Document
Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Information [Line Items] | ||
Entity Emerging Growth Company | false | |
Entity Address, City or Town | Tacoma | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98402-2156 | |
City Area Code | 253 | |
Security Exchange Name | NASDAQ | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000887343 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,569,872 | |
Entity Address, Address Line One | 1301 A Street | |
Document Type | 10-Q | |
Trading Symbol | COLB | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | COLUMBIA BANKING SYSTEM, INC. | |
Entity Interactive Data Current | Yes | |
Local Phone Number | 305-1900 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 000-20288 | |
Entity Tax Identification Number | 91-1422237 | |
Entity Incorporation, State or Country Code | WA | |
Title of 12(b) Security | Common Stock, No Par Value | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 190,399 | $ 223,541 |
Interest-earning deposits with banks | 25,357 | 24,132 |
Total cash and cash equivalents | 215,756 | 247,673 |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 |
FHLB stock at cost | 38,280 | 48,120 |
Loans held for sale | 9,701 | 17,718 |
Loans, net of unearned income | 8,933,321 | 8,743,465 |
Less: Allowance for credit losses | 122,074 | 83,968 |
Loans, net | 8,811,247 | 8,659,497 |
Interest receivable | 44,577 | 46,839 |
Premises and equipment, net | 164,626 | 165,408 |
OREO | 510 | 552 |
Goodwill | 765,842 | 765,842 |
Other intangible assets, net | 33,148 | 35,458 |
Other assets | 401,688 | 346,275 |
Total assets | 14,038,503 | 14,079,524 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 5,323,908 | 5,328,146 |
Interest-bearing | 5,488,848 | 5,356,562 |
Total deposits | 10,812,756 | 10,684,708 |
FHLB advances and FRB borrowings | 712,455 | 953,469 |
Securities sold under agreements to repurchase | 29,252 | 64,437 |
Subordinated debentures | 35,231 | 35,277 |
Revolving line of credit | 5,000 | 0 |
Other liabilities | 230,207 | 181,671 |
Total liabilities | 11,824,901 | 11,919,562 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders' equity: | ||
Preferred Stock, Authorized shares | 2,000 | 2,000 |
Common Stock Authorized shares | 115,000 | 115,000 |
Common Stock Shares Issued | 73,759 | 73,577 |
Common Stock Issued value | $ 1,651,399 | $ 1,650,753 |
Common Stock, Shares, Outstanding | 71,575 | 72,124 |
Retained earnings | $ 495,830 | $ 519,676 |
Accumulated other comprehensive income | $ 137,207 | $ 40,367 |
Treasury Stock, Shares | 2,184 | 1,453 |
Treasury Stock, Value | $ (70,834) | $ (50,834) |
Total shareholders’ equity | 2,213,602 | 2,159,962 |
Total liabilities and shareholders’ equity | $ 14,038,503 | $ 14,079,524 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Amortized Cost | $ 3,406,492 | $ 3,703,096 |
Common Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans | $ 107,366 | $ 108,416 |
Taxable securities | 21,088 | 17,415 |
Tax-exempt securities | 2,302 | 2,969 |
Deposits in banks | 141 | 88 |
Total interest income | 130,897 | 128,888 |
Interest Expense | ||
Deposits | 3,642 | 4,498 |
FHLB advances and FRB borrowings | 4,229 | 2,685 |
Subordinated debentures | 468 | 468 |
Other borrowings | 136 | 215 |
Total interest expense | 8,475 | 7,866 |
Net Interest Income | 122,422 | 121,022 |
Provision for credit losses | 41,500 | 1,362 |
Net interest income after provision for credit losses | 80,922 | 119,660 |
Noninterest Income | ||
Deposit account and treasury management fees | 7,788 | 8,980 |
Card revenue | 3,518 | 3,662 |
Financial services and trust revenue | 3,065 | 2,957 |
Loan revenue | 4,590 | 2,389 |
Bank owned life insurance | 1,596 | 1,519 |
Investment securities gains, net | 249 | 1,847 |
Other | 401 | 342 |
Total noninterest income | 21,207 | 21,696 |
Noninterest Expense | ||
Compensation and employee benefits | 54,842 | 52,085 |
Occupancy | 9,197 | 8,809 |
Data processing | 4,840 | 4,669 |
Legal and professional fees | 2,102 | 4,573 |
Amortization of intangibles | 2,310 | 2,748 |
B&O taxes | 624 | 1,876 |
Advertising and promotion | 1,305 | 974 |
Regulatory premiums | 34 | 984 |
Net cost of operation of OREO | 12 | 113 |
Other | 9,005 | 7,869 |
Total noninterest expense | 84,271 | 84,700 |
Income before income taxes | 17,858 | 56,656 |
Income tax provision | 3,230 | 10,785 |
Net Income | $ 14,628 | $ 45,871 |
Earnings per common share | ||
Basic | $ 0.20 | $ 0.63 |
Diluted | $ 0.20 | $ 0.63 |
Weighted average number of common shares outstanding | 71,206 | 72,521 |
Weighted average number of diluted common shares outstanding | 71,264 | 72,524 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income | $ 14,628 | $ 45,871 | |
Unrealized gain (loss) from securities | |||
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax | 79,696 | 32,063 | |
Reclassification adjustment of net gain from sale of available for sale debt securities included in income, net of tax | (191) | 1,417 | |
Net unrealized gain from securities, net of reclassification adjustment | 79,505 | 33,480 | |
Pension plan liability adjustment: | |||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax | 80 | 61 | |
Pension plan liability adjustment, net | 80 | 61 | |
Unrealized gain from cash flow hedging instruments | |||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax | 17,977 | 4,810 | |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax | (722) | 0 | |
Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment | 17,255 | 4,810 | |
Other Comprehensive Income | [1] | 96,840 | 38,351 |
Total comprehensive income | $ 111,468 | $ 84,222 | |
[1] | All amounts are net of tax. Amounts in parenthesis indicate debits. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net unrealized holding gain (loss) from available for sale securities arising during the period, tax | $ (24,143) | $ (9,713) |
Reclassification adjustment of net gain from sale of available for sale securities included in income, tax | 58 | (430) |
Less: amortization of unrecognized net actuarial loss included in net periodic pension cost, tax | (24) | (19) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (5,446) | (1,458) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 218 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Shares, Outstanding | 73,249 | ||||
Adjustment to opening retained earnings pursuant to adoption of ASU | Accounting Standards Update 2016-01 [Member] | $ 782 | $ 782 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.42 | ||||
Balance, value at Dec. 31, 2018 | $ 2,033,649 | $ 1,642,246 | 426,708 | $ (35,305) | |
Net income | 45,871 | 45,871 | |||
Other comprehensive income (loss) | 38,351 | 38,351 | |||
Issuance of common stock - stock option and other plans, shares | 25 | ||||
Issuance of common stock - stock option and other plans, value | 878 | $ 878 | |||
Issuance of common stock - restricted stock awards, net of canceled awards, shares | 355 | ||||
Issuance of common stock - restricted stock awards, net of canceled awards, value | 2,285 | $ 2,285 | |||
Purchase and retirement of common stock, Shares | (64) | ||||
Purchase and retirement of common stock, Value | (2,432) | $ (2,432) | |||
Cash dividends declared on common stock | (30,764) | (30,764) | |||
Balance, value at Mar. 31, 2019 | 2,088,620 | $ 1,642,977 | 442,597 | 3,046 | $ 0 |
Shares, Outstanding | 73,565 | ||||
Shares, Outstanding | 72,124 | ||||
Adjustment to opening retained earnings pursuant to adoption of ASU | Accounting Standards Update 2016-02 [Member] | $ (2,457) | (2,457) | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | ||||
Balance, value at Dec. 31, 2019 | $ 2,159,962 | $ 1,650,753 | 519,676 | 40,367 | (50,834) |
Net income | 14,628 | 14,628 | |||
Other comprehensive income (loss) | 96,840 | 96,840 | |||
Issuance of common stock - stock option and other plans, shares | 26 | ||||
Issuance of common stock - stock option and other plans, value | 945 | $ 945 | |||
Stock Adjustment Deferred Compensation - Shares | 0 | ||||
Stock Adjustment Value Deferred Compensation | 3 | $ 3 | |||
Issuance of common stock - restricted stock awards, net of canceled awards, shares | 222 | ||||
Issuance of common stock - restricted stock awards, net of canceled awards, value | 2,172 | $ 2,172 | |||
Purchase and retirement of common stock, Shares | 66 | ||||
Purchase and retirement of common stock, Value | (2,474) | $ (2,474) | |||
Cash dividends declared on common stock | $ (36,017) | (36,017) | |||
Purchase of treasury stock, Shares | (731) | (731) | |||
Purchase of treasury stock, value | $ (20,000) | 20,000 | |||
Balance, value at Mar. 31, 2020 | $ 2,213,602 | $ 1,651,399 | $ 495,830 | $ 137,207 | $ (70,834) |
Shares, Outstanding | 71,575 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net income | $ 14,628 | $ 45,871 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 41,500 | 1,362 |
Stock-based compensation expense | 2,172 | 2,285 |
Depreciation, amortization and accretion | 13,151 | 8,182 |
Investment securities gain, net | 249 | 1,847 |
Net realized (gain) loss on sale of premises and equipment and OPPO | 25 | (1) |
Net realized loss on sale and valuation adjustments of OREO | 0 | (209) |
Originations of loans held for sale | 58,199 | 21,542 |
Proceeds from sales of loans held for sale | 66,216 | 21,374 |
Net change in: | ||
Interest receivable | 2,262 | (1,512) |
Interest payable | 2,325 | 1,154 |
Other assets | (63,141) | (5,244) |
Other liabilities | 44,725 | 2,179 |
Net cash provided by operating activities | 65,365 | 52,472 |
Cash Flows From Investing Activities | ||
Loans originated, net of principal collected | (197,362) | (80,407) |
Purchases of debt securities available for sale | (37,472) | (3,710) |
Payments to Acquire Loans Receivable | 0 | 49,039 |
Purchases of premises and equipment | (1,650) | (1,788) |
Payments for repayment of FLHB advances | (51,240) | (57,280) |
Proceeds from sale of debt securities, available-for-sale | 194,105 | 83,968 |
Proceeds from principal repayments and maturities of debt securities available for sale | 134,641 | 100,876 |
Proceeds from sales of premises and equipment | 31 | 11 |
Proceeds from redemption of Federal Home Loan Bank stock | 61,080 | 57,640 |
Proceeds from sales of other real estate and other personal property owned | 50 | 150 |
Proceeds from bank owned life insurance death benefit | 1,050 | 0 |
Net cash provided by investing activities | 103,233 | 50,421 |
Cash Flows From Financing Activities | ||
Net increase (decrease) in deposits | 128,059 | (89,027) |
Net decrease in sweep repurchase agreements | (35,185) | (38,076) |
Proceeds from FHLB advances | 1,281,000 | 1,432,000 |
Proceeds from FRB borrowings | 182,010 | 0 |
Proceeds from other borrowings | 5,000 | 0 |
Proceeds from exercise of stock options | 945 | 878 |
Repayment of FHLB advances | (1,527,000) | (1,441,000) |
Repayment of FRB borrowings | 177,010 | 0 |
Payment of common stock dividends | (35,860) | (30,750) |
Purchase of treasury stock | (20,000) | 0 |
Purchase and retirement of common stock | 2,474 | 2,432 |
Net cash used in financing activities | (200,515) | (168,407) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (31,917) | (65,514) |
Cash and cash equivalents at beginning of period | 247,673 | 277,587 |
Cash and cash equivalents at end of period | 215,756 | 212,073 |
Supplemental Information: | ||
Cash paid for interest | 6,150 | 6,712 |
Cash paid for income tax, net of refunds | 12 | (146) |
Non-cash investing and financing activities | ||
Loans transferred to other real estate owned | 0 | 386 |
Premises and equipment expenditures incurred but not yet paid | 238 | 35 |
Change in dividends payable on unvested shares included in other liabilities | $ 157 | $ 14 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation And Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation, Significant Accounting Policies and Reclassifications Basis of Presentation The interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of Columbia Banking System, Inc. (“we”, “our”, “Columbia” or the “Company”) and its subsidiaries, including its wholly owned banking subsidiary Columbia State Bank (“Columbia Bank” or the “Bank”) and Columbia Trust Company (“Columbia Trust”). All intercompany transactions and accounts have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results to be anticipated for the year ending December 31, 2020 . The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2019 Annual Report on Form 10-K. Significant Accounting Policies The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2019 Annual Report on Form 10-K. In addition to the changes already disclosed in the Annual Report on Form 10-K regarding ASC 326, this ASC also made changes to the accounting for available for sale securities. One such change is to require credit losses to be presented as an allowance rather than a write-down on available for sale securities, which refers to securities management does not intend to sell or with respect to which management believes that it is more likely than not they will not be required to sell. With the exception of that change, there have not been any changes in our significant accounting policies compared to those contained in our 2019 Form 10-K disclosure for the year ended December 31, 2019 . Reclassifications Certain amounts reported in prior periods have been reclassified in the Consolidated Financial Statements to conform to the current presentation. The reclassifications have no effect on net income or shareholders’ equity as previously reported. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Issued | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles adopted | Accounting Standards Adopted in 2020 In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this ASU clarify certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-01, 2016-13, and 2017-12). Many of the amendments reflect decisions reached at FASB meetings or meetings of the Board’s credit losses transition resource group. Topics covered in this ASU include: accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, reinsurance recoverables, projections of interest rate environments for variable-rate financial instruments, costs to sell when foreclosure is probable, consideration of expected prepayments when determining the effective interest rate, vintage disclosures, extension and renewal options, etc. As the ASU focused on clarifying certain aspects of accounting, adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments . The amendments included in this ASU require an entity to reflect its current estimate of all expected credit losses for assets held at an amortized cost basis. For available for sale debt securities, credit losses will be measured in a manner similar to current GAAP, however, this ASU requires that credit losses be presented as an allowance rather than as a write-down. In November 2019, the FASB subsequently issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendments in the update require entities to include expected recoveries of the amortized cost basis previously written-off or expected to be written-off in the valuation account for purchased financial assets with credit deterioration. In addition, the amendments in this update clarify and improve various aspects of the guidance for ASU 2016-13. Unlike the incurred loss models, the CECL model in ASU 2016-13 does not specify a threshold for the recognition of an impairment allowance. Rather, the Company recognizes an impairment allowance equal to its estimate of lifetime expected credit losses, adjusted for prepayments, for in-scope financial instruments. Accordingly, the impairment allowance measured under the CECL model is expected to change significantly from the impairment allowance measured under the Company’s incurred loss model. The Company engaged a third-party vendor to assist in the CECL calculation and has developed and implemented an internal governance framework. The amendments in ASU 2016-13 and the above ASUs related to credit losses are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted, including adoption in any interim period. The Company adopted the new standards, using a modified retrospective approach, effective January 1, 2020, which resulted in an increase of $1.6 million to its allowance for credit losses, an increase of $1.6 million to its allowance for unfunded commitments and letters of credit and a net-of-tax cumulative-effect adjustment of $2.5 million to decrease the beginning balance of retained earnings. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU adds, eliminates and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the added disclosure requirements until their effective date. The Company adopted the new standard effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. |
