Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 104,447,711 | |
Amendment Flag | false | |
Entity Central Index Key | 0000860413 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 390.4 | $ 168.6 |
Interest bearing deposits in banks | 201.4 | 2,176.1 |
Federal funds sold | 0.1 | 0.1 |
Total cash and cash equivalents | 591.9 | 2,344.8 |
Investment securities: | ||
Available-for-sale, at estimated fair value | 6,783.4 | 4,820.5 |
Held-to-maturity, net of allowance for credit losses of $1.9 and $0 at September 30, 2022 and December 31, 2021 (estimated fair values of $3,063.5 and $1,667.5 at September 30, 2022 and December 31, 2021) | 3,485.7 | 1,687.6 |
Total investment securities | 10,269.1 | 6,508.1 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 131.9 | 53.8 |
Loans held for sale | 93.6 | 30.1 |
Loans held for investment, net of deferred fees and costs | 17,603.5 | 9,331.7 |
Allowance for credit losses | 213 | 122.3 |
Net loans held for investment | 17,390.5 | 9,209.4 |
Goodwill | 1,100 | 621.6 |
Bank Owned Life Insurance | 495.6 | 301.5 |
Premises and equipment, net of accumulated depreciation | 445.4 | 299.6 |
Other intangibles, net of accumulated amortization | 101 | 41.3 |
Accrued interest receivable | 106.4 | 47.4 |
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 31.8 | 28.2 |
Other real estate owned | 16.4 | 2 |
Deferred tax assets | 223.8 | 0 |
Other assets | 347.3 | 184.1 |
Total assets | 31,344.7 | 19,671.9 |
Deposits: | ||
Non-interest bearing | 8,163.3 | 5,568.3 |
Interest bearing | 17,721.5 | 10,701.3 |
Total deposits | 25,884.8 | 16,269.6 |
Securities sold under repurchase agreements | 1,075.6 | 1,051.1 |
Accounts payable and accrued expenses | 452.9 | 148.4 |
Accrued interest payable | 7.4 | 3.7 |
Deferred tax liability, net | 0 | 9.3 |
Long-term debt | 120.7 | 112.4 |
Other Short-term Borrowings | 625 | 0 |
Allowance for credit losses on off-balance sheet credit exposures | 9.7 | 3.8 |
Subordinated debentures held by subsidiary trusts | 163.1 | 87 |
Total liabilities | 28,339.2 | 17,685.3 |
Stockholders’ equity: | ||
Preferred stock, no par value; 100,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, no par value; 150,000,000 and 100,000,000 shares authorized at September 30, 2022 and December 31, 2021; 104,450,804 shares and 62,200,456 shares issued and outstanding, respectively | 2,477.4 | 945 |
Retained earnings | 1,035.8 | 1,052.6 |
Accumulated other comprehensive loss, net | (507.7) | (11) |
Total stockholders’ equity | 3,005.5 | 1,986.6 |
Total liabilities and stockholders’ equity | $ 31,344.7 | $ 19,671.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Investment securities: | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 1,900,000 | $ 0 |
Estimated fair value | $ 3,063,500,000 | $ 1,667,500,000 |
Stockholders' equity: | ||
Nonvoting, noncumulative preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Nonvoting, noncumulative preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Shares outstanding (in shares) | 104,450,804 | 62,200,456 |
Common Stock, Shares, Issued | 104,450,804 | 62,200,456 |
Common Stock, Shares Authorized | 150,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Other Short-term Borrowings | $ 625,000,000 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Interest and fees on loans | $ 218.3 | $ 111.9 | $ 561.7 | $ 325.1 |
Interest and dividends on investment securities: | ||||
Taxable | 64.3 | 17.1 | 142.4 | 48.7 |
Exempt from federal taxes | 1.4 | 1.4 | 4.1 | 4.2 |
Other Interest and Dividend Income | 1.3 | 0.2 | 2.8 | 0.2 |
Interest on deposits in banks | 1.4 | 0.7 | 6.5 | 1.7 |
Total interest income | 286.7 | 131.3 | 717.5 | 379.9 |
Interest expense: | ||||
Interest on deposits | 13.3 | 1.9 | 20.6 | 6.4 |
Interest on securities sold under repurchase agreements | 0.8 | 0.1 | 1.4 | 0.3 |
Interest Expense, Other Short-term Borrowings | 2.4 | 0 | 2.4 | 0 |
Interest on long-term debt | 1.5 | 1.5 | 4.6 | 4.5 |
Interest on subordinated debentures held by subsidiary trusts | 1.9 | 0.7 | 4.3 | 2.1 |
Total interest expense | 19.9 | 4.2 | 33.3 | 13.3 |
Net interest income | 266.8 | 127.1 | 684.2 | 366.6 |
Provision for (reversal of) credit losses | 8.4 | 0 | 68 | (5.1) |
Net interest income after provision for (reversal of) credit losses | 258.4 | 127.1 | 616.2 | 371.7 |
Non-interest income: | ||||
Payment Services Revenues | 20.4 | 12.2 | 54.7 | 33.8 |
Mortgage banking revenues | 2.7 | 11.6 | 16.1 | 32.8 |
Wealth management revenues | 8.5 | 6.5 | 25.9 | 19.1 |
Service Charges on Deposit Accounts | 5.7 | 4.4 | 19.7 | 12.1 |
Non-interest income | 4.7 | 1.4 | 12.6 | 5.1 |
Debt Securities, Available-for-sale, Gain (Loss) | (24.2) | 0.3 | (24.4) | 0.2 |
Other income | 5.1 | 3.1 | 17 | 9.8 |
Total non-interest income | 22.9 | 39.5 | 121.6 | 112.9 |
Non-interest expense: | ||||
Salaries and wages | 71.9 | 42 | 206.7 | 122.6 |
Employee benefits | 19.6 | 12.9 | 60.2 | 43.7 |
Outsourced technology services | 15.9 | 8.2 | 40 | 24.7 |
Occupancy, net | 11.3 | 7.3 | 32.5 | 21.7 |
Furniture and equipment | 5.8 | 4.5 | 17 | 13 |
OREO expense, net of income | 0 | 0 | 0.1 | (0.1) |
Professional fees | 5.1 | 2.7 | 14.5 | 9.3 |
FDIC insurance premiums | 4.1 | 1.7 | 10.2 | 4.8 |
Other intangibles amortization | 4.1 | 2.4 | 11.8 | 7.4 |
Other expenses | 31.4 | 17.6 | 82.7 | 49.6 |
Acquisition related expenses | 4 | 6.6 | 115 | 6.6 |
Noninterest Expense | 173.2 | 105.9 | 590.7 | 303.3 |
Income before income tax | 108.1 | 60.7 | 147.1 | 181.3 |
Provision for income tax | 22.4 | 13.6 | 30.7 | 40.3 |
Net income | $ 85.7 | $ 47.1 | $ 116.4 | $ 141 |
Earnings per common share, basic (in dollars per share) | $ 0.80 | $ 0.76 | $ 1.13 | $ 2.29 |
Earnings per common share, diluted (in dollars per share) | $ 0.80 | $ 0.76 | $ 1.13 | $ 2.28 |
Weighted average common shares outstanding, basic (in shares) | 106,525,974 | 61,673,656 | 102,879,422 | 61,641,342 |
Weighted average common shares outstanding, diluted (in shares) | 106,589,699 | 61,747,972 | 102,935,360 | 61,732,822 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 85.7 | $ 47.1 | $ 116.4 | $ 141 |
Other comprehensive loss, before tax: | ||||
Change in net unrealized loss during period | (236.4) | (13.4) | (650.6) | (81) |
Reclassification adjustment for net loss (gain) included in income | 24.2 | (0.3) | 24.4 | (0.2) |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale | 0 | 0 | 0.2 | 0 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax | (1.7) | (2.5) | (25.6) | 22.3 |
Change in unrealized (gain) loss on derivatives | (15.9) | 3.2 | (9.6) | 2.3 |
Other comprehensive loss, before tax | (229.8) | (13) | (661.2) | (56.6) |
Deferred tax benefit related to other comprehensive loss | 51.9 | 3.2 | 164.5 | 14.3 |
Other comprehensive loss, net of tax | (177.9) | (9.8) | (496.7) | (42.3) |
Comprehensive (loss) income, net of tax | $ (92.2) | $ 37.3 | $ (380.3) | $ 98.7 |
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 income | 141 | 0 | 141 | 0 |
Other comprehensive income (loss), net of tax expense | (42.3) | 0 | 0 | (42.3) |
Common stock transactions: | ||||
Common shares purchased and retired | (5.4) | (5.4) | 0 | 0 |
Common shares issued | 0 | 0 | 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 | 0.4 | 0.4 | 0 | 0 |
Stock-based compensation expense | 7.5 | 7.5 | 0 | 0 |
Common cash dividend declared | (76.2) | 0 | (76.2) | 0 |
Equity, ending balance at Sep. 30, 2021 | 1,984.8 | 943.6 | 1,026.9 | 14.3 |
Equity, beginning balance at Jun. 30, 2021 | 1,970.9 | 941.6 | 1,005.2 | 24.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 47.1 | 0 | 47.1 | 0 |
Other comprehensive income (loss), net of tax expense | (9.8) | 0 | 0 | (9.8) |
Common stock transactions: | ||||
Common shares purchased and retired | 0 | 0 | 0 | 0 |
Common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 2 | 2 | 0 | 0 |
Common cash dividend declared | (25.4) | 0 | (25.4) | 0 |
Equity, ending balance at Sep. 30, 2021 | 1,984.8 | 943.6 | 1,026.9 | 14.3 |
Equity, beginning balance at Dec. 31, 2021 | 1,986.6 | 945 | 1,052.6 | (11) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 116.4 | 0 | 116.4 | 0 |
Other comprehensive income (loss), net of tax expense | (496.7) | 0 | 0 | (496.7) |
Common stock transactions: | ||||
Common shares purchased and retired | (198.9) | (198.9) | 0 | 0 |
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 | 8.7 | 8.7 | 0 | 0 |
Common cash dividend declared | (133.2) | 0 | (133.2) | 0 |
Equity, ending balance at Sep. 30, 2022 | 3,005.5 | 2,477.4 | 1,035.8 | (507.7) |
Equity, beginning balance at Jun. 30, 2022 | 3,271.9 | 2,607.9 | 993.8 | (329.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 85.7 | 0 | 85.7 | 0 |
Other comprehensive income (loss), net of tax expense | (177.9) | 0 | 0 | (177.9) |
Common stock transactions: | ||||
Common shares purchased and retired | (133) | (133) | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 2.5 | 2.5 | 0 | 0 |
Common cash dividend declared | (43.7) | 0 | (43.7) | 0 |
Equity, ending balance at Sep. 30, 2022 | $ 3,005.5 | $ 2,477.4 | $ 1,035.8 | $ (507.7) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Stock repurchased and retired (in shares) | 3,280,042 | 574 | 5,039,784 | 128,038 |
Common shares issued (in shares) | 1,782 | 46,913,370 | 19,081 | |
Non-vested common shares issued (in shares) | 251 | 12,620 | 453,690 | 241,307 |
Non-vested common shares forfeited (in shares) | 27,443 | 2,324 | 94,735 | 39,993 |
stock options exercised (in shares) | 17,807 | 42,987 | ||
Shares tendered (in shares) | 4,877 | 6,177 | ||
Common dividends (in dollars per share) | $ 0.41 | $ 0.41 | $ 1.23 | $ 1.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||||
Net income | $ 85.7 | $ 47.1 | $ 116.4 | $ 141 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for (reversal of) credit losses | 8.4 | 0 | 68 | (5.1) | |
Net gain on disposal of premises and equipment | (2.3) | (1.9) | |||
Depreciation and amortization | 41.4 | 33.4 | |||
Net premium amortization on investment securities | 16.7 | 29 | |||
Net loss on investment securities transactions | 24.4 | (0.2) | |||
Realized and unrealized net gains on mortgage banking activities | (8.1) | (19.1) | |||
Net gain on sale of OREO | (0.4) | (0.2) | |||
Write-downs of OREO and other assets pending disposal | 0.2 | 0 | |||
Gain (Loss) on Extinguishment of Debt | (1.4) | 0 | |||
Mortgage servicing rights recovery | (3.4) | (5.9) | |||
Deferred taxes | (4.8) | 4.6 | |||
Net increase in cash surrender value of company-owned life insurance | (7.6) | (4.1) | |||
Stock-based compensation expense | 8.7 | 7.5 | |||
Originations of mortgage loans held for sale | (369.5) | (596.6) | |||
Proceeds from sales of mortgage loans held for sale | 387.2 | 645.1 | |||
Changes in operating assets and liabilities: | |||||
Increase in interest receivable | (25.9) | (1.8) | |||
Increase in other assets | (14.9) | (21.8) | |||
Increase in accrued interest payable | 1.3 | 0.8 | |||
Increase in accounts payable and accrued expenses | 212.6 | 0.7 | |||
Net cash provided by operating activities | 438.6 | 205.4 | |||
Purchases of investment securities: | |||||
Held-to-maturity | (1,316) | (1,069.5) | |||
Available-for-sale | (2,521.2) | (1,891.4) | |||
Proceeds from sales, maturities, and pay-downs of investment securities: | |||||
Held-to-maturity | 304.8 | 163.9 | |||
Available-for-sale | 1,753.6 | 747.8 | |||
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock | 115.8 | 0 | |||
Proceeds from Federal Home Loan Bank and Federal Reserve Bank stock | 53.3 | 0 | |||
Extensions of credit to clients, net of repayments | (465.6) | 172.5 | |||
Recoveries of loans charged-off | 10.8 | 7.2 | |||
Proceeds from sale of OREO | 2 | 1.1 | |||
Proceeds from the sale of Health Savings Accounts | 1.4 | 0 | |||
Acquisition of bank and bank holding company, net of cash and cash equivalents received | 2,006.9 | 0 | |||
Payments for (Proceeds from) Productive Assets | (27.2) | (5.5) | |||
Net cash used in investing activities | (313) | (1,873.9) | |||
Cash flows from financing activities: | |||||
Net (decrease) increase in deposits | (2,072.8) | 1,790.3 | |||
Net increase (decrease) in securities sold under repurchase agreements | 51.6 | (83.9) | |||
Proceeds from (Repayments of) Other Debt | 625 | $ 0 | |||
Repayments of long-term debt | (164) | 0 | |||
Advances on long-term debt | 14.4 | 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 | (198.9) | (5.4) | |||
Dividends paid to common stockholders | (133.1) | (76.2) | |||
Net cash (used in) provided by financing activities | (1,878.5) | 1,625.2 | |||
Net decrease in cash and cash equivalents | (1,752.9) | (43.3) | |||
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 | $ 591.9 | $ 2,233.5 | 591.9 | 2,233.5 | $ 2,344.8 |
Supplemental disclosures of cash flow information: | |||||
Cash paid during the period for income taxes | 42.2 | 41.3 | |||
Cash paid during the period for interest expense | 32 | 12.5 | |||
Supplemental disclosures of non-cash investing and financing activities: | |||||
Right-of-use assets obtained in exchange for operating lease liabilities | 22.9 | 0.8 | |||
Net change in unamortized (losses) gains on available-for-sale securities transferred into held-to-maturity | 10.9 | 0 | |||
Debt Securities, Available-For-Sale, Transfer, Unrealized Gain (Loss) | 463.6 | 672.2 | |||
Transfer of loans from held-for-sale to held for investment | 19.8 | 0 | |||
Transfer of loans to held-for-sale | 12.4 | 0 | |||
Transfer of loans to other real estate owned | 0.4 | 0.7 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 1,723.3 | 0 | |||
Capitalization of internally originated mortgage servicing rights | 2.3 | 2 | |||
Investment securities | 2,699 | 0 | |||
Securities Purchased under Agreements to Resell, Increase | 101.1 | 0 | |||
Loans held for sale | 217 | 0 | |||
Loans held for investment, net | 7,645.5 | 0 | |||
Premises and equipment | 144.7 | 0 | |||
Goodwill | 478.4 | 0 | |||
Other Intangibles | 72.9 | 0 | |||
Mortgage Servicing Rights | 1.3 | 0 | |||
Company-owned life insurance | 186.6 | 0 | |||
Noncash or Part Noncash Acquisition, Deferred Tax Assets Acquired | 63.6 | 0 | |||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired, Other Real Estate Owned | 15.8 | 0 | |||
Other assets | 198.9 | 0 | |||
Total noncash assets acquired | 11,824.8 | 0 | |||
Noncash or Part Noncash Acquisition, Liabilities Assumed, Deposits | 11,688 | 0 | |||
Securities sold under repurchase agreements | 74 | 0 | |||
Accounts payable and accrued expenses | 111 | 0 | |||
Long-term debt | 159.3 | 0 | |||
Noncash or Part Noncash Acquisition, Liabilities Assumed, Trust preferred securities | 76.1 | 0 | |||
Total liabilities assumed | $ 12,108.4 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 September 30, 2022 and December 31, 2021, the results of operations, changes in stockholders’ equity, and cash flows for each of the three and the nine month periods ended September 30, 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 September 30, 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 and the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 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. 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. The acquisition was completed on February 1, 2022. 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 as amended for measurement period adjustments as of September 30, 2022. 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 $478.4 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 and other necessary information in support of related fair value accounting. 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 217.0 Loans held for investment 7,705.0 Allowance for credit losses (59.5) Premises and equipment, including right of use lease assets 144.7 Other real estate owned (“OREO”) 15.8 Company owned life insurance 186.6 Core deposit intangibles 50.1 Customer relationship intangible 22.8 Mortgage servicing rights 1.3 Deferred tax assets, net 63.6 Other assets 198.9 Total assets acquired 13,353.3 Liabilities assumed: Deposits 11,688.0 Securities sold under repurchase agreements 74.0 Accrued expenses and other liabilities 111.0 FHLB advances 122.9 Subordinated debt 36.4 Subordinated debentures held by subsidiary trusts 76.1 Total liabilities assumed 12,108.4 Net assets acquired $ 1,244.9 Consideration paid: Class A common stock 1,723.3 Total consideration paid (1) $ 1,723.3 Goodwill $ 478.4 (1) Includes $13 thousand of cash paid in lieu of fractional shares. As of September 30, 2022, the Company recorded measurement period adjustments to the fair value marks. These adjustments included increases of $0.9 million in other assets and $0.9 million in accrued expenses and a decrease of $0.2 million in premises and equipment, which resulted in a net increase to goodwill of $0.2 million from the June 30, 2022 reported balances. The related impact to net income that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date was not material to the consolidated financial statements. 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 based on quotes or bids from third party investors. Loans held for investment 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 as amended for measurement period adjustments as of September 30, 2022 were 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 (69.2) Discount attributable to other factors (29.9) Fair value 623.3 Allowance for credit losses 59.5 Amortized cost basis 682.8 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 $ 7,705.0 (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 $50.1 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 and other analysis 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 $4.0 million and $115.0 million for the three and the nine month periods ended September 30, 2022, respectively, were included as a component of non-interest expense in the consolidated statements of income, of which none and approximately $26.8 million for the three and the nine month periods ended September 30, 2022, respectively, are acquisition related costs as defined by ASC 805. During the nine months ended September 30, 2022, 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 income for the three and the nine months ended September 30, 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. GWB was merged with our existing bank subsidiary, First Interstate Bank, contemporaneously with the closing of the parent company merger. The core system conversion was completed on May 23, 2022. The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and the nine month periods ended September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total revenues $ 314.0 $ 295.8 $ 883.5 $ 909.1 Net income $ 90.3 $ 110.9 $ 267.8 $ 177.0 Earnings per common share (Basic) $ 0.85 $ 1.02 $ 2.60 $ 1.63 Earnings per common share (Diluted) $ 0.85 $ 1.02 $ 2.60 $ 1.63 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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, 2022 and 2021 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: As of September 30, September 30, 2022 December 31, 2021 Net carrying value at beginning of the period $ 621.6 $ 621.6 Provisional additions to goodwill from acquisition 478.4 — Net carrying value at end of period $ 1,100.0 $ 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 September 30, 2022 and December 31, 2021: As of September 30, 2022 CDI OCRI Total Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Provisional amounts established through acquisition 50.1 22.8 72.9 Reductions due to sale of health savings accounts (1.4) — (1.4) Accumulated amortization (75.2) (1.3) (76.5) Net other intangible assets, end of period $ 79.5 $ 21.5 $ 101.0 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 $4.1 million and $2.4 million of other intangible asset amortization expense for the three months ended September 30, 2022 and 2021, respectively, and recorded $11.8 million and $7.4 million of other intangible asset amortization expense for the nine months ended September 30, 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 $ 3.6 $ 0.5 $ 4.1 2023 13.7 1.9 15.6 2024 12.7 1.9 14.6 2025 11.8 1.9 13.7 2026 10.9 1.9 12.8 Thereafter 26.8 13.4 40.2 Total $ 79.5 $ 21.5 $ 101.0 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized as follows: September 30, 2022 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 373.5 $ — $ (36.7) $ 336.8 State, county, and municipal securities 317.8 — (57.3) 260.5 Obligations of U.S. government agencies 216.3 — (17.3) 199.0 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 4,852.2 0.2 (442.7) 4,409.7 Private mortgage-backed securities 270.3 — (37.1) 233.2 Collateralized loan obligations 1,145.5 — (40.4) 1,105.1 Corporate securities 272.6 — (33.5) 239.1 Total $ 7,448.2 $ 0.2 $ (665.0) $ 6,783.4 September 30, 2022 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: U.S. Treasury notes $ 396.1 $ — $ 396.1 $ — $ (10.6) $ 385.5 State, county, and municipal securities 184.0 (0.1) 183.9 0.2 (33.2) 150.9 Obligations of U.S. government agencies 350.8 — 350.8 — (51.2) 299.6 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 2,476.6 — 2,476.6 — (320.0) 2,156.6 Corporate securities 80.1 (1.8) 78.3 — (7.4) 70.9 Total $ 3,487.6 $ (1.9) $ 3,485.7 $ 0.2 $ (422.4) $ 3,063.5 (1) Amortized cost presented above include $20.8 million of unamortized losses and $15.2 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 September 30, 2022 and December 31, 2021. Less than 12 Months 12 Months or More Total September 30, 2022 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 168.2 $ (5.1) $ 168.6 $ (31.6) $ 336.8 $ (36.7) State, county, and municipal securities 110.6 (14.4) 136.4 (42.9) 247.0 (57.3) Obligations of U.S. government agencies 152.4 (10.9) 45.9 (6.4) 198.3 (17.3) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,697.1 (308.8) 699.8 (133.9) 4,396.9 (442.7) Private mortgage-backed securities 206.1 (32.3) 27.0 (4.8) 233.1 (37.1) Collateralized loan obligations 1,076.1 (39.8) 29.0 (0.6) 1,105.1 (40.4) Corporate securities 144.0 (10.4) 95.0 (23.1) 239.0 (33.5) Total $ 5,554.5 $ (421.7) $ 1,201.7 $ (243.3) $ 6,756.2 $ (665.0) 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 September 30, 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. 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 none were 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 September 30, 2022 and December 31, 2021. As of September 30, 2022 and December 31, 2021, the Company had 1,239 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 September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 1.6 $ — $ — $ — Provision for credit loss expense 0.3 — 1.9 — Ending balance of allowance for credit losses $ 1.9 $ — $ 1.9 $ — 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: September 30, 2022 AAA AA A BBB BB Not Rated Total U.S. Treasury notes $ 396.1 $ — $ — $ — $ — $ — $ 396.1 State, county, and municipal securities 69.4 93.8 12.0 — — 8.8 184.0 Obligations of U.S. government agencies 350.8 — — — — — 350.8 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 2,261.3 — — — — — 2,261.3 GNMA 215.3 — — — — — 215.3 Corporate securities — — — 65.1 10.0 5.0 80.1 Total $ 3,292.9 $ 93.8 $ 12.0 $ 65.1 $ 10.0 $ 13.8 $ 3,487.6 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 September 30, 2022 and December 31, 2021, the Company had $34.3 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 September 30, 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 September 30, 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 $46.3 million in gross realized losses on the disposition of available-for-sale investment securities, primarily related to the $500.0 million in US treasury notes, during the three months ended September 30, 2022. The gross realized losses were offset by $22.1 million in deferred gains realized related to the termination of the fair value derivative for a net realized loss of $24.2 million. For the nine months ended September 30, 2022, there were no material gross realized gains and $46.4 million in gross realized losses. For the three and the nine month periods ended September 30, 2021, there were no material gross realized gains and no material gross realized losses. Maturities of securities do not reflect rate repricing opportunities present in adjustable-rate mortgage-backed securities. 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 September 30, 2022 Amortized Estimated Amortized Estimated Within one year $ 57.1 $ 56.4 $ 5.1 $ 5.0 After one year but within five years 1,049.0 998.0 546.0 524.2 After five years but within ten years 1,918.3 1,710.2 797.1 695.2 After ten years 4,423.8 4,018.8 2,139.4 1,839.1 Total $ 7,448.2 $ 6,783.4 $ 3,487.6 $ 3,063.5 As of September 30, 2022, the Company held investment securities callable within one year having amortized costs and estimated fair values of $777.7 million and $706.2 million, respectively. These investment securities are primarily included in the “after five years but within ten years” category in the table above. As of September 30, 2022, the Company had no callable structured notes. As of September 30, 2022 and December 31, 2021, the Company has amortized costs of $4,836.7 million and $2,617.8 million, respectively, for investment securities pledged to secure public deposits and securities sold under repurchase agreements and had approximate fair values of $4,265.1 million and $2,610.8 million, as of September 30, 2022 and December 31, 2021, respectively. All securities sold under repurchase agreements are with clients and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements. As of September 30, 2022 and December 31, 2021, the Company held $131.9 million and $53.8 million, respectively, in equity securities in a combination of Federal Reserve Bank and Federal Home Loan Bank stocks, which are restricted nonmarketable securities acquired to meet regulatory requirements. These securities are carried at cost. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale | The following table presents loans held for sale by segment for the dates indicated: September 30, December 31, Loans Held for Sale: Agricultural $ 63.0 $ — Commercial construction 12.4 — Residential real estate 18.2 30.1 Total loans held for sale $ 93.6 $ 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 September 30, 2022, loans held for sale included nonaccrual loans of $43.1 million, of which $30.7 million were agricultural loans and $12.4 million was a commercial construction loan. There were no loans held for sale that were considered a troubled debt restructuring as of September 30, 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. |
Loans Held for Investment
