TRISTATE CAPITAL HOLDINGS, INC., 10-Q filed on 5/5/2021
Quarterly Report
v3.21.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2021
Apr. 30, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 001-35913  
Entity Registrant Name TRISTATE CAPITAL HOLDINGS, INC.  
Entity Incorporation, State or Country Code PA  
Entity Tax Identification Number 20-4929029  
Entity Address, Address Line One One Oxford Centre  
Entity Address, Address Line Two 301 Grant Street, Suite 2700  
Entity Address, City or Town Pittsburgh,  
Entity Address, State or Province PA  
City Area Code (412)  
Local Phone Number 304-0304  
Entity Address, Postal Zip Code 15219  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   33,157,873
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Document Fiscal Year End Date --12-31  
Entity Central Index Key 0001380846  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, no par value  
Trading Symbol TSC  
Security Exchange Name NASDAQ  
Series A depositary share    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock  
Trading Symbol TSCAP  
Security Exchange Name NASDAQ  
Series B depositary share    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock  
Trading Symbol TSCBP  
Security Exchange Name NASDAQ  
v3.21.1
Unaudited Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
ASSETS    
Cash $ 341 $ 341
Interest-earning deposits with other institutions 442,542 429,639
Federal funds sold 3,601 5,462
Cash and cash equivalents 446,484 435,442
Debt securities available-for-sale, at fair value 189,218 617,570
Debt securities held-to-maturity, at amortized cost, net 1,030,572 211,691
Federal Home Loan Bank stock 11,284 13,284
Total investment securities 1,231,074 842,545
Loans and leases held-for-investment 8,543,182 8,237,418
Allowance for credit losses on loans and leases (34,644) (34,630)
Loans and leases held-for-investment, net 8,508,538 8,202,788
Accrued interest receivable 20,207 18,783
Investment management fees receivable, net 8,216 7,935
Goodwill 41,660 41,660
Intangible assets, net of accumulated amortization of $12,858 and $12,381, respectively 21,773 22,251
Office properties and equipment, net of accumulated depreciation of $16,864 and $16,241, respectively 13,735 12,369
Operating lease right-of-use asset 20,800 21,294
Bank owned life insurance 72,215 71,787
Prepaid expenses and other assets 180,448 219,962
Total assets 10,565,150 9,896,816
Liabilities:    
Deposits 9,250,019 8,489,089
Borrowings, net 345,547 400,493
Accrued interest payable on deposits and borrowings 3,345 3,057
Deferred tax liability, net 6,191 5,676
Operating lease liability 22,453 22,958
Other accrued expenses and other liabilities 163,309 218,398
Total liabilities 9,790,864 9,139,671
Shareholders’ Equity:    
Common stock, no par value; Shares authorized - 45,000,000; Shares issued - 35,533,411 and 34,919,572, respectively; Shares outstanding - 33,160,605 and 32,620,150, respectively 332,070 331,098
Additional paid-in capital 35,853 33,824
Retained earnings 267,195 254,054
Accumulated other comprehensive loss, net (1,327) (2,697)
Treasury stock (2,372,806 and 2,299,422 shares, respectively) (37,748) (36,277)
Total shareholders’ equity 774,286 757,145
Total liabilities and shareholders’ equity 10,565,150 9,896,816
Series A preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; Series A Shares issued and outstanding - 40,250 and 40,250, respectively, Series B Shares issued and outstanding - 80,500 and 80,500, respectively 38,468 38,468
Series B preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; Series A Shares issued and outstanding - 40,250 and 40,250, respectively, Series B Shares issued and outstanding - 80,500 and 80,500, respectively 77,611 77,611
Series C preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; Series A Shares issued and outstanding - 40,250 and 40,250, respectively, Series B Shares issued and outstanding - 80,500 and 80,500, respectively $ 62,164 $ 61,064
v3.21.1
Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Accumulated amortization $ 12,858 $ 12,381
Accumulated depreciation $ 16,864 $ 16,241
Shares Authorized, Common Stock (in shares) 45,000,000 45,000,000
Shares Issued, Common Stock (in shares) 35,533,411 34,919,572
Shares Outstanding, Common Stock (in shares) 33,160,605 32,620,150
Treasury Stock (in shares) 2,372,806 2,299,422
Series A preferred stock    
Shares Authorized, Preferred Stock (in shares) 150,000 150,000
Shares Issued, Preferred Stock (in shares) 40,250 40,250
Shares Outstanding, Preferred Stock (in shares) 40,250 40,250
Series B preferred stock    
Shares Issued, Preferred Stock (in shares) 80,500 80,500
Shares Outstanding, Preferred Stock (in shares) 80,500 80,500
Series C preferred stock    
Shares Issued, Preferred Stock (in shares) 650 650
Shares Outstanding, Preferred Stock (in shares) 650 650
v3.21.1
Unaudited Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income:    
Loans and leases $ 49,186 $ 58,918
Investments 2,646 3,901
Interest-earning deposits 160 1,383
Total interest income 51,992 64,202
Interest expense:    
Deposits 10,754 27,244
Borrowings 2,582 2,036
Total interest expense 13,336 29,280
Net interest income 38,656 34,922
Provision for credit losses 224 2,993
Net interest income after provision for credit losses 38,432 31,929
Non-interest income:    
Net gain (loss) on the sale and call of debt securities (1) 57
Other income 1,299 616
Total non-interest income 13,651 13,316
Non-interest expense:    
Compensation and employee benefits 19,921 17,446
Premises and equipment expense 1,406 1,386
Professional fees 1,324 1,470
FDIC insurance expense 1,125 2,170
General insurance expense 298 262
State capital shares tax expense 650 383
Travel and entertainment expense 441 864
Technology and data services 3,100 2,304
Intangible amortization expense 478 502
Marketing and advertising 684 613
Other operating expenses 1,851 1,744
Total non-interest expense 31,278 29,144
Income before tax 20,805 16,101
Income tax expense 4,605 3,206
Net income 16,200 12,895
Preferred stock dividends 3,059 1,962
Net income available to common shareholders $ 13,141 $ 10,933
Earnings per common share:    
Basic (in usd per share) $ 0.36 $ 0.39
Diluted (in usd per share) $ 0.35 $ 0.38
Investment management fees    
Non-interest income:    
Total non-interest income $ 9,000 $ 7,638
Service charges on deposits    
Non-interest income:    
Total non-interest income 316 213
Swap fees    
Non-interest income:    
Total non-interest income 2,711 4,373
Commitment and other loan fees    
Non-interest income:    
Total non-interest income $ 326 $ 419
v3.21.1
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income $ 16,200 $ 12,895
Other comprehensive income (loss):    
Unrealized holding losses on debt securities, net of tax benefit of $303 and $2,997, respectively (954) (9,422)
Reclassification adjustment for gains included in net income on debt securities, net of tax expense of $0 and $(3), respectively (1) (12)
Unrealized holding gains (losses) on derivatives, net of tax expense (benefit) of $565 and $(1,837), respectively 1,683 (5,874)
Reclassification adjustment for losses included in net income on derivatives, net of tax benefit of $204 and $32, respectively 642 127
Other comprehensive income (loss), net of tax 1,370 (15,181)
Total comprehensive income (loss) $ 17,570 $ (2,286)
v3.21.1
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Tax expense (benefit) on unrealized holding gains (losses) on debt securities $ (303) $ (2,997)
Tax benefit (expense) on debt securities losses (gains) reclassified from other comprehensive income 0 (3)
Tax expense (benefit) on unrealized holding gains (losses) on derivatives 565 (1,837)
Tax benefit (expense) on derivative losses (gains) reclassified from other comprehensive income $ 204 $ 32
v3.21.1
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-in-Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss), Net
Treasury Stock
Beginning balance at Dec. 31, 2019 $ 621,281 $ 116,079 $ 295,349 $ 23,095 $ 218,449 $ 1,132 $ (32,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 12,895       12,895    
Other comprehensive income (loss) (15,181)         (15,181)  
Preferred stock dividends (1,962)       (1,962)    
Exercise of stock options 91   238 (147)      
Purchase of treasury stock (2,579)           (2,579)
Cancellation of stock options (2,484)     (2,484)      
Stock-based compensation 2,319     2,319      
Ending balance at Mar. 31, 2020 614,380 116,079 295,587 22,783 229,382 (14,049) (35,402)
Beginning balance at Dec. 31, 2020 757,145 177,143 331,098 33,824 254,054 (2,697) (36,277)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 16,200       16,200    
Other comprehensive income (loss) 1,370         1,370  
Preferred stock dividends (1,959) 1,100     (3,059)    
Exercise of stock options 396   972 (576)      
Purchase of treasury stock (1,471)           (1,471)
Stock-based compensation 2,605     2,605      
Ending balance at Mar. 31, 2021 $ 774,286 $ 178,243 $ 332,070 $ 35,853 $ 267,195 $ (1,327) $ (37,748)
v3.21.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 16,200 $ 12,895
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and intangible amortization expense 1,100 1,005
Amortization of deferred financing costs 54 0
Provision credit losses on loans and leases 224 2,993
Stock-based compensation expense 2,605 2,319
Net loss (gain) on the sale or call of debt securities available-for-sale 1 (15)
Net gain on the call of debt securities held-to-maturity 0 (42)
Income from debt securities trading (105) (239)
Purchase of debt securities trading (9,440) (20,932)
Proceeds from the sale of debt securities trading 9,545 21,171
Net amortization of premiums and discounts on debt securities 3,037 15
Decrease (increase) in investment management fees receivable, net (281) 904
Decrease (increase) in accrued interest receivable (1,424) 220
Increase (decrease) in accrued interest payable 288 (1,028)
Bank owned life insurance income (428) (428)
Increase in income taxes payable 3,327 0
Decrease in prepaid income taxes 1,186 2,688
Deferred tax provision 50 240
Decrease in accounts payable and other accrued expenses (11,997) (13,816)
Other, net (3,725) (3,653)
Net cash provided by operating activities 10,217 4,297
Cash flows from investing activities:    
Purchase of debt securities available-for-sale (82,802) (92,637)
Purchase of debt securities held-to-maturity (389,107) (219,269)
Proceeds from the sale of debt securities available-for-sale 0 49,967
Principal repayments and maturities of debt securities available-for-sale 28,530 3,856
Principal repayments and maturities of debt securities held-to-maturity 48,543 122,505
Investment in low income housing and historic tax credits (1,104) (2,847)
Investment in small business investment companies (180) 0
Net redemption of Federal Home Loan Bank stock 2,000 5,600
Net increase in loans and leases (305,963) (380,388)
Additions to office properties and equipment (1,988) (1,023)
Net cash used in investing activities (702,071) (514,236)
Cash flows from financing activities:    
Net increase in deposit accounts 760,930 1,148,146
Net decrease in Federal Home Loan Bank advances (50,000) (55,000)
Net increase (decrease) in line of credit advances (5,000)  
Net increase (decrease) in line of credit advances   30,000
Net proceeds from exercise of stock options 396 91
Cancellation of stock options 0 (2,484)
Purchase of treasury stock (1,471) (2,579)
Dividends paid on preferred stock (1,959) (1,962)
Net cash provided by financing activities 702,896 1,116,212
Net change in cash and cash equivalents during the period 11,042 606,273
Cash and cash equivalents at beginning of the period 435,442 403,855
Cash and cash equivalents at end of the period 446,484 1,010,128
Cash paid during the period for:    
Interest expense 12,994 30,308
Income taxes 11 278
Other non-cash activity:    
Unsettled purchase of debt securities held-to-maturity 0 20,000
Transfer of debt securities available-for-sale to held-to-maturity 480,769 0
Series C dividend distributable $ 1,100 $ 0
v3.21.1
Basis of Information and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
BASIS OF INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATION
TriState Capital Holdings, Inc. (“we,” “us,” “our,” the “holding company,” the “parent company,” or the “Company”) is a registered bank holding company pursuant to the Bank Holding Company Act of 1956, as amended. The Company has three wholly owned subsidiaries: TriState Capital Bank, a Pennsylvania-chartered state bank (the “Bank”); Chartwell Investment Partners, LLC, a registered investment adviser (“Chartwell”); and Chartwell TSC Securities Corp., a registered broker/dealer (“CTSC Securities”).