Accounting Pronouncements Recently Issued not yet adopted | Recently Issued Accounting Standards, Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In response to concerns about structural risks of the cessation of LIBOR, the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective March 12, 2020 for all entities. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The guidance issued in this ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. This ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Debt Securities, Available-for-sale [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Securities The following table summarizes the amortized cost, gross unrealized gains and losses, the allowance for credit losses and the resulting fair value of debt securities available for sale: Amortized Gross Gross Allowance for Credit Fair Value March 31, 2020 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,643,659 $ 123,926 $ (1,448 ) $ — $ 2,766,137 Other asset-backed securities 196,250 7,309 (47 ) — 203,512 State and municipal securities 437,957 10,387 (284 ) — 448,060 U.S. government agency and government-sponsored enterprise securities 128,626 6,793 — — 135,419 Total $ 3,406,492 $ 148,415 $ (1,779 ) $ — $ 3,553,128 December 31, 2019 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,864,949 $ 47,223 $ (19,222 ) $ — $ 2,892,950 Other asset-backed securities 194,563 2,476 (989 ) — 196,050 State and municipal securities 478,366 10,660 (224 ) — 488,802 U.S. government agency and government-sponsored enterprise securities 165,218 3,127 (5 ) — 168,340 Total $ 3,703,096 $ 63,486 $ (20,440 ) $ — $ 3,746,142 Accrued interest receivable for securities available for sale is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2020 and December 31, 2019 , accrued interest receivable for securities was $12.3 million and $13.9 million , respectively. The Company does not measure an allowance for credit losses for accrued interest receivable. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three months ended March 31, 2020 and 2019 . The following table provides the proceeds and both gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Proceeds from sales of debt securities available for sale $ 194,105 $ 83,968 Gross realized gains from sales of debt securities available for sale $ 435 $ 1,847 Gross realized losses from sales of debt securities available for sale (186 ) — Investment securities gains, net $ 249 $ 1,847 The scheduled contractual maturities of debt securities available for sale at March 31, 2020 are presented as follows: March 31, 2020 Amortized Cost Fair Value (in thousands) Due within one year $ 34,642 $ 34,693 Due after one year through five years 361,355 372,492 Due after five years through ten years 1,892,926 1,996,364 Due after ten years 1,117,569 1,149,579 Total debt securities available for sale $ 3,406,492 $ 3,553,128 The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law: March 31, 2020 (in thousands) To secure public funds $ 317,706 To secure borrowings 109,060 Other securities pledged 155,647 Total securities pledged as collateral $ 582,413 The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019 : Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2020 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 5,653 $ (73 ) $ 69,916 $ (1,375 ) $ 75,569 $ (1,448 ) Other asset-backed securities 15,105 (44 ) 626 (3 ) 15,731 (47 ) State and municipal securities 43,187 (281 ) 1,632 (3 ) 44,819 (284 ) Total $ 63,945 $ (398 ) $ 72,174 $ (1,381 ) $ 136,119 $ (1,779 ) December 31, 2019 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 1,055,903 $ (12,424 ) $ 491,539 $ (6,798 ) $ 1,547,442 $ (19,222 ) Other asset-backed securities 89,508 (880 ) 6,799 (109 ) 96,307 (989 ) State and municipal securities 12,363 (142 ) 12,587 (82 ) 24,950 (224 ) U.S. government agency and government-sponsored enterprise securities — — 10,495 (5 ) 10,495 (5 ) Total $ 1,157,774 $ (13,446 ) $ 521,420 $ (6,994 ) $ 1,679,194 $ (20,440 ) At March 31, 2020 , there were 64 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2020 . At March 31, 2020 , there were five other asset-backed securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2020 . At March 31, 2020 , there were 41 state and municipal government securities in an unrealized loss position. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of March 31, 2020 , none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at March 31, 2020 . At March 31, 2020 , there were no U.S. government agency and government-sponsored enterprise securities in an unrealized loss position. Visa Class B Restricted Shares In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which is indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account not be sufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Visa Class B conversion ratio to unrestricted Visa Class A shares. At March 31, 2020 , the Company owned 95,043 shares of Visa Class B shares which are carried at a zero cost basis. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Loans | Loans The Company’s loan portfolio includes originated and purchased loans. The following is an analysis of the loan portfolio by segment and class (net of unearned income): March 31, 2020 December 31, 2019 (dollars in thousands) Commercial loans: Commercial real estate $ 3,969,974 $ 3,945,853 Commercial business 3,169,668 2,989,613 Agriculture 754,491 765,371 Construction 308,186 361,533 Consumer loans: One-to-four family residential real estate 690,506 637,325 Other consumer 40,496 43,770 Total loans 8,933,321 8,743,465 Less: Allowance for credit losses (122,074 ) (83,968 ) Total loans, net $ 8,811,247 $ 8,659,497 Loans held for sale $ 9,701 $ 17,718 At March 31, 2020 and December 31, 2019 , the Company had no material foreign activities. Substantially all of the Company’s loans and unfunded commitments are geographically concentrated in its service areas within the states of Washington, Oregon and Idaho. At March 31, 2020 and December 31, 2019 , $3.37 billion and $3.24 billion of commercial and residential real estate loans were pledged as collateral on FHLB borrowings and additional borrowing capacity. The Company has also pledged $149.9 million and $151.3 million of commercial loans to the FRB for additional borrowing capacity at March 31, 2020 and December 31, 2019 , respectively. Accrued interest receivable for loans is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2020 and December 31, 2019 , accrued interest receivable for loans was $32.3 million and $33.0 million , respectively. The Company does not measure an allowance for credit losses for accrued interest receivable. The following is an aging of the recorded investment of the loan portfolio as of March 31, 2020 and December 31, 2019 : Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 3,957,092 $ 5,899 $ 1,465 $ — $ 7,364 $ 5,518 $ 3,969,974 Commercial business 3,140,629 3,055 1,589 — 4,644 24,395 3,169,668 Agriculture 735,186 2,462 1,760 — 4,222 15,083 754,491 Construction 305,948 2,238 — — 2,238 — 308,186 Consumer loans: One-to-four family residential real estate 684,248 3,071 544 — 3,615 2,643 690,506 Other consumer 40,401 38 49 — 87 8 40,496 Total $ 8,863,504 $ 16,763 $ 5,407 $ — $ 22,170 $ 47,647 $ 8,933,321 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 3,935,633 $ 6,421 $ — — $ 6,421 $ 3,799 $ 3,945,853 Commercial business 2,959,826 6,081 2,769 — 8,850 20,937 2,989,613 Agriculture 755,719 2,283 2,346 — 4,629 5,023 765,371 Construction 360,582 951 — — 951 — 361,533 Consumer loans: One-to-four family residential real estate 631,109 2,516 408 — 2,924 3,292 637,325 Other consumer 43,654 80 27 — 107 9 43,770 Total $ 8,686,523 $ 18,332 $ 5,550 $ — $ 23,882 $ 33,060 $ 8,743,465 Loan payments are considered timely when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof is received on the due date of the scheduled payment. Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. The Company’s policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. For the three months ended March 31, 2020 , the Company wrote-off $783 thousand and $5 thousand of accrued interest on commercial and consumer loans, respectively, as a reduction to interest income. For the three months ended March 31, 2019 , the Company wrote-off $539 thousand and $79 thousand of accrued interest on commercial and consumer loans, respectively, as a reduction to interest income. The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 3,887 $ 1,715 Commercial business 16,029 15,762 Agriculture 8,853 1,798 Total $ 28,769 $ 19,275 The following is an analysis of loans classified as TDR during the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial business 2 $ 272 $ 272 2 $ 616 $ 616 Agriculture 1 895 895 — — — Consumer loans: One-to-four family residential real estate 1 68 68 1 217 217 Total 4 $ 1,235 $ 1,235 3 $ 833 $ 833 The Company’s loans classified as TDR are loans that have been modified or with respect to which the borrower has been granted special concessions due to financial difficulties that, if not for the challenges of the borrower, the Company would not otherwise consider. The TDR modifications or concessions are made to increase the likelihood that these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. The concessions granted in the restructurings, summarized in the table above, largely consisted of maturity extensions, interest rate modifications or a combination of both. In limited circumstances, a reduction in the principal balance of the loan could also be made as a concession. Loans classified as TDR are included with the loans collectively measured for credit losses. The Company had commitments to lend $812 thousand of additional funds on loans classified as TDR as of March 31, 2020 . The Company had $1.1 million of such commitments at December 31, 2019 . The Company did not have any loans modified as TDR that defaulted within 12 months of being modified as TDR during the three months ended March 31, 2020 . During the three months ended March 31, 2019 the Company had one $26 thousand consumer loan that defaulted within 12 months of being modified as a TDR. The defaulted TDR loan was collateralized and included with the loans individually measured for credit loss. Modifications in response to COVID-19 The Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act along with a joint agency statement issued by the federal banking agencies provides that short-term modifications made in response to COVID-19 do not need to be accounted for as a TDR. Accordingly, the Company does not account for such loan modifications as TDRs. The Company’s loan modifications allow for the deferral of four months of principal and interest. The deferred interest is due and payable at the end of the deferral period and the deferred principal is due and payable on the maturity date. At March 31, 2020, we had granted short-term payment deferrals on $165.1 million of loans. The program is ongoing and additional loans continue to be granted deferrals. |
Allowance for Credit Losses and
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Allowance For Credit Losses and Allowance for Unfunded Commitments and Letters Of Credit [Abstract] | |
Allowance For Credit Losses And Allowance for Unfunded Loan Commitments And Letters Of Credit Text Block | Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit The ACL is determined through quarterly assessments of expected credit losses within the loan portfolio and is deducted from the loan’s amortized cost basis to present the net amount of loans expected to be collected. We estimate the ACL using relevant and reliable available information, which is derived from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions to and recaptures from the ACL are charged to current period earnings through the provision for credit losses. Loan amounts that are determined to be uncollectable are charged directly against the ACL and netted against amounts recovered on previously charged-off loans. For the purpose of calculating portfolio level reserves, we have segmented our loan portfolio into two portfolio segments (Commercial and Consumer). The Commercial and Consumer portfolio segments are then further broken down into loan classes by risk characteristics. The risk characteristics include regulatory call codes, type of industry and collateral type. The ACL is comprised of reserves measured on a collective (pool) basis using a quantitative DCF model for all loan classes with similar risk characteristics and then qualitatively adjusted for large loan concentrations, trends in problem loans, policy exemptions granted, and other factors. The quantitative DCF model utilizes anticipated period cash flows determined on a loan-level basis. The anticipated cash flows take into account contractual principal and interest payments, anticipated segment level prepayments, probability of defaults and historical loss given defaults. The majority of our loan classes utilize regression models to calculate probability of defaults, in which macroeconomic factors are correlated to historical quarterly defaults. The Commercial segment two-factor models utilize a mix of seven macroeconomic factors, including the four most commonly used factors: Real GDP, National Unemployment Rate, Home Price Index and Commercial Real Estate Index. The three additional factors are Nominal GDP, Producer Price Index and Core Consumer Price Index. The Consumer segment two-factor models utilize a mix of three macroeconomic factors: National Unemployment Rate, Home Price Index and Prime Rate. The Company utilizes an 18 month reasonable and supportable forecast for the macroeconomic factors, after which they revert to their historical mean using a straight-line basis constructed on their absolute historical quarterly change. Loans are individually measured for credit losses if they do not share similar risk characteristics of other loans within their respective pools. Individually measured loans are primarily nonaccrual and collateral dependent with balances equal to or greater than $500,000 and for which foreclosure is probable. Commercial real estate loans are secured by commercial real estate, including owner occupied and non-owner occupied commercial real estate, as well as multifamily residential real estate. Commercial business loans are primarily secured by non-real estate collateral, including equipment and other non-real estate fixed assets, inventory, receivables, and cash. Agricultural loans are secured by farmland and other agricultural real estate, as well as equipment, inventory, such as crops and livestock, non-real estate fixed assets, and cash. Construction loans are secured by one-to-four family residential real estate and commercial real estate in varying stages of development. One-to-four family residential real estate loans are secured by one-to-four family residential properties. Other consumer loans are secured by personal property. For loans measured on an individual basis, the Company calculates the allowance as the difference between the amortized cost of the loan and the fair market value of the collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. If the fair value of the collateral is greater than the amortized cost of the loan, no reserve is recorded. The Company also records an allowance for credit losses on unfunded loan commitments and letters of credit. We estimate expected credit losses on unfunded commitments in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of what will be funded by analyzing the most recent four-quarter utilization rates, current utilization, and our quantitative ACL rate. The allowance for unfunded commitments and letters of credit is included in “Other Liabilities” on the Consolidated Balance Sheets, with changes to the balance being charged to noninterest expense. We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when loans are placed on nonaccrual status. The following tables show a detailed analysis of the ACL for the three months ended March 31, 2020 and 2019 : Prior Year Impact of Adopting ASC 326 Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance on Individually Measured Loans Allowance on Collectively Measured Loans Three Months Ended March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ 27,873 $ (101 ) $ 14 $ 9,336 $ 37,122 $ — $ 37,122 Commercial business 30,292 762 31,054 (1,684 ) 860 15,340 45,570 1,722 43,848 Agriculture 15,835 (9,325 ) 6,510 (4,726 ) 41 9,260 11,085 1,126 9,959 Construction 8,571 (1,750 ) 6,821 — 442 1,582 8,845 — 8,845 Consumer loans: One-to-four family residential real estate 7,435 4,237 11,672 (10 ) 282 5,715 17,659 — 17,659 Other consumer 883 778 1,661 (268 ) 124 127 1,644 — 1,644 Unallocated 612 (603 ) 9 — — 140 149 — 149 Total $ 83,968 $ 1,632 $ 85,600 $ (6,789 ) $ 1,763 $ 41,500 $ 122,074 $ 2,848 $ 119,226 Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance on Individually Measured Loans Allowance on Collectively Measured Loans Three Months Ended March 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 14,766 $ (678 ) $ 514 $ 1,757 $ 16,359 $ 53 $ 16,306 Commercial business 34,658 (1,506 ) 527 866 34,545 2,826 31,719 Agriculture 9,589 (78 ) 58 1,121 10,690 — 10,690 Construction 14,395 (195 ) 83 (2,318 ) 11,965 — 11,965 Consumer loans: One-to-four family residential real estate 8,024 (481 ) 334 434 8,311 31 8,280 Other consumer 787 (50 ) 15 71 823 1 822 Unallocated 1,150 — — (569 ) 581 — 581 Total $ 83,369 $ (2,988 ) $ 1,531 $ 1,362 $ 83,274 $ 2,911 $ 80,363 The $38.1 million increase in the ACL at March 31, 2020 compared to December 31, 2019 was principally the result of the recent COVID-19 pandemic that has created significant volatility in the local, national and world economies. With the national guidance regarding social distancing and state and county mandates to shelter or stay at home, many large and small businesses have had to close and there has been a dramatic increase in new unemployment claims. As a result, we have increased our reserves for lifetime credit losses as a result of the forecasted economic impact of COVID-19. Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows: Three Months Ended March 31, 2020 2019 (in thousands) Prior year ending balance $ 3,430 $ 4,330 Impact of adopting ASC 326 1,570 — Beginning balance 5,000 4,330 Net changes in the allowance for unfunded commitments and letters of credit 1,000 (550 ) Ending balance $ 6,000 $ 3,780 Credit Quality Indicators The extension of credit in the form of loans or other credit products to consumer and commercial clients is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower. We evaluate the credit quality of our loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial condition, historical payment experience, credit documentation and current economic trends. Risk ratings are reviewed and updated whenever appropriate, with more periodic reviews as the risk and dollar value of the loss on the loan increases. All loans risk rated special mention or worse with amortized costs exceeding $100,000 are reviewed at least quarterly with more frequent review for specific loans. Pass rated loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention rated loans have potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans with a risk rating of Substandard or worse are reviewed to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating or accrual status may be adjusted accordingly. Loans risk rated as Substandard reflect loans where a loss is possible if loan weaknesses are not corrected. Doubtful rated loans have a high probability of loss; however, the amount of loss has not yet been determined. Loss rated loans are considered uncollectable and when identified, are charged-off. The following is an analysis of the credit quality of our loan portfolio, as of March 31, 2020 and December 31, 2019 : Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total March 31, 2020 (in thousands) Commercial loans: Commercial real estate Pass $ 164,265 $ 690,076 $ 526,063 $ 611,317 $ 509,264 $ 1,198,213 $ 59,709 $ 1,637 $ 3,760,544 Special mention 6,889 26,718 5,889 5,249 37,070 27,729 — — 109,544 Substandard — 933 21,263 7,465 39,988 30,237 — — 99,886 Doubtful — — — — — — — — — Total commercial real estate $ 171,154 $ 717,727 $ 553,215 $ 624,031 $ 586,322 $ 1,256,179 $ 59,709 $ 1,637 $ 3,969,974 Commercial business Pass $ 144,819 $ 454,524 $ 379,756 $ 282,662 $ 249,772 $ 305,401 $ 1,056,278 $ 1,547 $ 2,874,759 Special mention 1,119 44,237 31,717 24,361 27,597 14,953 53,274 — 197,258 Substandard — 1,370 23,399 2,473 8,345 11,336 47,685 3,043 97,651 Doubtful — — — — — — — — — Total commercial business $ 145,938 $ 500,131 $ 434,872 $ 309,496 $ 285,714 $ 331,690 $ 1,157,237 $ 4,590 $ 3,169,668 Agriculture Pass $ 23,639 $ 105,950 $ 48,643 $ 64,450 $ 65,316 $ 84,182 $ 249,785 $ 7,026 $ 648,991 Special mention — 189 670 747 1,687 64 5,207 — 8,564 Substandard 900 17,957 5,537 5,838 6,599 6,236 51,350 2,519 96,936 Doubtful — — — — — — — — — Total agriculture $ 24,539 $ 124,096 $ 54,850 $ 71,035 $ 73,602 $ 90,482 $ 306,342 $ 9,545 $ 754,491 Construction Pass $ 23,340 $ 173,088 $ 61,777 $ 18,838 $ 1,046 $ 2,322 $ 12,846 $ 14,121 $ 307,378 Special mention — — 492 — — — 41 — 533 Substandard — 217 — — — 58 — — 275 Doubtful — — — — — — — — — Total construction $ 23,340 $ 173,305 $ 62,269 $ 18,838 $ 1,046 $ 2,380 $ 12,887 $ 14,121 $ 308,186 Consumer loans: One-to-four family residential real estate Pass $ 21,809 $ 104,274 $ 88,655 $ 37,480 $ 27,379 $ 110,624 $ 294,074 $ 80 $ 684,375 Special mention — — — — — — — — — Substandard — 742 227 898 399 2,960 890 15 6,131 Doubtful — — — — — — — — — Total one-to-four family real estate $ 21,809 $ 105,016 $ 88,882 $ 38,378 $ 27,778 $ 113,584 $ 294,964 $ 95 $ 690,506 Other consumer Pass $ 2,885 $ 4,782 $ 5,469 $ 1,669 $ 538 $ 1,863 $ 22,747 $ 442 $ 40,395 Special mention — — — — — — — — — Substandard — — — — — 69 32 — 101 Doubtful — — — — — — — — — Total consumer $ 2,885 $ 4,782 $ 5,469 $ 1,669 $ 538 $ 1,932 $ 22,779 $ 442 $ 40,496 Total $ 389,665 $ 1,625,057 $ 1,199,557 $ 1,063,447 $ 975,000 $ 1,796,247 $ 1,853,918 $ 30,430 $ 8,933,321 Less: Allowance for credit losses 122,074 Loans, net $ 8,811,247 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2019 2018 2017 2016 2015 Prior Total December 31, 2019 (in thousands) Commercial loans: Commercial real estate Pass $ 699,336 $ 562,992 $ 621,113 $ 565,928 $ 441,220 $ 873,687 $ 52,276 $ 19,986 $ 3,836,538 Special mention 1,824 305 7,019 3,360 — 3,426 — — 15,934 Substandard 47 10,698 9,320 36,229 20,278 11,738 — 5,071 93,381 Doubtful — — — — — — — — — Total commercial real estate $ 701,207 $ 573,995 $ 637,452 $ 605,517 $ 461,498 $ 888,851 $ 52,276 $ 25,057 $ 3,945,853 Commercial business Pass $ 479,481 $ 442,222 $ 330,934 $ 301,337 $ 157,436 $ 199,089 $ 963,663 $ 25,577 $ 2,899,739 Special mention 2,241 6,673 56 2,006 52 585 12,710 — 24,323 Substandard 85 17,240 3,458 9,534 3,227 3,972 26,639 1,396 65,551 Doubtful — — — — — — — — — Total commercial business $ 481,807 $ 466,135 $ 334,448 $ 312,877 $ 160,715 $ 203,646 $ 1,003,012 $ 26,973 $ 2,989,613 Agriculture Pass $ 107,152 $ 54,950 $ 70,337 $ 71,874 $ 33,597 $ 56,342 $ 280,984 $ 10,036 $ 685,272 Special mention 557 2,535 1,381 — 64 576 5,336 — 10,449 Substandard 7,291 6,047 6,173 5,907 1,477 5,698 30,669 6,388 69,650 Doubtful — — — — — — — — — Total agriculture $ 115,000 $ 63,532 $ 77,891 $ 77,781 $ 35,138 $ 62,616 $ 316,989 $ 16,424 $ 765,371 Construction Pass $ 183,525 $ 91,342 $ 40,514 $ 1,067 $ 939 $ 1,601 $ 33,388 $ 7,793 $ 360,169 Special mention — 1,264 — — — — 41 — 1,305 Substandard — — — — — 59 — — 59 Doubtful — — — — — — — — — Total construction $ 183,525 $ 92,606 $ 40,514 $ 1,067 $ 939 $ 1,660 $ 33,429 $ 7,793 $ 361,533 Consumer loans: One-to-four family real estate Pass $ 103,315 $ 77,877 $ 32,440 $ 25,052 $ 27,294 $ 80,370 $ 283,830 $ 554 $ 630,732 Special mention — — — — — — — — — Substandard — 228 800 400 623 3,156 905 481 6,593 Doubtful — — — — — — — — — Total one-to-four family real estate $ 103,315 $ 78,105 $ 33,240 $ 25,452 $ 27,917 $ 83,526 $ 284,735 $ 1,035 $ 637,325 Other consumer Pass $ 9,276 $ 5,713 $ 1,974 $ 758 $ 848 $ 1,306 $ 23,351 $ 508 $ 43,734 Special mention — — — — — — — — — Substandard — — 1 — — 8 27 — 36 Doubtful — — — — — — — — — Total consumer $ 9,276 $ 5,713 $ 1,975 $ 758 $ 848 $ 1,314 $ 23,378 $ 508 $ 43,770 Total $ 1,594,130 $ 1,280,086 $ 1,125,520 $ 1,023,452 $ 687,055 $ 1,241,613 $ 1,713,819 $ 77,790 $ 8,743,465 Less: Allowance for credit losses 83,968 Loans, net $ 8,659,497 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned The following tables set forth activity in OREO for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Balance, beginning of period $ 552 $ 6,019 Transfers in — 386 Valuation adjustments — (195 ) Proceeds from sale of OREO property (42 ) (121 ) Loss on sale of OREO, net — (14 ) Balance, end of period $ 510 $ 6,075 At March 31, 2020 , there were $311 thousand in foreclosed residential real estate properties held as OREO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $330 thousand . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets In accordance with the Intangibles – Goodwill and Other topic of the FASB ASC, goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis on July 31 and between annual tests in certain circumstances such as 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 annual impairment assessment as of July 31, 2019 and concluded that there was no impairment. As of March 31, 2020, we evaluated potential triggering events that might be indicators that our goodwill was impaired. The events include the economic disruption and uncertainty surrounding the COVID-19 pandemic and the recent volatility in stock prices. Based on our evaluation, we concluded that our goodwill was not more than likely impaired. The CDI is evaluated for impairment if events and circumstances indicate a possible impairment. The CDI is amortized on an accelerated basis over an estimated life of 10 years . The following table sets forth activity for goodwill and other intangible assets for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Goodwill Total goodwill $ 765,842 $ 765,842 Other intangible assets, net CDI: Gross CDI balance at beginning of period 105,473 105,473 Accumulated amortization at beginning of period (70,934 ) (60,455 ) CDI, net at beginning of period 34,539 45,018 CDI current period amortization (2,310 ) (2,748 ) Total CDI, net at end of period 32,229 42,270 Intangible assets not subject to amortization 919 919 Other intangible assets, net at end of period 33,148 43,189 Total goodwill and other intangible assets at end of period $ 798,990 $ 809,031 The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2020 and the succeeding four years: Year ending December 31, (in thousands) 2020 $ 6,414 2021 7,264 2022 5,880 2023 4,552 2024 3,432 |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Short-term Debt [Text Block] | Revolving Line of Credit During the second quarter of 2019, the Company entered into a $30.0 million short-term credit facility with an unaffiliated bank that matures on May 28, 2020. This facility has a variable interest rate and provides the Company additional liquidity, if needed, for various corporate activities including the repurchase of shares of Columbia Banking System, Inc. common stock. At March 31, 2020 , there was an outstanding balance of $5.0 million and no outstanding balance at December 31, 2019 . The credit agreement requires the Company to comply with certain covenants including those related to asset quality and capital levels. The Company was in compliance with all covenants associated with this facility at March 31, 2020 . |
Derivatives and Balance Sheet O
Derivatives and Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2020 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Derivatives, Hedging Activities and Balance Sheet Offsetting The Company is exposed to certain risks arising from both its business and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core 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 the use of derivative financial instruments. Specifically, the Company enters into interest rate-based derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate collars as part of its interest rate risk management strategy. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipts of variable-rate amounts if interest rates fall below the floor strike rate on the contract. These derivative contracts are used to hedge the variable cash flows associated with existing variable-rate assets. With respect to 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 income (loss) and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s variable-rate assets. During the next 12 months, the Company estimates that there will be $9.7 million reclassified as an increase to interest income. In addition, the Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate. The Company then enters into a corresponding swap agreement with a third-party in order to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the instruments are marked to market in earnings. The notional amount of open interest rate swap agreements at March 31, 2020 and December 31, 2019 was $475.6 million and $428.6 million , respectively. During both the three month periods ended March 31, 2020 and 2019 , there were no mark-to-market gain s or losses recorded to “Other” noninterest expense. The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet at March 31, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives designated as hedging instruments: Interest rate collar Other assets $ 37,209 Other assets $ 14,727 Other liabilities $ — Other liabilities $ — Derivatives not designated as hedging instruments: Interest rate swap contracts Other assets $ 49,775 Other assets $ 19,144 Other liabilities $ 49,777 Other liabilities $ 19,145 The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) at March 31, 2020 and 2019 : Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (in thousands) Interest rate collar $ 23,423 $ 6,268 Interest income $ 940 $ — The notional amount of the interest rate collar was $500.0 million at March 31, 2020 . The cash flow hedge was determined to be effective during the periods presented and, as a result, qualifies for hedge accounting treatment. The Company is party to interest rate swap contracts, interest rate collar and repurchase agreements that are subject to enforceable master netting arrangements or similar agreements. Under these agreements, the Company may have the right to net settle multiple contracts with the same counterparty. The following tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown. Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Collateral Pledged/Received Net Amount March 31, 2020 (in thousands) Assets Interest rate swap contracts $ 49,775 $ — $ 49,775 $ — $ 49,775 Interest rate collar $ 37,209 $ — $ 37,209 $ (37,209 ) — Liabilities Interest rate swap contracts $ 49,777 $ — $ 49,777 $ (49,777 ) $ — Repurchase agreements $ 29,252 $ — $ 29,252 $ (29,252 ) $ — December 31, 2019 Assets Interest rate swap contracts $ 19,144 $ — $ 19,144 $ — $ 19,144 Interest rate collar $ 14,727 $ — $ 14,727 $ (14,727 ) — Liabilities Interest rate swap contracts $ 19,145 $ — $ 19,145 $ (19,145 ) $ — Repurchase agreements $ 64,437 $ — $ 64,437 $ (64,437 ) $ — The Company’s agreements with each of its derivative counterparties provide that if the Company defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements: Remaining contractual maturity of the agreements Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total March 31, 2020 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 29,252 $ — $ — $ — $ 29,252 Gross amount of recognized liabilities for repurchase agreements 29,252 Amounts related to agreements not included in offsetting disclosure $ — The collateral utilized for the Company’s repurchase agreements is subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below acceptable amounts based on the type of the underlying repurchase agreement. The pledged collateral related to the Company’s $29.3 million sweep repurchase agreements, which mature on an overnight basis, is monitored on a daily basis as the underlying sweep accounts can have frequent transaction activity and the amount of pledged collateral is adjusted as necessary. |
Commitments and contingent liab
Commitments and contingent liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingent Liabilities Lease Commitments: The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2020 and 2043 . The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule. Financial Instruments with Off-Balance Sheet Risk: In the normal course of business, the Company makes loan commitments (typically unfunded loans and unused lines of credit) and issues standby letters of credit to accommodate the financial needs of its customers. At March 31, 2020 and December 31, 2019 , the Company’s loan commitments amounted to $2.53 billion and $2.67 billion , respectively. Standby letters of credit commit the Company to make payments on behalf of customers under specified conditions. Historically, no significant losses have been incurred by the Company under standby letters of credit. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including collateral requirements, where appropriate. Standby letters of credit were $25.7 million at both March 31, 2020 and December 31, 2019 . In addition, there were $93 thousand commitments under commercial letters of credit used to facilitate customers’ trade transactions and other off-balance sheet liabilities at March 31, 2020 and there were none at December 31, 2019 . Legal Proceedings: The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from their regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividends: The following table summarizes year-to-date dividend activity as of March 31, 2020 : Declared Regular Cash Dividends Per Common Share Special Cash Dividends Per Common Share Record Date Paid Date January 23, 2020 $ 0.28 $ 0.22 February 5, 2020 February 19, 2020 Subsequent to quarter end, on April 30, 2020 , the Company declared a regular quarterly cash dividend of $0.28 per common share payable on May 28, 2020 to shareholders of record at the close of business on May 14, 2020 . The payment of cash dividends is subject to federal regulatory requirements for capital levels and other restrictions. In addition, the cash dividends paid by Columbia Bank to the Company are subject to both federal and state regulatory requirements. Share Repurchase Program: For the three months ended March 31, 2020 , the Company repurchased 731 thousand shares of common stock at an average price of $27.36 per share, respectively. As of March 31, 2020 , there are 717 thousand remaining shares authorized to be repurchased under the current Board approved share repurchase program. The amount of shares that we can repurchase is limited in the aggregate to the $100.0 million purchase price per the repurchase program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table shows changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019 : Unrealized Gains and Losses on Available for Sale Securities (1) Unrealized Gains and Losses on Pension Plan Liability (1) Unrealized Gains and Losses on Hedging Instruments (1) Total (1) Three Months Ended March 31, 2020 (in thousands) Beginning balance $ 33,038 $ (3,974 ) $ 11,303 $ 40,367 Other comprehensive income before reclassifications 79,696 — 17,977 97,673 Amounts reclassified from accumulated other comprehensive income (2) (191 ) 80 (722 ) (833 ) Net current-period other comprehensive income 79,505 80 17,255 96,840 Ending balance $ 112,543 $ (3,894 ) $ 28,558 $ 137,207 Three Months Ended March 31, 2019 Beginning balance $ (33,128 ) $ (2,177 ) $ — $ (35,305 ) Other comprehensive income before reclassifications 32,063 — 4,810 36,873 Amounts reclassified from accumulated other comprehensive loss (2) 1,417 61 — 1,478 Net current-period other comprehensive income 33,480 61 4,810 38,351 Ending balance $ 352 $ (2,116 ) $ 4,810 $ 3,046 __________ (1) All amounts are net of tax. Amounts in parenthesis indicate debits. (2) See following table for details about these reclassifications. The following table shows details regarding the reclassifications from accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended March 31, Affected line Item in the Consolidated 2020 2019 Statement of Income (in thousands) Unrealized gains and l osses on available for sale debt securities $ 249 $ (1,847 ) Investment securities gains, net 249 (1,847 ) Total before tax (58 ) 430 Income tax provision $ 191 $ (1,417 ) Net of tax Amortization of pension plan liability actuarial losses $ (104 ) $ (80 ) Compensation and employee benefits (104 ) (80 ) Total before tax 24 19 Income tax provision $ (80 ) $ (61 ) Net of tax Unrealized gains from hedging instruments $ 940 $ — Loans 940 — Total before tax (218 ) — Income tax provision $ 722 $ — Net of tax |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Measurement | Fair Value Accounting and Measurement The Fair Value Measurements and Disclosures topic of the FASB ASC defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value. We hold fixed and variable rate interest-bearing securities, investments in marketable equity securities and certain other financial instruments, which are carried at fair value. Fair value is determined based upon quoted prices when available or through the use of alternative approaches, such as matrix or model pricing, when market quotes are not readily accessible or available. The valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our own market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets that are accessible at the measurement date. