Document
Document - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-20288 | |
Entity Registrant Name | COLUMBIA BANKING SYSTEM, INC. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-1422237 | |
Entity Address, Address Line One | 1301 A Street | |
Entity Address, City or Town | Tacoma | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98402-2156 | |
City Area Code | 253 | |
Local Phone Number | 305-1900 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | COLB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,731,554 | |
Entity Central Index Key | 0000887343 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 178,096 | $ 218,899 |
Interest-earning deposits with banks | 706,389 | 434,867 |
Total cash and cash equivalents | 884,485 | 653,766 |
Debt securities available for sale at fair value | 5,496,290 | 5,210,134 |
Equity Securities | 13,425 | 13,425 |
FHLB stock at cost | 10,280 | 10,280 |
Loans held for sale | 26,176 | 26,481 |
Loans, net of unearned income | 9,676,318 | 9,427,660 |
Less: Allowance for credit losses | 148,294 | 149,140 |
Loans, net | 9,528,024 | 9,278,520 |
Interest receivable | 52,667 | 54,831 |
Premises and equipment, net | 160,179 | 162,059 |
OREO | 521 | 553 |
Goodwill | 765,842 | 765,842 |
Other intangible assets, net | 24,810 | 26,734 |
Other assets | 372,417 | 382,154 |
Total assets | 17,335,116 | 16,584,779 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 7,424,472 | 6,913,214 |
Interest-bearing | 7,342,994 | 6,956,648 |
Total deposits | 14,767,466 | 13,869,862 |
FHLB advances | 7,400 | 7,414 |
Securities sold under agreements to repurchase | 38,624 | 73,859 |
Subordinated debentures | 35,046 | 35,092 |
Other liabilities | 211,517 | 250,945 |
Total liabilities | $ 15,060,053 | $ 14,237,172 |
Shareholders' equity: | ||
Preferred Stock, Authorized shares | 2,000 | 2,000 |
Common Stock Authorized shares | 115,000 | 115,000 |
Common Stock Shares Issued | 73,923 | 73,782 |
Common Stock Issued value | $ 1,661,129 | $ 1,660,998 |
Common Stock, Shares, Outstanding | 71,739 | 71,598 |
Retained earnings | $ 607,040 | $ 575,248 |
Accumulated other comprehensive income | $ 77,728 | $ 182,195 |
Treasury Stock, Shares | 2,184 | 2,184 |
Treasury Stock, Value | $ (70,834) | $ (70,834) |
Total shareholders’ equity | 2,275,063 | 2,347,607 |
Total liabilities and shareholders’ equity | $ 17,335,116 | $ 16,584,779 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Amortized Cost | $ 5,417,373 | $ 4,997,529 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Common 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, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Loans | $ 100,315 | $ 107,366 |
Taxable securities | 22,816 | 21,088 |
Tax-exempt securities | 2,759 | 2,302 |
Deposits in banks | 152 | 141 |
Total interest income | 126,042 | 130,897 |
Interest Expense | ||
Deposits | 1,485 | 3,642 |
FHLB advances and FRB borrowings | 72 | 4,229 |
Subordinated debentures | 468 | 468 |
Other borrowings | 23 | 136 |
Total interest expense | 2,048 | 8,475 |
Net Interest Income | 123,994 | 122,422 |
Provision (recapture) for credit losses | (800) | 41,500 |
Net interest income after provision (recapture) for credit losses | 124,794 | 80,922 |
Noninterest Income | ||
Deposit account and treasury management fees | 6,358 | 7,788 |
Card revenue | 3,733 | 3,518 |
Financial services and trust revenue | 3,381 | 3,065 |
Loan revenue | 7,369 | 4,590 |
Bank owned life insurance | 1,560 | 1,596 |
Investment securities gains, net | 0 | 249 |
Other | 765 | 401 |
Total noninterest income | 23,166 | 21,207 |
Noninterest Expense | ||
Compensation and employee benefits | 51,736 | 54,842 |
Occupancy | 9,006 | 9,197 |
Data processing and software | 8,451 | 7,099 |
Legal and professional fees | 2,815 | 2,102 |
Amortization of intangibles | 1,924 | 2,310 |
B&O taxes | 1,259 | 624 |
Advertising and promotion | 760 | 1,305 |
Regulatory premiums | 1,105 | 34 |
Net cost (benefit) of operation of OREO | (63) | 12 |
Other | 6,566 | 6,746 |
Total noninterest expense | 83,559 | 84,271 |
Income before income taxes | 64,401 | 17,858 |
Income tax provision | 12,548 | 3,230 |
Net Income | $ 51,853 | $ 14,628 |
Earnings per common share | ||
Basic | $ 0.73 | $ 0.20 |
Diluted | $ 0.73 | $ 0.20 |
Weighted average number of common shares outstanding | 70,869 | 71,206 |
Weighted average number of diluted common shares outstanding | 71,109 | 71,264 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income | $ 51,853 | $ 14,628 |
Unrealized gain from securities | ||
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax | (102,605) | 79,696 |
Reclassification adjustment of net gain from sale of available for sale debt securities included in income, net of tax | 0 | (191) |
Net unrealized gain from securities, net of reclassification adjustment | (102,605) | 79,505 |
Pension plan liability adjustment: | ||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax | 115 | 80 |
Pension plan liability adjustment, net | 115 | 80 |
Unrealized gain from cash flow hedging instruments | ||
Net unrealized gain (loss) in cash flow hedging instruments arising during the period, net of tax | 0 | 17,977 |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax | 1,977 | 722 |
Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment | (1,977) | 17,255 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (104,467) | 96,840 |
Total comprehensive income | $ (52,614) | $ 111,468 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net unrealized holding gain (loss) from available for sale securities arising during the period, tax | $ 31,082 | $ (24,143) |
Reclassification adjustment of net gain from sale of available for sale securities included in income, tax | 0 | 58 |
Less: amortization of unrecognized net actuarial loss included in net periodic pension cost, tax | (35) | (24) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 0 | (5,446) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 599 | $ 218 |
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 | 72,124 | ||||
Adjustment to opening retained earnings, net of tax, pursuant to adoption of ASU | Accounting Standards Update 2016-13 [Member] | $ (2,457) | ||||
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 - employee stock purchase plan, shares | 26 | ||||
Issuance of common stock - employee stock purchase plan, value | $ 945 | $ 945 | |||
Activity in Deferred Compensation Plan, shares | 0 | ||||
Activity in Deferred Compensation Plan, value | $ 3 | $ 3 | |||
Issuance of common stock - RSAs and RSUs, net of canceled awards, shares | 222 | ||||
Issuance of common stock - RSAs and RSUs, 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) | ||||
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 | ||||
Shares, Outstanding | 71,598 | ||||
Balance, value at Dec. 31, 2020 | 2,347,607 | $ 1,660,998 | 575,248 | 182,195 | (70,834) |
Net income | 51,853 | 51,853 | |||
Other comprehensive income (loss) | (104,467) | (104,467) | |||
Issuance of common stock - employee stock purchase plan, shares | 41 | ||||
Issuance of common stock - employee stock purchase plan, value | 1,098 | $ 1,098 | |||
Issuance of common stock - RSAs and RSUs, net of canceled awards, shares | 188 | ||||
Issuance of common stock - RSAs and RSUs, net of canceled awards, value | 3,028 | $ 3,028 | |||
Purchase and retirement of common stock, shares | 88 | ||||
Purchase and retirement of common stock, value | (3,995) | $ (3,995) | |||
Cash dividends declared on common stock | (20,061) | (20,061) | |||
Balance, value at Mar. 31, 2021 | $ 2,275,063 | $ 1,661,129 | $ 607,040 | $ 77,728 | $ (70,834) |
Shares, Outstanding | 71,739 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends declared on common stock, per share | $ 0.28 | $ 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities | ||
Net income | $ 51,853 | $ 14,628 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision (recapture) for credit losses | (800) | 41,500 |
Stock-based compensation expense | 3,028 | 2,172 |
Depreciation, amortization and accretion | 1,433 | 13,151 |
Investment securities gain, net | 0 | 249 |
Net realized (gain) loss on sale of premises and equipment, loans held for investment and OPPO | (6) | 25 |
Net realized gain on sale and valuation adjustments of OREO | 100 | 0 |
Gain on bank owned life insurance death benefit | 209 | 0 |
Originations of loans held for sale | 107,104 | 58,199 |
Proceeds from sales of loans held for sale | 107,320 | 66,216 |
Increase (Decrease) in Mortgage Loans Held-for-sale | 89 | 0 |
Net change in: | ||
Interest receivable | 2,164 | 2,262 |
Interest payable | 494 | 2,325 |
Other assets | 11,525 | (63,141) |
Other liabilities | (10,627) | 44,725 |
Net cash provided by operating activities | 59,072 | 65,365 |
Cash Flows From Financing Activities | ||
Loans originated, net of principal collected | (164,856) | (197,362) |
Purchases of debt securities available for sale | (608,854) | (37,472) |
Purchases of loans held for investment | 74,383 | 0 |
Purchases of premises and equipment | (805) | (1,650) |
Purchases of FHLB stock | 0 | (51,240) |
Proceeds from sale of debt securities, available-for-sale | 0 | 194,105 |
Proceeds from principal repayments and maturities of debt securities available for sale | 180,380 | 134,641 |
Proceeds from sales of premises and equipment | 0 | 31 |
Proceeds from redemption of Federal Home Loan Bank stock | 0 | 61,080 |
Proceeds from sales of other real estate and other personal property owned | 132 | 50 |
Proceeds from bank owned life insurance death benefit | 671 | 1,050 |
Net cash provided by (used in) investing activities | (667,715) | 103,233 |
Cash Flows From Financing Activities | ||
Net increase in deposits | 897,604 | 128,059 |
Net decrease in sweep repurchase agreements | (35,235) | (35,185) |
Proceeds from FHLB advances | 0 | 1,281,000 |
Proceeds from FRB borrowings | 0 | 182,010 |
Proceeds from other borrowings | 0 | 5,000 |
Proceeds from exercise of stock options and employee stock purchase plan | 1,098 | 945 |
Repayment of FHLB advances | 0 | (1,527,000) |
Repayment of FRB borrowings | 0 | 177,010 |
Payments for common stock dividends | (20,110) | (35,860) |
Purchase of treasury stock | 0 | (20,000) |
Purchase and retirement of common stock | 3,995 | 2,474 |
Net cash provided by (used in) financing activities | 839,362 | (200,515) |
Increase (decrease) in cash and cash equivalents | 230,719 | (31,917) |
Cash and cash equivalents at beginning of period | 653,766 | 247,673 |
Cash and cash equivalents at end of period | 884,485 | 215,756 |
Supplemental Information: | ||
Cash paid for interest | 1,553 | 6,150 |
Income Taxes Paid, Net | (1) | 12 |
Non-cash investing and financing activities | ||
Premises and equipment expenditures incurred but not yet paid | 43 | 238 |
Change in dividends payable on unvested shares included in other liabilities | $ (49) | $ 157 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 are not necessarily indicative of results to be anticipated for the year ending December 31, 2021. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2020 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 2020 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2020 Form 10-K disclosure for the year ended December 31, 2020. Reclassifications Certain amounts reported in prior periods have been reclassified in the Consolidated Financial Statements to conform to the current presentation. Specifically, amounts related to software expense, which have historically been included in “Other” noninterest expense, have been combined with data processing expense in the row titled “Data processing and software” in the Consolidated Statements of Income. The reclassifications have no effect on net income or shareholders’ equity as previously reported. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Adopted or Issued | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements Recently Adopted or Issued | Accounting Pronouncements Recently Adopted or Issued Accounting Standards Adopted in 2021 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 did not 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 did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Standards, Not Yet Adopted In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) - Scope. The amendments in this ASU clarify that certain optional expedients and exceptions for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Certain provisions, if elected, apply to derivative instruments that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform. Amendments in this ASU to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The ASU is effective for interim and annual reporting periods beginning on January 7, 2021. 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, 2021 | |
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, 2021 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 4,040,359 $ 109,063 $ (45,203) $ — $ 4,104,219 Other asset-backed securities 359,259 5,216 (5,656) — 358,819 State and municipal securities 739,570 18,080 (6,365) — 751,285 U.S. government agency and government-sponsored enterprise securities 278,185 5,349 (1,567) — 281,967 Total $ 5,417,373 $ 137,708 $ (58,791) $ — $ 5,496,290 December 31, 2020 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,640,351 $ 178,579 $ (4,543) $ — $ 3,814,387 Other asset-backed securities 349,904 9,651 (2,076) — 357,479 State and municipal securities 729,066 25,098 (592) — 753,572 U.S. government agency and government-sponsored enterprise securities 278,208 6,545 (57) — 284,696 Total $ 4,997,529 $ 219,873 $ (7,268) $ — $ 5,210,134 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, 2021 and 2020. 