The Bank was established to serve the commercial banking needs of middle-market businesses and financial services providers and focused private banking needs of high-net-worth individuals nation-wide. The Bank has two wholly owned subsidiaries: TSC Equipment Finance LLC (“TSC Equipment Finance”), established to hold and manage loans and leases of our equipment finance business, and Meadowood Asset Management, LLC (“Meadowood”), established to hold and manage other real estate owned by the Bank and/or foreclosed properties for the Bank.

Chartwell provides investment management services primarily to institutional investors, mutual funds and individual investors. CTSC Securities supports marketing efforts for the proprietary investment products provided by Chartwell, including shares of mutual funds advised and/or administered by Chartwell.

The Company and the Bank are subject to regulatory examination and supervision by the Federal Deposit Insurance Corporation (“FDIC”), the Pennsylvania Department of Banking and Securities and the Board of Governors of the Federal Reserve System (“Federal Reserve”). In addition, if the Bank’s consolidated total assets exceed $10 billion for four consecutive quarters, the Company and the Bank will become subject to the regulatory examination and supervision of the Consumer Financial Protection Bureau (“CFPB”) with respect to certain consumer protection laws. The Bank’s quarter-end consolidated total assets exceeded $10 billion for the first time as of March 31, 2021. Chartwell is a registered investment adviser regulated by the Securities and Exchange Commission (“SEC”). CTSC Securities is regulated by the SEC and the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Bank conducts business through its main office located in Pittsburgh, Pennsylvania, as well as its four additional representative offices in Cleveland, Ohio; Philadelphia, Pennsylvania; Edison, New Jersey; and New York, New York. Chartwell conducts business through its office located in Berwyn, Pennsylvania, and CTSC Securities conducts business through its office located in Pittsburgh, Pennsylvania.

USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of related revenues and expenses during the reporting period. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be different than those anticipated in the estimates, which could materially affect the financial results of our operations and financial condition.

Material estimates that are particularly susceptible to significant changes relate to the determination of the allowance for credit losses on loans and leases, valuation of goodwill and other intangible assets and their evaluation for impairment, fair value measurements and deferred income taxes and their related recoverability, each of which is discussed later in this section.

CONSOLIDATION
Our consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the Bank, Chartwell and CTSC Securities, after elimination of inter-company accounts and transactions. The accounts of the Bank, in turn, include its wholly owned subsidiaries, TSC Equipment Finance and Meadowood, after elimination of inter-company accounts and transactions. The unaudited condensed consolidated financial statements of the Company presented herein have been prepared pursuant to SEC rules for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for a full year presentation. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited condensed consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and the related notes for the fiscal year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2021.
CASH AND CASH EQUIVALENTS
For purposes of reporting cash flows, the Company has defined cash and cash equivalents as cash, interest-earning deposits with other institutions, federal funds sold and short-term investments that have an original maturity of 90 days or less. Under agreements with certain of its derivative counterparties, the Company is required to maintain minimum cash collateral posting thresholds with such counterparties. The cash subject to these agreements is considered restricted for these purposes.

BUSINESS COMBINATIONS
The Company accounts for business combinations using the acquisition method of accounting. Under this method of accounting, the acquired company’s net assets are recorded at fair value as of the date of acquisition, and the results of operations of the acquired company are combined with our results from that date forward. Acquisition costs are expensed when incurred. The difference between the purchase price, which includes an initial measurement of any contingent earn out, and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill in the consolidated statements of financial condition. A change in the initial estimate of any contingent earn out amount is recorded to non-interest expense in the consolidated statements of income.

INVESTMENT SECURITIES
The Company’s investments are classified as either: (1) held-to-maturity, which are debt securities that the Company intends to hold until maturity and are reported at amortized cost; (2) trading, which are debt securities bought and held principally for the purpose of selling them in the near term and reported at fair value, with unrealized gains and losses included in non-interest income; (3) available-for-sale, which are debt securities not classified as either held-to-maturity or trading securities and reported at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), on an after-tax basis; or (4) equity securities, which are reported at fair value, with unrealized gains and losses included in non-interest income.

The cost of securities sold is determined on a specific identification basis. Amortization of premiums and accretion of discounts are recorded to interest income on investments over the estimated life of the security utilizing the level yield method. Management evaluates expected credit losses on held-to-maturity debt securities on a collective or pool basis, by investment category and credit rating. The Company measures credit losses by comparing the present value of cash flows expected to be collected to the amortized cost basis of the security that considers historical credit loss information, adjusted for current conditions and reasonable and supportable economic forecasts. The Company’s investment securities can be classified into the following pools based on similar risk characteristics: (1) U.S. government agencies, (2) state and local municipalities, (3) domestic corporations, including trust preferred securities, and (4) non-agency securitizations. The Company's U.S. government agency securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. For the remaining pools of securities, the credit rating of the issuers, the investment’s cash flow characteristics and the underlying instruments securitizing certain bonds are the most relevant risk characteristics of the investment portfolio. The Company’s investment policy only allows for purchases of investments with investment grade credit ratings and the Company continuously monitors for changes in credit ratings. Probability of default and loss given default rates are based on historical averages for each investment pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables, such as unemployment rates and interest rate spreads, which management considers to be both reasonable and supportable. The forecast of these macroeconomic variables is applied over a period of two years and reverts to historical averages over a three-year reversion period.
Management evaluates available-for-sale debt securities in an unrealized loss position quarterly for expected credit losses. Management first determines whether it intends to sell or if it is more likely than not that it will be required to sell the impaired securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements, and securities portfolio management. If the Company intends to sell an available-for-sale security with a fair value below amortized cost or if it is more likely than not that it will be required to sell such a security before recovery, the security’s amortized cost is written down to fair value through current period earnings. For available-for-sale debt securities that the Company does not intend to sell or it is more likely than not that it will not be required to sell before recovery, a provision for credit losses is recorded through current period earnings for the amount of the valuation decline below amortized cost that is attributable to credit losses. Management considers the extent to which fair value is less than amortized cost, credit ratings and other factors related to the security in assessing whether credit loss exists. The Company measures credit loss by comparing the present value of cash flows expected to be collected to the amortized cost basis of the security. An allowance for credit losses is recorded by the difference that the present value of cash flows expected to be collected is less than the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The remaining difference between the security’s fair value and amortized cost (that is, the decline in fair value not attributable to credit losses) is recognized in other comprehensive income (loss), in the consolidated statements of comprehensive income and the shareholders’ equity section of the consolidated statements of financial condition, on an after-tax basis. Changes in the allowance for credit losses are recorded as provision for credit losses. Losses are
charged against the allowance when management believes the security is uncollectible or management intends to sell or is required to sell the security.

The recognition of interest income on a debt security is discontinued when any principal or interest payment becomes 90 days past due, at which time the debt security is placed on non-accrual status. All accrued and unpaid interest on such debt security is then reversed. Accrued interest receivable is excluded from the estimate of expected credit losses.

FEDERAL HOME LOAN BANK STOCK
The Company is a member of the Federal Home Loan Bank (“FHLB”) of Pittsburgh. Member institutions are required to invest in FHLB stock. The stock is carried at cost, which approximates its liquidation value, and it is evaluated for impairment based on the ultimate recoverability of the par value. The following matters are considered by management when evaluating the FHLB stock for impairment: the ability of the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; the impact of legislative and regulatory changes on the institution and its customer base; and the Company’s intent and ability to hold its FHLB stock for the foreseeable future. Management believes the Company’s holdings in the FHLB stock were recoverable at par value as of March 31, 2021 and December 31, 2020. Cash and stock dividends are reported as interest income on investments in the consolidated statements of income.

LOANS AND LEASES
Loans and leases held-for-investment are stated at amortized cost. Amortized cost is the unpaid principal balance, net of deferred loan fees and costs. Loans held-for-sale are stated at the lower of cost or fair value. Interest income on loans is accrued at the contractual rate on the principal amount outstanding. Deferred loan fees and costs are amortized to interest income over the estimated life of the loan, taking into consideration scheduled payments and prepayments.

The Company considers a loan to be a troubled debt restructuring (“TDR”) when there is a concession made to a financially troubled borrower without adequate consideration provided to the Company. The Company evaluates any loan reasonably expected to become a TDR, regardless of whether the loan is on accrual or non-accrual status. Once a loan is deemed to be a TDR, the Company considers whether the loan should be placed on non-accrual status. In assessing accrual status, the Company considers the likelihood that repayment and performance according to the original contractual terms will be achieved, as well as the borrower’s historical payment performance. A loan is designated and reported as a TDR until such loan is either paid off or sold, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement.

The recognition of interest income on a loan is discontinued when, in management’s opinion, it is probable the borrower is unable to meet payments as they become due or when the loan becomes 90 days past due, whichever occurs first, at which time the loan is placed on non-accrual status. All accrued and unpaid interest on such loans is then reversed. The interest ultimately collected is applied to reduce principal if there is doubt about the collectability of principal. If a borrower brings a loan current for which accrued interest has been reversed, then the recognition of interest income on the loan is resumed once the loan has been current for a period of six consecutive months or greater.

The Company is a party to financial instruments with off-balance sheet risk, such as commitments to extend credit, in the normal course of business to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the lending agreement with such customer. Commitments generally have fixed expiration dates or other termination clauses (i.e., loans due on demand) and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the unfunded commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis using the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained, if deemed necessary by the Company upon extension of a commitment, is based on management’s credit evaluation of the borrower.

OTHER REAL ESTATE OWNED
Real estate owned, other than bank premises, is recorded at fair value less estimated selling costs. Fair value is determined based on an independent appraisal. Expenses related to holding the property are charged against earnings when incurred. Depreciation is not recorded on other real estate owned (“OREO”) properties.

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans and leases to present management’s best estimate of the net amount expected to be collected. Adjustments to the allowance for credit losses are established through provisions for credit losses that are recorded in the consolidated statements of income. Loans and leases are charged off against the allowance for credit losses when management believes that the principal is uncollectible. If, at a later
time, amounts are recovered with respect to loans and leases previously charged off, the recovered amount is credited to allowance for credit losses. Accrued interest receivable is excluded from the estimate of expected credit losses.

The allowance for credit losses represent estimates of expected credit losses for homogeneous loan pools that share similar risk characteristics such as commercial and industrial (“C&I”) loans and leases, commercial real estate (“CRE”) loans, and private banking loans which include consumer lines of credit and residential mortgages. The Company periodically reassesses each loan pool to ensure that the loans within the pool continue to share similar risk characteristics. Non-accrual loans and loans designated as TDRs are assessed individually using a discounted cash flow method or, where a loan is collateral dependent, based upon the fair value of the collateral less estimated selling costs.

The collateral on our private banking loans that is secured by cash, marketable securities and/or cash value life insurance is monitored daily and requires borrowers to continually replenish collateral as a result of fair value changes. Therefore, it is expected that the fair value of the collateral securing each loan will exceed the loan’s amortized cost basis and no allowance for the off-balance sheet exposure would be required under Accounting Standard Codification (“ASC”) 326-20-35-6, “Financial Assets Secured by Collateral Maintenance Provisions.”