Loans Held for Investment | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | Loans Held for Investment The following table presents loans by segment as of the dates indicated: September 30, December 31, Real estate loans: Commercial $ 8,026.9 $ 3,971.5 Construction loans: Land acquisition & development 393.2 247.8 Residential 501.4 262.0 Commercial 1,128.4 498.0 Total construction loans 2,023.0 1,007.8 Residential 2,127.7 1,538.2 Agricultural 800.9 213.9 Total real estate loans 12,978.5 6,731.4 Consumer loans: Indirect 780.8 737.6 Direct and advance lines 155.0 129.2 Credit card 74.2 64.9 Total consumer loans 1,010.0 931.7 Commercial 2,966.1 1,475.5 Agricultural 658.2 203.9 Other, including overdrafts 3.8 1.5 Loans held for investment 17,616.6 9,344.0 Deferred loan fees and costs (13.1) (12.3) Loans held for investment, net of deferred fees and costs 17,603.5 9,331.7 Allowance for credit losses (213.0) (122.3) Net loans held for investment $ 17,390.5 $ 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 September 30, 2022 Beginning Balance Provisional ACL Recorded for PCD loans 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 $ 29.5 $ — $ (5.5) $ (0.1) $ — $ 23.9 Owner occupied 26.6 — (3.7) — 1.8 24.7 Multi-family 33.4 — (2.6) (5.7) — 25.1 Total commercial real estate 89.5 — (11.8) (5.8) 1.8 73.7 Construction: Land acquisition & development 0.8 — (0.2) — 0.1 0.7 Residential construction 3.4 — (0.3) — — 3.1 Commercial construction 14.9 — 16.4 (6.6) — 24.7 Total construction 19.1 — 15.9 (6.6) 0.1 28.5 Residential real estate: Residential 1-4 family 18.2 — 0.9 — — 19.1 Home equity and HELOC 1.5 — 0.1 (0.1) 0.1 1.6 Total residential real estate 19.7 — 1.0 (0.1) 0.1 20.7 Agricultural real estate 5.4 — 0.4 — — 5.8 Total real estate 133.7 — 5.5 (12.5) 2.0 128.7 Consumer: Indirect 13.1 — 1.6 (1.2) 0.6 14.1 Direct and advance lines 5.0 — 1.3 (1.4) 0.4 5.3 Credit card 2.2 — 0.3 (0.3) 0.2 2.4 Total consumer 20.3 — 3.2 (2.9) 1.2 21.8 Commercial: Commercial and floor plans 54.1 — (2.2) (0.5) 1.0 52.4 Commercial purpose secured by 1-4 family 5.5 — 0.4 — — 5.9 Credit card 0.3 — 0.2 (0.3) — 0.2 Total commercial 59.9 — (1.6) (0.8) 1.0 58.5 Agricultural: Agricultural 6.5 — (2.5) — — 4.0 Total agricultural 6.5 — (2.5) — — 4.0 Total allowance for credit losses $ 220.4 $ — $ 4.6 $ (16.2) $ 4.2 $ 213.0 (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. Nine Months Ended September 30, 2022 Beginning Balance Provisional 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 $ 17.2 $ (7.6) $ (3.0) $ — $ 23.9 Owner occupied 13.3 9.5 2.3 (2.2) 1.8 24.7 Multi-family 13.3 10.9 5.9 (5.7) 0.7 25.1 Total commercial real estate 43.9 37.6 0.6 (10.9) 2.5 73.7 Construction: Land acquisition & development 0.5 3.4 (0.8) (2.7) 0.3 0.7 Residential construction 2.4 — 0.7 — — 3.1 Commercial construction 6.0 0.2 25.1 (6.6) — 24.7 Total construction 8.9 3.6 25.0 (9.3) 0.3 28.5 Residential real estate: Residential 1-4 family 13.4 0.1 5.4 (0.1) 0.3 19.1 Home equity and HELOC 1.2 — 0.1 (0.1) 0.4 1.6 Total residential real estate 14.6 0.1 5.5 (0.2) 0.7 20.7 Agricultural real estate 1.9 2.3 1.7 (0.2) 0.1 5.8 Total real estate 69.3 43.6 32.8 (20.6) 3.6 128.7 Consumer: Indirect 14.3 — 0.9 (2.9) 1.8 14.1 Direct and advance lines 4.6 — 1.7 (2.8) 1.8 5.3 Credit card 2.2 — 1.6 (1.8) 0.4 2.4 Total consumer 21.1 — 4.2 (7.5) 4.0 21.8 Commercial: Commercial and floor plans 27.1 11.2 18.1 (5.8) 1.8 52.4 Commercial purpose secured by 1-4 family 4.4 0.2 1.2 — 0.1 5.9 Credit card 0.1 — 0.6 (0.5) — 0.2 Total commercial 31.6 11.4 19.9 (6.3) 1.9 58.5 Agricultural: Agricultural 0.3 4.5 3.3 (5.4) 1.3 4.0 Total agricultural 0.3 4.5 3.3 (5.4) 1.3 4.0 Total allowance for credit losses $ 122.3 $ 59.5 $ 60.2 $ (39.8) $ 10.8 $ 213.0 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. (2) Amounts include $68.3 million related to the acquired GWB non-PCD loans. Three Months Ended September 30, 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 $ 22.9 $ 1.1 $ — $ — $ 24.0 Owner occupied 16.6 (0.6) — — 16.0 Multi-family 11.6 0.2 — — 11.8 Total commercial real estate 51.1 0.7 — — 51.8 Construction: Land acquisition & development 1.0 (0.2) — 0.1 0.9 Residential construction 1.5 0.3 — — 1.8 Commercial construction 8.0 (1.3) — — 6.7 Total construction 10.5 (1.2) — 0.1 9.4 Residential real estate: Residential 1-4 family 13.4 (0.2) — — 13.2 Home equity and HELOC 1.4 (0.1) — 0.1 1.4 Total residential real estate 14.8 (0.3) — 0.1 14.6 Agricultural real estate 3.0 0.1 — — 3.1 Total real estate 79.4 (0.7) — 0.2 78.9 Consumer: Indirect 15.8 (0.1) (0.8) 0.5 15.4 Direct and advance lines 4.6 0.5 (0.8) 0.4 4.7 Credit card 1.6 0.4 (0.4) 0.2 1.8 Total consumer 22.0 0.8 (2.0) 1.1 21.9 Commercial: Commercial and floor plans 29.0 0.3 (0.1) 0.2 29.4 Commercial purpose secured by 1-4 family 4.4 (0.2) — — 4.2 Credit card 0.3 — — — 0.3 Total commercial 33.7 0.1 (0.1) 0.2 33.9 Agricultural: Agricultural 0.4 — — — 0.4 Total agricultural 0.4 — — — 0.4 Total allowance for credit losses $ 135.5 $ 0.2 $ (2.1) $ 1.5 $ 135.1 (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. Nine Months Ended September 30, 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 $ (1.6) $ — $ 0.1 $ 24.0 Owner occupied 18.3 — (2.3) — 16.0 Multi-family 11.0 0.8 — — 11.8 Total commercial real estate 54.8 (0.8) (2.3) 0.1 51.8 Construction: Land acquisition & development 1.3 (0.8) (0.1) 0.5 0.9 Residential construction 1.6 0.3 (0.1) — 1.8 Commercial construction 7.3 (0.6) (0.1) 0.1 6.7 Total construction 10.2 (1.1) (0.3) 0.6 9.4 Residential real estate: Residential 1-4 family 11.4 1.8 — — 13.2 Home equity and HELOC 1.4 (0.2) (0.1) 0.3 1.4 Total residential real estate 12.8 1.6 (0.1) 0.3 14.6 Agricultural real estate 2.7 0.4 — — 3.1 Total real estate 80.5 0.1 (2.7) 1.0 78.9 Consumer: Indirect 16.7 (0.3) (2.9) 1.9 15.4 Direct and advance lines 4.6 1.2 (2.0) 0.9 4.7 Credit card 2.6 — (1.4) 0.6 1.8 Total consumer 23.9 0.9 (6.3) 3.4 21.9 Commercial: Commercial and floor plans 34.2 (4.9) (2.2) 2.3 29.4 Commercial purpose secured by 1-4 family 4.7 (0.8) (0.1) 0.4 4.2 Credit card 0.3 0.2 (0.3) 0.1 0.3 Total commercial 39.2 (5.5) (2.6) 2.8 33.9 Agricultural: Agricultural 0.7 (0.1) (0.2) — 0.4 Total agricultural 0.7 (0.1) (0.2) — 0.4 Total allowance for credit losses $ 144.3 $ (4.6) $ (11.8) $ 7.2 $ 135.1 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which 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 September 30, 2022 Business Assets Real Property Other Total Real estate $ 2.2 $ 39.1 $ — $ 41.3 Commercial 1.4 4.9 — 6.3 Agricultural 0.3 9.7 — 10.0 Total collateral-dependent $ 3.9 $ 53.7 $ — $ 57.6 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 September 30, 2022 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 9.7 $ 2.7 $ 1.4 $ 13.8 $ 7,986.6 $ 26.5 $ 8,026.9 Construction: Land acquisition & development 0.6 0.4 0.2 1.2 388.1 3.9 393.2 Residential 3.9 — 0.4 4.3 497.1 — 501.4 Commercial 6.8 — — 6.8 1,121.6 — 1,128.4 Total construction loans 11.3 0.4 0.6 12.3 2,006.8 3.9 2,023.0 Residential 1.1 3.4 1.2 5.7 2,115.6 6.4 2,127.7 Agricultural 1.3 — 0.7 2.0 783.3 15.6 800.9 Total real estate loans 23.4 6.5 3.9 33.8 12,892.3 52.4 12,978.5 Consumer: Indirect consumer 6.0 1.3 0.2 7.5 771.3 2.0 780.8 Other consumer 0.7 0.2 0.1 1.0 153.9 0.1 155.0 Credit card 0.6 0.4 0.5 1.5 72.7 — 74.2 Total consumer loans 7.3 1.9 0.8 10.0 997.9 2.1 1,010.0 Commercial 9.5 1.7 1.8 13.0 2,941.4 11.7 2,966.1 Agricultural 2.1 0.1 0.1 2.3 642.7 13.2 658.2 Other, including overdrafts — — — — 3.8 — 3.8 Loans held for investment $ 42.3 $ 10.2 $ 6.6 $ 59.1 $ 17,478.1 $ 79.4 $ 17,616.6 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 September 30, 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 and the nine months ended September 30, 2022 and 2021, respectively. There were $0.6 million and no reversals of accrued interest at September 30, 2022 and September 30, 2021. respectively. 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 $68.1 million as of September 30, 2022, of which $8.4 million were included in non-accrual loans and $59.7 million were on accrual status. As of September 30, 2022, the Company allocated $0.4 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 $48.1 million and $71.7 million of new troubled debt restructurings during the three and the nine months ended September 30, 2022, respectively. Number of Notes Type of Concession Principal Balance at Restructure Three Months Ended September 30, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 1 $ — $ — $ — $ 46.1 $ 46.1 Agricultural real estate 1 — 0.1 — — 0.1 Commercial 1 — 1.9 — — 1.9 Total loans restructured during period 3 $ — $ 2.0 $ — $ 46.1 $ 48.1 (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 . Number of Notes Type of Concession Principal Balance at Restructure Nine Months Ended September 30, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 4 $ 3.2 $ 4.2 $ — $ 46.3 $ 53.7 Residential real estate 2 — 0.6 — — 0.6 Agriculture real estate 2 — 9.0 — — 9.0 Commercial 3 — 1.9 — 0.6 2.5 Agriculture 1 — — — 5.9 5.9 Total loans restructured during period 12 $ 3.2 $ 15.7 $ — $ 52.8 $ 71.7 (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 $5.7 million in charge-offs directly related to modifying an acquired PCD loan, for which a troubled debt restructuring was initiated during the three and the nine months ended September 30, 2022. The Company had no charge-offs directly related to troubled debt restructurings during the three and the nine months ended September 30, 2021. The Company had no material troubled debt restructurings resulting in payment default during the previous 12 months ended September 30, 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 $191.4 million as of September 30, 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) as amended for measurement period adjustments as of September 30, 2022: Purchase price (initial fair value) $ 623.3 Allowance for credit losses (1) 298.2 Discount attributable to other factors (2) 57.7 Par value (unpaid principal balance) $ 979.2 (1) For acquired PCD loans, an allowance of $298.2 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 $59.5 million. (2) Non-credit discount includes the difference between the amortized cost basis and the unpaid principal balance of $39.6 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: September 30, 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 $ 784.9 $ 784.8 $ 666.7 $ 463.9 $ 279.4 $ 913.3 $ 27.5 $ 3,920.5 Special mention 6.0 4.4 0.4 4.7 8.3 19.8 — 43.6 Substandard 3.5 33.2 10.7 18.9 20.1 9.5 — 95.9 Doubtful — — — — 1.8 — — 1.8 Total $ 794.4 $ 822.4 $ 677.8 $ 487.5 $ 309.6 $ 942.6 $ 27.5 $ 4,061.8 Commercial real estate owner occupied: Pass $ 621.4 $ 757.4 $ 552.2 $ 282.9 $ 177.4 $ 589.9 $ 16.3 $ 2,997.5 Special mention 5.2 8.8 1.5 11.1 2.8 9.8 0.3 39.5 Substandard 12.1 3.0 2.3 4.6 2.8 17.8 0.4 43.0 Doubtful 0.4 1.5 — — 7.9 2.0 — 11.8 Total $ 639.1 $ 770.7 $ 556.0 $ 298.6 $ 190.9 $ 619.5 $ 17.0 $ 3,091.8 Commercial multi-family: Pass $ 267.4 $ 209.6 $ 188.8 $ 52.5 $ 35.7 $ 115.7 $ 1.5 $ 871.2 Special mention — — — — — 1.8 — 1.8 Substandard — — — — — 0.3 — 0.3 Total $ 267.4 $ 209.6 $ 188.8 $ 52.5 $ 35.7 $ 117.8 $ 1.5 $ 873.3 Land, acquisition and development: Pass $ 122.7 $ 141.0 $ 31.7 $ 25.6 $ 12.4 $ 30.1 $ 17.7 $ 381.2 Special mention 6.7 — — — 0.2 0.3 — 7.2 Substandard — 0.8 0.2 — — 0.6 — 1.6 Doubtful — 3.2 — — — — — 3.2 Total $ 129.4 $ 145.0 $ 31.9 $ 25.6 $ 12.6 $ 31.0 $ 17.7 $ 393.2 Residential construction: Pass $ 104.2 $ 133.9 $ 0.4 $ 9.2 $ 0.4 $ 5.5 $ 247.0 $ 500.6 Substandard — 0.4 — — — 0.4 — 0.8 Total $ 104.2 $ 134.3 $ 0.4 $ 9.2 $ 0.4 $ 5.9 $ 247.0 $ 501.4 Commercial construction: Pass $ 358.1 $ 469.0 $ 180.9 $ 76.2 $ 0.5 $ — $ 15.6 $ 1,100.3 Special mention 2.1 — 23.1 — — — — 25.2 Substandard 2.9 — — — — — — 2.9 Total $ 363.1 $ 469.0 $ 204.0 $ 76.2 $ 0.5 $ — $ 15.6 $ 1,128.4 Agricultural real estate: Pass $ 162.5 $ 175.6 $ 119.5 $ 67.3 $ 48.0 $ 111.9 $ 28.7 $ 713.5 Special mention 2.0 2.8 2.3 2.3 9.6 3.3 11.2 33.5 Substandard 1.1 13.9 3.6 3.4 3.2 14.2 11.4 50.8 Doubtful — — 3.1 — — — — 3.1 Total $ 165.6 $ 192.3 $ 128.5 $ 73.0 $ 60.8 $ 129.4 $ 51.3 $ 800.9 Commercial and floor plans: Pass $ 415.9 $ 406.3 $ 233.4 $ 138.5 $ 130.3 $ 178.9 $ 707.5 $ 2,210.8 Special mention 10.1 9.6 2.1 3.9 1.4 5.2 64.5 96.8 Substandard 8.0 1.2 3.4 2.7 3.5 2.4 6.6 27.8 Doubtful 0.3 4.7 — — — — — 5.0 Total $ 434.3 $ 421.8 $ 238.9 $ 145.1 $ 135.2 $ 186.5 $ 778.6 $ 2,340.4 September 30, 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 purpose secured by 1-4 family: Pass $ 155.8 $ 140.4 $ 71.6 $ 31.4 $ 31.0 $ 43.2 $ 29.9 $ 503.3 Special mention 0.2 1.1 2.3 0.2 1.5 0.3 — 5.6 Substandard 0.2 0.3 0.1 0.3 0.9 1.2 0.1 3.1 Total $ 156.2 $ 141.8 $ 74.0 $ 31.9 $ 33.4 $ 44.7 $ 30.0 $ 512.0 Agricultural: Pass $ 107.6 $ 70.9 $ 35.0 $ 12.8 $ 9.9 $ 1.5 $ 356.3 $ 594.0 Special mention 1.5 3.4 0.6 1.2 0.7 — 12.1 19.5 Substandard 23.1 6.5 5.0 0.9 4.2 1.1 1.4 42.2 Doubtful — 0.6 — — — — — 0.6 Total $ 132.2 $ 81.4 $ 40.6 $ 14.9 $ 14.8 $ 2.6 $ 369.8 $ 656.3 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 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 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: September 30, 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 $ 195.3 $ 466.3 $ 550.2 $ 102.3 $ 32.6 $ 230.2 $ — $ 1,576.9 Nonperforming — 0.2 0.4 0.5 0.4 3.4 — 4.9 Total $ 195.3 $ 466.5 $ 550.6 $ 102.8 $ 33.0 $ 233.6 $ — $ 1,581.8 Consumer home equity and HELOC: Performing $ 14.9 $ 8.7 $ 5.4 $ 4.4 $ 5.7 $ 17.6 $ 486.5 $ 543.2 Nonperforming 0.5 0.3 0.1 0.1 0.1 1.2 0.4 2.7 Total $ 15.4 $ 9.0 $ 5.5 $ 4.5 $ 5.8 $ 18.8 $ 486.9 $ 545.9 Consumer indirect: Performing $ 279.0 $ 194.9 $ 144.5 $ 69.0 $ 39.5 $ 51.7 $ — $ 778.6 Nonperforming 0.2 0.6 0.4 0.3 0.2 0.5 — 2.2 Total $ 279.2 $ 195.5 $ 144.9 $ 69.3 $ 39.7 $ 52.2 $ — $ 780.8 Consumer direct and advance line: Performing $ 45.0 $ 36.2 $ 20.9 $ 10.5 $ 7.9 $ 9.7 $ 24.6 $ 154.8 Nonperforming — 0.1 — — — 0.1 — 0.2 Total $ 45.0 $ 36.3 $ 20.9 $ 10.5 $ 7.9 $ 9.8 $ 24.6 $ 155.0 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 September 30, 2022 Consumer Commercial Agricultural Total Credit Card: Performing $ 73.8 $ 113.3 $ 1.9 $ 189.0 Nonperforming 0.4 0.4 — 0.8 Total credit card $ 74.2 $ 113.7 $ 1.9 $ 189.8 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 | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 16.8 $ 2.0 $ 2.0 $ 2.5 Acquired through acquisition — — 15.8 — Additions 0.3 0.4 0.4 0.7 Valuation adjustments (0.2) — (0.2) — Dispositions (0.5) (0.1) (1.6) (0.9) Ending balance $ 16.4 $ 2.3 $ 16.4 $ 2.3 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. The Company enters into derivative financial instruments, such as interest rate swap contracts to manage or hedge exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and interest rate exposures. The Company does not enter into interest rate swap agreements for trading or speculative purposes. In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee, provided the loan meets underwriting guidelines, and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently on closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are marked to market through earnings. In addition to the effects of the change in market interest rate, the fair value measurement of the derivative also contemplates the expected cash flows to be received from the counterparty from the future sale of the loan. The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. The forward loan sales contracts are marked to market through earnings and are not designated as accounting hedges during the interest rate lock commitment period and through the duration of the forward loan sales contracts. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires, and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income. The Company also enters into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a client while at the same time entering into an offsetting interest rate swap with a third-party financial institution. Because the Company acts as an intermediary for the client, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps that were designated as cash flow hedges on the trust preferred securities involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2021 and the first quarter of 2022, such derivatives were used to hedge the variable cash flows associated with the existing variable-rate borrowings (trust preferred securities). The trades that the Company had in place on its trust preferred securities matured during the first and second quarters of 2022. As part of the Company’s overall asset and liability management strategy, in August 2022 the Company entered into two interest rate collars related to variable-rate loans that were designated as cash flow hedges with a total notional amount of $300.0 million. The collars designated as cash flow hedges synthetically fixes the interest income received by the Company when the collar index falls below a floor rate on a rate reset during the term of the collar and when the collar index exceeds the cap rate on a rate reset during the term of the collar without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive (loss) income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified as interest expense when interest payments are made on the Company’s variable-rate liabilities. During the next twelve months, the Company estimates that no material amounts will be reclassified as an increase to interest expense. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. During 2021, the Company entered into two forward starting, fixed interest rate fair value hedges associated with U.S. Treasury securities. During the second quarter of 2022, the Company terminated the $500.0 million, two-year forward starting, three-year pay-fixed interest rate swap, resulting in a $23.3 million gain. The gain associated with the $500.0 million interest rate swap was to be accreted into income through May 2026. However, the U.S. Treasury securities associated with the swap were sold during the third quarter of 2022. As such, the gain was accreted through August 2022 and then in September 2022 the remaining gain was recognized as income. During the third quarter of 2022, the Company terminated the $200.0 million, three-year forward starting, four-year pay fixed interest rate swap, resulting in a $8.5 million gain that will be accreted into income through July 2028. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges for the periods indicated: September 30, 2022 December 31, 2021 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Available-for-sale securities $ — $ — $ 695.6 $ (4.4) Non-designated Hedge Derivatives Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk Participation Agreements The Company acquired from GWB risk participation agreements under which it assumes credit risk associated with a borrower’s performance related to derivative contracts. The Company only enters into these credit risk participation agreements in instances in which the Company is also a party to the related loan participation agreements for such borrowers. The Company manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on its normal credit review process. The following table summarizes the fair values of our derivative instruments on a gross and net basis for the periods indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. September 30, 2022 December 31, 2021 Notional Amount Balance Sheet Location Estimated Notional Amount Balance Sheet Location Estimated Derivatives designated as hedges: Interest rate swap contracts — — 700.0 4.1 Derivatives not designated as hedges: Interest rate swap contracts 1,743.3 42.1 913.9 22.2 Interest rate lock commitments — — 77.3 1.8 Forward loan sales contracts 32.3 0.6 — — Derivative assets in the balance sheet $ 1,775.6 Other Assets $ 42.7 $ 1,691.2 Other Assets $ 28.1 Derivatives designated as hedges: Interest rate collars $ 300.0 $ 5.6 $ — $ — Interest rate swap contracts — — 87.6 0.1 Derivatives not designated as hedges: Interest rate swap contracts 1,743.3 163.7 913.9 18.1 Risk participation agreements 107.2 0.1 — — Interest rate lock commitments 25.9 0.5 — — Forward loan sales contracts — — 102.4 — Derivative liabilities in the balance sheet $ 2,176.4 Accrued Expenses $ 169.9 $ 1,103.9 Accrued Expenses $ 18.2 There was a $5.6 million unrealized fair value loss on derivative instruments in accumulated other comprehensive loss during the three and the nine months ended September 30, 2022. There were no material effects of derivative instruments in fair value or cash flow hedge accounting on accumulated other comprehensive (loss) income during the three and the nine months ended 2021. There were no material effects from the Company’s fair value or cash flow hedged derivative financial instruments on the income statement during the three and the nine months ended September 30, 2022 or 2021. The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the income statement for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Location of (Loss) Gain Recognized in Income on Derivative Amount of (Loss) Gain Recognized in Income on Derivative Location of (Loss) Gain Recognized in Income on Derivative Amount of (Loss) Gain Recognized in Income on Derivative Interest rate lock commitments Mortgage banking revenues $ (0.2) $ 1.3 Mortgage banking revenues $ (1.7) $ 1.7 The Company recorded swap fee revenues of $2.5 million and $0.4 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $5.6 million and $1.6 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. The Company includes swap fee revenues in other service charges, commissions, and fees. The tables below present the gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of the periods indicated: September 30, 2022 Gross Assets Recognized Gross Assets Offset in the Balance Sheet Net Assets in the Balance Sheet Financial Instruments Cash Collateral Received (1) Net Amount Interest rate swap contracts $ 42.1 $ — $ 42.1 $ — $ 42.1 $ — Mortgage related derivatives 0.6 — 0.6 — — 0.6 Total derivatives 42.7 — 42.7 — 42.1 0.6 Total assets $ 42.7 $ — $ 42.7 $ — $ 42.1 $ 0.6 (1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above. Gross Liabilities Recognized Gross Liabilities Offset in the Balance Sheet Net Liabilities in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Interest rate swap and collar contracts $ 169.3 $ — $ 169.3 $ — $ 5.6 $ 163.7 Risk participation agreements 0.1 — 0.1 — — 0.1 Mortgage related derivatives 0.5 — 0.5 — — 0.5 Total derivatives 169.9 — 169.9 — 5.6 164.3 Repurchase agreements 1,075.6 — 1,075.6 — 1,075.6 — Total liabilities $ 1,245.5 $ — $ 1,245.5 $ — $ 1,081.2 $ 164.3 December 31, 2021 Gross Assets Recognized Gross Assets Offset in the Balance Sheet Net Assets in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Interest rate swap contracts $ 26.3 $ — $ 26.3 $ — $ 8.0 $ 18.3 Mortgage related derivatives 1.8 — 1.8 — — 1.8 Total derivatives 28.1 — 28.1 — 8.0 20.1 Total assets $ 28.1 $ — $ 28.1 $ — $ 8.0 $ 20.1 Gross Liabilities Recognized Gross Liabilities Offset in the Balance Sheet Net Liabilities in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Interest rate swap contracts $ 18.2 $ — $ 18.2 $ — $ — $ 18.2 Total derivatives 18.2 — 18.2 — — 18.2 Repurchase agreements 1,051.1 — 1,051.1 — 1,051.1 — Total liabilities $ 1,069.3 $ — $ 1,069.3 $ — $ 1,051.1 $ 18.2 Credit-risk-related Contingent Feature The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well / adequately capitalized institution, then in certain instances the Company could be required to post additional capital and in certain instances the counterparty would have the right to terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of September 30, 2022, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, was $5.6 million related to these agreements. As of September 30, 2022, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has not posted excess collateral. If the Company had breached any of these provisions at September 30, 2022, it could have been required to settle its obligations under the agreements at their termination value of $5.6 million. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Capital Stock | Capital Stock 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 nine months ended September 30, 2022 and 2021, the Company also issued 33,769 shares and 19,081 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 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 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”. On May 25, 2022, the Company’s board of directors adopted a new stock repurchase program to replace the program that had been in place since 2019 and had 1,889,158 shares of Class A common stock remaining to be purchased thereunder. Under the new stock repurchase program, the Company may repurchase up to 5.0 million of its outstanding shares of Class A common stock. There were 3,279,300 shares repurchased and retired under the new program during the three months ended September 30, 2022 at a total cost of $133.1 million, including costs and commissions, at an average cost of $40.59 per share. The shares of common stock repurchased during the period completes the 5.0 million shares authorized to be repurchased. The 5.0 million shares repurchased during the nine months ended September 30, 2022 were purchased at a total cost of $197.4 million, including costs and commissions, at an average per share cost of $39.48. All other stock repurchases during the nine months ended September 30, 2022 and 2021, were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company’s equity compensation plans. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 85.7 $ 47.1 $ 116.4 $ 141.0 Weighted average common shares outstanding for basic earnings per share computation 106,525,974 61,673,656 102,879,422 61,641,342 Dilutive effects of stock-based compensation 63,725 74,316 55,938 91,480 Weighted average common shares outstanding for diluted earnings per common share computation 106,589,699 61,747,972 102,935,360 61,732,822 Basic earnings per common share $ 0.80 $ 0.76 $ 1.13 $ 2.29 Diluted earnings per common share $ 0.80 $ 0.76 $ 1.13 $ 2.28 Anti-dilutive unvested time restricted stock 48,871 89,142 51,161 88,677 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Capital | Regulatory Capital As of September 30, 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 September 30, 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) September 30, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 2,820.2 12.50 % $ 1,804.7 8.00 % $ 2,368.7 10.50 % $ 2,255.9 10.00 % FIB 2,704.8 12.01 1,801.1 8.00 2,363.9 10.50 2,251.4 10.00 Tier 1 risk-based capital: Consolidated 2,366.8 10.49 1,353.5 6.00 1,917.5 8.50 1,804.7 8.00 FIB 2,508.9 11.14 1,350.8 6.00 1,913.7 8.50 1,801.1 8.00 Common equity tier 1 risk-based capital: Consolidated 2,366.8 10.49 1,015.1 4.50 1,579.1 7.00 1,466.3 6.50 FIB 2,508.9 11.14 1,013.1 4.50 1,576.0 7.00 1,463.4 6.50 Leverage capital ratio: Consolidated 2,366.8 7.67 1,234.4 4.00 1,234.4 4.00 1,543.0 5.00 FIB 2,508.9 8.14 1,232.2 4.00 1,232.2 4.00 1,540.2 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. In connection with the adoption of the Current Expected Credit Loss |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 2022, the Company had commitments under construction contracts of $1.6 million. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 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 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 6.2 $ 3.4 $ 3.8 $ 3.7 Provision for (reversal of) credit loss expense 3.5 (0.2) 5.9 (0.5) Ending balance of allowance for off-balance sheet credit losses $ 9.7 $ 3.2 $ 9.7 $ 3.2 September 30, 2022 December 31, 2021 Unused credit card lines $ 814.9 $ 681.6 Commitments to extend credit 5,011.0 2,539.8 Standby letter of credit 92.4 57.5 |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 9 Months Ended |
