | |
Prior | 624,700,000 | 356,600,000 | |
Revolving Loans Amortized Cost Basis | 55,000,000 | 14,200,000 | |
Total | 2,920,700,000 | 1,656,700,000 | |
Multi-family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 86,200,000 | 129,100,000 | |
2019 | 218,900,000 | 118,600,000 | |
2018 | 239,000,000 | 43,900,000 | |
2017 | 63,400,000 | 15,400,000 | |
2016 | 92,700,000 | 36,000,000 | |
Prior | 141,500,000 | 76,700,000 | |
Revolving Loans Amortized Cost Basis | 4,700,000 | 1,500,000 | |
Total | 846,400,000 | 421,200,000 | |
Commercial and floor plans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 151,600,000 | 396,300,000 | |
2019 | 594,200,000 | 179,900,000 | |
2018 | 288,200,000 | 96,900,000 | |
2017 | 172,800,000 | 76,900,000 | |
2016 | 169,600,000 | 50,700,000 | |
Prior | 248,500,000 | 97,700,000 | |
Revolving Loans Amortized Cost Basis | 852,900,000 | 234,300,000 | |
Total | 2,477,800,000 | 1,132,700,000 | |
Commercial purpose secured by 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 48,100,000 | 96,200,000 | |
2019 | 154,400,000 | 56,400,000 | |
2018 | 79,800,000 | 28,600,000 | |
2017 | 38,900,000 | 24,200,000 | |
2016 | 38,000,000 | 15,600,000 | |
Prior | 55,500,000 | 34,100,000 | |
Revolving Loans Amortized Cost Basis | 15,600,000 | 14,500,000 | |
Total | 430,300,000 | 269,600,000 | |
Agriculture Portfolio Segment [Member] | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 28,100,000 | ||
2019 | 166,400,000 | ||
2018 | 48,100,000 | ||
2017 | 17,200,000 | ||
2016 | 21,900,000 | ||
Prior | 11,800,000 | ||
Revolving Loans Amortized Cost Basis | 449,100,000 | ||
Total | 742,600,000 | ||
Residential 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 34,500,000 | 360,900,000 | |
2019 | 446,500,000 | 477,300,000 | |
2018 | 581,600,000 | 74,700,000 | |
2017 | 112,800,000 | 27,500,000 | |
2016 | 35,800,000 | 25,900,000 | |
Prior | 264,100,000 | 177,300,000 | |
Revolving Loans Amortized Cost Basis | 900,000 | 0 | |
Total | 1,476,200,000 | 1,143,600,000 | |
Consumer Home Equity and HELOC | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 4,600,000 | 11,400,000 | |
2019 | 17,000,000 | 7,000,000 | |
2018 | 10,800,000 | 4,000,000 | |
2017 | 6,000,000 | 4,800,000 | |
2016 | 7,000,000 | 4,200,000 | |
Prior | 20,600,000 | 12,500,000 | |
Revolving Loans Amortized Cost Basis | 455,300,000 | 350,700,000 | |
Total | 521,300,000 | 394,600,000 | |
Pass | Non-owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 182,100,000 | 507,900,000 | |
2019 | 845,000,000 | 452,200,000 | |
2018 | 737,000,000 | 237,900,000 | |
2017 | 517,200,000 | 150,400,000 | |
2016 | 344,900,000 | 76,300,000 | |
Prior | 1,023,600,000 | 409,000,000 | |
Revolving Loans Amortized Cost Basis | 67,600,000 | 15,300,000 | |
Total | 3,717,400,000 | 1,849,000,000 | |
Pass | Land acquisition & development | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 25,300,000 | 113,000,000 | |
2019 | 175,200,000 | 41,500,000 | |
2018 | 43,400,000 | 34,200,000 | |
2017 | 28,800,000 | 14,800,000 | |
2016 | 16,200,000 | 19,800,000 | |
Prior | 37,500,000 | 20,800,000 | |
Revolving Loans Amortized Cost Basis | 13,200,000 | 1,200,000 | |
Total | 339,600,000 | 245,300,000 | |
Pass | Residential | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 29,700,000 | 112,400,000 | |
2019 | 165,400,000 | 7,000,000 | |
2018 | 6,700,000 | 13,700,000 | |
2017 | 10,300,000 | 900,000 | |
2016 | 800,000 | 0 | |
Prior | 6,400,000 | 0 | |
Revolving Loans Amortized Cost Basis | 185,900,000 | 127,200,000 | |
Total | 405,200,000 | 261,200,000 | |
Pass | Commercial | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 118,200,000 | 209,700,000 | |
2019 | 353,600,000 | 141,400,000 | |
2018 | 201,400,000 | 118,800,000 | |
2017 | 161,600,000 | 27,600,000 | |
2016 | 6,600,000 | 0 | |
Prior | 600,000 | 500,000 | |
Revolving Loans Amortized Cost Basis | 400,000 | 0 | |
Total | 842,400,000 | 498,000,000 | |
Pass | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 44,200,000 | 58,300,000 | |
2019 | 220,500,000 | 36,900,000 | |
2018 | 132,100,000 | 35,100,000 | |
2017 | 76,700,000 | 22,600,000 | |
2016 | 59,700,000 | 11,800,000 | |
Prior | 131,800,000 | 28,100,000 | |
Revolving Loans Amortized Cost Basis | 56,200,000 | 4,900,000 | |
Total | 721,200,000 | 197,700,000 | |
Pass | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 35,100,000 | ||
2019 | 16,200,000 | ||
2018 | 9,000,000 | ||
2017 | 5,400,000 | ||
2016 | 2,100,000 | ||
Prior | 1,600,000 | ||
Revolving Loans Amortized Cost Basis | 108,900,000 | ||
Total | 178,300,000 | ||
Pass | Owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 189,400,000 | 452,700,000 | |
2019 | 843,800,000 | 314,900,000 | |
2018 | 585,400,000 | 235,000,000 | |
2017 | 336,900,000 | 151,000,000 | |
2016 | 220,400,000 | 94,500,000 | |
Prior | 585,000,000 | 322,500,000 | |
Revolving Loans Amortized Cost Basis | 54,700,000 | 14,200,000 | |
Total | 2,815,600,000 | 1,584,800,000 | |
Pass | Multi-family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 86,200,000 | 129,100,000 | |
2019 | 218,900,000 | 118,600,000 | |
2018 | 194,700,000 | 43,900,000 | |
2017 | 62,200,000 | 15,400,000 | |
2016 | 45,500,000 | 36,000,000 | |
Prior | 141,100,000 | 76,700,000 | |
Revolving Loans Amortized Cost Basis | 4,700,000 | 1,500,000 | |
Total | 753,300,000 | 421,200,000 | |
Pass | Commercial and floor plans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 142,400,000 | 394,200,000 | |
2019 | 582,500,000 | 165,700,000 | |
2018 | 282,500,000 | 94,500,000 | |
2017 | 169,500,000 | 73,500,000 | |
2016 | 162,900,000 | 47,100,000 | |
Prior | 233,400,000 | 91,300,000 | |
Revolving Loans Amortized Cost Basis | 818,500,000 | 224,700,000 | |
Total | 2,391,700,000 | 1,091,000,000 | |
Pass | Commercial purpose secured by 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 48,000,000 | 94,900,000 | |
2019 | 152,900,000 | 55,000,000 | |
2018 | 78,000,000 | 27,800,000 | |
2017 | 37,600,000 | 23,100,000 | |
2016 | 35,500,000 | 15,300,000 | |
Prior | 53,300,000 | 32,200,000 | |
Revolving Loans Amortized Cost Basis | 15,500,000 | 14,400,000 | |
Total | 420,800,000 | 262,700,000 | |
Pass | Agriculture Portfolio Segment [Member] | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 25,900,000 | ||
2019 | 137,500,000 | ||
2018 | 40,600,000 | ||