In estimating the general allowance for credit losses for loans evaluated on a collective or pool basis, management considers past events, current conditions, and reasonable and supportable economic forecasts, including historical charge-offs and subsequent recoveries. Management also considers qualitative factors that influence our credit quality, including, but not limited to, delinquency and non-performing loan trends, changes in loan underwriting guidelines and credit policies, and the results of internal loan reviews. Finally, management considers the impact of changes in current and forecasted local and regional economic conditions in the markets that we serve.

Management bases the computation of the general allowance for credit losses on two factors: the primary factor and the secondary factor. The primary factor is based on the inherent risk identified by management within each of the Company’s three loan portfolios based on the historical loss experience of each loan portfolio. Management has developed a methodology that is applied to each of the three primary loan portfolios: C&I loans and leases, CRE loans and private banking loans (other than those secured by cash, marketable securities and/or cash value life insurance).

For each portfolio, management estimates expected credit losses over the life of each loan utilizing lifetime or cumulative loss rate methodology, which identifies macroeconomic factors and asset-specific characteristics that are correlated with credit loss experience, including loan age, loan type, leverage, risk rating, interest rate spread and industry. The lifetime loss rate is applied to the amortized cost of the loan. This methodology builds on default and recovery probabilities by utilizing pool-specific historical loss rates to calculate expected credit losses. These pool-specific historical loss rates may be adjusted for a forecast of certain macroeconomic variables, as further discussed below, and other factors such as differences in underwriting standards, portfolio mix, or when historical asset terms do not reflect the contractual terms of the financial assets being evaluated as of the measurement date. Each time the Company measures expected credit losses, the Company assesses the relevancy of historical loss information and considers any necessary adjustments to address any differences in asset-specific characteristics.

The allowance for credit losses represents management’s current estimate of expected credit losses in the loan and lease portfolio. Expected credit losses are estimated over the contractual term of the loans, which includes extension or renewal options that are not unconditionally cancellable by the Company and are adjusted for expected prepayments when appropriate. Management’s judgment takes into consideration past events, current conditions and reasonable and supportable economic forecasts including general economic conditions, diversification and seasoning of the loan portfolio, historic loss experience, identified credit problems, delinquency levels and adequacy of collateral. Although management believes it has used the best information available in making such determinations, and that the present allowance for credit losses represents management’s best estimate of current expected credit losses, future adjustments to the allowance may be necessary, and net income may be adversely affected if circumstances differ substantially from the assumptions used in determining the level of the allowance.

The lifetime loss rates are estimated by analyzing a combination of internal and external data related to historical performance of each loan pool over a complete economic cycle. Loss rates are based on historical averages for each loan pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables such as gross domestic product (“GDP”), unemployment rates, corporate bond credit spreads and commercial property values, which management considers to be both reasonable and supportable. The single, forward-looking forecast of these macroeconomic variables is applied over the remaining life of the loan pools. The development of the reasonable and supportable forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast.

The secondary factor is intended to capture additional risks related to events and circumstances that management believes have an impact on the performance of the loan portfolio that are not considered as part of the primary factor. Although this factor is more
subjective in nature, the methodology focuses on internal and external trends in pre-specified categories, or risk factors, and applies a quantitative percentage that drives the secondary factor. Nine risk factors have been identified and each risk factor is assigned an allowance level based on management’s judgment as to the expected impact of each risk factor on each loan portfolio and is monitored on a quarterly basis. As the trend in any risk factor changes, management evaluates the need for a corresponding change to occur in the allowance associated with each respective risk factor to provide the most appropriate estimate of allowance for credit losses on loans and leases.

The Company also maintains an allowance for credit losses on off-balance sheet credit exposures for unfunded loan commitments. This allowance is reflected as a component of other liabilities which represents management’s current estimate of expected losses in the unfunded loan commitments. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life based on management’s consideration of past events, current conditions and reasonable and supportable economic forecasts. Management tracks the level and trends in unused commitments and takes into consideration the same factors as those considered for purposes of the allowance for credit losses on outstanding loans. Unconditionally cancellable loans are excluded from the calculation of allowance for credit losses on off-balance sheet credit exposures.

Results for the three months ended March 31, 2021 are presented under the current expected credit loss (“CECL”) methodology, in accordance with ASC Topic 326, while prior period amounts continue to be reported in accordance with ASC Topic 450, “Contingencies,” and specific reserves based upon ASC Topic 310, “Receivables.” ASC Topic 450 applies to homogeneous loan pools such as commercial loans, consumer lines of credit and residential mortgages that are not individually evaluated for impairment. ASC Topic 310 is applied to commercial and consumer loans that are individually evaluated for impairment.

INVESTMENT MANAGEMENT FEES
The Company recognizes investment management fee revenue when advisory services are performed. Fees are based on assets under management and are calculated pursuant to individual client contracts. Investment management fees are generally received on a quarterly basis. Certain incremental costs incurred to acquire some of our investment management contracts are deferred and amortized to non-interest expense over the estimated life of the contract.

Investment management fees receivable represent amounts due for contractual investment management services provided to the Company’s clients, primarily institutional investors, mutual funds and individual investors. Management performs credit evaluations of its customers’ financial condition when it is deemed to be necessary and does not require collateral. The Company provides an allowance for uncollectible accounts based on specifically identified receivables. The Company has not experienced any losses on receivables for investment management fees for the three months ended March 31, 2021, and 2020. The Company had no allowance for credit losses on investment management fees as of March 31, 2021 and December 31, 2020.

GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized and is subject to at least annual assessments for impairment by applying a fair value based test. The Company reviews goodwill annually and again at any quarter-end if a material event occurs during the quarter that may affect goodwill. If goodwill testing is required, an assessment of qualitative factors can be completed before performing a goodwill impairment test. If an assessment of qualitative factors determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then a goodwill impairment test is not required.

Other intangible assets represent purchased assets that may lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. The Company has determined that certain of its acquired mutual fund client relationships meet the criteria to be considered indefinite-lived assets because the Company expects both the renewal of these contracts and the cash flows generated by these assets to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead reviews these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived assets may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred which indicate that the indefinite life criteria are no longer met. If the indefinite life criteria are no longer met, the Company assesses whether the carrying value of these assets exceeds its fair value. If the carrying value exceeds the fair value of the assets, an impairment loss is recorded in an amount equal to any such excess and the assets are reclassified to finite-lived. Other intangible assets that the Company has determined to have finite lives, such as its trade names, client lists and non-compete agreements are amortized over their estimated useful lives. These finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four to 25 years. Finite-lived intangibles are evaluated for impairment on an annual basis or more frequently whenever events or circumstances occur indicating that the carrying amount may not be recoverable.
OFFICE PROPERTIES AND EQUIPMENT
Office properties and equipment are stated at cost less accumulated depreciation. Office properties include furniture, fixtures and leasehold improvements. Equipment includes computer equipment and internal use software. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets, except for leasehold improvements, which are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Estimated useful lives are dependent upon the nature and condition of the asset and range from three to 10 years. Repairs and maintenance are charged to expense as incurred, while improvements that extend the useful life of the assets are capitalized and depreciated to non-interest expense over the estimated remaining life of the asset.

OPERATING LEASES
The Company is a lessee in noncancellable operating leases, primarily for its office spaces and other office equipment. The Company accounts for leases in accordance with ASC Topic 842, “Leases,” and records operating leases as a right-of-use asset and an offsetting lease liability in the consolidated statements of financial condition at the present value of the unpaid lease payments. The Company generally uses its incremental borrowing rate as the discount rate for operating leases. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

BANK OWNED LIFE INSURANCE
Bank owned life insurance (“BOLI”) policies on certain officers and employees are recorded at net cash surrender value on the consolidated statements of financial condition. Upon termination of a BOLI policy, the Company receives the cash surrender value. BOLI benefits are payable to the Company upon the death of the insured. Changes in net cash surrender value are recognized as non-interest income in the consolidated statements of income.

DEPOSITS
Deposits are stated at principal outstanding. Interest on deposits is accrued and charged to interest expense daily and is paid or credited in accordance with the terms of the respective accounts.

BORROWINGS
The Company records FHLB advances, line of credit borrowings and subordinated notes payable at their principal amount net of debt issuance costs. Interest expense is recognized based on the coupon rate of the obligations. Costs associated with the acquisition of subordinated notes payable are amortized to interest expense over the expected term of the borrowing.

INCOME TAXES
The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the tax effects of differences between the financial statement and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities with regard to a change in tax rates is recognized in income in the period that includes the enactment date. Management assesses all available evidence to determine the amount of deferred tax assets that are more likely than not to be realized. The available evidence used in connection with the assessments includes taxable income in prior periods, projected taxable income, potential tax planning strategies and projected reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo significant change. Changes to the evidence used in the assessments could have a material adverse effect on the Company’s results of operations in the period in which they occur. The Company considers uncertain tax positions that it has taken or expects to take on a tax return. Any interest and penalties related to unrecognized tax benefits would be recognized in income tax expense in the consolidated statements of income.

EARNINGS PER COMMON SHARE
Earnings per common share (“EPS”) is computed using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities, according to dividends and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for common shareholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all the earnings for the period had been distributed.

The two-class method requires that the Company’s Series C perpetual non-cumulative convertible non-voting preferred stock (the “Series C Preferred Stock”) and warrants to be treated as participating classes of securities in the computation of EPS. In addition, net income is reduced by dividends declared on all series of preferred stock to derive net income available to common
shareholders. Basic EPS is computed by dividing net income allocable to common shareholders by the weighted average number of the Company’s common shares outstanding for the period, excluding non-vested restricted stock. Diluted EPS reflects the potential dilution upon the exercise of stock options and warrants, and the vesting of restricted stock awards granted utilizing the treasury stock method.

STOCK-BASED COMPENSATION
The Company accounts for its stock-based compensation awards based on estimated fair values of stock-based awards made to employees and directors. Compensation cost for all stock-based payments is based on the estimated grant-date fair value. The value of the portion of the award that is ultimately expected to vest is included in compensation and employee benefits expense in the consolidated statements of income and recorded as a component of additional paid-in capital. Compensation expense for all awards is recognized on a straight-line basis over the requisite service period for the entire grant.

DERIVATIVES AND HEDGING ACTIVITIES
All derivatives are evaluated at inception as to whether they are hedging or non-hedging activities. All derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and measured at fair value. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. Any hedge ineffectiveness would be recognized in the income statement line item pertaining to the hedged item. For derivatives designated as cash flow hedges, changes in fair value of the effective portion of the cash flow hedges are reported in accumulated other comprehensive income (loss). When the cash flows associated with the hedged item are realized, the gain or loss included in accumulated other comprehensive income (loss) is recognized in the consolidated statements of income. The Company also has interest rate derivative positions that are not designated as hedging instruments. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company is required to have minimum collateral posting thresholds with certain of its derivative counterparties which is considered restricted cash.

The Company executes interest rate derivatives with its commercial banking customers to facilitate their respective risk management strategies. The Company generates swap fee income through these transactions. These derivatives are simultaneously and economically hedged by offsetting derivatives that the Company executes with a third party, such that the Company generally eliminates its interest rate exposure resulting from such transactions and these derivatives are not designated as hedging instruments. Swap fees are based on the notional amount and weighted maturity of each individual transaction and are collected and recorded to non-interest income in the consolidated statements of income when the transaction is executed.