Sep. 30, 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 September 30, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (236.4) $ (13.4) $ (53.4) $ (3.3) $ (183.0) $ (10.1) Reclassification adjustment for net loss (gain) included in net income 24.2 (0.3) 5.5 (0.1) 18.7 (0.2) Net change in unamortized (gains) losses on available-for-sale securities transferred into held-to-maturity (1.7) (2.5) (0.4) (0.6) (1.3) (1.9) Change in net unrealized gain (loss) on derivatives (15.9) 3.2 (3.6) 0.8 (12.3) 2.4 Total other comprehensive loss $ (229.8) $ (13.0) $ (51.9) $ (3.2) $ (177.9) $ (9.8) Pre-tax Tax Expense (Benefit) Net of Tax Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (650.6) $ (81.0) $ (161.3) $ (20.5) $ (489.3) $ (60.5) Reclassification adjustment for net loss (gain) included in net income 24.4 (0.2) 5.5 (0.1) 18.9 (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 (gains) losses on available-for-sale securities transferred into held-to-maturity (25.6) 22.3 (6.3) 5.7 (19.3) 16.6 Change in net unrealized gain (loss) on derivatives (9.6) 2.3 (2.5) 0.6 (7.1) 1.7 Total other comprehensive loss $ (661.2) $ (56.6) $ (164.5) $ (14.3) $ (496.7) $ (42.3) The components of accumulated other comprehensive loss, net of related tax effects, are as follows: September 30, 2022 December 31, 2021 Net unrealized loss on investment securities available-for-sale $ (499.1) $ (29.0) Net unrealized (loss) gain on investment securities transferred to held-to-maturity (4.4) 15.0 Net unrealized gain on derivatives (4.2) 3.0 Net accumulated other comprehensive loss $ (507.7) $ (11.0) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three levels of inputs 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 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 and the nine months ended September 30, 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 and the nine months ended September 30, 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 Collars: The fair values of interest rate collars are obtained from an independent third party. The values are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below (rise above) the strike rate of the floors (caps). The variable interest rates used in the calculation of projected receipts on the collars are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. 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, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are obtained from an independent third party. The values 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 Secured Overnight Financing 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, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties.. For purposes of potential valuation adjustments to our derivative positions, we evaluate both our credit risk and 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 September 30, 2022 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 336.8 $ 336.8 $ — $ — State, county, and municipal securities 260.5 — 260.5 — Obligations of U.S. government agencies 199.0 — 199.0 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 4,409.7 — 4,409.7 — Private mortgage-backed securities 233.2 — 233.2 — Collateralized loan obligations 1,105.1 — 1,105.1 — Corporate securities 239.1 — 239.1 — Loans held for sale 93.6 — 93.6 — Derivative assets: Interest rate swap contracts 42.1 — 42.1 — Forward loan sale contracts 0.6 — 0.6 — Derivative liabilities: Interest rate collars 5.6 — 5.6 — Interest rate swap contracts 163.7 — 163.7 — Risk participation agreements 0.1 — 0.1 — Interest rate lock commitments 0.5 — 0.5 — Deferred compensation plan assets 19.0 — 19.0 — Deferred compensation plan liabilities 19.0 — 19.0 — 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 September 30, 2022 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 57.6 $ — $ — $ 57.6 Other real estate owned 16.4 — — 16.4 Long-lived assets to be disposed of by sale 6.7 — — 6.7 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 September 30, 2022 and December 31, 2021, the Company had collateral-dependent loans with a carrying and fair value of $57.6 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 nine months ended September 30, 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 September 30, 2022, the Company had long-lived assets to be disposed of by sale with carrying and fair values aggregating $6.7 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 September 30, 2022 December 31, 2021 Valuation Unobservable Range Collateral dependent loans $ 57.6 $ 11.7 Appraisal Appraisal adjustment 1% - 18% (7%) Other real estate owned 16.4 2.0 Appraisal Appraisal adjustment 0% - 0% 0% Long-lived assets to be disposed of by sale 6.7 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 September 30, 2022 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 591.9 $ 591.9 $ 591.9 $ — $ — Investment debt securities available-for-sale 6,783.4 6,783.4 336.8 6,446.6 — Investment debt securities held-to-maturity 3,485.7 3,063.5 385.5 2,678.0 — Accrued interest receivable 106.4 106.4 — 106.4 — Mortgage servicing rights, net 31.8 36.6 — 36.6 — Loans held for sale 93.6 93.6 — 93.6 — Net loans held for investment 17,390.5 17,293.6 — 17,236.0 57.6 Derivative assets 42.7 42.7 — 42.7 — Deferred compensation plan assets 19.0 19.0 — 19.0 — Total financial assets $ 28,545.0 $ 28,030.7 $ 1,314.2 $ 26,658.9 $ 57.6 Financial liabilities: Total deposits, excluding time deposits $ 24,255.6 $ 24,255.6 $ 24,255.6 $ — $ — Time deposits 1,629.2 1,587.2 — 1,587.2 — Securities sold under repurchase agreements 1,075.6 1,075.6 — 1,075.6 — Other borrowed funds 625.0 625.0 — 625.0 — Accrued interest payable 7.4 7.4 — 7.4 — Long-term debt 120.7 116.7 — 116.7 — Subordinated debentures held by subsidiary trusts 163.1 157.1 — 157.1 — Derivative liabilities 169.9 169.9 — 169.9 — Deferred compensation plan liabilities 19.0 19.0 — 19.0 — Total financial liabilities $ 28,065.5 $ 28,013.5 $ 24,255.6 $ 3,757.9 $ — 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 $ — |
Other Borrowed Funds
Other Borrowed Funds | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | At September 30, 2022, the Company had $625.0 million in outstanding Federal Home Loan Bank (“FHLB”) borrowings consisting of $550.0 million in 3.29% variable rate overnight borrowings and $75.0 million in 3.20% fixed rate one-month borrowings, as compared to no outstanding borrowings from the FHLB at December 31, 2021. The Company has a remaining borrowing capacity at FHLB of $3,962.4 million. The borrowings are collateralized by certain loans with an advance equivalent collateral value of $4,588.0 million. |
Recent Authoritative Accounting
Recent Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary exceptions that are optional for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate, with such modification considered to be "minor" so that any existing unamortized origination fees/costs will carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications will not be accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. The Company is currently evaluating the impact of the adoption of other expedients in the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-01, “ Reference Rate Reform (Topic 848) ” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848 , that clarifies certain exceptions that are optional in Topic 848 for contract modifications and hedge accounting and apply those exceptions to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain exceptions that are optional in which the accounting effects of the hedging activity are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-08, “ Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ” In October 2021, the FASB issued ASU 2021-08, Business Combinations Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-01, “ Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method ” In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging Topic 815, Fair Value Hedging—Portfolio Layer Method that clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. The amendments allow nonprepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption in an interim period is permitted for public business entities, with the effect of adopting the amendments related to basis adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-02, “ Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures ” In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings (TDRs) and Vintage Disclosures that eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The amendment also requires an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the amendments prospectively except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption of the amendments are permitted, including adoption in an interim period. If an entity elects to early adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 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 October 24, 2022, the Company declared a quarterly dividend to common shareholders of $0.47 per share, to be paid on November 18, 2022 to shareholders of record as of November 8, 2022. No other undisclosed events requiring recognition or disclosure were identified. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 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 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 and the nine months ended September 30, 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 and the nine months ended September 30, 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 Collars: The fair values of interest rate collars are obtained from an independent third party. The values are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below (rise above) the strike rate of the floors (caps). The variable interest rates used in the calculation of projected receipts on the collars are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. 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, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are obtained from an independent third party. The values 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 Secured Overnight Financing 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, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties.. For purposes of potential valuation adjustments to our derivative positions, we evaluate both our credit risk and 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 ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary exceptions that are optional for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate, with such modification considered to be "minor" so that any existing unamortized origination fees/costs will carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications will not be accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. The Company is currently evaluating the impact of the adoption of other expedients in the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-01, “ Reference Rate Reform (Topic 848) ” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848 , that clarifies certain exceptions that are optional in Topic 848 for contract modifications and hedge accounting and apply those exceptions to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain exceptions that are optional in which the accounting effects of the hedging activity are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-08, “ Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ” In October 2021, the FASB issued ASU 2021-08, Business Combinations Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-01, “ Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method ” In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging Topic 815, Fair Value Hedging—Portfolio Layer Method that clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. The amendments allow nonprepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption in an interim period is permitted for public business entities, with the effect of adopting the amendments related to basis adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-02, “ Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures ” In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings (TDRs) and Vintage Disclosures that eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The amendment also requires an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the amendments prospectively except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption of the amendments are permitted, including adoption in an interim period. If an entity elects to early adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary exceptions that are optional for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate, with such modification considered to be "minor" so that any existing unamortized origination fees/costs will carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications will not be accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. The Company is currently evaluating the impact of the adoption of other expedients in the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-01, “ Reference Rate Reform (Topic 848) ” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848 , that clarifies certain exceptions that are optional in Topic 848 for contract modifications and hedge accounting and apply those exceptions to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain exceptions that are optional in which the accounting effects of the hedging activity are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2021-08, “ Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ” In October 2021, the FASB issued ASU 2021-08, Business Combinations Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-01, “ Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method ” In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging Topic 815, Fair Value Hedging—Portfolio Layer Method that clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. The amendments allow nonprepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption in an interim period is permitted for public business entities, with the effect of adopting the amendments related to basis adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2022-02, “ Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures ” In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings (TDRs) and Vintage Disclosures that eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The amendment also requires an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities should apply the amendments prospectively except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption of the amendments are permitted, including adoption in an interim period. If an entity elects to early adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 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 as amended for measurement period adjustments as of September 30, 2022. 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 $478.4 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 and other necessary information in support of related fair value accounting. 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 217.0 Loans held for investment 7,705.0 Allowance for credit losses (59.5) Premises and equipment, including right of use lease assets 144.7 Other real estate owned (“OREO”) 15.8 Company owned life insurance 186.6 Core deposit intangibles 50.1 Customer relationship intangible 22.8 Mortgage servicing rights 1.3 Deferred tax assets, net 63.6 Other assets 198.9 Total assets acquired 13,353.3 Liabilities assumed: Deposits 11,688.0 Securities sold under repurchase agreements 74.0 Accrued expenses and other liabilities 111.0 FHLB advances 122.9 Subordinated debt 36.4 Subordinated debentures held by subsidiary trusts 76.1 Total liabilities assumed 12,108.4 Net assets acquired $ 1,244.9 Consideration paid: Class A common stock 1,723.3 Total consideration paid (1) $ 1,723.3 Goodwill $ 478.4 (1) Includes $13 thousand of cash paid in lieu of fractional shares. |
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 as amended for measurement period adjustments as of September 30, 2022 were 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 (69.2) Discount attributable to other factors (29.9) Fair value 623.3 Allowance for credit losses 59.5 Amortized cost basis 682.8 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 $ 7,705.0 (1) Represents the best estimate of the contractual cash flows not expected to be collected as of the acquisition date. |
Schedule of Pro Forma Financial Information | The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and the nine month periods ended September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total revenues $ 314.0 $ 295.8 $ 883.5 $ 909.1 Net income $ 90.3 $ 110.9 $ 267.8 $ 177.0 Earnings per common share (Basic) $ 0.85 $ 1.02 $ 2.60 $ 1.63 Earnings per common share (Diluted) $ 0.85 $ 1.02 $ 2.60 $ 1.63 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangibles (Tables) | 9 Months Ended |
Sep. 30, 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: As of September 30, September 30, 2022 December 31, 2021 Net carrying value at beginning of the period $ 621.6 $ 621.6 Provisional additions to goodwill from acquisition 478.4 — Net carrying value at end of period $ 1,100.0 $ 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 September 30, 2022 and December 31, 2021: As of September 30, 2022 CDI OCRI Total Gross other intangible assets, at beginning of the period $ 106.0 $ — $ 106.0 Provisional amounts established through acquisition 50.1 22.8 72.9 Reductions due to sale of health savings accounts (1.4) — (1.4) Accumulated amortization (75.2) (1.3) (76.5) Net other intangible assets, end of period $ 79.5 $ 21.5 $ 101.0 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 $ 3.6 $ 0.5 $ 4.1 2023 13.7 1.9 15.6 2024 12.7 1.9 14.6 2025 11.8 1.9 13.7 2026 10.9 1.9 12.8 Thereafter 26.8 13.4 40.2 Total $ 79.5 $ 21.5 $ 101.0 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2022 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 373.5 $ — $ (36.7) $ 336.8 State, county, and municipal securities 317.8 — (57.3) 260.5 Obligations of U.S. government agencies 216.3 — (17.3) 199.0 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 4,852.2 0.2 (442.7) 4,409.7 Private mortgage-backed securities 270.3 — (37.1) 233.2 Collateralized loan obligations 1,145.5 — (40.4) 1,105.1 Corporate securities 272.6 — (33.5) 239.1 Total $ 7,448.2 $ 0.2 $ (665.0) $ 6,783.4 September 30, 2022 Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated Held-to-Maturity: U.S. Treasury notes $ 396.1 $ — $ 396.1 $ — $ (10.6) $ 385.5 State, county, and municipal securities 184.0 (0.1) 183.9 0.2 (33.2) 150.9 Obligations of U.S. government agencies 350.8 — 350.8 — (51.2) 299.6 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) 2,476.6 — 2,476.6 — (320.0) 2,156.6 Corporate securities 80.1 (1.8) 78.3 — (7.4) 70.9 Total $ 3,487.6 $ (1.9) $ 3,485.7 $ 0.2 $ (422.4) $ 3,063.5 (1) Amortized cost presented above include $20.8 million of unamortized losses and $15.2 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 September 30, 2022 and December 31, 2021. Less than 12 Months 12 Months or More Total September 30, 2022 Fair Gross Fair Gross Fair Gross Available-for-Sale: U.S. Treasury notes $ 168.2 $ (5.1) $ 168.6 $ (31.6) $ 336.8 $ (36.7) State, county, and municipal securities 110.6 (14.4) 136.4 (42.9) 247.0 (57.3) Obligations of U.S. government agencies 152.4 (10.9) 45.9 (6.4) 198.3 (17.3) U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations 3,697.1 (308.8) 699.8 (133.9) 4,396.9 (442.7) Private mortgage-backed securities 206.1 (32.3) 27.0 (4.8) 233.1 (37.1) Collateralized loan obligations 1,076.1 (39.8) 29.0 (0.6) 1,105.1 (40.4) Corporate securities 144.0 (10.4) 95.0 (23.1) 239.0 (33.5) Total $ 5,554.5 $ (421.7) $ 1,201.7 $ (243.3) $ 6,756.2 $ (665.0) 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 1.6 $ — $ — $ — Provision for credit loss expense 0.3 — 1.9 — Ending balance of allowance for credit losses $ 1.9 $ — $ 1.9 $ — |
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: September 30, 2022 AAA AA A BBB BB Not Rated Total U.S. Treasury notes $ 396.1 $ — $ — $ — $ — $ — $ 396.1 State, county, and municipal securities 69.4 93.8 12.0 — — 8.8 184.0 Obligations of U.S. government agencies 350.8 — — — — — 350.8 U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations FNMA/FHLMC 2,261.3 — — — — — 2,261.3 GNMA 215.3 — — — — — 215.3 Corporate securities — — — 65.1 10.0 5.0 80.1 Total $ 3,292.9 $ 93.8 $ 12.0 $ 65.1 $ 10.0 $ 13.8 $ 3,487.6 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 |
Maturities of Investment Securities | 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 September 30, 2022 Amortized Estimated Amortized Estimated Within one year $ 57.1 $ 56.4 $ 5.1 $ 5.0 After one year but within five years 1,049.0 998.0 546.0 524.2 After five years but within ten years 1,918.3 1,710.2 797.1 695.2 After ten years 4,423.8 4,018.8 2,139.4 1,839.1 Total $ 7,448.2 $ 6,783.4 $ 3,487.6 $ 3,063.5 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans Held For Sale (Table) | The following table presents loans held for sale by segment for the dates indicated: September 30, December 31, Loans Held for Sale: Agricultural $ 63.0 $ — Commercial construction 12.4 — Residential real estate 18.2 30.1 Total loans held for sale $ 93.6 $ 30.1 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans by Class | The following table presents loans by segment as of the dates indicated: September 30, December 31, Real estate loans: Commercial $ 8,026.9 $ 3,971.5 Construction loans: Land acquisition & development 393.2 247.8 Residential 501.4 262.0 Commercial 1,128.4 498.0 Total construction loans 2,023.0 1,007.8 Residential 2,127.7 1,538.2 Agricultural 800.9 213.9 Total real estate loans 12,978.5 6,731.4 Consumer loans: Indirect 780.8 737.6 Direct and advance lines 155.0 129.2 Credit card 74.2 64.9 Total consumer loans 1,010.0 931.7 Commercial 2,966.1 1,475.5 Agricultural 658.2 203.9 Other, including overdrafts 3.8 1.5 Loans held for investment 17,616.6 9,344.0 Deferred loan fees and costs (13.1) (12.3) Loans held for investment, net of deferred fees and costs 17,603.5 9,331.7 Allowance for credit losses (213.0) (122.3) Net loans held for investment $ 17,390.5 $ 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 September 30, 2022 Beginning Balance Provisional ACL Recorded for PCD loans 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 $ 29.5 $ — $ (5.5) $ (0.1) $ — $ 23.9 Owner occupied 26.6 — (3.7) — 1.8 24.7 Multi-family 33.4 — (2.6) (5.7) — 25.1 Total commercial real estate 89.5 — (11.8) (5.8) 1.8 73.7 Construction: Land acquisition & development 0.8 — (0.2) — 0.1 0.7 Residential construction 3.4 — (0.3) — — 3.1 Commercial construction 14.9 — 16.4 (6.6) — 24.7 Total construction 19.1 — 15.9 (6.6) 0.1 28.5 Residential real estate: Residential 1-4 family 18.2 — 0.9 — — 19.1 Home equity and HELOC 1.5 — 0.1 (0.1) 0.1 1.6 Total residential real estate 19.7 — 1.0 (0.1) 0.1 20.7 Agricultural real estate 5.4 — 0.4 — — 5.8 Total real estate 133.7 — 5.5 (12.5) 2.0 128.7 Consumer: Indirect 13.1 — 1.6 (1.2) 0.6 14.1 Direct and advance lines 5.0 — 1.3 (1.4) 0.4 5.3 Credit card 2.2 — 0.3 (0.3) 0.2 2.4 Total consumer 20.3 — 3.2 (2.9) 1.2 21.8 Commercial: Commercial and floor plans 54.1 — (2.2) (0.5) 1.0 52.4 Commercial purpose secured by 1-4 family 5.5 — 0.4 — — 5.9 Credit card 0.3 — 0.2 (0.3) — 0.2 Total commercial 59.9 — (1.6) (0.8) 1.0 58.5 Agricultural: Agricultural 6.5 — (2.5) — — 4.0 Total agricultural 6.5 — (2.5) — — 4.0 Total allowance for credit losses $ 220.4 $ — $ 4.6 $ (16.2) $ 4.2 $ 213.0 (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. Nine Months Ended September 30, 2022 Beginning Balance Provisional 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 $ 17.2 $ (7.6) $ (3.0) $ — $ 23.9 Owner occupied 13.3 9.5 2.3 (2.2) 1.8 24.7 Multi-family 13.3 10.9 5.9 (5.7) 0.7 25.1 Total commercial real estate 43.9 37.6 0.6 (10.9) 2.5 73.7 Construction: Land acquisition & development 0.5 3.4 (0.8) (2.7) 0.3 0.7 Residential construction 2.4 — 0.7 — — 3.1 Commercial construction 6.0 0.2 25.1 (6.6) — 24.7 Total construction 8.9 3.6 25.0 (9.3) 0.3 28.5 Residential real estate: Residential 1-4 family 13.4 0.1 5.4 (0.1) 0.3 19.1 Home equity and HELOC 1.2 — 0.1 (0.1) 0.4 1.6 Total residential real estate 14.6 0.1 5.5 (0.2) 0.7 20.7 Agricultural real estate 1.9 2.3 1.7 (0.2) 0.1 5.8 Total real estate 69.3 43.6 32.8 (20.6) 3.6 128.7 Consumer: Indirect 14.3 — 0.9 (2.9) 1.8 14.1 Direct and advance lines 4.6 — 1.7 (2.8) 1.8 5.3 Credit card 2.2 — 1.6 (1.8) 0.4 2.4 Total consumer 21.1 — 4.2 (7.5) 4.0 21.8 Commercial: Commercial and floor plans 27.1 11.2 18.1 (5.8) 1.8 52.4 Commercial purpose secured by 1-4 family 4.4 0.2 1.2 — 0.1 5.9 Credit card 0.1 — 0.6 (0.5) — 0.2 Total commercial 31.6 11.4 19.9 (6.3) 1.9 58.5 Agricultural: Agricultural 0.3 4.5 3.3 (5.4) 1.3 4.0 Total agricultural 0.3 4.5 3.3 (5.4) 1.3 4.0 Total allowance for credit losses $ 122.3 $ 59.5 $ 60.2 $ (39.8) $ 10.8 $ 213.0 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. (2) Amounts include $68.3 million related to the acquired GWB non-PCD loans. Three Months Ended September 30, 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 $ 22.9 $ 1.1 $ — $ — $ 24.0 Owner occupied 16.6 (0.6) — — 16.0 Multi-family 11.6 0.2 — — 11.8 Total commercial real estate 51.1 0.7 — — 51.8 Construction: Land acquisition & development 1.0 (0.2) — 0.1 0.9 Residential construction 1.5 0.3 — — 1.8 Commercial construction 8.0 (1.3) — — 6.7 Total construction 10.5 (1.2) — 0.1 9.4 Residential real estate: Residential 1-4 family 13.4 (0.2) — — 13.2 Home equity and HELOC 1.4 (0.1) — 0.1 1.4 Total residential real estate 14.8 (0.3) — 0.1 14.6 Agricultural real estate 3.0 0.1 — — 3.1 Total real estate 79.4 (0.7) — 0.2 78.9 Consumer: Indirect 15.8 (0.1) (0.8) 0.5 15.4 Direct and advance lines 4.6 0.5 (0.8) 0.4 4.7 Credit card 1.6 0.4 (0.4) 0.2 1.8 Total consumer 22.0 0.8 (2.0) 1.1 21.9 Commercial: Commercial and floor plans 29.0 0.3 (0.1) 0.2 29.4 Commercial purpose secured by 1-4 family 4.4 (0.2) — — 4.2 Credit card 0.3 — — — 0.3 Total commercial 33.7 0.1 (0.1) 0.2 33.9 Agricultural: Agricultural 0.4 — — — 0.4 Total agricultural 0.4 — — — 0.4 Total allowance for credit losses $ 135.5 $ 0.2 $ (2.1) $ 1.5 $ 135.1 (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. Nine Months Ended September 30, 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 $ (1.6) $ — $ 0.1 $ 24.0 Owner occupied 18.3 — (2.3) — 16.0 Multi-family 11.0 0.8 — — 11.8 Total commercial real estate 54.8 (0.8) (2.3) 0.1 51.8 Construction: Land acquisition & development 1.3 (0.8) (0.1) 0.5 0.9 Residential construction 1.6 0.3 (0.1) — 1.8 Commercial construction 7.3 (0.6) (0.1) 0.1 6.7 Total construction 10.2 (1.1) (0.3) 0.6 9.4 Residential real estate: Residential 1-4 family 11.4 1.8 — — 13.2 Home equity and HELOC 1.4 (0.2) (0.1) 0.3 1.4 Total residential real estate 12.8 1.6 (0.1) 0.3 14.6 Agricultural real estate 2.7 0.4 — — 3.1 Total real estate 80.5 0.1 (2.7) 1.0 78.9 Consumer: Indirect 16.7 (0.3) (2.9) 1.9 15.4 Direct and advance lines 4.6 1.2 (2.0) 0.9 4.7 Credit card 2.6 — (1.4) 0.6 1.8 Total consumer 23.9 0.9 (6.3) 3.4 21.9 Commercial: Commercial and floor plans 34.2 (4.9) (2.2) 2.3 29.4 Commercial purpose secured by 1-4 family 4.7 (0.8) (0.1) 0.4 4.2 Credit card 0.3 0.2 (0.3) 0.1 0.3 Total commercial 39.2 (5.5) (2.6) 2.8 33.9 Agricultural: Agricultural 0.7 (0.1) (0.2) — 0.4 Total agricultural 0.7 (0.1) (0.2) — 0.4 Total allowance for credit losses $ 144.3 $ (4.6) $ (11.8) $ 7.2 $ 135.1 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which 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 September 30, 2022 Business Assets Real Property Other Total Real estate $ 2.2 $ 39.1 $ — $ 41.3 Commercial 1.4 4.9 — 6.3 Agricultural 0.3 9.7 — 10.0 Total collateral-dependent $ 3.9 $ 53.7 $ — $ 57.6 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 |
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 September 30, 2022 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 9.7 $ 2.7 $ 1.4 $ 13.8 $ 7,986.6 $ 26.5 $ 8,026.9 Construction: Land acquisition & development 0.6 0.4 0.2 1.2 388.1 3.9 393.2 Residential 3.9 — 0.4 4.3 497.1 — 501.4 Commercial 6.8 — — 6.8 1,121.6 — 1,128.4 Total construction loans 11.3 0.4 0.6 12.3 2,006.8 3.9 2,023.0 Residential 1.1 3.4 1.2 5.7 2,115.6 6.4 2,127.7 Agricultural 1.3 — 0.7 2.0 783.3 15.6 800.9 Total real estate loans 23.4 6.5 3.9 33.8 12,892.3 52.4 12,978.5 Consumer: Indirect consumer 6.0 1.3 0.2 7.5 771.3 2.0 780.8 Other consumer 0.7 0.2 0.1 1.0 153.9 0.1 155.0 Credit card 0.6 0.4 0.5 1.5 72.7 — 74.2 Total consumer loans 7.3 1.9 0.8 10.0 997.9 2.1 1,010.0 Commercial 9.5 1.7 1.8 13.0 2,941.4 11.7 2,966.1 Agricultural 2.1 0.1 0.1 2.3 642.7 13.2 658.2 Other, including overdrafts — — — — 3.8 — 3.8 Loans held for investment $ 42.3 $ 10.2 $ 6.6 $ 59.1 $ 17,478.1 $ 79.4 $ 17,616.6 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 September 30, 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 and the nine months ended September 30, 2022 and 2021, respectively. There were $0.6 million and no reversals of accrued interest at September 30, 2022 and September 30, 2021. respectively. |