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, 2021 and December 31, 2020, accrued interest receivable for securities was $17.4 million and $17.1 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable. The following table provides the proceeds and both gross realized gains and losses on sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Proceeds from sales of debt securities available for sale $ — $ 194,105 Gross realized gains from sales of debt securities available for sale $ — $ 435 Gross realized losses from sales of debt securities available for sale — (186) Other securities gains — — Investment securities gains, net $ — $ 249 There were no gains or losses recognized on equity securities during the three month periods ended March 31, 2021 and 2020. The scheduled contractual maturities of debt securities available for sale at the period presented below are as follows: March 31, 2021 Amortized Cost Fair Value (in thousands) Due within one year $ 81,385 $ 81,986 Due after one year through five years 737,066 765,090 Due after five years through ten years 2,457,820 2,507,546 Due after ten years 2,141,102 2,141,668 Total debt securities available for sale $ 5,417,373 $ 5,496,290 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, 2021 (in thousands) To secure public funds $ 477,970 To secure borrowings 109,650 Other securities pledged 217,055 Total securities pledged as collateral $ 804,675 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 as of the dates presented: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2021 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 1,661,107 $ (44,484) $ 16,463 $ (719) $ 1,677,570 $ (45,203) Other asset-backed securities 183,636 (5,656) 69 — 183,705 (5,656) State and municipal securities 311,953 (6,365) — — 311,953 (6,365) U.S. government agency and government-sponsored enterprise securities 149,483 (1,567) — — 149,483 (1,567) Total $ 2,306,179 $ (58,072) $ 16,532 $ (719) $ 2,322,711 $ (58,791) December 31, 2020 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 575,329 $ (3,728) $ 18,527 $ (815) $ 593,856 $ (4,543) Other asset-backed securities 143,764 (2,076) 70 — 143,834 (2,076) State and municipal securities 86,471 (592) — — 86,471 (592) U.S. government agency and government-sponsored enterprise securities 74,943 (57) — — 74,943 (57) Total $ 880,507 $ (6,453) $ 18,597 $ (815) $ 899,104 $ (7,268) At March 31, 2021, there were 144 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, 2021. At March 31, 2021, there were 16 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, 2021. At March 31, 2021, there were 89 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, 2021, 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, 2021. At March 31, 2021, there were eight U.S. government 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, 2021. Equity Securities without Readily Determinable Fair Values 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. During the second quarter of 2020, the Company sold 17,360 shares of Visa Class B restricted stock, which resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining Visa Class B restricted shares upward to this observable market price. At March 31, 2021, the Company owned 77,683 Visa Class B shares, which had a carrying value of $13.4 million. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 (dollars in thousands) Commercial loans: Commercial real estate $ 4,081,915 $ 4,062,313 Commercial business 3,792,813 3,597,968 Agriculture 751,800 779,627 Construction 282,534 268,663 Consumer loans: One-to-four family residential real estate 735,314 683,570 Other consumer 31,942 35,519 Total loans 9,676,318 9,427,660 Less: Allowance for credit losses (148,294) (149,140) Total loans, net $ 9,528,024 $ 9,278,520 At March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, $3.49 billion and $3.46 billion of commercial and residential real estate loans were pledged as collateral on FHLB advances and additional borrowing capacity. The Company has also pledged $200.1 million and $200.4 million of commercial loans to the FRB for additional borrowing capacity at March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, accrued interest receivable for loans was $35.2 million and $37.8 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 at the dates presented: Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans March 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 4,067,718 $ 880 $ 6,000 $ — $ 6,880 $ 7,317 $ 4,081,915 Commercial business 3,778,955 109 198 — 307 13,551 3,792,813 Agriculture 739,599 1,060 512 — 1,572 10,629 751,800 Construction 282,343 — — — — 191 282,534 Consumer loans: One-to-four family residential real estate 728,053 5,462 48 — 5,510 1,751 735,314 Other consumer 31,758 27 15 — 42 142 31,942 Total $ 9,628,426 $ 7,538 $ 6,773 $ — $ 14,311 $ 33,581 $ 9,676,318 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 4,037,309 $ 17,292 $ — — $ 17,292 $ 7,712 $ 4,062,313 Commercial business 3,578,905 1,282 4,559 — 5,841 13,222 3,597,968 Agriculture 767,102 911 — — 911 11,614 779,627 Construction 268,304 — 142 — 142 217 268,663 Consumer loans: One-to-four family residential real estate 677,627 2,283 1,659 — 3,942 2,001 683,570 Other consumer 35,450 24 5 — 29 40 35,519 Total $ 9,364,697 $ 21,792 $ 6,365 $ — $ 28,157 $ 34,806 $ 9,427,660 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. In addition, the risk rating on loans modified in association with the CARES Act or Interagency guidance did not change. These loans are not considered past due until after the deferral period is over and scheduled payments resume. Accrued interest on these COVID-19 modified loans is due, in full, when the deferral period ends. The credit quality of these loans will be reevaluated after the deferral period ends. 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. The following table summarizes written-off interest on nonaccrual loans for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Commercial loans $ 211 $ 783 Consumer loans 7 5 Total $ 218 $ 788 The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL for the periods indicated: March 31, 2021 December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 6,336 $ 6,393 Commercial business 8,682 6,382 Agriculture 8,379 8,136 Total $ 23,397 $ 20,911 The following is an analysis of loans classified as TDR for the periods indicated: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial real estate 1 $ 628 $ 628 — $ — $ — Commercial business 7 843 843 2 272 272 Agriculture — — — 1 895 895 Consumer loans: One-to-four family residential real estate 2 140 140 1 68 68 Total 10 $ 1,611 $ 1,611 4 $ 1,235 $ 1,235 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 $672 thousand of additional funds on loans classified as TDR as of March 31, 2021. The Company had $651 thousand of such commitments at December 31, 2020. The Company had no loans classified as TDR that defaulted within 12 months of being classified as TDR during the three months ended March 31, 2021 and 2020. Financial institutions are required to maintain records of the volume of loans involved in modifications to which troubled debt restructuring relief is applicable . At March 31, 2021, the Company had 20 short–term deferments on $71.4 million of loans, gross of unearned income . These short–term deferments are not classified as TDR’s and will not be reported as past due provided that they are performing in accordance with the modified terms. The Company offered PPP loans to provide financial support to small and medium-size businesses to cover payroll and certain other expenses during the COVID-19 pandemic. The PPP was established by the CARES Act and is implemented by the U.S. SBA with support from the U.S. Department of Treasury. The program, which was amended by the Paycheck Protection Flexibility Act of 2020, provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits, as well as interest on mortgages, rent and utilities. Funds are provided to small businesses in the form of loans that will be fully forgiven when used for permitted purposes and when at least 60% of the funds are used for payroll costs and applicable employment levels are maintained in accordance with the requirements of the amended PPP. At March 31, 2021, we had $894.1 million of PPP loans outstanding, which are included in commercial business loans. |
Allowance for Credit Losses and
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit | 3 Months Ended |
Mar. 31, 2021 | |
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 uncollectible 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, 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 multi-factor models utilize a mix of 15 macroeconomic factors, including the four most commonly used factors: Real GDP, National Unemployment Rate, Disposable Personal Income and Private Inventories. The Consumer segment multi-factor models utilize a mix of three macroeconomic factors: National Unemployment Rate, Home Price Index and Disposable Income. The Company utilizes an 18 month reasonable and supportable forecast for the macroeconomic factors, after which the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s 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 periods indicated: Beginning Balance Charge-offs Recoveries Provision Ending Balance Three Months Ended March 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 68,934 $ — $ 36 $ (11,920) $ 57,050 Commercial business 45,250 (3,339) 3,214 13,280 58,405 Agriculture 9,052 — 12 423 9,487 Construction 7,636 — 46 (1,131) 6,551 Consumer loans: One-to-four family residential real estate 16,875 — 51 (1,288) 15,638 Other consumer 1,393 (127) 61 (164) 1,163 Total $ 149,140 $ (3,466) $ 3,420 $ (800) $ 148,294 Beginning Balance Impact of Adopting ASC 326 Charge-offs Recoveries Provision Ending Balance Three Months Ended March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ (101) $ 14 $ 9,336 $ 37,122 Commercial business 30,292 762 (1,684) 860 15,340 45,570 Agriculture 15,835 (9,325) (4,726) 41 9,260 11,085 Construction 8,571 (1,750) — 442 1,582 8,845 Consumer loans: One-to-four family residential real estate 7,435 4,237 (10) 282 5,715 17,659 Other consumer 883 778 (268) 124 127 1,644 Unallocated 612 (603) — — 140 149 Total $ 83,968 $ 1,632 $ (6,789) $ 1,763 $ 41,500 $ 122,074 The $846 thousand decrease in the ACL at March 31, 2021 compared to the ACL at December 31, 2020 was primarily due to a slight improvement in the economic outlook, which remains impacted by the COVID-19 pandemic and its impact on our borrowers. Specifically regarding the forecast used in the March 31, 2021 estimate, management expects the forecasted national unemployment rate to be above the pre-pandemic levels through the forecast period due to pandemic-related effects and shifting workforce requirements. Additionally, the commercial real estate index decline is expected to continue through 2021, the home price index is projected to moderate over the forecast period and Real GDP is projected to rise above average for the remainder of the year. The models used for calculating the ACL are sensitive to changes in these and other economic factors, which could result in volatility as these assumptions change over time. The ACL at March 31, 2021 does not include a reserve for the PPP loans as these loans are fully guaranteed by the SBA. 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, 2021 2020 (in thousands) Beginning balance $ 8,300 $ 3,430 Impact of adopting ASC 326 — 1,570 Net changes in the allowance for unfunded commitments and letters of credit 1,500 1,000 Ending balance $ 9,800 $ 6,000 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 uncollectible and when identified, are charged-off. The following is an analysis of the credit quality of our loan portfolio as of the periods indicated: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (1) March 31, 2021 (in thousands) Commercial loans: Commercial real estate Pass $ 205,152 $ 668,655 $ 603,542 $ 459,888 $ 491,550 $ 1,229,742 $ 49,274 $ 2,781 $ 3,710,584 Special mention — 3,127 65,107 19,094 4,420 99,370 5 — 191,123 Substandard — 3,467 34,749 16,559 31,448 91,434 2,551 — 180,208 Total commercial real estate $ 205,152 $ 675,249 $ 703,398 $ 495,541 $ 527,418 $ 1,420,546 $ 51,830 $ 2,781 $ 4,081,915 Commercial business Pass $ 586,311 $ 829,165 $ 347,668 $ 273,408 $ 178,663 $ 376,297 $ 945,271 $ 12,322 $ 3,549,105 Special mention — 588 8,346 6,237 2,063 1,131 49,369 143 67,877 Substandard — 6,594 26,640 36,756 27,226 33,731 44,046 838 175,831 Total commercial business $ 586,311 $ 836,347 $ 382,654 $ 316,401 $ 207,952 $ 411,159 $ 1,038,686 $ 13,303 $ 3,792,813 Agriculture Pass $ 57,282 $ 121,511 $ 85,485 $ 39,930 $ 56,638 $ 106,969 $ 209,154 $ 550 $ 677,519 Special mention — 3,398 1,366 163 — 2,371 7,962 — 15,260 Substandard — 6,022 10,424 2,693 4,140 3,194 31,804 744 59,021 Total agriculture $ 57,282 $ 130,931 $ 97,275 $ 42,786 $ 60,778 $ 112,534 $ 248,920 $ 1,294 $ 751,800 Construction Pass $ 41,447 $ 130,122 $ 44,121 $ 7,909 $ 3,471 $ 5,579 $ 31,682 $ — $ 264,331 Special mention — — — — — — — — — Substandard — — 18,148 — — 55 — — 18,203 Total construction $ 41,447 $ 130,122 $ 62,269 $ 7,909 $ 3,471 $ 5,634 $ 31,682 $ — $ 282,534 Consumer loans: One-to-four family residential real estate Pass $ 106,212 $ 157,286 $ 68,489 $ 53,753 $ 25,686 $ 88,323 $ 228,917 $ 308 $ 728,974 Special mention — — — — — 125 — — 125 Substandard — 835 1,381 245 491 2,735 309 219 6,215 Total one-to-four family real estate $ 106,212 $ 158,121 $ 69,870 $ 53,998 $ 26,177 $ 91,183 $ 229,226 $ 527 $ 735,314 Other consumer Pass $ 2,107 $ 3,595 $ 2,807 $ 3,250 $ 871 $ 1,211 $ 17,277 $ 610 $ 31,728 Substandard — 36 39 — 3 3 36 97 214 Total consumer $ 2,107 $ 3,631 $ 2,846 $ 3,250 $ 874 $ 1,214 $ 17,313 $ 707 $ 31,942 Total $ 998,511 $ 1,934,401 $ 1,318,312 $ 919,885 $ 826,670 $ 2,042,270 $ 1,617,657 $ 18,612 $ 9,676,318 Less: Allowance for credit losses 148,294 Loans, net $ 9,528,024 __________ (1) Loans that are on short-term deferments are treated as Pass loans and will not be reported as past due provided that they are performing in accordance with the modified terms. 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 December 31, 2020 (in thousands) Commercial loans: Commercial real estate Pass $ 674,444 $ 645,328 $ 478,881 $ 502,112 $ 408,972 $ 946,980 $ 52,049 $ 11,332 $ 3,720,098 Special mention 3,348 39,374 21,285 30,232 46,197 50,115 5 2,139 192,695 Substandard 2,916 24,860 13,571 15,652 43,735 41,138 3,389 4,259 149,520 Total commercial real estate $ 680,708 $ 709,562 $ 513,737 $ 547,996 $ 498,904 $ 1,038,233 $ 55,443 $ 17,730 $ 4,062,313 Commercial business Pass $ 1,087,400 $ 366,435 $ 324,360 $ 199,010 $ 218,313 $ 214,677 $ 1,000,725 $ 11,540 $ 3,422,460 Special mention 3,002 26,361 8,471 24,582 7,004 10,650 22,426 — 102,496 Substandard 3,625 7,376 11,061 5,905 6,396 3,743 32,134 2,772 73,012 Total commercial business $ 1,094,027 $ 400,172 $ 343,892 $ 229,497 $ 231,713 $ 229,070 $ 1,055,285 $ 14,312 $ 3,597,968 Agriculture Pass $ 142,163 $ 90,612 $ 44,434 $ 58,366 $ 58,893 $ 59,396 $ 244,135 $ 9,299 $ 707,298 Special mention — 90 285 33 — — 85 13 506 Substandard 5,193 12,480 5,868 4,258 284 3,502 38,780 1,458 71,823 Total agriculture $ 147,356 $ 103,182 $ 50,587 $ 62,657 $ 59,177 $ 62,898 $ 283,000 $ 10,770 $ 779,627 Construction Pass $ 134,693 $ 66,974 $ 10,066 $ 3,498 $ 763 $ 1,805 $ 29,323 $ 3,753 $ 250,875 Substandard — 17,732 — — — 56 — — 17,788 Total construction $ 134,693 $ 84,706 $ 10,066 $ 3,498 $ 763 $ 1,861 $ 29,323 $ 3,753 $ 268,663 Consumer loans: One-to-four family real estate Pass $ 161,021 $ 77,756 $ 62,696 $ 29,737 $ 20,889 $ 78,098 $ 243,325 $ 3,655 $ 677,177 Special mention — — 332 — — 195 — — 527 Substandard — 849 227 1,166 344 1,968 1,005 307 5,866 Total one-to-four family real estate $ 161,021 $ 78,605 $ 63,255 $ 30,903 $ 21,233 $ 80,261 $ 244,330 $ 3,962 $ 683,570 Other consumer Pass $ 5,548 $ 3,109 $ 3,886 $ 989 $ 244 $ 1,060 $ 19,911 $ 474 $ 35,221 Substandard 30 — — 5 — 170 53 40 298 Total consumer $ 5,578 $ 3,109 $ 3,886 $ 994 $ 244 $ 1,230 $ 19,964 $ 514 $ 35,519 Total $ 2,223,383 $ 1,379,336 $ 985,423 $ 875,545 $ 812,034 $ 1,413,553 $ 1,687,345 $ 51,041 $ 9,427,660 Less: Allowance for credit losses 149,140 Loans, net $ 9,278,520 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2021 | |