FAIR VALUE MEASUREMENT
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in a principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date, using assumptions market participants would use when pricing such an asset or liability. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Fair value measurement and disclosure guidance provides a three-level hierarchy that prioritizes the inputs of valuation techniques used to measure fair value into three broad categories:

•Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs such as quoted prices for similar assets and liabilities in active markets, quoted prices for similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

Fair value must be recorded for certain assets and liabilities every reporting period on a recurring basis or, under certain circumstances, on a non-recurring basis.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized holding gains and the non-credit component of unrealized losses on the Company’s debt securities available-for-sale are included in accumulated other comprehensive income (loss), net of applicable income taxes. Also included in accumulated other comprehensive income (loss) is the remaining unamortized balance of the unrealized holding gains (non-credit losses) net of applicable income taxes, that existed on the transfer date for debt securities reclassified into the held-to-maturity category from the available-for-sale category.
Unrealized holding gains (losses) on the effective portion of the Company’s cash flow hedge derivatives are included in accumulated other comprehensive income (loss), net of applicable income taxes, which will be reclassified to interest expense as interest payments are made on the Company’s debt.

Income tax effects in accumulated other comprehensive income (loss) are released as investments are sold or mature and as liabilities are extinguished.

TREASURY STOCK
The repurchase of the Company’s common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from any previous net gains on treasury share transactions exists. Any net deficiency is charged to retained earnings.

RECLASSIFICATION
Certain items previously reported have been reclassified to conform with the current year’s reporting presentation and are considered immaterial.

During the three months ended March 31, 2020, the Company made changes to certain Non-Interest Expense line items appearing on the consolidated statements of income to better align with and provide additional clarity on how management views the business. All prior periods have been adjusted to conform with the changes and provide comparability to the new presentation. The adjustments are as follows:

Marketing and Advertising, which was previously a component of Other Operating Expenses, is now presented as a separate line item.

Technology and Data Services is also presented as a separate line item and includes data processing expense, data and information services and certain software costs. These costs were previously included in Premises and Occupancy Costs.

Telephone Expense, which was previously reported as a component of Other Operating Expense, is now included in Premises and Equipment Expense.

Premises and Occupancy Costs was renamed as Premises and Equipment Expense.
v3.21.1
Investment Securities
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Debt securities available-for-sale and held-to-maturity were comprised of the following as of March 31, 2021:
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$139,996 $1,059 $515 $— $140,540 
Trust preferred securities18,264 302 130 — 18,436 
Agency collateralized mortgage obligations20,119 77 — — 20,196 
Agency mortgage-backed securities1,356 43 1 — 1,398 
Agency debentures8,015 633 — — 8,648 
Total debt securities available-for-sale$187,750 $2,114 $646 $— $189,218 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$30,671 $707 $10 31,368 $55 
Agency debentures77,823 585 584 77,824 — 
Municipal bonds5,034 15 — 5,049 — 
Residential mortgage-backed securities257,782 54 2,530 255,306 105 
Agency mortgage-backed securities620,395 553 11,769 609,179 — 
U.S. treasury notes39,027 — 1,466 37,561 — 
Total debt securities held-to-maturity$1,030,732 $1,914 $16,359 $1,016,287 $160 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.

During the first quarter of 2021, the Company transferred $480.8 million fair value of previously designated available-for-sale agency mortgage-backed securities to held-to-maturity designation.
Debt securities available-for-sale and held-to-maturity were comprised of the following as of December 31, 2020:
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$157,452 $1,538 $526 — $158,464 
Trust preferred securities18,228 57 198 — 18,087 
Agency collateralized mortgage obligations22,058 36 5 — 22,089 
Agency mortgage-backed securities406,741 3,595 209 — 410,127 
Agency debentures8,013 790 — — 8,803 
Total debt securities available-for-sale$612,492 $6,016 $938 — $617,570 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$28,672 $566 $1 $29,237 $79 
Agency debentures48,130 1,051 — 49,181 — 
Municipal bonds6,577 45 — 6,622 — 
Residential mortgage-backed securities124,152 237 217 124,172 70 
Agency mortgage-backed securities4,309 778 — 5,087 — 
Total debt securities held-to-maturity$211,840 $2,677 $218 $214,299 $149 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.

Interest income on investment securities was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
Taxable interest income$2,429 $3,391 
Non-taxable interest income35 112 
Dividend income182 398 
Total interest income on investment securities$2,646 $3,901 

As of March 31, 2021, the contractual maturities of the debt securities were:
March 31, 2021
Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in less than one year$12,002 $12,019 $2,166 $2,175 
Due from one to five years73,788 74,454 14,289 14,686 
Due from five to ten years63,656 63,733 147,856 146,570 
Due after ten years38,304 39,012 866,421 852,856 
Total debt securities$187,750 $189,218 $1,030,732 $1,016,287 

The $39.0 million fair value of debt securities available-for-sale with a contractual maturity due after 10 years as of March 31, 2021, included $30.4 million, or 77.8%, that are floating-rate securities. The $147.9 million amortized cost of debt securities held-to-maturity with a contractual maturity due from five to 10 years as of March 31, 2021, included $19.3 million that have call provisions within the next five years that would either mature, if called, or become floating-rate securities after the call date.
Prepayments may shorten the contractual lives of the collateralized mortgage obligations, mortgage-backed securities and collateralized loan obligations.

Proceeds from the sale and call of debt securities available-for-sale and held-to-maturity and related gross realized gains and losses were:
Available-for-SaleHeld-to-Maturity
Three Months Ended March 31,Three Months Ended March 31,
(Dollars in thousands)2021202020212020
Proceeds from sales$— $49,967 $— $— 
Proceeds from calls17,311 — 3,555 122,353 
Total proceeds$17,311 $49,967 $3,555 $122,353 
Gross realized gains$— $15 $— $42 
Gross realized losses1 — — — 
Net realized gains (losses)$(1)$15 $— $42 

Debt securities available-for-sale of $2.3 million as of March 31, 2021, were held in safekeeping at the FHLB and were included in the calculation of the Company’s borrowing capacity. Additionally, there were $125.8 million of debt securities held-to-maturity that were pledged as collateral for certain deposit relationships.

The following table shows a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2021:

Three Months Ended March 31, 2021
(Dollars in thousands)Corporate bondsResidential mortgage-backed securitiesMunicipal bondsAgency debentures and mortgage-backed securitiesU.S. treasury notesTotal
Balance, beginning of period$79 $70 $— $— $— $149 
Provision (credit)$(24)$35 $— $— $— $11 
Charge-offs$— $— $— $— $— $— 
Recoveries$— $— $— $— $— $— 
Balance, end of period$55 $105 $— $— $— $160 

The following tables show the fair value and gross unrealized losses on debt securities available-for-sale, by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020:
March 31, 2021
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Debt securities available-for-sale:
Corporate bonds$12,020 $356 $9,840 $159 $21,860 $515 
Trust preferred securities— — 4,355 130 4,355 130 
Agency mortgage-backed securities— — 93 1 93 1 
Total temporarily impaired debt securities available-for-sale (1)
$12,020 $356 $14,288 $290 $26,308 $646 
(1)The number of investment positions with unrealized losses totaled 16 for available-for-sale securities.
December 31, 2020
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Debt securities available-for-sale:
Corporate bonds$28,796 $277 $9,751 $249 $38,547 $526 
Trust preferred securities13,313 198 — — 13,313 198 
Agency collateralized mortgage obligations— — 9,863 5 9,863 5 
Agency mortgage-backed securities89,931 209 — — 89,931 209 
Total temporarily impaired debt securities available-for-sale (1)
$132,040 $684 $19,614 $254 $151,654 $938 
(1)The number of investment positions with unrealized losses totaled 33 for available-for-sale securities.

The changes in the fair values of our agency collateralized mortgage obligations and agency mortgage-backed securities are primarily the result of interest rate fluctuations. These agency securities are either explicitly or implicitly guaranteed by the U.S. government, highly rated, and have a long history of no credit losses. To assess for credit losses on debt securities available-for-sale in unrealized loss position, management evaluates the underlying issuer’s financial performance and the related credit rating information through a review of publicly available financial statements and other publicly available information. The most recent assessment for credit losses did not identify any issues related to the ultimate repayment of principal and interest on these debt securities. In addition, the Company has the ability and intent to hold debt securities in an unrealized loss position until recovery of their amortized cost. Based on this, no allowance for credit losses has been recognized on debt securities available-for-sale in an unrealized loss position.

The Company monitors the credit quality of debt securities held-to-maturity including credit ratings quarterly. The following tables present the amortized costs basis of debt securities held-to-maturity by Moody’s bond credit rating.
March 31, 2021
(Dollars in thousands)AaaAaABaaBaTotal
Debt securities held-to-maturity:
Corporate bonds$— $— $— $30,671 $— $30,671 
Agency debentures77,823 — — — — 77,823 
Municipal bonds— 4,244 790 — — 5,034 
Residential mortgage-backed securities257,782 — — — — 257,782 
Agency mortgage-backed securities620,395 — — — — 620,395 
U.S. treasury notes39,027 — — — — 39,027 
Total debt securities held-to-maturity$995,027 $4,244 $790 $30,671 $— $1,030,732 

Accrued interest receivable of $1.9 million and $697,000 on debt securities held-to-maturity as of March 31, 2021 and December 31, 2020, respectively, was excluded from the amortized cost used in the allowance for credit losses. The Company had no debt securities held-to-maturity that were past due as of March 31, 2021.

There were no outstanding debt securities classified as trading as of March 31, 2021 and December 31, 2020.

There was $11.3 million and $13.3 million in FHLB stock outstanding as of March 31, 2021 and December 31, 2020, respectively.
v3.21.1
Loans and Leases
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
LOANS AND LEASES LOANS AND LEASESThe Company generates loans through the private banking and middle-market banking channels. The private banking channel primarily includes loans made to high-net-worth individuals, trusts and businesses that are typically secured by cash, marketable securities and/or cash value life insurance. The middle-market banking channel consists of the Company’s C&I loan and lease portfolio and CRE loan portfolio, which serve middle-market businesses and real estate developers in our primary markets.
Loans and leases held-for-investment were comprised of the following:
March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Loans and leases held-for-investment, before deferred fees and costs$5,042,763 $1,244,442 $2,245,942 $8,533,147 
Net deferred loan costs (fees)10,858 4,766 (5,589)10,035 
Loans and leases held-for-investment, net of deferred fees and costs5,053,621 1,249,208 2,240,353 8,543,182 
Allowance for credit losses on loans and leases(1,767)(8,156)(24,721)(34,644)
Loans and leases held-for-investment, net$5,051,854 $1,241,052 $2,215,632 $8,508,538 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Loans and leases held-for-investment, before deferred fees and costs$4,797,881 $1,269,248 $2,160,784 $8,227,913 
Net deferred loan costs (fees)9,919 4,904 (5,318)9,505 
Loans and leases held-for-investment, net of deferred fees and costs4,807,800 1,274,152 2,155,466 8,237,418 
Allowance for credit losses on loans and leases(2,047)(5,254)(27,329)(34,630)
Loans and leases held-for-investment, net$4,805,753 $1,268,898 $2,128,137 $8,202,788 

The Company’s customers have unused loan commitments based on the availability of eligible collateral or other terms and conditions under their loan agreements. Included in unused loan commitments are unused availability under demand loans for our private banking lines secured by cash, marketable securities and/or cash value life insurance, as well as commitments to fund loans secured by residential properties, commercial real estate, construction loans, business lines of credit and other unused commitments of loans in various stages of funding. Not all commitments will fund or fully fund as customers often only draw on a portion of their available credit. The amount of unfunded commitments, including standby letters of credit, as of March 31, 2021 and December 31, 2020, was $7.57 billion and $6.73 billion, respectively. The interest rate for each commitment is based on the prevailing market conditions at the time of funding. The total unfunded commitments above included loans in the process of origination totaling approximately $49.1 million and $39.6 million as of March 31, 2021 and December 31, 2020, respectively, which extend over varying periods of time.