Financing Receivable, Troubled Debt Restructuring | The Company had $48.1 million and $71.7 million of new troubled debt restructurings during the three and the nine months ended September 30, 2022, respectively. Number of Notes Type of Concession Principal Balance at Restructure Three Months Ended September 30, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 1 $ — $ — $ — $ 46.1 $ 46.1 Agricultural real estate 1 — 0.1 — — 0.1 Commercial 1 — 1.9 — — 1.9 Total loans restructured during period 3 $ — $ 2.0 $ — $ 46.1 $ 48.1 (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 . Number of Notes Type of Concession Principal Balance at Restructure Nine Months Ended September 30, 2022 Interest only period Extension of term or amortization schedule Interest rate adjustment Other (1) Commercial real estate 4 $ 3.2 $ 4.2 $ — $ 46.3 $ 53.7 Residential real estate 2 — 0.6 — — 0.6 Agriculture real estate 2 — 9.0 — — 9.0 Commercial 3 — 1.9 — 0.6 2.5 Agriculture 1 — — — 5.9 5.9 Total loans restructured during period 12 $ 3.2 $ 15.7 $ — $ 52.8 $ 71.7 (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) as amended for measurement period adjustments as of September 30, 2022: Purchase price (initial fair value) $ 623.3 Allowance for credit losses (1) 298.2 Discount attributable to other factors (2) 57.7 Par value (unpaid principal balance) $ 979.2 (1) For acquired PCD loans, an allowance of $298.2 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 $59.5 million. (2) Non-credit discount includes the difference between the amortized cost basis and the unpaid principal balance of $39.6 million established on GWB PCD loans acquired and interest applied to principal of $18.1 million. |
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: September 30, 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 $ 784.9 $ 784.8 $ 666.7 $ 463.9 $ 279.4 $ 913.3 $ 27.5 $ 3,920.5 Special mention 6.0 4.4 0.4 4.7 8.3 19.8 — 43.6 Substandard 3.5 33.2 10.7 18.9 20.1 9.5 — 95.9 Doubtful — — — — 1.8 — — 1.8 Total $ 794.4 $ 822.4 $ 677.8 $ 487.5 $ 309.6 $ 942.6 $ 27.5 $ 4,061.8 Commercial real estate owner occupied: Pass $ 621.4 $ 757.4 $ 552.2 $ 282.9 $ 177.4 $ 589.9 $ 16.3 $ 2,997.5 Special mention 5.2 8.8 1.5 11.1 2.8 9.8 0.3 39.5 Substandard 12.1 3.0 2.3 4.6 2.8 17.8 0.4 43.0 Doubtful 0.4 1.5 — — 7.9 2.0 — 11.8 Total $ 639.1 $ 770.7 $ 556.0 $ 298.6 $ 190.9 $ 619.5 $ 17.0 $ 3,091.8 Commercial multi-family: Pass $ 267.4 $ 209.6 $ 188.8 $ 52.5 $ 35.7 $ 115.7 $ 1.5 $ 871.2 Special mention — — — — — 1.8 — 1.8 Substandard — — — — — 0.3 — 0.3 Total $ 267.4 $ 209.6 $ 188.8 $ 52.5 $ 35.7 $ 117.8 $ 1.5 $ 873.3 Land, acquisition and development: Pass $ 122.7 $ 141.0 $ 31.7 $ 25.6 $ 12.4 $ 30.1 $ 17.7 $ 381.2 Special mention 6.7 — — — 0.2 0.3 — 7.2 Substandard — 0.8 0.2 — — 0.6 — 1.6 Doubtful — 3.2 — — — — — 3.2 Total $ 129.4 $ 145.0 $ 31.9 $ 25.6 $ 12.6 $ 31.0 $ 17.7 $ 393.2 Residential construction: Pass $ 104.2 $ 133.9 $ 0.4 $ 9.2 $ 0.4 $ 5.5 $ 247.0 $ 500.6 Substandard — 0.4 — — — 0.4 — 0.8 Total $ 104.2 $ 134.3 $ 0.4 $ 9.2 $ 0.4 $ 5.9 $ 247.0 $ 501.4 Commercial construction: Pass $ 358.1 $ 469.0 $ 180.9 $ 76.2 $ 0.5 $ — $ 15.6 $ 1,100.3 Special mention 2.1 — 23.1 — — — — 25.2 Substandard 2.9 — — — — — — 2.9 Total $ 363.1 $ 469.0 $ 204.0 $ 76.2 $ 0.5 $ — $ 15.6 $ 1,128.4 Agricultural real estate: Pass $ 162.5 $ 175.6 $ 119.5 $ 67.3 $ 48.0 $ 111.9 $ 28.7 $ 713.5 Special mention 2.0 2.8 2.3 2.3 9.6 3.3 11.2 33.5 Substandard 1.1 13.9 3.6 3.4 3.2 14.2 11.4 50.8 Doubtful — — 3.1 — — — — 3.1 Total $ 165.6 $ 192.3 $ 128.5 $ 73.0 $ 60.8 $ 129.4 $ 51.3 $ 800.9 Commercial and floor plans: Pass $ 415.9 $ 406.3 $ 233.4 $ 138.5 $ 130.3 $ 178.9 $ 707.5 $ 2,210.8 Special mention 10.1 9.6 2.1 3.9 1.4 5.2 64.5 96.8 Substandard 8.0 1.2 3.4 2.7 3.5 2.4 6.6 27.8 Doubtful 0.3 4.7 — — — — — 5.0 Total $ 434.3 $ 421.8 $ 238.9 $ 145.1 $ 135.2 $ 186.5 $ 778.6 $ 2,340.4 September 30, 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 purpose secured by 1-4 family: Pass $ 155.8 $ 140.4 $ 71.6 $ 31.4 $ 31.0 $ 43.2 $ 29.9 $ 503.3 Special mention 0.2 1.1 2.3 0.2 1.5 0.3 — 5.6 Substandard 0.2 0.3 0.1 0.3 0.9 1.2 0.1 3.1 Total $ 156.2 $ 141.8 $ 74.0 $ 31.9 $ 33.4 $ 44.7 $ 30.0 $ 512.0 Agricultural: Pass $ 107.6 $ 70.9 $ 35.0 $ 12.8 $ 9.9 $ 1.5 $ 356.3 $ 594.0 Special mention 1.5 3.4 0.6 1.2 0.7 — 12.1 19.5 Substandard 23.1 6.5 5.0 0.9 4.2 1.1 1.4 42.2 Doubtful — 0.6 — — — — — 0.6 Total $ 132.2 $ 81.4 $ 40.6 $ 14.9 $ 14.8 $ 2.6 $ 369.8 $ 656.3 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 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 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 September 30, 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 $ 195.3 $ 466.3 $ 550.2 $ 102.3 $ 32.6 $ 230.2 $ — $ 1,576.9 Nonperforming — 0.2 0.4 0.5 0.4 3.4 — 4.9 Total $ 195.3 $ 466.5 $ 550.6 $ 102.8 $ 33.0 $ 233.6 $ — $ 1,581.8 Consumer home equity and HELOC: Performing $ 14.9 $ 8.7 $ 5.4 $ 4.4 $ 5.7 $ 17.6 $ 486.5 $ 543.2 Nonperforming 0.5 0.3 0.1 0.1 0.1 1.2 0.4 2.7 Total $ 15.4 $ 9.0 $ 5.5 $ 4.5 $ 5.8 $ 18.8 $ 486.9 $ 545.9 Consumer indirect: Performing $ 279.0 $ 194.9 $ 144.5 $ 69.0 $ 39.5 $ 51.7 $ — $ 778.6 Nonperforming 0.2 0.6 0.4 0.3 0.2 0.5 — 2.2 Total $ 279.2 $ 195.5 $ 144.9 $ 69.3 $ 39.7 $ 52.2 $ — $ 780.8 Consumer direct and advance line: Performing $ 45.0 $ 36.2 $ 20.9 $ 10.5 $ 7.9 $ 9.7 $ 24.6 $ 154.8 Nonperforming — 0.1 — — — 0.1 — 0.2 Total $ 45.0 $ 36.3 $ 20.9 $ 10.5 $ 7.9 $ 9.8 $ 24.6 $ 155.0 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 As of September 30, 2022 Consumer Commercial Agricultural Total Credit Card: Performing $ 73.8 $ 113.3 $ 1.9 $ 189.0 Nonperforming 0.4 0.4 — 0.8 Total credit card $ 74.2 $ 113.7 $ 1.9 $ 189.8 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 (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned Roll Forward | 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 16.8 $ 2.0 $ 2.0 $ 2.5 Acquired through acquisition — — 15.8 — Additions 0.3 0.4 0.4 0.7 Valuation adjustments (0.2) — (0.2) — Dispositions (0.5) (0.1) (1.6) (0.9) Ending balance $ 16.4 $ 2.3 $ 16.4 $ 2.3 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges for the periods indicated: September 30, 2022 December 31, 2021 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Available-for-sale securities $ — $ — $ 695.6 $ (4.4) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the fair values of our derivative instruments on a gross and net basis for the periods indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. September 30, 2022 December 31, 2021 Notional Amount Balance Sheet Location Estimated Notional Amount Balance Sheet Location Estimated Derivatives designated as hedges: Interest rate swap contracts — — 700.0 4.1 Derivatives not designated as hedges: Interest rate swap contracts 1,743.3 42.1 913.9 22.2 Interest rate lock commitments — — 77.3 1.8 Forward loan sales contracts 32.3 0.6 — — Derivative assets in the balance sheet $ 1,775.6 Other Assets $ 42.7 $ 1,691.2 Other Assets $ 28.1 Derivatives designated as hedges: Interest rate collars $ 300.0 $ 5.6 $ — $ — Interest rate swap contracts — — 87.6 0.1 Derivatives not designated as hedges: Interest rate swap contracts 1,743.3 163.7 913.9 18.1 Risk participation agreements 107.2 0.1 — — Interest rate lock commitments 25.9 0.5 — — Forward loan sales contracts — — 102.4 — Derivative liabilities in the balance sheet $ 2,176.4 Accrued Expenses $ 169.9 $ 1,103.9 Accrued Expenses $ 18.2 |
Derivatives Not Designated as Hedging Instruments | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the income statement for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Location of (Loss) Gain Recognized in Income on Derivative Amount of (Loss) Gain Recognized in Income on Derivative Location of (Loss) Gain Recognized in Income on Derivative Amount of (Loss) Gain Recognized in Income on Derivative Interest rate lock commitments Mortgage banking revenues $ (0.2) $ 1.3 Mortgage banking revenues $ (1.7) $ 1.7 |
Schedule of Derivative Instruments | The tables below present the gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of the periods indicated: September 30, 2022 Gross Assets Recognized Gross Assets Offset in the Balance Sheet Net Assets in the Balance Sheet Financial Instruments Cash Collateral Received (1) Net Amount Interest rate swap contracts $ 42.1 $ — $ 42.1 $ — $ 42.1 $ — Mortgage related derivatives 0.6 — 0.6 — — 0.6 Total derivatives 42.7 — 42.7 — 42.1 0.6 Total assets $ 42.7 $ — $ 42.7 $ — $ 42.1 $ 0.6 (1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above. Gross Liabilities Recognized Gross Liabilities Offset in the Balance Sheet Net Liabilities in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Interest rate swap and collar contracts $ 169.3 $ — $ 169.3 $ — $ 5.6 $ 163.7 Risk participation agreements 0.1 — 0.1 — — 0.1 Mortgage related derivatives 0.5 — 0.5 — — 0.5 Total derivatives 169.9 — 169.9 — 5.6 164.3 Repurchase agreements 1,075.6 — 1,075.6 — 1,075.6 — Total liabilities $ 1,245.5 $ — $ 1,245.5 $ — $ 1,081.2 $ 164.3 December 31, 2021 Gross Assets Recognized Gross Assets Offset in the Balance Sheet Net Assets in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Interest rate swap contracts $ 26.3 $ — $ 26.3 $ — $ 8.0 $ 18.3 Mortgage related derivatives 1.8 — 1.8 — — 1.8 Total derivatives 28.1 — 28.1 — 8.0 20.1 Total assets $ 28.1 $ — $ 28.1 $ — $ 8.0 $ 20.1 Gross Liabilities Recognized Gross Liabilities Offset in the Balance Sheet Net Liabilities in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Interest rate swap contracts $ 18.2 $ — $ 18.2 $ — $ — $ 18.2 Total derivatives 18.2 — 18.2 — — 18.2 Repurchase agreements 1,051.1 — 1,051.1 — 1,051.1 — Total liabilities $ 1,069.3 $ — $ 1,069.3 $ — $ 1,051.1 $ 18.2 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 85.7 $ 47.1 $ 116.4 $ 141.0 Weighted average common shares outstanding for basic earnings per share computation 106,525,974 61,673,656 102,879,422 61,641,342 Dilutive effects of stock-based compensation 63,725 74,316 55,938 91,480 Weighted average common shares outstanding for diluted earnings per common share computation 106,589,699 61,747,972 102,935,360 61,732,822 Basic earnings per common share $ 0.80 $ 0.76 $ 1.13 $ 2.29 Diluted earnings per common share $ 0.80 $ 0.76 $ 1.13 $ 2.28 Anti-dilutive unvested time restricted stock 48,871 89,142 51,161 88,677 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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) September 30, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 2,820.2 12.50 % $ 1,804.7 8.00 % $ 2,368.7 10.50 % $ 2,255.9 10.00 % FIB 2,704.8 12.01 1,801.1 8.00 2,363.9 10.50 2,251.4 10.00 Tier 1 risk-based capital: Consolidated 2,366.8 10.49 1,353.5 6.00 1,917.5 8.50 1,804.7 8.00 FIB 2,508.9 11.14 1,350.8 6.00 1,913.7 8.50 1,801.1 8.00 Common equity tier 1 risk-based capital: Consolidated 2,366.8 10.49 1,015.1 4.50 1,579.1 7.00 1,466.3 6.50 FIB 2,508.9 11.14 1,013.1 4.50 1,576.0 7.00 1,463.4 6.50 Leverage capital ratio: Consolidated 2,366.8 7.67 1,234.4 4.00 1,234.4 4.00 1,543.0 5.00 FIB 2,508.9 8.14 1,232.2 4.00 1,232.2 4.00 1,540.2 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. |
Comprehensive Text Block List (
Comprehensive Text Block List (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
financial instruments with off-balance sheet risk | 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 6.2 $ 3.4 $ 3.8 $ 3.7 Provision for (reversal of) credit loss expense 3.5 (0.2) 5.9 (0.5) Ending balance of allowance for off-balance sheet credit losses $ 9.7 $ 3.2 $ 9.7 $ 3.2 September 30, 2022 December 31, 2021 Unused credit card lines $ 814.9 $ 681.6 Commitments to extend credit 5,011.0 2,539.8 Standby letter of credit 92.4 57.5 |
Other Comprehensive Income_Lo_2
Other Comprehensive Income/Loss (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (236.4) $ (13.4) $ (53.4) $ (3.3) $ (183.0) $ (10.1) Reclassification adjustment for net loss (gain) included in net income 24.2 (0.3) 5.5 (0.1) 18.7 (0.2) Net change in unamortized (gains) losses on available-for-sale securities transferred into held-to-maturity (1.7) (2.5) (0.4) (0.6) (1.3) (1.9) Change in net unrealized gain (loss) on derivatives (15.9) 3.2 (3.6) 0.8 (12.3) 2.4 Total other comprehensive loss $ (229.8) $ (13.0) $ (51.9) $ (3.2) $ (177.9) $ (9.8) Pre-tax Tax Expense (Benefit) Net of Tax Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 Investment securities available-for sale: Change in net unrealized loss during period $ (650.6) $ (81.0) $ (161.3) $ (20.5) $ (489.3) $ (60.5) Reclassification adjustment for net loss (gain) included in net income 24.4 (0.2) 5.5 (0.1) 18.9 (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 (gains) losses on available-for-sale securities transferred into held-to-maturity (25.6) 22.3 (6.3) 5.7 (19.3) 16.6 Change in net unrealized gain (loss) on derivatives (9.6) 2.3 (2.5) 0.6 (7.1) 1.7 Total other comprehensive loss $ (661.2) $ (56.6) $ (164.5) $ (14.3) $ (496.7) $ (42.3) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss, net of related tax effects, are as follows: September 30, 2022 December 31, 2021 Net unrealized loss on investment securities available-for-sale $ (499.1) $ (29.0) Net unrealized (loss) gain on investment securities transferred to held-to-maturity (4.4) 15.0 Net unrealized gain on derivatives (4.2) 3.0 Net accumulated other comprehensive loss $ (507.7) $ (11.0) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 336.8 $ 336.8 $ — $ — State, county, and municipal securities 260.5 — 260.5 — Obligations of U.S. government agencies 199.0 — 199.0 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 4,409.7 — 4,409.7 — Private mortgage-backed securities 233.2 — 233.2 — Collateralized loan obligations 1,105.1 — 1,105.1 — Corporate securities 239.1 — 239.1 — Loans held for sale 93.6 — 93.6 — Derivative assets: Interest rate swap contracts 42.1 — 42.1 — Forward loan sale contracts 0.6 — 0.6 — Derivative liabilities: Interest rate collars 5.6 — 5.6 — Interest rate swap contracts 163.7 — 163.7 — Risk participation agreements 0.1 — 0.1 — Interest rate lock commitments 0.5 — 0.5 — Deferred compensation plan assets 19.0 — 19.0 — Deferred compensation plan liabilities 19.0 — 19.0 — 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 September 30, 2022 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans $ 57.6 $ — $ — $ 57.6 Other real estate owned 16.4 — — 16.4 Long-lived assets to be disposed of by sale 6.7 — — 6.7 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 September 30, 2022 December 31, 2021 Valuation Unobservable Range Collateral dependent loans $ 57.6 $ 11.7 Appraisal Appraisal adjustment 1% - 18% (7%) Other real estate owned 16.4 2.0 Appraisal Appraisal adjustment 0% - 0% 0% Long-lived assets to be disposed of by sale 6.7 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 September 30, 2022 Carrying Amount Estimated Quoted Prices in Active Markets for Significant Other Significant Financial assets: Cash and cash equivalents $ 591.9 $ 591.9 $ 591.9 $ — $ — Investment debt securities available-for-sale 6,783.4 6,783.4 336.8 6,446.6 — Investment debt securities held-to-maturity 3,485.7 3,063.5 385.5 2,678.0 — Accrued interest receivable 106.4 106.4 — 106.4 — Mortgage servicing rights, net 31.8 36.6 — 36.6 — Loans held for sale 93.6 93.6 — 93.6 — Net loans held for investment 17,390.5 17,293.6 — 17,236.0 57.6 Derivative assets 42.7 42.7 — 42.7 — Deferred compensation plan assets 19.0 19.0 — 19.0 — Total financial assets $ 28,545.0 $ 28,030.7 $ 1,314.2 $ 26,658.9 $ 57.6 Financial liabilities: Total deposits, excluding time deposits $ 24,255.6 $ 24,255.6 $ 24,255.6 $ — $ — Time deposits 1,629.2 1,587.2 — 1,587.2 — Securities sold under repurchase agreements 1,075.6 1,075.6 — 1,075.6 — Other borrowed funds 625.0 625.0 — 625.0 — Accrued interest payable 7.4 7.4 — 7.4 — Long-term debt 120.7 116.7 — 116.7 — Subordinated debentures held by subsidiary trusts 163.1 157.1 — 157.1 — Derivative liabilities 169.9 169.9 — 169.9 — Deferred compensation plan liabilities 19.0 19.0 — 19.0 — Total financial liabilities $ 28,065.5 $ 28,013.5 $ 24,255.6 $ 3,757.9 $ — 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 $ — |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Feb. 01, 2022 USD ($) office $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,100 | $ 1,100 | $ 621.6 | $ 621.6 | |||
Estimated useful lives of related deposits | 12 years | ||||||
Acquisition related expenses | 4 | $ 6.6 | $ 115 | $ 6.6 | |||
Goodwill, Period Increase (Decrease) | 0.2 | ||||||
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 | 478.4 | ||||||
Core deposit intangibles | 50.1 | ||||||
Customer relationship intangible | 22.8 | ||||||
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 | ||||||
Great Western Bank | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of related deposits | 12 years | ||||||
Acquisition related costs as defined by ASC 805 | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related expenses | $ 0 | $ 26.8 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities assumed: | ||||
Goodwill | $ 1,100,000 | $ 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 | 217,000 | |||
Loans held for investment | 7,705,000 | |||
Allowance for credit losses | (59,500) | |||
Premises and equipment, including right of use lease assets | 144,700 | |||
Other real estate owned (“OREO”) | 15,800 | |||
Company owned life insurance | 186,600 | |||
Core deposit intangibles | 50,100 | |||
Customer relationship intangible | 22,800 | |||
Mortgage servicing rights | 1,300 | |||
Deferred tax assets, net | 63,600 | |||
Other assets | 198,900 | |||
Total assets acquired | 13,353,300 | |||
Liabilities assumed: | ||||
Deposits | 11,688,000 | |||
Securities sold under repurchase agreements | 74,000 | |||
Accrued expenses and other liabilities | 111,000 | |||
FHLB advances | 122,900 | |||
Subordinated debt | 36,400 | |||
Subordinated debentures held by subsidiary trusts | 76,100 | |||
Total liabilities assumed | 12,108,400 | |||
Net assets acquired | 1,244,900 | |||
Class A common stock | 1,723,300 | |||
Total consideration paid (1) | 1,723,300 | |||
Goodwill | 478,400 | |||
Cash paid in lieu of fractional shares | $ 13 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired loans with Credit Impairment (Details) $ in Millions | Feb. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Purchase price (initial fair value) | $ 623.3 |
Allowance for credit losses | 298.2 |
Great Western Bank | |
Business Acquisition [Line Items] | |
Unpaid principal balance | 979.2 |
Credit discount | 69.2 |
Discount attributable to other factors | 29.9 |
Purchase price (initial fair value) | 623.3 |
Allowance for credit losses | 59.5 |
Amortized cost basis | $ 682.8 |
Acquisitions - Schedule of Ac_2
Acquisitions - Schedule of Acquired Loans not Deemed to Have Credit Impairment (Details) $ in Millions | Feb. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Purchase price (initial fair value) | $ 623.3 |
Allowance for credit losses | 298.2 |
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 | (69.2) |
Discount attributable to other factors | (29.9) |
Purchase price (initial fair value) | 623.3 |
Allowance for credit losses | 59.5 |
Amortized cost basis | 682.8 |
Unpaid principal balance | 7,107.9 |
Credit discount (1) | (76.5) |
Non-credit discount | (9.2) |
Fair value | 7,022.2 |
Amortized cost basis | $ 7,705 |
Acquisitions - Summary of Pro F
Acquisitions - Summary of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.85 | $ 1.02 | $ 2.60 | $ 1.63 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.85 | $ 1.02 | $ 2.60 | $ 1.63 |
Great Western Bank | ||||
Business Acquisition [Line Items] | ||||
Total revenues | $ 314 | $ 295.8 | $ 883.5 | $ 909.1 |
Net income | $ 90.3 | $ 110.9 | $ 267.8 | $ 177 |
Schedule of Adjustments to Good
Schedule of Adjustments to Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 0.2 | |
Accrued expenses and other liabilties | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | 0.9 | |
Loans held for sale | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 35.1 | |
Premises and equipment | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (0.2) | |
Deferred tax assets | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 0.9 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of goodwill | $ 0 | ||||
Goodwill [Line Items] | |||||
Amortization of intangible assets | $ 4,100,000 | $ 2,400,000 | $ 11,800,000 | $ 7,400,000 | |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | 478.4 | 0 |
Net carrying value at end of period | $ 1,100 | $ 621.6 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 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 | 72.9 | ||
Finite-Lived Intangible Assets, Period Increase (Decrease) | (1.4) | ||
Accumulated amortization | (76.5) | (64.7) | |
Net other intangible assets, end of period | 101 | 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 | 50.1 | ||
Finite-Lived Intangible Assets, Period Increase (Decrease) | (1.4) | ||
Accumulated amortization | (75.2) | (64.7) | |
Net other intangible assets, end of period | 79.5 | 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 | ||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 | ||
Accumulated amortization | (1.3) | 0 | |
Net other intangible assets, end of period | $ 21.5 | $ 0 |
Goodwill and Core Deposit Int_6
Goodwill and Core Deposit Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | $ 4.1 | |
2023 | 15.6 | |
2024 | 14.6 | |
2025 | 13.7 | |
2026 | 12.8 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 40.2 | |
Total | 101 | $ 41.3 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | 3.6 | |
2023 | 13.7 | |
2024 | 12.7 | |
2025 | 11.8 | |
2026 | 10.9 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 26.8 | |
Total | 79.5 | 41.3 |
OCRI | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 remaining | 0.5 | |
2023 | 1.9 | |
2024 | 1.9 | |
2025 | 1.9 | |
2026 | 1.9 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | 13.4 | |
Total | $ 21.5 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Approximate Fair Values of Investment Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Available-for-Sale: | ||||||
Amortized Cost | $ 7,448,200,000 | $ 4,859,300,000 | ||||
Gross Unrealized Gains | 200,000 | 20,600,000 | ||||
Gross Unrealized Losses | (665,000,000) | (59,400,000) | ||||
Estimated Fair Value | 6,783,400,000 | 4,820,500,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 3,487,600,000 | 1,687,600,000 | ||||
Allowance for Credit Losses | (1,900,000) | 0 | $ (1,600,000) | $ 0 | $ 0 | $ 0 |
Net Carrying Amount | 3,485,700,000 | 1,687,600,000 | ||||
Gross Unrealized Gains | 200,000 | 15,600,000 | ||||
Gross Unrealized Losses | (422,400,000) | (35,700,000) | ||||
Estimated Fair Value | 3,063,500,000 | 1,667,500,000 | ||||
U.S. Treasury notes | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 373,500,000 | 697,600,000 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | (36,700,000) | (12,900,000) | ||||
Estimated Fair Value | 336,800,000 | 684,700,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 396,100,000 | |||||
Allowance for Credit Losses | 0 | |||||
Net Carrying Amount | 396,100,000 | |||||
Gross Unrealized Gains | 0 | |||||
Gross Unrealized Losses | (10,600,000) | |||||
Estimated Fair Value | 385,500,000 | |||||
State, county, and municipal securities | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 317,800,000 | 434,700,000 | ||||
Gross Unrealized Gains | 0 | 2,100,000 | ||||
Gross Unrealized Losses | (57,300,000) | (9,300,000) | ||||
Estimated Fair Value | 260,500,000 | 427,500,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 184,000,000 | 67,600,000 | ||||
Allowance for Credit Losses | (100,000) | 0 | ||||
Net Carrying Amount | 183,900,000 | 67,600,000 | ||||
Gross Unrealized Gains | 200,000 | 2,000,000 | ||||
Gross Unrealized Losses | (33,200,000) | (400,000) | ||||
Estimated Fair Value | 150,900,000 | 69,200,000 | ||||
Obligations of U.S. government agencies | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 216,300,000 | 356,000,000 | ||||
Gross Unrealized Gains | 0 | 100,000 | ||||
Gross Unrealized Losses | (17,300,000) | (9,200,000) | ||||
Estimated Fair Value | 199,000,000 | 346,900,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 350,800,000 | |||||
Allowance for Credit Losses | 0 | |||||
Net Carrying Amount | 350,800,000 | |||||
Gross Unrealized Gains | 0 | |||||
Gross Unrealized Losses | (51,200,000) | |||||
Estimated Fair Value | 299,600,000 | |||||
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 4,852,200,000 | 2,027,300,000 | ||||
Gross Unrealized Gains | 200,000 | 14,100,000 | ||||
Gross Unrealized Losses | (442,700,000) | (23,300,000) | ||||
Estimated Fair Value | 4,409,700,000 | 2,018,100,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 2,476,600,000 | 1,609,000,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Net Carrying Amount | 2,476,600,000 | 1,609,000,000 | ||||
Gross Unrealized Gains | 0 | 13,200,000 | ||||
Gross Unrealized Losses | (320,000,000) | (35,300,000) | ||||
Estimated Fair Value | 2,156,600,000 | 1,586,900,000 | ||||
Debt Securities, Held-To-Maturity, Transfer, Unamortized Gain | 15,200,000 | 20,100,000 | ||||
Debt Securities, Held-To-Maturity, Transfer, Unamortized Loss | (20,800,000) | |||||
Private mortgage-backed securities | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 270,300,000 | 174,400,000 | ||||
Gross Unrealized Gains | 0 | 100,000 | ||||
Gross Unrealized Losses | (37,100,000) | (1,100,000) | ||||
Estimated Fair Value | 233,200,000 | 173,400,000 | ||||
Collateralized Loan Obligations | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 1,145,500,000 | 898,200,000 | ||||
Gross Unrealized Gains | 0 | 1,200,000 | ||||
Gross Unrealized Losses | (40,400,000) | 0 | ||||
Estimated Fair Value | 1,105,100,000 | 899,400,000 | ||||
Corporate Debt Securities | ||||||
Available-for-Sale: | ||||||
Amortized Cost | 272,600,000 | 271,100,000 | ||||
Gross Unrealized Gains | 0 | 3,000,000 | ||||
Gross Unrealized Losses | (33,500,000) | (3,600,000) | ||||
Estimated Fair Value | 239,100,000 | 270,500,000 | ||||
Held-to-Maturity: | ||||||
Amortized Cost | 80,100,000 | 11,000,000 | ||||
Allowance for Credit Losses | (1,800,000) | 0 | ||||
Net Carrying Amount | 78,300,000 | 11,000,000 | ||||
Gross Unrealized Gains | 0 | 400,000 | ||||
Gross Unrealized Losses | (7,400,000) | 0 | ||||
Estimated Fair Value | $ 70,900,000 | $ 11,400,000 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-Sale: | ||
Fair Value, Less than 12 Months | $ 5,554.5 | $ 2,760.3 |
Gross Unrealized Losses, Less than 12 Months | (421.7) | (58.3) |
Fair Value, 12 Months or Longer | 1,201.7 | 68.7 |
Gross Unrealized Losses, 12 Months or Longer | (243.3) | (1.1) |
Fair Value, Total | 6,756.2 | 2,829 |
Gross Unrealized Losses, Total | (665) | (59.4) |
US Treasury Notes Securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 168.2 | |
Gross Unrealized Losses, Less than 12 Months | (5.1) | |
Fair Value, 12 Months or Longer | 168.6 | |
Gross Unrealized Losses, 12 Months or Longer | (31.6) | |
Fair Value, Total | 336.8 | |
Gross Unrealized Losses, Total | (36.7) | |
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 | 110.6 | 278.7 |
Gross Unrealized Losses, Less than 12 Months | (14.4) | (9.1) |
Fair Value, 12 Months or Longer | 136.4 | 5 |
Gross Unrealized Losses, 12 Months or Longer | (42.9) | (0.2) |
Fair Value, Total | 247 | 283.7 |
Gross Unrealized Losses, Total | (57.3) | (9.3) |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 152.4 | 297 |
Gross Unrealized Losses, Less than 12 Months | (10.9) | (8.9) |
Fair Value, 12 Months or Longer | 45.9 | 16.4 |
Gross Unrealized Losses, 12 Months or Longer | (6.4) | (0.3) |
Fair Value, Total | 198.3 | 313.4 |
Gross Unrealized Losses, Total | (17.3) | (9.2) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 3,697.1 | 1,262.8 |
Gross Unrealized Losses, Less than 12 Months | (308.8) | (23) |
Fair Value, 12 Months or Longer | 699.8 | 26.4 |
Gross Unrealized Losses, 12 Months or Longer | (133.9) | (0.3) |
Fair Value, Total | 4,396.9 | 1,289.2 |
Gross Unrealized Losses, Total | (442.7) | (23.3) |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 206.1 | 127.2 |
Gross Unrealized Losses, Less than 12 Months | (32.3) | (1.1) |
Fair Value, 12 Months or Longer | 27 | 0 |
Gross Unrealized Losses, 12 Months or Longer | (4.8) | 0 |
Fair Value, Total | 233.1 | 127.2 |
Gross Unrealized Losses, Total | (37.1) | (1.1) |
Collateralized Loan Obligations | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 1,076.1 | |
Gross Unrealized Losses, Less than 12 Months | (39.8) | |
Fair Value, 12 Months or Longer | 29 | |
Gross Unrealized Losses, 12 Months or Longer | (0.6) | |
Fair Value, Total | 1,105.1 | |
Gross Unrealized Losses, Total | (40.4) | |