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 periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 553 $ 552 Proceeds from sale of OREO property (132) (42) Gain on sale of OREO, net 100 — Balance, end of period $ 521 $ 510 At March 31, 2021, there were no 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 $167 thousand. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 and concluded that there was no impairment. Our CDIs are evaluated for impairment if events and circumstances indicate a possible impairment. Each 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, 2021 2020 (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 (79,658) (70,934) CDI, net at beginning of period 25,815 34,539 CDI current period amortization (1,924) (2,310) Total CDI, net at end of period 23,891 32,229 Intangible assets not subject to amortization 919 919 Other intangible assets, net at end of period 24,810 33,148 Total goodwill and other intangible assets at end of period $ 790,652 $ 798,990 The following table provides the estimated future amortization expense of our CDI for the remaining nine months ending December 31, 2021 and the succeeding four years: Year ending December 31, (in thousands) 2021 $ 5,340 2022 5,880 2023 4,552 2024 3,432 2025 2,415 |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2021 | |
Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Short-term Debt [Text Block] | Revolving Line of CreditThe Company has a $15.0 million short-term credit facility with an unaffiliated bank that expires May 27, 2021. 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. There was no outstanding balance at both March 31, 2021 and December 31, 2020. 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, 2021. |
Derivatives and Balance Sheet O
Derivatives and Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2021 | |
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 used an interest rate collar 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 were 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 are 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 $10.4 million reclassified as an increase to interest income. The Company may use derivatives to hedge the risk or changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. These derivatives are not designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes interest rate forward loan sales contracts in its derivative risk management strategy. The Company enters into forward delivery contracts to sell residential mortgage loans to broker-dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts during the three months ended March 31, 2021 and 2020. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker-dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker-dealer equal to the increase or decrease in the market value of the forward contract. At March 31, 2021, the Bank had commitments to originate mortgage loans held for sale totaling $60.1 million and forward sales commitments of $48.5 million, which are used to hedge both on-balance sheet and off-balance sheet exposures. 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, 2021 and December 31, 2020 was $635.1 million and $597.9 million, respectively. The following table presents the fair value of derivatives, as well as their classification on the Consolidated Balance Sheet as of the dates presented: Asset Derivatives Liability Derivatives March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives not designated as hedging instruments: Interest rate lock commitments Other assets $ 925 Other assets $ 1,096 Other liabilities $ — Other liabilities $ — Interest rate forward loan sales contracts Other assets $ 505 Other assets $ — Other liabilities $ — Other liabilities $ 165 Interest rate swap contracts Other assets $ 32,501 Other assets $ 46,184 Other liabilities $ 32,769 Other liabilities $ 46,637 The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated: 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, 2021 2020 2021 2020 (in thousands) Interest rate collar $ — $ 23,423 Interest income $ 2,576 $ 940 In January 2019, the Company entered into a $500.0 million notional interest rate collar with a five-year term. In October 2020, the collar was terminated and resulted in a $34.4 million realized gain that was recorded in other comprehensive income, net of deferred income taxes. The gain will amortize through February 2024 into interest income. The gain will be amortized in this manner as long as the cash flows pertaining to the hedged item are expected to occur. The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Interest rate lock commitments $ (171) $ — Interest rate forward loan sales contracts 670 — Interest rate swap contracts 112 — Total derivative gains (losses) $ 611 $ — The gains and losses on the Company’s mortgage banking derivatives are included in loan revenue. Mark-to-market gains and losses on the Company’s interest rate swap contracts are recorded to “Other” noninterest expense. 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 over-collateralization 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, 2021 (in thousands) Assets Interest rate swap contracts $ 32,501 $ — $ 32,501 $ (1,960) $ 30,541 Liabilities Interest rate swap contracts $ 32,769 $ — $ 32,769 $ (26,848) $ 5,921 Repurchase agreements $ 38,624 $ — $ 38,624 $ (38,624) $ — December 31, 2020 Assets Interest rate swap contracts $ 46,184 $ — $ 46,184 $ — $ 46,184 Liabilities Interest rate swap contracts $ 46,637 $ — $ 46,637 $ (46,637) $ — Repurchase agreements $ 73,859 $ — $ 73,859 $ (73,859) $ — 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, 2021 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 38,624 $ — $ — $ — $ 38,624 Gross amount of recognized liabilities for repurchase agreements 38,624 Amounts related to agreements not included in offsetting disclosure $ — |
Commitments and contingent liab
Commitments and contingent liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 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, 2021 and December 31, 2020, the Company’s loan commitments amounted to $2.93 billion and $2.80 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 $30.6 million and $29.9 million at March 31, 2021 and December 31, 2020, respectively. In addition, there were $16 thousand commitments under commercial letters of credit used to facilitate customers’ trade transactions and other off-balance sheet liabilities at March 31, 2021 and there were none at December 31, 2020. 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, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividends: The following table summarizes year-to-date dividend activity: Declared Regular Cash Dividends Per Common Share Special Cash Dividends Per Common Share Record Date Paid Date January 28, 2021 $ 0.28 $ — February 10, 2021 February 24, 2021 Subsequent to quarter end, on April 29, 2021, the Company declared a regular quarterly cash dividend of $0.28 per common share payable on May 26, 2021 to shareholders of record at the close of business on May 12, 2021. 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, 2021, the Company did not purchase any common shares under the share repurchase program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
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 periods indicated: 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, 2021 (in thousands) Beginning balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 Other comprehensive loss before reclassifications (102,605) — — (102,605) Amounts reclassified from accumulated other comprehensive income (2) — 115 (1,977) (1,862) Net current-period other comprehensive income (loss) (102,605) 115 (1,977) (104,467) Ending balance $ 60,569 $ (5,718) $ 22,877 $ 77,728 Three Months Ended March 31, 2020 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 __________ (1) All amounts are net of tax. Amounts in parentheses 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 periods indicated: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended March 31, Affected line Item in the Consolidated 2021 2020 Statement of Income (in thousands) Unrealized gains on available for sale debt securities $ — $ 249 Investment securities gains, net — 249 Total before tax — (58) Income tax provision $ — $ 191 Net of tax Amortization of pension plan liability actuarial losses $ (150) $ (104) Compensation and employee benefits (150) (104) Total before tax 35 24 Income tax provision $ (115) $ (80) Net of tax Unrealized gains from hedging instruments $ 2,576 $ 940 Loans 2,576 940 Total before tax (599) (218) Income tax provision $ 1,977 $ 722 Net of tax |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 3 Months Ended |
Mar. 31, 2021 | |
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: Debt securities available for sale 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 debt securities available for sale. Loans held for sale include the fair value of residential mortgage loans originated as held for sale determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value. The fair values of the interest rate lock commitments and interest rate forward loan sales contracts are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. 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 the dates presented 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, 2021 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 4,104,219 $ — $ 4,104,219 $ — Other asset-backed securities 358,819 — 358,819 — State and municipal securities 751,285 — 751,285 — U.S. government agency and government-sponsored enterprise securities 281,967 — 281,967 — Total debt securities available for sale $ 5,496,290 $ — $ 5,496,290 $ — Loans held for sale $ 25,587 $ — $ 25,587 $ — Other assets: Interest rate lock commitments $ 925 $ — $ — $ 925 Interest rate forward loan sales contracts $ 505 $ — $ 505 $ — Interest rate contracts $ 32,501 $ — $ 32,501 $ — Liabilities Other liabilities: Interest rate contracts $ 32,769 $ — $ 32,769 $ — Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 December 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 $ 3,814,387 $ — $ 3,814,387 $ — Other asset-backed securities 357,479 — 357,479 — State and municipal securities 753,572 — 753,572 — U.S. government agency and government-sponsored enterprise securities 284,696 — 284,696 — Total debt securities available for sale $ 5,210,134 $ — $ 5,210,134 $ — Loans held for sale $ 14,760 $ — $ 14,760 $ — Other assets: Interest rate lock commitments $ 1,096 $ — $ — $ 1,096 Interest rate contracts $ 46,184 $ — $ 46,184 $ — Liabilities Other liabilities: Interest rate forward loan sales contracts $ 165 $ — $ 165 $ — Interest rate contracts $ 46,637 $ — $ 46,637 $ — Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at the dates presented: Fair Value at March 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Interest rate lock commitments $ 925 Internal pricing model Pull-through rate 79.87% - 100.00% (90.39%) An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement). Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement). The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis. Three Months Ended March 31, 2021 2020 (in thousands) Balance at the beginning of the period $ 1,096 $ — Change included in earnings 1,710 — Settlements (1,881) — Balance at the end of the period $ 925 $ — 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 equity securities without readily determinable fair value. 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. Equity securities without readily determinable fair value - The Company measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in earnings. Our equity securities without readily determinable fair values consist of 77,683 Visa Class B shares. These shares are currently subject to certain transfer restrictions and will be convertible into Visa Class A shares upon final resolution of certain litigation matters involving Visa. For additional information, please see Note 3 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report. The following table presents the carrying value of equity securities, without readily determinable fair values, still held as of March 31, 2021, that are measured under the measurement alternative and related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Three Months Ended March 31, 2021 2020 Equity securities without readily determinable fair values (in thousands) Carrying value, beginning of period $ 13,425 $ — Upward carrying value changes — — Carrying value, end of period $ 13,425 $ — 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, 2021 Fair Value Measurements Losses During the Three Months Ended March 31, 2021 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 1,520 $ — $ — $ 1,520 $ 722 Fair Value at March 31, 2020 Fair Value Measurements 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 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. 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, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 1,520 Fair Market Value of Collateral Adjustment to Stated Value 42.96% - 75.00% (59.53%) __________ (1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets). (2) Collateral consists of accounts receivable and fixed assets. 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 cash, accounts receivable, fixed assets, inventory and real estate. The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at the dates presented: March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 178,096 $ 178,096 $ 178,096 $ — $ — Interest-earning deposits with banks 706,389 706,389 706,389 — — Debt securities available for sale 5,496,290 5,496,290 — 5,496,290 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 26,176 26,176 — 26,176 — Loans 9,528,024 9,948,104 — — 9,948,104 Interest rate contracts 32,501 32,501 — 32,501 — Interest rate lock commitments 925 925 — — 925 Interest rate forward loan sales contracts 505 505 — 505 — Liabilities Time deposits $ 336,918 $ 333,169 $ — $ 333,169 $ — FHLB advances 7,400 8,764 — 8,764 — Repurchase agreements 38,624 38,624 — 38,624 — Subordinated debentures 35,046 35,102 — 35,102 — Interest rate contracts 32,769 32,769 — 32,769 — December 31, 2020 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 218,899 $ 218,899 $ 218,899 $ — $ — Interest-earning deposits with banks 434,867 434,867 434,867 — — Debt securities available for sale 5,210,134 5,210,134 — 5,210,134 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 26,481 26,481 — 26,481 — Loans 9,278,520 9,720,592 — — 9,720,592 Interest rate contracts 46,184 46,184 — 46,184 — Interest rate lock commitments 1,096 1,096 — — 1,096 Liabilities Time deposits $ 338,845 $ 338,815 $ — $ 338,815 $ — FHLB advances and FRB borrowings 7,414 9,295 — 9,295 — Repurchase agreements 73,859 73,859 — 73,859 — Subordinated debentures 35,092 35,414 — 35,414 — Interest rate contracts 46,637 46,637 — 46,637 — Interest rate forward loan sales contracts 165 165 — 165 — The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented: March 31, 2021 2020 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance (in thousands) $ 25,587 $ 25,167 $ 420 $ — $ — $ — Residential mortgage loans held for sale that are sold under the mandatory delivery method and accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported in loan revenue. For the three months ended March 31, 2021, the Company recorded a net decrease in fair value of $88 thousand representing the change in fair value reflected in earnings. For the three months ended March 31, 2020, there were no such loans held for sale under the mandatory delivery method. At March 31, 2021 and 2020, there were no residential mortgage loans held for sale for which the fair value option was elected that were 90 days or more past due, in nonaccrual status or both. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