The Company issues standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. The Company would be required to perform under a standby letter of credit when drawn upon by the guaranteed party in the case of non-performance by the Company’s customer. Collateral may be obtained based on management’s credit assessment of the customer. The amount of unfunded commitments related to standby letters of credit as of March 31, 2021 and December 31, 2020, included in the total unfunded commitments above, was $64.6 million and $82.0 million, respectively. Should the Company be obligated to perform under any standby letters of credit, the Company will seek repayment from the customer for amounts paid. During the three months ended March 31, 2021 and 2020, there were draws on letters of credit totaling $3,000 and $35,000, respectively, which were repaid by the borrowers. Most of these commitments are expected to expire without being drawn upon and the total amount does not necessarily represent future cash requirements.

The allowance for credit losses on off-balance-sheet credit exposures was $3.0 million and $3.4 million as of March 31, 2021 and December 31, 2020, respectively, which includes allowance for credit losses on unfunded loan commitments and standby letters of credit. The Company recorded a credit to provision on off-balance sheet exposures as liabilities of $433,000 and provision expense of $67,000 for the three months ended March 31, 2021 and 2020, respectively.
v3.21.1
Allowance for Credit Losses on Loans and Leases
 3 Months Ended
Mar. 31, 2021
Allowance for Credit Losses and Leases [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASESOur allowance for credit losses represents our current estimate of expected credit losses in the portfolio at a specific point in time. This estimate includes credit losses associated with loans and leases evaluated on a collective or pool basis, as well as expected credit losses of the individually evaluated loans and leases that do not share similar risk characteristics. Management evaluates the adequacy of the allowance at least quarterly, and in doing so relies on various factors including, but not limited to, assessment of historical loss experience, delinquency and non-accrual trends, portfolio growth, underlying collateral coverage and current economic conditions, and economic forecasts over a reasonable and supportable period of time. This evaluation is subjective and requires material estimates that may change over time. The calculation of the allowance for credit losses on loans and leases takes into consideration the inherent risk identified within each of the Company’s three primary loan portfolios. The lifetime loss rates are estimated by analyzing a
combination of internal and external data related to historical performance of each loan pool over a complete economic cycle. Results for the three months ended March 31, 2021, are presented under CECL methodology while prior period amounts continue to be reported in accordance with previously applicable GAAP. Refer to Note 1, Summary of Significant Accounting Policies, to our unaudited condensed consolidated financial statements for more details on the Company’s policy on allowance for credit losses on loans and leases.

The following discusses key characteristics and risks within each primary loan portfolio:

Private Banking Loans
Our private banking lending business is conducted on a national basis. This loan portfolio primarily includes loans made to high-net-worth individuals, trusts and businesses that are typically secured by marketable securities, cash, and/or cash value life insurance. The Company actively monitors the value of the collateral securing these loans daily and requires borrowers to continually replenish collateral as a result of fair value changes. Therefore, it is expected that the fair value of the collateral value securing each loan will exceed the loan’s amortized cost basis and no allowance for credit loss is required under ASC 326-20-35-6 “Financial Assets Secured by Collateral Maintenance Provisions.”

This portfolio also has some loans that are secured by residential real estate or other financial assets and unsecured loans. The primary sources of repayment for these loans are the income and/or assets of the borrower. The underlying collateral is the most important indicator of risk for this loan portfolio. The overall lower risk profile of this portfolio is driven by loans secured by cash, marketable securities and/or cash value life insurance, which were 98.4% and 98.6% of total private banking loans as of March 31, 2021 and December 31, 2020, respectively.

Commercial Banking: Commercial and Industrial Loans and Leases
This loan and lease portfolio primarily include loans and leases made to financial services and other service and/or manufacturing companies generally for the purposes of financing production, operating capacity, accounts receivable, inventory, equipment, acquisitions and/or recapitalizations. Cash flow from the borrower’s operations is the primary source of repayment for these loans and leases; however, most loans are collateralized by marketable securities or commercial assets.

The borrower’s industry and local and regional economic conditions are important indicators of risk for this loan portfolio. Collateral for these types of loans at times does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. C&I loans collateralized by marketable securities are treated the same as private banking loans for purposes of the allowance for credit losses on loans and leases calculation.

Commercial Banking: Commercial Real Estate Loans
This loan portfolio includes loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes including office, industrial, multifamily, retail, hospitality, healthcare and self-storage. The primary source of repayment for CRE loans secured by owner-occupied properties is cash flow from the borrower’s operations. Individual project cash flows, global cash flows and liquidity from the developer, or the sale of the property are the primary sources of repayment for CRE loans secured by investment properties. Also included are commercial construction loans to finance the construction or renovation of structures as well as to finance the acquisition and development of raw land for various purposes. The increased level of risk for these loans is generally confined to the construction period. If problems arise, the project may not be completed and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal.

The underlying purpose and collateral of the loans are important indicators of risk for this loan portfolio. Additional risks exist and are dependent on several factors such as the condition of the local and regional economies, whether or not the project is owner-occupied, the type of project, and the experience and resources of the developer.

On a monthly basis, management monitors various credit quality indicators for the loan portfolio, including delinquency, non-performing status, changes in risk ratings, changes in the underlying performance of the borrowers and other relevant factors. On a daily basis, the Company monitors the collateral of loans secured by cash, marketable securities and/or cash value life insurance within the private banking portfolio which further reduces the risk profile of that portfolio. Refer to Note 1, Summary of Significant Accounting Policies, to our unaudited condensed consolidated financial statements for the Company’s policy for determining past due status of loans.

Loan risk ratings are assigned based upon the creditworthiness of the borrower and the quality of the collateral for loans secured by marketable securities. Loan risk ratings are reviewed on an ongoing basis according to internal policies and applicable regulatory guidance. Loans within the pass rating are believed to have a lower risk of loss than loans that are risk rated as special mention, substandard or doubtful, which are believed to have an increasing risk of loss. Management also monitors the loan portfolio through a
formal periodic review process. All non-pass rated loans are reviewed monthly and higher risk-rated loans within the pass category are reviewed three times a year.

The Company’s risk ratings are consistent with regulatory guidance and are as follows:

Pass – The loan is currently performing in accordance with its contractual terms.

Special Mention – A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in our credit position at some future date. Economic and market conditions beyond the customer’s control may in the future necessitate this classification.

Substandard – A substandard loan is not adequately protected by the net worth and/or paying capacity of the obligor or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – A doubtful loan has all the weaknesses inherent in a loan categorized as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.


The following table presents the amortized cost basis of loans by portfolio, risk rating and year of origination:

As of March 31, 2021
(Dollars in thousands)20212020201920182017Prior
Revolving
Loans (1)
Total
Private Banking:
Pass$6,675 $61,654 $36,930 $55,705 $7,488 $58,045 $4,826,621 $5,053,118 
Special Mention— — — — — — — — 
Substandard— — 503 — — — — 503 
Doubtful— — — — — — — — 
Total Private Banking Loans6,675 61,654 37,433 55,705 7,488 58,045 4,826,621 5,053,621 
Commercial and Industrial:
Pass21,217 201,905 214,411 74,006 41,239 29,007 648,035 1,229,820 
Special Mention— 1,803 — 5,294 — — 3,208 10,305 
Substandard— 750 — 7,875 — — 458 9,083 
Doubtful— — — — — — — — 
Total Commercial and Industrial Loans21,217 204,458 214,411 87,175 41,239 29,007 651,701 1,249,208 
Commercial Real Estate:
Pass128,517 518,170 583,110 442,780 195,731 297,933 43,125 2,209,366 
Special Mention— 440 5,395 — — 1,175 — 7,010 
Substandard— 155 — 10,605 2,894 10,323 — 23,977 
Doubtful— — — — — — — — 
Total Commercial Real Estate Loans128,517 518,765 588,505 453,385 198,625 309,431 43,125 2,240,353 
Loans and leases held-for-investment$156,409 $784,877 $840,349 $596,265 $247,352 $396,483 $5,521,447 $8,543,182 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at March 31, 2021.
As of December 31, 2020
(Dollars in thousands)20202019201820172016Prior
Revolving
Loans (1)
Total
Private Banking:
Pass$64,829 $44,210 $57,081 $7,736 $12,040 $55,092 $4,566,296 $4,807,284 
Special Mention— — — — — — — — 
Substandard— 516 — — — — — 516 
Doubtful— — — — — — — — 
Total Private Banking Loans64,829 44,726 57,081 7,736 12,040 55,092 4,566,296 4,807,800 
Commercial and Industrial:
Pass216,459 223,189 88,212 44,575 9,383 20,709 651,900 1,254,427 
Special Mention1,795 — 5,416 — — — 3,431 10,642 
Substandard750 — 7,875 — — — 458 9,083 
Doubtful— — — — — — — — 
Total Commercial and Industrial Loans219,004 223,189 101,503 44,575 9,383 20,709 655,789 1,274,152 
Commercial Real Estate:
Pass514,920 617,120 435,708 202,001 181,108 134,700 38,802 2,124,359 
Special Mention446 5,395 4,308 — 1,186 145 — 11,480 
Substandard91 — 6,296 2,926 7,054 3,260 — 19,627 
Doubtful— — — — — — — — 
Total Commercial Real Estate Loans515,457 622,515 446,312 204,927 189,348 138,105 38,802 2,155,466 
Loans and leases held-for-investment$799,290 $890,430 $604,896 $257,238 $210,771 $213,906 $5,260,887 $8,237,418 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at December 31, 2020.

Accrued interest receivable of $17.1 million and $16.4 million on loans and leases as of March 31, 2021 and December 31, 2020, respectively, was excluded from the amortized cost used in the allowance for credit losses.

Changes in the allowance for credit losses on loans and leases were as follows for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Balance, beginning of period$2,047 $5,254 $27,329 $34,630 
Provision (credit) for credit losses(280)3,101 (2,608)213 
Charge-offs— (199)— (199)
Recoveries— — — — 
Balance, end of period$1,767 $8,156 $24,721 $34,644 
Three Months Ended March 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Balance, beginning of period$1,973 $5,262 $6,873 $14,108 
Provision for credit losses201 1,220 1,572 2,993 
Charge-offs— — — — 
Recoveries— 203 — 203 
Balance, end of period$2,174 $6,685 $8,445 $17,304 
The following tables present the age analysis of past due loans and leases segregated by class:
March 31, 2021
(Dollars in thousands)30-59 Days
 Past Due		60-89 Days
 Past Due		90 Days or More Past Due Total Past DueCurrentTotal
Private banking$445 $5 $675 $1,125 $5,052,496 $5,053,621 
Commercial and industrial— 7,875 1,209 9,084 1,240,124 1,249,208 
Commercial real estate4,309 — 6,296 10,605 2,229,748 2,240,353 
Loans and leases held-for-investment$4,754 $7,880 $8,180 $20,814 $8,522,368 $8,543,182 
December 31, 2020
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due Total Past DueCurrentTotal
Private banking$250 $— $— $250 $4,807,550 $4,807,800 
Commercial and industrial— — 458 458 1,273,694 1,274,152 
Commercial real estate2,926 — 6,296 9,222 2,146,244 2,155,466 
Loans and leases held-for-investment$3,176 $— $6,754 $9,930 $8,227,488 $8,237,418 
Individually Evaluated Loans

Management monitors the delinquency status of the Company’s loan portfolio on a monthly basis. Loans are considered non-performing when interest and principal are 90 days or more past due or management has determined that it is probable the borrower is unable to meet payments as they become due. The risk of loss is generally highest for non-performing loans.