Corporate Debt Securities | ||
Available-for-Sale: | ||
Fair Value, Less than 12 Months | 144 | 109.9 |
Gross Unrealized Losses, Less than 12 Months | (10.4) | (3.3) |
Fair Value, 12 Months or Longer | 95 | 20.9 |
Gross Unrealized Losses, 12 Months or Longer | (23.1) | (0.3) |
Fair Value, Total | 239 | 130.8 |
Gross Unrealized Losses, Total | $ (33.5) | $ (3.6) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
Feb. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) Investments | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Investments | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) Investments | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
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 | $ 0 | ||||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 1,900,000 | $ 0 | 1,900,000 | $ 0 | $ 1,600,000 | 0 | $ 0 | $ 0 | |
Interest Receivable | 106,400,000 | 106,400,000 | 47,400,000 | ||||||
Debt Securities, Available-for-sale, Realized Gain | 0 | 0 | 0 | 0 | |||||
Debt Securities, Available-for-sale, Realized Loss | 46,300,000 | $ 0 | 46,400,000 | $ 0 | |||||
Debt Securities, Available-for-sale, Amortized Cost | 7,448,200,000 | 7,448,200,000 | 4,859,300,000 | ||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 4,836,700,000 | 4,836,700,000 | 2,617,800,000 | ||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 4,265,100,000 | $ 4,265,100,000 | $ 2,610,800,000 | ||||||
Investment securities in an unrealized loss position (securities) | Investments | 1,239 | 1,239 | 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 | ||||||||
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 | $ 777,700,000 | $ 777,700,000 | |||||||
Fair value of investment securities callable after one year but within five years | 706,200,000 | 706,200,000 | |||||||
Callable structured notes amortized costs | $ 0 | $ 0 |
Investment Securities - Held-To
Investment Securities - Held-To-Maturity Allowance For Credit Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 1,600,000 | $ 0 | $ 0 | $ 0 |
Provision for credit loss expense | 300,000 | 0 | 1,900,000 | 0 |
Ending balance of allowance for credit losses | $ 1,900,000 | $ 0 | $ 1,900,000 | $ 0 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | $ 3,487.6 | $ 1,687.6 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 3,292.9 | 1,626.2 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 93.8 | 31.6 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 12 | 18.7 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 65.1 | 7 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 13.8 | 4.1 |
BB Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 10 | |
U.S. Treasury notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 396.1 | |
U.S. Treasury notes | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 396.1 | |
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 | |
U.S. Treasury notes | BB Rating | ||
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 | 184 | 67.6 |
State, county, and municipal securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 69.4 | 17.2 |
State, county, and municipal securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 93.8 | 31.6 |
State, county, and municipal securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 12 | 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 | 8.8 | 4.1 |
State, county, and municipal securities | BB Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 0 | |
Obligations of U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 350.8 | |
Obligations of U.S. government agencies | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 350.8 | |
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 | |
Obligations of U.S. government agencies | BB Rating | ||
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 | 80.1 | 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 | 0 | 4 |
Corporate securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 65.1 | 7 |
Corporate securities | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 5 | 0 |
Corporate securities | BB Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 10 | |
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 | 2,476.6 | 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 | 2,261.3 | 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 | 2,261.3 | 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 | FNMA/FHLMC | BB Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | 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 | 215.3 | 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 | 215.3 | 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 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | GNMA | BB Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities classified as held to maturity | $ 0 |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-Sale, Amortized Cost | ||
Available-for-Sale Amortized Cost, Within One Year | $ 57.1 | |
Available-for-Sale Amortized Cost, After One Year but Within Five Years | 1,049 | |
Available-for-Sale Amortized Cost, After Five Years but Within Ten Years | 1,918.3 | |
Available-for-Sale Amortized Cost, After Ten Years | 4,423.8 | |
Amortized Cost | 7,448.2 | $ 4,859.3 |
Available-for-Sale, Estimated Fair Value | ||
Available-for-Sale Estimated Fair Value, Within One Year | 56.4 | |
Available-for-Sale Estimated Fair Value, After One Year but Within Five Years | 998 | |
Available-for-Sale Estimated Fair Value, After Five Years but Within Ten Years | 1,710.2 | |
Available-for-Sale Estimated Fair Value, After Ten Years | 4,018.8 | |
Available-for-Sale, Estimated Fair Value | 6,783.4 | 4,820.5 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity Amortized Cost, Within One Year | 5.1 | |
Held-to-Maturity Amortized Cost, After One Year but Within Five Years | 546 | |
Held-to-Maturity Amortized Cost, After Five Years but Within Ten Years | 797.1 | |
Held-to-Maturity Amortized Cost, After Ten Years | 2,139.4 | |
Amortized Cost | 3,487.6 | 1,687.6 |
Held-to-Maturity, Estimated Fair Value | ||
Held-to-Maturity Estimated Fair Value, Within One Year | 5 | |
Held-to-Maturity Estimated Fair Value, After One Year but Within Five Years | 524.2 | |
Held-to-Maturity Estimated Fair Value, After Five Years but Within Ten Years | 695.2 | |
Held-to-Maturity Estimated Fair Value, After Ten Years | 1,839.1 | |
Held-to-Maturity, Estimated Fair Value | 3,063.5 | 1,667.5 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 4,836.7 | 2,617.8 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 4,265.1 | $ 2,610.8 |
Loans Held for Sale - Narrative
Loans Held for Sale - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Feb. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||||
Mortgage loans held for sale | $ 93,600,000 | $ 93,600,000 | $ 30,100,000 | ||||
Nonaccrual loans | 43,100,000 | 43,100,000 | |||||
Loans held for sale considered a troubled debt restructuring | 0 | ||||||
Transfer of loans to held-for-sale | 12,400,000 | $ 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 | ||||||
Goodwill, Period Increase (Decrease) | 200,000 | ||||||
Proceeds from Collection of Loans Held-for-sale | $ 108,700,000 | ||||||
Loans held for sale | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Goodwill, Period Increase (Decrease) | 35,100,000 | ||||||
Commercial | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Nonaccrual loans | 11,700,000 | 11,700,000 | 5,000,000 | ||||
Proceeds from Sale of Loans Held-for-sale | 12,400,000 | $ 23,400,000 | |||||
Agricultural | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Transfer of loans from held-for-sale to held for investment | 19,800,000 | ||||||
Cost basis after charge-off | $ 14,700,000 | ||||||
Residential | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Mortgage loans held for sale | 18,200,000 | 18,200,000 | 30,100,000 | ||||
Agricultural | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Mortgage loans held for sale | 63,000,000 | 63,000,000 | 0 | ||||
Nonaccrual loans | 30,700,000 | 30,700,000 | |||||
Transfer of loans to held-for-sale | $ 155,800,000 | ||||||
Commercial construction | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Transfer of loans to held-for-sale | $ 24,000,000 | ||||||
Commercial construction | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Mortgage loans held for sale | 12,400,000 | 12,400,000 | $ 0 | ||||
Nonaccrual loans | $ 12,400,000 | $ 12,400,000 |
Loans Held for Investment - Sch
Loans Held for Investment - Schedule of Loans by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Deferred loan fees and costs | $ (13.1) | $ (12.3) | ||||
Loans held for investment, net of deferred fees and costs | 17,603.5 | 9,331.7 | ||||
Allowance for credit losses | (213) | $ (220.4) | (122.3) | $ (135.1) | $ (135.5) | $ (144.3) |
Net loans held for investment | 17,390.5 | 9,209.4 | ||||
Commercial real estate | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (73.7) | (89.5) | (43.9) | (51.8) | (51.1) | (54.8) |
Financing Receivable, Loan in Process | 13.8 | 2.7 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 8,026.9 | 3,971.5 | ||||
Commercial real estate | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 9.7 | 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 | 2.7 | 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 | 1.4 | 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 | 7,986.6 | 3,960.8 | ||||
Land acquisition & development | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (0.7) | (0.8) | (0.5) | (0.9) | (1) | (1.3) |
Financing Receivable, Loan in Process | 1.2 | 0.2 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 393.2 | 247.8 | ||||
Land acquisition & development | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 0.6 | 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 | 0.4 | 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 | 0.2 | 0 | ||||
Land acquisition & development | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 388.1 | 246.9 | ||||
Residential | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (3.1) | (3.4) | (2.4) | (1.8) | (1.5) | (1.6) |
Financing Receivable, Loan in Process | 4.3 | 4.2 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 501.4 | 262 | ||||
Residential | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 3.9 | 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 | 0.4 | 0 | ||||
Residential | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 497.1 | 257.8 | ||||
Commercial | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (24.7) | (14.9) | (6) | (6.7) | (8) | (7.3) |
Financing Receivable, Loan in Process | 6.8 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,128.4 | 498 | ||||
Commercial | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 6.8 | 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 | 1,121.6 | 498 | ||||
Total construction loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 12.3 | 4.4 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,023 | 1,007.8 | ||||
Total construction loans | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 11.3 | 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 | 0.4 | 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 | 0.6 | 0 | ||||
Total construction loans | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 2,006.8 | 1,002.7 | ||||
Residential | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (20.7) | (19.7) | (14.6) | (14.6) | (14.8) | (12.8) |
Financing Receivable, Loan in Process | 5.7 | 3.9 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,127.7 | 1,538.2 | ||||
Residential | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 1.1 | 3 | ||||
Residential | 60 to 89 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 3.4 | 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 | 1.2 | 0.1 | ||||
Residential | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 2,115.6 | 1,531.4 | ||||
Agricultural | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (5.8) | (5.4) | (1.9) | (3.1) | (3) | (2.7) |
Financing Receivable, Loan in Process | 2 | 2.1 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 800.9 | 213.9 | ||||
Agricultural | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 1.3 | 1.9 | ||||
Agricultural | 60 to 89 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 0 | 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 | 0.7 | 0 | ||||
Agricultural | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 783.3 | 206.9 | ||||
Total real estate loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (128.7) | (133.7) | (69.3) | (78.9) | (79.4) | (80.5) |
Financing Receivable, Loan in Process | 33.8 | 13.1 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 12,978.5 | 6,731.4 | ||||
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 | 23.4 | 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 | 6.5 | 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 | 3.9 | 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 | 12,892.3 | 6,701.8 | ||||
Indirect consumer | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (14.1) | (13.1) | (14.3) | (15.4) | (15.8) | (16.7) |
Financing Receivable, Loan in Process | 7.5 | 6.9 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 780.8 | 737.6 | ||||
Indirect consumer | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 6 | 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 | 1.3 | 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 | 771.3 | 729 | ||||
Direct and advance lines | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (5.3) | (5) | (4.6) | (4.7) | (4.6) | (4.6) |
Financing Receivable, Loan in Process | 1 | 0.8 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 155 | 129.2 | ||||
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 | 0.7 | 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 | 0.2 | 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 | 0.1 | 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 | 153.9 | 128.3 | ||||
Credit card | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (2.4) | (2.2) | (2.2) | (1.8) | (1.6) | (2.6) |
Financing Receivable, Loan in Process | 1.5 | 1.3 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 74.2 | 64.9 | ||||
Credit card | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 0.6 | 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 | 0.4 | 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 | 0.5 | 0.5 | ||||
Credit card | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 72.7 | 63.6 | ||||
Total consumer loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (21.8) | (20.3) | (21.1) | (21.9) | (22) | (23.9) |
Financing Receivable, Loan in Process | 10 | 9 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,010 | 931.7 | ||||
Total consumer loans | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 7.3 | 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 | 1.9 | 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 | 0.8 | 1 | ||||
Total consumer loans | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 997.9 | 920.9 | ||||
Commercial | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (58.5) | (59.9) | (31.6) | (33.9) | (33.7) | (39.2) |
Financing Receivable, Loan in Process | 13 | 6.7 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,966.1 | 1,475.5 | ||||
Commercial | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 9.5 | 4.9 | ||||
Commercial | 60 to 89 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 1.7 | 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 | 1.8 | 1.1 | ||||
Commercial | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 2,941.4 | 1,463.8 | ||||
Agricultural | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Allowance for credit losses | (4) | $ (6.5) | (0.3) | $ (0.4) | $ (0.4) | $ (0.7) |
Financing Receivable, Loan in Process | 2.3 | 0.7 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 658.2 | 203.9 | ||||
Agricultural | 30 to 59 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 2.1 | 0.7 | ||||
Agricultural | 60 to 89 Days Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 0.1 | 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 | 0.1 | 0 | ||||
Agricultural | Financial Asset, Not Past Due | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 642.7 | 201.6 | ||||
Other, including overdrafts | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 0 | 0 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 3.8 | 1.5 | ||||
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 | 3.8 | 1.5 | ||||
Loans And Leases Held For Investment [Member] | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Financing Receivable, Loan in Process | 59.1 | 29.5 | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 17,616.6 | 9,344 | ||||
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 | 42.3 | 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 | 10.2 | 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 | 6.6 | 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 | $ 17,478.1 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 220.4 | $ 135.5 | $ 122.3 | $ 144.3 |
Provisional ACL Recorded for PCD loans | 0 | 59.5 | ||
Provision for (reversal of) credit losses | 8.4 | 0 | 68 | (5.1) |
Loans Charged-Off | (16.2) | (2.1) | (39.8) | (11.8) |
Recoveries Collected | 4.2 | 1.5 | 10.8 | 7.2 |
Ending balance | 213 | 135.1 | 213 | 135.1 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 4.6 | 0.2 | 60.2 | (4.6) |
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 | 29.5 | 22.9 | 17.3 | 25.5 |
Provisional ACL Recorded for PCD loans | 0 | 17.2 | ||
Provision for (reversal of) credit losses | (5.5) | 1.1 | (7.6) | (1.6) |
Loans Charged-Off | (0.1) | 0 | (3) | 0 |
Recoveries Collected | 0 | 0 | 0 | 0.1 |
Ending balance | 23.9 | 24 | 23.9 | 24 |
Owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 26.6 | 16.6 | 13.3 | 18.3 |
Provisional ACL Recorded for PCD loans | 0 | 9.5 | ||
Provision for (reversal of) credit losses | (3.7) | (0.6) | 2.3 | 0 |
Loans Charged-Off | 0 | 0 | (2.2) | (2.3) |
Recoveries Collected | 1.8 | 0 | 1.8 | 0 |
Ending balance | 24.7 | 16 | 24.7 | 16 |
Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 33.4 | 11.6 | 13.3 | 11 |
Provisional ACL Recorded for PCD loans | 0 | 10.9 | ||
Provision for (reversal of) credit losses | (2.6) | 0.2 | 5.9 | 0.8 |
Loans Charged-Off | (5.7) | 0 | (5.7) | 0 |
Recoveries Collected | 0 | 0 | 0.7 | 0 |
Ending balance | 25.1 | 11.8 | 25.1 | 11.8 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 89.5 | 51.1 | 43.9 | 54.8 |
Provisional ACL Recorded for PCD loans | 0 | 37.6 | ||
Provision for (reversal of) credit losses | (11.8) | 0.7 | 0.6 | (0.8) |
Loans Charged-Off | (5.8) | 0 | (10.9) | (2.3) |
Recoveries Collected | 1.8 | 0 | 2.5 | 0.1 |
Ending balance | 73.7 | 51.8 | 73.7 | 51.8 |
Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 6.5 | 0.4 | 0.3 | 0.7 |
Provisional ACL Recorded for PCD loans | 0 | 4.5 | ||
Provision for (reversal of) credit losses | (2.5) | 0 | 3.3 | (0.1) |
Loans Charged-Off | 0 | 0 | (5.4) | (0.2) |
Recoveries Collected | 0 | 0 | 1.3 | 0 |
Ending balance | 4 | 0.4 | 4 | 0.4 |
Commercial and floor plans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 54.1 | 29 | 27.1 | 34.2 |
Provisional ACL Recorded for PCD loans | 0 | 11.2 | ||
Provision for (reversal of) credit losses | (2.2) | 0.3 | 18.1 | (4.9) |
Loans Charged-Off | (0.5) | (0.1) | (5.8) | (2.2) |
Recoveries Collected | 1 | 0.2 | 1.8 | 2.3 |
Ending balance | 52.4 | 29.4 | 52.4 | 29.4 |
Commercial purpose secured by 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5.5 | 4.4 | 4.4 | 4.7 |
Provisional ACL Recorded for PCD loans | 0 | 0.2 | ||
Provision for (reversal of) credit losses | 0.4 | (0.2) | 1.2 | (0.8) |
Loans Charged-Off | 0 | 0 | 0 | (0.1) |
Recoveries Collected | 0 | 0 | 0.1 | 0.4 |
Ending balance | 5.9 | 4.2 | 5.9 | 4.2 |
Land acquisition & development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0.8 | 1 | 0.5 | 1.3 |
Provisional ACL Recorded for PCD loans | 0 | 3.4 | ||
Provision for (reversal of) credit losses | (0.2) | (0.2) | (0.8) | (0.8) |
Loans Charged-Off | 0 | 0 | (2.7) | (0.1) |
Recoveries Collected | 0.1 | 0.1 | 0.3 | 0.5 |
Ending balance | 0.7 | 0.9 | 0.7 | 0.9 |
Residential construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3.4 | 1.5 | 2.4 | 1.6 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | (0.3) | 0.3 | 0.7 | 0.3 |
Loans Charged-Off | 0 | 0 | 0 | (0.1) |
Recoveries Collected | 0 | 0 | 0 | 0 |
Ending balance | 3.1 | 1.8 | 3.1 | 1.8 |
Commercial construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 14.9 | 8 | 6 | 7.3 |
Provisional ACL Recorded for PCD loans | 0 | 0.2 | ||
Provision for (reversal of) credit losses | 16.4 | (1.3) | 25.1 | (0.6) |
Loans Charged-Off | (6.6) | 0 | (6.6) | (0.1) |
Recoveries Collected | 0 | 0 | 0 | 0.1 |
Ending balance | 24.7 | 6.7 | 24.7 | 6.7 |
Total construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 19.1 | 10.5 | 8.9 | 10.2 |
Provisional ACL Recorded for PCD loans | 0 | 3.6 | ||
Provision for (reversal of) credit losses | 15.9 | (1.2) | 25 | (1.1) |
Loans Charged-Off | (6.6) | 0 | (9.3) | (0.3) |
Recoveries Collected | 0.1 | 0.1 | 0.3 | 0.6 |
Ending balance | 28.5 | 9.4 | 28.5 | 9.4 |
Residential 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 18.2 | 13.4 | 13.4 | 11.4 |
Provisional ACL Recorded for PCD loans | 0 | 0.1 | ||
Provision for (reversal of) credit losses | 0.9 | (0.2) | 5.4 | 1.8 |
Loans Charged-Off | 0 | 0 | (0.1) | 0 |
Recoveries Collected | 0 | 0 | 0.3 | 0 |
Ending balance | 19.1 | 13.2 | 19.1 | 13.2 |
Home equity and HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1.5 | 1.4 | 1.2 | 1.4 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 0.1 | (0.1) | 0.1 | (0.2) |
Loans Charged-Off | (0.1) | 0 | (0.1) | (0.1) |
Recoveries Collected | 0.1 | 0.1 | 0.4 | 0.3 |
Ending balance | 1.6 | 1.4 | 1.6 | 1.4 |
Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 19.7 | 14.8 | 14.6 | 12.8 |
Provisional ACL Recorded for PCD loans | 0 | 0.1 | ||
Provision for (reversal of) credit losses | 1 | (0.3) | 5.5 | 1.6 |
Loans Charged-Off | (0.1) | 0 | (0.2) | (0.1) |
Recoveries Collected | 0.1 | 0.1 | 0.7 | 0.3 |
Ending balance | 20.7 | 14.6 | 20.7 | 14.6 |
Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5.4 | 3 | 1.9 | 2.7 |
Provisional ACL Recorded for PCD loans | 0 | 2.3 | ||
Provision for (reversal of) credit losses | 0.4 | 0.1 | 1.7 | 0.4 |
Loans Charged-Off | 0 | 0 | (0.2) | 0 |
Recoveries Collected | 0 | 0 | 0.1 | 0 |
Ending balance | 5.8 | 3.1 | 5.8 | 3.1 |
Total real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 133.7 | 79.4 | 69.3 | 80.5 |
Provisional ACL Recorded for PCD loans | 0 | 43.6 | ||
Provision for (reversal of) credit losses | 5.5 | (0.7) | 32.8 | 0.1 |
Loans Charged-Off | (12.5) | 0 | (20.6) | (2.7) |
Recoveries Collected | 2 | 0.2 | 3.6 | 1 |
Ending balance | 128.7 | 78.9 | 128.7 | 78.9 |
Indirect consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 13.1 | 15.8 | 14.3 | 16.7 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 1.6 | (0.1) | 0.9 | (0.3) |
Loans Charged-Off | (1.2) | (0.8) | (2.9) | (2.9) |
Recoveries Collected | 0.6 | 0.5 | 1.8 | 1.9 |
Ending balance | 14.1 | 15.4 | 14.1 | 15.4 |
Direct and advance lines | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5 | 4.6 | 4.6 | 4.6 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 1.3 | 0.5 | 1.7 | 1.2 |
Loans Charged-Off | (1.4) | (0.8) | (2.8) | (2) |
Recoveries Collected | 0.4 | 0.4 | 1.8 | 0.9 |
Ending balance | 5.3 | 4.7 | 5.3 | 4.7 |
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2.2 | 1.6 | 2.2 | 2.6 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 0.3 | 0.4 | 1.6 | 0 |
Loans Charged-Off | (0.3) | (0.4) | (1.8) | (1.4) |
Recoveries Collected | 0.2 | 0.2 | 0.4 | 0.6 |
Ending balance | 2.4 | 1.8 | 2.4 | 1.8 |
Total consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 20.3 | 22 | 21.1 | 23.9 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 3.2 | 0.8 | 4.2 | 0.9 |
Loans Charged-Off | (2.9) | (2) | (7.5) | (6.3) |
Recoveries Collected | 1.2 | 1.1 | 4 | 3.4 |
Ending balance | 21.8 | 21.9 | 21.8 | 21.9 |
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0.3 | 0.3 | 0.1 | 0.3 |
Provisional ACL Recorded for PCD loans | 0 | 0 | ||
Provision for (reversal of) credit losses | 0.2 | 0 | 0.6 | 0.2 |
Loans Charged-Off | (0.3) | 0 | (0.5) | (0.3) |
Recoveries Collected | 0 | 0 | 0 | 0.1 |
Ending balance | 0.2 | 0.3 | 0.2 | 0.3 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 59.9 | 33.7 | 31.6 | 39.2 |
Provisional ACL Recorded for PCD loans | 0 | 11.4 | ||
Provision for (reversal of) credit losses | (1.6) | 0.1 | 19.9 | (5.5) |
Loans Charged-Off | (0.8) | (0.1) | (6.3) | (2.6) |
Recoveries Collected | 1 | 0.2 | 1.9 | 2.8 |
Ending balance | $ 58.5 | $ 33.9 | $ 58.5 | $ 33.9 |
Loans Held for Investment - S_3
Loans Held for Investment - Schedule of Allowance for Credit Losses for Loans Held for Investment (Details) | 3 Months Ended | 9 Months Ended | ||||
Feb. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) Investments | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Investments | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Investments | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 220,400,000 | $ 135,500,000 | $ 122,300,000 | $ 144,300,000 | ||
Provision charged to operating expense | 8,400,000 | 0 | 68,000,000 | (5,100,000) | ||
Loans Charged-Off | (16,200,000) | (2,100,000) | (39,800,000) | (11,800,000) | ||
Ending balance | 213,000,000 | 135,100,000 | 213,000,000 | 135,100,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 59,500,000 | ||||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 4,600,000 | 200,000 | 60,200,000 | (4,600,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4,200,000 | 1,500,000 | 10,800,000 | 7,200,000 | ||
Interest Receivable | 106,400,000 | 106,400,000 | $ 47,400,000 | |||
Debt Securities, Available-for-sale, Realized Loss | 46,300,000 | 0 | 46,400,000 | 0 | ||
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 | $ 0 | |||
Investment securities in an unrealized loss position (securities) | Investments | 1,239 | 1,239 | 285 | |||
Debt Securities, Available-for-sale, Realized Gain | $ 0 | 0 | $ 0 | 0 | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 4,836,700,000 | 4,836,700,000 | $ 2,617,800,000 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 4,265,100,000 | 4,265,100,000 | 2,610,800,000 | |||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Transfer, Amount | 10,700,000 | |||||
Callable Within One Year | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Amortized cost of investment securities callable after one year but within five years | 777,700,000 | 777,700,000 | ||||
Fair value of investment securities callable after one year but within five years | 706,200,000 | 706,200,000 | ||||
Callable structured notes amortized costs | 0 | 0 | ||||
Great Western Bank | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 68,300,000 | |||||
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 | |||||
Debt Securities | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Interest Receivable | 34,300,000 | 34,300,000 | $ 16,600,000 | |||
Commercial Real Estate Non Owner Occupied Loans [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 29,500,000 | 22,900,000 | 17,300,000 | 25,500,000 | ||
Provision charged to operating expense | (5,500,000) | 1,100,000 | (7,600,000) | (1,600,000) | ||
Loans Charged-Off | (100,000) | 0 | (3,000,000) | 0 | ||
Ending balance | 23,900,000 | 24,000,000 | 23,900,000 | 24,000,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 17,200,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 100,000 | ||
Agricultural Financing Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 6,500,000 | 400,000 | 300,000 | 700,000 | ||
Provision charged to operating expense | (2,500,000) | 0 | 3,300,000 | (100,000) | ||
Loans Charged-Off | 0 | 0 | (5,400,000) | (200,000) | ||
Ending balance | 4,000,000 | 400,000 | 4,000,000 | 400,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 4,500,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 1,300,000 | 0 | ||
Commercial and Floor Plans [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 54,100,000 | 29,000,000 | 27,100,000 | 34,200,000 | ||
