For the quarterly period ended | ||||||||
OR |
Commission file number |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
PAGE | ||||||||
Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020 | ||||||||
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited) | ||||||||
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited) | ||||||||
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited) | ||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited) | ||||||||
Item 5. | Other Information | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(dollars in thousands) | (unaudited) | ||||||||||
Assets | |||||||||||
Cash | $ | $ | |||||||||
Interest-bearing deposits due from banks | |||||||||||
Total cash and cash equivalents | |||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $ | |||||||||||
Investment securities held to maturity (fair value of $ | |||||||||||
Equity securities, at fair value | |||||||||||
Federal Home Loan Bank and other membership bank stock, at cost | |||||||||||
Loans held for sale | |||||||||||
Loans, net of deferred fees | |||||||||||
Less: Allowance for credit losses | |||||||||||
Net loans | |||||||||||
Premises and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Accrued interest receivable | |||||||||||
Goodwill | |||||||||||
Other identifiable intangible assets | |||||||||||
Bank owned life insurance | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||
Other borrowings | |||||||||||
Subordinated debentures | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Stockholders' Equity | |||||||||||
Common stock, | |||||||||||
Retained earnings | |||||||||||
Treasury shares, at cost, | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total Stockholders' Equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Loans and fees | $ | $ | $ | $ | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits with banks | ||||||||||||||||||||||||||
Taxable investment securities and other | ||||||||||||||||||||||||||
Tax-exempt investment securities | ||||||||||||||||||||||||||
Total Interest Income | ||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | ||||||||||||||||||||||||||
Other borrowings | ||||||||||||||||||||||||||
Total Interest Expense | ||||||||||||||||||||||||||
Net Interest Income | ||||||||||||||||||||||||||
(Benefit) provision for credit losses (1) | ( | ( | ||||||||||||||||||||||||
Net Interest Income after (Benefit) Provision for Credit Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Commissions and fees | ||||||||||||||||||||||||||
Income on bank owned life insurance | ||||||||||||||||||||||||||
Gain (loss) on equity securities | ( | ( | ||||||||||||||||||||||||
Gains on sales of loans | ||||||||||||||||||||||||||
Gains on investment securities transactions, net | ||||||||||||||||||||||||||
Swap income | ||||||||||||||||||||||||||
Other income (loss) | ( | ( | ||||||||||||||||||||||||
Total Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||
Compensation and employee benefits | ||||||||||||||||||||||||||
Premises and equipment | ||||||||||||||||||||||||||
FDIC insurance | ||||||||||||||||||||||||||
Data processing | ||||||||||||||||||||||||||
Other operating expenses | ||||||||||||||||||||||||||
Total Noninterest Expense | ||||||||||||||||||||||||||
Income before provision for income taxes | ||||||||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Per Share of Common Stock | ||||||||||||||||||||||||||
Basic earnings | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings | $ | $ | $ | $ | ||||||||||||||||||||||
Dividends | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale | ( | |||||||||||||||||||||||||
Reclassification for securities gains included in net income | ( | |||||||||||||||||||||||||
Unrealized losses on derivatives | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Total Comprehensive Income | $ | $ | $ | $ |
(in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
April 1, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||
Stock based compensation | — | — | — | ||||||||||||||||||||||||||
Retirement of restricted stock | ( | — | — | — | ( | ||||||||||||||||||||||||
Cash dividends on common stock of $ | — | ( | — | — | ( | ||||||||||||||||||||||||
June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
April 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||
Stock based compensation | — | — | — | ||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||
Cash dividends on common stock of $ | — | ( | — | — | ( | ||||||||||||||||||||||||
June 30, 2021 | $ | $ | $ | ( | $ | $ |
(in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||
January 1, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||
Purchase of treasury stock, | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock based compensation | — | — | — | ||||||||||||||||||||||||||
Retirement of restricted stock | ( | — | — | — | ( | ||||||||||||||||||||||||
Cash dividends on common stock of $ | — | ( | — | — | ( | ||||||||||||||||||||||||
June 30, 2020 | ( | ||||||||||||||||||||||||||||
January 1, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock based compensation | — | — | — | ||||||||||||||||||||||||||
Retirement of restricted stock | ( | — | — | — | ( | ||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||
Cash dividends on common stock of $ | — | ( | — | — | ( | ||||||||||||||||||||||||
June 30, 2021 | $ | $ | $ | ( | $ | $ |
For the Six Months Ended June 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net amortization of premiums, discounts and deferred loan fees and costs | ( | ||||||||||
Depreciation and amortization | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
(Benefit) provision for credit losses | ( | ||||||||||
Loans originated for sale | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Gains on investment securities transactions, net | ( | ( | |||||||||
Change in fair value of equity securities | |||||||||||
Gains on sales of loans held for sale | ( | ( | |||||||||
Gains on other real estate and other repossessed assets | ( | ( | |||||||||
Losses on sales of premises and equipment | ( | ||||||||||
Impairment of property held for sale | |||||||||||
Long-term debt prepayment penalty | |||||||||||
Stock-based compensation | |||||||||||
Excess tax deficiencies | ( | ( | |||||||||
Decrease (increase) in other assets | ( | ||||||||||
(Decrease) increase in other liabilities | ( | ||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from repayments and maturities of available for sale securities | |||||||||||
Proceeds from repayments and maturities of held to maturity securities | |||||||||||
Proceeds from sales of available for sale securities | |||||||||||
Purchase of available for sale securities | ( | ( | |||||||||
Purchase of held to maturity securities | ( | ||||||||||
Purchase of equity securities | ( | ( | |||||||||
Proceeds from redemptions of Federal Home Loan Bank stock | |||||||||||
Purchases of Federal Home Loan Bank stock | ( | ( | |||||||||
Net decrease (increase) in loans | ( | ||||||||||
Proceeds from sales of loans held for investment | |||||||||||
Proceeds from sales of other real estate and repossessed assets | |||||||||||
Proceeds from dispositions and sales of premises and equipment | ( | ||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net increase in deposits | |||||||||||
Decrease in federal funds purchased and securities sold under agreements to repurchase | ( | ( | |||||||||
Proceeds from other borrowings | |||||||||||
Repayments of other borrowings | ( | ||||||||||
Purchase of treasury stock | ( | ||||||||||
Repayments of subordinated debt | ( | ||||||||||
Exercise of stock options | |||||||||||
Retirement of restricted stock | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net Cash Provided by Financing Activities | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
For the Six Months Ended June 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Cash paid during the period for income taxes | $ | $ | |||||||||
Cash paid during the period for interest | |||||||||||
Transfer of loans to loans held for sale | |||||||||||
Transfer of loans to other real estate owned | |||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | |||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income available to common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Less: earnings allocated to participating securities | ||||||||||||||||||||||||||
Net income allocated to common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | ||||||||||||||||||||||||||
Share-based plans | ||||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | ||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
June 30, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | ( | |||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | ( | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | ( | |||||||||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | ||||||||||||||||||||||||||||||
Debt securities | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | ( | |||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | ( | |||||||||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | ||||||||||||||||||||||||||||||
Debt securities | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
June 30, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
U.S. government agencies | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | |||||||||||||||||||||||||||||||
Debt securities | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
U.S. government agencies | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities | |||||||||||||||||||||||
Total securities | $ | $ | $ | $ |
June 30, 2021 | AAA | AA | BBB | Not Rated | Total | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2020 | AAA | AA | Total | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | |||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||
Collateralized mortgage obligations, residential | ||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||
Total | $ | $ | $ |
June 30, 2021 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Non owner occupied commercial | $ | $ | ||||||||||||
Owner occupied commercial | ||||||||||||||
Multifamily | ||||||||||||||
Non owner occupied residential | ||||||||||||||
Commercial, industrial and other | ||||||||||||||
Construction | ||||||||||||||
Equipment finance | ||||||||||||||
Residential mortgage | ||||||||||||||
Home equity and consumer | ||||||||||||||
Total | $ | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2021 | Past Due | |||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Past Due | |||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2021 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | $ | $ | ||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | $ | $ | ||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Balance at beginning of the period | $ | $ | $ | $ | ||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ||||||||||||||||||||||
(Benefit) provision for credit loss - loans | ( | ( | ||||||||||||||||||||||||
Balance at end of the period | $ | $ |
(in thousands) | Balance at 3/31/2021 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2021 | |||||||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||
Non-owner occupied residential | ( | ( | ||||||||||||||||||||||||||||||
Commercial, industrial and other | ( | ( | ||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Equipment finance | ( | ( | ||||||||||||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
(in thousands) | Balance at 3/31/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2020 | |||||||||||||||||||||||||||
Commercial, secured by real estate (1) | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial, industrial and other | ( | |||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Equipment finance | ( | |||||||||||||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||||||||||||||
Consumer | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ |
(in thousands) | Balance at 12/31/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2021 | |||||||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Owner occupied commercial | ( | |||||||||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||
Non-owner occupied residential | ( | ( | ||||||||||||||||||||||||||||||
Commercial, industrial and other | ( | ( | ||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Equipment finance | ( | ( | ||||||||||||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
(in thousands) | Balance at 12/31/2019 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2020 | |||||||||||||||||||||||||||
Commercial, secured by real estate (1) | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Equipment finance | ( | |||||||||||||||||||||||||||||||
Residential mortgage | ( | ( | ||||||||||||||||||||||||||||||
Consumer | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ |
June 30, 2021 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated | Collectively evaluated | Acquired with deteriorated credit quality | Total | Individually evaluated | Collectively evaluated | Total | |||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired with deteriorated credit quality | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Sublease income | $ | ( | $ | ( | ( | ( | ||||||||||||||||||||
Net lease cost | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities |
(in thousands) | ||||||||
Within one year | $ | |||||||
After one year but within three years | ||||||||
After three years but within five years | ||||||||
After five years | ||||||||
Total undiscounted cash flows | ||||||||
Discount on cash flows | ( | |||||||
Total lease liability | $ |
(dollars in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Noninterest-bearing demand | $ | % | $ | % | ||||||||||||||||||||||
Interest-bearing checking | % | % | ||||||||||||||||||||||||
Money market | % | % | ||||||||||||||||||||||||
Savings | % | % | ||||||||||||||||||||||||
Certificates of deposit $250 thousand and under | % | % | ||||||||||||||||||||||||
Certificates of deposit over $250 thousand | % | % | ||||||||||||||||||||||||
Total deposits | $ | % | $ | % |
Number of Shares | Weighted Average Price | ||||||||||
Outstanding, January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Outstanding, June 30, 2021 | $ |
Number of Shares | Weighted Average Price | ||||||||||
Outstanding, January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding, June 30, 2021 | $ |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding, January 1, 2021 | $ | $ | |||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Outstanding, June 30, 2021 | $ | $ | |||||||||||||||||||||
Options exercisable at June 30, 2021 | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Service charges on deposit accounts: | ||||||||||||||||||||||||||
Debit card interchange income | $ | $ | $ | $ | ||||||||||||||||||||||
Overdraft charges | ||||||||||||||||||||||||||
ATM service charges | ||||||||||||||||||||||||||
Demand deposit fees and charges | ||||||||||||||||||||||||||
Savings service charges | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Commissions and fees: | ||||||||||||||||||||||||||
Loan fees | ||||||||||||||||||||||||||
Wire transfer charges | ||||||||||||||||||||||||||
Investment services income | ||||||||||||||||||||||||||
Merchant fees | ||||||||||||||||||||||||||
Commissions from sales of checks | ||||||||||||||||||||||||||
Safe deposit income | ||||||||||||||||||||||||||
Other income | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Gains on sales of loans | ||||||||||||||||||||||||||
Swap income | ||||||||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||
Title insurance income | ||||||||||||||||||||||||||
Other income | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Revenue not from contracts with customers | ||||||||||||||||||||||||||
Total Noninterest Income | $ | $ | $ | $ | ||||||||||||||||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||||||||
Products and services transferred at a point in time | ||||||||||||||||||||||||||
Products and services transferred over time | ||||||||||||||||||||||||||
Revenue not from contracts with customers | ||||||||||||||||||||||||||
Total Noninterest Income | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Consulting and advisory board fees | ||||||||||||||||||||||||||
ATM and debit card expense | ||||||||||||||||||||||||||
Telecommunications expense | ||||||||||||||||||||||||||
Marketing expense | ||||||||||||||||||||||||||
Core deposit intangible amortization | ||||||||||||||||||||||||||
Other real estate owned and other repossessed assets expense | ||||||||||||||||||||||||||
Long-term debt prepayment fee | ||||||||||||||||||||||||||
Other operating expenses | ||||||||||||||||||||||||||
Total other operating expense | $ | $ | $ | $ |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains arising during period | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Reclassification adjustment for net gains arising during the period | |||||||||||||||||||||||||||||||||||
Net unrealized gains | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other comprehensive income net | $ | $ | ( | $ | $ | $ | ( | $ |
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding (losses) gains arising during period | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Reclassification adjustment for net gains arising during the period | ( | ( | |||||||||||||||||||||||||||||||||
Net unrealized (losses) gains | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other comprehensive (losses) income, net | $ | ( | $ | $ | ( | $ | $ | ( | $ |
For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | Unrealized Gains on Available for Sale Securities | Unrealized (Losses) on Derivatives | Pension Items | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ |
For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | Unrealized Gains on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before classifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ |
June 30, 2021 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||
Classified in Other Assets: | ||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | $ | % | 1 Mo. LIBOR + | $ | ||||||||||||||||||||||||||||
Customer interest rate swaps | % | 1 Mo. LIBOR + | ||||||||||||||||||||||||||||||
Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||
Customer interest rate swaps | $ | % | 1 Mo. LIBOR + | $ | ( | |||||||||||||||||||||||||||
3rd Party interest rate swaps | % | 1 Mo. LIBOR + | ( | |||||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | % | 3 Mo. LIBOR | ( |
December 31, 2020 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||
Classified in Other Assets: | ||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | $ | % | 1 Mo. LIBOR + | $ | ||||||||||||||||||||||||||||
Customer interest rate swaps | % | 1 Mo. LIBOR + | ||||||||||||||||||||||||||||||
Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||
Customer interest rate swaps | $ | % | 1 Mo. LIBOR + | ( | ||||||||||||||||||||||||||||
3rd party interest rate swaps | % | 1 Mo. LIBOR + | ( | |||||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | % | 3 Mo. LIBOR | ( |
For the Year Ended | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 |
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities, available for sale | |||||||||||||||||||||||
U.S. Treasury and government agencies | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities, residential | |||||||||||||||||||||||
Collateralized mortgage obligations, residential | |||||||||||||||||||||||
Mortgage-backed securities, multifamily | |||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Equity securities, at fair value | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities, available for sale | |||||||||||||||||||||||
U.S. Treasury and government agencies | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities, residential | |||||||||||||||||||||||
Collateralized mortgage obligations, residential | |||||||||||||||||||||||
Mortgage-backed securities, multifamily | |||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Equity securities, at fair value | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Individually evaluated loans | $ | $ | $ | $ | |||||||||||||||||||
Properties held for sale | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Individually evaluated loans | $ | $ | $ | $ | |||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Investment securities held to maturity, net | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal Home Loan Bank and other membership bank stocks | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||||||||
Subordinated debentures | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Investment securities held to maturity | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal Home Loan Bank and other membership bank stocks | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||||||||
Subordinated debentures |
For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 6,080,408 | $ | 60,529 | 3.99 | % | $ | 5,572,865 | $ | 55,825 | 4.03 | % | |||||||||||||||||||||||
Taxable investment securities and other | 938,632 | 4,029 | 1.72 | % | 825,465 | 4,763 | 2.31 | % | |||||||||||||||||||||||||||
Tax-exempt securities | 127,454 | 798 | 2.50 | % | 65,572 | 442 | 2.70 | % | |||||||||||||||||||||||||||
Federal funds sold (2) | 196,458 | 52 | 0.11 | % | 187,091 | 36 | 0.08 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,342,952 | 65,408 | 3.57 | % | 6,650,993 | 61,066 | 3.69 | % | |||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | (67,214) | (52,099) | |||||||||||||||||||||||||||||||||
Other assets | 508,647 | 538,635 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 7,784,385 | $ | 7,137,529 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 639,540 | $ | 84 | 0.05 | % | $ | 525,224 | $ | 86 | 0.07 | % | |||||||||||||||||||||||
Interest-bearing transaction accounts | 3,495,610 | 2,805 | 0.32 | % | 2,908,299 | 3,956 | 0.55 | % | |||||||||||||||||||||||||||
Time deposits | 880,079 | 1,349 | 0.61 | % | 1,093,760 | 4,052 | 1.48 | % | |||||||||||||||||||||||||||
Borrowings | 225,487 | 1,263 | 2.22 | % | 356,598 | 2,360 | 2.62 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,240,716 | 5,501 | 0.42 | % | 4,883,881 | 10,454 | 0.86 | % | |||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 1,660,825 | 1,364,785 | |||||||||||||||||||||||||||||||||
Other liabilities | 101,545 | 146,813 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 781,299 | 742,050 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 7,784,385 | $ | 7,137,529 | |||||||||||||||||||||||||||||||
Net interest income/spread | 59,907 | 3.15 | % | 50,612 | 2.83 | % | |||||||||||||||||||||||||||||
Tax equivalent basis adjustment | 167 | 93 | |||||||||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 59,740 | $ | 50,519 | |||||||||||||||||||||||||||||||
Net interest margin (3) | 3.27 | % | 3.06 | % |
For the Three Months Ended June 30, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Total noninterest expense | $ | 34,097 | $ | 31,462 | |||||||
Amortization of core deposit intangibles | (221) | (261) | |||||||||
Noninterest expense, as adjusted | $ | 33,876 | $ | 31,201 | |||||||
Net interest income | $ | 59,740 | $ | 50,519 | |||||||
Noninterest income | 5,269 | 5,481 | |||||||||
Total revenue | 65,009 | 56,000 | |||||||||
Tax-equivalent adjustment on municipal securities | 167 | 93 | |||||||||
Gains on sales of investment securities | (9) | — | |||||||||
Total revenue, as adjusted | $ | 65,167 | $ | 56,093 | |||||||
Efficiency ratio | 51.98 | % | 55.62 | % |
For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 6,085,057 | $ | 119,307 | 3.95 | % | $ | 5,390,481 | $ | 113,682 | 4.24 | % | |||||||||||||||||||||||
Taxable investment securities and other | 910,187 | 8,010 | 1.76 | % | 821,304 | 9,992 | 2.43 | % | |||||||||||||||||||||||||||
Tax-exempt securities | 124,769 | 1,573 | 2.52 | % | 64,208 | 862 | 2.69 | % | |||||||||||||||||||||||||||
Federal funds sold (2) | 166,843 | 89 | 0.11 | % | 116,005 | 195 | 0.34 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,286,856 | 128,979 | 3.57 | % | 6,391,998 | 124,731 | 3.92 | % | |||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (69,767) | (46,360) | |||||||||||||||||||||||||||||||||
Other assets | 527,625 | 505,777 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 7,744,714 | $ | 6,851,415 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 622,331 | $ | 162 | 0.05 | % | $ | 511,011 | $ | 171 | 0.07 | % | |||||||||||||||||||||||
Interest-bearing transaction accounts | 3,442,116 | 5,672 | 0.33 | % | 2,869,539 | 10,782 | 0.76 | % | |||||||||||||||||||||||||||
Time deposits | 962,042 | 3,528 | 0.73 | % | 983,379 | 8,004 | 1.63 | % | |||||||||||||||||||||||||||
Borrowings | 221,144 | 2,819 | 2.54 | % | 397,088 | 5,175 | 2.58 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,247,633 | 12,181 | 0.47 | % | 4,761,017 | 24,132 | 1.02 | % | |||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 1,603,714 | 1,237,212 | |||||||||||||||||||||||||||||||||
Other liabilities | 117,559 | 113,801 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 775,808 | 739,385 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 7,744,714 | $ | 6,851,415 | |||||||||||||||||||||||||||||||
Net interest income/spread | 116,798 | 3.10 | % | 100,599 | 2.91 | % | |||||||||||||||||||||||||||||
Tax equivalent basis adjustment | 330 | 181 | |||||||||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 116,468 | $ | 100,418 | |||||||||||||||||||||||||||||||
Net interest margin (3) | 3.23 | % | 3.16 | % |
Six Months Ended June 30, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Total noninterest expense | $ | 68,000 | $ | 63,966 | |||||||
Amortization of core deposit intangibles | (447) | (526) | |||||||||
Long-term debt prepayment fee | — | (356) | |||||||||
Noninterest expense, as adjusted | $ | 67,553 | $ | 63,084 | |||||||
Net interest income | $ | 116,468 | $ | 100,418 | |||||||
Noninterest income | 11,028 | 13,492 | |||||||||
Total revenue | 127,496 | 113,910 | |||||||||
Tax-equivalent adjustment on municipal securities | 330 | 181 | |||||||||
Gains on sales of investment securities | (9) | (342) | |||||||||
Total revenue, as adjusted | $ | 127,817 | $ | 113,749 | |||||||
Efficiency ratio | 52.85 | % | 55.46 | % |
(dollars in thousands) | For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | For the Year Ended December 31, 2020 | |||||||||||||||||
Allowance balance, beginning of the year | $ | 71,124 | $ | 40,003 | $ | 40,003 | ||||||||||||||
Impact of adopting ASU 2016-13 (1) | — | — | 6,656 | |||||||||||||||||
Loans charged off: | ||||||||||||||||||||
Non-owner occupied commercial | $ | (2,243) | $ | (53) | ||||||||||||||||
Owner occupied commercial | (78) | (369) | ||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||
Non-owner occupied residential | (212) | — | ||||||||||||||||||
Total commercial, secured by real estate (1) | (2,533) | (169) | (422) | |||||||||||||||||
Commercial, industrial and other | (375) | — | (814) | |||||||||||||||||
Construction | — | — | (77) | |||||||||||||||||
Equipment finance | (104) | (98) | (284) | |||||||||||||||||
Residential Mortgage | (36) | (116) | (116) | |||||||||||||||||
Consumer | (84) | (241) | (340) | |||||||||||||||||
Total loans charged off | (3,132) | (624) | (2,053) | |||||||||||||||||
Recoveries: | ||||||||||||||||||||
Non-owner occupied commercial | $ | 3 | $ | 29 | ||||||||||||||||
Owner occupied commercial | 17 | 21 | ||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||
Non-owner occupied residential | 13 | 22 | ||||||||||||||||||
Total commercial, secured by real estate (1) | 33 | 47 | 72 | |||||||||||||||||
Commercial, industrial and other | 149 | 43 | 207 | |||||||||||||||||
Construction | 67 | 48 | 100 | |||||||||||||||||
Equipment finance | 17 | 38 | 65 | |||||||||||||||||
Residential Mortgage | 176 | 20 | 21 | |||||||||||||||||
Consumer | 77 | 41 | 76 | |||||||||||||||||
Total recoveries | 519 | 237 | 541 | |||||||||||||||||
Net recoveries (charge-offs) | (2,613) | (387) | (1,512) | |||||||||||||||||
(Benefit) provision for credit losses on loans | (8,122) | 18,223 | 25,977 | |||||||||||||||||
Allowance balance, end of year | $ | 60,389 | $ | 57,839 | $ | 71,124 | ||||||||||||||
Net charge-offs as a percentage of average loans outstanding | 0.09 | % | 0.01 | % | 0.03 | % | ||||||||||||||
Allowance for credit losses on loans as a percentage of total loans outstanding | 1.01 | % | 1.00 | % | 1.18 | % | ||||||||||||||
Allowance for credit losses on loans as a percentage of non-accrual loans | 267.03 | % | 176.05 | % | 166.32 | % | ||||||||||||||
Non-accrual loans to total loans outstanding | 0.38 | % | 0.57 | % | 0.71 | % |
(in thousands) | Total | Within One Year | After One But Within Three Years | After Three But Within Five Years | After Five Years | ||||||||||||||||||||||||
Minimum annual rentals on noncancellable operating leases | $ | 20,134 | $ | 3,156 | $ | 5,139 | $ | 4,000 | $ | 7,839 | |||||||||||||||||||
Benefit plan commitments | 4,720 | 397 | 810 | 745 | 2,768 | ||||||||||||||||||||||||
Remaining contractual maturities of time deposits | 832,439 | 665,173 | 152,200 | 15,066 | — | ||||||||||||||||||||||||
Subordinated debentures | 113,045 | — | — | 7,675 | 105,370 | ||||||||||||||||||||||||
Loan commitments | 1,207,761 | 868,402 | 164,214 | 27,315 | 147,830 | ||||||||||||||||||||||||
Other borrowings | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||
Interest on other borrowings (1) | 34,243 | 5,426 | 10,853 | 10,216 | 7,748 | ||||||||||||||||||||||||
Standby letters of credit | 20,241 | 19,318 | 923 | — | — | ||||||||||||||||||||||||
Total | $ | 2,257,583 | $ | 1,561,872 | $ | 334,139 | $ | 90,017 | $ | 271,555 |
Tier 1 Capital to Total Average Assets Ratio | Common Equity Tier 1 to Risk-Weighted Assets Ratio | Tier 1 Capital to Risk- Weighted Assets Ratio | Total Capital to Risk- Weighted Assets Ratio | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
The Company | 8.70 | % | 8.37 | % | 10.29 | % | 9.73 | % | 10.78 | % | 10.22 | % | 13.11 | % | 12.84 | % | |||||||||||||||||||||||||||||||
Lakeland Bank | 9.19 | % | 9.04 | % | 11.39 | % | 11.03 | % | 11.39 | % | 11.03 | % | 12.39 | % | 12.22 | % | |||||||||||||||||||||||||||||||
Required capital ratios including conservation buffer | 4.00 | % | 4.00 | % | 7.00 | % | 7.00 | % | 8.50 | % | 8.50 | % | 10.50 | % | 10.50 | % | |||||||||||||||||||||||||||||||
“Well capitalized” institution under FDIC Regulations | 5.00 | % | 5.00 | % | 6.50 | % | 6.50 | % | 8.00 | % | 8.00 | % | 10.00 | % | 10.00 | % |
(dollars in thousands, except per share amounts) | June 30, 2021 | December 31, 2020 | |||||||||
Calculation of Tangible Book Value per Common Share | |||||||||||
Total common stockholders’ equity at end of period - GAAP | $ | 796,676 | $ | 763,784 | |||||||
Less: | |||||||||||
Goodwill | 156,277 | 156,277 | |||||||||
Other identifiable intangible assets, net | 2,841 | 3,288 | |||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 637,558 | $ | 604,219 | |||||||
Shares outstanding at end of period | 50,601 | 50,480 | |||||||||
Book value per share - GAAP | $ | 15.74 | $ | 15.13 | |||||||
Tangible book value per share - Non-GAAP | $ | 12.60 | $ | 11.97 | |||||||
Calculation of Tangible Common Equity to Tangible Assets | |||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 637,558 | $ | 604,219 | |||||||
Total assets at end of period | $ | 7,854,238 | $ | 7,664,297 | |||||||
Less: | |||||||||||
Goodwill | 156,277 | 156,277 | |||||||||
Other identifiable intangible assets, net | 2,841 | 3,288 | |||||||||
Total tangible assets at end of period - Non-GAAP | $ | 7,695,120 | $ | 7,504,732 | |||||||
Common equity to assets - GAAP | 10.14 | % | 9.97 | % | |||||||
Tangible common equity to tangible assets - Non-GAAP | 8.29 | % | 8.05 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Calculation of Return on Average Tangible Common Equity | |||||||||||||||||||||||
Net income - GAAP | $ | 27,407 | $ | 11,851 | $ | 50,582 | $ | 24,243 | |||||||||||||||
Total average common stockholders’ equity | $ | 781,299 | $ | 742,050 | $ | 775,808 | $ | 739,385 | |||||||||||||||
Less: | |||||||||||||||||||||||
Average goodwill | 156,277 | 156,277 | 156,277 | 156,277 | |||||||||||||||||||
Average other identifiable intangible assets, net | 2,979 | 3,942 | 3,085 | 4,073 | |||||||||||||||||||
Total average tangible common stockholders’ equity - Non-GAAP | $ | 622,043 | $ | 581,831 | $ | 616,446 | $ | 579,035 | |||||||||||||||
Return on average common stockholders’ equity - GAAP | 14.07 | % | 6.42 | % | 13.15 | % | 6.59 | % | |||||||||||||||
Return on average tangible common stockholders’ equity - Non-GAAP | 17.67 | % | 8.19 | % | 16.55 | % | 8.42 | % |
Changes in Interest Rates | ||||||||||||||
Rate Ramp | +200 bp | -100 bp | ||||||||||||
Asset/Liability Policy limit | (5.0) | % | (5.0) | % | ||||||||||
June 30, 2021 | 0.7 | % | 1.3 | % | ||||||||||
December 31, 2020 | 0.2 | % | 1.4 | % |
Changes in Interest Rates | |||||||||||||||||||||||
Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | |||||||||||||||||||
Asset/Liability policy limit | (15.0) | % | (10.0) | % | (5.0) | % | (5.0) | % | |||||||||||||||
June 30, 2021 | 3.0 | % | 1.9 | % | 1.1 | % | 0.9 | % | |||||||||||||||
December 31, 2020 | 0.5 | % | 0.4 | % | 0.6 | % | 1.5 | % |
Changes in Interest Rates | |||||||||||||||||||||||
Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | |||||||||||||||||||
Asset/Liability policy limit | (25.0) | % | (20.0) | % | (10.0) | % | (10.0) | % | |||||||||||||||
June 30, 2021 | (0.9) | % | (0.1) | % | 1.2 | % | (9.2) | % | |||||||||||||||
December 31, 2020 | 0.3 | % | 1.5 | % | 2.8 | % | (10.1) | % |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares (or Units) Purchased (1) | Weighted Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 to April 30, 2021 | — | $ | — | — | 2,393,423 | |||||||||||||||||||||
May 1 to May 31, 2021 | — | — | — | 2,393,423 | ||||||||||||||||||||||
June 1 to June 30, 2021 | — | — | — | 2,393,423 | ||||||||||||||||||||||
Item 3. Defaults Upon Senior Securities | Not Applicable |
Item 4. Mine Safety Disclosures | Not Applicable |
Item 5. Other Information | Not applicable |
31.1 | |||||
31.2 | |||||
32.1 | |||||
101.INS | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) |
Lakeland Bancorp, Inc. | ||
(Registrant) | ||
/s/ Thomas J. Shara | ||
Thomas J. Shara | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ Thomas F. Splaine | ||
Thomas F. Splaine | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
/s/ Thomas J. Shara | |||||
Thomas J. Shara | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Thomas F. Splaine, Jr. | |||||
Thomas F. Splaine, Jr. | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ Thomas J. Shara | |||||
Thomas J. Shara | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
/s/ Thomas F. Splaine, Jr. | |||||
Thomas F. Splaine, Jr. | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 21 | $ 2 |
Investment securities held to maturity, fair value | 96,174 | 93,868 |
Allowance for credit loss | $ 137 | $ 0 |
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,732,384 | 50,610,681 |
Common stock, shares outstanding (in shares) | 50,601,349 | 50,479,646 |
Treasury shares (in shares) | 131,035 | 131,035 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Interest Income | ||||||
Loans and fees | $ 60,529 | $ 55,825 | $ 119,307 | $ 113,682 | ||
Federal funds sold and interest-bearing deposits with banks | 52 | 36 | 89 | 195 | ||