The following tables present the Company’s amortized cost basis of individually evaluated loans and related information on those loans for the three months ended March 31, 2021 and 2020:
As of and for the Three Months Ended March 31, 2021
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial9,083 9,082 4,427 9,083 — 
Commercial real estate13,644 13,719 2,482 13,655 — 
Total with a related allowance recorded22,727 22,801 6,909 22,738 — 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial9,083 9,082 4,427 9,083 — 
Commercial real estate13,644 13,719 2,482 13,655 — 
Total$22,727 $22,801 $6,909 $22,738 $— 
As of and for the Twelve Months Ended December 31, 2020
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial458 457 103 458 — 
Commercial real estate9,222 9,251 1,885 9,222 — 
Total with a related allowance recorded9,680 9,708 1,988 9,680 — 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial458 457 103 458 — 
Commercial real estate9,222 9,251 1,885 9,222 — 
Total$9,680 $9,708 $1,988 $9,680 $— 

Individually evaluated loans were $22.7 million and $9.7 million as of March 31, 2021 and December 31, 2020, respectively. There was no interest income recognized on individually evaluated loans that were also on non-accrual status for the three months ended March 31, 2021, and the twelve months ended December 31, 2020. As of March 31, 2021 and December 31, 2020, there were no loans 90 days or more past due and still accruing interest income.
The Company estimates allowance for credit losses individually for loans that do not share similar risk characteristics, including non-accrual loans and loans designated as a TDR, using a discounted cash flow method or based on the fair value of the collateral less estimated selling costs. Based on those evaluations there were specific reserves totaling $6.9 million and $2.0 million as of March 31, 2021 and December 31, 2020, respectively. Refer to Note 1, Summary of Significant Accounting Policies, for the Company’s policy on evaluating loans for expected credit losses and interest income.

The following tables present the allowance for credit losses on loans and leases and amortized costs basis of individually evaluated loans:
March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $4,427 $2,482 $6,909 
Collectively evaluated for impairment1,767 3,729 22,239 27,735 
Total allowance for credit losses on loans and leases$1,767 $8,156 $24,721 $34,644 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $9,084 $13,644 $22,728 
Collectively evaluated for impairment5,053,621 1,240,124 2,226,709 8,520,454 
Loans and leases held-for-investment$5,053,621 $1,249,208 $2,240,353 $8,543,182 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $103 $1,885 $1,988 
Collectively evaluated for impairment2,047 5,151 25,444 32,642 
Total allowance for credit losses on loans and leases$2,047 $5,254 $27,329 $34,630 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $458 $9,222 $9,680 
Collectively evaluated for impairment4,807,800 1,273,694 2,146,244 8,227,738 
Loans and leases held-for-investment$4,807,800 $1,274,152 $2,155,466 $8,237,418 

Troubled Debt Restructuring

The aggregate recorded investment of impaired loans with terms modified through a troubled debt restructuring was $7.3 million and $2.9 million as of March 31, 2021 and December 31, 2020, respectively, which were also on non-accrual. There were $24,000 and $0 of unused commitments on loans designated as TDRs as of March 31, 2021 and December 31, 2020, respectively.

The modifications made to restructured loans typically consist of an extension of the payment terms or the deferral of principal payments. There were no loans modified as TDRs within 12 months of the corresponding balance sheet date with payment defaults during the three months ended March 31, 2021 and 2020.
The financial effects of our modifications made to loans newly designated as TDRs during the three months ended March 31, 2021, were as follows:
Three Months Ended March 31, 2021
(Dollars in thousands)CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Credit Losses on Loans and Leases at the time of ModificationCurrent Allowance for Credit Losses on Loans and Leases
Commercial Real Estate:
Extended term, deferred principal2$4,454 $4,454 $445 $445 
Total2$4,454 $4,454 $445 $445 

There were no loans newly designated as TDRs during the three months ended March 31, 2020.

Other Real Estate Owned

As of March 31, 2021 and December 31, 2020, the balance of OREO was $2.7 million and $2.7 million, respectively. There were no residential mortgage loans that were in the process of foreclosure as of March 31, 2021.
v3.21.1
Deposits
 3 Months Ended
Mar. 31, 2021
Deposits [Abstract]  
DEPOSITS DEPOSITS
As of March 31, 2021 and December 31, 2020, deposits were comprised of the following:
Interest Rate
Range		Weighted Average
Interest Rate		Balance
(Dollars in thousands)March 31,
2021		March 31,
2021		December 31,
2020		March 31,
2021		December 31,
2020
Demand and savings accounts:
Noninterest-bearing checking accounts———$496,818 $456,426 
Interest-bearing checking accounts0.05 to 1.70%0.34%0.38%3,373,915 3,068,834 
Money market deposit accounts0.10 to 1.87%0.54%0.56%4,449,317 3,927,797 
Total demand and savings accounts8,320,050 7,453,057 
Certificates of deposit0.05 to 3.22%0.60%1.08%929,969 1,036,032 
Total deposits$9,250,019 $8,489,089 
Weighted average rate on interest-bearing accounts0.47%0.56%

As of March 31, 2021 and December 31, 2020, the Bank had total brokered deposits of $779.9 million and $753.3 million, respectively. Reciprocal deposits through Certificate of Deposit Account Registry Service® (“CDARS®”) and Insured Cash Sweep® (“ICS®”) totaled $1.82 billion and $1.72 billion as of March 31, 2021 and December 31, 2020, respectively, and were considered non-brokered.

As of March 31, 2021 and December 31, 2020, certificates of deposit with balances of $100,000 or more, excluding brokered and reciprocal deposits, totaled $567.4 million and $534.3 million, respectively. As of March 31, 2021 and December 31, 2020, certificates of deposit with balances of $250,000 or more, excluding brokered and reciprocal deposits, totaled $172.9 million and $159.6 million.

The contractual maturity of certificates of deposit was as follows:
(Dollars in thousands)March 31,
2021		December 31,
2020
12 months or less$766,646 $892,427 
12 months to 24 months145,411 132,443 
24 months to 36 months17,912 11,162 
Total$929,969 $1,036,032 
Interest expense on deposits was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
Interest-bearing checking accounts$2,793 $5,214 
Money market deposit accounts5,964 14,655 
Certificates of deposit1,997 7,375 
Total interest expense on deposits$10,754 $27,244 
v3.21.1
Borrowings
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
As of March 31, 2021 and December 31, 2020, borrowings were comprised of the following:
March 31, 2021December 31, 2020
(Dollars in thousands)Interest RateEnding BalanceMaturity DateInterest RateEnding BalanceMaturity Date
FHLB borrowings:
Issued 3/22/20210.31%$50,000 6/21/2021—%$— 
Issued 3/2/20210.36%50,000 6/2/2021—%— 
Issued 3/1/20210.36%150,000 6/1/2021—%— 
Issued 12/21/2020—%— 0.39%50,000 3/22/2021
Issued 12/2/2020—%— 0.33%50,000 3/2/2021
Issued 12/1/2020—%— 0.33%150,000 3/1/2021
Issued 10/8/2020—%— 0.39%50,000 1/8/2021
Line of credit borrowings—%— 4.25%5,000 10/17/2021
Subordinated notes payable (net of debt issuance costs of $1,953 and $2,007, respectively)
5.75%95,547 5/15/20305.75%95,493 5/15/2030
Total borrowings, net$345,547 $400,493 

In 2020, the Company completed underwritten public offerings of subordinated notes due 2030, raising aggregate proceeds of $97.5 million. The subordinated notes have a term of 10 years at a fixed-to-floating rate of 5.75%. The subordinated notes qualify under federal regulatory rules as Tier 2 capital for the holding company.

The Bank’s FHLB borrowing capacity is based on the collateral value of certain securities held in safekeeping at the FHLB and loans pledged to the FHLB. The Bank submits a quarterly Qualifying Collateral Report (“QCR”) to the FHLB to update the value of the loans pledged. As of March 31, 2021, the Bank’s borrowing capacity is based on the information provided in the December 31, 2020 QCR filing. As of March 31, 2021, the Bank had securities held in safekeeping at the FHLB with a fair value of $2.3 million, combined with pledged loans of $1.32 billion, for a gross borrowing capacity of $944.6 million, of which $250.0 million was outstanding in advances. As of December 31, 2020, there was $300.0 million outstanding in advances from the FHLB. When the Bank borrows from the FHLB, interest is charged at the FHLB’s posted rates at the time of the borrowing.

The Bank maintains an unsecured line of credit of $10.0 million with M&T Bank and an unsecured line of credit of $20.0 million with Texas Capital Bank. As of March 31, 2021 and December 31, 2020, there were no outstanding borrowings under these lines of credit, and they are available to the Bank at the lenders’ discretion. In addition, the Bank maintains an $8.0 million unsecured line of credit with PNC Bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $2.8 million in notional value of credit cards have been issued. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to PNC; however, if the customer fails to repay PNC, the Bank could be required to satisfy the obligation to PNC and initiate collection from its customer as part of the existing credit facility of that customer.

On February 18, 2021, the Company terminated its existing line of credit with Texas Capital Bank and established a new unsecured line of credit of $75.0 million with The Huntington National Bank. The Company made an initial borrowing from this new line of credit of $5.2 million on February 18, 2021, and subsequently repaid this balance. There were no outstanding borrowings under the line of credit with Huntington National Bank as of March 31, 2021. The Company had $5.0 million in outstanding borrowings under the Texas Capital Bank line of credit as of December 31, 2020, which were repaid in connection with the termination of this line of credit.
Interest expense on borrowings was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
FHLB borrowings$1,072 $2,035 
Line of credit borrowings55 1 
Subordinated notes payable1,455 — 
Total interest expense on borrowings$2,582 $2,036 
v3.21.1
Stock Transactions
 3 Months Ended
Mar. 31, 2021
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
STOCK TRANSACTIONS STOCK TRANSACTIONS
On December 30, 2020, the Company completed the private placement of securities pursuant to an Investment Agreement, dated October 10, 2020 and amended December 9, 2020, with T-VIII PubOpps LP (“T-VIII PubOpps”), an affiliate of investment funds managed by Stone Point Capital LLC. Pursuant to the Investment Agreement, the Company sold to T-VIII PubOpps (i) 2,770,083 shares of voting common stock for $40.0 million, (ii) 650 shares of Series C Preferred Stock for $65.0 million, and (iii) warrants to purchase up to 922,438 shares of voting common stock, or a future series of non-voting common stock at an exercise price of $17.50 per share. After two years, the Series C Preferred Stock is convertible into shares of a future series of non-voting common stock or, when transferred under certain limited circumstances to a holder other than an affiliate of Stone Point Capital LLC, voting common stock, at a price of 13.75 per share. The Series C Preferred Stock has a liquidation preference of $100,000 per share, and pays a quarterly dividend at an annualized rate of 6.75%. The Company received gross proceeds of $105.0 million at closing, and may receive up to an additional $16.1 million if the warrants are exercised in full. The net proceeds were recorded to shareholders’ equity at December 31, 2020 and allocated to the three equity instruments issued using the relative fair value method applied to common stock, preferred stock, and warrants issued which were recorded to additional paid-in capital. The net proceeds constitute Tier 1 capital for the holding company under federal regulatory capital rules.

In May 2019, the Company completed a registered, underwritten public offering of 3.2 million depositary shares, each representing a 1/40th interest in a share of its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, no par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25 per depository share). The Company received net proceeds of $77.6 million from the sale of 80,500 shares of its Series B Preferred Stock (equivalent to 3.2 million depositary shares), after deducting underwriting discounts, commissions and direct offering expenses. The preferred stock constitutes Tier 1 capital for the holding company under federal regulatory capital rules.