Provision charged to operating expense | (2,200,000) | 300,000 | 18,100,000 | (4,900,000) | ||
Loans Charged-Off | (500,000) | (100,000) | (5,800,000) | (2,200,000) | ||
Ending balance | 52,400,000 | 29,400,000 | 52,400,000 | 29,400,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 11,200,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,000,000 | 200,000 | 1,800,000 | 2,300,000 | ||
Commercial Real Estate Owner Occupied [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 26,600,000 | 16,600,000 | 13,300,000 | 18,300,000 | ||
Provision charged to operating expense | (3,700,000) | (600,000) | 2,300,000 | 0 | ||
Loans Charged-Off | 0 | 0 | (2,200,000) | (2,300,000) | ||
Ending balance | 24,700,000 | 16,000,000 | 24,700,000 | 16,000,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 9,500,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,800,000 | 0 | 1,800,000 | 0 | ||
Commercial Real Estate Multi-family [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 33,400,000 | 11,600,000 | 13,300,000 | 11,000,000 | ||
Provision charged to operating expense | (2,600,000) | 200,000 | 5,900,000 | 800,000 | ||
Loans Charged-Off | (5,700,000) | 0 | (5,700,000) | 0 | ||
Ending balance | 25,100,000 | 11,800,000 | 25,100,000 | 11,800,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 10,900,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 700,000 | 0 | ||
Commercial real estate | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 89,500,000 | 51,100,000 | 43,900,000 | 54,800,000 | ||
Provision charged to operating expense | (11,800,000) | 700,000 | 600,000 | (800,000) | ||
Loans Charged-Off | (5,800,000) | 0 | (10,900,000) | (2,300,000) | ||
Ending balance | 73,700,000 | 51,800,000 | 73,700,000 | 51,800,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 37,600,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,800,000 | 0 | 2,500,000 | 100,000 | ||
Land Acquisition And Development Construction Financing Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 800,000 | 1,000,000 | 500,000 | 1,300,000 | ||
Provision charged to operating expense | (200,000) | (200,000) | (800,000) | (800,000) | ||
Loans Charged-Off | 0 | 0 | (2,700,000) | (100,000) | ||
Ending balance | 700,000 | 900,000 | 700,000 | 900,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 3,400,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 100,000 | 100,000 | 300,000 | 500,000 | ||
Residential construction | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 3,400,000 | 1,500,000 | 2,400,000 | 1,600,000 | ||
Provision charged to operating expense | (300,000) | 300,000 | 700,000 | 300,000 | ||
Loans Charged-Off | 0 | 0 | 0 | (100,000) | ||
Ending balance | 3,100,000 | 1,800,000 | 3,100,000 | 1,800,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | ||
Commercial construction | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 14,900,000 | 8,000,000 | 6,000,000 | 7,300,000 | ||
Provision charged to operating expense | 16,400,000 | (1,300,000) | 25,100,000 | (600,000) | ||
Loans Charged-Off | (6,600,000) | 0 | (6,600,000) | (100,000) | ||
Ending balance | 24,700,000 | 6,700,000 | 24,700,000 | 6,700,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 200,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 100,000 | ||
Construction Loans [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 19,100,000 | 10,500,000 | 8,900,000 | 10,200,000 | ||
Provision charged to operating expense | 15,900,000 | (1,200,000) | 25,000,000 | (1,100,000) | ||
Loans Charged-Off | (6,600,000) | 0 | (9,300,000) | (300,000) | ||
Ending balance | 28,500,000 | 9,400,000 | 28,500,000 | 9,400,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 3,600,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 100,000 | 100,000 | 300,000 | 600,000 | ||
Residential Real Estate 1-4 Family [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 18,200,000 | 13,400,000 | 13,400,000 | 11,400,000 | ||
Provision charged to operating expense | 900,000 | (200,000) | 5,400,000 | 1,800,000 | ||
Loans Charged-Off | 0 | 0 | (100,000) | 0 | ||
Ending balance | 19,100,000 | 13,200,000 | 19,100,000 | 13,200,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 100,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 300,000 | 0 | ||
Home Equity Line of Credit [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,500,000 | 1,400,000 | 1,200,000 | 1,400,000 | ||
Provision charged to operating expense | 100,000 | (100,000) | 100,000 | (200,000) | ||
Loans Charged-Off | (100,000) | 0 | (100,000) | (100,000) | ||
Ending balance | 1,600,000 | 1,400,000 | 1,600,000 | 1,400,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 100,000 | 100,000 | 400,000 | 300,000 | ||
Residential Real Estate [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 19,700,000 | 14,800,000 | 14,600,000 | 12,800,000 | ||
Provision charged to operating expense | 1,000,000 | (300,000) | 5,500,000 | 1,600,000 | ||
Loans Charged-Off | (100,000) | 0 | (200,000) | (100,000) | ||
Ending balance | 20,700,000 | 14,600,000 | 20,700,000 | 14,600,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 100,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 100,000 | 100,000 | 700,000 | 300,000 | ||
Agricultural Real Estate Financing Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,400,000 | 3,000,000 | 1,900,000 | 2,700,000 | ||
Provision charged to operating expense | 400,000 | 100,000 | 1,700,000 | 400,000 | ||
Loans Charged-Off | 0 | 0 | (200,000) | 0 | ||
Ending balance | 5,800,000 | 3,100,000 | 5,800,000 | 3,100,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 2,300,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 100,000 | 0 | ||
Real Estate Financing Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 133,700,000 | 79,400,000 | 69,300,000 | 80,500,000 | ||
Provision charged to operating expense | 5,500,000 | (700,000) | 32,800,000 | 100,000 | ||
Loans Charged-Off | (12,500,000) | 0 | (20,600,000) | (2,700,000) | ||
Ending balance | 128,700,000 | 78,900,000 | 128,700,000 | 78,900,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 43,600,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,000,000 | 200,000 | 3,600,000 | 1,000,000 | ||
Consumer Indirect Financing Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 13,100,000 | 15,800,000 | 14,300,000 | 16,700,000 | ||
Provision charged to operating expense | 1,600,000 | (100,000) | 900,000 | (300,000) | ||
Loans Charged-Off | (1,200,000) | (800,000) | (2,900,000) | (2,900,000) | ||
Ending balance | 14,100,000 | 15,400,000 | 14,100,000 | 15,400,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 600,000 | 500,000 | 1,800,000 | 1,900,000 | ||
Direct consumer | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,000,000 | 4,600,000 | 4,600,000 | 4,600,000 | ||
Provision charged to operating expense | 1,300,000 | 500,000 | 1,700,000 | 1,200,000 | ||
Loans Charged-Off | (1,400,000) | (800,000) | (2,800,000) | (2,000,000) | ||
Ending balance | 5,300,000 | 4,700,000 | 5,300,000 | 4,700,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 400,000 | 400,000 | 1,800,000 | 900,000 | ||
Credit Card Receivable [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 2,200,000 | 1,600,000 | 2,200,000 | 2,600,000 | ||
Provision charged to operating expense | 300,000 | 400,000 | 1,600,000 | 0 | ||
Loans Charged-Off | (300,000) | (400,000) | (1,800,000) | (1,400,000) | ||
Ending balance | 2,400,000 | 1,800,000 | 2,400,000 | 1,800,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 200,000 | 200,000 | 400,000 | 600,000 | ||
Consumer | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 20,300,000 | 22,000,000 | 21,100,000 | 23,900,000 | ||
Provision charged to operating expense | 3,200,000 | 800,000 | 4,200,000 | 900,000 | ||
Loans Charged-Off | (2,900,000) | (2,000,000) | (7,500,000) | (6,300,000) | ||
Ending balance | 21,800,000 | 21,900,000 | 21,800,000 | 21,900,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,200,000 | 1,100,000 | 4,000,000 | 3,400,000 | ||
Commercial Purpose secured by 1-4 Family [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,500,000 | 4,400,000 | 4,400,000 | 4,700,000 | ||
Provision charged to operating expense | 400,000 | (200,000) | 1,200,000 | (800,000) | ||
Loans Charged-Off | 0 | 0 | 0 | (100,000) | ||
Ending balance | 5,900,000 | 4,200,000 | 5,900,000 | 4,200,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 200,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 100,000 | 400,000 | ||
Commercial Borrower [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 300,000 | 300,000 | 100,000 | 300,000 | ||
Provision charged to operating expense | 200,000 | 0 | 600,000 | 200,000 | ||
Loans Charged-Off | (300,000) | 0 | (500,000) | (300,000) | ||
Ending balance | 200,000 | 300,000 | 200,000 | 300,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 100,000 | ||
Commercial Portfolio Segment [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 59,900,000 | 33,700,000 | 31,600,000 | 39,200,000 | ||
Provision charged to operating expense | (1,600,000) | 100,000 | 19,900,000 | (5,500,000) | ||
Loans Charged-Off | (800,000) | (100,000) | (6,300,000) | (2,600,000) | ||
Ending balance | 58,500,000 | 33,900,000 | 58,500,000 | 33,900,000 | ||
Provisional ACL Recorded for PCD loans | 0 | 11,400,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 1,000,000 | $ 200,000 | $ 1,900,000 | $ 2,800,000 |
Loans Held for Investment - S_4
Loans Held for Investment - Schedule of Contractual Aging of Loans by Portfolio (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Nonaccrual loans | $ 43,100,000 | $ 43,100,000 | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | $ 0 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | $ 0 | 0 | $ 0 | |
Accrued interest reversal | 600,000 | ||||
Commercial real estate | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 13,800,000 | 13,800,000 | 2,700,000 | ||
Nonaccrual loans | 26,500,000 | 26,500,000 | 8,000,000 | ||
Land acquisition & development | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,200,000 | 1,200,000 | 200,000 | ||
Nonaccrual loans | 3,900,000 | 3,900,000 | 700,000 | ||
Residential construction | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 4,300,000 | 4,300,000 | 4,200,000 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Commercial construction | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 6,800,000 | 6,800,000 | 0 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Total construction loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 12,300,000 | 12,300,000 | 4,400,000 | ||
Nonaccrual loans | 3,900,000 | 3,900,000 | 700,000 | ||
Residential | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 5,700,000 | 5,700,000 | 3,900,000 | ||
Nonaccrual loans | 6,400,000 | 6,400,000 | 2,900,000 | ||
Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,000,000 | 2,000,000 | 2,100,000 | ||
Nonaccrual loans | 15,600,000 | 15,600,000 | 4,900,000 | ||
Total real estate loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 33,800,000 | 33,800,000 | 13,100,000 | ||
Nonaccrual loans | 52,400,000 | 52,400,000 | 16,500,000 | ||
Indirect consumer | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 7,500,000 | 7,500,000 | 6,900,000 | ||
Nonaccrual loans | 2,000,000 | 2,000,000 | 1,700,000 | ||
Direct and advance lines | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,000,000 | 1,000,000 | 800,000 | ||
Nonaccrual loans | 100,000 | 100,000 | 100,000 | ||
Credit card | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,500,000 | 1,500,000 | 1,300,000 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Total consumer loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 10,000,000 | 10,000,000 | 9,000,000 | ||
Nonaccrual loans | 2,100,000 | 2,100,000 | 1,800,000 | ||
Commercial | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 13,000,000 | 13,000,000 | 6,700,000 | ||
Nonaccrual loans | 11,700,000 | 11,700,000 | 5,000,000 | ||
Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,300,000 | 2,300,000 | 700,000 | ||
Nonaccrual loans | 13,200,000 | 13,200,000 | 1,600,000 | ||
Other, including overdrafts | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 0 | 0 | 0 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Loans And Leases Held For Investment [Member] | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 59,100,000 | 59,100,000 | 29,500,000 | ||
Nonaccrual loans | 79,400,000 | 79,400,000 | 24,900,000 | ||
30 to 59 Days Past Due | Commercial real estate | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 9,700,000 | 9,700,000 | 1,100,000 | ||
30 to 59 Days Past Due | Land acquisition & development | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 600,000 | 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 | 3,900,000 | 3,900,000 | 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 | 6,800,000 | 6,800,000 | 0 | ||
30 to 59 Days Past Due | Total construction loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 11,300,000 | 11,300,000 | 4,400,000 | ||
30 to 59 Days Past Due | Residential | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,100,000 | 1,100,000 | 3,000,000 | ||
30 to 59 Days Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,300,000 | 1,300,000 | 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 | 23,400,000 | 23,400,000 | 10,400,000 | ||
30 to 59 Days Past Due | Indirect consumer | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 6,000,000 | 6,000,000 | 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 | 700,000 | 700,000 | 500,000 | ||
30 to 59 Days Past Due | Credit card | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 600,000 | 600,000 | 600,000 | ||
30 to 59 Days Past Due | Total consumer loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 7,300,000 | 7,300,000 | 6,200,000 | ||
30 to 59 Days Past Due | Commercial | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 9,500,000 | 9,500,000 | 4,900,000 | ||
30 to 59 Days Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,100,000 | 2,100,000 | 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 | 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 | 42,300,000 | 42,300,000 | 22,200,000 | ||
60 to 89 Days Past Due | Commercial real estate | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,700,000 | 2,700,000 | 1,000,000 | ||
60 to 89 Days Past Due | Land acquisition & development | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 400,000 | 400,000 | 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 | 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 | 0 | ||
60 to 89 Days Past Due | Total construction loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 400,000 | 400,000 | 0 | ||
60 to 89 Days Past Due | Residential | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 3,400,000 | 3,400,000 | 800,000 | ||
60 to 89 Days Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 0 | 0 | 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 | 6,500,000 | 6,500,000 | 2,000,000 | ||
60 to 89 Days Past Due | Indirect consumer | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,300,000 | 1,300,000 | 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 | 200,000 | 200,000 | 200,000 | ||
60 to 89 Days Past Due | Credit card | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 400,000 | 400,000 | 200,000 | ||
60 to 89 Days Past Due | Total consumer loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,900,000 | 1,900,000 | 1,800,000 | ||
60 to 89 Days Past Due | Commercial | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,700,000 | 1,700,000 | 700,000 | ||
60 to 89 Days Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 100,000 | 100,000 | 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 | 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 | 10,200,000 | 10,200,000 | 4,500,000 | ||
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 | 1,400,000 | 1,400,000 | 600,000 | ||
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 | 200,000 | 200,000 | 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 | 400,000 | 400,000 | 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 | 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 | 600,000 | 600,000 | 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 | 1,200,000 | 1,200,000 | 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 | 700,000 | 700,000 | 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 | 3,900,000 | 3,900,000 | 700,000 | ||
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 | 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 | 100,000 | 100,000 | 100,000 | ||
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 | 500,000 | 500,000 | 500,000 | ||
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 | 800,000 | 800,000 | 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 | 1,800,000 | 1,800,000 | 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 | 100,000 | 100,000 | 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 | 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 | 6,600,000 | 6,600,000 | 2,800,000 | ||
Financial Asset, Not Past Due | Commercial real estate | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 7,986,600,000 | 7,986,600,000 | 3,960,800,000 | ||
Financial Asset, Not Past Due | Land acquisition & development | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 388,100,000 | 388,100,000 | 246,900,000 | ||
Financial Asset, Not Past Due | Residential construction | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 497,100,000 | 497,100,000 | 257,800,000 | ||
Financial Asset, Not Past Due | Commercial construction | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 1,121,600,000 | 1,121,600,000 | 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 | 2,006,800,000 | 2,006,800,000 | 1,002,700,000 | ||
Financial Asset, Not Past Due | Residential | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,115,600,000 | 2,115,600,000 | 1,531,400,000 | ||
Financial Asset, Not Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 783,300,000 | 783,300,000 | 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 | 12,892,300,000 | 12,892,300,000 | 6,701,800,000 | ||
Financial Asset, Not Past Due | Indirect consumer | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 771,300,000 | 771,300,000 | 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 | 153,900,000 | 153,900,000 | 128,300,000 | ||
Financial Asset, Not Past Due | Credit card | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 72,700,000 | 72,700,000 | 63,600,000 | ||
Financial Asset, Not Past Due | Total consumer loans | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 997,900,000 | 997,900,000 | 920,900,000 | ||
Financial Asset, Not Past Due | Commercial | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 2,941,400,000 | 2,941,400,000 | 1,463,800,000 | ||
Financial Asset, Not Past Due | Agricultural | |||||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Loan in Process | 642,700,000 | 642,700,000 | 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 | 3,800,000 | 3,800,000 | 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 | $ 17,478,100,000 | $ 17,478,100,000 | $ 9,289,600,000 |
Loans Held for Investment - S_5
Loans Held for Investment - Schedule of Troubled Debt Restructurings (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) note | Sep. 30, 2022 USD ($) note | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Notes | note | 3 | 12 |
Troubled debt restructurings | $ 48.1 | $ 71.7 |
Interest only period | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 3.2 |
Extension of term or amortization schedule | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 2 | 15.7 |
Interest rate adjustment | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Other Loan Restructuring Modification | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | $ 46.1 | $ 52.8 |
Commercial Real Estate | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Notes | note | 1 | 4 |
Troubled debt restructurings | $ 46.1 | $ 53.7 |
Commercial Real Estate | Interest only period | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 3.2 |
Commercial Real Estate | Extension of term or amortization schedule | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 4.2 |
Commercial Real Estate | Interest rate adjustment | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial Real Estate | Other Loan Restructuring Modification | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | $ 46.1 | $ 46.3 |
Residential | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Notes | note | 2 | |
Troubled debt restructurings | $ 0.6 | |
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 | 0.6 | |
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 | 2 |
Troubled debt restructurings | $ 0.1 | $ 9 |
Agricultural | Interest only period | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Agricultural | Extension of term or amortization schedule | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0.1 | 9 |
Agricultural | Interest rate adjustment | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Agricultural | Other Loan Restructuring Modification | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | $ 0 | $ 0 |
Commercial | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Notes | note | 1 | 3 |
Troubled debt restructurings | $ 1.9 | $ 2.5 |
Commercial | Interest only period | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Extension of term or amortization schedule | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 1.9 | 1.9 |
Commercial | Interest rate adjustment | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Other Loan Restructuring Modification | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | $ 0 | $ 0.6 |
Agricultural | ||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Notes | note | 1 | |
Troubled debt restructurings | $ 5.9 | |
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 | 0 | |
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 | $ 5.9 |
Loans Held for Investment - S_6
Loans Held for Investment - Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Impaired financing receivable, recorded investment | $ 191,400,000 | $ 191,400,000 | |||
Commitments to purchase or sell | 0 | $ 0 | 0 | $ 0 | |
Proceeds from sale of loans held-for-investment | 0 | $ 0 | 0 | $ 0 | |
Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 794,400,000 | 794,400,000 | $ 512,000,000 | ||
2021 | 822,400,000 | 822,400,000 | 470,600,000 | ||
2020 | 677,800,000 | 677,800,000 | 242,300,000 | ||
2019 | 487,500,000 | 487,500,000 | 151,100,000 | ||
2018 | 309,600,000 | 309,600,000 | 77,300,000 | ||
Prior | 942,600,000 | 942,600,000 | 425,000,000 | ||
Revolving Loans Amortized Cost Basis | 27,500,000 | 27,500,000 | 15,300,000 | ||
Total | 4,061,800,000 | 4,061,800,000 | 1,893,600,000 | ||
Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 129,400,000 | 129,400,000 | 113,800,000 | ||
2021 | 145,000,000 | 145,000,000 | 41,800,000 | ||
2020 | 31,900,000 | 31,900,000 | 34,200,000 | ||
2019 | 25,600,000 | 25,600,000 | 15,400,000 | ||
2018 | 12,600,000 | 12,600,000 | 20,200,000 | ||
Prior | 31,000,000 | 31,000,000 | 21,200,000 | ||
Revolving Loans Amortized Cost Basis | 17,700,000 | 17,700,000 | 1,200,000 | ||
Total | 393,200,000 | 393,200,000 | 247,800,000 | ||
Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 104,200,000 | 104,200,000 | 112,400,000 | ||
2021 | 134,300,000 | 134,300,000 | 7,400,000 | ||
2020 | 400,000 | 400,000 | 13,700,000 | ||
2019 | 9,200,000 | 9,200,000 | 900,000 | ||
2018 | 400,000 | 400,000 | 400,000 | ||
Prior | 5,900,000 | 5,900,000 | 0 | ||
Revolving Loans Amortized Cost Basis | 247,000,000 | 247,000,000 | 127,200,000 | ||
Total | 501,400,000 | 501,400,000 | 262,000,000 | ||
Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 363,100,000 | 363,100,000 | 209,700,000 | ||
2021 | 469,000,000 | 469,000,000 | 141,400,000 | ||
2020 | 204,000,000 | 204,000,000 | 118,800,000 | ||
2019 | 76,200,000 | 76,200,000 | 27,600,000 | ||
2018 | 500,000 | 500,000 | 0 | ||
Prior | 0 | 0 | 500,000 | ||
Revolving Loans Amortized Cost Basis | 15,600,000 | 15,600,000 | 0 | ||
Total | 1,128,400,000 | 1,128,400,000 | 498,000,000 | ||
Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 165,600,000 | 165,600,000 | 62,400,000 | ||
2021 | 192,300,000 | 192,300,000 | 38,600,000 | ||
2020 | 128,500,000 | 128,500,000 | 37,300,000 | ||
2019 | 73,000,000 | 73,000,000 | 23,300,000 | ||
2018 | 60,800,000 | 60,800,000 | 13,200,000 | ||
Prior | 129,400,000 | 129,400,000 | 33,300,000 | ||
Revolving Loans Amortized Cost Basis | 51,300,000 | 51,300,000 | 5,800,000 | ||
Total | 800,900,000 | 800,900,000 | 213,900,000 | ||
Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 279,200,000 | 279,200,000 | 273,100,000 | ||
2021 | 195,500,000 | 195,500,000 | 209,100,000 | ||
2020 | 144,900,000 | 144,900,000 | 108,700,000 | ||
2019 | 69,300,000 | 69,300,000 | 64,200,000 | ||
2018 | 39,700,000 | 39,700,000 | 37,100,000 | ||
Prior | 52,200,000 | 52,200,000 | 45,400,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 780,800,000 | 780,800,000 | 737,600,000 | ||
Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 45,000,000 | 45,000,000 | 42,600,000 | ||
2021 | 36,300,000 | 36,300,000 | 27,900,000 | ||
2020 | 20,900,000 | 20,900,000 | 15,000,000 | ||
2019 | 10,500,000 | 10,500,000 | 13,400,000 | ||
2018 | 7,900,000 | 7,900,000 | 5,800,000 | ||
Prior | 9,800,000 | 9,800,000 | 7,600,000 | ||
Revolving Loans Amortized Cost Basis | 24,600,000 | 24,600,000 | 16,900,000 | ||
Total | 155,000,000 | 155,000,000 | 129,200,000 | ||
Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 189,800,000 | 189,800,000 | 139,600,000 | ||
Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 40,200,000 | ||||
2021 | 21,000,000 | ||||
2020 | 9,700,000 | ||||
2019 | 8,300,000 | ||||
2018 | 2,700,000 | ||||
Prior | 2,000,000 | ||||
Revolving Loans Amortized Cost Basis | 118,500,000 | ||||
Total | 202,400,000 | ||||
Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 639,100,000 | 639,100,000 | 457,800,000 | ||
2021 | 770,700,000 | 770,700,000 | 322,400,000 | ||
2020 | 556,000,000 | 556,000,000 | 241,200,000 | ||
2019 | 298,600,000 | 298,600,000 | 163,800,000 | ||
2018 | 190,900,000 | 190,900,000 | 100,700,000 | ||
Prior | 619,500,000 | 619,500,000 | 356,600,000 | ||
Revolving Loans Amortized Cost Basis | 17,000,000 | 17,000,000 | 14,200,000 | ||
Total | 3,091,800,000 | 3,091,800,000 | 1,656,700,000 | ||
Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 267,400,000 | 267,400,000 | 129,100,000 | ||
2021 | 209,600,000 | 209,600,000 | 118,600,000 | ||
2020 | 188,800,000 | 188,800,000 | 43,900,000 | ||
2019 | 52,500,000 | 52,500,000 | 15,400,000 | ||
2018 | 35,700,000 | 35,700,000 | 36,000,000 | ||
Prior | 117,800,000 | 117,800,000 | 76,700,000 | ||
Revolving Loans Amortized Cost Basis | 1,500,000 | 1,500,000 | 1,500,000 | ||
Total | 873,300,000 | 873,300,000 | 421,200,000 | ||
Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 434,300,000 | 434,300,000 | 396,300,000 | ||
2021 | 421,800,000 | 421,800,000 | 179,900,000 | ||
2020 | 238,900,000 | 238,900,000 | 96,900,000 | ||
2019 | 145,100,000 | 145,100,000 | 76,900,000 | ||
2018 | 135,200,000 | 135,200,000 | 50,700,000 | ||
Prior | 186,500,000 | 186,500,000 | 97,700,000 | ||
Revolving Loans Amortized Cost Basis | 778,600,000 | 778,600,000 | 234,300,000 | ||
Total | 2,340,400,000 | 2,340,400,000 | 1,132,700,000 | ||
Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 156,200,000 | 156,200,000 | 96,200,000 | ||
2021 | 141,800,000 | 141,800,000 | 56,400,000 | ||
2020 | 74,000,000 | 74,000,000 | 28,600,000 | ||
2019 | 31,900,000 | 31,900,000 | 24,200,000 | ||
2018 | 33,400,000 | 33,400,000 | 15,600,000 | ||
Prior | 44,700,000 | 44,700,000 | 34,100,000 | ||
Revolving Loans Amortized Cost Basis | 30,000,000 | 30,000,000 | 14,500,000 | ||
Total | 512,000,000 | 512,000,000 | 269,600,000 | ||
Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 132,200,000 | 132,200,000 | |||
2021 | 81,400,000 | 81,400,000 | |||
2020 | 40,600,000 | 40,600,000 | |||
2019 | 14,900,000 | 14,900,000 | |||
2018 | 14,800,000 | 14,800,000 | |||
Prior | 2,600,000 | 2,600,000 | |||
Revolving Loans Amortized Cost Basis | 369,800,000 | 369,800,000 | |||
Total | 656,300,000 | 656,300,000 | |||
Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 195,300,000 | 195,300,000 | 360,900,000 | ||
2021 | 466,500,000 | 466,500,000 | 477,300,000 | ||
2020 | 550,600,000 | 550,600,000 | 74,700,000 | ||
2019 | 102,800,000 | 102,800,000 | 27,500,000 | ||
2018 | 33,000,000 | 33,000,000 | 25,900,000 | ||
Prior | 233,600,000 | 233,600,000 | 177,300,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 1,581,800,000 | 1,581,800,000 | 1,143,600,000 | ||
Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 15,400,000 | 15,400,000 | 11,400,000 | ||
2021 | 9,000,000 | 9,000,000 | 7,000,000 | ||
2020 | 5,500,000 | 5,500,000 | 4,000,000 | ||
2019 | 4,500,000 | 4,500,000 | 4,800,000 | ||
2018 | 5,800,000 | 5,800,000 | 4,200,000 | ||
Prior | 18,800,000 | 18,800,000 | 12,500,000 | ||
Revolving Loans Amortized Cost Basis | 486,900,000 | 486,900,000 | 350,700,000 | ||
Total | 545,900,000 | 545,900,000 | 394,600,000 | ||
Pass | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 784,900,000 | 784,900,000 | 507,900,000 | ||
2021 | 784,800,000 | 784,800,000 | 452,200,000 | ||
2020 | 666,700,000 | 666,700,000 | 237,900,000 | ||
2019 | 463,900,000 | 463,900,000 | 150,400,000 | ||
2018 | 279,400,000 | 279,400,000 | 76,300,000 | ||
Prior | 913,300,000 | 913,300,000 | 409,000,000 | ||
Revolving Loans Amortized Cost Basis | 27,500,000 | 27,500,000 | 15,300,000 | ||
Total | 3,920,500,000 | 3,920,500,000 | 1,849,000,000 | ||
Pass | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 122,700,000 | 122,700,000 | 113,000,000 | ||
2021 | 141,000,000 | 141,000,000 | 41,500,000 | ||
2020 | 31,700,000 | 31,700,000 | 34,200,000 | ||
2019 | 25,600,000 | 25,600,000 | 14,800,000 | ||
2018 | 12,400,000 | 12,400,000 | 19,800,000 | ||
Prior | 30,100,000 | 30,100,000 | 20,800,000 | ||
Revolving Loans Amortized Cost Basis | 17,700,000 | 17,700,000 | 1,200,000 | ||
Total | 381,200,000 | 381,200,000 | 245,300,000 | ||
Pass | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 104,200,000 | 104,200,000 | 112,400,000 | ||
2021 | 133,900,000 | 133,900,000 | 7,000,000 | ||
2020 | 400,000 | 400,000 | 13,700,000 | ||
2019 | 9,200,000 | 9,200,000 | 900,000 | ||
2018 | 400,000 | 400,000 | 0 | ||
Prior | 5,500,000 | 5,500,000 | 0 | ||
Revolving Loans Amortized Cost Basis | 247,000,000 | 247,000,000 | 127,200,000 | ||
Total | 500,600,000 | 500,600,000 | 261,200,000 | ||
Pass | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 358,100,000 | 358,100,000 | 209,700,000 | ||
2021 | 469,000,000 | 469,000,000 | 141,400,000 | ||
2020 | 180,900,000 | 180,900,000 | 118,800,000 | ||
2019 | 76,200,000 | 76,200,000 | 27,600,000 | ||
2018 | 500,000 | 500,000 | 0 | ||
Prior | 0 | 0 | 500,000 | ||
Revolving Loans Amortized Cost Basis | 15,600,000 | 15,600,000 | 0 | ||
Total | 1,100,300,000 | 1,100,300,000 | 498,000,000 | ||
Pass | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 162,500,000 | 162,500,000 | 58,300,000 | ||
2021 | 175,600,000 | 175,600,000 | 36,900,000 | ||
2020 | 119,500,000 | 119,500,000 | 35,100,000 | ||
2019 | 67,300,000 | 67,300,000 | 22,600,000 | ||
2018 | 48,000,000 | 48,000,000 | 11,800,000 | ||
Prior | 111,900,000 | 111,900,000 | 28,100,000 | ||
Revolving Loans Amortized Cost Basis | 28,700,000 | 28,700,000 | 4,900,000 | ||
Total | 713,500,000 | 713,500,000 | 197,700,000 | ||
Pass | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 35,100,000 | ||||
2021 | 16,200,000 | ||||
2020 | 9,000,000 | ||||
2019 | 5,400,000 | ||||
2018 | 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] | |||||
2022 | 621,400,000 | 621,400,000 | 452,700,000 | ||
2021 | 757,400,000 | 757,400,000 | 314,900,000 | ||
2020 | 552,200,000 | 552,200,000 | 235,000,000 | ||
2019 | 282,900,000 | 282,900,000 | 151,000,000 | ||
2018 | 177,400,000 | 177,400,000 | 94,500,000 | ||
Prior | 589,900,000 | 589,900,000 | 322,500,000 | ||
Revolving Loans Amortized Cost Basis | 16,300,000 | 16,300,000 | 14,200,000 | ||
Total | 2,997,500,000 | 2,997,500,000 | 1,584,800,000 | ||
Pass | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 267,400,000 | 267,400,000 | 129,100,000 | ||
2021 | 209,600,000 | 209,600,000 | 118,600,000 | ||
2020 | 188,800,000 | 188,800,000 | 43,900,000 | ||
2019 | 52,500,000 | 52,500,000 | 15,400,000 | ||
2018 | 35,700,000 | 35,700,000 | 36,000,000 | ||
Prior | 115,700,000 | 115,700,000 | 76,700,000 | ||
Revolving Loans Amortized Cost Basis | 1,500,000 | 1,500,000 | 1,500,000 | ||
Total | 871,200,000 | 871,200,000 | 421,200,000 | ||
Pass | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 415,900,000 | 415,900,000 | 394,200,000 | ||
2021 | 406,300,000 | 406,300,000 | 165,700,000 | ||
2020 | 233,400,000 | 233,400,000 | 94,500,000 | ||
2019 | 138,500,000 | 138,500,000 | 73,500,000 | ||
2018 | 130,300,000 | 130,300,000 | 47,100,000 | ||
Prior | 178,900,000 | 178,900,000 | 91,300,000 | ||
Revolving Loans Amortized Cost Basis | 707,500,000 | 707,500,000 | 224,700,000 | ||
Total | 2,210,800,000 | 2,210,800,000 | 1,091,000,000 | ||
Pass | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 155,800,000 | 155,800,000 | 94,900,000 | ||
2021 | 140,400,000 | 140,400,000 | 55,000,000 | ||
2020 | 71,600,000 | 71,600,000 | 27,800,000 | ||
2019 | 31,400,000 | 31,400,000 | 23,100,000 | ||
2018 | 31,000,000 | 31,000,000 | 15,300,000 | ||
Prior | 43,200,000 | 43,200,000 | 32,200,000 | ||
Revolving Loans Amortized Cost Basis | 29,900,000 | 29,900,000 | 14,400,000 | ||
Total | 503,300,000 | 503,300,000 | 262,700,000 | ||
Pass | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 107,600,000 | 107,600,000 | |||
2021 | 70,900,000 | 70,900,000 | |||
2020 | 35,000,000 | 35,000,000 | |||
2019 | 12,800,000 | 12,800,000 | |||
2018 | 9,900,000 | 9,900,000 | |||
Prior | 1,500,000 | 1,500,000 | |||
Revolving Loans Amortized Cost Basis | 356,300,000 | 356,300,000 | |||
Total | 594,000,000 | 594,000,000 | |||
Other Assets Especially Mentioned | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 6,000,000 | 6,000,000 | 200,000 | ||
2021 | 4,400,000 | 4,400,000 | 3,100,000 | ||
2020 | 400,000 | 400,000 | 2,100,000 | ||
2019 | 4,700,000 | 4,700,000 | 0 | ||
2018 | 8,300,000 | 8,300,000 | 0 | ||
Prior | 19,800,000 | 19,800,000 | 3,600,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 43,600,000 | 43,600,000 | 9,000,000 | ||
Other Assets Especially Mentioned | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 6,700,000 | 6,700,000 | 0 | ||
2021 | 0 | 0 | 100,000 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
2018 | 200,000 | 200,000 | 100,000 | ||
Prior | 300,000 | 300,000 | 300,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 7,200,000 | 7,200,000 | 500,000 | ||
Other Assets Especially Mentioned | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 2,100,000 | 2,100,000 | |||
2021 | 0 | 0 | |||
2020 | 23,100,000 | 23,100,000 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 25,200,000 | 25,200,000 | |||
Other Assets Especially Mentioned | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 2,000,000 | 2,000,000 | 100,000 | ||
2021 | 2,800,000 | 2,800,000 | 1,300,000 | ||
2020 | 2,300,000 | 2,300,000 | 1,200,000 | ||
2019 | 2,300,000 | 2,300,000 | 100,000 | ||
2018 | 9,600,000 | 9,600,000 | 100,000 | ||
Prior | 3,300,000 | 3,300,000 | 900,000 | ||
Revolving Loans Amortized Cost Basis | 11,200,000 | 11,200,000 | 900,000 | ||
Total | 33,500,000 | 33,500,000 | 4,600,000 | ||
Other Assets Especially Mentioned | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 200,000 | ||||
2021 | 4,100,000 | ||||
2020 | 100,000 | ||||
2019 | 400,000 | ||||
2018 | 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] | |||||
2022 | 5,200,000 | 5,200,000 | 1,300,000 | ||
2021 | 8,800,000 | 8,800,000 | 3,200,000 | ||
2020 | 1,500,000 | 1,500,000 | 1,500,000 | ||
2019 | 11,100,000 | 11,100,000 | 7,400,000 | ||
2018 | 2,800,000 | 2,800,000 | 3,500,000 | ||
Prior | 9,800,000 | 9,800,000 | 13,800,000 | ||
Revolving Loans Amortized Cost Basis | 300,000 | 300,000 | 0 | ||
Total | 39,500,000 | 39,500,000 | 30,700,000 | ||
Other Assets Especially Mentioned | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 1,800,000 | 1,800,000 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 1,800,000 | 1,800,000 | |||
Other Assets Especially Mentioned | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 10,100,000 | 10,100,000 | 800,000 | ||
2021 | 9,600,000 | 9,600,000 | 11,400,000 | ||
2020 | 2,100,000 | 2,100,000 | 800,000 | ||
2019 | 3,900,000 | 3,900,000 | 800,000 | ||
2018 | 1,400,000 | 1,400,000 | 3,000,000 | ||
Prior | 5,200,000 | 5,200,000 | 2,300,000 | ||
Revolving Loans Amortized Cost Basis | 64,500,000 | 64,500,000 | 7,000,000 | ||
Total | 96,800,000 | 96,800,000 | 26,100,000 | ||
Other Assets Especially Mentioned | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 200,000 | 200,000 | 0 | ||
2021 | 1,100,000 | 1,100,000 | 200,000 | ||
2020 | 2,300,000 | 2,300,000 | 200,000 | ||
2019 | 200,000 | 200,000 | 500,000 | ||
2018 | 1,500,000 | 1,500,000 | 100,000 | ||
Prior | 300,000 | 300,000 | 600,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 5,600,000 | 5,600,000 | 1,600,000 | ||
Other Assets Especially Mentioned | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 1,500,000 | 1,500,000 | |||
2021 | 3,400,000 | 3,400,000 | |||
2020 | 600,000 | 600,000 | |||
2019 | 1,200,000 | 1,200,000 | |||
2018 | 700,000 | 700,000 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 12,100,000 | 12,100,000 | |||
Total | 19,500,000 | 19,500,000 | |||
Substandard | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 3,500,000 | 3,500,000 | 3,900,000 | ||
2021 | 33,200,000 | 33,200,000 | 15,300,000 | ||
2020 | 10,700,000 | 10,700,000 | 2,300,000 | ||
2019 | 18,900,000 | 18,900,000 | 700,000 | ||
2018 | 20,100,000 | 20,100,000 | 1,000,000 | ||
Prior | 9,500,000 | 9,500,000 | 12,400,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 95,900,000 | 95,900,000 | 35,600,000 | ||
Substandard | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | 800,000 | ||
2021 | 800,000 | 800,000 | 200,000 | ||
2020 | 200,000 | 200,000 | 0 | ||
2019 | 0 | 0 | 600,000 | ||
2018 | 0 | 0 | 300,000 | ||
Prior | 600,000 | 600,000 | 100,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 1,600,000 | 1,600,000 | 2,000,000 | ||
Substandard | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | 0 | ||
2021 | 400,000 | 400,000 | 400,000 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
2018 | 0 | 0 | 400,000 | ||
Prior | 400,000 | 400,000 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 800,000 | 800,000 | 800,000 | ||
Substandard | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 2,900,000 | 2,900,000 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 2,900,000 | 2,900,000 | |||
Substandard | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 1,100,000 | 1,100,000 | 4,000,000 | ||
2021 | 13,900,000 | 13,900,000 | 400,000 | ||
2020 | 3,600,000 | 3,600,000 | 1,000,000 | ||
2019 | 3,400,000 | 3,400,000 | 600,000 | ||
2018 | 3,200,000 | 3,200,000 | 1,300,000 | ||
Prior | 14,200,000 | 14,200,000 | 4,300,000 | ||
Revolving Loans Amortized Cost Basis | 11,400,000 | 11,400,000 | 0 | ||
Total | 50,800,000 | 50,800,000 | 11,600,000 | ||
Substandard | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 4,900,000 | ||||
2021 | 700,000 | ||||
2020 | 600,000 | ||||
2019 | 2,500,000 | ||||
2018 | 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] | |||||
2022 | 12,100,000 | 12,100,000 | 3,800,000 | ||
2021 | 3,000,000 | 3,000,000 | 4,300,000 | ||
2020 | 2,300,000 | 2,300,000 | 4,700,000 | ||
2019 | 4,600,000 | 4,600,000 | 5,400,000 | ||
2018 | 2,800,000 | 2,800,000 | 2,700,000 | ||
Prior | 17,800,000 | 17,800,000 | 20,300,000 | ||
Revolving Loans Amortized Cost Basis | 400,000 | 400,000 | 0 | ||
Total | 43,000,000 | 43,000,000 | 41,200,000 | ||
Substandard | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 300,000 | 300,000 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 300,000 | 300,000 | |||
Substandard | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 8,000,000 | 8,000,000 | 1,300,000 | ||
2021 | 1,200,000 | 1,200,000 | 2,800,000 | ||
2020 | 3,400,000 | 3,400,000 | 1,600,000 | ||
2019 | 2,700,000 | 2,700,000 | 2,600,000 | ||
2018 | 3,500,000 | 3,500,000 | 600,000 | ||
Prior | 2,400,000 | 2,400,000 | 4,100,000 | ||
Revolving Loans Amortized Cost Basis | 6,600,000 | 6,600,000 | 2,600,000 | ||
Total | 27,800,000 | 27,800,000 | 15,600,000 | ||
Substandard | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 200,000 | 200,000 | 1,300,000 | ||
2021 | 300,000 | 300,000 | 1,200,000 | ||
2020 | 100,000 | 100,000 | 600,000 | ||
2019 | 300,000 | 300,000 | 600,000 | ||
2018 | 900,000 | 900,000 | 200,000 | ||
Prior | 1,200,000 | 1,200,000 | 1,300,000 | ||
Revolving Loans Amortized Cost Basis | 100,000 | 100,000 | 100,000 | ||
Total | 3,100,000 | 3,100,000 | 5,300,000 | ||
Substandard | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 23,100,000 | 23,100,000 | |||
2021 | 6,500,000 | 6,500,000 | |||
2020 | 5,000,000 | 5,000,000 | |||
2019 | 900,000 | 900,000 | |||
2018 | 4,200,000 | 4,200,000 | |||
Prior | 1,100,000 | 1,100,000 | |||
Revolving Loans Amortized Cost Basis | 1,400,000 | 1,400,000 | |||
Total | 42,200,000 | 42,200,000 | |||
Doubtful | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 1,800,000 | 1,800,000 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 1,800,000 | 1,800,000 | |||
Doubtful | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 3,200,000 | 3,200,000 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 3,200,000 | 3,200,000 | |||
Doubtful | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 3,100,000 | 3,100,000 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 3,100,000 | 3,100,000 | |||
Doubtful | Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 400,000 | 400,000 | |||
2021 | 1,500,000 | 1,500,000 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 7,900,000 | 7,900,000 | |||
Prior | 2,000,000 | 2,000,000 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 11,800,000 | 11,800,000 | |||
Doubtful | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 300,000 | 300,000 | |||
2021 | 4,700,000 | 4,700,000 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 5,000,000 | 5,000,000 | |||
Doubtful | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | |||
2021 | 600,000 | 600,000 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 600,000 | 600,000 | |||
Performing | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 279,000,000 | 279,000,000 | 272,600,000 | ||
2021 | 194,900,000 | 194,900,000 | 208,600,000 | ||
2020 | 144,500,000 | 144,500,000 | 108,300,000 | ||
2019 | 69,000,000 | 69,000,000 | 64,000,000 | ||
2018 | 39,500,000 | 39,500,000 | 37,000,000 | ||
Prior | 51,700,000 | 51,700,000 | 45,000,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 778,600,000 | 778,600,000 | 735,500,000 | ||
Performing | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 45,000,000 | 45,000,000 | 42,500,000 | ||
2021 | 36,200,000 | 36,200,000 | 27,900,000 | ||
2020 | 20,900,000 | 20,900,000 | 15,000,000 | ||
2019 | 10,500,000 | 10,500,000 | 13,300,000 | ||
2018 | 7,900,000 | 7,900,000 | 5,800,000 | ||
Prior | 9,700,000 | 9,700,000 | 7,600,000 | ||
Revolving Loans Amortized Cost Basis | 24,600,000 | 24,600,000 | 16,900,000 | ||
Total | 154,800,000 | 154,800,000 | 129,000,000 | ||
Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 189,000,000 | 189,000,000 | 139,000,000 | ||
Performing | Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 195,300,000 | 195,300,000 | 360,900,000 | ||
2021 | 466,300,000 | 466,300,000 | 477,000,000 | ||
2020 | 550,200,000 | 550,200,000 | 74,700,000 | ||
2019 | 102,300,000 | 102,300,000 | 27,500,000 | ||
2018 | 32,600,000 | 32,600,000 | 25,700,000 | ||
Prior | 230,200,000 | 230,200,000 | 176,500,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 1,576,900,000 | 1,576,900,000 | 1,142,300,000 | ||
Performing | Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 14,900,000 | 14,900,000 | 11,100,000 | ||
2021 | 8,700,000 | 8,700,000 | 7,000,000 | ||
2020 | 5,400,000 | 5,400,000 | 3,700,000 | ||
2019 | 4,400,000 | 4,400,000 | 4,800,000 | ||
2018 | 5,700,000 | 5,700,000 | 3,600,000 | ||
Prior | 17,600,000 | 17,600,000 | 12,000,000 | ||
Revolving Loans Amortized Cost Basis | 486,500,000 | 486,500,000 | 350,700,000 | ||
Total | 543,200,000 | 543,200,000 | 392,900,000 | ||
Nonperforming | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 200,000 | 200,000 | 500,000 | ||
2021 | 600,000 | 600,000 | 500,000 | ||
2020 | 400,000 | 400,000 | 400,000 | ||
2019 | 300,000 | 300,000 | 200,000 | ||
2018 | 200,000 | 200,000 | 100,000 | ||
Prior | 500,000 | 500,000 | 400,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 2,200,000 | 2,200,000 | 2,100,000 | ||
Nonperforming | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | 100,000 | ||
2021 | 100,000 | 100,000 | 0 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 100,000 | ||
2018 | 0 | 0 | 0 | ||
Prior | 100,000 | 100,000 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 200,000 | 200,000 | 200,000 | ||
Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 800,000 | 800,000 | 600,000 | ||
Nonperforming | Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | 0 | ||
2021 | 200,000 | 200,000 | 300,000 | ||
2020 | 400,000 | 400,000 | 0 | ||
2019 | 500,000 | 500,000 | 0 | ||
2018 | 400,000 | 400,000 | 200,000 | ||
Prior | 3,400,000 | 3,400,000 | 800,000 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 4,900,000 | 4,900,000 | 1,300,000 | ||
Nonperforming | Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 500,000 | 500,000 | 300,000 | ||
2021 | 300,000 | 300,000 | 0 | ||
2020 | 100,000 | 100,000 | 300,000 | ||
2019 | 100,000 | 100,000 | 0 | ||
2018 | 100,000 | 100,000 | 600,000 | ||
Prior | 1,200,000 | 1,200,000 | 500,000 | ||
Revolving Loans Amortized Cost Basis | 400,000 | 400,000 | 0 | ||
Total | 2,700,000 | 2,700,000 | 1,700,000 | ||
Agriculture Portfolio Segment [Member] | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 1,900,000 | 1,900,000 | 1,500,000 | ||
Agriculture Portfolio Segment [Member] | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 1,900,000 | 1,900,000 | 1,500,000 | ||
Agriculture Portfolio Segment [Member] | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 0 | 0 | 0 | ||
Commercial | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 113,700,000 | 113,700,000 | 73,200,000 | ||
Commercial | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 113,300,000 | 113,300,000 | 73,100,000 | ||
Commercial | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 400,000 | 400,000 | 100,000 | ||
Total consumer loans | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 74,200,000 | 74,200,000 | 64,900,000 | ||
Total consumer loans | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | 73,800,000 | 73,800,000 | 64,400,000 | ||
Total consumer loans | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2022 | $ 400,000 | $ 400,000 | $ 500,000 |
Loans Held for Investment - S_7
Loans Held for Investment - Schedule of PCD Loans (Details) $ in Millions | Feb. 01, 2022 USD ($) |
Receivables [Abstract] | |
Purchase price (initial fair value) | $ 623.3 |
Allowance for credit losses | (298.2) |
Non-credit discount at acquisition | 57.7 |
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 | 59.5 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Difference Between Amortized Cost Basis And Unpaid Principal Balance | 39.6 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Interest Applied To Principal | $ 18.1 |
Loans Held for Investment - S_8
Loans Held for Investment - Schedule of Recorded Investment in Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | $ (8.4) | $ 0 | $ (68) | $ 5.1 | ||||
Accounts Receivable, Allowance for Credit Loss | 213 | 135.1 | 213 | 135.1 | $ 220.4 | $ 122.3 | $ 135.5 | $ 144.3 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 4.6 | 0.2 | 60.2 | (4.6) | ||||
Balance of defaulted loans under trouble debt restructurings | 0 | 0 | ||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||
Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | (5.5) | 0.7 | (32.8) | (0.1) | ||||
Accounts Receivable, Allowance for Credit Loss | 128.7 | 78.9 | 128.7 | 78.9 | 133.7 | 69.3 | 79.4 | 80.5 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 12,978.5 | 12,978.5 | 6,731.4 | |||||
Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | 1.6 | (0.1) | (19.9) | 5.5 | ||||
Accounts Receivable, Allowance for Credit Loss | 58.5 | 33.9 | 58.5 | 33.9 | 59.9 | 31.6 | 33.7 | 39.2 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,966.1 | 2,966.1 | 1,475.5 | |||||
Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | 2.5 | 0 | (3.3) | 0.1 | ||||
Accounts Receivable, Allowance for Credit Loss | 4 | $ 0.4 | 4 | $ 0.4 | $ 6.5 | 0.3 | $ 0.4 | $ 0.7 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 658.2 | 658.2 | 203.9 | |||||
Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 57.6 | 57.6 | 11.7 | |||||
Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 41.3 | 41.3 | 8.2 | |||||
Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 6.3 | 6.3 | 2.8 | |||||
Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | 10 | 0.7 | |||||
Business Assets [Member] | Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 3.9 | 3.9 | 3 | |||||
Business Assets [Member] | Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2.2 | 2.2 | 1.2 | |||||
Business Assets [Member] | Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1.4 | 1.4 | 1.8 | |||||
Business Assets [Member] | Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0.3 | 0.3 | 0 | |||||
Real Property [Member] | Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 53.7 | 53.7 | 8.7 | |||||
Real Property [Member] | Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 39.1 | 39.1 | 7 | |||||
Real Property [Member] | Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4.9 | 4.9 | 1 | |||||
Real Property [Member] | Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 9.7 | 9.7 | 0.7 | |||||
Other Property [Member] | Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | 0 | |||||
Other Property [Member] | Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | 0 | |||||
Other Property [Member] | Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | 0 | |||||
Other Property [Member] | Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
Loans Held for Investment - Nar
Loans Held for Investment - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Receivables [Abstract] | |||||
Loans renegotiated in troubled debt restructurings | $ 68,100,000 | $ 68,100,000 | $ 6,200,000 | ||
Troubled restructurings included in non-accrual loans | 8,400,000 | 8,400,000 | 3,900,000 | ||
Loans renegotiated in troubled debt restructurings, accrual loans | 59,700,000 | 59,700,000 | 2,300,000 | ||
Financing receivable, after allowance for credit loss, noncurrent | 400,000 | 400,000 | 100,000 | ||
Troubled debt restructurings | 48,100,000 | 71,700,000 | |||
Charge-offs directly related to modifying troubled debt restructurings | 5,700,000 | 5,700,000 | |||
Balance of defaulted loans under trouble debt restructurings | 0 | 0 | |||
Impaired financing receivable, recorded investment | 191,400,000 | 191,400,000 | |||
Commitments to purchase or sell | 0 | $ 0 | 0 | $ 0 | |
Proceeds from sale of loans held-for-investment | 0 | $ 0 | 0 | $ 0 | |
Interest Receivable | $ 106,400,000 | $ 106,400,000 | $ 47,400,000 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Real Estate Acquired Through Foreclosure [Roll Forward] | ||||
Beginning balance | $ 16.8 | $ 2 | $ 2 | $ 2.5 |
Acquired through acquisition | 0 | 0 | 15.8 | 0 |
Additions | 0.3 | 0.4 | 0.4 | 0.7 |
Dispositions | (0.5) | (0.1) | (1.6) | (0.9) |
Ending balance | 16.4 | $ 2.3 | 16.4 | $ 2.3 |
Carrying values of foreclosed residential real estate properties | 0 | 0 | ||
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure | $ 0 | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | $ 1,775.6 | $ 1,691.2 |
Derivative Asset, Estimated Fair Value | 42.7 | 28.1 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 2,176.4 | 1,103.9 |
Derivative Liabilities, Estimated Fair Value | 169.9 | 18.2 |
Not Designated as Hedging Instrument | Interest rate swap contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 1,743.3 | 913.9 |
Derivative Asset, Estimated Fair Value | 42.1 | 22.2 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 1,743.3 | 913.9 |
Derivative Liabilities, Estimated Fair Value | 163.7 | 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 | 0 | 77.3 |
Derivative Asset, Estimated Fair Value | 0 | 1.8 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 25.9 | 0 |
Derivative Liabilities, Estimated Fair Value | 0.5 | 0 |
Not Designated as Hedging Instrument | Forward loan sales contracts | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | ||
Derivative Asset, Notional Amount | 32.3 | 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 | 0 | 700 |
Derivative Asset, Estimated Fair Value | 0 | 4.1 |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | ||
Derivative Liabilities, Notional Amount | 0 | 87.6 |
Derivative Liabilities, Estimated Fair Value | $ 0 | $ 0.1 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financial Assets | |||||
Gross Amounts Recognized | $ 42.7 | $ 42.7 | $ 28.1 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 42.7 | 42.7 | 28.1 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 42.1 | 42.1 | 8 | ||
Net Amount | 0.6 | 0.6 | 20.1 | ||
Financial Liabilities | |||||
Gross Amounts Recognized | 169.9 | 169.9 | 18.2 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 169.9 | 169.9 | 18.2 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 5.6 | 5.6 | 0 | ||
Net Amount | 164.3 | 164.3 | 18.2 | ||
Repurchase agreements | |||||
Gross Amounts Recognized | 1,051.1 | ||||
Gross Amounts Offset in the Balance Sheet | 0 | ||||
Net Amounts in the Balance Sheet | 1,075.6 | 1,075.6 | 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 | 1,245.5 | 1,245.5 | 1,069.3 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 1,245.5 | 1,245.5 | 1,069.3 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 1,081.2 | 1,081.2 | 1,051.1 | ||
Net Amount | 164.3 | 164.3 | 18.2 | ||
Derivative Liability, Notional Amount | 2,176.4 | 2,176.4 | 1,103.9 | ||
Not Designated as Hedging Instrument | |||||
Total assets and liabilities | |||||
Amount of net gains recognized in mortgage banking revenues | (0.2) | $ 1.3 | (1.7) | $ 1.7 | |
Interest Rate Swap | |||||
Financial Assets | |||||
Gross Amounts Recognized | 42.1 | 42.1 | 26.3 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 42.1 | 42.1 | 26.3 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 42.1 | 42.1 | 8 | ||
Net Amount | 0 | 0 | 18.3 | ||
Financial Liabilities | |||||
Gross Amounts Recognized | 169.3 | 169.3 | 18.2 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 169.3 | 169.3 | 18.2 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 5.6 | 5.6 | 0 | ||
Net Amount | 163.7 | 163.7 | 18.2 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | |||||
Total assets and liabilities | |||||
Derivative Liability, Notional Amount | 1,743.3 | 1,743.3 | 913.9 | ||
Mortgage Related Derivatives | |||||
Financial Assets | |||||
Gross Amounts Recognized | 0.6 | 0.6 | 1.8 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | ||
Net Amounts in the Balance Sheet | 0.6 | 0.6 | 1.8 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 | 0 | ||
Net Amount | 0.6 | 0.6 | 1.8 | ||
Financial Liabilities | |||||
Gross Amounts Recognized | 0.5 | 0.5 | |||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |||
Net Amounts in the Balance Sheet | 0.5 | 0.5 | |||
Financial Instruments | 0 | 0 | |||
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 | |||
Net Amount | 0.5 | 0.5 | |||
Risk Participation Agreements | |||||
Financial Liabilities | |||||
Gross Amounts Recognized | 0.1 | 0.1 | |||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |||
Net Amounts in the Balance Sheet | 0.1 | 0.1 | |||
Financial Instruments | 0 | 0 | |||
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 | |||
Net Amount | 0.1 | 0.1 | |||
Risk Participation Agreements | Not Designated as Hedging Instrument | |||||
Total assets and liabilities | |||||
Derivative Liability, Notional Amount | 107.2 | 107.2 | $ 0 | ||
Repurchase Agreements | |||||