2017 | 15,100,000 | ||
2016 | 12,300,000 | ||
Prior | 9,500,000 | ||
Revolving Loans Amortized Cost Basis | 396,400,000 | ||
Total | 637,300,000 | ||
Other Assets Especially Mentioned | Non-owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 200,000 | |
2019 | 33,400,000 | 3,100,000 | |
2018 | 5,900,000 | 2,100,000 | |
2017 | 21,600,000 | 0 | |
2016 | 34,000,000 | 0 | |
Prior | 37,100,000 | 3,600,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 132,000,000 | 9,000,000 | |
Other Assets Especially Mentioned | Land acquisition & development | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 0 | |
2019 | 0 | 100,000 | |
2018 | 100,000 | 0 | |
2017 | 0 | 0 | |
2016 | 200,000 | 100,000 | |
Prior | 400,000 | 300,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 700,000 | 500,000 | |
Other Assets Especially Mentioned | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 100,000 | |
2019 | 7,100,000 | 1,300,000 | |
2018 | 2,800,000 | 1,200,000 | |
2017 | 1,200,000 | 100,000 | |
2016 | 12,700,000 | 100,000 | |
Prior | 7,600,000 | 900,000 | |
Revolving Loans Amortized Cost Basis | 10,000,000 | 900,000 | |
Total | 41,400,000 | 4,600,000 | |
Other Assets Especially Mentioned | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 200,000 | ||
2019 | 4,100,000 | ||
2018 | 100,000 | ||
2017 | 400,000 | ||
2016 | 600,000 | ||
Prior | 300,000 | ||
Revolving Loans Amortized Cost Basis | 7,000,000 | ||
Total | 12,700,000 | ||
Other Assets Especially Mentioned | Owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 700,000 | 1,300,000 | |
2019 | 3,200,000 | 3,200,000 | |
2018 | 4,200,000 | 1,500,000 | |
2017 | 8,500,000 | 7,400,000 | |
2016 | 7,900,000 | 3,500,000 | |
Prior | 15,700,000 | 13,800,000 | |
Revolving Loans Amortized Cost Basis | 100,000 | 0 | |
Total | 40,300,000 | 30,700,000 | |
Other Assets Especially Mentioned | Multi-family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 100,000 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 100,000 | ||
Other Assets Especially Mentioned | Commercial and floor plans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 800,000 | |
2019 | 4,100,000 | 11,400,000 | |
2018 | 600,000 | 800,000 | |
2017 | 1,100,000 | 800,000 | |
2016 | 1,300,000 | 3,000,000 | |
Prior | 3,000,000 | 2,300,000 | |
Revolving Loans Amortized Cost Basis | 18,100,000 | 7,000,000 | |
Total | 28,200,000 | 26,100,000 | |
Other Assets Especially Mentioned | Commercial purpose secured by 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 0 | |
2019 | 200,000 | 200,000 | |
2018 | 600,000 | 200,000 | |
2017 | 600,000 | 500,000 | |
2016 | 2,000,000 | 100,000 | |
Prior | 700,000 | 600,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 4,100,000 | 1,600,000 | |
Other Assets Especially Mentioned | Agriculture Portfolio Segment [Member] | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 400,000 | ||
2019 | 3,100,000 | ||
2018 | 700,000 | ||
2017 | 1,200,000 | ||
2016 | 2,700,000 | ||
Prior | 300,000 | ||
Revolving Loans Amortized Cost Basis | 17,900,000 | ||
Total | 26,300,000 | ||
Substandard | Non-owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 3,700,000 | 3,900,000 | |
2019 | 21,500,000 | 15,300,000 | |
2018 | 25,500,000 | 2,300,000 | |
2017 | 49,800,000 | 700,000 | |
2016 | 36,800,000 | 1,000,000 | |
Prior | 27,800,000 | 12,400,000 | |
Revolving Loans Amortized Cost Basis | 23,800,000 | 0 | |
Total | 188,900,000 | 35,600,000 | |
Substandard | Land acquisition & development | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 800,000 | |
2019 | 700,000 | 200,000 | |
2018 | 200,000 | 0 | |
2017 | 0 | 600,000 | |
2016 | 0 | 300,000 | |
Prior | 400,000 | 100,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 1,300,000 | 2,000,000 | |
Substandard | Residential | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 0 | |
2019 | 0 | 400,000 | |
2018 | 400,000 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 400,000 | |
Prior | 400,000 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 800,000 | 800,000 | |
Substandard | Commercial | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 2,400,000 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 2,400,000 | ||
Substandard | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 800,000 | 4,000,000 | |
2019 | 18,100,000 | 400,000 | |
2018 | 5,400,000 | 1,000,000 | |
2017 | 5,000,000 | 600,000 | |
2016 | 20,000,000 | 1,300,000 | |
Prior | 17,800,000 | 4,300,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 67,100,000 | 11,600,000 | |
Substandard | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 4,900,000 | ||
2019 | 700,000 | ||
2018 | 600,000 | ||
2017 | 2,500,000 | ||
2016 | 0 | ||
Prior | 100,000 | ||
Revolving Loans Amortized Cost Basis | 2,600,000 | ||
Total | 11,400,000 | ||
Substandard | Owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 6,800,000 | 3,800,000 | |
2019 | 6,100,000 | 4,300,000 | |
2018 | 4,200,000 | 4,700,000 | |
2017 | 6,300,000 | 5,400,000 | |
2016 | 15,400,000 | 2,700,000 | |
Prior | 22,000,000 | 20,300,000 | |
Revolving Loans Amortized Cost Basis | 200,000 | 0 | |
Total | 61,000,000 | 41,200,000 | |
Substandard | Multi-family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 37,700,000 | ||
2017 | 1,200,000 | ||
2016 | 47,200,000 | ||
Prior | 300,000 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 86,400,000 | ||
Substandard | Commercial and floor plans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 9,200,000 | 1,300,000 | |
2019 | 7,600,000 | 2,800,000 | |
2018 | 5,100,000 | 1,600,000 | |
2017 | 2,200,000 | 2,600,000 | |
2016 | 5,400,000 | 600,000 | |
Prior | 8,800,000 | 4,100,000 | |
Revolving Loans Amortized Cost Basis | 16,100,000 | 2,600,000 | |
Total | 54,400,000 | 15,600,000 | |
Substandard | Commercial purpose secured by 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 100,000 | 1,300,000 | |
2019 | 1,300,000 | 1,200,000 | |
2018 | 1,200,000 | 600,000 | |
2017 | 700,000 | 600,000 | |
2016 | 500,000 | 200,000 | |
Prior | 1,500,000 | 1,300,000 | |
Revolving Loans Amortized Cost Basis | 100,000 | 100,000 | |
Total | 5,400,000 | 5,300,000 | |
Substandard | Agriculture Portfolio Segment [Member] | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 1,800,000 | ||
2019 | 25,800,000 | ||
2018 | 6,800,000 | ||