Taxable investment securities and other | 4,029 | 4,763 | 8,010 | 9,992 | ||
Tax-exempt investment securities | 631 | 349 | 1,243 | 681 | ||
Total Interest Income | 65,241 | 60,973 | 128,649 | 124,550 | ||
Interest Expense | ||||||
Deposits | 4,238 | 8,094 | 9,362 | 18,957 | ||
Federal funds purchased and securities sold under agreements to repurchase | 16 | 75 | 39 | 504 | ||
Other borrowings | 1,247 | 2,285 | 2,780 | 4,671 | ||
Total Interest Expense | 5,501 | 10,454 | 12,181 | 24,132 | ||
Net Interest Income | 59,740 | 50,519 | 116,468 | 100,418 | ||
(Benefit) provision for credit losses | [1] | (5,959) | 9,000 | (8,601) | 18,223 | |
Net Interest Income after (Benefit) Provision for Credit Losses | 65,699 | 41,519 | 125,069 | 82,195 | ||
Noninterest Income | ||||||
Service charges on deposit accounts | 2,445 | 1,875 | 4,741 | 4,375 | ||
Commissions and fees | 1,755 | 1,196 | 3,353 | 2,836 | ||
Income on bank owned life insurance | 643 | 665 | 1,277 | 1,330 | ||
Gain (loss) on equity securities | 11 | 198 | (133) | (455) | ||
Gains on sales of loans | 607 | 710 | 1,315 | 1,125 | ||
Gains on investment securities transactions, net | 9 | 0 | 9 | 342 | ||
Swap income | 72 | 767 | 634 | 3,610 | ||
Other income (loss) | (273) | 70 | (168) | 329 | ||
Total Noninterest Income | 5,269 | 5,481 | 11,028 | 13,492 | ||
Noninterest Expense | ||||||
Compensation and employee benefits | 20,407 | 18,490 | 40,925 | 38,217 | ||
Premises and equipment | 6,078 | 5,271 | 12,396 | 10,667 | ||
FDIC insurance | 621 | 450 | 1,332 | 748 | ||
Data processing | 1,299 | 1,436 | 2,554 | 2,689 | ||
Other operating expenses | 5,692 | 5,815 | 10,793 | 11,645 | ||
Total Noninterest Expense | 34,097 | 31,462 | 68,000 | 63,966 | ||
Income before provision for income taxes | 36,871 | 15,538 | 68,097 | 31,721 | ||
Provision for income taxes | 9,464 | 3,687 | 17,515 | 7,478 | ||
Net Income | $ 27,407 | $ 11,851 | $ 50,582 | $ 24,243 | ||
Per Share of Common Stock | ||||||
Basic earnings (in usd per share) | $ 0.53 | $ 0.23 | $ 0.99 | $ 0.48 | ||
Diluted earnings (in usd per share) | 0.53 | 0.23 | 0.98 | 0.47 | ||
Dividends (in usd per share) | $ 0.135 | $ 0.125 | $ 0.260 | $ 0.250 | ||
|
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 27,407 | $ 11,851 | $ 50,582 | $ 24,243 |
Other comprehensive income, net of tax: | ||||
Unrealized gains (losses) on securities available for sale | 7,113 | 2,512 | (6,022) | 9,796 |
Reclassification for securities gains included in net income | 0 | 0 | 0 | (254) |
Unrealized losses on derivatives | (77) | (36) | (30) | (373) |
Other comprehensive income, net of tax | 7,036 | 2,476 | (6,052) | 9,169 |
Total Comprehensive Income | $ 34,443 | $ 14,327 | $ 44,530 | $ 33,412 |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income |
|||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2019 | $ 725,263 | $ 560,263 | $ 162,752 | [1] | $ 0 | $ 2,248 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 24,243 | 24,243 | [1] | |||||||
Other comprehensive income, net of tax | 9,169 | 9,169 | ||||||||
Purchase of treasury stock, 131,035 shares | (1,452) | (1,452) | ||||||||
Issuance of stock | 1,461 | 1,461 | ||||||||
Retirement of restricted stock | (467) | (467) | ||||||||
Cash dividends on common stock | (12,728) | (12,728) | [1] | |||||||
Balance at end of period at Jun. 30, 2020 | 745,489 | 561,257 | 174,267 | [1],[2] | (1,452) | 11,417 | ||||
Balance at beginning of period at Mar. 31, 2020 | 736,922 | 560,653 | 168,780 | [2] | (1,452) | 8,941 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 11,851 | 11,851 | [2] | |||||||
Other comprehensive income, net of tax | 2,476 | 2,476 | ||||||||
Issuance of stock | 614 | 614 | ||||||||
Retirement of restricted stock | (10) | (10) | ||||||||
Cash dividends on common stock | (6,364) | (6,364) | [2] | |||||||
Balance at end of period at Jun. 30, 2020 | 745,489 | 561,257 | 174,267 | [1],[2] | (1,452) | 11,417 | ||||
Balance at beginning of period at Dec. 31, 2020 | 763,784 | 562,421 | 191,418 | [1] | (1,452) | 11,397 | ||||
Balance at end of period at Mar. 31, 2021 | 768,065 | 562,984 | 208,224 | [2] | (1,452) | (1,691) | ||||
Balance at beginning of period at Dec. 31, 2020 | 763,784 | 562,421 | 191,418 | [1] | (1,452) | 11,397 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 50,582 | 50,582 | [1] | |||||||
Other comprehensive income, net of tax | (6,052) | (6,052) | ||||||||
Issuance of stock | 2,196 | 2,196 | ||||||||
Retirement of restricted stock | (656) | (656) | ||||||||
Exercise of stock options | 19 | 19 | ||||||||
Cash dividends on common stock | (13,197) | (13,197) | [1] | |||||||
Balance at end of period at Jun. 30, 2021 | 796,676 | 563,980 | 228,803 | [1],[2] | (1,452) | 5,345 | ||||
Balance at beginning of period at Mar. 31, 2021 | 768,065 | 562,984 | 208,224 | [2] | (1,452) | (1,691) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 27,407 | 27,407 | [2] | |||||||
Other comprehensive income, net of tax | 7,036 | 7,036 | ||||||||
Issuance of stock | 990 | 990 | ||||||||
Exercise of stock options | 6 | 6 | ||||||||
Cash dividends on common stock | (6,828) | (6,828) | [2] | |||||||
Balance at end of period at Jun. 30, 2021 | $ 796,676 | $ 563,980 | $ 228,803 | [1],[2] | $ (1,452) | $ 5,345 | ||||
|
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|||||||||||||
Common stock, dividends price per share (in usd per share) | $ 0.135 | $ 0.125 | $ 0.260 | $ 0.250 | ||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||||
Purchase of treasury stock (in shares) | 131,035 | |||||||||||||||||||
Stockholders' equity | $ (796,676) | $ (745,489) | $ (796,676) | $ (745,489) | $ (725,263) | $ (768,065) | $ (763,784) | $ (736,922) | ||||||||||||
Retained Earnings | ||||||||||||||||||||
Stockholders' equity | $ (228,803) | [1],[2] | $ (174,267) | [1],[2] | $ (228,803) | [1],[2] | $ (174,267) | [1],[2] | (162,752) | [2] | $ (208,224) | [1] | $ (191,418) | [2] | $ (168,780) | [1] | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||||||||
Stockholders' equity | $ 3,395 | |||||||||||||||||||
|
Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three and six months ended June 30, 2021 do not necessarily indicate the results that the Company will achieve for all of 2021. Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.
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Earnings Per Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following schedule shows the Company’s earnings per share calculations for the periods presented:
There were no antidilutive options to purchase common stock excluded from the computation for the three and six months ended June 30, 2021 and 2020.
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Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of June 30, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
For the three and six months ended June 30, 2021 and the three months ended June 30, 2020, there were no sales of available for sale securities. There were proceeds from sales of available for sale securities of $94.7 million for the six months ended June 30, 2020 with gross gains on sales of securities of $569,000 and gross losses on sales of securities of $227,000. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. In the second quarter of 2021, the Company recorded a gain on a called security of $9,000. Securities with a carrying value of approximately $653.3 million and $578.0 million at June 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations. Credit Quality Indicators Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of BBB or above. The tables below indicates the credit profile of the Company's held to maturity investment securities at amortized cost:
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
Equity securities at fair value The Company has an equity securities portfolio which consists of investments in Community Reinvestment funds. The fair value of the equity portfolio was $15.4 million and $14.7 million at June 30, 2021 and December 31, 2020, respectively. For the three and six months ended June 30, 2021 and 2020, the Company recorded no sales of equity securities. The Company recorded fair value gains on equity securities of $11,000 and $198,000 for the second quarter of 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded fair value losses of $133,000 and $455,000, respectively. Fair value gain or loss on equity securities are recorded in noninterest income. As of June 30, 2021, the Company's investments in Community Reinvestment funds include $3.5 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government, there are minimal changes in fair value between accounting periods. These funds can be redeemed with 60 days' notice at the net asset value less unpaid management fees with the approval of the fund manager. As of June 30, 2021, the net amortized cost equaled the fair value of the investment. There are no unfunded commitments related to these investments. The Community Reinvestment funds also include $11.9 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of June 30, 2021. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans When the Company adopted Financial Accounting Standards Board's Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13") for measuring credit losses, the loan portfolio segmentation was expanded to nine portfolio segments, taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. All disclosures as of and for the three and six months ended June 30, 2021, and as of December 31, 2020, are presented in accordance with ASU 2016-13. The Company did not reclassify prior comparative financial periods and has presented those disclosures under previously applicable U.S. GAAP. The following sets forth the composition of the Company’s loan portfolio:
Loans are recognized at amortized cost, which includes principal balance and net deferred loan fees and costs. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the Consolidated Balance Sheets and totaled $14.3 million at June 30, 2021 and $16.1 million at December 31, 2020. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. Net deferred loan fees are included in loans by respective segment and total $11.0 million at June 30, 2021 and $10.0 million at December 31, 2020. At June 30, 2021 and December 31, 2020, Small Business Association ("SBA") Paycheck Protection Program ("PPP") loans totaled $207.0 million and $284.6 million, respectively and are included in the balance of commercial, industrial and other loans. Consumer loans included overdraft deposit balances of $272,000 and $650,000, at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, the Company had $2.26 billion and $2.28 billion of loans pledged for potential borrowings at the Federal Home Loan Bank of New York ("FHLB"). The Company transferred approximately $15.1 million of commercial and residential mortgage loans from the loan portfolio to loans held for sale during the six months ended June 30, 2021 and subsequently sold these loans. Excluding the loan transfers, there were no other sales to loans from the held for investment portfolio during the six months ended June 30, 2021. Credit Quality Indicators Management closely and continually monitors the quality of its loans and assesses the quantitative and qualitative risks arising from the credit quality of its loans. Lakeland assigns a credit risk rating to all loans and loan commitments. The credit risk rating system has been developed by management to provide a methodology to be used by loan officers, department heads and senior management in identifying various levels of credit risk that exist within the loan portfolios. The risk rating system assists senior management in evaluating the loan portfolio and analyzing trends. In assigning risk ratings, management considers, among other things, the borrower’s ability to service the debt based on relevant information such as current financial information, historical payment experience, credit documentation, public information and current economic conditions. Management categorizes loans and commitments into the following risk ratings: Pass: "Pass" assets are well protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value of any underlying collateral. Watch: "Watch" assets require more than the usual amount of monitoring due to declining earnings, strained cash flow, increasing leverage and/or weakening market. These borrowers generally have limited additional debt capacity and modest coverage and average or below average asset quality, margins and market share. Any residential or consumer loan currently on deferment in accordance with the Coronavirus Aid, Relief and Economic Security ("CARES") Act or the interagency statement issued by bank regulatory agencies has been classified by management as watch or worse. Special Mention: "Special mention" assets exhibit identifiable credit weakness, which if not checked or corrected could weaken the loan quality or inadequately protect the bank’s credit position at some future date. Substandard: "Substandard" assets are inadequately protected by the current sound worth and paying capacity of the obligors or of the collateral pledged, if any. A substandard loan has a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. Doubtful: "Doubtful" assets that exhibit all of the weaknesses inherent in substandard loans, but have the added characteristics that the weaknesses make collection or liquidation in full improbable on the basis of existing facts. Loss: “Loss” is a rating for loans or portions of loans that are considered uncollectible and of such little value that their continuance as bankable loans is not warranted. The following table presents the risk category of loans by class of loan and vintage as of June 30, 2021:
The following table presents the risk category of loans by class of loan and vintage as of December 31, 2020:
Past Due and Non-accrual Loans Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. A loan is generally considered non-performing when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection. In the absence of other intervening factors, loans granted payment deferrals related to COVID-19 are not reported as past due or placed on non-accrual status provided the borrowers have met the criteria in the CARES Act or otherwise have met the criteria included in an interagency statement issued by bank regulatory agencies. The following tables present the payment status of the recorded investment in past due loans as of the periods noted, by class of loans.
The following tables present information on non-accrual loans at June 30, 2021 and December 31, 2020:
At June 30, 2021, there were no loans that were past due more than 89 days and still accruing and at December 31, 2020, one loan with a recorded investment of $1,000 was past due more than 89 days and still accruing. The Company had $797,000 and $1.7 million in residential mortgages and consumer home equity loans included in total non-accrual loans that were in the process of foreclosure at June 30, 2021 and December 31, 2020, respectively. Troubled Debt Restructurings Loans are classified as troubled debt restructured loans ("TDR") in cases where borrowers experience financial difficulties and Lakeland makes certain concessionary modifications to contractual terms. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate, a moratorium of principal payments and/or an extension of the maturity date at a stated interest rate lower than the current market rate of a new loan with similar risk. The CARES Act provided relief from TDR classification for certain loan modifications related to the COVID-19 pandemic beginning March 1, 2020 through the earlier of 60 days after the end of the pandemic or December 31, 2020. Additionally, banking regulatory agencies issued interagency guidance that COVID-19 related short-term modifications (i.e., six months or less) granted to borrowers that were current as of the loan modification program implementation date do not need to be considered TDRs. The Consolidated Appropriations Act, 2021 (the "CAA"), which was signed into law on December 27, 2020, extended this guidance to modifications made until the earlier of January 1, 2022 or 60 days after the end of the COVID-19 national emergency. The Company elected this provision of the CARES Act and excluded modified loans that met the required guidelines for relief from its TDR classification. At June 30, 2021, no loans were on COVID-related deferrals as the remaining 90-day loan deferments expired and borrowers began paying their pre-deferral loan payments in the first quarter of 2021. For most commercial loans, borrowers are paying their pre-deferral loan payments plus an additional monthly amount to catch up on the payments that were deferred. None of these modifications were considered TDRs. At June 30, 2021 and December 31, 2020, TDRs totaled $4.4 million and $5.0 million, respectively. Accruing TDRs totaled $3.6 million and non-accrual TDRs totaled $812,000 at June 30, 2021. Accruing TDRs and non-accrual TDRs totaled $3.9 million and $1.1 million, respectively, at December 31, 2020. There were no loans that were restructured during the three and six months ended June 30, 2021 and June 30, 2020 that met the definition of a TDR. As of June 30, 2020, commercial loans totaling $967.0 million were granted 90-day, COVID-related payment deferments, of which 87% were commercial real estate loans. In addition, payment deferments on residential and consumer loans totaled $53.0 million at June 30, 2020. There were no restructured loans that subsequently defaulted in the six months ended June 30, 2021; however, one construction loan totaling $694,000 and two consumer loans totaling $73,000 that were TDRs within the previous twelve months had subsequently defaulted in the six months ended June 30, 2020.