Repurchase agreements | |||||
Gross Amounts Recognized | 1,075.6 | 1,075.6 | |||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | |||
Net Amounts in the Balance Sheet | 1,075.6 | 1,075.6 | |||
Financial Instruments | 0 | 0 | |||
Fair Value of Financial Collateral in the Balance Sheet | 1,075.6 | 1,075.6 | |||
Net Amount | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0 | $ 0 | |||
Derivative Instruments and Hedges, Assets | 0 | 0 | $ 695.6 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | (4.4) | ||
Financial Instruments | 0 | 0 | 0 | ||
Derivative Asset, Notional Amount | 1,775.6 | 1,775.6 | 1,691.2 | ||
Derivative Asset, Estimated Fair Value | 42.7 | 42.7 | 28.1 | ||
Derivative Liability, Notional Amount | 2,176.4 | 2,176.4 | 1,103.9 | ||
Derivative Liabilities, Estimated Fair Value | 169.9 | 169.9 | 18.2 | ||
two-year forward starting, three-year pay fixed interest rate swap | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 500 | 500 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 23.3 | 23.3 | |||
Collateral Pledged | |||||
Derivative [Line Items] | |||||
Derivative, Fair Value, Net | 5.6 | 5.6 | |||
Financial Instruments | 0 | 0 | |||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Amount of net fee income recognized in other non-interest income | 2.5 | $ 0.4 | 5.6 | $ 1.6 | |
Amount of net gains recognized in mortgage banking revenues | (0.2) | 1.3 | (1.7) | 1.7 | |
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Financial Instruments | 0 | 0 | 0 | ||
Interest Rate Swap | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 0 | 0 | 700 | ||
Derivative Asset, Estimated Fair Value | 0 | 0 | 4.1 | ||
Derivative Liability, Notional Amount | 0 | 0 | 87.6 | ||
Derivative Liabilities, Estimated Fair Value | 0 | 0 | 0.1 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 1,743.3 | 1,743.3 | 913.9 | ||
Derivative Asset, Estimated Fair Value | 42.1 | 42.1 | 22.2 | ||
Derivative Liability, Notional Amount | 1,743.3 | 1,743.3 | 913.9 | ||
Derivative Liabilities, Estimated Fair Value | 163.7 | 163.7 | 18.1 | ||
Risk Participation Agreements | |||||
Derivative [Line Items] | |||||
Financial Instruments | 0 | 0 | |||
Risk Participation Agreements | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative Liability, Notional Amount | 107.2 | 107.2 | 0 | ||
Derivative Liabilities, Estimated Fair Value | 0.1 | 0.1 | 0 | ||
Forward Contracts | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, Fair Value, Net | 0.6 | 0.6 | 0 | ||
Derivative Asset, Notional Amount | 32.3 | 32.3 | 0 | ||
Derivative Liability, Notional Amount | 0 | 0 | 102.4 | ||
Derivative Liabilities, Estimated Fair Value | 0 | 0 | 0 | ||
Interest Rate Lock Commitments | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 0 | 0 | 77.3 | ||
Derivative Asset, Estimated Fair Value | 0 | 0 | 1.8 | ||
Derivative Liability, Notional Amount | 25.9 | 25.9 | 0 | ||
Derivative Liabilities, Estimated Fair Value | 0.5 | 0.5 | 0 | ||
Interest Rate Collars | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 300 | 300 | |||
Interest Rate Collars | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Notional Amount | 300 | 300 | 0 | ||
Derivative Liabilities, Estimated Fair Value | 5.6 | 5.6 | $ 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 | $ 5.6 | $ 0 | $ 5.6 | $ 0 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | $ 0 | $ 0 | $ 695.6 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | $ (4.4) | ||
Interest Income | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | $ 0 | 0 | $ 0 | |
Interest Rate Swap | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 5.6 | $ 0 | 5.6 | $ 0 | |
Interest Rate Collars | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 300 | 300 | |||
two-year forward starting, three-year pay fixed interest rate swap | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 500 | 500 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 23.3 | 23.3 | |||
three-year forward starting, four-year pay fixed interest rate swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 200 | 200 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 8.5 | $ 8.5 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Feb. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 25, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||||
Shares outstanding (in shares) | 104,450,804 | 104,450,804 | 62,200,456 | ||||
Common shares issued (in shares) | 1,782 | 46,913,370 | 19,081 | ||||
Stock repurchased and retired (in shares) | 3,280,042 | 574 | 5,039,784 | 128,038 | |||
Stock Repurchased and Retired During Period, Value | $ 133 | $ 0 | $ 198.9 | $ 5.4 | |||
Shares repurchased, average cost per share (in dollars per share) | $ 40.59 | $ 39.48 | |||||
Accelerated Share Repurchases, Adjustment to Recorded Amount | $ 133.1 | $ 197.4 | |||||
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 | 5,000,000 | ||||||
Stock repurchased and retired (in shares) | 3,279,300 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,889,158 | ||||||
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) | 33,769 | 19,081 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income | $ 85.7 | $ 47.1 | $ 116.4 | $ 141 |
Weighted average common shares outstanding for basic earnings per share computation (in shares) | 106,525,974 | 61,673,656 | 102,879,422 | 61,641,342 |
Dilutive effects of stock-based compensation (in shares) | 63,725 | 74,316 | 55,938 | 91,480 |
Weighted average common shares outstanding for diluted earnings per common share computation (in shares) | 106,589,699 | 61,747,972 | 102,935,360 | 61,732,822 |
Basic earnings per common share (in dollars per share) | $ 0.80 | $ 0.76 | $ 1.13 | $ 2.29 |
Diluted earnings per common share (in dollars per share) | $ 0.80 | $ 0.76 | $ 1.13 | $ 2.28 |
Restricted Stock | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Anti-dilutive unvested time restricted stock (in shares) | 48,871 | 89,142 | 51,161 | 88,677 |
Unvested restricted stock | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Anti-dilutive unvested time restricted stock (in shares) | 481,567 | 355,981 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Jan. 01, 2020 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ 1,035.8 | $ 1,052.6 | |
Total risk-based capital: | |||
Actual, Amount | $ 2,820.2 | $ 1,659.3 | |
Actual, Ratio | 0.1250 | 0.1411 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,804.7 | $ 940.9 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 2,368.7 | $ 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 | $ 2,255.9 | $ 1,176.2 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 1,015.1 | $ 529.3 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 2,366.8 | $ 1,469 | |
Actual, Ratio | 0.1049 | 0.1249 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,353.5 | $ 705.7 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,917.5 | $ 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 | $ 1,804.7 | $ 940.9 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0650 | 0.0650 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0450 | 0.0450 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1049 | 0.1177 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Well Capitalized, Minimum | $ 1,466.3 | $ 764.5 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | 2,366.8 | 1,384.8 | |
Common equity tier 1 risk-based capital: | |||
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,579.1 | $ 823.3 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7% | 7% | |
Leverage capital ratio: | |||
Actual, Amount | $ 2,366.8 | $ 1,469 | |
Actual, Ratio | 0.0767 | 0.0768 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 1,234.4 | $ 765.5 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,543 | $ 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 | $ 2,704.8 | $ 1,472.5 | |
Actual, Ratio | 0.1201 | 0.1256 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,801.1 | $ 938 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 2,363.9 | $ 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 | $ 2,251.4 | $ 1,172.5 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 1,013.1 | $ 527.6 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 2,508.9 | $ 1,382.2 | |
Actual, Ratio | 0.1114 | 0.1179 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 1,350.8 | $ 703.5 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,913.7 | $ 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 | $ 1,801.1 | $ 938 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0650 | 0.0650 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0450 | 0.0450 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1114 | 0.1179 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Well Capitalized, Minimum | $ 1,463.4 | $ 762.1 | |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | 2,508.9 | 1,382.2 | |
Common equity tier 1 risk-based capital: | |||
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,576 | $ 820.8 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7% | 7% | |
Leverage capital ratio: | |||
Actual, Amount | $ 2,508.9 | $ 1,382.2 | |
Actual, Ratio | 0.0814 | 0.0724 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 1,232.2 | $ 764.1 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,540.2 | $ 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 | Oct. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | |||
Shares outstanding (in shares) | 104,450,804 | 62,200,456 | |
Entity Common Stock, Shares Outstanding | 104,447,711 | ||
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 | $ 1 | ||
Construction Contracts | |||
Loss Contingencies [Line Items] | |||
Commitments under construction contracts | $ 1.6 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Entity Information [Line Items] | ||||||||
Off-Balance Sheet, Credit Loss, Liability | $ 9.7 | $ 3.2 | $ 9.7 | $ 3.2 | $ 6.2 | $ 3.8 | $ 3.4 | $ 3.7 |
Provision for (reversal of) credit loss expense | (4.6) | (0.2) | (60.2) | 4.6 | ||||
Credit Extension Commitments | 5,011 | 5,011 | 2,539.8 | |||||
Unused Credit Card Lines | ||||||||
Entity Information [Line Items] | ||||||||
Credit Extension Commitments | 814.9 | 814.9 | 681.6 | |||||
Standby Letter of Credit | ||||||||
Entity Information [Line Items] | ||||||||
Credit Extension Commitments | 92.4 | 92.4 | $ 57.5 | |||||
Cumulative effect, period of adoption, adjusted balance | ||||||||
Entity Information [Line Items] | ||||||||
Provision for (reversal of) credit loss expense | $ 3.5 | $ (0.2) | $ 5.9 | $ (0.5) |
Other Comprehensive Income_Lo_3
Other Comprehensive Income/Loss - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment securities available-for sale: | ||||
Change in net unrealized gain during period, pre-tax | $ (236.4) | $ (13.4) | $ (650.6) | $ (81) |
Change in net unrealized gain during period, tax expense (benefit) | (53.4) | (3.3) | (161.3) | (20.5) |
Change in net unrealized gain during period, net of tax | (183) | (10.1) | (489.3) | (60.5) |
Reclassification adjustment for net gains included in income, pre-tax | 24.2 | (0.3) | 24.4 | (0.2) |
Reclassification adjustment for net gains included in income, tax expense (benefit) | 5.5 | (0.1) | 5.5 | (0.1) |
Reclassification adjustment for net gains included in income, net of tax | 18.7 | (0.2) | 18.9 | (0.1) |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, pre-tax | (1.7) | (2.5) | (25.6) | 22.3 |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, tax expense (benefit) | (0.4) | (0.6) | (6.3) | 5.7 |
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, net of tax | (1.3) | (1.9) | (19.3) | 16.6 |
Unrealized loss on derivatives, pre-tax | (15.9) | 3.2 | (9.6) | 2.3 |
Unrealized loss on derivatives, tax expense (benefit) | (3.6) | 0.8 | (2.5) | 0.6 |
Unrealized loss on derivatives, net of tax | (12.3) | 2.4 | (7.1) | 1.7 |
Other comprehensive loss, before tax | (229.8) | (13) | (661.2) | (56.6) |
Other Comprehensive Income (Loss), tax expense (benefit) | (51.9) | (3.2) | (164.5) | (14.3) |
Other Comprehensive Income (Loss), Net of Tax | $ (177.9) | $ (9.8) | (496.7) | (42.3) |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion from Held-to-maturity to Available-for-sale Securities, before Tax | $ 0.2 | $ 0 |
Other Comprehensive Income_Lo_4
Other Comprehensive Income/Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Total stockholders’ equity | $ 3,005.5 | $ 1,984.8 | $ 3,005.5 | $ 1,984.8 | $ 1,986.6 | $ 3,271.9 | $ 1,970.9 | $ 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 | (12.3) | 2.4 | (7.1) | 1.7 | ||||
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion from Held-to-maturity to Available-for-sale Securities, before Tax | 0.2 | 0 | ||||||
Change in net unrealized gain during period, pre-tax | (236.4) | (13.4) | (650.6) | (81) | ||||
Change in net unrealized gain during period, tax expense (benefit) | (53.4) | (3.3) | (161.3) | (20.5) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (183) | (10.1) | (489.3) | (60.5) | ||||
Reclassification adjustment for net loss (gain) included in income | 24.2 | (0.3) | 24.4 | (0.2) | ||||
Reclassification adjustment for net gains included in income, tax expense (benefit) | 5.5 | (0.1) | 5.5 | (0.1) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 18.7 | (0.2) | 18.9 | (0.1) | ||||
Other Comprehensive Loss, Held-to-maturity Security, Reclassification Adjustment from AOCI for Noncredit Portion of OTTI, Sale, Tax | 0.1 | 0 | ||||||
Other Comprehensive Loss, Held-to-maturity Security, Reclassification Adjustment from AOCI for Noncredit Portion of OTTI, Sale, after Tax | 0.1 | 0 | ||||||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), before Tax | (1.7) | (2.5) | (25.6) | 22.3 | ||||
Amortization of unrealized gains on available-for-sale securities transferred into held-to-maturity, tax expense (benefit) | (0.4) | (0.6) | (6.3) | 5.7 | ||||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), after Tax | (1.3) | (1.9) | (19.3) | 16.6 | ||||
Unrealized loss on derivatives, pre-tax | (15.9) | 3.2 | (9.6) | 2.3 | ||||
Unrealized loss on derivatives, tax expense (benefit) | (3.6) | 0.8 | (2.5) | 0.6 | ||||
Other comprehensive loss, before tax | (229.8) | (13) | (661.2) | (56.6) | ||||
Other Comprehensive Income (Loss), tax expense (benefit) | (51.9) | (3.2) | (164.5) | (14.3) | ||||
Other Comprehensive Income (Loss), Net of Tax | (177.9) | (9.8) | (496.7) | (42.3) | ||||
Net unrealized loss on investment securities available-for-sale | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Total stockholders’ equity | (499.1) | (499.1) | (29) | |||||
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, after Tax | (4.4) | |||||||
Net unrealized gain on derivatives | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized gain (loss) on derivatives | (4.2) | 3 | ||||||
Net accumulated other comprehensive loss | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Total stockholders’ equity | $ (507.7) | $ 14.3 | $ (507.7) | $ 14.3 | $ (11) | $ (329.8) | $ 24.1 | $ 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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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 | $ 0 | $ 0 | |
Investment debt securities available-for-sale | 6,783.4 | 6,783.4 | $ 4,820.5 | ||
Derivative assets | 42.7 | 42.7 | 28.1 | ||
Derivative liabilities | 169.9 | 169.9 | 18.2 | ||
Write downs | (0.2) | $ 0 | (0.2) | $ 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 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 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 | 93.6 | 93.6 | 30.1 | ||
Deferred compensation plan assets | 19 | 19 | 21.4 | ||
Deferred compensation plan liabilities | 19 | 19 | 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 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 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 | 336.8 | 336.8 | 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 | 336.8 | 336.8 | 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 | 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 | 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 | 260.5 | 260.5 | 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 | 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 | 260.5 | 260.5 | 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 | 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 | 199 | 199 | 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 | 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 | 199 | 199 | 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 | 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 | 4,409.7 | 4,409.7 | 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 | 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 | 4,409.7 | 4,409.7 | 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 | 0 | ||
Private mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 233.2 | 233.2 | 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 | 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 | 233.2 | 233.2 | 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 | 0 | ||
Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 239.1 | 239.1 | 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 | 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 | 239.1 | 239.1 | 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 | 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 | 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 | 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 | 1,105.1 | 1,105.1 | 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 | 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 | 1,105.1 | 1,105.1 | 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 | 0 | ||
Estimated Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 6,783.4 | 6,783.4 | 4,820.5 | ||
Derivative assets | 42.7 | 42.7 | 28.1 | ||
Derivative liabilities | 169.9 | 169.9 | 18.2 | ||
Deferred compensation plan assets | 19 | 19 | 21.4 | ||
Deferred compensation plan liabilities | 19 | 19 | 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 | 93.6 | 93.6 | 30.1 | ||
Deferred compensation plan assets | 19 | 19 | 21.4 | ||
Deferred compensation plan liabilities | 19 | 19 | 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 | 336.8 | 336.8 | 684.7 | ||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 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 | 6,446.6 | 6,446.6 | 4,135.8 | ||
Derivative assets | 42.7 | 42.7 | 28.1 | ||
Derivative liabilities | 169.9 | 169.9 | 18.2 | ||
Deferred compensation plan assets | 19 | 19 | 21.4 | ||
Deferred compensation plan liabilities | 19 | 19 | 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 | 0 | ||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 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 | 336.8 | 336.8 | 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 | 260.5 | 260.5 | 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 | 199 | 199 | 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 | 4,409.7 | 4,409.7 | 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 | 233.2 | 233.2 | 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 | 239.1 | 239.1 | 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 | 57.6 | 57.6 | 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 | 1,105.1 | 1,105.1 | 899.4 | ||
Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 6,783.4 | 6,783.4 | 4,820.5 | ||
Derivative assets | 42.7 | 42.7 | 28.1 | ||
Derivative liabilities | 169.9 | 169.9 | 18.2 | ||
Deferred compensation plan assets | 19 | 19 | 21.4 | ||
Deferred compensation plan liabilities | 19 | 19 | 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 | 57.6 | 57.6 | 11.7 | ||
Long-lived assets to be disposed of by sale | 6.7 | 6.7 | 1.3 | ||
Interest Rate Swap | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 42.1 | 42.1 | 26.3 | ||
Derivative liabilities | 169.3 | 169.3 | 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 | 0 | ||
Derivative liabilities | 0 | 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 | 42.1 | 42.1 | 26.3 | ||
Derivative liabilities | 163.7 | 163.7 | 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 | 0 | ||
Derivative liabilities | 0 | 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 | 42.1 | 42.1 | 26.3 | ||
Derivative liabilities | 163.7 | 163.7 | 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 | ||||
Derivative liabilities | 0 | 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 | ||||
Derivative liabilities | 0.5 | 0.5 | |||
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 | ||||
Derivative liabilities | 0 | 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 | ||||
Derivative liabilities | 0.5 | 0.5 | |||
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 | 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 | 0.6 | 0.6 | |||
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 | 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 | 0.6 | 0.6 | |||
Risk Participation Agreements | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0.1 | 0.1 | |||
Risk Participation Agreements | 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 liabilities | 0 | 0 | |||
Risk Participation Agreements | 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 liabilities | 0.1 | 0.1 | |||
Risk Participation Agreements | 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 liabilities | 0 | 0 | |||
Risk Participation Agreements | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0.1 | 0.1 | |||
Interest Rate Collars | 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 liabilities | 0 | 0 | |||
Interest Rate Collars | 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 liabilities | 5.6 | 5.6 | |||
Interest Rate Collars | 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 liabilities | 0 | 0 | |||
Interest Rate Collars | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 5.6 | 5.6 | |||
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 | 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 | 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 | 6.7 | 6.7 | 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 | $ 6.7 | $ 6.7 | $ 1.3 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Material write downs | $ 0.2 | $ 0 | $ 0.2 | $ 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 | 57.6 | 57.6 | $ 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 | 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 | 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 | $ 57.6 | $ 57.6 | 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 | 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 | 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) | (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 | 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 | 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 | 16.4 | 16.4 | 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 | $ 16.4 | $ 16.4 | 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 | 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 | 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 | 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 | 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 | 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 | 6.7 | 6.7 | 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 | $ 6.7 | $ 6.7 | $ 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 | 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 | 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 | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Investment debt securities available-for-sale | $ 6,783.4 | $ 4,820.5 |
Investment debt securities held-to-maturity | 3,063.5 | 1,667.5 |
Derivative assets | 42.7 | 28.1 |
Financial liabilities: | ||
Derivative liabilities | 169.9 | 18.2 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 591.9 | 2,344.8 |
Investment debt securities available-for-sale | 6,783.4 | 4,820.5 |
Investment debt securities held-to-maturity | 3,063.5 | 1,667.5 |
Accrued interest receivable | 106.4 | 47.4 |
Mortgage servicing rights, net | 36.6 | 28.2 |
Loans held for sale | 93.6 | 30.1 |
Net loans held for investment | 17,293.6 | 9,254.3 |
Derivative assets | 42.7 | 28.1 |
Deferred compensation plan assets | 19 | 21.4 |
Total financial assets | 28,030.7 | 18,242.3 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 24,255.6 | 15,303.1 |
Time deposits | 1,587.2 | 963.1 |
Securities sold under repurchase agreements | 1,075.6 | 1,051.1 |
Other Borrowings | 625 | |
Accrued interest payable | 7.4 | 3.7 |
Long-term debt | 116.7 | 120.7 |
Subordinated debentures held by subsidiary trusts | 157.1 | 85.5 |
Derivative liabilities | 169.9 | 18.2 |
Deferred compensation plan liabilities | 19 | 21.4 |
Total financial liabilities | 28,013.5 | 17,566.8 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 591.9 | 2,344.8 |
Investment debt securities available-for-sale | 6,783.4 | 4,820.5 |
Investment debt securities held-to-maturity | 3,485.7 | 1,687.6 |
Accrued interest receivable | 106.4 | 47.4 |
Mortgage servicing rights, net | 31.8 | 28.2 |
Loans held for sale | 93.6 | 30.1 |
Net loans held for investment | 17,390.5 | 9,209.4 |
Derivative assets | 42.7 | 28.1 |
Deferred compensation plan assets | 19 | 21.4 |
Total financial assets | 28,545 | 18,217.5 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 24,255.6 | 15,303.1 |
Time deposits | 1,629.2 | 966.5 |
Securities sold under repurchase agreements | 1,075.6 | 1,051.1 |
Other Borrowings | 625 | |
Accrued interest payable | 7.4 | 3.7 |
Long-term debt | 120.7 | 112.4 |
Subordinated debentures held by subsidiary trusts | 163.1 | 87 |
Derivative liabilities | 169.9 | 18.2 |
Deferred compensation plan liabilities | 19 | 21.4 |
Total financial liabilities | 28,065.5 | 17,563.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 591.9 | 2,344.8 |
Investment debt securities available-for-sale | 336.8 | 684.7 |
Investment debt securities held-to-maturity | 385.5 | 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 | 1,314.2 | 3,029.5 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 24,255.6 | 15,303.1 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other Borrowings | 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 | 24,255.6 | 15,303.1 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment debt securities available-for-sale | 6,446.6 | 4,135.8 |
Investment debt securities held-to-maturity | 2,678 | 1,667.5 |
Accrued interest receivable | 106.4 | 47.4 |
Mortgage servicing rights, net | 36.6 | 28.2 |
Loans held for sale | 93.6 | 30.1 |
Net loans held for investment | 17,236 | 9,242.6 |
Derivative assets | 42.7 | 28.1 |
Deferred compensation plan assets | 19 | 21.4 |
Total financial assets | 26,658.9 | 15,201.1 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 1,587.2 | 963.1 |
Securities sold under repurchase agreements | 1,075.6 | 1,051.1 |
Other Borrowings | 625 | |
Accrued interest payable | 7.4 | 3.7 |
Long-term debt | 116.7 | 120.7 |
Subordinated debentures held by subsidiary trusts | 157.1 | 85.5 |
Derivative liabilities | 169.9 | 18.2 |
Deferred compensation plan liabilities | 19 | 21.4 |
Total financial liabilities | 3,757.9 | 2,263.7 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 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 | 57.6 | 11.7 |
Derivative assets | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total financial assets | 57.6 | 11.7 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other Borrowings | 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 |
Other Borrowed Funds - Narrativ
Other Borrowed Funds - Narrative (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Short-term Debt, Percentage Bearing Variable Interest Rate | 329% |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 320% |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 3,962.4 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 4,588 |
Variable Rate [Member] | |
Other Borrowings | 550 |
Fixed Rate [Member] | |
Other Borrowings | $ 75 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 24, 2022 $ / shares |
Class A Common Stock | Subsequent Event | |
Subsequent Event [Line Items] | |
Dividend amount per share (in dollars) | $ 0.47 |