When, as, and if declared by the board of directors (the “Board”) of the Company, dividends will be payable on the Series B Preferred Stock from the date of issuance to, but excluding July 1, 2026, at a rate of 6.375% per annum, payable quarterly, in arrears, and from and including July 1, 2026, dividends will accrue and be payable at a floating rate equal to three-month LIBOR plus a spread of 408.8 basis points per annum (subject to potential adjustment as provided in the definition of three-month LIBOR), payable quarterly, in arrears. The Company may redeem the Series B Preferred Stock at its option, subject to regulatory approval, on or after July 1, 2024, as described in the prospectus supplement relating to the offering filed with the SEC on May 23, 2019.

In March 2018, the Company completed a registered, underwritten public offering of 1.6 million depositary shares, each representing a 1/40th interest in a share of its 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, no par value (the “Series A Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25 per depository share). The Company received net proceeds of $38.5 million from the sale of 40,250 shares of its Series A Preferred Stock (equivalent to 1.6 million depositary shares), after deducting underwriting discounts, commissions and direct offering expenses. The preferred stock constitutes Tier 1 capital for the holding company under federal regulatory capital rules.

When, as, and if declared by the Board, dividends will be payable on the Series A Preferred Stock from the date of issuance to, but excluding April 1, 2023, at a rate of 6.75% per annum (subject to potential adjustment), payable quarterly, in arrears, and from and including April 1, 2023, dividends will accrue and be payable at a floating rate equal to three-month LIBOR plus a spread of 398.5 basis points per annum, payable quarterly, in arrears. The Company may redeem the Series A Preferred Stock at its option, subject to regulatory approval, on or after April 1, 2023, as described in the prospectus supplement relating to the offering filed with the SEC on March 19, 2018.

During the three months ended March 31, 2021, the Company paid dividends of $2.0 million on its Series A and Series B Preferred Stock, and dividends on its Series C Preferred Stock of 11 shares of Series C Preferred Stock, paid in kind, and $21,250 in lieu of a fractional share. During the three months ended March 31, 2020, the Company paid dividends of $2.0 million on its Series A and Series B Preferred Stock.
Under authorization by the Board, the Company is permitted to repurchase its common stock up to prescribed amounts, of which $9.8 million remained available as of March 31, 2021. The Board also authorized the Company to utilize some of the share repurchase program authorizations to cancel certain options to purchase shares of its common stock granted by the Company.

During the three months ended March 31, 2021, treasury shares increased 73,384, or approximately $1.5 million, in connection with the net settlement of equity awards exercised or vested. During the three months ended March 31, 2020, the Company repurchased 30,000 shares for approximately $520,000, at an average cost of $17.33 per share, which are held as treasury stock. In addition to the shares purchased in the market, treasury shares increased 83,728, or approximately $2.1 million, in connection with the net settlement of equity awards exercised or vested during the three months ended March 31, 2020.

Under prior authorization of the Board, stock option cancellation programs were approved to allow for certain outstanding and vested stock option awards to be canceled by the option holder at a price based on the closing day’s stock price less the option exercise price. During the three months ended March 31, 2020, there were 212,447 options canceled for approximately $2.5 million, which was recorded as a reduction to additional paid-in capital.

The tables below show the changes in the Company’s preferred and common shares outstanding during the periods indicated:
Number of
Preferred Shares Outstanding		Number of
Common Shares
Outstanding		Number of
Treasury Shares
Balance, December 31, 2019120,750 29,355,986 2,126,422 
Issuance of restricted common stock— 513,820 — 
Forfeitures of restricted common stock— (3,500)— 
Exercise of stock options— 10,000 — 
Purchase of treasury stock— (30,000)30,000 
Increase in treasury stock related to equity awards— (83,728)83,728 
Balance, March 31, 2020120,750 29,762,578 2,240,150 
Balance, December 31, 2020121,400 32,620,150 2,299,422 
Issuance of restricted common stock— 585,386 — 
Forfeitures of restricted common stock— (10,547)— 
Exercise of stock options— 39,000 — 
Increase in treasury stock related to equity awards— (73,384)73,384 
Balance, March 31, 2021121,400 33,160,605 2,372,806 
v3.21.1
Regulatory Capital
 3 Months Ended
Mar. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
REGULATORY CAPITAL REGULATORY CAPITAL
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the tables below) of Common Equity Tier 1 (“CET 1”), Tier 1 and Total risk-based capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). As of March 31, 2021 and December 31, 2020, TriState Capital Holdings, Inc. and TriState Capital Bank exceeded all capital adequacy requirements to which they were subjected.

Insured depository institutions are categorized as well capitalized if they meet minimum capital ratios as set forth in the tables below. The Bank exceeded the capital ratios necessary to be well capitalized under the regulatory framework for prompt corrective action. There have been no conditions or events since the filing of the most recent Call Report that management believes have materially changed the Bank’s capital, as presented in the tables below.

A banking organization is also subject to certain limitations on capital distributions and discretionary bonus payments to executive officers if the organization does not maintain the necessary capital conservation buffer of CET 1 capital to risk weighted assets ratio of
2.5% or more, in addition to the minimum capital adequacy levels shown in the tables below. Both the Company and the Bank were above the levels required to avoid limitations on capital distributions and discretionary bonus payments.

The following tables set forth certain information concerning the Company’s and the Bank’s regulatory capital as of March 31, 2021 and December 31, 2020:
March 31, 2021
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$849,795 14.18 %$479,527 8.00 % N/AN/A
Bank$806,040 13.49 %$478,061 8.00 %$597,576 10.00 %
Tier 1 risk-based capital ratio
Company$723,939 12.08 %$359,645 6.00 % N/AN/A
Bank$775,731 12.98 %$358,546 6.00 %$478,061 8.00 %
Common equity tier 1 risk-based capital ratio
Company$545,696 9.10 %$269,734 4.50 % N/AN/A
Bank$775,731 12.98 %$268,909 4.50 %$388,424 6.50 %
Tier 1 leverage ratio
Company$723,939 7.13 %$406,374 4.00 % N/AN/A
Bank$775,731 7.65 %$405,671 4.00 %$507,089 5.00 %
December 31, 2020
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$833,819 14.12 %$472,267 8.00 %N/AN/A
Bank$789,273 13.41 %$470,820 8.00 %$588,525 10.00 %
Tier 1 risk-based capital ratio
Company$707,711 11.99 %$354,200 6.00 %N/AN/A
Bank$758,658 12.89 %$353,115 6.00 %$470,820 8.00 %
Common equity tier 1 risk-based capital ratio
Company$530,568 8.99 %$265,650 4.50 %N/AN/A
Bank$758,658 12.89 %$264,836 4.50 %$382,542 6.50 %
Tier 1 leverage ratio
Company$707,711 7.29 %$388,408 4.00 %N/AN/A
Bank$758,658 7.83 %$387,626 4.00 %$484,533 5.00 %
v3.21.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The computation of basic and diluted earnings per common share for the periods presented were as follows:

Three Months Ended March 31,
(Dollars in thousands, except per share data)20212020
Basic earnings per common share:
Net income$16,200 $12,895 
Less: Preferred dividends on Series A and Series B1,962 1,962 
Less: Preferred dividends on Series C1,097 — 
Net income available to common shareholders$13,141 $10,933 
Allocation of net income available:
Common shareholders$11,127 $10,933 
Series C convertible preferred shareholders1,685 — 
Warrant shareholders329 — 
Total$13,141 $10,933 
Basic weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Basic earnings per common share$0.36 $0.39 
Diluted earnings per common share:
Income available to common shareholders after allocation$11,127 $10,933 
Diluted weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Restricted stock - dilutive801,798 427,404 
Stock options - dilutive160,762 236,851 
Diluted common shares32,187,034 28,844,844 
Diluted earnings per common share$0.35 $0.38 
Three Months Ended March 31,
Anti-dilutive shares:20212020
Restricted stock71,810 545,320 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Total anti-dilutive shares
5,721,520 545,320 

The Series C convertible preferred stock and warrants are anti-dilutive under the treasury stock method compared to the basic EPS calculation under the two-class method.
v3.21.1
Derivatives and Hedging Activity
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING ACTIVITY DERIVATIVES AND HEDGING ACTIVITY
RISK MANAGEMENT OBJECTIVE OF USING DERIVATIVES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used
to manage differences in the amount, timing and duration of the Company’s known or expected cash payments related to certain of the Company’s FHLB borrowings and to manage the volatility of the change in fair value related to certain of the Company’s equity investments. The Company also has derivatives that are a result of a service the Company provides to certain qualifying customers. When providing this service, the Company generally enters into an offsetting derivative transaction in order to eliminate its interest rate risk exposure resulting from such transactions.

FAIR VALUES OF DERIVATIVE INSTRUMENTS ON THE STATEMENTS OF FINANCIAL CONDITION

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:
Asset DerivativesLiability Derivatives
as of March 31, 2021as of March 31, 2021
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$320 Other liabilities$6,114 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets102,877 Other liabilities102,821 
TotalOther assets$103,197 Other liabilities$108,935 
Asset DerivativesLiability Derivatives
as of December 31, 2020as of December 31, 2020
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$— Other liabilities$9,082 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets144,333 Other liabilities144,351 
TotalOther assets$144,333 Other liabilities$153,433 

The following tables show the impact legally enforceable master netting agreements had on the Company’s derivative financial instruments as of March 31, 2021 and December 31, 2020:
Offsetting of Derivative Assets
Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets
presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial PositionNet Amount
(Dollars in thousands)Financial InstrumentsCash Collateral Received
March 31, 2021$103,197 $— $103,197 $(19,736)$— $83,461 
December 31, 2020$144,333 $— $144,333 $(94)$— $144,239 
Offsetting of Derivative Liabilities
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities
presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial PositionNet Amount
(Dollars in thousands)Financial InstrumentsCash Collateral Posted
March 31, 2021$108,935 $— $108,935 $(19,736)$(69,368)$19,831 
December 31, 2020$153,433 $— $153,433 $(94)$(150,238)$3,101 
CASH FLOW HEDGES OF INTEREST RATE RISK

The Company’s objectives in using certain interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company has entered into derivative contracts to hedge the variable cash flows associated with certain FHLB borrowings. These interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company effectively making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company’s cash flow hedge derivatives did not have any hedge ineffectiveness recognized in earnings during the three months ended March 31, 2021.

Characteristics of the Company’s interest rate derivative transactions designated as cash flow hedges of interest rate risk as of March 31, 2021, were as follows:
(Dollars in thousands)Notional
Amount
Effective
Rate (1)
Estimated Increase/
(Decrease) to Interest
Expense in the Next
Twelve Months		Maturity
Date		Remaining Term
(in Months)
Interest rate products:
Issued 5/30/2019$50,000 2.05%$933 6/1/202214
Issued 5/30/201950,000 2.03%925 6/1/202326
Issued 5/30/201950,000 2.04%931 6/1/202438
Issued 3/2/202050,000 0.98%393 3/2/202547
Issued 3/20/202050,000 0.60%199 3/20/202548
Total$250,000 $3,381 
(1)The effective rate is adjusted for the difference between the three-month FHLB advance rate and three-month LIBOR.

The tables below present the effective portion of the Company’s cash flow hedge instruments in the unaudited condensed consolidated statements of income and accumulated other comprehensive income (loss):
Three Months Ended March 31,Three Months Ended March 31,
(Dollars in thousands)2021202020212020
Derivatives designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss) Recognized in Income on DerivativesUnrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives
Interest rate productsInterest expense$(846)$(159)$2,216 $(7,711)

NON-DESIGNATED HEDGES

The Company does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate derivatives with its commercial banking customers to facilitate their respective risk management strategies. Those derivatives are simultaneously and economically hedged by offsetting derivatives that the Company executes with a third party, such that the Company generally eliminates its interest rate exposure resulting from such transactions. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2021, the Company had interest rate derivative transactions with an aggregate notional amount of $4.06 billion related to this program.
The table below presents the effect of the Company’s non-designated hedge instruments in the unaudited condensed consolidated statements of income:
Three Months Ended March 31,
(Dollars in thousands)20212020
Derivatives not designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Interest rate productsNon-interest income$31 $(61)

CREDIT-RISK-RELATED CONTINGENT FEATURES

The Company has agreements with each of its derivative counterparties that contain a provision where, if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

The Company has agreements with certain of its derivative counterparties that contain a provision where, if either the Company or the counterparty fails to maintain its status as a well/adequately capitalized institution, then the Company or the counterparty could be required to terminate any outstanding derivative positions and settle its obligations under the agreement.