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 has issued 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 periods presented: Three Months Ended March 31, 2021 2020 (in thousands except per share amounts) Basic EPS: Net income $ 51,853 $ 14,628 Less: Earnings allocated to participating securities: Nonvested restricted shares 155 249 Earnings allocated to common shareholders $ 51,698 $ 14,379 Weighted average common shares outstanding 70,869 71,206 Basic earnings per common share $ 0.73 $ 0.20 Diluted EPS: Earnings allocated to common shareholders $ 51,698 $ 14,379 Weighted average common shares outstanding 70,869 71,206 Dilutive effect of equity awards 240 58 Weighted average diluted common shares outstanding 71,109 71,264 Diluted earnings per common share $ 0.73 $ 0.20 Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive 70 6 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
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 periods presented: Three Months Ended March 31, 2021 2020 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 6,358 $ 7,788 Card revenue 3,733 3,518 Financial services and trust revenue 3,381 3,065 Total revenue from contracts with customers 13,472 14,371 Other sources of noninterest income 9,694 6,836 Total noninterest income $ 23,166 $ 21,207 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
Debt 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, 2021 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 4,040,359 $ 109,063 $ (45,203) $ — $ 4,104,219 Other asset-backed securities 359,259 5,216 (5,656) — 358,819 State and municipal securities 739,570 18,080 (6,365) — 751,285 U.S. government agency and government-sponsored enterprise securities 278,185 5,349 (1,567) — 281,967 Total $ 5,417,373 $ 137,708 $ (58,791) $ — $ 5,496,290 December 31, 2020 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,640,351 $ 178,579 $ (4,543) $ — $ 3,814,387 Other asset-backed securities 349,904 9,651 (2,076) — 357,479 State and municipal securities 729,066 25,098 (592) — 753,572 U.S. government agency and government-sponsored enterprise securities 278,208 6,545 (57) — 284,696 Total $ 4,997,529 $ 219,873 $ (7,268) $ — $ 5,210,134 |
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 and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Proceeds from sales of debt securities available for sale $ — $ 194,105 Gross realized gains from sales of debt securities available for sale $ — $ 435 Gross realized losses from sales of debt securities available for sale — (186) Other securities gains — — Investment securities gains, net $ — $ 249 |
Schedule of Contractual Maturities of Debt Securities Available for Sale | The scheduled contractual maturities of debt securities available for sale at the period presented below are as follows: March 31, 2021 Amortized Cost Fair Value (in thousands) Due within one year $ 81,385 $ 81,986 Due after one year through five years 737,066 765,090 Due after five years through ten years 2,457,820 2,507,546 Due after ten years 2,141,102 2,141,668 Total debt securities available for sale $ 5,417,373 $ 5,496,290 |
Schedule 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, 2021 (in thousands) To secure public funds $ 477,970 To secure borrowings 109,650 Other securities pledged 217,055 Total securities pledged as collateral $ 804,675 |
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 as of the dates presented: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2021 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 1,661,107 $ (44,484) $ 16,463 $ (719) $ 1,677,570 $ (45,203) Other asset-backed securities 183,636 (5,656) 69 — 183,705 (5,656) State and municipal securities 311,953 (6,365) — — 311,953 (6,365) U.S. government agency and government-sponsored enterprise securities 149,483 (1,567) — — 149,483 (1,567) Total $ 2,306,179 $ (58,072) $ 16,532 $ (719) $ 2,322,711 $ (58,791) December 31, 2020 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 575,329 $ (3,728) $ 18,527 $ (815) $ 593,856 $ (4,543) Other asset-backed securities 143,764 (2,076) 70 — 143,834 (2,076) State and municipal securities 86,471 (592) — — 86,471 (592) U.S. government agency and government-sponsored enterprise securities 74,943 (57) — — 74,943 (57) Total $ 880,507 $ (6,453) $ 18,597 $ (815) $ 899,104 $ (7,268) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [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, 2021 December 31, 2020 (dollars in thousands) Commercial loans: Commercial real estate $ 4,081,915 $ 4,062,313 Commercial business 3,792,813 3,597,968 Agriculture 751,800 779,627 Construction 282,534 268,663 Consumer loans: One-to-four family residential real estate 735,314 683,570 Other consumer 31,942 35,519 Total loans 9,676,318 9,427,660 Less: Allowance for credit losses (148,294) (149,140) Total loans, net $ 9,528,024 $ 9,278,520 |
Analysis of the Aged Loan Portfolio | The following is an aging of the recorded investment of the loan portfolio at the dates presented: Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans March 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 4,067,718 $ 880 $ 6,000 $ — $ 6,880 $ 7,317 $ 4,081,915 Commercial business 3,778,955 109 198 — 307 13,551 3,792,813 Agriculture 739,599 1,060 512 — 1,572 10,629 751,800 Construction 282,343 — — — — 191 282,534 Consumer loans: One-to-four family residential real estate 728,053 5,462 48 — 5,510 1,751 735,314 Other consumer 31,758 27 15 — 42 142 31,942 Total $ 9,628,426 $ 7,538 $ 6,773 $ — $ 14,311 $ 33,581 $ 9,676,318 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 4,037,309 $ 17,292 $ — — $ 17,292 $ 7,712 $ 4,062,313 Commercial business 3,578,905 1,282 4,559 — 5,841 13,222 3,597,968 Agriculture 767,102 911 — — 911 11,614 779,627 Construction 268,304 — 142 — 142 217 268,663 Consumer loans: One-to-four family residential real estate 677,627 2,283 1,659 — 3,942 2,001 683,570 Other consumer 35,450 24 5 — 29 40 35,519 Total $ 9,364,697 $ 21,792 $ 6,365 $ — $ 28,157 $ 34,806 $ 9,427,660 |
Interest written off on nonaccrual loans | The following table summarizes written-off interest on nonaccrual loans for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Commercial loans $ 211 $ 783 Consumer loans 7 5 Total $ 218 $ 788 |
Analysis of Nonaccrual Loans | The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL for the periods indicated: March 31, 2021 December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 6,336 $ 6,393 Commercial business 8,682 6,382 Agriculture 8,379 8,136 Total $ 23,397 $ 20,911 |
Analysis of loans classified as Troubled Debt Restructurings (“TDR”) | The following is an analysis of loans classified as TDR for the periods indicated: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial real estate 1 $ 628 $ 628 — $ — $ — Commercial business 7 843 843 2 272 272 Agriculture — — — 1 895 895 Consumer loans: One-to-four family residential real estate 2 140 140 1 68 68 Total 10 $ 1,611 $ 1,611 4 $ 1,235 $ 1,235 |
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, 2021 | |
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 periods indicated: Beginning Balance Charge-offs Recoveries Provision Ending Balance Three Months Ended March 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 68,934 $ — $ 36 $ (11,920) $ 57,050 Commercial business 45,250 (3,339) 3,214 13,280 58,405 Agriculture 9,052 — 12 423 9,487 Construction 7,636 — 46 (1,131) 6,551 Consumer loans: One-to-four family residential real estate 16,875 — 51 (1,288) 15,638 Other consumer 1,393 (127) 61 (164) 1,163 Total $ 149,140 $ (3,466) $ 3,420 $ (800) $ 148,294 Beginning Balance Impact of Adopting ASC 326 Charge-offs Recoveries Provision Ending Balance Three Months Ended March 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ (101) $ 14 $ 9,336 $ 37,122 Commercial business 30,292 762 (1,684) 860 15,340 45,570 Agriculture 15,835 (9,325) (4,726) 41 9,260 11,085 Construction 8,571 (1,750) — 442 1,582 8,845 Consumer loans: One-to-four family residential real estate 7,435 4,237 (10) 282 5,715 17,659 Other consumer 883 778 (268) 124 127 1,644 Unallocated 612 (603) — — 140 149 Total $ 83,968 $ 1,632 $ (6,789) $ 1,763 $ 41,500 $ 122,074 |
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, 2021 2020 (in thousands) Beginning balance $ 8,300 $ 3,430 Impact of adopting ASC 326 — 1,570 Net changes in the allowance for unfunded commitments and letters of credit 1,500 1,000 Ending balance $ 9,800 $ 6,000 |
Financing Receivable Credit Quality Indicators | The following is an analysis of the credit quality of our loan portfolio as of the periods indicated: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total (1) March 31, 2021 (in thousands) Commercial loans: Commercial real estate Pass $ 205,152 $ 668,655 $ 603,542 $ 459,888 $ 491,550 $ 1,229,742 $ 49,274 $ 2,781 $ 3,710,584 Special mention — 3,127 65,107 19,094 4,420 99,370 5 — 191,123 Substandard — 3,467 34,749 16,559 31,448 91,434 2,551 — 180,208 Total commercial real estate $ 205,152 $ 675,249 $ 703,398 $ 495,541 $ 527,418 $ 1,420,546 $ 51,830 $ 2,781 $ 4,081,915 Commercial business Pass $ 586,311 $ 829,165 $ 347,668 $ 273,408 $ 178,663 $ 376,297 $ 945,271 $ 12,322 $ 3,549,105 Special mention — 588 8,346 6,237 2,063 1,131 49,369 143 67,877 Substandard — 6,594 26,640 36,756 27,226 33,731 44,046 838 175,831 Total commercial business $ 586,311 $ 836,347 $ 382,654 $ 316,401 $ 207,952 $ 411,159 $ 1,038,686 $ 13,303 $ 3,792,813 Agriculture Pass $ 57,282 $ 121,511 $ 85,485 $ 39,930 $ 56,638 $ 106,969 $ 209,154 $ 550 $ 677,519 Special mention — 3,398 1,366 163 — 2,371 7,962 — 15,260 Substandard — 6,022 10,424 2,693 4,140 3,194 31,804 744 59,021 Total agriculture $ 57,282 $ 130,931 $ 97,275 $ 42,786 $ 60,778 $ 112,534 $ 248,920 $ 1,294 $ 751,800 Construction Pass $ 41,447 $ 130,122 $ 44,121 $ 7,909 $ 3,471 $ 5,579 $ 31,682 $ — $ 264,331 Special mention — — — — — — — — — Substandard — — 18,148 — — 55 — — 18,203 Total construction $ 41,447 $ 130,122 $ 62,269 $ 7,909 $ 3,471 $ 5,634 $ 31,682 $ — $ 282,534 Consumer loans: One-to-four family residential real estate Pass $ 106,212 $ 157,286 $ 68,489 $ 53,753 $ 25,686 $ 88,323 $ 228,917 $ 308 $ 728,974 Special mention — — — — — 125 — — 125 Substandard — 835 1,381 245 491 2,735 309 219 6,215 Total one-to-four family real estate $ 106,212 $ 158,121 $ 69,870 $ 53,998 $ 26,177 $ 91,183 $ 229,226 $ 527 $ 735,314 Other consumer Pass $ 2,107 $ 3,595 $ 2,807 $ 3,250 $ 871 $ 1,211 $ 17,277 $ 610 $ 31,728 Substandard — 36 39 — 3 3 36 97 214 Total consumer $ 2,107 $ 3,631 $ 2,846 $ 3,250 $ 874 $ 1,214 $ 17,313 $ 707 $ 31,942 Total $ 998,511 $ 1,934,401 $ 1,318,312 $ 919,885 $ 826,670 $ 2,042,270 $ 1,617,657 $ 18,612 $ 9,676,318 Less: Allowance for credit losses 148,294 Loans, net $ 9,528,024 __________ (1) Loans that are on short-term deferments are treated as Pass loans and will not be reported as past due provided that they are performing in accordance with the modified terms. 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 December 31, 2020 (in thousands) Commercial loans: Commercial real estate Pass $ 674,444 $ 645,328 $ 478,881 $ 502,112 $ 408,972 $ 946,980 $ 52,049 $ 11,332 $ 3,720,098 Special mention 3,348 39,374 21,285 30,232 46,197 50,115 5 2,139 192,695 Substandard 2,916 24,860 13,571 15,652 43,735 41,138 3,389 4,259 149,520 Total commercial real estate $ 680,708 $ 709,562 $ 513,737 $ 547,996 $ 498,904 $ 1,038,233 $ 55,443 $ 17,730 $ 4,062,313 Commercial business Pass $ 1,087,400 $ 366,435 $ 324,360 $ 199,010 $ 218,313 $ 214,677 $ 1,000,725 $ 11,540 $ 3,422,460 Special mention 3,002 26,361 8,471 24,582 7,004 10,650 22,426 — 102,496 Substandard 3,625 7,376 11,061 5,905 6,396 3,743 32,134 2,772 73,012 Total commercial business $ 1,094,027 $ 400,172 $ 343,892 $ 229,497 $ 231,713 $ 229,070 $ 1,055,285 $ 14,312 $ 3,597,968 Agriculture Pass $ 142,163 $ 90,612 $ 44,434 $ 58,366 $ 58,893 $ 59,396 $ 244,135 $ 9,299 $ 707,298 Special mention — 90 285 33 — — 85 13 506 Substandard 5,193 12,480 5,868 4,258 284 3,502 38,780 1,458 71,823 Total agriculture $ 147,356 $ 103,182 $ 50,587 $ 62,657 $ 59,177 $ 62,898 $ 283,000 $ 10,770 $ 779,627 Construction Pass $ 134,693 $ 66,974 $ 10,066 $ 3,498 $ 763 $ 1,805 $ 29,323 $ 3,753 $ 250,875 Substandard — 17,732 — — — 56 — — 17,788 Total construction $ 134,693 $ 84,706 $ 10,066 $ 3,498 $ 763 $ 1,861 $ 29,323 $ 3,753 $ 268,663 Consumer loans: One-to-four family real estate Pass $ 161,021 $ 77,756 $ 62,696 $ 29,737 $ 20,889 $ 78,098 $ 243,325 $ 3,655 $ 677,177 Special mention — — 332 — — 195 — — 527 Substandard — 849 227 1,166 344 1,968 1,005 307 5,866 Total one-to-four family real estate $ 161,021 $ 78,605 $ 63,255 $ 30,903 $ 21,233 $ 80,261 $ 244,330 $ 3,962 $ 683,570 Other consumer Pass $ 5,548 $ 3,109 $ 3,886 $ 989 $ 244 $ 1,060 $ 19,911 $ 474 $ 35,221 Substandard 30 — — 5 — 170 53 40 298 Total consumer $ 5,578 $ 3,109 $ 3,886 $ 994 $ 244 $ 1,230 $ 19,964 $ 514 $ 35,519 Total $ 2,223,383 $ 1,379,336 $ 985,423 $ 875,545 $ 812,034 $ 1,413,553 $ 1,687,345 $ 51,041 $ 9,427,660 Less: Allowance for credit losses 149,140 Loans, net $ 9,278,520 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 553 $ 552 Proceeds from sale of OREO property (132) (42) Gain on sale of OREO, net 100 — Balance, end of period $ 521 $ 510 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (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 (79,658) (70,934) CDI, net at beginning of period 25,815 34,539 CDI current period amortization (1,924) (2,310) Total CDI, net at end of period 23,891 32,229 Intangible assets not subject to amortization 919 919 Other intangible assets, net at end of period 24,810 33,148 Total goodwill and other intangible assets at end of period $ 790,652 $ 798,990 |
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, 2021 and the succeeding four years: Year ending December 31, (in thousands) 2021 $ 5,340 2022 5,880 2023 4,552 2024 3,432 2025 2,415 |
Derivatives and Balance Sheet_2
Derivatives and Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 as of the dates presented: Asset Derivatives Liability Derivatives March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives not designated as hedging instruments: Interest rate lock commitments Other assets $ 925 Other assets $ 1,096 Other liabilities $ — Other liabilities $ — Interest rate forward loan sales contracts Other assets $ 505 Other assets $ — Other liabilities $ — Other liabilities $ 165 Interest rate swap contracts Other assets $ 32,501 Other assets $ 46,184 Other liabilities $ 32,769 Other liabilities $ 46,637 |
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) for the periods indicated: 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, 2021 2020 2021 2020 (in thousands) Interest rate collar $ — $ 23,423 Interest income $ 2,576 $ 940 |