2017 | 900,000 | ||
2016 | 4,400,000 | ||
Prior | 1,100,000 | ||
Revolving Loans Amortized Cost Basis | 34,800,000 | ||
Total | 75,600,000 | ||
Doubtful | Non-owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 300,000 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 300,000 | ||
Doubtful | Land acquisition & development | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 3,200,000 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 3,200,000 | ||
Doubtful | Agricultural | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 200,000 | ||
2018 | 1,200,000 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 2,500,000 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 3,900,000 | ||
Doubtful | Owner occupied | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 1,800,000 | ||
Prior | 2,000,000 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 3,800,000 | ||
Doubtful | Multi-family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 6,600,000 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 6,600,000 | ||
Doubtful | Commercial and floor plans | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 3,300,000 | ||
Revolving Loans Amortized Cost Basis | 200,000 | ||
Total | 3,500,000 | ||
Doubtful | Agriculture Portfolio Segment [Member] | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 2,500,000 | ||
Prior | 900,000 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 3,400,000 | ||
Performing | Indirect consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 78,400,000 | 272,600,000 | |
2019 | 251,600,000 | 208,600,000 | |
2018 | 187,000,000 | 108,300,000 | |
2017 | 94,400,000 | 64,000,000 | |
2016 | 54,900,000 | 37,000,000 | |
Prior | 71,300,000 | 45,000,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 737,600,000 | 735,500,000 | |
Performing | Direct consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 13,400,000 | 42,500,000 | |
2019 | 42,400,000 | 27,900,000 | |
2018 | 25,700,000 | 15,000,000 | |
2017 | 13,800,000 | 13,300,000 | |
2016 | 11,100,000 | 5,800,000 | |
Prior | 12,400,000 | 7,600,000 | |
Revolving Loans Amortized Cost Basis | 23,700,000 | 16,900,000 | |
Total | 142,500,000 | 129,000,000 | |
Performing | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 184,400,000 | 139,000,000 | |
Performing | Residential 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 34,500,000 | 360,900,000 | |
2019 | 446,500,000 | 477,000,000 | |
2018 | 581,500,000 | 74,700,000 | |
2017 | 112,500,000 | 27,500,000 | |
2016 | 35,500,000 | 25,700,000 | |
Prior | 260,300,000 | 176,500,000 | |
Revolving Loans Amortized Cost Basis | 900,000 | 0 | |
Total | 1,471,700,000 | 1,142,300,000 | |
Performing | Consumer Home Equity and HELOC | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 4,600,000 | 11,100,000 | |
2019 | 16,500,000 | 7,000,000 | |
2018 | 10,600,000 | 3,700,000 | |
2017 | 5,800,000 | 4,800,000 | |
2016 | 6,900,000 | 3,600,000 | |
Prior | 19,500,000 | 12,000,000 | |
Revolving Loans Amortized Cost Basis | 454,800,000 | 350,700,000 | |
Total | 518,700,000 | 392,900,000 | |
Nonperforming | Indirect consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 500,000 | |
2019 | 500,000 | 500,000 | |
2018 | 500,000 | 400,000 | |
2017 | 300,000 | 200,000 | |
2016 | 200,000 | 100,000 | |
Prior | 500,000 | 400,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 2,000,000 | 2,100,000 | |
Nonperforming | Direct consumer | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 100,000 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 100,000 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Total | 200,000 | ||
Nonperforming | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 700,000 | 600,000 | |
Nonperforming | Residential 1-4 family | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 0 | |
2019 | 0 | 300,000 | |
2018 | 100,000 | 0 | |
2017 | 300,000 | 0 | |
2016 | 300,000 | 200,000 | |
Prior | 3,800,000 | 800,000 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 4,500,000 | 1,300,000 | |
Nonperforming | Consumer Home Equity and HELOC | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 300,000 | |
2019 | 500,000 | 0 | |
2018 | 200,000 | 300,000 | |
2017 | 200,000 | 0 | |
2016 | 100,000 | 600,000 | |
Prior | 1,100,000 | 500,000 | |
Revolving Loans Amortized Cost Basis | 500,000 | 0 | |
Total | 2,600,000 | 1,700,000 | |
Agriculture Portfolio Segment [Member] | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 1,800,000 | 1,500,000 | |
Agriculture Portfolio Segment [Member] | Performing | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 1,800,000 | 1,500,000 | |
Agriculture Portfolio Segment [Member] | Nonperforming | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 0 | 0 | |
Commercial | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 109,800,000 | 73,200,000 | |
Commercial | Performing | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 109,500,000 | 73,100,000 | |
Commercial | Nonperforming | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 300,000 | 100,000 | |
Total consumer loans | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 73,500,000 | 64,900,000 | |
Total consumer loans | Performing | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | 73,100,000 | 64,400,000 | |
Total consumer loans | Nonperforming | Credit card | |||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||
2020 | $ 400,000 | $ 500,000 |
Loans Held for Investment - S_8
Loans Held for Investment - Schedule of PCD Loans (Details) - USD ($) $ in Millions | Feb. 01, 2022 | Mar. 31, 2022 |
Receivables [Abstract] | ||
Purchase price (initial fair value) | $ 606.9 | |
Allowance for credit losses | (323) | $ (323) |
Non-credit discount at acquisition | 49.3 | |
Par value (unpaid principal balance) | 979.2 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 238.7 | |
Business Combination, Impact On Purchased Credit Deteriorated Loans | 84.3 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Difference Between Amortized Cost Basis And Unpaid Principal Balance | 31.2 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Interest Applied To Principal | $ 18.1 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Real Estate Acquired Through Foreclosure [Roll Forward] | ||||
Beginning balance | $ 2 | $ 2.2 | $ 2.5 | |