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses The Company adopted ASU 2016-13, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans and certain off-balance-sheet credit exposures. See Note 1 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the adoption of ASU 2016-13 and the Company's allowance methodology. The Company recorded an increase in the allowance for credit losses on loans of $6.7 million effective January 1, 2020. Prior year disclosures have not been restated. Under the standard, the Company's methodology for determining the allowance for credit losses on loans is based upon key assumptions, including the lookback periods, historic net charge-off factors, economic forecasts, reversion periods, prepayments and qualitative adjustments. The allowance is measured on a collective, or pool, basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. At June 30, 2021, loans totaling $5.96 billion were evaluated collectively and the allowance on these balances totaled $59.4 million and loans evaluated on an individual basis totaled $26.6 million with the specific allocations of the allowance for credit losses totaling $1.0 million. Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table:
The benefit for credit losses for the three and six months ended June 30, 2021 was largely due to a change in macroeconomic factors. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the consolidated balance sheets, totaled $14.3 million at June 30, 2021 and $16.1 million at December 31, 2020. The Company made the election to exclude accrued interest receivable from the estimate of credit losses. Loans totaling $5.0 million were sold during the second quarter of 2021 resulting in charge-offs of $75,000. During the six months ended June 30, 2021, the Company sold $15.1 million of loans and recorded charge-offs of $1.2 million. The following tables detail activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2021 and 2020:
(1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments. The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at June 30, 2021 and December 31, 2020:
Allowance for Credit Losses - Securities At June 30, 2021, the balance of the allowance for credit loss on available for sale and held to maturity securities was $21,000 and $137,000, respectively. At December 31, 2020, the Company reported an allowance for credit losses on available for sale securities of $2,000 and no allowance for credit losses on held to maturity securities. For the three months ended June 30, 2021, the Company recorded a benefit for credit losses on available for sale securities of $123,000 and a provision for credit losses on held to maturity securities of $137,000. For the six months ended June 30, 2021, the Company recorded a provision for credit losses of $19,000 and $137,000 on securities available for sale and held to maturity, respectively. The Company adopted ASU 2016-13 at December 31, 2020, and recorded an increase in the allowance for credit losses on securities of $30,000 effective January 1, 2020. Prior year disclosures have not been restated. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $4.1 million at June 30, 2021 and $3.3 million and December 31, 2020. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance sheet exposures is reported in other liabilities in the Consolidated Balance Sheets. The liability represents an estimate of expected credit losses arising from off balance sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off balance sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of the provision for credit losses. The Company adopted ASU 2016-13 at December 31, 2020, and recorded a decrease in the allowance for credit losses for off-balance-sheet exposures of $489,000 effective January 1, 2020. Prior year disclosures have not been restated. At June 30, 2021 and December 31, 2020, the balance of the allowance for credit losses for off-balance sheet exposures was $1.9 million and $2.6 million, respectively. The Company recorded benefits for credit losses on off-balance-sheet exposures of $659,000 and $635,000 for the second quarter of 2021 and for the six months ended June 30, 2021, respectively. In the second quarter of 2020, the Company recorded no provision for unfunded lending commitments and, for the six months ended June 30, 2020, recorded $210,000 of provision for unfunded lending commitments in other noninterest expense.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain premises and equipment under operating leases. Portions of certain properties are subleased for terms extending through 2027. At June 30, 2021, the Company had lease liabilities totaling $16.8 million and right-of-use assets totaling $15.5 million related to these leases. At December 31, 2020, the Company had lease liabilities totaling $18.2 million and right-of-use assets totaling $16.8 million. The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. The Company uses its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For the six months ended June 30, 2021, the weighted average remaining lease term for operating leases was 9.56 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.44%. As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs were as follows:
The table below presents other information on the Company's operating leases:
There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the six months ended June 30, 2021 or June 30, 2020. At June 30, 2021, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2021 are as follows:
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Deposits |
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Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The following table sets forth the details of total deposits:
At June 30, 2021, certificates of deposit totaling $154.0 million were obtained through brokers, while $236.7 million of certificates of deposit at December 31, 2020 were obtained through brokers.
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Borrowings |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Overnight and Short-Term Borrowings At June 30, 2021, the Company had no overnight and short-term borrowings from the FHLB, while these borrowings totaled $100.0 million at December 31, 2020. In addition, there were no overnight and short-term borrowings from correspondent banks at either June 30, 2021 or December 31, 2020. At June 30, 2021, Lakeland had overnight and short-term federal funds lines available to borrow up to $215.0 million from correspondent banks. Lakeland may also borrow from the discount window of the Federal Reserve Bank of New York based on the market value of collateral pledged. Lakeland had no borrowings with the Federal Reserve Bank of New York as of June 30, 2021 or December 31, 2020. Other short-term borrowings at June 30, 2021 and December 31, 2020 consisted of short-term securities sold under agreements to repurchase of $100.2 million and $69.6 million, respectively. The securities sold under agreements to repurchase are overnight sweep arrangement accounts with our customers. As of June 30, 2021, the Company had $107.4 million in agency and mortgage-backed securities pledged for its securities sold under agreements to repurchase. At times, the fair values of securities collateralizing our securities sold under agreements to repurchase may decline due to changes in interest rates and may necessitate our lenders to issue a “margin call” which requires Lakeland to pledge additional collateral to meet that margin call. FHLB Advances An advance from the FHLB totaled $25.0 million at both June 30, 2021 and December 31, 2020, with a weighted average interest rate of 0.77% and maturity in 2025. The advance was collateralized by first mortgage loans and has prepayment penalties. In the first quarter of 2020, the Company repaid two advances totaling $10.0 million and recorded $356,000 in long-term debt prepayment fees.
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Share-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The Company's 2018 Omnibus Equity Incentive Plan (the "Plan") authorizes the granting of incentive stock options, supplemental stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), other stock-based awards and cash-based awards to officers, employees and non-employee directors of, and consultants and advisors to, the Company and its subsidiaries. Restricted Stock The following is a summary of the Company’s restricted stock activity during the six months ended June 30, 2021:
In the first six months of 2021, the Company granted 16,028 shares of restricted stock to non-employee directors at a grant date fair value of $13.72 per share under the Plan. The restricted stock vests one year from the date it was granted. Compensation expense on this restricted stock is expected to be $220,000 over a one year period. In the first six months of 2020, the Company granted 13,041 shares of restricted stock to non-employee directors at a grant date fair value of $16.87 per share. The restricted stock vested one year from the date it was granted with a compensation expense of $220,000 over such period. The Company recognized share-based compensation expense on its restricted stock of $88,000 and $55,000 for the second quarter of 2021 and 2020, respectively. Share-based compensation expense on restricted stock for the six months ended June 30, 2021 and 2020 was $176,000 and $109,000, respectively. As of June 30, 2021, there was unrecognized compensation cost of $154,000 related to unvested restricted stock that is expected to be recognized over a weighted average period of approximately 0.49 years. Restricted Stock Units The following is a summary of the Company’s RSU activity during the six months ended June 30, 2021:
In the first six months of 2021, the Company granted 368,516 RSUs under the Plan at a weighted average grant date fair value of $16.92 per share. These units vest within a range of to three years. A portion of these RSUs will vest subject to certain performance conditions in the applicable restricted stock unit agreement. There are also certain provisions in the compensation program which state that if a recipient of the RSUs reaches a certain age and years of service, the person has effectively earned a portion of the RSUs at that time. Compensation expense on RSUs issued in the first six months of 2021 is expected to average approximately $2.1 million per year over a three-year period. In the first six months of 2020, the Company granted 172,169 RSUs under the Plan at a weighted average grant date fair value of $15.47 per share. Compensation expense on these RSUs is expected to average approximately $888,000 per year over a three-year period. For the second quarter of 2021 and 2020, the Company recognized share-based compensation expense on RSUs of $901,000 and $558,000, respectively. Share-based compensation expense on RSUs of $2.0 million and $1.4 million was recognized for the six months ended June 30, 2021 and 2020, respectively. Unrecognized compensation expense related to RSUs was approximately $6.7 million as of June 30, 2021, and that cost is expected to be recognized over a period of 1.53 years. Stock Options A summary of the activity under the Company’s stock option plans as of June 30, 2021 is as follows:
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, which is the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. There were no stock option grants in the first six months of 2021 or 2020. The 2,764 stock options exercised during the first six months of 2021 resulted in $19,000 in cash receipts. No stock options were exercised during the first six months of 2020. There was no unrecognized compensation expense related to unvested stock options as of June 30, 2021.
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Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid. The Company’s additional source of income, also referred to as noninterest income, is generated from deposit related fees, interchange fees, loan fees, merchant fees, loan sales, investment services and other miscellaneous income and is largely based on contracts with customers. In these cases, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company considers a customer to be any party to which the Company will provide goods or services that are an output of the Company’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when the Company’s financial statements are consolidated. Generally, the Company enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, the Company does not have contract assets, contract liabilities or related receivable accounts for contracts with customers. In cases where collectability is a concern, the Company does not record revenue. Generally, the pricing of transactions between the Company and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts. The Company primarily operates in one geographic region, Northern and Central New Jersey and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during the Company’s ordinary activities primarily relates to income from bank owned life insurance, gains/losses on the sale of investment securities, gains/losses on the sale of other real estate owned, gains/losses on the sale of property, plant and equipment and mortgage servicing rights. The following table sets forth the components of noninterest income for the three and six months ended June 30, 2021 and 2020:
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Other Operating Expenses |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses | Other Operating Expenses The following table presents the major components of other operating expenses for the periods indicated:
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Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive IncomeThe components of other comprehensive income are as follows:
The following tables show the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax:
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Derivatives |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. Lakeland executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Lakeland executes with a third-party financial institution, such that Lakeland minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. Lakeland had $53.8 million and $83.2 million, respectively, in investment securities available for sale pledged for collateral on its interest rate swaps with financial institutions at June 30, 2021 and December 31, 2020. In June 2016, the Company entered into two cash flow hedges in order to hedge the variable cash outflows associated with its subordinated debentures. The notional value of these hedges was $30.0 million. The Company’s objectives in using cash flow hedges are to add stability to interest expense and to manage its exposure to interest rate movements. The Company used interest rate swaps designated as cash flow hedges which involved the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In these particular hedges, the Company is paying a third party an average of 1.10% in exchange for a payment at 3 month LIBOR. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2021, the Company did not record any hedge ineffectiveness. The Company recognized $134,000 of accumulated other comprehensive loss that was reclassified into interest expense for the first six months of 2021 and $74,000 of accumulated other comprehensive income that was reclassified into interest expense for same period in 2020. On June 30, 2021, $20.0 million in notional value of the swaps matured. The remaining $10.0 million matures on August 1, 2021. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. Until maturity in 2021, the Company estimates that $8,000 will be reclassified as an increase to interest expense should the rate environment remain the same. The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands):
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Goodwill and Intangible Assets |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company had goodwill of $156.3 million at both June 30, 2021 and December 31, 2020. The Company reviews its goodwill and intangible assets annually, on November 30, or more frequently if conditions warrant, for impairment. In testing goodwill for impairment, the Company compares the estimated fair value of its reporting unit to its carrying amount, including goodwill. The Company has determined that it has one reporting unit. During the three and six months ended June 30, 2021, there were no triggering events that would more likely than not reduce the fair value of our one reporting unit below its carrying amount. There was no impairment of goodwill recognized during the three and six months ended June 30, 2021 and 2020. The Company had core deposit intangibles of $2.8 million and $3.3 million at June 30, 2021 and December 31, 2020, respectively. Amortization of core deposit intangible totaled $221,000 and $261,000 for the second quarters of 2021 and 2020, respectively and $447,000 and $526,000 for the six months of 2021 and 2020, respectively. The estimated future amortization expense for the remainder of 2021 and for each of the succeeding five years ended December 31 is as follows (in thousands):
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Fair Value Measurement and Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest level priority to unobservable inputs (level 3 measurements). The following describes the three levels of fair value hierarchy: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; includes U.S. Treasury Notes, and other U.S. Government Agency securities that actively trade in over-the-counter markets; equity securities and mutual funds that actively trade in over-the-counter markets. Level 2 – quoted prices for similar assets or liabilities in active markets; or quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability including yield curves, volatilities and prepayment speeds. Level 3 – unobservable inputs for the asset or liability that reflect the Company’s own assumptions about assumptions that market participants would use in the pricing of the asset or liability and that are consequently not based on market activity but upon particular valuation techniques. The Company’s assets that are measured at fair value on a recurring basis are its investment securities available for sale and its interest rate swaps. The Company obtains fair values on its securities using information from a third-party servicer. If quoted prices for securities are available in an active market, those securities are classified as Level 1 securities. The Company has U.S. Treasury Notes that are classified as Level 1 securities. Level 2 securities were primarily comprised of U.S. Agency bonds, residential mortgage-backed securities, obligations of state and political subdivisions and corporate securities. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids and offers. On a quarterly basis, the Company reviews the pricing information received from the Company’s third-party pricing service. This review includes a comparison to non-binding third-party quotes. The fair values of derivatives are based on valuation models from a third party using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2). Recurring Fair Value Measurements The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the six months ended June 30, 2021 and during 2020, the Company did not make any transfers between any levels 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:
Non-Recurring Fair Value Measurements The Company has a held for sale loan portfolio that consists of residential mortgages that are being sold in the secondary market. The Company records these mortgages at the lower of cost or fair market value. Fair value is generally determined by the value of purchase commitments. Other real estate owned (OREO) and other repossessed assets, representing property acquired through foreclosure or deed in lieu of foreclosure, are carried at fair value less estimated disposal costs of the acquired property. Fair value on other real estate owned is based on the appraised value of the collateral using discount rates or capitalization rates similar to those used in impaired loan valuation. The fair value of other repossessed assets is estimated by inquiry through a recognized valuation resource. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Changes in economic conditions, locally or nationally, could impact the value of the estimated amounts of impaired loans, OREO and other repossessed assets. The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
Fair Value of Certain Financial Instruments Estimated fair values have been determined by the Company using the best available data and an estimation methodology suitable for each category of financial instruments. Management is concerned that there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. The estimation methodologies used, the estimated fair values and recorded book balances at June 30, 2021 and December 31, 2020, are outlined below. This summary, as well as the table below, excludes financial assets and liabilities for which carrying value approximates fair value. For financial assets, these include cash and cash equivalents. For financial liabilities, these include noninterest-bearing demand deposits, savings and interest-bearing transaction accounts and federal funds purchased and securities sold under agreements to repurchase. The estimated fair value of demand, savings and interest-bearing transaction accounts is the amount payable on demand at the reporting date. Carrying value is used because there is no stated maturity on these accounts, and the customer has the ability to withdraw the funds immediately. Also excluded from this summary and the following table are those financial instruments recorded at fair value on a recurring basis, as previously described. The fair value of investment securities held to maturity is measured using information from the same third-party servicer used for investment securities available for sale using the same methodologies discussed above. FHLB stock is an equity interest that can be sold to the issuing FHLB, to other FHLBs, or to other member banks at its par value. Because ownership of these securities is restricted, they do not have a readily determinable fair value. As such, the Company’s FHLB stock is recorded at cost or par value and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company’s evaluation primarily includes an evaluation of liquidity, capitalization, operating performance, commitments, and regulatory or legislative events. The net loan portfolio has been valued using an exit price approach, which incorporates a buildup discount rate calculation that uses a swap rate adjusted for credit risk, servicing costs, a liquidity premium and a prepayment premium. For fixed maturity certificates of deposit, fair value is estimated based on the present value of discounted cash flows using the rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest payable approximates its fair value. The fair value of long-term debt is based upon the discounted value of contractual cash flows. The Company estimates the discount rate using the rates currently offered for similar borrowing arrangements. The fair value of subordinated debentures is based on bid/ask prices from brokers for similar types of instruments. The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to extend credit and standby letters of credit are deemed immaterial. The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of June 30, 2021 and December 31, 2020:
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Subsequent Event |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On July 11, 2021, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with 1st Constitution Bancorp pursuant to which 1st Constitution Bancorp (parent company of 1st Constitution Bank) will merge with and into the Company and 1st Constitution Bank will merge with and into Lakeland Bank. The merger agreement provides that the shareholders of 1st Constitution Bancorp will receive for each outstanding share of 1st Constitution Bancorp common stock that they own at the effective time of the merger, 1.3577 shares of Lakeland Bancorp, Inc. common stock. The Company expects to issue an aggregate of approximately 14.0 million shares of its common stock in the merger. As of July 11, 2021, the transaction is valued at approximately $244.4 million on a fully diluted basis. As of March 31, 2021, 1st Constitution Bancorp had consolidated total assets, total loans, total deposits and total stockholders' equity of $1.81 billion, $1.31 billion, $1.56 billion and $191.3 million, respectively. 1st Constitution Bancorp had net income of $4.9 million for the three months ended March 31, 2021. The transaction has been approved by the boards of directors of the Company and 1st Constitution Bancorp. Subject to the approval of the shareholders of both the Company and 1st Constitution Bancorp, regulatory approvals and other customary closing conditions, the Company anticipates completing the merger in the fourth quarter of 2021 or first quarter of 2022.
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Significant Accounting Policies (Policies) |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three and six months ended June 30, 2021 do not necessarily indicate the results that the Company will achieve for all of 2021. Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Earnings Per Share | The following schedule shows the Company’s earnings per share calculations for the periods presented:
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Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Available-for-Sale Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
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Reconciliation of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
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Summary of Investment Securities by Stated Maturity | The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of June 30, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Debt Securities, Held-to-maturity, Credit Quality Indicator | The tables below indicates the credit profile of the Company's held to maturity investment securities at amortized cost:
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Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position | The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | The following sets forth the composition of the Company’s loan portfolio:
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Credit Quality Indicators | The following table presents the risk category of loans by class of loan and vintage as of June 30, 2021:
The following table presents the risk category of loans by class of loan and vintage as of December 31, 2020:
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Age Analysis of Past Due Loans, Segregated by Class of Loans | The following tables present the payment status of the recorded investment in past due loans as of the periods noted, by class of loans.