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. Fair values are determined as follows: Securities at fair value are priced using a combination of market activity, industry recognized information sources, yield curves, discounted cash flow models and other factors. These fair value calculations are considered a Level 2 input method under the provisions of the Fair Value Measurements and Disclosures topic of the FASB ASC for all securities. Interest rate contracts and the interest rate collar are valued in models, which use as their basis, readily observable market parameters and are classified within Level 2 of the valuation hierarchy. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2020 and December 31, 2019 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 March 31, 2020 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 2,766,137 $ — $ 2,766,137 $ — Other asset-backed securities 203,512 — 203,512 — State and municipal securities 448,060 — 448,060 — U.S. government agency and government-sponsored enterprise securities 135,419 — 135,419 — Total debt securities available for sale $ 3,553,128 $ — $ 3,553,128 $ — Other assets: Interest rate contracts $ 49,775 $ — $ 49,775 $ — Interest rate collar $ 37,209 $ — $ 37,209 $ — Liabilities Other liabilities: Interest rate contracts $ 49,777 $ — $ 49,777 $ — Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 December 31, 2019 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 2,892,950 $ — $ 2,892,950 $ — Other asset-backed securities 196,050 — 196,050 — State and municipal securities 488,802 — 488,802 — U.S. government agency and government-sponsored enterprise securities 168,340 — 168,340 — Total debt securities available for sale $ 3,746,142 $ — $ 3,746,142 $ — Other assets: Interest rate contracts $ 19,144 $ — $ 19,144 $ — Interest rate collar $ 14,727 $ — $ 14,727 $ — Liabilities Other liabilities: Interest rate contracts $ 19,145 $ — $ 19,145 $ — Nonrecurring Measurements Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans. The following valuation techniques and inputs were used to estimate the fair value of collateral dependent loans and OREO. Collateral dependent loans - A collateral dependent loan is a loan in which repayment is expected to be provided solely by the underlying collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. The collateral dependent loan valuations are performed in conjunction with the allowance for credit losses process on a quarterly basis. OREO - OREO is real property that the Bank has taken ownership of in partial or full satisfaction of a loan or loans. OREO is generally measured based on the property’s fair market value as indicated by an appraisal or a letter of intent to purchase. OREO is initially recorded at the fair value less estimated costs to sell. This amount becomes the property’s new basis. Any fair value adjustments based on the property’s fair value less estimated costs to sell at the date of acquisition are charged to the allowance for credit losses, or in the event of a write-up without previous losses charged to the allowance for credit losses, a credit to earnings is recorded. Management periodically reviews OREO in an effort to ensure the property is recorded at its fair value, net of estimated costs to sell. Any fair value adjustments subsequent to acquisition are charged or credited to earnings. The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods: Fair Value at March 31, 2020 Fair Value Measurements at Reporting Date Using Losses During the Three Months Ended March 31, 2020 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 3,043 $ — $ — $ 3,043 $ 5,138 $ 3,043 $ — $ — $ 3,043 $ 5,138 Fair Value at March 31, 2019 Fair Value Measurements at Reporting Date Using Losses During the Three Months Ended March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 3,840 $ — $ — $ 3,840 $ 2,597 OREO 530 — — 530 195 $ 4,370 $ — $ — $ 4,370 $ 2,792 The losses on collateral dependent loans disclosed above represent the amount of the allowance for credit losses and/or charge-offs during the period applicable to loans held at period end. The amount of the allowance is included in the ACL. The losses on OREO disclosed above represent the write-downs taken at foreclosure that were charged to the ACL as well as subsequent changes in valuation allowances from updated appraisals that were recorded to earnings. Quantitative information about Level 3 fair value measurements The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table: Fair Value at March 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 3,043 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (59.78%) __________ (1) Discount applied to appraised value or stated value (in the case of accounts receivable, fixed assets and inventory). (2) Collateral consists of accounts receivable, fixed assets, inventory and real estate. Fair Value at March 31, 2019 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (3) $ 3,840 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (44.53%) OREO $ 530 Fair Market Value of Collateral Adjustment to Appraisal Value N/A (2) __________ (1) Discount applied to appraisal value or stated value (in the case of accounts receivable, fixed assets, and inventory). (2) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values during the current period. (3) Collateral consists of accounts receivable, fixed assets, inventory, real estate and state guarantee. The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at March 31, 2020 and December 31, 2019 : March 31, 2020 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 190,399 $ 190,399 $ 190,399 $ — $ — Interest-earning deposits with banks 25,357 25,357 25,357 — — Debt securities available for sale 3,553,128 3,553,128 — 3,553,128 — FHLB stock 38,280 38,280 — 38,280 — Loans held for sale 9,701 9,701 — 9,701 — Loans 8,811,247 8,998,063 — — 8,998,063 Interest rate contracts 49,775 49,775 — 49,775 — Interest rate collar 37,209 37,209 — 37,209 — Liabilities Time deposits $ 353,536 $ 353,578 $ — $ 353,578 $ — FHLB advances and FRB borrowings 712,455 714,022 — 714,022 — Repurchase agreements 29,252 29,252 — 29,252 — Subordinated debentures 35,231 35,309 — 35,309 — Revolving line of credit 5,000 5,005 — 5,005 — Interest rate contracts 49,777 49,777 — 49,777 — December 31, 2019 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 223,541 $ 223,541 $ 223,541 $ — $ — Interest-earning deposits with banks 24,132 24,132 24,132 — — Debt securities available for sale 3,746,142 3,746,142 — 3,746,142 — FHLB stock 48,120 48,120 — 48,120 — Loans held for sale 17,718 17,718 — 17,718 — Loans 8,659,497 8,883,865 — — 8,883,865 Interest rate contracts 19,144 19,144 — 19,144 — Interest rate collar 14,727 14,727 — 14,727 — Liabilities Time deposits $ 400,070 $ 397,736 $ — $ 397,736 $ — FHLB advances 953,469 952,762 — 952,762 — Repurchase agreements 64,437 64,437 — 64,437 — Subordinated debentures 35,277 35,491 — 35,491 — Interest rate contracts 19,145 19,145 — 19,145 — |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company issues restricted shares under share-based compensation plans which qualify as participating securities. The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands except per share amounts) Basic EPS: Net income $ 14,628 $ 45,871 Less: Earnings allocated to participating securities: Nonvested restricted shares 249 456 Earnings allocated to common shareholders $ 14,379 $ 45,415 Weighted average common shares outstanding 71,206 72,521 Basic earnings per common share $ 0.20 $ 0.63 Diluted EPS: Earnings allocated to common shareholders $ 14,379 $ 45,415 Weighted average common shares outstanding 71,206 72,521 Dilutive effect of equity awards 58 3 Weighted average diluted common shares outstanding 71,264 72,524 Diluted earnings per common share $ 0.20 $ 0.63 Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive 6 — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Revenue in the scope of Topic 606, Revenue from Contracts with Customers is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The vast majority of the Company’s revenue is specifically outside the scope of Topic 606. For in-scope revenue, the following is a description of principal activities, separated by the timing of revenue recognition from which the Company generates its revenue from contracts with customers. a. Revenue earned at a point in time - Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, overdraft fees, interchange fees and foreign exchange transaction fees. Revenue is primarily based on the number and type of transactions and is generally derived from transactional information accumulated by our systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is the principal in each of these contracts, with the exception of interchange fees, in which case we are acting as the agent and record revenue net of expenses paid to the principal. b. Revenue earned over time - The Company earns revenue from contracts with customers in a variety of ways where the revenue is earned over a period of time - generally monthly. Examples of this type of revenue are deposit account maintenance fees, investment advisory fees, merchant revenue and safe deposit box fees. Revenue is generally derived from transactional information accumulated by our systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered and our contracts generally do not include multiple performance obligations. As a result, there are no contract balances as payments and services are rendered simultaneously. Payment is generally collected at the time services are rendered, monthly or quarterly. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing products and services to our customers. If the Company is principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Rebates, waivers and reversals are recorded as a reduction of the transaction price either when the revenue is recognized by the Company or at the time the rebate, waiver or reversal is earned by the customer. Practical expedients The Company applies the practical expedient in paragraph 606-10-32-18 and does not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the entity transfers the goods or services and when the customer pays for that good or service will be one year or less. The Company pays sales commissions to its employees in accordance with certain incentive plans and in connection with obtaining certain contracts with customers. The Company applies the practical expedient in paragraph 340-40-25-4 and expenses such sales commissions when incurred if the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are included in compensation and employee benefits expense. For the Company’s contracts that have an original expected duration of one year or less, the Company uses the practical expedient in paragraph 606-10-50-14 and has not disclosed the amount of the transaction price allocated to unsatisfied performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Disaggregation of revenue The following table shows the disaggregation of revenue from contracts with customers for the three month periods ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 7,788 $ 8,980 Card revenue 3,518 3,662 Financial services and trust revenue 3,065 2,957 Total revenue from contracts with customers 14,371 15,599 Other sources of noninterest income 6,836 6,097 Total noninterest income $ 21,207 $ 21,696 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Subsequent to March 31, 2020, the Company sold 17,360 shares of Visa Class B restricted stock for a gain of $3.0 million which resulted in an observable market price. As a result, the Company wrote up its remaining 77,683 Visa Class B restricted shares to a fair value of $13.4 million which was also recorded as a gain, for a total gain of $16.4 million |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Securities, Available-for-sale [Abstract] | |
Securities Available for Sale | The following table summarizes the amortized cost, gross unrealized gains and losses, the allowance for credit losses and the resulting fair value of debt securities available for sale: Amortized Gross Gross Allowance for Credit Fair Value March 31, 2020 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,643,659 $ 123,926 $ (1,448 ) $ — $ 2,766,137 Other asset-backed securities 196,250 7,309 (47 ) — 203,512 State and municipal securities 437,957 10,387 (284 ) — 448,060 U.S. government agency and government-sponsored enterprise securities 128,626 6,793 — — 135,419 Total $ 3,406,492 $ 148,415 $ (1,779 ) $ — $ 3,553,128 December 31, 2019 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,864,949 $ 47,223 $ (19,222 ) $ — $ 2,892,950 Other asset-backed securities 194,563 2,476 (989 ) — 196,050 State and municipal securities 478,366 10,660 (224 ) — 488,802 U.S. government agency and government-sponsored enterprise securities 165,218 3,127 (5 ) — 168,340 Total $ 3,703,096 $ 63,486 $ (20,440 ) $ — $ 3,746,142 |
Schedule of gross realized gains and losses on sales and calls of securities available for sale | The following table provides the proceeds and both gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Proceeds from sales of debt securities available for sale $ 194,105 $ 83,968 Gross realized gains from sales of debt securities available for sale $ 435 $ 1,847 Gross realized losses from sales of debt securities available for sale (186 ) — Investment securities gains, net $ 249 $ 1,847 |
Schedule of Contractual Maturities of Investment Securities Available for Sale | The scheduled contractual maturities of debt securities available for sale at March 31, 2020 are presented as follows: March 31, 2020 Amortized Cost Fair Value (in thousands) Due within one year $ 34,642 $ 34,693 Due after one year through five years 361,355 372,492 Due after five years through ten years 1,892,926 1,996,364 Due after ten years 1,117,569 1,149,579 Total debt securities available for sale $ 3,406,492 $ 3,553,128 |
Carrying Value of Securities Pledged As Collateral | The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law: March 31, 2020 (in thousands) To secure public funds $ 317,706 To secure borrowings 109,060 Other securities pledged 155,647 Total securities pledged as collateral $ 582,413 |
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses | The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019 : Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2020 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 5,653 $ (73 ) $ 69,916 $ (1,375 ) $ 75,569 $ (1,448 ) Other asset-backed securities 15,105 (44 ) 626 (3 ) 15,731 (47 ) State and municipal securities 43,187 (281 ) 1,632 (3 ) 44,819 (284 ) Total $ 63,945 $ (398 ) $ 72,174 $ (1,381 ) $ 136,119 $ (1,779 ) December 31, 2019 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 1,055,903 $ (12,424 ) $ 491,539 $ (6,798 ) $ 1,547,442 $ (19,222 ) Other asset-backed securities 89,508 (880 ) 6,799 (109 ) 96,307 (989 ) State and municipal securities 12,363 (142 ) 12,587 (82 ) 24,950 (224 ) U.S. government agency and government-sponsored enterprise securities — — 10,495 (5 ) 10,495 (5 ) Total $ 1,157,774 $ (13,446 ) $ 521,420 $ (6,994 ) $ 1,679,194 $ (20,440 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Analysis of Loan Portfolio by Major Types of Loans | The Company’s loan portfolio includes originated and purchased loans. The following is an analysis of the loan portfolio by segment and class (net of unearned income): March 31, 2020 December 31, 2019 (dollars in thousands) Commercial loans: Commercial real estate $ 3,969,974 $ 3,945,853 Commercial business 3,169,668 2,989,613 Agriculture 754,491 765,371 Construction 308,186 361,533 Consumer loans: One-to-four family residential real estate 690,506 637,325 Other consumer 40,496 43,770 Total loans 8,933,321 8,743,465 Less: Allowance for credit losses (122,074 ) (83,968 ) Total loans, net $ 8,811,247 $ 8,659,497 Loans held for sale $ 9,701 $ 17,718 |
Analysis of the Aged Loan Portfolio | The following is an aging of the recorded investment of the loan portfolio as of March 31, 2020 and December 31, 2019 : Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 3,957,092 $ 5,899 $ 1,465 $ — $ 7,364 $ 5,518 $ 3,969,974 Commercial business 3,140,629 3,055 1,589 — 4,644 24,395 3,169,668 Agriculture 735,186 2,462 1,760 — 4,222 15,083 754,491 Construction 305,948 2,238 — — 2,238 — 308,186 Consumer loans: One-to-four family residential real estate 684,248 3,071 544 — 3,615 2,643 690,506 Other consumer 40,401 38 49 — 87 8 40,496 Total $ 8,863,504 $ 16,763 $ 5,407 $ — $ 22,170 $ 47,647 $ 8,933,321 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 3,935,633 $ 6,421 $ — — $ 6,421 $ 3,799 $ 3,945,853 Commercial business 2,959,826 6,081 2,769 — 8,850 20,937 2,989,613 Agriculture 755,719 2,283 2,346 — 4,629 5,023 765,371 Construction 360,582 951 — — 951 — 361,533 Consumer loans: One-to-four family residential real estate 631,109 2,516 408 — 2,924 3,292 637,325 Other consumer 43,654 80 27 — 107 9 43,770 Total $ 8,686,523 $ 18,332 $ 5,550 $ — $ 23,882 $ 33,060 $ 8,743,465 |