OREO acquired through acquisition | 15.8 | $ 0 | ||
Additions | 0 | 0.3 | ||
Dispositions | (0.3) | (0.6) | ||
Ending balance | 17.5 | $ 2.2 | ||
Carrying values of foreclosed residential real estate properties | 0.2 | $ 0.2 | ||
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure | $ 0.4 | $ 0.2 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | $ 2,715.9 | $ 1,691.2 |
Derivative Asset, Estimated Fair Value | 26.9 | 28.1 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 1,983.1 | 1,103.9 |
Derivative Liabilities, Estimated Fair Value | 18.2 | |
Interest rate swap contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 46.4 | 87.6 |
Derivative Asset, Estimated Fair Value | 0 | 0.1 |
Not Designated as Hedging Instrument | Interest rate swap contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 1,827.1 | 913.9 |
Derivative Asset, Estimated Fair Value | 0.3 | 22.2 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 1,827.1 | 913.9 |
Derivative Liabilities, Estimated Fair Value | 62.3 | 18.1 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 107.6 | 77.3 |
Derivative Asset, Estimated Fair Value | 0 | 1.8 |
Not Designated as Hedging Instrument | Forward loan sales contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 81.2 | 0 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 0 | 102.4 |
Derivative Liabilities, Estimated Fair Value | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest rate swap contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 700 | 700 |
Derivative Asset, Estimated Fair Value | $ 25.3 | $ 4.1 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financial Assets | |||
Gross Amounts Recognized | $ 26.9 | $ 28.1 | |
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Net Amounts in the Balance Sheet | 26.9 | 28.1 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 6.4 | 8 | |
Net Amount | 20.5 | 20.1 | |
Derivative Assets (Liabilities), at Fair Value, Net | 26.9 | ||
Financial Liabilities | |||
Gross Amounts Recognized | 62.7 | 18.2 | |
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Net Amounts in the Balance Sheet | 62.7 | 18.2 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 1 | 0 | |
Net Amount | 61.7 | 18.2 | |
Repurchase agreements | |||
Gross Amounts Recognized | 1,051.1 | ||
Gross Amounts Offset in the Balance Sheet | 0 | ||
Net Amounts in the Balance Sheet | 1,071 | 1,051.1 | |
Financial Instruments | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 1,051.1 | ||
Net Amount | 0 | ||
Total assets and liabilities | |||
Gross Amounts Recognized | 1,133.7 | 1,069.3 | |
Gross Amounts Offset in the Balance Sheet | 0 | ||
Net Amounts in the Balance Sheet | 1,133.7 | 1,069.3 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 1,072 | 1,051.1 | |
Net Amount | 61.7 | 18.2 | |
Derivative Liability, Notional Amount | 1,983.1 | 1,103.9 | |
Not Designated as Hedging Instrument | |||
Total assets and liabilities | |||
Amount of net gains recognized in mortgage banking revenues | 0.5 | $ 0.3 | |
Interest Rate Swap | |||
Financial Assets | |||
Gross Amounts Recognized | 25.6 | 26.3 | |
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Net Amounts in the Balance Sheet | 25.6 | 26.3 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 6.4 | 8 | |
Net Amount | 19.2 | 18.3 | |
Financial Liabilities | |||
Gross Amounts Recognized | 62.3 | 18.2 | |
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Net Amounts in the Balance Sheet | 62.3 | 18.2 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 1 | 0 | |
Net Amount | 61.3 | 18.2 | |
Interest Rate Swap | Not Designated as Hedging Instrument | |||
Total assets and liabilities | |||
Derivative Liability, Notional Amount | 1,827.1 | 913.9 | |
Mortgage Related Derivatives | |||
Financial Assets | |||
Gross Amounts Recognized | 1.3 | 1.8 | |
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Net Amounts in the Balance Sheet | 1.3 | 1.8 | |
Financial Instruments | 0 | 0 | |
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 | |
Net Amount | 1.3 | 1.8 | |
Risk Participation Agreements | |||
Financial Liabilities | |||
Gross Amounts Recognized | 0.4 | ||
Gross Amounts Offset in the Balance Sheet | 0 | ||
Net Amounts in the Balance Sheet | 0.4 | ||
Financial Instruments | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 0 | ||
Net Amount | 0.4 | ||
Risk Participation Agreements | Not Designated as Hedging Instrument | |||
Total assets and liabilities | |||
Derivative Liability, Notional Amount | 109.6 | $ 0 | |
Repurchase Agreements | |||
Financial Liabilities | |||
Gross Amounts Offset in the Balance Sheet | 0 | ||
Repurchase agreements | |||
Gross Amounts Recognized | 1,071 | ||
Net Amounts in the Balance Sheet | 1,071 | ||
Financial Instruments | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 1,071 | ||
Net Amount | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Amount of net fee income recognized in other non-interest income | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0 | ||
Derivative Instruments and Hedges, Assets | 674.5 | $ 695.6 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (25.5) | (4.4) | |
Financial Instruments | 0 | 0 | |
Derivative Asset, Notional Amount | 2,715.9 | 1,691.2 | |
Derivative Asset, Estimated Fair Value | 26.9 | 28.1 | |
Derivative Liability, Notional Amount | 1,983.1 | 1,103.9 | |
Derivative Liabilities, Estimated Fair Value | 18.2 | ||
Collateral Pledged | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | 1.3 | ||
Financial Instruments | 0.3 | ||
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Amount of net fee income recognized in other non-interest income | 2 | $ 1.1 | |
Amount of net gains recognized in mortgage banking revenues | 0.5 | 0.3 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Financial Instruments | 0 | 0 | |
Derivative Asset, Notional Amount | 46.4 | 87.6 | |
Derivative Asset, Estimated Fair Value | 0 | 0.1 | |
Interest Rate Swap | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 700 | 700 | |
Derivative Asset, Estimated Fair Value | 25.3 | 4.1 | |
Interest Rate Swap | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 1,827.1 | 913.9 | |
Derivative Asset, Estimated Fair Value | 0.3 | 22.2 | |
Derivative Liability, Notional Amount | 1,827.1 | 913.9 | |