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Company's Non-Performing Assets and its Accruing Troubled Debt Restructurings, Excluding PCI Loans | The following tables present information on non-accrual loans at June 30, 2021 and December 31, 2020:
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Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses by Portfolio Segment | The allowance for credit losses on loans is summarized in the following table:
The following tables detail activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2021 and 2020:
(1) With the adoption of ASU 2016-13 in 2020, the Company expanded its portfolio segments. The following tables present the recorded investment in loans by portfolio segment and the related allowance for credit losses at June 30, 2021 and December 31, 2020:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | Lease costs were as follows:
The table below presents other information on the Company's operating leases:
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Maturity analysis of operating lease liabilities | A maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2021 are as follows:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | The following table sets forth the details of total deposits:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Restricted Stock Activity | The following is a summary of the Company’s restricted stock activity during the six months ended June 30, 2021:
The following is a summary of the Company’s RSU activity during the six months ended June 30, 2021:
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Option Activity under the Company's Stock Option Plans | A summary of the activity under the Company’s stock option plans as of June 30, 2021 is as follows:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table sets forth the components of noninterest income for the three and six months ended June 30, 2021 and 2020:
|
Other Operating Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Components of Other Operating Expenses | The following table presents the major components of other operating expenses for the periods indicated:
|
Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Components of Other Comprehensive Income, Net of Tax | The components of other comprehensive income are as follows:
The following tables show the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax:
|
Derivatives (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Information Regarding Derivatives | The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands):
|
Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense for the remainder of 2021 and for each of the succeeding five years ended December 31 is as follows (in thousands):
|
Fair Value Measurement and Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the six months ended June 30, 2021 and during 2020, the Company did not make any transfers between any levels 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:
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Fair Value of Assets Measured on Non-recurring Basis | The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
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Carrying Values and Fair Values of Company's Financial Instruments | The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of June 30, 2021 and December 31, 2020:
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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 27,407 | $ 11,851 | $ 50,582 | $ 24,243 |
Less: earnings allocated to participating securities | 317 | 108 | 531 | 211 |
Net income allocated to common shareholders | $ 27,090 | $ 11,743 | $ 50,051 | $ 24,032 |
Weighted average number of common shares outstanding - basic (in shares) | 50,636 | 50,522 | 50,606 | 50,554 |
Share-based plans (in shares) | 222 | 71 | 215 | 107 |
Weighted average number of common shares outstanding - diluted (in shares) | 50,858 | 50,593 | 50,821 | 50,661 |
Basic earnings per share (in usd per share) | $ 0.53 | $ 0.23 | $ 0.99 | $ 0.48 |
Diluted earnings per share (in usd per share) | $ 0.53 | $ 0.23 | $ 0.98 | $ 0.47 |
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Earnings Per Share [Abstract] | ||||
Options to purchase (in shares) | 0 | 0 | 0 | 0 |
Investment Securities - Reconciliation of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 981,126 | $ 839,272 |
Gross Unrealized Gains | 13,645 | 17,806 |
Gross Unrealized Losses | (6,077) | (1,330) |
Allowance for Credit Losses | (21) | (2) |
Total securities | 988,673 | 855,746 |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 105,385 | 63,868 |
Gross Unrealized Gains | 1,655 | 1,447 |
Gross Unrealized Losses | (596) | (313) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 106,444 | 65,002 |
Mortgage-backed securities, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 315,852 | 224,978 |
Gross Unrealized Gains | 2,380 | 3,718 |
Gross Unrealized Losses | (3,364) | (540) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 314,868 | 228,156 |
Collateralized mortgage obligations, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 184,683 | 204,093 |
Gross Unrealized Gains | 3,555 | 4,967 |
Gross Unrealized Losses | (312) | (22) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 187,926 | 209,038 |
Mortgage-backed securities, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,938 | 1,944 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (38) | 0 |
Allowance for Credit Losses | 0 | 0 |
Total securities | 1,900 | 1,944 |
Collateralized mortgage obligations, multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 28,910 | 39,628 |
Gross Unrealized Gains | 999 | 1,909 |
Gross Unrealized Losses | (30) | (2) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 29,879 | 41,535 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 47,189 | 40,915 |
Gross Unrealized Gains | 102 | 0 |
Gross Unrealized Losses | (55) | (225) |
Allowance for Credit Losses | 0 | 0 |
Total securities | 47,236 | 40,690 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 263,114 | 228,790 |
Gross Unrealized Gains | 3,813 | 5,149 |
Gross Unrealized Losses | (1,673) | (228) |
Allowance for Credit Losses | (3) | (1) |
Total securities | 265,251 | 233,710 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,055 | 35,056 |
Gross Unrealized Gains | 1,141 | 616 |
Gross Unrealized Losses | (9) | 0 |
Allowance for Credit Losses | (18) | (1) |
Total securities | $ 35,169 | $ 35,671 |
Investment Securities - Reconciliation of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 94,415 | $ 90,766 |
Gross Unrealized Gains | 2,198 | 3,114 |
Gross Unrealized Losses | (302) | (12) |
Allowance for Credit Losses | (137) | 0 |
Fair Value | 96,174 | 93,868 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 19,236 | 25,565 |
Gross Unrealized Gains | 535 | 779 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 19,771 | 26,344 |
Mortgage-backed securities, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 42,401 | 39,276 |
Gross Unrealized Gains | 921 | 1,469 |
Gross Unrealized Losses | (254) | (12) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 43,068 | 40,733 |
Collateralized mortgage obligations, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 9,677 | 14,590 |
Gross Unrealized Gains | 358 | 532 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 10,035 | 15,122 |
Mortgage-backed securities, multifamily | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,737 | 705 |
Gross Unrealized Gains | 82 | 54 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 2,819 | 759 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 17,364 | 10,630 |
Gross Unrealized Gains | 270 | 280 |
Gross Unrealized Losses | (48) | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 17,586 | $ 10,910 |
Debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,000 | |
Gross Unrealized Gains | 32 | |
Gross Unrealized Losses | 0 | |
Allowance for Credit Losses | (137) | |
Fair Value | $ 2,895 |
Investment Securities - Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 25,763 | |
Due after one year through five years | 44,924 | |
Due after five years through ten years | 78,833 | |
Due after ten years | 253,034 | |
Total | 402,554 | |
Total securities | 981,126 | |
Available for Sale, Fair Value | ||
Due in one year or less | 26,042 | |
Due after one year through five years | 46,127 | |
Due after five years through ten years | 80,737 | |
Due after ten years | 253,958 | |
Total | 406,864 | |
Total securities | 988,673 | |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 7,809 | |
Due after one year through five years | 15,940 | |
Due after five years through ten years | 7,493 | |
Due after ten years | 8,358 | |
Total | 39,600 | |
Amortized Cost | 94,415 | |
Held to Maturity, Fair Value | ||
Due in one year or less | 7,913 | |
Due after one year through five years | 16,489 | |
Due after five years through ten years | 7,444 | |
Due after ten years | 8,406 | |
Total | 40,252 | |
Total securities | 96,174 | $ 93,868 |
Mortgage-backed and asset-backed securities | ||
Available for Sale, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 578,572 | |
Available for Sale, Fair Value | ||
Mortgage-backed and asset-backed securities | 581,809 | |
Held to Maturity, Amortized Cost | ||
Mortgage-backed and asset-backed securities | 54,815 | |
Held to Maturity, Fair Value | ||
Mortgage-backed and asset-backed securities | $ 55,922 |
Investment Securities - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
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Investment Holdings [Line Items] | |||||
Proceeds from sale of debt securities, available-for-sale | $ 0 | $ 0 | $ 0 | $ 94,696,000 | |
Debt securities, available-for-sale, realized gain | 9,000 | 569,000 | |||
Debt securities, available-for-sale, realized loss | (227,000) | ||||
Securities, carrying value | 653,300,000 | 653,300,000 | $ 578,000,000.0 | ||
Equity securities, at fair value | 15,440,000 | 15,440,000 | $ 14,694,000 | ||
Proceeds from sales of equity securities | 0 | 0 | |||
Loss on equity securities | (11,000) | $ (198,000) | $ 133,000 | $ 455,000 | |
Redemption of funds, notice period | 60 days | ||||
Unfunded commitments | 0 | $ 0 | |||
Investment in government guaranteed loans, mortgage-backed securities, small business loans | 11,900,000 | 11,900,000 | |||
Community reinvestment funds | |||||
Investment Holdings [Line Items] | |||||
Equity securities, at fair value | 3,500,000 | 3,500,000 | |||
Other financial institutions | |||||
Investment Holdings [Line Items] | |||||
Unfunded commitments | $ 0 | $ 0 |
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 94,415 | $ 90,766 |
AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 76,894 | 83,095 |
AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 14,102 | 7,671 |
Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 419 | |
BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 3,000 | |
U.S. Treasury and U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 19,236 | 25,565 |
U.S. Treasury and U.S. government agencies | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 19,236 | 25,565 |
U.S. Treasury and U.S. government agencies | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
U.S. Treasury and U.S. government agencies | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
U.S. Treasury and U.S. government agencies | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 42,401 | 39,276 |
Mortgage-backed securities, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 42,401 | 39,276 |
Mortgage-backed securities, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Mortgage-backed securities, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, residential | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Collateralized mortgage obligations, residential | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 9,677 | 14,590 |
Collateralized mortgage obligations, residential | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 9,677 | 14,590 |
Collateralized mortgage obligations, residential | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Collateralized mortgage obligations, residential | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Collateralized mortgage obligations, residential | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, multifamily | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 2,737 | 705 |
Mortgage-backed securities, multifamily | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 2,737 | 705 |
Mortgage-backed securities, multifamily | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | 0 |
Mortgage-backed securities, multifamily | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Mortgage-backed securities, multifamily | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 17,364 | 10,630 |
Obligations of states and political subdivisions | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 2,843 | 2,959 |
Obligations of states and political subdivisions | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 14,102 | $ 7,671 |
Obligations of states and political subdivisions | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 419 | |
Obligations of states and political subdivisions | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 3,000 | |
Debt securities | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Debt securities | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Debt securities | Not Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | 0 | |
Debt securities | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Total securities | $ 3,000 |
Investment Securities - Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position (Detail) $ in Thousands |
Jun. 30, 2021
USD ($)
security
|
Dec. 31, 2020
USD ($)
security
|
---|---|---|
Fair Value | ||
Less Than 12 Months | $ 344,846 | $ 174,022 |
12 Months or Longer | 33,825 | 23,308 |
Total | $ 378,671 | $ 197,330 |
Number of Securities | security | 136 | 61 |
Unrealized Losses | ||
Less Than 12 Months | $ 5,878 | $ 977 |
12 Months or Longer | 199 | 353 |
Total | 6,077 | 1,330 |
Fair Value | ||
Less Than 12 Months | 20,061 | 2,561 |
12 Months or Longer | 111 | 0 |
Total | 20,172 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 301 | 12 |
12 Months or Longer | 1 | 0 |
Total | $ 302 | $ 12 |
Number of Securities | security | 16 | 4 |
U.S. Treasury and U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | $ 10,460 | $ 4,966 |
12 Months or Longer | 12,083 | 17,652 |
Total | $ 22,543 | $ 22,618 |
Number of Securities | security | 6 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 435 | $ 29 |
12 Months or Longer | 161 | 284 |
Total | 596 | 313 |
Mortgage-backed securities, residential | ||
Fair Value | ||
Less Than 12 Months | 221,699 | 84,137 |
12 Months or Longer | 4,068 | 5,656 |
Total | $ 225,767 | $ 89,793 |
Number of Securities | security | 62 | 30 |
Unrealized Losses | ||
Less Than 12 Months | $ 3,354 | $ 471 |
12 Months or Longer | 10 | 69 |
Total | 3,364 | 540 |
Fair Value | ||
Less Than 12 Months | 15,320 | 2,561 |
12 Months or Longer | 111 | 0 |
Total | 15,431 | 2,561 |
Unrealized Losses | ||
Less Than 12 Months | 253 | 12 |
12 Months or Longer | 1 | 0 |
Total | $ 254 | $ 12 |
Number of Securities | security | 11 | 4 |
Collateralized mortgage obligations, residential | ||
Fair Value | ||
Less Than 12 Months | $ 21,314 | $ 23,858 |
12 Months or Longer | 0 | 0 |
Total | $ 21,314 | $ 23,858 |
Number of Securities | security | 7 | 7 |
Unrealized Losses | ||
Less Than 12 Months | $ 312 | $ 22 |
12 Months or Longer | 0 | 0 |
Total | 312 | 22 |
Mortgage-backed securities, multifamily | ||
Fair Value | ||
Less Than 12 Months | 1,900 | 1,943 |
12 Months or Longer | 0 | 0 |
Total | $ 1,900 | $ 1,943 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 38 | $ 0 |
12 Months or Longer | 0 | 0 |
Total | 38 | 0 |
Collateralized mortgage obligations, multifamily | ||
Fair Value | ||
Less Than 12 Months | 1,543 | 2,527 |
12 Months or Longer | 0 | 0 |
Total | $ 1,543 | $ 2,527 |
Number of Securities | security | 1 | 1 |
Unrealized Losses | ||
Less Than 12 Months | $ 30 | $ 2 |
12 Months or Longer | 0 | 0 |
Total | 30 | 2 |
Asset-backed securities | ||
Fair Value | ||
Less Than 12 Months | 7,577 | 40,690 |
12 Months or Longer | 17,674 | 0 |
Total | $ 25,251 | $ 40,690 |
Number of Securities | security | 3 | 6 |
Unrealized Losses | ||
Less Than 12 Months | $ 27 | $ 225 |
12 Months or Longer | 28 | 0 |
Total | 55 | 225 |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 77,380 | 15,901 |
12 Months or Longer | 0 | 0 |
Total | $ 77,380 | $ 15,901 |
Number of Securities | security | 54 | 10 |
Unrealized Losses | ||
Less Than 12 Months | $ 1,673 | $ 228 |
12 Months or Longer | 0 | 0 |
Total | 1,673 | $ 228 |
Fair Value | ||
Less Than 12 Months | 4,741 | |
12 Months or Longer | 0 | |
Total | 4,741 | |
Unrealized Losses | ||
Less Than 12 Months | 48 | |
12 Months or Longer | 0 | |
Total | $ 48 | |
Number of Securities | security | 5 | |
Debt securities | ||
Fair Value | ||
Less Than 12 Months | $ 2,973 | |
12 Months or Longer | 0 | |
Total | $ 2,973 | |
Number of Securities | security | 2 | |
Unrealized Losses | ||
Less Than 12 Months | $ 9 | |
12 Months or Longer | 0 | |
Total | $ 9 |
Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | $ 5,988,832 | $ 6,021,232 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 2,330,376 | 2,398,946 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 870,535 | 827,092 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 902,394 | 813,225 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 189,765 | 200,229 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 565,704 | 718,189 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 335,167 | 266,883 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 121,096 | 116,690 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | 391,589 | 377,380 |