Derivative Instruments, Gain (Loss) | The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Interest rate lock commitments $ (171) $ — Interest rate forward loan sales contracts 670 — Interest rate swap contracts 112 — Total derivative gains (losses) $ 611 $ — |
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 over-collateralization 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, 2021 (in thousands) Assets Interest rate swap contracts $ 32,501 $ — $ 32,501 $ (1,960) $ 30,541 Liabilities Interest rate swap contracts $ 32,769 $ — $ 32,769 $ (26,848) $ 5,921 Repurchase agreements $ 38,624 $ — $ 38,624 $ (38,624) $ — December 31, 2020 Assets Interest rate swap contracts $ 46,184 $ — $ 46,184 $ — $ 46,184 Liabilities Interest rate swap contracts $ 46,637 $ — $ 46,637 $ (46,637) $ — Repurchase agreements $ 73,859 $ — $ 73,859 $ (73,859) $ — |
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, 2021 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 38,624 $ — $ — $ — $ 38,624 Gross amount of recognized liabilities for repurchase agreements 38,624 Amounts related to agreements not included in offsetting disclosure $ — |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Declared (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders' Equity [Abstract] | |
Dividends Declared [Table Text Block] | The following table summarizes year-to-date dividend activity: Declared Regular Cash Dividends Per Common Share Special Cash Dividends Per Common Share Record Date Paid Date January 28, 2021 $ 0.28 $ — February 10, 2021 February 24, 2021 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 periods indicated: 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, 2021 (in thousands) Beginning balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 Other comprehensive loss before reclassifications (102,605) — — (102,605) Amounts reclassified from accumulated other comprehensive income (2) — 115 (1,977) (1,862) Net current-period other comprehensive income (loss) (102,605) 115 (1,977) (104,467) Ending balance $ 60,569 $ (5,718) $ 22,877 $ 77,728 Three Months Ended March 31, 2020 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 __________ (1) All amounts are net of tax. Amounts in parentheses 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 periods indicated: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended March 31, Affected line Item in the Consolidated 2021 2020 Statement of Income (in thousands) Unrealized gains on available for sale debt securities $ — $ 249 Investment securities gains, net — 249 Total before tax — (58) Income tax provision $ — $ 191 Net of tax Amortization of pension plan liability actuarial losses $ (150) $ (104) Compensation and employee benefits (150) (104) Total before tax 35 24 Income tax provision $ (115) $ (80) Net of tax Unrealized gains from hedging instruments $ 2,576 $ 940 Loans 2,576 940 Total before tax (599) (218) Income tax provision $ 1,977 $ 722 Net of tax |
Fair Value Accounting and Mea_2
Fair Value Accounting and Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at the dates presented 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, 2021 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations $ 4,104,219 $ — $ 4,104,219 $ — Other asset-backed securities 358,819 — 358,819 — State and municipal securities 751,285 — 751,285 — U.S. government agency and government-sponsored enterprise securities 281,967 — 281,967 — Total debt securities available for sale $ 5,496,290 $ — $ 5,496,290 $ — Loans held for sale $ 25,587 $ — $ 25,587 $ — Other assets: Interest rate lock commitments $ 925 $ — $ — $ 925 Interest rate forward loan sales contracts $ 505 $ — $ 505 $ — Interest rate contracts $ 32,501 $ — $ 32,501 $ — Liabilities Other liabilities: Interest rate contracts $ 32,769 $ — $ 32,769 $ — Fair Value Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 December 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 $ 3,814,387 $ — $ 3,814,387 $ — Other asset-backed securities 357,479 — 357,479 — State and municipal securities 753,572 — 753,572 — U.S. government agency and government-sponsored enterprise securities 284,696 — 284,696 — Total debt securities available for sale $ 5,210,134 $ — $ 5,210,134 $ — Loans held for sale $ 14,760 $ — $ 14,760 $ — Other assets: Interest rate lock commitments $ 1,096 $ — $ — $ 1,096 Interest rate contracts $ 46,184 $ — $ 46,184 $ — Liabilities Other liabilities: Interest rate forward loan sales contracts $ 165 $ — $ 165 $ — Interest rate contracts $ 46,637 $ — $ 46,637 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis. Three Months Ended March 31, 2021 2020 (in thousands) Balance at the beginning of the period $ 1,096 $ — Change included in earnings 1,710 — Settlements (1,881) — Balance at the end of the period $ 925 $ — |
Equity Securities without Readily Determinable Fair Value | The following table presents the carrying value of equity securities, without readily determinable fair values, still held as of March 31, 2021, that are measured under the measurement alternative and related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Three Months Ended March 31, 2021 2020 Equity securities without readily determinable fair values (in thousands) Carrying value, beginning of period $ 13,425 $ — Upward carrying value changes — — Carrying value, end of period $ 13,425 $ — |
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, 2021 Fair Value Measurements Losses During the Three Months Ended March 31, 2021 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 1,520 $ — $ — $ 1,520 $ 722 Fair Value at March 31, 2020 Fair Value Measurements 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 |
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 the dates presented: March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 178,096 $ 178,096 $ 178,096 $ — $ — Interest-earning deposits with banks 706,389 706,389 706,389 — — Debt securities available for sale 5,496,290 5,496,290 — 5,496,290 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 26,176 26,176 — 26,176 — Loans 9,528,024 9,948,104 — — 9,948,104 Interest rate contracts 32,501 32,501 — 32,501 — Interest rate lock commitments 925 925 — — 925 Interest rate forward loan sales contracts 505 505 — 505 — Liabilities Time deposits $ 336,918 $ 333,169 $ — $ 333,169 $ — FHLB advances 7,400 8,764 — 8,764 — Repurchase agreements 38,624 38,624 — 38,624 — Subordinated debentures 35,046 35,102 — 35,102 — Interest rate contracts 32,769 32,769 — 32,769 — December 31, 2020 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 218,899 $ 218,899 $ 218,899 $ — $ — Interest-earning deposits with banks 434,867 434,867 434,867 — — Debt securities available for sale 5,210,134 5,210,134 — 5,210,134 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 26,481 26,481 — 26,481 — Loans 9,278,520 9,720,592 — — 9,720,592 Interest rate contracts 46,184 46,184 — 46,184 — Interest rate lock commitments 1,096 1,096 — — 1,096 Liabilities Time deposits $ 338,845 $ 338,815 $ — $ 338,815 $ — FHLB advances and FRB borrowings 7,414 9,295 — 9,295 — Repurchase agreements 73,859 73,859 — 73,859 — Subordinated debentures 35,092 35,414 — 35,414 — Interest rate contracts 46,637 46,637 — 46,637 — Interest rate forward loan sales contracts 165 165 — 165 — |
Fair Value Option, Disclosures | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented: March 31, 2021 2020 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance (in thousands) $ 25,587 $ 25,167 $ 420 $ — $ — $ — |
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, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 1,520 Fair Market Value of Collateral Adjustment to Stated Value 42.96% - 75.00% (59.53%) __________ (1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets). (2) Collateral consists of accounts receivable and fixed assets. 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 cash, accounts receivable, fixed assets, inventory and real estate. |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Assets And Liabilities Measured On Recurring Basis ValuationTechniques | The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at the dates presented: Fair Value at March 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Interest rate lock commitments $ 925 Internal pricing model Pull-through rate 79.87% - 100.00% (90.39%) |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 periods presented: Three Months Ended March 31, 2021 2020 (in thousands except per share amounts) Basic EPS: Net income $ 51,853 $ 14,628 Less: Earnings allocated to participating securities: Nonvested restricted shares 155 249 Earnings allocated to common shareholders $ 51,698 $ 14,379 Weighted average common shares outstanding 70,869 71,206 Basic earnings per common share $ 0.73 $ 0.20 Diluted EPS: Earnings allocated to common shareholders $ 51,698 $ 14,379 Weighted average common shares outstanding 70,869 71,206 Dilutive effect of equity awards 240 58 Weighted average diluted common shares outstanding 71,109 71,264 Diluted earnings per common share $ 0.73 $ 0.20 Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive 70 6 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table shows the disaggregation of revenue from contracts with customers for the periods presented: Three Months Ended March 31, 2021 2020 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 6,358 $ 7,788 Card revenue 3,733 3,518 Financial services and trust revenue 3,381 3,065 Total revenue from contracts with customers 13,472 14,371 Other sources of noninterest income 9,694 6,836 Total noninterest income $ 23,166 $ 21,207 |
Securities (Debt securities Ava
Securities (Debt securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities available-for-sale, amortized cost | $ 5,417,373 | $ 4,997,529 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 137,708 | 219,873 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (58,791) | (7,268) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt securities available for sale at fair value | 5,496,290 | 5,210,134 |
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 | 4,040,359 | 3,640,351 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 109,063 | 178,579 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (45,203) | (4,543) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt securities available for sale at fair value | 4,104,219 | 3,814,387 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities available-for-sale, amortized cost | 359,259 | 349,904 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,216 | 9,651 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (5,656) | (2,076) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt securities available for sale at fair value | 358,819 | 357,479 |
State and Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities available-for-sale, amortized cost | 739,570 | 729,066 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 18,080 | 25,098 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (6,365) | (592) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt securities available for sale at fair value | 751,285 | 753,572 |
U.S. Government and Government-Sponsored Enterprise Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities available-for-sale, amortized cost | 278,185 | 278,208 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,349 | 6,545 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,567) | (57) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt securities available for sale at fair value | $ 281,967 | $ 284,696 |
Securities Securities (Summary
Securities Securities (Summary of Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 194,105 |
Gross Realized Gains from sales of debt securities available for sale | 0 | 435 |
Gross Realized Losses from sales of debt securities available for sale | 0 | (186) |
Other securities gains | 0 | 0 |
Investment securities gain (loss), net | $ 0 | $ 249 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Abstract] | ||
Due within one year, Amortized Cost | $ 81,385 | |
Due after one year through five years, Amortized Cost | 737,066 | |
Due after five years through ten years, Amortized Cost | 2,457,820 | |
Due after ten years, Amortized Cost | 2,141,102 | |
Debt securities available-for-sale, amortized cost | 5,417,373 | $ 4,997,529 |
Due within one year, Fair Value | 81,986 | |
Due after one year through five years, Fair Value | 765,090 | |
Due after five years through ten years, Fair Value | 2,507,546 | |
Due after ten years, Fair Value | 2,141,668 | |
Debt securities available for sale at fair value | $ 5,496,290 | $ 5,210,134 |
Securities (Carrying Value of S
Securities (Carrying Value of Securities Pledged as Collateral) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | $ 804,675 |
To secure public funds | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | 477,970 |
To secure borrowings | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | 109,650 |
Other securities pledged | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-sale, Restricted | $ 217,055 |
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, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | $ 2,306,179 | $ 880,507 |
Less than 12 Months Unrealized Losses | (58,072) | (6,453) |
12 Months or More Fair Value | 16,532 | 18,597 |
12 Months or More Unrealized Losses | (719) | (815) |
Total Fair Value | 2,322,711 | 899,104 |
Total Unrealized Losses | (58,791) | (7,268) |
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 | 1,661,107 | 575,329 |
Less than 12 Months Unrealized Losses | (44,484) | (3,728) |
12 Months or More Fair Value | 16,463 | 18,527 |
12 Months or More Unrealized Losses | (719) | (815) |
Total Fair Value | 1,677,570 | 593,856 |
Total Unrealized Losses | (45,203) | (4,543) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 183,636 | 143,764 |
Less than 12 Months Unrealized Losses | (5,656) | (2,076) |
12 Months or More Fair Value | 69 | 70 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 183,705 | 143,834 |
Total Unrealized Losses | (5,656) | (2,076) |
State and Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 311,953 | 86,471 |
Less than 12 Months Unrealized Losses | (6,365) | (592) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 311,953 | 86,471 |
Total Unrealized Losses | (6,365) | (592) |
U.S. Government and Government-Sponsored Enterprise Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 149,483 | 74,943 |
Less than 12 Months Unrealized Losses | (1,567) | (57) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 149,483 | 74,943 |
Total Unrealized Losses | $ (1,567) | $ (57) |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021USD ($)securityshares | Jun. 30, 2020shares | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Interest receivable | $ | $ 52,667 | $ 54,831 | |||
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | $ | $ 0 | ||||
Visa Class B shares, shares sold | shares | 17,360 | ||||
Visa Class B shares, remaining shares | shares | 77,683 | ||||
Equity Securities | $ | $ 13,425 | 13,425 | $ 0 | $ 0 | |
Available-for-sale Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Interest receivable | $ | $ 17,400 | $ 17,100 | |||