Derivative Liabilities, Estimated Fair Value | 62.3 | 18.1 | |
Risk Participation Agreements | |||
Derivative [Line Items] | |||
Financial Instruments | 0 | ||
Risk Participation Agreements | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | 109.6 | 0 | |
Derivative Liabilities, Estimated Fair Value | 0.4 | 0 | |
Forward Contracts | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | 1.3 | 0 | |
Derivative Asset, Notional Amount | 81.2 | 0 | |
Derivative Liability, Notional Amount | 0 | 102.4 | |
Derivative Liabilities, Estimated Fair Value | 0 | $ 0 | |
Cash Flow Hedging [Member] | Interest Rate Swap | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 0 | $ 0 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2022 | Sep. 12, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 11, 2019 |
Class of Stock [Line Items] | ||||||
Shares outstanding (in shares) | 109,503,010 | 62,200,456 | ||||
Common shares issued (in shares) | 46,887,104 | 604 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,500,000 | |||||
Incremental Common Shares Attributable to Dilutive Effect of Accelerated Share Repurchase Agreements | 3,000,000 | |||||
Stock repurchased and retired (in shares) | 37,698 | 127,180 | ||||
Stock Repurchased and Retired During Period, Value | $ 1.4 | $ 5.4 | ||||
Shares repurchased during the period as percentage of shares authorized for repurchase (percent) | 1.30% | |||||
Great Western Bank | ||||||
Class of Stock [Line Items] | ||||||
Total consideration exchanged | $ 1,723.3 | |||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares outstanding (in shares) | 41,699,409 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 | |||||
Stock repurchased and retired (in shares) | 0 | 72,700 | ||||
Stock Repurchased and Retired During Period, Value | $ 2.9 | |||||
Shares repurchased, average cost per share (in dollars per share) | $ 39.69 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,900,000 | |||||
Class A Common Stock | Great Western Bank | ||||||
Class of Stock [Line Items] | ||||||
Number of shares issued as consideration (in shares) | 46,879,601 | |||||
Class B Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares outstanding (in shares) | 20,501,047 | |||||
Director [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares issued (in shares) | 7,503 | 604 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net (loss) income | $ (33.4) | $ 51.4 |
Weighted average common shares outstanding for basic earnings per share computation (in shares) | 92,855,173 | 61,591,877 |
Dilutive effects of stock-based compensation (in shares) | 0 | 122,186 |
Weighted average common shares outstanding for diluted earnings per common share computation (in shares) | 92,855,173 | 61,714,063 |
Basic earnings per common share (in dollars per share) | $ (0.36) | $ 0.83 |
Diluted earnings per common share (in dollars per share) | $ (0.36) | $ 0.83 |
Restricted Stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock (in shares) | 55,504 | 92,602 |
Unvested restricted stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock (in shares) | 537,374 | 368,793 |
Common Stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock (in shares) | 71,379 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Jan. 01, 2020USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ 974.5 | $ 1,052.6 | |
Total risk-based capital: | |||
Actual, Amount | $ 2,930.9 | $ 1,659.3 | |
Actual, Ratio | 0.1427 | 0.1411 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,643.5 | $ 940.9 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 2,157.1 | $ 1,235 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 2,054.4 | $ 1,176.2 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 2,446.7 | $ 1,469 | |
Actual, Ratio | 0.1191 | 0.1249 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,232.6 | $ 705.7 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,746.2 | $ 999.7 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,643.5 | $ 940.9 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Common equity tier 1 risk-based capital: | |||
Actual, Amount | $ 2,446.7 | $ 1,384.8 | |
Actual, Ratio | 11.91% | 11.77% | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 924.5 | $ 529.3 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,438.1 | $ 823.3 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,335.3 | $ 764.5 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 6.50% | 6.50% | |
Leverage capital ratio: | |||
Actual, Amount | $ 2,446.7 | $ 1,469 | |
Actual, Ratio | 0.0896 | 0.0768 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 1,091.7 | $ 765.5 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,364.6 | $ 956.9 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0500 | 0.0500 | |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | $ 24.1 | ||
FIB | |||
Total risk-based capital: | |||
Actual, Amount | $ 2,787.3 | $ 1,472.5 | |
Actual, Ratio | 0.1361 | 0.1256 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,638.3 | $ 938 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 2,150.2 | $ 1,231.1 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 2,047.9 | $ 1,172.5 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 2,560.7 | $ 1,382.2 | |
Actual, Ratio | 0.1250 | 0.1179 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,228.7 | $ 703.5 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,740.7 | $ 996.6 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,638.3 | $ 938 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Common equity tier 1 risk-based capital: | |||
Actual, Amount | $ 2,560.7 | $ 1,382.2 | |
Actual, Ratio | 12.50% | 11.79% | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 921.5 | $ 527.6 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,433.5 | $ 820.8 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,331.1 | $ 762.1 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 6.50% | 6.50% | |
Leverage capital ratio: | |||
Actual, Amount | $ 2,560.7 | $ 1,382.2 | |
Actual, Ratio | 0.0936 | 0.0724 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 1,093.8 | $ 764.1 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,367.2 | $ 955.1 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0500 | 0.0500 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | |||