Analysis of Nonaccrual Loans | The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 3,887 $ 1,715 Commercial business 16,029 15,762 Agriculture 8,853 1,798 Total $ 28,769 $ 19,275 |
Analysis of loans classified as Troubled Debt Restructurings (“TDR”) | The following is an analysis of loans classified as TDR during the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial business 2 $ 272 $ 272 2 $ 616 $ 616 Agriculture 1 895 895 — — — Consumer loans: One-to-four family residential real estate 1 68 68 1 217 217 Total 4 $ 1,235 $ 1,235 3 $ 833 $ 833 |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for Credit Losses on Financing Receivables | The following tables show a detailed analysis of the ACL for the three months ended March 31, 2020 and 2019 : Prior Year Impact of Adopting ASC 326 Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance on Individually Measured Loans Allowance on Collectively Measured Loans Three Months Ended March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ 27,873 $ (101 ) $ 14 $ 9,336 $ 37,122 $ — $ 37,122 Commercial business 30,292 762 31,054 (1,684 ) 860 15,340 45,570 1,722 43,848 Agriculture 15,835 (9,325 ) 6,510 (4,726 ) 41 9,260 11,085 1,126 9,959 Construction 8,571 (1,750 ) 6,821 — 442 1,582 8,845 — 8,845 Consumer loans: One-to-four family residential real estate 7,435 4,237 11,672 (10 ) 282 5,715 17,659 — 17,659 Other consumer 883 778 1,661 (268 ) 124 127 1,644 — 1,644 Unallocated 612 (603 ) 9 — — 140 149 — 149 Total $ 83,968 $ 1,632 $ 85,600 $ (6,789 ) $ 1,763 $ 41,500 $ 122,074 $ 2,848 $ 119,226 Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance on Individually Measured Loans Allowance on Collectively Measured Loans Three Months Ended March 31, 2019 (in thousands) Commercial loans: Commercial real estate $ 14,766 $ (678 ) $ 514 $ 1,757 $ 16,359 $ 53 $ 16,306 Commercial business 34,658 (1,506 ) 527 866 34,545 2,826 31,719 Agriculture 9,589 (78 ) 58 1,121 10,690 — 10,690 Construction 14,395 (195 ) 83 (2,318 ) 11,965 — 11,965 Consumer loans: One-to-four family residential real estate 8,024 (481 ) 334 434 8,311 31 8,280 Other consumer 787 (50 ) 15 71 823 1 822 Unallocated 1,150 — — (569 ) 581 — 581 Total $ 83,369 $ (2,988 ) $ 1,531 $ 1,362 $ 83,274 $ 2,911 $ 80,363 |
Changes in the Allowance for Unfunded Commitments and Letters of Credit | Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows: Three Months Ended March 31, 2020 2019 (in thousands) Prior year ending balance $ 3,430 $ 4,330 Impact of adopting ASC 326 1,570 — Beginning balance 5,000 4,330 Net changes in the allowance for unfunded commitments and letters of credit 1,000 (550 ) Ending balance $ 6,000 $ 3,780 |
Financing Receivable Credit Quality Indicators | The following is an analysis of the credit quality of our loan portfolio, as of March 31, 2020 and December 31, 2019 : Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total March 31, 2020 (in thousands) Commercial loans: Commercial real estate Pass $ 164,265 $ 690,076 $ 526,063 $ 611,317 $ 509,264 $ 1,198,213 $ 59,709 $ 1,637 $ 3,760,544 Special mention 6,889 26,718 5,889 5,249 37,070 27,729 — — 109,544 Substandard — 933 21,263 7,465 39,988 30,237 — — 99,886 Doubtful — — — — — — — — — Total commercial real estate $ 171,154 $ 717,727 $ 553,215 $ 624,031 $ 586,322 $ 1,256,179 $ 59,709 $ 1,637 $ 3,969,974 Commercial business Pass $ 144,819 $ 454,524 $ 379,756 $ 282,662 $ 249,772 $ 305,401 $ 1,056,278 $ 1,547 $ 2,874,759 Special mention 1,119 44,237 31,717 24,361 27,597 14,953 53,274 — 197,258 Substandard — 1,370 23,399 2,473 8,345 11,336 47,685 3,043 97,651 Doubtful — — — — — — — — — Total commercial business $ 145,938 $ 500,131 $ 434,872 $ 309,496 $ 285,714 $ 331,690 $ 1,157,237 $ 4,590 $ 3,169,668 Agriculture Pass $ 23,639 $ 105,950 $ 48,643 $ 64,450 $ 65,316 $ 84,182 $ 249,785 $ 7,026 $ 648,991 Special mention — 189 670 747 1,687 64 5,207 — 8,564 Substandard 900 17,957 5,537 5,838 6,599 6,236 51,350 2,519 96,936 Doubtful — — — — — — — — — Total agriculture $ 24,539 $ 124,096 $ 54,850 $ 71,035 $ 73,602 $ 90,482 $ 306,342 $ 9,545 $ 754,491 Construction Pass $ 23,340 $ 173,088 $ 61,777 $ 18,838 $ 1,046 $ 2,322 $ 12,846 $ 14,121 $ 307,378 Special mention — — 492 — — — 41 — 533 Substandard — 217 — — — 58 — — 275 Doubtful — — — — — — — — — Total construction $ 23,340 $ 173,305 $ 62,269 $ 18,838 $ 1,046 $ 2,380 $ 12,887 $ 14,121 $ 308,186 Consumer loans: One-to-four family residential real estate Pass $ 21,809 $ 104,274 $ 88,655 $ 37,480 $ 27,379 $ 110,624 $ 294,074 $ 80 $ 684,375 Special mention — — — — — — — — — Substandard — 742 227 898 399 2,960 890 15 6,131 Doubtful — — — — — — — — — Total one-to-four family real estate $ 21,809 $ 105,016 $ 88,882 $ 38,378 $ 27,778 $ 113,584 $ 294,964 $ 95 $ 690,506 Other consumer Pass $ 2,885 $ 4,782 $ 5,469 $ 1,669 $ 538 $ 1,863 $ 22,747 $ 442 $ 40,395 Special mention — — — — — — — — — Substandard — — — — — 69 32 — 101 Doubtful — — — — — — — — — Total consumer $ 2,885 $ 4,782 $ 5,469 $ 1,669 $ 538 $ 1,932 $ 22,779 $ 442 $ 40,496 Total $ 389,665 $ 1,625,057 $ 1,199,557 $ 1,063,447 $ 975,000 $ 1,796,247 $ 1,853,918 $ 30,430 $ 8,933,321 Less: Allowance for credit losses 122,074 Loans, net $ 8,811,247 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2019 2018 2017 2016 2015 Prior Total December 31, 2019 (in thousands) Commercial loans: Commercial real estate Pass $ 699,336 $ 562,992 $ 621,113 $ 565,928 $ 441,220 $ 873,687 $ 52,276 $ 19,986 $ 3,836,538 Special mention 1,824 305 7,019 3,360 — 3,426 — — 15,934 Substandard 47 10,698 9,320 36,229 20,278 11,738 — 5,071 93,381 Doubtful — — — — — — — — — Total commercial real estate $ 701,207 $ 573,995 $ 637,452 $ 605,517 $ 461,498 $ 888,851 $ 52,276 $ 25,057 $ 3,945,853 Commercial business Pass $ 479,481 $ 442,222 $ 330,934 $ 301,337 $ 157,436 $ 199,089 $ 963,663 $ 25,577 $ 2,899,739 Special mention 2,241 6,673 56 2,006 52 585 12,710 — 24,323 Substandard 85 17,240 3,458 9,534 3,227 3,972 26,639 1,396 65,551 Doubtful — — — — — — — — — Total commercial business $ 481,807 $ 466,135 $ 334,448 $ 312,877 $ 160,715 $ 203,646 $ 1,003,012 $ 26,973 $ 2,989,613 Agriculture Pass $ 107,152 $ 54,950 $ 70,337 $ 71,874 $ 33,597 $ 56,342 $ 280,984 $ 10,036 $ 685,272 Special mention 557 2,535 1,381 — 64 576 5,336 — 10,449 Substandard 7,291 6,047 6,173 5,907 1,477 5,698 30,669 6,388 69,650 Doubtful — — — — — — — — — Total agriculture $ 115,000 $ 63,532 $ 77,891 $ 77,781 $ 35,138 $ 62,616 $ 316,989 $ 16,424 $ 765,371 Construction Pass $ 183,525 $ 91,342 $ 40,514 $ 1,067 $ 939 $ 1,601 $ 33,388 $ 7,793 $ 360,169 Special mention — 1,264 — — — — 41 — 1,305 Substandard — — — — — 59 — — 59 Doubtful — — — — — — — — — Total construction $ 183,525 $ 92,606 $ 40,514 $ 1,067 $ 939 $ 1,660 $ 33,429 $ 7,793 $ 361,533 Consumer loans: One-to-four family real estate Pass $ 103,315 $ 77,877 $ 32,440 $ 25,052 $ 27,294 $ 80,370 $ 283,830 $ 554 $ 630,732 Special mention — — — — — — — — — Substandard — 228 800 400 623 3,156 905 481 6,593 Doubtful — — — — — — — — — Total one-to-four family real estate $ 103,315 $ 78,105 $ 33,240 $ 25,452 $ 27,917 $ 83,526 $ 284,735 $ 1,035 $ 637,325 Other consumer Pass $ 9,276 $ 5,713 $ 1,974 $ 758 $ 848 $ 1,306 $ 23,351 $ 508 $ 43,734 Special mention — — — — — — — — — Substandard — — 1 — — 8 27 — 36 Doubtful — — — — — — — — — Total consumer $ 9,276 $ 5,713 $ 1,975 $ 758 $ 848 $ 1,314 $ 23,378 $ 508 $ 43,770 Total $ 1,594,130 $ 1,280,086 $ 1,125,520 $ 1,023,452 $ 687,055 $ 1,241,613 $ 1,713,819 $ 77,790 $ 8,743,465 Less: Allowance for credit losses 83,968 Loans, net $ 8,659,497 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Summary of Other Real Estate Owned | The following tables set forth activity in OREO for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Balance, beginning of period $ 552 $ 6,019 Transfers in — 386 Valuation adjustments — (195 ) Proceeds from sale of OREO property (42 ) (121 ) Loss on sale of OREO, net — (14 ) Balance, end of period $ 510 $ 6,075 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table sets forth activity for goodwill and other intangible assets for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Goodwill Total goodwill $ 765,842 $ 765,842 Other intangible assets, net CDI: Gross CDI balance at beginning of period 105,473 105,473 Accumulated amortization at beginning of period (70,934 ) (60,455 ) CDI, net at beginning of period 34,539 45,018 CDI current period amortization (2,310 ) (2,748 ) Total CDI, net at end of period 32,229 42,270 Intangible assets not subject to amortization 919 919 Other intangible assets, net at end of period 33,148 43,189 Total goodwill and other intangible assets at end of period $ 798,990 $ 809,031 |
Estimated Future Amortization Expense of Core Deposit Intangibles | The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2020 and the succeeding four years: Year ending December 31, (in thousands) 2020 $ 6,414 2021 7,264 2022 5,880 2023 4,552 2024 3,432 |
Derivatives and Balance Sheet_2
Derivatives and Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet at March 31, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives designated as hedging instruments: Interest rate collar Other assets $ 37,209 Other assets $ 14,727 Other liabilities $ — Other liabilities $ — Derivatives not designated as hedging instruments: Interest rate swap contracts Other assets $ 49,775 Other assets $ 19,144 Other liabilities $ 49,777 Other liabilities $ 19,145 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) at March 31, 2020 and 2019 : Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 (in thousands) Interest rate collar $ 23,423 $ 6,268 Interest income $ 940 $ — |
Balance Sheet Offsetting [Table Text Block] | The following tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown. Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Collateral Pledged/Received Net Amount March 31, 2020 (in thousands) Assets Interest rate swap contracts $ 49,775 $ — $ 49,775 $ — $ 49,775 Interest rate collar $ 37,209 $ — $ 37,209 $ (37,209 ) — Liabilities Interest rate swap contracts $ 49,777 $ — $ 49,777 $ (49,777 ) $ — Repurchase agreements $ 29,252 $ — $ 29,252 $ (29,252 ) $ — December 31, 2019 Assets Interest rate swap contracts $ 19,144 $ — $ 19,144 $ — $ 19,144 Interest rate collar $ 14,727 $ — $ 14,727 $ (14,727 ) — Liabilities Interest rate swap contracts $ 19,145 $ — $ 19,145 $ (19,145 ) $ — Repurchase agreements $ 64,437 $ — $ 64,437 $ (64,437 ) $ — |
Carrying Value of Securities Pledged As Collateral | The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law: March 31, 2020 (in thousands) To secure public funds $ 317,706 To secure borrowings 109,060 Other securities pledged 155,647 Total securities pledged as collateral $ 582,413 |
Available-for-sale Securities [Member] | |
Derivative [Line Items] | |
Carrying Value of Securities Pledged As Collateral | The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements: Remaining contractual maturity of the agreements Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total March 31, 2020 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 29,252 $ — $ — $ — $ 29,252 Gross amount of recognized liabilities for repurchase agreements 29,252 Amounts related to agreements not included in offsetting disclosure $ — |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Declared (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Dividends Declared [Table Text Block] | The following table summarizes year-to-date dividend activity as of March 31, 2020 : Declared Regular Cash Dividends Per Common Share Special Cash Dividends Per Common Share Record Date Paid Date January 23, 2020 $ 0.28 $ 0.22 February 5, 2020 February 19, 2020 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table shows changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019 : Unrealized Gains and Losses on Available for Sale Securities (1) Unrealized Gains and Losses on Pension Plan Liability (1) Unrealized Gains and Losses on Hedging Instruments (1) Total (1) Three Months Ended March 31, 2020 (in thousands) Beginning balance $ 33,038 $ (3,974 ) $ 11,303 $ 40,367 Other comprehensive income before reclassifications 79,696 — 17,977 97,673 Amounts reclassified from accumulated other comprehensive income (2) (191 ) 80 (722 ) (833 ) Net current-period other comprehensive income 79,505 80 17,255 96,840 Ending balance $ 112,543 $ (3,894 ) $ 28,558 $ 137,207 Three Months Ended March 31, 2019 Beginning balance $ (33,128 ) $ (2,177 ) $ — $ (35,305 ) Other comprehensive income before reclassifications 32,063 — 4,810 36,873 Amounts reclassified from accumulated other comprehensive loss (2) 1,417 61 — 1,478 Net current-period other comprehensive income 33,480 61 4,810 38,351 Ending balance $ 352 $ (2,116 ) $ 4,810 $ 3,046 __________ (1) All amounts are net of tax. Amounts in parenthesis indicate debits. (2) See following table for details about these reclassifications. |
Schedule of reclassifications from accumulated other comprehensive income [Table Text Block] | The following table shows details regarding the reclassifications from accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended March 31, Affected line Item in the Consolidated 2020 2019 Statement of Income (in thousands) Unrealized gains and l osses on available for sale debt securities $ 249 $ (1,847 ) Investment securities gains, net 249 (1,847 ) Total before tax (58 ) 430 Income tax provision $ 191 $ (1,417 ) Net of tax Amortization of pension plan liability actuarial losses $ (104 ) $ (80 ) Compensation and employee benefits (104 ) (80 ) Total before tax 24 19 Income tax provision $ (80 ) $ (61 ) Net of tax Unrealized gains from hedging instruments $ 940 $ — Loans 940 — Total before tax (218 ) — Income tax provision $ 722 $ — Net of tax |
Fair Value Accounting and Mea_2
Fair Value Accounting and Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2020 and December 31, 2019 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 March 31, 2020 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 2,766,137 $ — $ 2,766,137 $ — Other asset-backed securities 203,512 — 203,512 — State and municipal securities 448,060 — 448,060 — U.S. government agency and government-sponsored enterprise securities 135,419 — 135,419 — Total debt securities available for sale $ 3,553,128 $ — $ 3,553,128 $ — Other assets: Interest rate contracts $ 49,775 $ — $ 49,775 $ — Interest rate collar $ 37,209 $ — $ 37,209 $ — Liabilities Other liabilities: Interest rate contracts $ 49,777 $ — $ 49,777 $ — Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 December 31, 2019 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 2,892,950 $ — $ 2,892,950 $ — Other asset-backed securities 196,050 — 196,050 — State and municipal securities 488,802 — 488,802 — U.S. government agency and government-sponsored enterprise securities 168,340 — 168,340 — Total debt securities available for sale $ 3,746,142 $ — $ 3,746,142 $ — Other assets: Interest rate contracts $ 19,144 $ — $ 19,144 $ — Interest rate collar $ 14,727 $ — $ 14,727 $ — Liabilities Other liabilities: Interest rate contracts $ 19,145 $ — $ 19,145 $ — |
Financial Assets Accounted For Fair Value On Nonrecurring Basis | The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods: Fair Value at March 31, 2020 Fair Value Measurements at Reporting Date Using Losses During the Three Months Ended March 31, 2020 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 3,043 $ — $ — $ 3,043 $ 5,138 $ 3,043 $ — $ — $ 3,043 $ 5,138 Fair Value at March 31, 2019 Fair Value Measurements at Reporting Date Using Losses During the Three Months Ended March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 3,840 $ — $ — $ 3,840 $ 2,597 OREO 530 — — 530 195 $ 4,370 $ — $ — $ 4,370 $ 2,792 |