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 | security | 144 | ||||
Asset-backed Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 16 | ||||
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 | security | 89 | ||||
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 | security | 8 |
Loans (Analysis of Loan Portfol
Loans (Analysis of Loan Portfolio by Major Types of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 9,676,318 | $ 9,427,660 | ||
Financing Receivable, Allowance for Credit Loss | (148,294) | (149,140) | $ (122,074) | $ (83,968) |
Loans and Leases Receivable, Net Amount | 9,528,024 | 9,278,520 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 4,081,915 | 4,062,313 | ||
Financing Receivable, Allowance for Credit Loss | (57,050) | (68,934) | (37,122) | (20,340) |
Commercial Business [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 3,792,813 | 3,597,968 | ||
Financing Receivable, Allowance for Credit Loss | (58,405) | (45,250) | (45,570) | (30,292) |
Agriculture [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 751,800 | 779,627 | ||
Financing Receivable, Allowance for Credit Loss | (9,487) | (9,052) | (11,085) | (15,835) |
Construction [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 282,534 | 268,663 | ||
Financing Receivable, Allowance for Credit Loss | (6,551) | (7,636) | (8,845) | (8,571) |
One-to-Four Family Residential [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 735,314 | 683,570 | ||
Financing Receivable, Allowance for Credit Loss | (15,638) | (16,875) | (17,659) | (7,435) |
Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 31,942 | 35,519 | ||
Financing Receivable, Allowance for Credit Loss | $ (1,163) | $ (1,393) | $ (1,644) | $ (883) |
Loans (Analysis of the Aged Loa
Loans (Analysis of the Aged Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Current Loans | $ 9,628,426 | $ 9,364,697 |
Past Due Loans | 14,311 | 28,157 |
Nonaccrual Loans | 33,581 | 34,806 |
Total Loans | 9,676,318 | 9,427,660 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 4,067,718 | 4,037,309 |
Past Due Loans | 6,880 | 17,292 |
Nonaccrual Loans | 7,317 | 7,712 |
Total Loans | 4,081,915 | 4,062,313 |
Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 3,778,955 | 3,578,905 |
Past Due Loans | 307 | 5,841 |
Nonaccrual Loans | 13,551 | 13,222 |
Total Loans | 3,792,813 | 3,597,968 |
Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 739,599 | 767,102 |
Past Due Loans | 1,572 | 911 |
Nonaccrual Loans | 10,629 | 11,614 |
Total Loans | 751,800 | 779,627 |
Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 282,343 | 268,304 |
Past Due Loans | 0 | 142 |
Nonaccrual Loans | 191 | 217 |
Total Loans | 282,534 | 268,663 |
One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 728,053 | 677,627 |
Past Due Loans | 5,510 | 3,942 |
Nonaccrual Loans | 1,751 | 2,001 |
Total Loans | 735,314 | 683,570 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 31,758 | 35,450 |
Past Due Loans | 42 | 29 |
Nonaccrual Loans | 142 | 40 |
Total Loans | 31,942 | 35,519 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 7,538 | 21,792 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 880 | 17,292 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 109 | 1,282 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 1,060 | 911 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 5,462 | 2,283 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 27 | 24 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 6,773 | 6,365 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 6,000 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 198 | 4,559 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 512 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 0 | 142 |
Financial Asset, 60 to 89 Days Past Due [Member] | One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 48 | 1,659 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Loans | 15 | 5 |
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 (Interest written off on
Loans (Interest written off on nonaccual loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items] | ||
Financing Receivable Accrued Interest Reversed Through Interest Income | $ 218 | $ 788 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items] | ||
Financing Receivable Accrued Interest Reversed Through Interest Income | 211 | 783 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator - nonaccrual loans written off interest [Line Items] | ||
Financing Receivable Accrued Interest Reversed Through Interest Income | $ 7 | $ 5 |
Loans (Analysis of Nonaccrual L
Loans (Analysis of Nonaccrual Loans with no ACL) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 23,397 | $ 20,911 |
Commercial Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 6,336 | 6,393 |
Commercial Business [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 8,682 | 6,382 |
Agriculture [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 8,379 | $ 8,136 |
Loans Loans (Analysis of Troubl
Loans Loans (Analysis of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Modifications | Mar. 31, 2020USD ($)Modifications | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | Modifications | 10 | 4 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,611 | $ 1,235 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,611 | $ 1,235 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | Modifications | 1 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 628 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 628 | $ 0 |
Commercial Business [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | Modifications | 7 | 2 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 843 | $ 272 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 843 | $ 272 |
Agriculture [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | Modifications | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 895 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 895 |
One-to-Four Family Residential [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | Modifications | 2 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 140 | $ 68 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 140 | $ 68 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020contract | Dec. 31, 2020USD ($) | |
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | |||
Interest Receivable, loans | $ 52,667 | $ 54,831 | |
Financing Receivable Modifications Additional Commitment To Lend | $ 672 | 651 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | 0 | |
Loan modifications, short-term deferments not classified as TDR, Number of contracts | contract | 20 | ||
Loan modifications, short-term deferments not classified as TDR, net of unearned income | $ 71,400 | ||
Paycheck Protection Program (PPP) loans, net of unearned income | 894,100 | ||
Loans Receivable [Member] | |||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 3,490,000 | 3,460,000 | |
Commercial Loan [Member] | |||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | |||
Loans pledged to collateralize Federal Reserve Bank Borrowings | 200,100 | 200,400 | |
Loans [Member] | |||
Financing Receivable, Credit Quality Indicator - interest written off on nonaccrual loans [Line Items] | |||
Interest Receivable, loans | $ 35,200 | $ 37,800 |
Allowance for Credit Losses a_3
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | $ 148,294 | $ 122,074 | $ 149,140 | $ 83,968 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,466) | (6,789) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,420 | 1,763 | |||
Provision (recapture) for credit losses | (800) | 41,500 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 57,050 | 37,122 | 68,934 | 20,340 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (101) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 36 | 14 | |||
Provision (recapture) for credit losses | (11,920) | 9,336 | |||
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 58,405 | 45,570 | 45,250 | 30,292 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,339) | (1,684) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,214 | 860 | |||
Provision (recapture) for credit losses | 13,280 | 15,340 | |||
Agriculture [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 9,487 | 11,085 | 9,052 | 15,835 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (4,726) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 12 | 41 | |||
Provision (recapture) for credit losses | 423 | 9,260 | |||
Construction [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 6,551 | 8,845 | 7,636 | 8,571 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 46 | 442 | |||
Provision (recapture) for credit losses | (1,131) | 1,582 | |||
One-to-Four Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 15,638 | 17,659 | 16,875 | 7,435 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (10) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 51 | 282 | |||
Provision (recapture) for credit losses | (1,288) | 5,715 | |||
Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 1,163 | 1,644 | $ 1,393 | 883 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (127) | (268) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 61 | 124 | |||
Provision (recapture) for credit losses | $ (164) | 127 | |||
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 149 | $ 612 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||||
Provision (recapture) for credit losses | $ 140 | ||||
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_4
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Allowance for Unfunded Commitments and Letters of Credit [Line Items] | ||||
Allowance For Unfunded Loan Commitments And Letters Of Credit | $ 9,800 | $ 6,000 | $ 8,300 | $ 3,430 |
Allowance for Loan and Lease Losses, Net Changes In Unfunded Commitments and Letters Of Credit Allowance | $ 1,500 | $ 1,000 | ||
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 | $ 0 | $ 1,570 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Analysis of Credit Quality of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 998,511 | $ 2,223,383 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,934,401 | 1,379,336 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,318,312 | 985,423 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 919,885 | 875,545 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 826,670 | 812,034 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,042,270 | 1,413,553 | ||
Financing Receivable, Revolving | 1,617,657 | 1,687,345 | ||
Financing Receivable, Revolving Converted to Term Loans | 18,612 | 51,041 | ||
Loans and Leases Receivable, Net of Deferred Income | 9,676,318 | 9,427,660 | ||
Financing Receivable, Allowance for Credit Loss | 148,294 | 149,140 | $ 122,074 | $ 83,968 |
Loans, net | 9,528,024 | 9,278,520 | ||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 205,152 | 680,708 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 675,249 | 709,562 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 703,398 | 513,737 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 495,541 | 547,996 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 527,418 | 498,904 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,420,546 | 1,038,233 | ||
Financing Receivable, Revolving | 51,830 | 55,443 | ||
Financing Receivable, Revolving Converted to Term Loans | 2,781 | 17,730 | ||
Loans and Leases Receivable, Net of Deferred Income | 4,081,915 | 4,062,313 | ||
Financing Receivable, Allowance for Credit Loss | 57,050 | 68,934 | 37,122 | 20,340 |
Commercial Real Estate [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 205,152 | 674,444 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 668,655 | 645,328 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 603,542 | 478,881 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 459,888 | 502,112 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 491,550 | 408,972 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,229,742 | 946,980 | ||
Financing Receivable, Revolving | 49,274 | 52,049 | ||
Financing Receivable, Revolving Converted to Term Loans | 2,781 | 11,332 | ||
Loans and Leases Receivable, Net of Deferred Income | 3,710,584 | 3,720,098 | ||
Commercial Real Estate [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,348 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,127 | 39,374 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 65,107 | 21,285 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19,094 | 30,232 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,420 | 46,197 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 99,370 | 50,115 | ||
Financing Receivable, Revolving | 5 | 5 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 2,139 | ||
Loans and Leases Receivable, Net of Deferred Income | 191,123 | 192,695 | ||
Commercial Real Estate [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 2,916 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,467 | 24,860 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 34,749 | 13,571 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,559 | 15,652 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 31,448 | 43,735 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 91,434 | 41,138 | ||
Financing Receivable, Revolving | 2,551 | 3,389 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 4,259 | ||
Loans and Leases Receivable, Net of Deferred Income | 180,208 | 149,520 | ||
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 586,311 | 1,094,027 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 836,347 | 400,172 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 382,654 | 343,892 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 316,401 | 229,497 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 207,952 | 231,713 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 411,159 | 229,070 | ||
Financing Receivable, Revolving | 1,038,686 | 1,055,285 | ||
Financing Receivable, Revolving Converted to Term Loans | 13,303 | 14,312 | ||
Loans and Leases Receivable, Net of Deferred Income | 3,792,813 | 3,597,968 | ||
Financing Receivable, Allowance for Credit Loss | 58,405 | 45,250 | 45,570 | 30,292 |
Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 586,311 | 1,087,400 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 829,165 | 366,435 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 347,668 | 324,360 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 273,408 | 199,010 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 178,663 | 218,313 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 376,297 | 214,677 | ||
Financing Receivable, Revolving | 945,271 | 1,000,725 | ||
Financing Receivable, Revolving Converted to Term Loans | 12,322 | 11,540 | ||
Loans and Leases Receivable, Net of Deferred Income | 3,549,105 | 3,422,460 | ||
Commercial Business [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,002 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 588 | 26,361 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8,346 | 8,471 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,237 | 24,582 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,063 | 7,004 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,131 | 10,650 | ||