Home equity and consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees | $ 282,206 | $ 302,598 |
Loans - Narrative (Details) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
contract
portfolio
loan
|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2021
USD ($)
contract
portfolio
loan
|
Jun. 30, 2020
USD ($)
contract
|
Dec. 31, 2020
USD ($)
loan
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of portfolio segments | portfolio | 9 | 9 | |||
Accrued interest receivable on loans | $ 14,300,000 | $ 14,300,000 | $ 16,100,000 | ||
Net deferred loan fees | (11,000,000.0) | (11,000,000.0) | (10,000,000.0) | ||
Overdraft balances included in home equity and consumer loans | 272,000 | 272,000 | 650,000 | ||
Loans pledged for actual and potential borrowings at the Federal Home Loan Bank | $ 2,260,000,000 | 2,260,000,000 | $ 2,280,000,000 | ||
Transfer of loans to loans held for sale | $ 15,111,000 | $ 0 | |||
Number of loans still accruing | loan | 0 | 0 | 1 | ||
Financing receivable, 90 days or more past due, still accruing | $ 0 | $ 0 | $ 1,000 | ||
Financing receivable, nonaccrual, in the process of foreclosure | 797,000 | 797,000 | 1,700,000 | ||
Financing receivable, troubled debt restructuring | 4,400,000 | 4,400,000 | 5,000,000.0 | ||
Financing receivable, accrual, troubled debt restructuring | 3,600,000 | 3,600,000 | 3,900,000 | ||
Financing receivable nonaccrual troubled debt restructuring | $ 812,000 | $ 812,000 | 1,100,000 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 0 | |
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 0 | ||||
COVID-19 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, deferred | $ 0 | $ 0 | |||
Paycheck Protection Program ("PPP") | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, before allowance for credit loss and fee | 207,000,000.0 | 207,000,000.0 | 284,600,000 | ||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, 90 days or more past due, still accruing | 0 | 0 | 1,000 | ||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 2 | ||||
Recorded investment | $ 73,000 | ||||
Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, 90 days or more past due, still accruing | $ 0 | $ 0 | $ 0 | ||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | contract | 1 | ||||
Recorded investment | $ 694,000 | ||||
Total Commercial Loans | COVID-19 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, deferred | $ 967,000,000.0 | $ 967,000,000.0 | |||
Financing receivable, deferred percentage of total loans | 87.00% | 87.00% | |||
Residential and Consumer Loan | COVID-19 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, deferred | $ 53,000,000.0 | $ 53,000,000.0 |
Loans - Risk Category of Loans After Adoption of CECL (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | $ 696,518 | $ 1,537,184 |
2020/2019 | 1,331,236 | 834,164 |
2019/2018 | 783,487 | 594,181 |
2018/2017 | 533,179 | 585,062 |
2017/2016 | 535,999 | 522,144 |
Pre-2017/2016 | 1,685,747 | 1,397,462 |
Revolving Loans | 421,490 | 547,612 |
Revolving to Term | 1,176 | 3,423 |
Loans | 5,988,832 | 6,021,232 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 145,375 | 574,835 |
2020/2019 | 556,830 | 380,450 |
2019/2018 | 333,651 | 237,615 |
2018/2017 | 220,939 | 282,705 |
2017/2016 | 267,165 | 241,964 |
Pre-2017/2016 | 787,842 | 625,850 |
Revolving Loans | 18,574 | 53,281 |
Revolving to Term | 0 | 2,246 |
Loans | 2,330,376 | 2,398,946 |
Non owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 145,375 | 570,665 |
2020/2019 | 552,563 | 376,681 |
2019/2018 | 304,739 | 217,931 |
2018/2017 | 198,074 | 251,751 |
2017/2016 | 239,433 | 187,605 |
Pre-2017/2016 | 652,362 | 509,573 |
Revolving Loans | 17,694 | 50,071 |
Revolving to Term | 0 | 2,246 |
Loans | 2,110,240 | 2,166,523 |
Non owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 770 |
2020/2019 | 0 | 638 |
2019/2018 | 25,822 | 8,498 |
2018/2017 | 11,898 | 5,936 |
2017/2016 | 4,746 | 19,579 |
Pre-2017/2016 | 49,686 | 47,680 |
Revolving Loans | 820 | 315 |
Revolving to Term | 0 | 0 |
Loans | 92,972 | 83,416 |
Non owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 3,400 |
2020/2019 | 3,368 | 3,131 |
2019/2018 | 3,090 | 8,377 |
2018/2017 | 8,310 | 9,115 |
2017/2016 | 12,318 | 19,936 |
Pre-2017/2016 | 30,293 | 7,894 |
Revolving Loans | 60 | 2,895 |
Revolving to Term | 0 | 0 |
Loans | 57,439 | 54,748 |
Non owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 899 | 0 |
2019/2018 | 0 | 2,809 |
2018/2017 | 2,657 | 15,903 |
2017/2016 | 10,668 | 14,844 |
Pre-2017/2016 | 55,501 | 60,703 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 69,725 | 94,259 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 106,751 | 128,293 |
2020/2019 | 117,327 | 101,390 |
2019/2018 | 108,459 | 84,622 |
2018/2017 | 82,550 | 85,620 |
2017/2016 | 76,419 | 80,243 |
Pre-2017/2016 | 371,529 | 334,956 |
Revolving Loans | 7,164 | 11,789 |
Revolving to Term | 336 | 179 |
Loans | 870,535 | 827,092 |
Owner occupied commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 106,751 | 116,512 |
2020/2019 | 115,766 | 76,224 |
2019/2018 | 103,388 | 80,244 |
2018/2017 | 64,984 | 81,215 |
2017/2016 | 74,217 | 62,118 |
Pre-2017/2016 | 297,020 | 245,330 |
Revolving Loans | 7,100 | 11,072 |
Revolving to Term | 336 | 179 |
Loans | 769,562 | 672,894 |
Owner occupied commercial | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 11,347 |
2020/2019 | 1,561 | 22,932 |
2019/2018 | 2,887 | 411 |
2018/2017 | 892 | 3,651 |
2017/2016 | 283 | 8,038 |
Pre-2017/2016 | 17,496 | 23,612 |
Revolving Loans | 20 | 673 |
Revolving to Term | 0 | 0 |
Loans | 23,139 | 70,664 |
Owner occupied commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 2,218 |
2019/2018 | 2,166 | 929 |
2018/2017 | 13,706 | 113 |
2017/2016 | 105 | 4,317 |
Pre-2017/2016 | 28,296 | 38,638 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 44,273 | 46,215 |
Owner occupied commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 434 |
2020/2019 | 0 | 16 |
2019/2018 | 18 | 3,038 |
2018/2017 | 2,968 | 641 |
2017/2016 | 1,814 | 5,770 |
Pre-2017/2016 | 28,717 | 27,376 |
Revolving Loans | 44 | 44 |
Revolving to Term | 0 | 0 |
Loans | 33,561 | 37,319 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 109,244 | 261,489 |
2020/2019 | 264,666 | 65,175 |
2019/2018 | 83,518 | 86,348 |
2018/2017 | 91,281 | 95,767 |
2017/2016 | 88,628 | 126,667 |
Pre-2017/2016 | 254,596 | 156,066 |
Revolving Loans | 10,461 | 21,713 |
Revolving to Term | 0 | 0 |
Loans | 902,394 | 813,225 |
Multifamily | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 109,244 | 251,708 |
2020/2019 | 252,490 | 59,694 |
2019/2018 | 78,034 | 85,748 |
2018/2017 | 89,956 | 93,368 |
2017/2016 | 81,657 | 117,155 |
Pre-2017/2016 | 240,963 | 145,786 |
Revolving Loans | 10,261 | 21,713 |
Revolving to Term | 0 | 0 |
Loans | 862,605 | 775,172 |
Multifamily | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 600 |
2018/2017 | 0 | 0 |
2017/2016 | 4,571 | 0 |
Pre-2017/2016 | 5,701 | 8,472 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 10,272 | 9,072 |
Multifamily | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 9,781 |
2020/2019 | 12,176 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 2,399 |
2017/2016 | 2,400 | 0 |
Pre-2017/2016 | 1,099 | 1,124 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 15,675 | 13,304 |
Multifamily | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 5,481 |
2019/2018 | 5,484 | 0 |
2018/2017 | 1,325 | 0 |
2017/2016 | 0 | 9,512 |
Pre-2017/2016 | 6,833 | 684 |
Revolving Loans | 200 | 0 |
Revolving to Term | 0 | 0 |
Loans | 13,842 | 15,677 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 18,362 | 24,382 |
2020/2019 | 24,711 | 25,686 |
2019/2018 | 19,871 | 30,151 |
2018/2017 | 24,373 | 27,205 |
2017/2016 | 22,789 | 22,473 |
Pre-2017/2016 | 70,851 | 61,326 |
Revolving Loans | 8,378 | 8,835 |
Revolving to Term | 430 | 171 |
Loans | 189,765 | 200,229 |
Non owner occupied residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 18,362 | 23,506 |
2020/2019 | 21,396 | 24,378 |
2019/2018 | 18,334 | 27,752 |
2018/2017 | 18,497 | 24,344 |
2017/2016 | 19,397 | 21,488 |
Pre-2017/2016 | 62,191 | 53,200 |
Revolving Loans | 7,863 | 8,180 |
Revolving to Term | 430 | 171 |
Loans | 166,470 | 183,019 |
Non owner occupied residential | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 300 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 1,174 |
2017/2016 | 1,045 | 0 |
Pre-2017/2016 | 5,245 | 5,757 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 6,290 | 7,231 |
Non owner occupied residential | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 496 |
2019/2018 | 1,025 | 1,199 |
2018/2017 | 845 | 392 |
2017/2016 | 486 | 293 |
Pre-2017/2016 | 930 | 656 |
Revolving Loans | 515 | 655 |
Revolving to Term | 0 | 0 |
Loans | 3,801 | 3,691 |
Non owner occupied residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 876 |
2020/2019 | 3,315 | 512 |
2019/2018 | 512 | 1,200 |
2018/2017 | 5,031 | 1,295 |
2017/2016 | 1,861 | 692 |
Pre-2017/2016 | 2,485 | 1,713 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 13,204 | 6,288 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 157,493 | 306,555 |
2020/2019 | 96,962 | 88,668 |
2019/2018 | 74,471 | 20,844 |
2018/2017 | 16,569 | 11,170 |
2017/2016 | 9,280 | 22,431 |
Pre-2017/2016 | 43,115 | 42,998 |
Revolving Loans | 167,404 | 224,992 |
Revolving to Term | 410 | 531 |
Loans | 565,704 | 718,189 |
Commercial, industrial and other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 157,098 | 299,091 |
2020/2019 | 89,379 | 84,917 |
2019/2018 | 73,878 | 16,245 |
2018/2017 | 13,950 | 7,216 |
2017/2016 | 5,116 | 18,358 |
Pre-2017/2016 | 40,518 | 41,900 |
Revolving Loans | 155,183 | 208,519 |
Revolving to Term | 330 | 531 |
Loans | 535,452 | 676,777 |
Commercial, industrial and other | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 395 | 287 |
2020/2019 | 283 | 3,701 |
2019/2018 | 544 | 156 |
2018/2017 | 107 | 1,643 |
2017/2016 | 1,515 | 301 |
Pre-2017/2016 | 223 | 369 |
Revolving Loans | 3,229 | 2,324 |
Revolving to Term | 80 | 0 |
Loans | 6,376 | 8,781 |
Commercial, industrial and other | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 1 | 884 |
2018/2017 | 306 | 764 |
2017/2016 | 2,004 | 2,275 |
Pre-2017/2016 | 809 | 0 |
Revolving Loans | 4,057 | 4,727 |
Revolving to Term | 0 | 0 |
Loans | 7,177 | 8,650 |
Commercial, industrial and other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 7,177 |
2020/2019 | 7,300 | 50 |
2019/2018 | 48 | 3,559 |
2018/2017 | 2,206 | 1,547 |
2017/2016 | 645 | 1,497 |
Pre-2017/2016 | 1,565 | 729 |
Revolving Loans | 4,935 | 9,422 |
Revolving to Term | 0 | 0 |
Loans | 16,699 | 23,981 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 43,967 | 56,734 |
2020/2019 | 101,838 | 77,117 |
2019/2018 | 88,989 | 71,810 |
2018/2017 | 46,774 | 49,789 |
2017/2016 | 49,061 | 8,400 |
Pre-2017/2016 | 4,209 | 843 |
Revolving Loans | 329 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 335,167 | 266,883 |
Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 43,967 | 56,734 |
2020/2019 | 101,838 | 77,117 |
2019/2018 | 88,989 | 69,627 |
2018/2017 | 33,067 | 29,303 |
2017/2016 | 26,442 | 7,681 |
Pre-2017/2016 | 3,694 | 328 |
Revolving Loans | 329 | 2,190 |
Revolving to Term | 0 | 0 |
Loans | 298,326 | 242,980 |
Construction | Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 2,183 |
2018/2017 | 13,707 | 11,959 |
2017/2016 | 12,867 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 26,574 | 14,142 |
Construction | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 8,321 |
2017/2016 | 9,752 | 0 |
Pre-2017/2016 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 9,752 | 8,321 |
Construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 206 |
2017/2016 | 0 | 719 |
Pre-2017/2016 | 515 | 515 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 515 | 1,440 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 27,986 | 41,528 |
2020/2019 | 35,644 | 41,815 |
2019/2018 | 34,890 | 20,785 |
2018/2017 | 15,222 | 8,908 |
2017/2016 | 5,630 | 3,226 |
Pre-2017/2016 | 1,724 | 428 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 121,096 | 116,690 |
Equipment finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 27,986 | 41,528 |
2020/2019 | 35,644 | 41,717 |
2019/2018 | 34,792 | 20,697 |
2018/2017 | 15,132 | 8,834 |
2017/2016 | 5,554 | 3,162 |
Pre-2017/2016 | 1,724 | 426 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 120,832 | 116,364 |
Equipment finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 98 |
2019/2018 | 98 | 88 |
2018/2017 | 90 | 74 |
2017/2016 | 76 | 64 |
Pre-2017/2016 | 0 | 2 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 264 | 326 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 75,321 | 127,336 |
2020/2019 | 120,307 | 43,962 |
2019/2018 | 32,126 | 34,485 |
2018/2017 | 29,708 | 18,563 |
2017/2016 | 13,105 | 12,108 |
Pre-2017/2016 | 121,022 | 140,926 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 391,589 | 377,380 |
Residential mortgage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 75,321 | 127,336 |
2020/2019 | 120,307 | 43,910 |
2019/2018 | 32,126 | 34,252 |
2018/2017 | 29,708 | 17,548 |
2017/2016 | 13,105 | 12,108 |
Pre-2017/2016 | 120,884 | 139,616 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 391,451 | 374,770 |
Residential mortgage | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 52 |
2019/2018 | 0 | 233 |
2018/2017 | 0 | 1,015 |
2017/2016 | 0 | 0 |
Pre-2017/2016 | 138 | 1,310 |
Revolving Loans | 0 | 0 |
Revolving to Term | 0 | 0 |
Loans | 138 | 2,610 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 12,019 | 16,032 |
2020/2019 | 12,951 | 9,901 |
2019/2018 | 7,512 | 7,521 |
2018/2017 | 5,763 | 5,335 |
2017/2016 | 3,922 | 4,632 |
Pre-2017/2016 | 30,859 | 34,069 |
Revolving Loans | 209,180 | 224,812 |
Revolving to Term | 0 | 296 |
Loans | 282,206 | 302,598 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 11,986 | 15,999 |
2020/2019 | 12,951 | 9,844 |
2019/2018 | 7,512 | 7,490 |
2018/2017 | 5,763 | 5,333 |
2017/2016 | 3,921 | 4,632 |
Pre-2017/2016 | 30,293 | 31,861 |
Revolving Loans | 209,027 | 224,549 |
Revolving to Term | 0 | 166 |
Loans | 281,453 | 299,874 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021/2020 | 33 | 33 |
2020/2019 | 0 | 57 |
2019/2018 | 0 | 31 |
2018/2017 | 0 | 2 |
2017/2016 | 1 | 0 |
Pre-2017/2016 | 566 | 2,208 |
Revolving Loans | 153 | 263 |
Revolving to Term | 0 | 130 |
Loans | $ 753 | $ 2,724 |
Loans - Age Analysis (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 5,988,832 | $ 6,021,232 |
Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,330,376 | 2,398,946 |
Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 870,535 | 827,092 |
Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 902,394 | 813,225 |
Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 189,765 | 200,229 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 565,704 | 718,189 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 335,167 | 266,883 |
Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 121,096 | 116,690 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 391,589 | 377,380 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 282,206 | 302,598 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,965,417 | 5,977,647 |
Current | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,323,132 | 2,384,233 |
Current | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 861,430 | 811,408 |
Current | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 902,394 | 812,597 |
Current | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 186,653 | 197,802 |
Current | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 564,271 | 716,337 |
Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 334,652 | 265,649 |
Current | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 120,671 | 115,124 |
Current | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 391,123 | 374,370 |
Current | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 281,091 | 300,127 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 5,294 | 8,255 |
30 - 59 Days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 521 | 1,256 |
30 - 59 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,942 | 2,759 |
30 - 59 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 208 |
30 - 59 Days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 137 | 482 |
30 - 59 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 264 | 125 |
30 - 59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
30 - 59 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 133 | 1,338 |
30 - 59 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 466 | 1,046 |
30 - 59 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 831 | 1,041 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,126 | 1,277 |
60 - 89 Days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 434 | 306 |
60 - 89 Days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 138 | 350 |
60 - 89 Days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60 - 89 Days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 2,160 | 294 |
60 - 89 Days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 26 | 0 |
60 - 89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 0 |
60 - 89 Days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 93 | 98 |
60 - 89 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 156 |
60 - 89 Days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 275 | 73 |
Greater than 89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 14,995 | 34,053 |