Shares outstanding (in shares) | 109,503,010 | 62,200,456 | |
Entity Common Stock, Shares Outstanding | 109,493,618 | ||
Class A Common Stock | |||
Loss Contingencies [Line Items] | |||
Shares outstanding (in shares) | 41,699,409 | ||
Mortgage Loans Held For Sale [Member] | |||
Loss Contingencies [Line Items] | |||
Mortgage loans with recourse provision in effect | $ 0.8 | ||
Construction Contracts | |||
Loss Contingencies [Line Items] | |||
Commitments under construction contracts | $ 6.7 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Entity Information [Line Items] | ||||
Off-Balance Sheet, Credit Loss, Liability | $ 6.2 | $ 3.4 | $ 3.8 | $ 3.7 |
Provision for (reversal of) credit loss expense | (57.3) | 4.8 | ||
Credit Extension Commitments | 4,899.4 | 2,539.8 | ||
Unused Credit Card Lines | ||||
Entity Information [Line Items] | ||||
Credit Extension Commitments | 819 | 681.6 | ||
Standby Letter of Credit | ||||
Entity Information [Line Items] | ||||
Credit Extension Commitments | 100.2 | $ 57.5 | ||
Cumulative effect, period of adoption, adjusted balance | ||||
Entity Information [Line Items] | ||||
Provision for (reversal of) credit loss expense | $ 2.4 | $ (0.3) |
Other Comprehensive Income_Lo_3
Other Comprehensive Income/Loss - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment securities available-for sale: | ||
Change in net unrealized gain during period, pre-tax | $ (252.6) | $ (66.8) |
Change in net unrealized gain during period, tax expense (benefit) | (62.7) | (17) |
Change in net unrealized gain during period, net of tax | (189.9) | (49.8) |
Reclassification adjustment for net gains included in income, pre-tax | 0.1 | 0 |
Reclassification adjustment for net gains included in income, tax expense (benefit) | 0 | 0 |
Reclassification adjustment for net gains included in income, net of tax | 0.1 | 0 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale, pre-tax | 0.2 | 0 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale, tax | 0.1 | 0 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale, pre-tax | 0.1 | 0 |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, pre-tax | (23) | 0 |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, tax expense (benefit) | (5.7) | 0 |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, net of tax | (17.3) | 0 |
Unrealized loss on derivatives, pre-tax | 21.3 | (0.1) |
Unrealized loss on derivatives, tax expense (benefit) | 5.3 | 0 |
Unrealized loss on derivatives, net of tax | 16 | (0.1) |
Other comprehensive loss, before tax | (254) | (66.9) |
Other Comprehensive Income (Loss), tax expense (benefit) | (63) | (17) |
Other Comprehensive Income (Loss), Net of Tax | $ (191) | $ (49.9) |
Other Comprehensive Income_Lo_4
Other Comprehensive Income/Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | $ 3,441.1 | $ 1,933.4 | $ 1,986.6 | $ 1,959.8 |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, after Tax | 15 | |||
Net unrealized gain (loss) on derivatives | 16 | (0.1) | ||
Net unrealized loss on investment securities available-for-sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | (218.1) | (29) | ||
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, after Tax | (2.9) | |||
Net unrealized gain on derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on derivatives | 19 | 3 | ||
Net accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | $ (202) | $ 6.7 | $ (11) | $ 56.6 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | $ 0 | |
Investment debt securities available-for-sale | 6,283.8 | $ 4,820.5 | |
Derivative assets | 26.9 | 28.1 | |
Derivative liabilities | 62.7 | 18.2 | |
Write downs | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | 0 | 0 | |
Deferred compensation plan assets | 0 | 0 | |
Deferred compensation plan liabilities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | 178.1 | 30.1 | |
Deferred compensation plan assets | 19.7 | 21.4 | |
Deferred compensation plan liabilities | 19.7 | 21.4 | |
Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | 0 | 0 | |
Deferred compensation plan assets | 0 | 0 | |
Deferred compensation plan liabilities | 0 | 0 | |
U.S. Treasury notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 644.9 | 684.7 | |
U.S. Treasury notes | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 644.9 | 684.7 | |
U.S. Treasury notes | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
U.S. Treasury notes | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
State, county, and municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 292.7 | 427.5 | |
State, county, and municipal securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
State, county, and municipal securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 292.7 | 427.5 | |
State, county, and municipal securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Obligations of U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 137.9 | 346.9 | |
Obligations of U.S. government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Obligations of U.S. government agencies | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 137.9 | 346.9 | |
Obligations of U.S. government agencies | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 3,645.7 | 2,018.1 | |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 3,645.7 | 2,018.1 | |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Private mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 274.8 | 173.4 | |
Private mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Private mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 274.8 | 173.4 | |
Private mortgage-backed securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 216.9 | 270.5 | |
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Corporate securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 216.9 | 270.5 | |
Corporate securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Collateral dependent loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 0 | 0 | |
Collateral dependent loans | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 0 | 0 | |
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 11.7 | ||
Collateralized Loan Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 1,070.9 | 899.4 | |
Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 1,070.9 | 899.4 | |
Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Estimated Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 6,283.8 | 4,820.5 | |
Derivative assets | 26.9 | 28.1 | |
Derivative liabilities | 62.7 | 18.2 | |
Deferred compensation plan assets | 19.7 | 21.4 | |
Deferred compensation plan liabilities | 19.7 | 21.4 | |
Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | 178.1 | 30.1 | |
Deferred compensation plan assets | 19.7 | 21.4 | |
Deferred compensation plan liabilities | 19.7 | 21.4 | |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 644.9 | 684.7 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Deferred compensation plan assets | 0 | 0 | |
Deferred compensation plan liabilities | 0 | 0 | |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 5,638.9 | 4,135.8 | |
Derivative assets | 26.9 | 28.1 | |
Derivative liabilities | 62.7 | 18.2 | |
Deferred compensation plan assets | 19.7 | 21.4 | |
Deferred compensation plan liabilities | 19.7 | 21.4 | |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Deferred compensation plan assets | 0 | 0 | |
Deferred compensation plan liabilities | 0 | 0 | |
Estimated Fair Value | U.S. Treasury notes | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 644.9 | 684.7 | |
Estimated Fair Value | State, county, and municipal securities | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 292.7 | 427.5 | |
Estimated Fair Value | Obligations of U.S. government agencies | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 137.9 | 346.9 | |
Estimated Fair Value | U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 3,645.7 | 2,018.1 | |
Estimated Fair Value | Private mortgage-backed securities | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 274.8 | 173.4 | |
Estimated Fair Value | Corporate securities | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 216.9 | 270.5 | |
Estimated Fair Value | Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 101.1 | 11.7 | |
Estimated Fair Value | Collateralized Loan Obligations | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 1,070.9 | 899.4 | |
Carrying Amount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment debt securities available-for-sale | 6,283.8 | 4,820.5 | |
Derivative assets | 26.9 | 28.1 | |
Derivative liabilities | 62.7 | 18.2 | |
Deferred compensation plan assets | 19.7 | 21.4 | |
Deferred compensation plan liabilities | 19.7 | 21.4 | |
Carrying Amount | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 101.1 | 11.7 | |
Long-lived assets to be disposed of by sale | 1.5 | 1.3 | |
Interest Rate Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 25.6 | 26.3 | |
Derivative liabilities | 62.3 | 18.2 | |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Interest Rate Swap | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 25.6 | 26.3 | |
Derivative liabilities | 62.3 | 18.2 | |
Interest Rate Swap | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Interest Rate Swap | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 25.6 | 26.3 | |
Derivative liabilities | 62.3 | 18.2 | |
Interest Rate Lock Commitments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Interest Rate Lock Commitments | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1.8 | ||
Interest Rate Lock Commitments | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Interest Rate Lock Commitments | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1.8 | ||
Forward Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Forward Contracts | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1.3 | ||
Forward Contracts | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Forward Contracts | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1.3 | ||
Long-lived assets to be disposed of by sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets to be disposed of by sale | 0 | 0 | |
Long-lived assets to be disposed of by sale | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets to be disposed of by sale | 0 | 0 | |
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets to be disposed of by sale | 1.5 | 1.3 | |
Long-lived assets to be disposed of by sale | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets to be disposed of by sale | $ 1.5 | $ 1.3 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Material write downs | $ 0 | |
Significant Unobservable Inputs (Level 3) | Carrying Amount | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans | 101.1 | $ 11.7 |
Collateral dependent loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans | 0 | 0 |
Collateral dependent loans | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans | 0 | 0 |
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans | 11.7 | |
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans | $ 101.1 | 11.7 |
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0.01 | |
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0.18 | |
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | (0.07) | |
Other real estate owned | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Other real estate owned | $ 0 | 0 |
Other real estate owned | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Other real estate owned | 0 | 0 |
Other real estate owned | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Other real estate owned | 17.5 | 2 |
Other real estate owned | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Other real estate owned | $ 17.5 | 2 |
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 | |
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 | |
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 | |
Long-lived assets to be disposed of by sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Long-lived assets to be disposed of by sale | $ 0 | 0 |
Long-lived assets to be disposed of by sale | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Long-lived assets to be disposed of by sale | 0 | 0 |
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Long-lived assets to be disposed of by sale | 1.5 | 1.3 |
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Long-lived assets to be disposed of by sale | $ 1.5 | $ 1.3 |
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 | |
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 | |