Financing Receivable, Revolving | 49,369 | 22,426 | ||
Financing Receivable, Revolving Converted to Term Loans | 143 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 67,877 | 102,496 | ||
Commercial Business [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,625 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,594 | 7,376 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 26,640 | 11,061 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 36,756 | 5,905 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 27,226 | 6,396 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 33,731 | 3,743 | ||
Financing Receivable, Revolving | 44,046 | 32,134 | ||
Financing Receivable, Revolving Converted to Term Loans | 838 | 2,772 | ||
Loans and Leases Receivable, Net of Deferred Income | 175,831 | 73,012 | ||
Agriculture [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 57,282 | 147,356 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 130,931 | 103,182 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 97,275 | 50,587 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 42,786 | 62,657 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 60,778 | 59,177 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 112,534 | 62,898 | ||
Financing Receivable, Revolving | 248,920 | 283,000 | ||
Financing Receivable, Revolving Converted to Term Loans | 1,294 | 10,770 | ||
Loans and Leases Receivable, Net of Deferred Income | 751,800 | 779,627 | ||
Financing Receivable, Allowance for Credit Loss | 9,487 | 9,052 | 11,085 | 15,835 |
Agriculture [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 57,282 | 142,163 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 121,511 | 90,612 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 85,485 | 44,434 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 39,930 | 58,366 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56,638 | 58,893 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 106,969 | 59,396 | ||
Financing Receivable, Revolving | 209,154 | 244,135 | ||
Financing Receivable, Revolving Converted to Term Loans | 550 | 9,299 | ||
Loans and Leases Receivable, Net of Deferred Income | 677,519 | 707,298 | ||
Agriculture [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,398 | 90 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,366 | 285 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 163 | 33 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,371 | 0 | ||
Financing Receivable, Revolving | 7,962 | 85 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 13 | ||
Loans and Leases Receivable, Net of Deferred Income | 15,260 | 506 | ||
Agriculture [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 5,193 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,022 | 12,480 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 10,424 | 5,868 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,693 | 4,258 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,140 | 284 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,194 | 3,502 | ||
Financing Receivable, Revolving | 31,804 | 38,780 | ||
Financing Receivable, Revolving Converted to Term Loans | 744 | 1,458 | ||
Loans and Leases Receivable, Net of Deferred Income | 59,021 | 71,823 | ||
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 41,447 | 134,693 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 130,122 | 84,706 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 62,269 | 10,066 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,909 | 3,498 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,471 | 763 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,634 | 1,861 | ||
Financing Receivable, Revolving | 31,682 | 29,323 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 3,753 | ||
Loans and Leases Receivable, Net of Deferred Income | 282,534 | 268,663 | ||
Financing Receivable, Allowance for Credit Loss | 6,551 | 7,636 | 8,845 | 8,571 |
Construction [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 41,447 | 134,693 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 130,122 | 66,974 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 44,121 | 10,066 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,909 | 3,498 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,471 | 763 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,579 | 1,805 | ||
Financing Receivable, Revolving | 31,682 | 29,323 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 3,753 | ||
Loans and Leases Receivable, Net of Deferred Income | 264,331 | 250,875 | ||
Construction [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |||
Financing Receivable, Revolving | 0 | |||
Financing Receivable, Revolving Converted to Term Loans | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | |||
Construction [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 17,732 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 18,148 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 55 | 56 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 18,203 | 17,788 | ||
One-to-Four Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 106,212 | 161,021 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 158,121 | 78,605 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 69,870 | 63,255 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53,998 | 30,903 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 26,177 | 21,233 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 91,183 | 80,261 | ||
Financing Receivable, Revolving | 229,226 | 244,330 | ||
Financing Receivable, Revolving Converted to Term Loans | 527 | 3,962 | ||
Loans and Leases Receivable, Net of Deferred Income | 735,314 | 683,570 | ||
Financing Receivable, Allowance for Credit Loss | 15,638 | 16,875 | 17,659 | 7,435 |
One-to-Four Family Residential [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 106,212 | 161,021 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 157,286 | 77,756 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 68,489 | 62,696 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53,753 | 29,737 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 25,686 | 20,889 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 88,323 | 78,098 | ||
Financing Receivable, Revolving | 228,917 | 243,325 | ||
Financing Receivable, Revolving Converted to Term Loans | 308 | 3,655 | ||
Loans and Leases Receivable, Net of Deferred Income | 728,974 | 677,177 | ||
One-to-Four Family Residential [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 332 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 125 | 195 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Financing Receivable, Revolving Converted to Term Loans | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 125 | 527 | ||
One-to-Four Family Residential [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 835 | 849 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,381 | 227 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 245 | 1,166 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 491 | 344 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,735 | 1,968 | ||
Financing Receivable, Revolving | 309 | 1,005 | ||
Financing Receivable, Revolving Converted to Term Loans | 219 | 307 | ||
Loans and Leases Receivable, Net of Deferred Income | 6,215 | 5,866 | ||
Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,107 | 5,578 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,631 | 3,109 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,846 | 3,886 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,250 | 994 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 874 | 244 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,214 | 1,230 | ||
Financing Receivable, Revolving | 17,313 | 19,964 | ||
Financing Receivable, Revolving Converted to Term Loans | 707 | 514 | ||
Loans and Leases Receivable, Net of Deferred Income | 31,942 | 35,519 | ||
Financing Receivable, Allowance for Credit Loss | 1,163 | 1,393 | $ 1,644 | $ 883 |
Consumer Loan [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,107 | 5,548 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,595 | 3,109 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,807 | 3,886 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,250 | 989 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 871 | 244 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,211 | 1,060 | ||
Financing Receivable, Revolving | 17,277 | 19,911 | ||
Financing Receivable, Revolving Converted to Term Loans | 610 | 474 | ||
Loans and Leases Receivable, Net of Deferred Income | 31,728 | 35,221 | ||
Consumer Loan [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 30 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 39 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 5 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3 | 170 | ||
Financing Receivable, Revolving | 36 | 53 | ||
Financing Receivable, Revolving Converted to Term Loans | 97 | 40 | ||
Loans and Leases Receivable, Net of Deferred Income | $ 214 | $ 298 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Minimum loan balance of nonaccrual, collateral dependent loans considered for ACL | $ 500,000 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (846,000) |
Other Real Estate Owned (Summar
Other Real Estate Owned (Summary of Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Real Estate Owned [Line Items] | ||
Balance, beginning of period | $ 553 | $ 552 |
Proceeds from Sale of OREO Property | 132 | 42 |
Gain on sale of OREO, net | 100 | 0 |
Total OREO, end of period | $ 521 | $ 510 |
Other Real Estate Owned (Narrat
Other Real Estate Owned (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Other Real Estate Owned [Line Items] | ||||
Foreclosed residential real estate properties | $ 521 | $ 553 | $ 510 | $ 552 |
Mortgage Loans in Process of Foreclosure, Amount | 167 | |||
One-to-Four Family Residential [Member] | ||||
Other Real Estate Owned [Line Items] | ||||
Foreclosed residential real estate properties | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | (1,924) | (2,310) | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 919 | 919 | ||
Other intangible assets, net | 24,810 | 33,148 | $ 26,734 | |
Total goodwill and intangible assets, end of period | 790,652 | 798,990 | ||
Core Deposits [Member] | ||||
Goodwill and Intangible Assets [Roll Forward] | ||||
Gross core deposit intangible balance, beginning of period | 105,473 | $ 105,473 | ||
Accumulated amortization at beginning of period | $ (79,658) | $ (70,934) | ||
Core deposit intangible, net, beginning of period | 25,815 | 34,539 | ||
CDI current period amortization | (1,924) | (2,310) | ||
Total core deposit intangible, end of period | $ 23,891 | $ 32,229 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Estimated Future Amortization Expense of Core Deposit Intangibles) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Future Amortization Expense For Core Deposit Intangibles | |
2021 | $ 5,340 |
2022 | 5,880 |
2023 | 4,552 |
2024 | 3,432 |
2025 | $ 2,415 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Details) - Narrative | 3 Months Ended |
Mar. 31, 2021 | |
Core Deposits [Member] | |
Goodwill and Intangible Assets [Line Items] | |
Estimated life of CDI, in years | 10 years |
Revolving Line of Credit (Detai
Revolving Line of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 0 | $ 0 |
Derivatives and Balance Sheet_3
Derivatives and Balance Sheet Offsetting - Fair value of derivatives & classifications table (Details) - Not Designated as Hedging Instrument [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Fair value of asset derivative instruments | $ 32,501 | $ 46,184 |
Fair value of liability derivative instruments | 32,769 | 46,637 |
Other Assets [Member] | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Fair value of asset derivative instruments | 925 | 1,096 |
Other Assets [Member] | Forward Sales Contracts | ||
Derivative [Line Items] | ||
Fair value of asset derivative instruments | 505 | 0 |
Other Assets [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Fair value of asset derivative instruments | 32,501 | 46,184 |
Other Liabilities [Member] | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Fair value of liability derivative instruments | 0 | 0 |
Other Liabilities [Member] | Forward Sales Contracts | ||
Derivative [Line Items] | ||
Fair value of liability derivative instruments | 0 | 165 |
Other Liabilities [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Fair value of liability derivative instruments | $ 32,769 | $ 46,637 |
Derivatives and Balance Sheet_4
Derivatives and Balance Sheet Offsetting - Cash flow hedge effect on AOCI table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance Sheet Offsetting [Line Items] | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 0 | $ 23,423 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 2,576 | $ 940 |
Derivatives and Balance Sheet_5
Derivatives and Balance Sheet Offsetting - Not designated as hedging instruments gain/loss table (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance Sheet Offsetting [Line Items] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 611 | $ 0 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments | ||
Balance Sheet Offsetting [Line Items] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | (171) | 0 |
Interest Rate Contracts [Member] | Forward Sales Contracts | ||
Balance Sheet Offsetting [Line Items] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 670 | 0 |
Interest Rate Contracts [Member] | Interest Rate Swap | ||
Balance Sheet Offsetting [Line Items] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 112 | $ 0 |
Derivatives and Balance Sheet_6
Derivatives and Balance Sheet Offsetting - Collateral pledged table (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Offsetting [Line Items] | ||
Repurchase agreements, amounts offset in balance sheet | $ 0 | $ 0 |
Repurchase agreements, net amount presented in statement of financial position | 38,624 | 73,859 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | (38,624) | (73,859) |
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 | 32,501 | 46,184 |
Derivative, Collateral, Obligation to Return Cash | (1,960) | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 30,541 | 46,184 |
Derivative Liability, Gross Amounts Offset in Balance Sheets | 0 | 0 |
Derivative Liability | 32,769 | 46,637 |
Derivative, Collateral, Right to Reclaim Cash | 26,848 | 46,637 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 5,921 | 0 |
Available-for-sale Securities [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 38,624 | 73,859 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Fair value of asset derivative instruments | 32,501 | 46,184 |
Fair value of liability derivative instruments | $ 32,769 | $ 46,637 |
Derivatives and Balance Sheet_7
Derivatives and Balance Sheet Offsetting - Collateral pledged for repurchase agreements table (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | $ 38,624 |
Secured Borrowings, Gross, Difference, Amount | 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 | 38,624 |