Greater than 89 days | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 6,289 | 13,151 |
Greater than 89 days | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 6,025 | 12,575 |
Greater than 89 days | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 420 |
Greater than 89 days | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 815 | 1,651 |
Greater than 89 days | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,143 | 1,727 |
Greater than 89 days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 515 | 1,234 |
Greater than 89 days | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 199 | 130 |
Greater than 89 days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 1,808 |
Greater than 89 days | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 9 | 1,357 |
Total past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 23,415 | 43,585 |
Total past due | Non owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 7,244 | 14,713 |
Total past due | Owner occupied commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 9,105 | 15,684 |
Total past due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 0 | 628 |
Total past due | Non owner occupied residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 3,112 | 2,427 |
Total past due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 1,433 | 1,852 |
Total past due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 515 | 1,234 |
Total past due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 425 | 1,566 |
Total past due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | 466 | 3,010 |
Total past due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of deferred fees | $ 1,115 | $ 2,471 |
Loans - Non-accrual (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 22,615 | $ 42,763 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 14,305 | 32,337 |
Non owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 11,427 | 16,537 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 6,403 | 14,719 |
Owner occupied commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 7,152 | 14,271 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 5,811 | 12,371 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 195 | 626 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 0 | 0 |
Non owner occupied residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,305 | 2,217 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 853 | 1,580 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,449 | 2,633 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 723 | 1,418 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 515 | 1,440 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 515 | 1,234 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 264 | 327 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 0 | 0 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,469 | |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | 1,015 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 308 | 2,243 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 days Past due but still accruing | 0 | 1 |
Amortized Cost Basis of Non-accrual Loans without Related Allowance | $ 0 | $ 0 |
Allowance for Credit Losses - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit loss | $ 60,389,000 | $ 57,839,000 | $ 60,389,000 | $ 57,839,000 | $ 67,252,000 | $ 71,124,000 | $ 48,884,000 | $ 40,003,000 |
Financing receivable, collectively evaluated for impairment | 5,962,239,000 | 5,962,239,000 | 5,979,260,000 | |||||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 59,400,000 | 59,400,000 | 69,769,000 | |||||
Financing receivable, individually evaluated for impairment and acquired with deteriorated credit quality | 26,600,000 | 26,600,000 | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment and acquired with deteriorated credit quality | 1,000,000.0 | 1,000,000.0 | ||||||
Accrued interest receivable on loans | 14,300,000 | 14,300,000 | 16,100,000 | |||||
Loans sold | 5,000,000.0 | 15,100,000 | ||||||
Charge-offs | 1,861,000 | 141,000 | 3,132,000 | 624,000 | ||||
Debt securities, available-for-sale, allowance for credit loss | 21,000 | 21,000 | 2,000 | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 137,000 | 137,000 | 0 | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (123,000) | 19,000 | ||||||
Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal) | 137,000 | 137,000 | ||||||
Debt securities, accrued interest after allowance for credit loss | 4,100,000 | 4,100,000 | 3,300,000 | |||||
Off-balance sheet, credit loss, liability | 1,900,000 | 1,900,000 | $ 2,600,000 | |||||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | (659,000) | $ 0 | (635,000) | $ 210,000 | ||||
Financing Receivable, Sale, Write-off | $ 75,000 | $ 1,200,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit loss | 6,700,000 | |||||||
Debt securities, allowance for credit loss | 30,000 | |||||||
Off-balance sheet, credit loss, liability | $ 489,000 |
Allowance for Credit Losses - Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | $ 67,252 | $ 48,884 | $ 71,124 | $ 40,003 |
Charge-offs | (1,861) | (141) | (3,132) | (624) |
Recoveries | 312 | 96 | 519 | 237 |
Net (charge-offs) recoveries | (1,549) | (45) | (2,613) | (387) |
(Benefit) provision for credit loss - loans | (5,314) | 9,000 | (8,122) | 18,223 |
Balance at end of the period | $ 60,389 | $ 57,839 | $ 60,389 | $ 57,839 |
Allowance for Credit Losses - Activity by Portfolio Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | $ 67,252 | $ 48,884 | $ 71,124 | $ 40,003 |
Charge-offs | (1,861) | (141) | (3,132) | (624) |
Recoveries | 312 | 96 | 519 | 237 |
(Benefit) provision for credit loss - loans | (5,314) | 9,000 | (8,122) | 18,223 |
Balance at end of the period | 60,389 | 57,839 | 60,389 | 57,839 |
Commercial, secured by real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 34,793 | 28,950 | ||
Charge-offs | 0 | (169) | ||
Recoveries | 21 | 47 | ||
(Benefit) provision for credit loss - loans | 8,466 | 14,452 | ||
Balance at end of the period | 43,280 | 43,280 | ||
Non owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 23,880 | 25,910 | ||
Charge-offs | (1,650) | (2,243) | ||
Recoveries | 1 | 3 | ||
(Benefit) provision for credit loss - loans | (1,325) | (2,764) | ||
Balance at end of the period | 20,906 | 20,906 | ||
Owner occupied commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 4,003 | 3,955 | ||
Charge-offs | 0 | (78) | ||
Recoveries | 9 | 17 | ||
(Benefit) provision for credit loss - loans | 88 | 206 | ||
Balance at end of the period | 4,100 | 4,100 | ||
Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 7,508 | 7,253 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Benefit) provision for credit loss - loans | (331) | (76) | ||
Balance at end of the period | 7,177 | 7,177 | ||
Non owner occupied residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 2,883 | 3,321 | ||
Charge-offs | (3) | (212) | ||
Recoveries | 11 | 13 | ||
(Benefit) provision for credit loss - loans | (299) | (530) | ||
Balance at end of the period | 2,592 | 2,592 | ||
Commercial, industrial and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 12,139 | 5,489 | 13,665 | 3,289 |
Charge-offs | (110) | 0 | (375) | 0 |
Recoveries | 105 | 13 | 149 | 43 |
(Benefit) provision for credit loss - loans | (1,645) | (804) | (2,950) | 1,366 |
Balance at end of the period | 10,489 | 4,698 | 10,489 | 4,698 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 1,129 | 3,344 | 786 | 2,672 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 42 | 16 | 67 | 48 |
(Benefit) provision for credit loss - loans | (137) | (241) | 181 | 399 |
Balance at end of the period | 1,034 | 3,119 | 1,034 | 3,119 |
Equipment finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 6,264 | 1,257 | 6,552 | 957 |
Charge-offs | (10) | (14) | (104) | (98) |
Recoveries | 6 | 24 | 17 | 38 |
(Benefit) provision for credit loss - loans | (1,140) | 1,704 | (1,345) | 2,074 |
Balance at end of the period | 5,120 | 2,971 | 5,120 | 2,971 |
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 3,781 | 1,600 | 3,623 | 1,725 |
Charge-offs | (36) | 0 | (36) | (116) |
Recoveries | 118 | 0 | 176 | 20 |
(Benefit) provision for credit loss - loans | 22 | (164) | 122 | (193) |
Balance at end of the period | 3,885 | 1,436 | 3,885 | 1,436 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | 5,665 | 2,401 | 6,059 | 2,410 |
Charge-offs | (52) | (127) | (84) | (241) |
Recoveries | 20 | 22 | 77 | 41 |
(Benefit) provision for credit loss - loans | (547) | 39 | (966) | 125 |
Balance at end of the period | $ 5,086 | $ 2,335 | $ 5,086 | $ 2,335 |
Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | $ 21,815 | $ 33,719 | ||||
Loans, Collectively evaluated | 5,962,239 | 5,979,260 | ||||
Loans, Acquired with deteriorated credit quality | 4,778 | 8,253 | ||||
Loans | 5,988,832 | 6,021,232 | ||||
Allowance for Credit Losses, Individually evaluated | 989 | 1,355 | ||||
Allowance for Credit Losses, Collectively evaluated | 59,400 | 69,769 | ||||
Allowance for Credit Losses | 60,389 | $ 67,252 | 71,124 | $ 57,839 | $ 48,884 | $ 40,003 |
Non owner occupied commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 9,093 | 12,112 | ||||
Loans, Collectively evaluated | 2,318,592 | 2,382,717 | ||||
Loans, Acquired with deteriorated credit quality | 2,691 | 4,117 | ||||
Loans | 2,330,376 | 2,398,946 | ||||
Allowance for Credit Losses, Individually evaluated | 273 | 355 | ||||
Allowance for Credit Losses, Collectively evaluated | 20,633 | 25,555 | ||||
Allowance for Credit Losses | 20,906 | 23,880 | 25,910 | |||
Owner occupied commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 9,958 | 16,547 | ||||
Loans, Collectively evaluated | 860,000 | 809,935 | ||||
Loans, Acquired with deteriorated credit quality | 577 | 610 | ||||
Loans | 870,535 | 827,092 | ||||
Allowance for Credit Losses, Individually evaluated | 78 | 96 | ||||
Allowance for Credit Losses, Collectively evaluated | 4,022 | 3,859 | ||||
Allowance for Credit Losses | 4,100 | 4,003 | 3,955 | |||
Multifamily | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 902,394 | 813,225 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans | 902,394 | 813,225 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 7,177 | 7,253 | ||||
Allowance for Credit Losses | 7,177 | 7,508 | 7,253 | |||
Non owner occupied residential | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 769 | 1,459 | ||||
Loans, Collectively evaluated | 188,841 | 198,334 | ||||
Loans, Acquired with deteriorated credit quality | 155 | 436 | ||||
Loans | 189,765 | 200,229 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 43 | ||||
Allowance for Credit Losses, Collectively evaluated | 2,592 | 3,278 | ||||
Allowance for Credit Losses | 2,592 | 2,883 | 3,321 | |||
Commercial, industrial and other | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 744 | 1,596 | ||||
Loans, Collectively evaluated | 563,844 | 715,129 | ||||
Loans, Acquired with deteriorated credit quality | 1,116 | 1,464 | ||||
Loans | 565,704 | 718,189 | ||||
Allowance for Credit Losses, Individually evaluated | 638 | 830 | ||||
Allowance for Credit Losses, Collectively evaluated | 9,851 | 12,835 | ||||
Allowance for Credit Losses | 10,489 | 12,139 | 13,665 | 4,698 | 5,489 | 3,289 |
Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 515 | 515 | ||||
Loans, Collectively evaluated | 334,652 | 265,649 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 719 | ||||
Loans | 335,167 | 266,883 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 1,034 | 786 | ||||
Allowance for Credit Losses | 1,034 | 1,129 | 786 | 3,119 | 3,344 | 2,672 |
Equipment finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 121,096 | 116,690 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans | 121,096 | 116,690 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 5,120 | 6,552 | ||||
Allowance for Credit Losses | 5,120 | 6,264 | 6,552 | 2,971 | 1,257 | 957 |
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 736 | 1,490 | ||||
Loans, Collectively evaluated | 390,853 | 375,482 | ||||
Loans, Acquired with deteriorated credit quality | 0 | 408 | ||||
Loans | 391,589 | 377,380 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated | 3,885 | 3,623 | ||||
Allowance for Credit Losses | 3,885 | 3,781 | 3,623 | 1,436 | 1,600 | 1,725 |
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually evaluated | 0 | 0 | ||||
Loans, Collectively evaluated | 281,967 | 302,099 | ||||
Loans, Acquired with deteriorated credit quality | 239 | 499 | ||||
Loans | 282,206 | 302,598 | ||||
Allowance for Credit Losses, Individually evaluated | 0 | 31 | ||||
Allowance for Credit Losses, Collectively evaluated | 5,086 | 6,028 | ||||
Allowance for Credit Losses | $ 5,086 | $ 5,665 | $ 6,059 | $ 2,335 | $ 2,401 | $ 2,410 |
Leases - Additional Information (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease liabilities | $ 16,847,000 | $ 18,183,000 |
Operating lease right-of-use assets | $ 15,513,000 | $ 16,772,000 |
Operating lease, weighted average remaining lease term | 9 years 6 months 21 days | |
Lessee, operating lease, discount rate | 3.44% | |
Operating lease, lease not yet commenced | $ 0 |
Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 829 | $ 828 | $ 1,658 | $ 1,656 |
Variable lease cost | 23 | 33 | 45 | 65 |
Sublease income | (30) | (30) | (61) | (61) |
Net lease cost | $ 822 | $ 831 | $ 1,642 | $ 1,660 |
Leases - Other Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,446 | $ 1,386 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 109 | $ 548 |
Leases - Maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Within one year | $ 3,156 | |
After one year but within three years | 5,139 | |
After three years but within five years | 4,000 | |
After five years | 7,839 | |
Total undiscounted cash flows | 20,134 | |
Discount on cash flows | (3,287) | |
Operating lease liabilities | $ 16,847 | $ 18,183 |
Deposits - Summary of Deposit Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | $ 1,683,887 | $ 1,510,224 |
Interest-bearing checking | 2,088,282 | 2,057,052 |
Money market | 1,468,822 | 1,225,890 |
Savings | 641,605 | 584,361 |
Certificates of deposit $250 thousand and under | 685,583 | 895,056 |
Certificates of deposit over $250 thousand | 146,856 | 183,200 |
Deposits | $ 6,715,035 | $ 6,455,783 |
Percentage Of Interest and Noninterest Bearing Domestic Deposit Liabilities To Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand | 25.10% | 23.40% |
Interest-bearing checking | 31.10% | 31.90% |
Money market | 21.90% | 19.00% |
Savings | 9.50% | 9.10% |
Certificates of deposit $250 thousand and under | 10.20% | 13.80% |
Certificates of deposit over $250 thousand | 2.20% | 2.80% |
Total deposits | 100.00% | 100.00% |
Deposits - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposit Liabilities [Abstract] | ||
Deposits obtained through brokers | $ 154.0 | $ 236.7 |
Borrowings - Additional Information (Detail) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Securities sold under agreements to repurchase | $ 100,200,000 | $ 69,600,000 | |
Advances from the FHLB | 25,000,000.0 | 25,000,000.0 | |
Repayments of debt | $ 10,000,000.0 | ||
Securities Sold under Agreements to Repurchase | |||
Debt Instrument [Line Items] | |||
Pledged securities | 107,400,000 | ||
Line of Credit | |||
Debt Instrument [Line Items] | |||
Overnight federal funds borrowed | 0 | 0 | |
Federal funds available for borrowing | 215,000,000.0 | ||
Line of Credit | Federal Reserve Bank of New York | |||
Debt Instrument [Line Items] | |||
Federal reserve bank, advances, amount of advances by branch | 0 | 0 | |
Federal Home Loan Bank of New York | Line of Credit | |||
Debt Instrument [Line Items] | |||
Overnight borrowings | $ 0 | $ 100,000,000.0 | |
Collateralized FHLB Advances | |||
Debt Instrument [Line Items] | |||
Long term debt prepayment fee | $ 356,000 | ||
Collateralized FHLB Advances | Weighted Average | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, advances, branch of FHLB Bank, interest rate | 0.77% |
Share-Based Compensation - Summary of Company's Restricted Stock Activity (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
shares
| |
Restricted Stock | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 23,910 |
Granted (in shares) | shares | 16,028 |
Vested (in shares) | shares | (13,092) |
Balance at end of period (in shares) | shares | 26,846 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 14.77 |
Granted (in usd per share) | $ / shares | 13.72 |
Vested (in usd per share) | $ / shares | 16.87 |
Balance of end of period (in usd per share) | $ / shares | $ 13.13 |
RSUs | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 372,552 |
Granted (in shares) | shares | 368,516 |
Vested (in shares) | shares | (139,133) |
Forfeited (in shares) | shares | (6,625) |
Balance at end of period (in shares) | shares | 595,310 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 16.63 |
Granted (in usd per share) | $ / shares | 16.92 |
Vested (in usd per share) | $ / shares | 18.19 |
Forfeited (in usd per share) | $ / shares | 15.28 |
Balance of end of period (in usd per share) | $ / shares | $ 16.46 |
Share-Based Compensation - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2,196,000 | $ 1,461,000 | ||
Options granted (in shares) | 0 | 0 | ||
Options exercised (in shares) | 2,764 | 0 | ||
Exercise of stock options | $ 19,000 | $ 0 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 16,028 | |||
Granted (in usd per share) | $ 13.72 | |||
Share-based compensation expense | $ 88,000 | $ 55,000 | $ 176,000 | $ 109,000 |
Restricted Stock | 2018 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 154,000 | $ 154,000 | ||