Fair Value, by Balance Sheet Grouping | The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at March 31, 2020 and December 31, 2019 : March 31, 2020 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 190,399 $ 190,399 $ 190,399 $ — $ — Interest-earning deposits with banks 25,357 25,357 25,357 — — Debt securities available for sale 3,553,128 3,553,128 — 3,553,128 — FHLB stock 38,280 38,280 — 38,280 — Loans held for sale 9,701 9,701 — 9,701 — Loans 8,811,247 8,998,063 — — 8,998,063 Interest rate contracts 49,775 49,775 — 49,775 — Interest rate collar 37,209 37,209 — 37,209 — Liabilities Time deposits $ 353,536 $ 353,578 $ — $ 353,578 $ — FHLB advances and FRB borrowings 712,455 714,022 — 714,022 — Repurchase agreements 29,252 29,252 — 29,252 — Subordinated debentures 35,231 35,309 — 35,309 — Revolving line of credit 5,000 5,005 — 5,005 — Interest rate contracts 49,777 49,777 — 49,777 — December 31, 2019 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 223,541 $ 223,541 $ 223,541 $ — $ — Interest-earning deposits with banks 24,132 24,132 24,132 — — Debt securities available for sale 3,746,142 3,746,142 — 3,746,142 — FHLB stock 48,120 48,120 — 48,120 — Loans held for sale 17,718 17,718 — 17,718 — Loans 8,659,497 8,883,865 — — 8,883,865 Interest rate contracts 19,144 19,144 — 19,144 — Interest rate collar 14,727 14,727 — 14,727 — Liabilities Time deposits $ 400,070 $ 397,736 $ — $ 397,736 $ — FHLB advances 953,469 952,762 — 952,762 — Repurchase agreements 64,437 64,437 — 64,437 — Subordinated debentures 35,277 35,491 — 35,491 — Interest rate contracts 19,145 19,145 — 19,145 — |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table: Fair Value at March 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 3,043 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (59.78%) __________ (1) Discount applied to appraised value or stated value (in the case of accounts receivable, fixed assets and inventory). (2) Collateral consists of accounts receivable, fixed assets, inventory and real estate. Fair Value at March 31, 2019 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (3) $ 3,840 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (44.53%) OREO $ 530 Fair Market Value of Collateral Adjustment to Appraisal Value N/A (2) __________ (1) Discount applied to appraisal value or stated value (in the case of accounts receivable, fixed assets, and inventory). (2) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values during the current period. (3) Collateral consists of accounts receivable, fixed assets, inventory, real estate and state guarantee. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands except per share amounts) Basic EPS: Net income $ 14,628 $ 45,871 Less: Earnings allocated to participating securities: Nonvested restricted shares 249 456 Earnings allocated to common shareholders $ 14,379 $ 45,415 Weighted average common shares outstanding 71,206 72,521 Basic earnings per common share $ 0.20 $ 0.63 Diluted EPS: Earnings allocated to common shareholders $ 14,379 $ 45,415 Weighted average common shares outstanding 71,206 72,521 Dilutive effect of equity awards 58 3 Weighted average diluted common shares outstanding 71,264 72,524 Diluted earnings per common share $ 0.20 $ 0.63 Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive 6 — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of revenue The following table shows the disaggregation of revenue from contracts with customers for the three month periods ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 7,788 $ 8,980 Card revenue 3,518 3,662 Financial services and trust revenue 3,065 2,957 Total revenue from contracts with customers 14,371 15,599 Other sources of noninterest income 6,836 6,097 Total noninterest income $ 21,207 $ 21,696 |
Accounting Pronouncements Rec_2
Accounting Pronouncements Recently Issued Narrative - Impact of implementation of new accounting standards (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Standards Update 2016-02 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,457) | ||
Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 782 | ||
Accounting Standards Update 2016-13 [Member] | |||
Change in allowance for credit losses due to adoption of new ASU | $ 1,632 | ||
Change in allowance for unfunded commitments and letters of credit due to adoption of new ASU | $ 1,570 | 0 | |
Retained Earnings [Member] | Accounting Standards Update 2016-02 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,457) | ||
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 782 | ||
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,500) |
Securities (Summary of Gross Un
Securities (Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | $ 63,945 | $ 1,157,774 |
Less than 12 Months Unrealized Losses | (398) | (13,446) |
12 Months or More Fair Value | 72,174 | 521,420 |
12 Months or More Unrealized Losses | (1,381) | (6,994) |
Total Fair Value | 136,119 | 1,679,194 |
Total Unrealized Losses | (1,779) | (20,440) |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 5,653 | 1,055,903 |
Less than 12 Months Unrealized Losses | (73) | (12,424) |
12 Months or More Fair Value | 69,916 | 491,539 |
12 Months or More Unrealized Losses | (1,375) | (6,798) |
Total Fair Value | 75,569 | 1,547,442 |
Total Unrealized Losses | (1,448) | (19,222) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 15,105 | 89,508 |
Less than 12 Months Unrealized Losses | (44) | (880) |
12 Months or More Fair Value | 626 | 6,799 |
12 Months or More Unrealized Losses | (3) | (109) |
Total Fair Value | 15,731 | 96,307 |
Total Unrealized Losses | (47) | (989) |
State and Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 43,187 | 12,363 |
Less than 12 Months Unrealized Losses | (281) | (142) |
12 Months or More Fair Value | 1,632 | 12,587 |
12 Months or More Unrealized Losses | (3) | (82) |
Total Fair Value | 44,819 | 24,950 |
Total Unrealized Losses | $ (284) | (224) |
U.S. Government and Government-Sponsored Enterprise Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 0 | |
Less than 12 Months Unrealized Losses | 0 | |
12 Months or More Fair Value | 10,495 | |
12 Months or More Unrealized Losses | (5) | |
Total Fair Value | 10,495 | |
Total Unrealized Losses | $ (5) |
Securities Securities (Summary
Securities Securities (Summary of Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 194,105 | $ 83,968 |
Gross Realized Gains from sales of debt securities available for sale | 435 | 1,847 |
Gross Realized Losses from sales of debt securities available for sale | (186) | 0 |
Investment securities gain (loss), net | $ 249 | $ 1,847 |
Securities (Securities Availabl
Securities (Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 194,105 | $ 83,968 | |
Debt securities available-for-sale, amortized cost | 3,406,492 | $ 3,703,096 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 148,415 | 63,486 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,779) | (20,440) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 | |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available-for-sale, amortized cost | 2,643,659 | 2,864,949 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 123,926 | 47,223 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,448) | (19,222) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt securities available for sale at fair value | 2,766,137 | 2,892,950 | |
Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available-for-sale, amortized cost | 196,250 | 194,563 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7,309 | 2,476 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (47) | (989) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt securities available for sale at fair value | 203,512 | 196,050 | |
State and Municipal Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available-for-sale, amortized cost | 437,957 | 478,366 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 10,387 | 10,660 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (284) | (224) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt securities available for sale at fair value | 448,060 | 488,802 | |
U.S. Government and Government-Sponsored Enterprise Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available-for-sale, amortized cost | 128,626 | 165,218 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6,793 | 3,127 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (5) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt securities available for sale at fair value | $ 135,419 | $ 168,340 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Abstract] | ||
Due within one year, Amortized Cost | $ 34,642 | |
Due after one year through five years, Amortized Cost | 361,355 | |
Due after five years through ten years, Amortized Cost | 1,892,926 | |
Due after ten years, Amortized Cost | 1,117,569 | |
Debt securities available-for-sale, amortized cost | 3,406,492 | $ 3,703,096 |
Due within one year, Fair Value | 34,693 | |
Due after one year through five years, Fair Value | 372,492 | |
Due after five years through ten years, Fair Value | 1,996,364 | |
Due after ten years, Fair Value | 1,149,579 | |
Debt securities available for sale at fair value | $ 3,553,128 | $ 3,746,142 |
Securities (Carrying Value of S
Securities (Carrying Value of Securities Pledged as Collateral) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | $ 582,413 |
To secure public funds | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | 317,706 |
To secure borrowings | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | 109,060 |
Other securities pledged | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | $ 155,647 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Interest receivable | $ | $ 44,577 | $ 46,839 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ | $ 194,105 | $ 83,968 | |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 64 | ||
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Interest receivable | $ | $ 12,300 | $ 13,900 | |
U.S. Government and Government-Sponsored Enterprise Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | ||
Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 5 | ||
State and Municipal Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 41 |
Securities Equity Securities (D
Securities Equity Securities (Details) (Details) | Mar. 31, 2020shares |
Investments, Debt and Equity Securities [Abstract] | |
Visa Class B shares, remaining shares | 95,043 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | Dec. 31, 2019USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Interest Receivable, loans | $ 44,577 | $ 46,839 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | 1 | |
Short-term loan modifications, payment deferral, COVID-19 response | $ 165,100 | ||
Loans Receivable [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 3,370,000 | 3,240,000 | |
Commercial Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans pledged to collateralize Federal Reserve Bank Borrowings | 149,900 | 151,300 | |
Loans [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Interest Receivable, loans | 32,300 | $ 33,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable Accrued Interest Reversed Through Interest Income | 783 | $ 539 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable Accrued Interest Reversed Through Interest Income | $ 5 | $ 79 |
Loans (Analysis of Loan Portfol
Loans (Analysis of Loan Portfolio by Major Types of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | $ 8,933,321 | $ 8,743,465 | |||
Financing Receivable, Allowance for Credit Loss | (122,074) | $ (85,600) | (83,968) | $ (83,274) | $ (83,369) |
Loans and Leases Receivable, Net Amount | 8,811,247 | 8,659,497 | |||
Loans held for sale | 9,701 | 17,718 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 3,969,974 | 3,945,853 | |||
Financing Receivable, Allowance for Credit Loss | (37,122) | (27,873) | (20,340) | (16,359) | (14,766) |
Commercial Business [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 3,169,668 | 2,989,613 | |||
Financing Receivable, Allowance for Credit Loss | (45,570) | (31,054) | (30,292) | (34,545) | (34,658) |
Agriculture [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 754,491 | 765,371 | |||
Financing Receivable, Allowance for Credit Loss | (11,085) | (6,510) | (15,835) | (10,690) | (9,589) |
Construction [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 308,186 | 361,533 | |||
Financing Receivable, Allowance for Credit Loss | (8,845) | (6,821) | (8,571) | (11,965) | (14,395) |
One-to-Four Family Residential [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 690,506 | 637,325 | |||
Financing Receivable, Allowance for Credit Loss | (17,659) | (11,672) | (7,435) | (8,311) | (8,024) |
Consumer Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 40,496 | 43,770 | |||
Financing Receivable, Allowance for Credit Loss | $ (1,644) | $ (1,661) | $ (883) | $ (823) | $ (787) |
Loans (Analysis of the Aged Loa
Loans (Analysis of the Aged Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current Loans | $ 8,863,504 | $ 8,686,523 |
Past Due Loans | 22,170 | 23,882 |
Nonaccrual Loans | 47,647 | 33,060 |
Total Loans | 8,933,321 | 8,743,465 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 3,957,092 | 3,935,633 |
Past Due Loans | 7,364 | 6,421 |
Nonaccrual Loans | 5,518 | 3,799 |
Total Loans | 3,969,974 | 3,945,853 |
Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 3,140,629 | 2,959,826 |
Past Due Loans | 4,644 | 8,850 |
Nonaccrual Loans | 24,395 | 20,937 |
Total Loans | 3,169,668 | 2,989,613 |
Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 735,186 | 755,719 |
Past Due Loans | 4,222 | 4,629 |
Nonaccrual Loans | 15,083 | 5,023 |
Total Loans | 754,491 | 765,371 |
Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 305,948 | 360,582 |
Past Due Loans | 2,238 | 951 |
Nonaccrual Loans | 0 | 0 |
Total Loans | 308,186 | 361,533 |
One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 684,248 | 631,109 |
Past Due Loans | 3,615 | 2,924 |
Nonaccrual Loans | 2,643 | 3,292 |
Total Loans | 690,506 | 637,325 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 40,401 | 43,654 |
Past Due Loans | 87 | 107 |
Nonaccrual Loans | 8 | 9 |
Total Loans | 40,496 | 43,770 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 16,763 | 18,332 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 5,899 | 6,421 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 3,055 | 6,081 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 2,462 | 2,283 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 2,238 | 951 |
Financial Asset, 30 to 59 Days Past Due [Member] | One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 3,071 | 2,516 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 38 | 80 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 5,407 | 5,550 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 1,465 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 1,589 | 2,769 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 1,760 | 2,346 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 544 | 408 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 49 | 27 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | $ 0 | $ 0 |
Loans (Analysis of Nonaccrual L
Loans (Analysis of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 28,769 | $ 19,275 |
Commercial Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 3,887 | 1,715 |
Commercial Business [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 16,029 | 15,762 |
Agriculture [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 8,853 | $ 1,798 |
Loans Loans (Analysis of Troubl
Loans Loans (Analysis of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)Modificationscontract | Mar. 31, 2019USD ($)Modificationscontract | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | 1 | |
Financing Receivable Modifications Additional Commitment To Lend | $ 812 | $ 1,100 | |
Financing Receivable, Modifications, Number of Contracts | Modifications | 4 | 3 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,235 | $ 833 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,235 | 833 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 26 | |
Commercial Business [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Modifications | 2 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 272 | $ 616 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 272 | $ 616 | |
Agriculture [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Modifications | 1 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 895 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 895 | $ 0 | |
One-to-Four Family Residential [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Modifications | 1 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 68 | $ 217 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 68 | $ 217 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 38,100,000 | |
Minimum loan balance of nonaccrual, collateral dependent loans considered for ACL | 500,000 | |
Provision for credit losses | $ 41,500,000 | $ 1,362,000 |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | $ 122,074 | $ 83,274 | $ 85,600 | $ 83,968 | $ 83,369 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (6,789) | (2,988) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,763 | 1,531 | |||
Provision for credit losses | 41,500 | 1,362 | |||
Allowance on Individually Measured Loans | 2,848 | 2,911 | |||
Allowance on Collectively Measured Loans | 119,226 | 80,363 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 37,122 | 16,359 | 27,873 | 20,340 | 14,766 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (101) | (678) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 14 | 514 | |||
Provision for credit losses | 9,336 | 1,757 | |||
Allowance on Individually Measured Loans | 0 | 53 | |||
Allowance on Collectively Measured Loans | 37,122 | 16,306 | |||
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 45,570 | 34,545 | 31,054 | 30,292 | 34,658 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (1,684) | (1,506) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 860 | 527 | |||
Provision for credit losses | 15,340 | 866 | |||
Allowance on Individually Measured Loans | 1,722 | 2,826 | |||
Allowance on Collectively Measured Loans | 43,848 | 31,719 | |||
Agriculture [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 11,085 | 10,690 | 6,510 | 15,835 | 9,589 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (4,726) | (78) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 41 | 58 | |||
Provision for credit losses | 9,260 | 1,121 | |||
Allowance on Individually Measured Loans | 1,126 | 0 | |||
Allowance on Collectively Measured Loans | 9,959 | 10,690 | |||
Construction [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 8,845 | 11,965 | 6,821 | 8,571 | 14,395 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (195) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 442 | 83 | |||
Provision for credit losses | 1,582 | (2,318) | |||
Allowance on Individually Measured Loans | 0 | 0 | |||
Allowance on Collectively Measured Loans | 8,845 | 11,965 | |||
One-to-Four Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 17,659 | 8,311 | 11,672 | 7,435 | 8,024 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (10) | (481) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 282 | 334 | |||
Provision for credit losses | 5,715 | 434 | |||
Allowance on Individually Measured Loans | 0 | 31 | |||
Allowance on Collectively Measured Loans | 17,659 | 8,280 | |||
Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 1,644 | 823 | 1,661 | 883 | 787 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (268) | (50) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 124 | 15 | |||
Provision for credit losses | 127 | 71 | |||
Allowance on Individually Measured Loans | 0 | 1 | |||
Allowance on Collectively Measured Loans | 1,644 | 822 | |||
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 149 | 581 | 9 | $ 612 | $ 1,150 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Provision for credit losses | 140 | (569) | |||
Allowance on Individually Measured Loans | 0 | 0 | |||
Allowance on Collectively Measured Loans | $ 149 | $ 581 | |||
Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | 1,632 | ||||
Accounting Standards Update 2016-13 [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | 7,533 | ||||
Accounting Standards Update 2016-13 [Member] | Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | 762 | ||||
Accounting Standards Update 2016-13 [Member] | Agriculture [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | (9,325) | ||||
Accounting Standards Update 2016-13 [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | (1,750) | ||||
Accounting Standards Update 2016-13 [Member] | One-to-Four Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | 4,237 | ||||
Accounting Standards Update 2016-13 [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | 778 | ||||
Accounting Standards Update 2016-13 [Member] | Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Change in allowance for credit losses due to adoption of new ASU | $ (603) |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Changes in the Allowance for Unfunded Commitments and Letters of Credit) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Allowance for Unfunded Commitments and Letters of Credit [Line Items] | |||||
Allowance For Unfunded Loan Commitments And Letters Of Credit | $ 6,000 | $ 3,780 | $ 5,000 | $ 3,430 | $ 4,330 |
Allowance for Loan and Lease Losses, Net Changes In Unfunded Commitments and Letters Of Credit Allowance | $ 1,000 | $ (550) | |||
Accounting Standards Update 2016-13 [Member] | |||||
Schedule of Allowance for Unfunded Commitments and Letters of Credit [Line Items] | |||||
Change in allowance for unfunded commitments and letters of credit due to adoption of new ASU | $ 1,570 | $ 0 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Analysis of Credit Quality of the Loan Portfolio) (Details) - USD ($) | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | $ 389,665,000 | $ 1,594,130,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,625,057,000 | 1,280,086,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,199,557,000 | 1,125,520,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,063,447,000 | 1,023,452,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 975,000,000 | 687,055,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,796,247,000 | 1,241,613,000 | |||
Financing Receivable, Revolving | 1,853,918,000 | 1,713,819,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 30,430,000 | 77,790,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 8,933,321,000 | 8,743,465,000 | |||
Financing Receivable, Allowance for Credit Loss | 122,074,000 | $ 85,600,000 | 83,968,000 | $ 83,274,000 | $ 83,369,000 |
Loans, net | 8,811,247,000 | 8,659,497,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 171,154,000 | 701,207,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 717,727,000 | 573,995,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 553,215,000 | 637,452,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 624,031,000 | 605,517,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 586,322,000 | 461,498,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,256,179,000 | 888,851,000 | |||
Financing Receivable, Revolving | 59,709,000 | 52,276,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 1,637,000 | 25,057,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 3,969,974,000 | 3,945,853,000 | |||
Financing Receivable, Allowance for Credit Loss | 37,122,000 | 27,873,000 | 20,340,000 | 16,359,000 | 14,766,000 |
Commercial Real Estate [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 164,265,000 | 699,336,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 690,076,000 | 562,992,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 526,063,000 | 621,113,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 611,317,000 | 565,928,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 509,264,000 | 441,220,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,198,213,000 | 873,687,000 | |||
Financing Receivable, Revolving | 59,709,000 | 52,276,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 1,637,000 | 19,986,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 3,760,544,000 | 3,836,538,000 | |||
Commercial Real Estate [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 6,889,000 | 1,824,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,718,000 | 305,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,889,000 | 7,019,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,249,000 | 3,360,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 37,070,000 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 27,729,000 | 3,426,000 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 109,544,000 | 15,934,000 | |||
Commercial Real Estate [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 47,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 933,000 | 10,698,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,263,000 | 9,320,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,465,000 | 36,229,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 39,988,000 | 20,278,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30,237,000 | 11,738,000 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 5,071,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 99,886,000 | 93,381,000 | |||
Commercial Real Estate [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 145,938,000 | 481,807,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 500,131,000 | 466,135,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 434,872,000 | 334,448,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 309,496,000 | 312,877,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 285,714,000 | 160,715,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 331,690,000 | 203,646,000 | |||
Financing Receivable, Revolving | 1,157,237,000 | 1,003,012,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 4,590,000 | 26,973,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 3,169,668,000 | 2,989,613,000 | |||
Financing Receivable, Allowance for Credit Loss | 45,570,000 | 31,054,000 | 30,292,000 | 34,545,000 | 34,658,000 |
Commercial Business [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 144,819,000 | 479,481,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 454,524,000 | 442,222,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 379,756,000 | 330,934,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 282,662,000 | 301,337,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 249,772,000 | 157,436,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 305,401,000 | 199,089,000 | |||
Financing Receivable, Revolving | 1,056,278,000 | 963,663,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 1,547,000 | 25,577,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 2,874,759,000 | 2,899,739,000 | |||
Commercial Business [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 1,119,000 | 2,241,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 44,237,000 | 6,673,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31,717,000 | 56,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,361,000 | 2,006,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,597,000 | 52,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,953,000 | 585,000 | |||
Financing Receivable, Revolving | 53,274,000 | 12,710,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 197,258,000 | 24,323,000 | |||
Commercial Business [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 85,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,370,000 | 17,240,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,399,000 | 3,458,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,473,000 | 9,534,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,345,000 | 3,227,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 11,336,000 | 3,972,000 | |||
Financing Receivable, Revolving | 47,685,000 | 26,639,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 3,043,000 | 1,396,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 97,651,000 | 65,551,000 | |||
Commercial Business [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Agriculture [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 24,539,000 | 115,000,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 124,096,000 | 63,532,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 54,850,000 | 77,891,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71,035,000 | 77,781,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73,602,000 | 35,138,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 90,482,000 | 62,616,000 | |||
Financing Receivable, Revolving | 306,342,000 | 316,989,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 9,545,000 | 16,424,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 754,491,000 | 765,371,000 | |||
Financing Receivable, Allowance for Credit Loss | 11,085,000 | 6,510,000 | 15,835,000 | 10,690,000 | 9,589,000 |
Agriculture [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 23,639,000 | 107,152,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 105,950,000 | 54,950,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 48,643,000 | 70,337,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 64,450,000 | 71,874,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 65,316,000 | 33,597,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 84,182,000 | 56,342,000 | |||
Financing Receivable, Revolving | 249,785,000 | 280,984,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 7,026,000 | 10,036,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 648,991,000 | 685,272,000 | |||
Agriculture [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 557,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 189,000 | 2,535,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 670,000 | 1,381,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 747,000 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,687,000 | 64,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 64,000 | 576,000 | |||
Financing Receivable, Revolving | 5,207,000 | 5,336,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 8,564,000 | 10,449,000 | |||
Agriculture [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 900,000 | 7,291,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 17,957,000 | 6,047,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,537,000 | 6,173,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,838,000 | 5,907,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,599,000 | 1,477,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,236,000 | 5,698,000 | |||
Financing Receivable, Revolving | 51,350,000 | 30,669,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 2,519,000 | 6,388,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 96,936,000 | 69,650,000 | |||
Agriculture [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 23,340,000 | 183,525,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 173,305,000 | 92,606,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 62,269,000 | 40,514,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,838,000 | 1,067,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,046,000 | 939,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,380,000 | 1,660,000 | |||
Financing Receivable, Revolving | 12,887,000 | 33,429,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 14,121,000 | 7,793,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 308,186,000 | 361,533,000 | |||
Financing Receivable, Allowance for Credit Loss | 8,845,000 | 6,821,000 | 8,571,000 | 11,965,000 | 14,395,000 |
Construction [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 23,340,000 | 183,525,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 173,088,000 | 91,342,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 61,777,000 | 40,514,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,838,000 | 1,067,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,046,000 | 939,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,322,000 | 1,601,000 | |||
Financing Receivable, Revolving | 12,846,000 | 33,388,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 14,121,000 | 7,793,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 307,378,000 | 360,169,000 | |||
Construction [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 1,264,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 492,000 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 41,000 | 41,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 533,000 | 1,305,000 | |||
Construction [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 217,000 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 58,000 | 59,000 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 275,000 | 59,000 | |||
Construction [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
One-to-Four Family Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 21,809,000 | 103,315,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 105,016,000 | 78,105,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 88,882,000 | 33,240,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 38,378,000 | 25,452,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,778,000 | 27,917,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 113,584,000 | 83,526,000 | |||
Financing Receivable, Revolving | 294,964,000 | 284,735,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 95,000 | 1,035,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 690,506,000 | 637,325,000 | |||
Financing Receivable, Allowance for Credit Loss | 17,659,000 | 11,672,000 | 7,435,000 | 8,311,000 | 8,024,000 |
One-to-Four Family Residential [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 21,809,000 | 103,315,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 104,274,000 | 77,877,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 88,655,000 | 32,440,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,480,000 | 25,052,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,379,000 | 27,294,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 110,624,000 | 80,370,000 | |||
Financing Receivable, Revolving | 294,074,000 | 283,830,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 80,000 | 554,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 684,375,000 | 630,732,000 | |||
One-to-Four Family Residential [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
One-to-Four Family Residential [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 742,000 | 228,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 227,000 | 800,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 898,000 | 400,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 399,000 | 623,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,960,000 | 3,156,000 | |||
Financing Receivable, Revolving | 890,000 | 905,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 15,000 | 481,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 6,131,000 | 6,593,000 | |||
One-to-Four Family Residential [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Consumer Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 2,885,000 | 9,276,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,782,000 | 5,713,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,469,000 | 1,975,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,669,000 | 758,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 538,000 | 848,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,932,000 | 1,314,000 | |||
Financing Receivable, Revolving | 22,779,000 | 23,378,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 442,000 | 508,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 40,496,000 | 43,770,000 | |||
Financing Receivable, Allowance for Credit Loss | 1,644,000 | $ 1,661,000 | 883,000 | $ 823,000 | $ 787,000 |
Consumer Loan [Member] | Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 2,885,000 | 9,276,000 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,782,000 | 5,713,000 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,469,000 | 1,974,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,669,000 | 758,000 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 538,000 | 848,000 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,863,000 | 1,306,000 | |||
Financing Receivable, Revolving | 22,747,000 | 23,351,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 442,000 | 508,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 40,395,000 | 43,734,000 | |||
Consumer Loan [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Consumer Loan [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 1,000 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 69,000 | 8,000 | |||
Financing Receivable, Revolving | 32,000 | 27,000 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 101,000 | 36,000 | |||
Consumer Loan [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
Other Real Estate Owned (Summar
Other Real Estate Owned (Summary of Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Real Estate Owned [Line Items] | ||
Balance, beginning of period | $ 552 | $ 6,019 |
Transfers in | 0 | 386 |
Valuation adjustments | 0 | (195) |
Proceeds from Sale of OREO Property | 42 | 121 |
Loss on sale of OREO, net | 0 | (14) |
Total OREO, end of period | 510 | $ 6,075 |