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 | 38,624 |
Maturity Less than 30 Days [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 | 0 |
Maturity 30 to 90 Days [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 | 0 |
Maturity Greater than 90 Days [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 | $ 0 |
Derivatives and Balance Sheet_8
Derivatives and Balance Sheet Offsetting (Narative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Balance Sheet Offsetting [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 10,400 | |
Gain on termination of interest rate collar | 34,400 | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 38,624 | |
Commitments To Originate Loans Held For Sale Member | ||
Balance Sheet Offsetting [Line Items] | ||
Commitments and contingent liabilities (Note 10) | 60,100 | |
Forward Sales Contracts | ||
Balance Sheet Offsetting [Line Items] | ||
Commitments and contingent liabilities (Note 10) | 48,500 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative, Notional Amount | 635,100 | $ 597,900 |
Designated as Hedging Instrument [Member] | Interest rate collar [Domain] | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative, Notional Amount | 500,000 | |
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 | $ 38,624 |
Commitments and contingent li_2
Commitments and contingent liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 2,930,000 | $ 2,800,000 |
Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 30,600 | 29,900 |
Commercial Letter of Credit and other off-balance sheet liabilities [Member] | ||
Other Commitments [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 16 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - $ / shares | Apr. 29, 2021 | Jan. 28, 2021 |
Subsequent Event [Line Items] | ||
Declared quarterly cash dividend | $ 0.28 | |
Common Stock, Special Cash Dividends, Per Share, Declared | $ 0 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declared quarterly cash dividend | $ 0.28 |
Shareholders' Equity Share repu
Shareholders' Equity Share repurchase (Details) - $ / shares | Apr. 29, 2021 | Jan. 28, 2021 |
Class of Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.28 | |
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, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 182,195 | $ 40,367 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (102,605) | 97,673 |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | (1,862) | (833) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (104,467) | 96,840 |
Ending balance | 77,728 | 137,207 |
Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 163,174 | 33,038 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (102,605) | 79,696 |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 0 | (191) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (102,605) | 79,505 |
Ending balance | 60,569 | 112,543 |
Unrealized Gains and Losses on Pension Plan Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (5,833) | (3,974) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 115 | 80 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 115 | 80 |
Ending balance | (5,718) | (3,894) |
Unrealized gains and losses on cash flow hedge | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 24,854 | 11,303 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 17,977 |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | (1,977) | (722) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (1,977) | 17,255 |
Ending balance | $ 22,877 | $ 28,558 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities gains, net | $ 0 | $ 249 |
Total before tax | 64,401 | 17,858 |
Income tax provision | (12,548) | (3,230) |
Net Income | 51,853 | 14,628 |
Compensation and employee benefits | 51,736 | 54,842 |
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 | 0 | 249 |
Total before tax | 0 | 249 |
Income tax provision | 0 | (58) |
Net Income | 0 | 191 |
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 | (150) | (104) |
Income tax provision | 35 | 24 |
Net Income | (115) | (80) |
Compensation and employee benefits | (150) | (104) |
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 | 2,576 | 940 |
Income tax provision | (599) | (218) |
Net Income | 1,977 | 722 |
Interest income, Loans | $ 2,576 | $ 940 |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 5,496,290 | $ 5,210,134 |
Loans held for sale | 25,587 | 14,760 |
Interest rate derivative asset | 32,501 | 46,184 |
Interest rate derivative liability | 32,769 | 46,637 |
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 |
Loans held for sale | 0 | 0 |
Interest rate derivative asset | 0 | 0 |
Interest rate derivative liability | 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 | 5,496,290 | 5,210,134 |
Loans held for sale | 25,587 | 14,760 |
Interest rate derivative asset | 32,501 | 46,184 |
Interest rate derivative liability | 32,769 | 46,637 |
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 |
Loans held for sale | 0 | 0 |
Interest rate derivative asset | 0 | 0 |
Interest rate derivative liability | 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 | 4,104,219 | 3,814,387 |
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 | 4,104,219 | 3,814,387 |
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 | 358,819 | 357,479 |
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 | 358,819 | 357,479 |
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 | 751,285 | 753,572 |
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 | 751,285 | 753,572 |
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 | 281,967 | 284,696 |
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 | 281,967 | 284,696 |
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 |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 925 | 1,096 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 0 | 0 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 0 | 0 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 925 | 1,096 |
Forward Sales Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 505 | |
Derivative Liability | 165 | |
Forward Sales Contracts | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 0 | |
Derivative Liability | 0 | |
Forward Sales Contracts | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | 505 | |
Derivative Liability | 165 | |
Forward Sales Contracts | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative asset | $ 0 | |
Derivative Liability | $ 0 |
Fair Value Accounting and Mea_4
Fair Value Accounting and Measurement (IRL Quantitative Information About Level 3 Fair Value Measurements) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset, Measurement Input | 0.7987 | |
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset, Measurement Input | 1 | |
Measurement input pull through rate member | Valuation technique internal pricing model member | Interest Rate Lock Commitments | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset, Measurement Input | 0.9039 | |
Fair Value, Recurring [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset | $ 32,501 | $ 46,184 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset | 925 | 1,096 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Interest rate derivative asset | $ 925 | $ 1,096 |
Fair Value Accounting and Mea_5
Fair Value Accounting and Measurement (IRL rollforward) (Details) - Interest Rate Lock Commitments - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Balance - Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 925 | $ 0 | $ 1,096 | $ 0 |
Change included in Earnings - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1,710 | 0 | ||
Settlements - Fair Value Net Derivative Asset (Liability) Measured on Recurring Basis with Unobserved Inputs reconciliation, Sales and Settlements | $ (1,881) | $ 0 |
Fair Value Accounting and Mea_6
Fair Value Accounting and Measurement Equity securities without readily determinable values (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Equity Securities | $ 13,425 | $ 0 | $ 13,425 | $ 0 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | $ 0 | $ 0 |
Fair Value Accounting and Mea_7
Fair Value Accounting and Measurement (Financial Assets Accounted For Fair Value On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 88 | $ 0 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 1,520 | 3,043 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, Fair Value | 1,520 | 3,043 |
Collateral dependent loans [Domain] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 722 | $ 5,138 |
Fair Value Accounting and Mea_8
Fair Value Accounting and Measurement (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Fair Value Measurements Inputs and Valuation Techniques | ||
Collateral dependent loans, Fair Value | $ 1,520 | $ 3,043 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Collateral dependent loans, Fair Value | $ 1,520 | $ 3,043 |
Valuation, Market Approach [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Collateral dependent loans, Measurement Input | 0.4296 | 0 |
Valuation, Market Approach [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Collateral dependent loans, Measurement Input | 0.7500 | 1 |
Valuation, Market Approach [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Inputs and Valuation Techniques | ||
Collateral dependent loans, Measurement Input | 0.5953 | 0.5978 |
Fair Value Accounting and Mea_9
Fair Value Accounting and Measurement (Carrying Amounts and Estimated Fair Values of Selected Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Interest-earning deposits with banks | $ 706,389 | $ 434,867 |
Debt securities available for sale at fair value | 5,496,290 | 5,210,134 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 178,096 | 218,899 |
Interest-earning deposits with banks | 706,389 | 434,867 |
Debt securities available for sale at fair value | 5,496,290 | 5,210,134 |
FHLB stock | 10,280 | 10,280 |
Loans held for sale | 26,176 | 26,481 |
Loans | 9,948,104 | 9,720,592 |
Liabilities | ||
Deposits | 333,169 | 338,815 |
FHLB advances | 8,764 | 9,295 |
Repurchase agreements | 38,624 | 73,859 |
Subordinated Debentures | 35,102 | 35,414 |
Carrying Amount | ||
Assets | ||
Cash and due from banks | 178,096 | 218,899 |
Interest-earning deposits with banks | 706,389 | 434,867 |
Debt securities available for sale at fair value | 5,496,290 | 5,210,134 |
FHLB stock | 10,280 | 10,280 |
Loans held for sale | 26,176 | 26,481 |
Loans | 9,528,024 | 9,278,520 |
Liabilities | ||
Deposits | 336,918 | 338,845 |
FHLB advances | 7,400 | 7,414 |
Repurchase agreements | 38,624 | 73,859 |
Subordinated Debentures | 35,046 | 35,092 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 178,096 | 218,899 |
Interest-earning deposits with banks | 706,389 | 434,867 |
Debt securities available for sale at fair value | 0 | 0 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated Debentures | 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 | 5,496,290 | 5,210,134 |
FHLB stock | 10,280 | 10,280 |
Loans held for sale | 26,176 | 26,481 |
Loans | 0 | 0 |
Liabilities | ||
Deposits | 333,169 | 338,815 |
FHLB advances | 8,764 | 9,295 |
Repurchase agreements | 38,624 | 73,859 |
Subordinated Debentures | 35,102 | 35,414 |
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 | 9,948,104 | 9,720,592 |
Liabilities | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Interest Rate Swap | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 32,501 | 46,184 |
Liabilities | ||
Interest rate derivative liability | 32,769 | 46,637 |
Interest Rate Swap | Carrying Amount | ||
Assets | ||
Interest rate derivative asset | 32,501 | 46,184 |
Liabilities | ||
Interest rate derivative liability | 32,769 | 46,637 |
Interest Rate Swap | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 0 | 0 |
Liabilities | ||
Interest rate derivative liability | 0 | 0 |
Interest Rate Swap | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 32,501 | 46,184 |
Liabilities | ||
Interest rate derivative liability | 32,769 | 46,637 |
Interest Rate Swap | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 0 | 0 |
Liabilities | ||
Interest rate derivative liability | 0 | 0 |
Interest Rate Lock Commitments | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 925 | 1,096 |
Interest Rate Lock Commitments | Carrying Amount | ||
Assets | ||
Interest rate derivative asset | 925 | 1,096 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 0 | 0 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 0 | 0 |
Interest Rate Lock Commitments | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 925 | 1,096 |
Forward Sales Contracts | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 505 | |
Liabilities | ||
Interest rate derivative liability | 165 | |
Forward Sales Contracts | Carrying Amount | ||
Assets | ||
Interest rate derivative asset | 505 | |
Liabilities | ||
Interest rate derivative liability | 165 | |
Forward Sales Contracts | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 0 | |
Liabilities | ||
Interest rate derivative liability | 0 | |
Forward Sales Contracts | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | 505 | |
Liabilities | ||
Interest rate derivative liability | 165 | |
Forward Sales Contracts | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Interest rate derivative asset | $ 0 | |
Liabilities | ||
Interest rate derivative liability | $ 0 |
Fair Value Accounting and Me_10
Fair Value Accounting and Measurement (Aggregate FV and aggregate unpaid principal balance of LHFS under FV option (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
FV, Loans held for sale, FV option, Mandatory Delivery method | $ 25,587 | $ 0 |
Fair Value, Loans held for sale, FV option, Aggregate Unpaid Principal Balance | 25,167 | 0 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 420 | $ 0 |
Fair Value Accounting and Me_11
Fair Value Accounting and Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Visa Class B shares, remaining shares | 77,683 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 88 | $ 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, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income | $ 51,853 | $ 14,628 |
Earnings allocated to participating securities - nonvested restricted shares | 155 | 249 |
Earnings allocated to common shareholders, Basic | $ 51,698 | $ 14,379 |
Weighted average common shares outstanding | 70,869 | 71,206 |
Basic earnings per common share | $ 0.73 | $ 0.20 |
Earnings allocated to common shareholders, Diluted | $ 51,698 | $ 14,379 |
Dilutive effect of equity awards | 240 | 58 |
Weighted average diluted common shares outstanding | 71,109 | 71,264 |
Diluted earnings per common share | $ 0.73 | $ 0.20 |
Potentially dilutive stock awards and units that were not included in the computation of diluted EPS because to do so would be anti-dilutive. | 70 | 6 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deposit account and treasury management fees | $ 6,358 | $ 7,788 |
Card revenue | 3,733 | 3,518 |
Financial services and trust revenue | 3,381 | 3,065 |
Revenue from contracts with customers | 13,472 | 14,371 |
Noninterest income, excluding revenue from contracts with customers | 9,694 | 6,836 |
Noninterest Income | $ 23,166 | $ 21,207 |