Unrecognized compensation expense, period of recognition | 5 months 26 days | |||
Restricted Stock | 2018 Omnibus Equity Incentive Plan | Non-Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 16,028 | 13,041 | ||
Granted (in usd per share) | $ 13.72 | $ 16.87 | ||
Vesting period | 1 year | 1 year | ||
Share-based compensation expense | $ 220,000 | $ 220,000 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 368,516 | |||
Granted (in usd per share) | $ 16.92 | |||
Share-based compensation expense | 901,000 | $ 558,000 | $ 2,000,000.0 | $ 1,400,000 |
Unrecognized compensation cost | 6,700,000 | $ 6,700,000 | ||
Unrecognized compensation expense, period of recognition | 1 year 6 months 10 days | |||
RSUs | 2018 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 368,516 | 172,169 | ||
Granted (in usd per share) | $ 16.92 | $ 15.47 | ||
Vesting period | 3 years | 3 years | ||
Share-based compensation expense | $ 2,100,000 | $ 888,000 | ||
RSUs | 2018 Omnibus Equity Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
RSUs | 2018 Omnibus Equity Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 0 | $ 0 |
Share-Based Compensation - Option Activity under the Company's Stock Option Plans (Detail) - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,764 | ||
Exercised (in shares) | (2,764) | 0 | |
Outstanding, end of period (in shares) | 0 | 2,764 | |
Options exercisable end of period (in shares) | 0 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning of period (in usd per share) | $ 6.94 | ||
Exercised (in usd per share) | 6.94 | ||
Outstanding, end of period (in usd per share) | 0 | $ 6.94 | |
Options exercisable at end of period (in usd per share) | $ 0 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Outstanding | 0 years | 1 year 25 days | |
Options exercisable | 0 years | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | $ 15,934 | |
Options exercisable | $ 0 |
Revenue Recognition - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
region
segment
| |
Revenue from Contract with Customer [Abstract] | |
Number of geographic regions | region | 1 |
Number of operating segments | segment | 1 |
Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Gains on sales of loans | $ 607 | $ 710 | $ 1,315 | $ 1,125 |
Swap income | 72 | 767 | 634 | 3,610 |
Other Income: | ||||
Title insurance income | 31 | 84 | 44 | 80 |
Other income | 81 | 73 | 163 | 170 |
Total | 112 | 157 | 207 | 250 |
Revenue not from contracts with customers | 246 | 755 | 694 | 1,276 |
Total Noninterest Income | 5,269 | 5,481 | 11,028 | 13,492 |
Products and services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 5,019 | 4,708 | 10,311 | 12,179 |
Products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 4 | 18 | 23 | 37 |
Deposit Related Fees and Charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 2,445 | 1,875 | 4,741 | 4,375 |
Debit card interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 1,608 | 1,215 | 3,018 | 2,438 |
Overdraft charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 551 | 449 | 1,138 | 1,402 |
ATM service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 172 | 62 | 315 | 229 |
Demand deposit fees and charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 100 | 131 | 241 | 265 |
Savings service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 14 | 18 | 29 | 41 |
Commissions and fees: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 1,787 | 1,217 | 3,437 | 2,856 |
Loan fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 484 | 213 | 991 | 553 |
Wire transfer charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 375 | 341 | 750 | 649 |
Investment services income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 474 | 316 | 837 | 839 |
Merchant fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 258 | 166 | 459 | 414 |
Commissions from sales of checks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 75 | 60 | 153 | 143 |
Safe deposit income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 79 | 85 | 158 | 171 |
Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 42 | $ 36 | $ 89 | $ 87 |
Other Operating Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Income and Expenses [Abstract] | ||||
Consulting and advisory board fees | $ 831 | $ 1,186 | $ 1,354 | $ 1,822 |
ATM and debit card expense | 611 | 536 | 1,215 | 1,123 |
Telecommunications expense | 517 | 454 | 1,039 | 898 |
Marketing expense | 427 | 232 | 745 | 459 |
Amortization of intangible assets | 221 | 261 | 447 | 526 |
Other real estate and repossessed asset expense | 0 | 43 | 0 | 55 |
Long-term debt prepayment fee | 0 | 0 | 0 | 356 |
Other operating expenses | 3,085 | 3,103 | 5,993 | 6,406 |
Other expenses | $ 5,692 | $ 5,815 | $ 10,793 | $ 11,645 |
Comprehensive Income - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Before Tax Amount | ||||
Other comprehensive income net | $ 9,797 | $ 3,278 | $ (8,773) | $ 12,254 |
Tax Benefit (Expense) | ||||
Other comprehensive income net | (2,761) | (802) | 2,721 | (3,085) |
Net of Tax Amount | ||||
Other comprehensive (loss) income before classifications | (6,052) | 9,423 | ||
Reclassification adjustment for net gains arising during the period | 0 | (254) | ||
Other comprehensive income, net of tax | 7,036 | 2,476 | (6,052) | 9,169 |
Net unrealized gains (losses) on available for sale securities: | ||||
Before Tax Amount | ||||
Net unrealized holding gains arising during period | 9,729 | 3,329 | (8,908) | 13,124 |
Reclassification adjustment for net gains arising during the period | 0 | 0 | 0 | (342) |
Other comprehensive income net | 9,729 | 3,329 | (8,908) | 12,782 |
Tax Benefit (Expense) | ||||
Net unrealized holding gains arising during period | (2,616) | (817) | 2,886 | (3,328) |
Reclassification adjustment for net gains arising during the period | 0 | 0 | 0 | 88 |
Other comprehensive income net | (2,616) | (817) | 2,886 | (3,240) |
Net of Tax Amount | ||||
Other comprehensive (loss) income before classifications | 7,113 | 2,512 | (6,022) | 9,796 |
Reclassification adjustment for net gains arising during the period | 0 | 0 | 0 | (254) |
Other comprehensive income, net of tax | 7,113 | 2,512 | (6,022) | 9,542 |
Unrealized gains (losses) on derivatives | ||||
Before Tax Amount | ||||
Other comprehensive income net | 68 | (51) | 135 | (528) |
Tax Benefit (Expense) | ||||
Other comprehensive income net | (145) | 15 | (165) | 155 |
Net of Tax Amount | ||||
Other comprehensive (loss) income before classifications | (30) | (373) | ||
Reclassification adjustment for net gains arising during the period | 0 | 0 | ||
Other comprehensive income, net of tax | $ (77) | $ (36) | $ (30) | $ (373) |
Comprehensive Income - Summary of Changes in Components of Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 768,065 | $ 736,922 | $ 763,784 | $ 725,263 |
Other comprehensive (loss) income before classifications | (6,052) | 9,423 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | (254) | ||
Other comprehensive income, net of tax | 7,036 | 2,476 | (6,052) | 9,169 |
Balance at end of period | 796,676 | 745,489 | 796,676 | 745,489 |
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,691) | 8,941 | 11,397 | 2,248 |
Other comprehensive income, net of tax | 7,036 | 2,476 | (6,052) | 9,169 |
Balance at end of period | 5,345 | 11,417 | 5,345 | 11,417 |
Net unrealized gains (losses) on available for sale securities: | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,733) | 8,966 | 11,402 | 1,936 |
Other comprehensive (loss) income before classifications | 7,113 | 2,512 | (6,022) | 9,796 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (254) |
Other comprehensive income, net of tax | 7,113 | 2,512 | (6,022) | 9,542 |
Balance at end of period | 5,380 | 11,478 | 5,380 | 11,478 |
Unrealized gains (losses) on derivatives | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 72 | (20) | 25 | 317 |
Other comprehensive (loss) income before classifications | (30) | (373) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Other comprehensive income, net of tax | (77) | (36) | (30) | (373) |
Balance at end of period | (5) | (56) | (5) | (56) |
Pension Items | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (30) | (5) | (30) | (5) |
Other comprehensive (loss) income before classifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 |
Balance at end of period | $ (30) | $ (5) | $ (30) | $ (5) |
Derivatives - Additional Information (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2016
USD ($)
derivative
|
|
Derivative [Line Items] | ||||||
Interest expense | $ (5,501) | $ (10,454) | $ (12,181) | $ (24,132) | ||
Estimated reclassification of cash flow hedge gain (loss) within next twelve months | (8) | |||||
Interest rate swap (cash flow hedge) | ||||||
Derivative [Line Items] | ||||||
Debt securities, pledged as collateral, available-for-sale, restricted | 53,800 | 53,800 | $ 83,200 | |||
Notional amount | 10,000 | 10,000 | $ 30,000 | |||
Interest rate swap (cash flow hedge) | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Number of derivatives | derivative | 2 | |||||
Notional amount | $ 30,000 | |||||
Average interest rate | 1.10% | |||||
Derivative liabilities | 10,000 | 10,000 | ||||
Derivative liability, amount matured | $ 20,000 | 20,000 | ||||
Interest rate swap (cash flow hedge) | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Derivative [Line Items] | ||||||
Interest expense | $ (134) | $ (74) |
Derivatives - Summary Information Regarding Derivatives (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
3rd Party interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 265,427 | $ 73,075 |
Average Maturity (Years) | 8 years 8 months 12 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.08% | 3.20% |
Weighted Average Variable Rate | 228.00% | 255.00% |
Fair Value | $ 6,968 | $ 503 |
Classified in Other Liabilities: | ||
Notional Amount | $ 721,962 | $ 907,069 |
Average Maturity (Years) | 8 years 3 months 18 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 3.90% | 3.79% |
Weighted Average Variable Rate | 193.00% | 199.00% |
Fair Value | $ (47,244) | $ (80,231) |
Customer interest rate swaps | ||
Classified in Other Assets: | ||
Notional Amount | $ 721,962 | $ 907,069 |
Average Maturity (Years) | 8 years 3 months 18 days | 8 years 8 months 12 days |
Weighted Average Fixed Rate | 3.90% | 3.79% |
Weighted Average Variable Rate | 193.00% | 199.00% |
Fair Value | $ 47,244 | $ 80,231 |
Classified in Other Liabilities: | ||
Notional Amount | $ 265,427 | $ 73,075 |
Average Maturity (Years) | 8 years 8 months 12 days | 9 years 6 months |
Weighted Average Fixed Rate | 3.08% | 3.20% |
Weighted Average Variable Rate | 228.00% | 255.00% |
Fair Value | $ (6,968) | $ (503) |
Interest rate swap (cash flow hedge) | ||
Classified in Other Liabilities: | ||
Notional Amount | $ 10,000 | $ 30,000 |
Average Maturity (Years) | 1 month 6 days | 6 months |
Weighted Average Fixed Rate | 1.10% | 1.10% |
Fair Value | $ (8) | $ (143) |
Goodwill and Intangible Assets - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
reportingUnit
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 156,277,000 | $ 156,277,000 | $ 156,277,000 | ||
Number of reporting units | reportingUnit | 1 | ||||
Goodwill, impairment loss | 0 | $ 0 | $ 0 | $ 0 | |
Amortization of intangible assets | 221,000 | 261,000 | 447,000 | $ 526,000 | |
Core Deposits | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 2,800,000 | $ 2,800,000 | $ 3,300,000 | ||
Amortization of intangible assets | $ 221,000 | $ 261,000 |
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) - Core Deposits $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 421 |
2022 | 711 |
2023 | 554 |
2024 | 425 |
2025 | 317 |
2026 | $ 210 |
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets: | ||
Total securities | $ 988,673 | $ 855,746 |
Equity securities, at fair value | 15,440 | 14,694 |
U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 106,444 | 65,002 |
Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,900 | 1,944 |
Asset-backed securities | ||
Assets: | ||
Total securities | 47,236 | 40,690 |
Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 265,251 | 233,710 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 988,673 | 855,746 |
Equity securities, at fair value | 15,440 | 14,694 |
Derivative assets | 54,212 | 80,734 |
Total Assets | 1,058,325 | 951,174 |
Liabilities: | ||
Derivative liabilities | 54,220 | 80,877 |
Total Liabilities | 54,220 | 80,877 |
Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 106,444 | 65,002 |
Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 314,868 | 228,156 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 187,926 | 209,038 |
Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,900 | 1,944 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 29,879 | 41,535 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 47,236 | 40,690 |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 265,251 | 233,710 |
Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 35,169 | 35,671 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 22,794 | 9,392 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 22,794 | 9,392 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 22,794 | 9,392 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 965,879 | 846,354 |
Equity securities, at fair value | 15,440 | 14,694 |
Derivative assets | 54,212 | 80,734 |
Total Assets | 1,035,531 | 941,782 |
Liabilities: | ||
Derivative liabilities | 54,220 | 80,877 |
Total Liabilities | 54,220 | 80,877 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 83,650 | 55,610 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 314,868 | 228,156 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 187,926 | 209,038 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 1,900 | 1,944 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 29,879 | 41,535 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 47,236 | 40,690 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 265,251 | 233,710 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | 35,169 | 35,671 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total securities | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed securities, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, residential | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed securities, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations, multifamily | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Total securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Debt securities | ||
Assets: | ||
Total securities | $ 0 | $ 0 |
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value of Assets Measured on Non-recurring Basis (Detail) - Fair Value, Measurements, Non-recurring - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets: | ||
Individually evaluated loans | $ 5,767 | $ 2,417 |
Properties held for sale | 746 | |
(Level 1) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
Properties held for sale | 0 | |
(Level 2) | ||
Assets: | ||
Individually evaluated loans | 0 | 0 |
Properties held for sale | 0 | |
(Level 3) | ||
Assets: | ||
Individually evaluated loans | 5,767 | $ 2,417 |
Properties held for sale | $ 746 |
Fair Value Measurement and Fair Value of Financial Instruments- Carrying Values and Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial Assets: | ||
Amortized Cost | $ 94,278 | $ 90,766 |
Investment securities held to maturity, fair value | 96,174 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Carrying Value | 9,210 | 11,979 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,210 | 11,979 |
Loans | 5,928,443 | 5,950,108 |
Fair Value | 5,934,005 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Carrying Value | 832,439 | 1,078,256 |
Certificates of deposit, Fair Value | 828,779 | 1,077,620 |
Other borrowings, Carrying Value | 25,000 | 25,000 |
Other borrowings, Fair Value | 24,928 | 25,206 |
Subordinated debt, Carrying Value | 113,045 | 118,257 |
Subordinated debentures, Fair Value | 110,902 | 118,208 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 95,755 | 93,868 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 9,210 | 11,979 |
Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 828,779 | 1,077,620 |
Other borrowings, Fair Value | 24,928 | 25,206 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 419 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Fair Value | 5,934,005 | 5,939,413 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | $ 110,902 | $ 118,208 |
Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Subsequent Events [Line Items] | |||||||||
Assets | $ 7,854,238 | $ 7,854,238 | $ 7,664,297 | ||||||
Loans | 5,928,443 | 5,928,443 | 5,950,108 | ||||||
Deposits | 6,715,035 | 6,715,035 | 6,455,783 | ||||||
Stockholders' equity attributable to parent | 796,676 | $ 768,065 | $ 745,489 | 796,676 | $ 745,489 | $ 763,784 | $ 736,922 | $ 725,263 | |
Net income | $ 27,407 | $ 11,851 | $ 50,582 | $ 24,243 | |||||
1st Constitution Bancorp | |||||||||
Subsequent Events [Line Items] | |||||||||
Assets | 1,810,000 | ||||||||
Loans | 1,310,000 | ||||||||
Deposits | 1,560,000 | ||||||||
Stockholders' equity attributable to parent | 191,300 | ||||||||
Net income | $ 4,900 | ||||||||
Merger Agreement, 1st Constitution Bancorp | Subsequent Event | Forecast | |||||||||
Subsequent Events [Line Items] | |||||||||
Business combination, consideration transferred, equity interests issued and issuable, entity shares issued per acquiree share (in shares) | 1.3577 | ||||||||
Consideration paid through common stock (in shares) | 14,000,000.0 | ||||||||
Business combination, consideration transferred | $ 244,400 |
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