Mortgage Loans in Process of Foreclosure, Amount | 330 | |
One-to-Four Family Residential [Member] | ||
Other Real Estate Owned [Line Items] | ||
Total OREO, end of period | $ 311 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets [Roll Forward] | ||||
Total goodwill, beginning of period | $ 765,842 | |||
Total goodwill, end of period | 765,842 | $ 765,842 | ||
CDI current period amortization | (2,310) | (2,748) | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 919 | 919 | ||
Other intangible assets, net | 33,148 | 43,189 | $ 35,458 | |
Total goodwill and intangible assets, end of period | $ 798,990 | 809,031 | ||
Core Deposits [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Estimated life of CDI, in years | 10 years | |||
Goodwill and Intangible Assets [Roll Forward] | ||||
Gross core deposit intangible balance, beginning of period | 105,473 | $ 105,473 | ||
Accumulated amortization at beginning of period | $ (70,934) | $ (60,455) | ||
Core deposit intangible, net, beginning of period | $ 34,539 | 45,018 | ||
CDI current period amortization | (2,310) | (2,748) | ||
Total core deposit intangible, end of period | $ 32,229 | $ 42,270 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Estimated Future Amortization Expense of Core Deposit Intangibles) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Future Amortization Expense For Core Deposit Intangibles | |
2020 | $ 6,414 |
2021 | 7,264 |
2022 | 5,880 |
2023 | 4,552 |
2024 | $ 3,432 |
Revolving Line of Credit (Detai
Revolving Line of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 5,000 | $ 0 |
Derivatives and Balance Sheet_3
Derivatives and Balance Sheet Offsetting (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | $ 29,252,000 | ||
Secured Borrowings, Gross, Difference, Amount | 0 | ||
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 29,252,000 | ||
Maturity Overnight [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 29,252,000 | ||
Maturity Less than 30 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 0 | ||
Maturity 30 to 90 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 0 | ||
Maturity Greater than 90 Days [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Derivative [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 475,600,000 | $ 428,600,000 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | $ 0 | |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Fair value of asset derivative instruments | 49,775,000 | 19,144,000 | |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Fair value of liability derivative instruments | 49,777,000 | 19,145,000 | |
Designated as Hedging Instrument [Member] | Interest rate collar [Domain] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 500,000,000 | ||
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate collar [Domain] | |||
Derivative [Line Items] | |||
Fair value of asset derivative instruments | 37,209,000 | 14,727,000 | |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate collar [Domain] | |||
Derivative [Line Items] | |||
Fair value of liability derivative instruments | $ 0 | $ 0 |
Derivatives and Balance Sheet_4
Derivatives and Balance Sheet Offsetting Balance Sheet Offsetting (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Balance Sheet Offsetting [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 9,700,000 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 23,423,000 | $ 6,268,000 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 940,000 | 0 | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 29,252,000 | ||
Repurchase agreements, amounts offset in balance sheet | 0 | $ 0 | |
Repurchase agreements, net amount presented in statement of financial position | 29,252,000 | 64,437,000 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | (29,252,000) | (64,437,000) | |
Securities sold under agreements to repurchase, amount not offset | 0 | 0 | |
Interest Rate Contracts [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Derivative Assets, Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Derivative Asset | 49,775,000 | 19,144,000 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 49,775,000 | 19,144,000 | |
Derivative Liability, Gross Amounts Offset in Balance Sheets | 0 | 0 | |
Derivative Liability | 49,777,000 | 19,145,000 | |
Derivative, Collateral, Right to Reclaim Cash | 49,777,000 | 19,145,000 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |
Interest rate collar [Domain] | |||
Balance Sheet Offsetting [Line Items] | |||
Derivative Assets, Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Derivative Asset | 37,209,000 | 14,727,000 | |
Derivative, Collateral, Obligation to Return Cash | (37,209,000) | (14,727,000) | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |
Available-for-sale Securities [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Securities Sold under Agreements to Repurchase, Gross | 29,252,000 | 64,437,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | $ 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Other Assets [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Fair value of asset derivative instruments | 49,775,000 | 19,144,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Other Liabilities [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Fair value of liability derivative instruments | 49,777,000 | 19,145,000 | |
Designated as Hedging Instrument [Member] | Interest rate collar [Domain] | Other Assets [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Fair value of asset derivative instruments | 37,209,000 | 14,727,000 | |
Designated as Hedging Instrument [Member] | Interest rate collar [Domain] | Other Liabilities [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Fair value of liability derivative instruments | 0 | $ 0 | |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 29,252,000 | ||
Maturity Overnight [Member] | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | |||
Balance Sheet Offsetting [Line Items] | |||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | $ 29,252,000 |
Commitments and contingent li_2
Commitments and contingent liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 2,530,000 | $ 2,670,000 |
Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 25,700 | 25,700 |
Commercial Letter of Credit and other off-balance sheet liabilities [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 93 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - $ / shares | Apr. 30, 2020 | Jan. 23, 2020 |
Subsequent Event [Line Items] | ||
Common Stock, Special Cash Dividends, Per Share, Declared | $ 0.22 | |
Declared quarterly cash dividend | $ 0.28 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declared quarterly cash dividend | $ 0.28 |
Shareholders' Equity Share repu
Shareholders' Equity Share repurchase (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Apr. 30, 2020 | Jan. 23, 2020 | Mar. 31, 2020 |
Class of Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 100 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.28 | ||
Treasury Stock, Shares, Acquired | 731 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 27.36 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 717 | ||
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ 40,367 | $ (35,305) | |||
Other comprehensive income before reclassifications | [1] | 97,673 | 36,873 | ||
Amounts reclassified from accumulated other comprehensive income (2) | [1] | (833) | 1,478 | ||
Net current-period other comprehensive income | [1] | 96,840 | 38,351 | ||
Ending balance | 137,207 | 3,046 | |||
Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 33,038 | (33,128) | |||
Other comprehensive income before reclassifications | [1] | 79,696 | 32,063 | ||
Amounts reclassified from accumulated other comprehensive income (2) | (191) | [2] | 1,417 | [1] | |
Net current-period other comprehensive income | [1] | 79,505 | 33,480 | ||
Ending balance | 112,543 | 352 | |||
Unrealized Gains and Losses on Pension Plan Liability [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (3,974) | (2,177) | |||
Other comprehensive income before reclassifications | [1] | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (2) | [1] | 80 | 61 | ||
Net current-period other comprehensive income | [1] | 80 | 61 | ||
Ending balance | (3,894) | (2,116) | |||
Unrealized gains and losses on cash flow hedge | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 11,303 | 0 | |||
Other comprehensive income before reclassifications | [1] | 17,977 | 4,810 | ||
Amounts reclassified from accumulated other comprehensive income (2) | [2] | (722) | 0 | ||
Net current-period other comprehensive income | [1] | 17,255 | 4,810 | ||
Ending balance | $ 28,558 | $ 4,810 | |||
[1] | All amounts are net of tax. Amounts in parenthesis indicate debits. | ||||
[2] | See following table for details about these reclassifications. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities gains, net | $ 249 | $ 1,847 |
Total before tax | 17,858 | 56,656 |
Income tax provision | (3,230) | (10,785) |
Compensation and employee benefits | 54,842 | 52,085 |
Net income | 14,628 | 45,871 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities gains, net | 249 | (1,847) |
Total before tax | 249 | (1,847) |
Income tax provision | (58) | 430 |
Net income | 191 | (1,417) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Pension Plan Liability [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (104) | (80) |
Income tax provision | 24 | 19 |
Compensation and employee benefits | (104) | (80) |
Net income | (80) | (61) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized gains and losses from hedging instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 940 | 0 |
Income tax provision | (218) | 0 |
Net income | 722 | 0 |
Interest income | $ 940 | $ 0 |
Fair Value Accounting and Mea_3
Fair Value Accounting and Measurement (Financial Assets And Liabilities Accounted for Fair Value On Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 3,553,128 | $ 3,746,142 |
Other assets (Interest rate contracts) | 49,775 | 19,144 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 37,209 | 14,727 |
Other liabilities (Interest rate contracts) | 49,777 | 19,145 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Other assets (Interest rate contracts) | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Other liabilities (Interest rate contracts) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 3,553,128 | 3,746,142 |
Other assets (Interest rate contracts) | 49,775 | 19,144 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 37,209 | 14,727 |
Other liabilities (Interest rate contracts) | 49,777 | 19,145 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Other assets (Interest rate contracts) | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Other liabilities (Interest rate contracts) | 0 | 0 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 2,766,137 | 2,892,950 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 2,766,137 | 2,892,950 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 203,512 | 196,050 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 203,512 | 196,050 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 448,060 | 488,802 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 448,060 | 488,802 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
U.S. Government Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 135,419 | 168,340 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 135,419 | 168,340 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value Accounting and Mea_4
Fair Value Accounting and Measurement (Financial Assets Accounted For Fair Value On Nonrecurring Basis) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | $ 3,043 | $ 3,840 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 5,138 | 2,792 |
Other Real Estate Owned, Fair Value Disclosure | 530 | |
Assets, Fair Value Disclosure | 3,043 | 4,370 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 0 | 0 |
Other Real Estate Owned, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 0 | 0 |
Other Real Estate Owned, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 3,043 | 3,840 |
Other Real Estate Owned, Fair Value Disclosure | 530 | |
Assets, Fair Value Disclosure | 3,043 | 4,370 |
Collateral dependent loans [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 5,138 | 2,597 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 195 |
Fair Value Accounting and Mea_5
Fair Value Accounting and Measurement (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans, Fair Value | $ 3,043 | $ 3,840 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans, Fair Value | $ 3,043 | $ 3,840 |
Valuation, Market Approach [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans, Measurement Input | 0 | 0 |
Valuation, Market Approach [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans, Measurement Input | 1 | 1 |
Valuation, Market Approach [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Collateral dependent loans, Measurement Input | 0.5978 | 0.4453 |
Fair Value Accounting and Mea_6
Fair Value Accounting and Measurement (Carrying Amounts and Estimated Fair Values of Selected Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Interest-earning deposits with banks | $ 25,357 | $ 24,132 |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 190,399 | 223,541 |
Interest-earning deposits with banks | 25,357 | 24,132 |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 |
FHLB stock | 38,280 | 48,120 |
Loans held for sale | 9,701 | 17,718 |
Loans | 8,998,063 | 8,883,865 |
Interest rate contracts | 49,775 | 19,144 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 37,209 | 14,727 |
Liabilities | ||
Deposits | 353,578 | 397,736 |
FHLB advances and FRB borrowings | 714,022 | |
FHLB advances | 952,762 | |
Repurchase agreements | 29,252 | 64,437 |
Subordinated Debt Obligations, Fair Value Disclosure | 35,309 | 35,491 |
Revolving line of credit | 5,005 | |
Interest rate contracts | 49,777 | 19,145 |
Reported Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 190,399 | 223,541 |
Interest-earning deposits with banks | 25,357 | 24,132 |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 |
FHLB stock | 38,280 | 48,120 |
Loans held for sale | 9,701 | 17,718 |
Loans | 8,811,247 | 8,659,497 |
Interest rate contracts | 49,775 | 19,144 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 37,209 | 14,727 |
Liabilities | ||
Deposits | 353,536 | 400,070 |
FHLB advances and FRB borrowings | 712,455 | |
FHLB advances | 953,469 | |
Repurchase agreements | 29,252 | 64,437 |
Subordinated Debt Obligations, Fair Value Disclosure | 35,231 | 35,277 |
Revolving line of credit | 5,000 | |
Interest rate contracts | 49,777 | 19,145 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 190,399 | 223,541 |
Interest-earning deposits with banks | 25,357 | 24,132 |
Debt securities available for sale at fair value | 0 | 0 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Interest rate contracts | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
FHLB advances and FRB borrowings | 0 | |
FHLB advances | 0 | |
Repurchase agreements | 0 | 0 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
Revolving line of credit | 0 | |
Interest rate contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Debt securities available for sale at fair value | 3,553,128 | 3,746,142 |
FHLB stock | 38,280 | 48,120 |
Loans held for sale | 9,701 | 17,718 |
Loans | 0 | 0 |
Interest rate contracts | 49,775 | 19,144 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 37,209 | 14,727 |
Liabilities | ||
Deposits | 353,578 | 397,736 |
FHLB advances and FRB borrowings | 714,022 | |
FHLB advances | 952,762 | |
Repurchase agreements | 29,252 | 64,437 |
Subordinated Debt Obligations, Fair Value Disclosure | 35,309 | 35,491 |
Revolving line of credit | 5,005 | |
Interest rate contracts | 49,777 | 19,145 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Debt securities available for sale at fair value | 0 | 0 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 8,998,063 | 8,883,865 |
Interest rate contracts | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
FHLB advances and FRB borrowings | 0 | |
FHLB advances | 0 | |
Repurchase agreements | 0 | 0 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
Revolving line of credit | 0 | |
Interest rate contracts | $ 0 | $ 0 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income | $ 14,628 | $ 45,871 |
Earnings allocated to participating securities - nonvested restricted shares | 249 | 456 |
Earnings allocated to common shareholders, Basic | $ 14,379 | $ 45,415 |
Weighted average common shares outstanding | 71,206 | 72,521 |
Basic earnings per common share | $ 0.20 | $ 0.63 |
Earnings allocated to common shareholders, Diluted | $ 14,379 | $ 45,415 |
Dilutive effect of equity awards and warrants | 58 | 3 |
Weighted average diluted common shares outstanding | 71,264 | 72,524 |
Diluted earnings per common share | $ 0.20 | $ 0.63 |
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive. | 6 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Deposit account and treasury management fees | $ 7,788 | $ 8,980 |
Card revenue | 3,518 | 3,662 |
Financial services and trust revenue | 3,065 | 2,957 |
Revenue from contracts with customers | 14,371 | 15,599 |
Noninterest income, excluding revenue from contracts with customers | 6,836 | 6,097 |
Noninterest Income | $ 21,207 | $ 21,696 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | ||
Visa Class B shares, remaining shares | 95,043 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Visa Class B shares, shares sold | 17,360 | |
Visa Class B shares, gain on sale | $ 3 | |
Visa Class B shares, remaining shares | 77,683 | |
Visa Class B shares, Fair Value of remaining shares | $ 13.4 | |
Visa Class B shares, total gain including sale and write up | $ 16.4 |