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Discount rate | 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments by Level of Valuation Inputs (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Securities Purchased under Agreements to Resell | $ 102 | $ 0 |
Investment debt securities available-for-sale | 6,283.8 | 4,820.5 |
Investment debt securities held-to-maturity | 3,029.1 | 1,667.5 |
Derivative assets | 26.9 | 28.1 |
Financial liabilities: | ||
Derivative liabilities | 62.7 | 18.2 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 3,811.3 | 2,344.8 |
Securities Purchased under Agreements to Resell | 102 | |
Investment debt securities available-for-sale | 6,283.8 | 4,820.5 |
Investment debt securities held-to-maturity | 3,218.7 | 1,687.6 |
Accrued interest receivable | 81.1 | 47.4 |
Mortgage servicing rights, net | 32.7 | 28.2 |
Loans held for sale | 178.1 | 30.1 |
Net loans held for investment | 16,697.8 | 9,209.4 |
Derivative assets | 26.9 | 28.1 |
Deferred compensation plan assets | 19.7 | 21.4 |
Total financial assets | 30,452.1 | 18,217.5 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 26,489.9 | 15,303.1 |
Time deposits | 1,598.4 | 966.5 |
Securities sold under repurchase agreements | 1,071 | 1,051.1 |
Accrued interest payable | 6 | 3.7 |
Long-term debt | 120.4 | 112.4 |
Subordinated debentures held by subsidiary trusts | 163.1 | 87 |
Derivative liabilities | 62.7 | 18.2 |
Deferred compensation plan liabilities | 19.7 | 21.4 |
Total financial liabilities | 29,531.2 | 17,563.4 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 3,811.3 | 2,344.8 |
Securities Purchased under Agreements to Resell | 102 | |
Investment debt securities available-for-sale | 6,283.8 | 4,820.5 |
Investment debt securities held-to-maturity | 3,029.1 | 1,667.5 |
Accrued interest receivable | 81.1 | 47.4 |
Mortgage servicing rights, net | 35.8 | 28.2 |
Loans held for sale | 178.1 | 30.1 |
Net loans held for investment | 16,676.6 | 9,254.3 |
Derivative assets | 26.9 | 28.1 |
Deferred compensation plan assets | 19.7 | 21.4 |
Total financial assets | 30,244.4 | 18,242.3 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 26,489.9 | 15,303.1 |
Time deposits | 1,579.8 | 963.1 |
Securities sold under repurchase agreements | 1,071 | 1,051.1 |
Accrued interest payable | 6 | 3.7 |
Long-term debt | 122.8 | 120.7 |
Subordinated debentures held by subsidiary trusts | 162.3 | 85.5 |
Derivative liabilities | 62.7 | 18.2 |
Deferred compensation plan liabilities | 19.7 | 21.4 |
Total financial liabilities | 29,514.2 | 17,566.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 3,811.3 | 2,344.8 |
Securities Purchased under Agreements to Resell | 0 | |
Investment debt securities available-for-sale | 644.9 | 684.7 |
Investment debt securities held-to-maturity | 296.2 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans held for investment | 0 | 0 |
Derivative assets | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total financial assets | 4,752.4 | 3,029.5 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 26,489.9 | 15,303.1 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Total financial liabilities | 26,489.9 | 15,303.1 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Purchased under Agreements to Resell | 102 | |
Investment debt securities available-for-sale | 5,638.9 | 4,135.8 |
Investment debt securities held-to-maturity | 2,732.9 | 1,667.5 |
Accrued interest receivable | 81.1 | 47.4 |
Mortgage servicing rights, net | 35.8 | 28.2 |
Loans held for sale | 178.1 | 30.1 |
Net loans held for investment | 16,575.5 | 9,242.6 |
Derivative assets | 26.9 | 28.1 |
Deferred compensation plan assets | 19.7 | 21.4 |
Total financial assets | 25,390.9 | 15,201.1 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 1,579.8 | 963.1 |
Securities sold under repurchase agreements | 1,071 | 1,051.1 |
Accrued interest payable | 6 | 3.7 |
Long-term debt | 122.8 | 120.7 |
Subordinated debentures held by subsidiary trusts | 162.3 | 85.5 |
Derivative liabilities | 62.7 | 18.2 |
Deferred compensation plan liabilities | 19.7 | 21.4 |
Total financial liabilities | 3,024.3 | 2,263.7 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities Purchased under Agreements to Resell | 0 | |
Investment debt securities available-for-sale | 0 | 0 |
Investment debt securities held-to-maturity | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans held for investment | 101.1 | 11.7 |
Derivative assets | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total financial assets | 101.1 | 11.7 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Total financial liabilities | $ 0 | $ 0 |
Recent Authoritative Accounti_2
Recent Authoritative Accounting Guidance (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total stockholders’ equity | $ 3,441.1 | $ 1,986.6 | $ 1,933.4 | $ 1,959.8 |
Off-Balance Sheet, Credit Loss, Liability | 6.2 | 3.8 | 3.4 | 3.7 |
Retained earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total stockholders’ equity | $ 974.5 | $ 1,052.6 | $ 988.2 | $ 962.1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 27, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment, Non Accrual | $ 8.3 | $ 3.9 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividend amount per share (in dollars) | $ 0.41 |
Loans Held for Sale - Narrative
Loans Held for Sale - Narrative (Details) - USD ($) | Feb. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans held for sale | $ 178,100,000 | $ 30,100,000 | ||
Loans held for sale considered a troubled debt restructuring | 0 | |||
Transfer of loans from held-for-sale to held for investment | 19,800,000 | $ 0 | ||
Allowance for loan losses, charge-off | 5,100,000 | |||
Agricultural | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans held for sale | 132,100,000 | 0 | ||
Nonaccrual loans | 32,700,000 | |||
Transfer of loans to held-for-sale | $ 155,800,000 | |||
Transfer of loans from held-for-sale to held for investment | 19,800,000 | |||
Cost basis after charge-off | 14,700,000 | |||
Commercial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans held for sale | 23,400,000 | 0 | ||
Transfer of loans to held-for-sale | $ 24,000,000 | |||
Residential | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans held for sale | $ 22,600,000 | $ 30,100,000 |