As of March 31, 2021, the termination value of derivatives for which the Company had master netting arrangements with the counterparty and in a net liability position was $69.4 million, including accrued interest. As of March 31, 2021, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $73.1 million which is considered restricted cash. If the Company had breached any of these provisions as of March 31, 2021, it could have been required to settle its obligations under the agreements at their termination value.
v3.21.1
Disclosures About Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value estimates of financial instruments are based on the present value of expected future cash flows, quoted market prices of similar financial instruments, if available, and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realized in an immediate settlement of instruments. Accordingly, the aggregate fair value amounts presented below do not represent the underlying value of the Company.

FAIR VALUE MEASUREMENTS

In accordance with U.S. GAAP, the Company must account for certain financial assets and liabilities at fair value on a recurring and non-recurring basis. The Company utilizes a three-level fair value hierarchy of valuation techniques to estimate the fair value of its financial assets and liabilities based on whether the inputs to those valuation techniques are observable or unobservable. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within multiple levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used.

Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques:

•Level 1 – Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities.
•Level 2 – Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing.
•Level 3 – Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include assumptions of a source independent of the reporting entity or the reporting entity’s own assumptions that are supported by little or no market activity or observable inputs.
The Company is responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. The Company performs due diligence to understand the inputs used or how the data was calculated or derived and corroborates the reasonableness of external inputs in the valuation process.

RECURRING FAIR VALUE MEASUREMENTS

The following tables represent assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $140,540 $— $140,540 
Trust preferred securities— 18,436 — 18,436 
Agency collateralized mortgage obligations— 20,196 — 20,196 
Agency mortgage-backed securities— 1,398 — 1,398 
Agency debentures— 8,648 — 8,648 
Interest rate swaps— 103,197 — 103,197 
Total financial assets— 292,415 — 292,415 
Financial liabilities:
Interest rate swaps— 108,935 — 108,935 
Total financial liabilities$— $108,935 $— $108,935 
December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $158,464 $— $158,464 
Trust preferred securities— 18,087 — 18,087 
Agency collateralized mortgage obligations— 22,089 — 22,089 
Agency mortgage-backed securities— 410,127 — 410,127 
Agency debentures— 8,803 — 8,803 
Interest rate swaps— 144,333 — 144,333 
Total financial assets— 761,903 — 761,903 
Financial liabilities:
Interest rate swaps— 153,433 — 153,433 
Total financial liabilities$— $153,433 $— $153,433 

INVESTMENT SECURITIES
Generally, debt securities are valued using pricing for similar securities, recently executed transactions, and other pricing models utilizing observable inputs and therefore are classified as Level 2.

INTEREST RATE SWAPS
The fair value of interest rate swaps is estimated using inputs that are observable or that can be corroborated by observable market data and therefore are classified as Level 2. These fair value estimations include primarily market observable inputs such as the forward LIBOR swap curve.
NON-RECURRING FAIR VALUE MEASUREMENTS

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

The following tables represent the balances of assets measured at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $15,818 $15,818 
Other real estate owned— — 2,724 2,724 
Total assets$— $— $18,542 $18,542 
December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $7,692 $7,692 
Other real estate owned— — 2,724 2,724 
Total assets$— $— $10,416 $10,416 

As of March 31, 2021 and December 31, 2020, the Company recorded $6.9 million and $2.0 million, respectively, of specific reserves to allowance for credit losses on loans and leases as a result of adjusting the fair value of impaired loans.

INDIVIDUALLY EVALUATED LOANS
The Company evaluates individually loans that do not share similar risk characteristics, including non-accrual loans and loans designated as a TDR. Specific allowance for credit losses is measured based on a market approach, discounted cash flow of ongoing operations, discounted at the loan’s original effective interest rate, or a calculation of the fair value of the underlying collateral less estimated selling costs. Our policy is to obtain appraisals on collateral supporting individually evaluated loans on an annual basis, unless circumstances dictate a shorter time frame. Appraisals are reduced by estimated costs to sell the collateral, and, under certain circumstances, additional factors that may arise and cause us to believe our recoverable value may be less than the independent appraised value. Accordingly, individually evaluated loans are classified as Level 3.

OTHER REAL ESTATE OWNED
OREO is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at fair value, less estimated disposition costs, with the fair value being determined by appraisal. Our policy is to obtain appraisals on collateral supporting OREO on an annual basis, unless circumstances dictate a shorter time frame. Appraisals are reduced by estimated costs to sell the collateral and, under certain circumstances, additional factors that may arise and cause us to believe our recoverable value may be less than the independent appraised value. Accordingly, OREO is classified as Level 3.
LEVEL 3 VALUATION

The following tables present additional quantitative information about assets measured at fair value on a recurring and non-recurring basis and for which we have utilized Level 3 inputs to determine fair value as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Fair Value
Valuation Techniques (1)
Significant Unobservable InputsWeighted Average Discount Rate
Loans measured for impairment, net (2)
$11,506 CollateralAppraisal value and discount due to salability conditions19%
Loans measured for impairment, net$4,312 Market ApproachMarket value and discount due to salability conditions17%
Other real estate owned$2,724 CollateralAppraisal value and discount due to salability conditions12%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow of ongoing operations if the loan is not collateral dependent.
(2)The collateral which is used in the valuation of these loans is commercial real estate.
December 31, 2020
(Dollars in thousands)Fair Value
Valuation Techniques (1)(2)
Significant Unobservable InputsWeighted Average
Discount Rate
Loans measured for impairment, net$7,692 CollateralAppraisal value and discount due to salability conditions23%
Other real estate owned$2,724 CollateralAppraisal value and discount due to salability conditions12%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow of ongoing operations if the loan is not collateral dependent.
(2)The collateral which is used in the valuation of these loans is commercial real estate.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table summarizes of the carrying amounts and estimated fair values of financial instruments:
March 31, 2021December 31, 2020
(Dollars in thousands)Fair Value
Level		Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Cash and cash equivalents1$446,484 $446,484 $435,442 $435,442 
Debt securities available-for-sale2189,218 189,218 617,570 617,570 
Debt securities held-to-maturity21,030,572 1,016,287 211,691 214,299 
Federal Home Loan Bank stock211,284 11,284 13,284 13,284 
Loans and leases held-for-investment, net38,508,538 8,485,923 8,202,788 8,199,922 
Accrued interest receivable220,207 20,207 18,783 18,783 
Investment management fees receivable, net28,216 8,216 7,935 7,935 
Bank owned life insurance272,215 72,215 71,787 71,787 
Other real estate owned32,724 2,724 2,724 2,724 
Interest rate swaps2103,197 103,197 144,333 144,333 
Financial liabilities:
Deposits2$9,250,019 $9,268,280 $8,489,089 $8,510,799 
Borrowings, net2345,547 346,165 400,493 402,714 
Interest rate swaps2108,935 108,935 153,433 153,433 
During the three months ended March 31, 2021 and 2020, there were no transfers between fair value Levels 1, 2 or 3.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of March 31, 2021 and December 31, 2020:

CASH AND CASH EQUIVALENTS
The carrying amount approximates fair value.

INVESTMENT SECURITIES
The fair values of debt securities available-for-sale, debt securities held-to-maturity, debt securities trading and equity securities are based on quoted market prices for the same or similar securities, recently executed transactions and pricing models.

FEDERAL HOME LOAN BANK STOCK
The carrying value of our FHLB stock, which is carried at cost, approximates fair value.

LOANS AND LEASES HELD-FOR-INVESTMENT
The fair value of loans and leases held-for-investment is estimated by discounting the future cash flows using market rates (utilizing both unobservable and certain observable inputs when applicable) at which similar loans would be made to borrowers with similar credit ratings over the estimated remaining maturities. Impaired loans are generally valued at the fair value of the associated collateral.

ACCRUED INTEREST RECEIVABLE
The carrying amount approximates fair value.

INVESTMENT MANAGEMENT FEES RECEIVABLE
The carrying amount approximates fair value.

BANK OWNED LIFE INSURANCE
The fair value of general account BOLI is based on the insurance contract net cash surrender value.

OTHER REAL ESTATE OWNED
OREO is carried at the lower of cost or fair value.

DEPOSITS
The fair value of demand deposits is the amount payable on demand as of the reporting date, i.e., their carrying amounts. The fair value of fixed maturity deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities.

BORROWINGS
The fair value of borrowings is calculated by discounting scheduled cash flows through the estimated maturity using period end market rates for borrowings of similar remaining maturities.

INTEREST RATE SWAPS
The fair value of interest rate swaps is estimated through the assistance of an independent third party and compared to the fair value determined by the swap counterparty to establish reasonableness.

OFF-BALANCE SHEET INSTRUMENTS
Fair values for the Company’s off-balance sheet instruments, which consist of lending commitments, standby letters of credit and risk participation agreements related to interest rate swap agreements, are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. Management believes that the fair value of these off-balance sheet instruments is not significant.
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables show the changes in accumulated other comprehensive income (loss) net of tax, for the periods presented:
Three Months Ended March 31,
20212020
(Dollars in thousands)Debt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotal
Balance, beginning of period$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 
Change in unrealized holding gains (losses)(954)1,683 729 (9,422)(5,874)(15,296)
Losses (gains) reclassified from other comprehensive income(1)642 641 (12)127 115 
Net other comprehensive income (loss)(955)2,325 1,370 (9,434)(5,747)(15,181)
Balance, end of period$2,879 $(4,206)$(1,327)$(6,678)$(7,371)$(14,049)
v3.21.1
Contingent Liabilities
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENT LIABILITIES CONTINGENT LIABILITIESFrom time to time the Company is a party to various litigation matters incidental to the conduct of its business. The Company is not aware of any material unasserted claims. In the opinion of management, there are no potential claims that would have a material adverse effect on the Company’s financial position, liquidity or results of operations.
v3.21.1
Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company operates two reportable segments: Bank and Investment Management.

•The Bank segment provides commercial banking services to middle-market businesses and private banking services to high-net-worth individuals through the Bank subsidiary.

•The Investment Management segment provides advisory and sub-advisory investment management services primarily to institutional investors, mutual funds and individual investors through the Chartwell subsidiary. It also supports marketing efforts for Chartwell’s proprietary investment products through the CTSC Securities subsidiary.

The following tables provide financial information for the two segments of the Company as of and for the periods indicated. The information provided under the caption “Parent and Other” represents general operating activity of the Company not considered to be a reportable segment, which includes parent company activity as well as eliminations and adjustments that are necessary for purposes of reconciliation to the consolidated amounts.
(Dollars in thousands)March 31,
2021		December 31,
2020
Assets:
Bank$10,488,361 $9,819,719 
Investment management82,918 86,150 
Parent and other(6,129)(9,053)
Total assets$10,565,150 $9,896,816 
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
(Dollars in thousands)BankInvestment
Management		Parent
and Other		ConsolidatedBankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$51,992 $— $— $51,992 $64,202 $— $— $64,202 
Interest expense (benefit)11,839 — 1,497 13,336 29,296 — (16)29,280 
Net interest income (loss)40,153 — (1,497)38,656 34,906 — 16 34,922 
Provision for credit losses224 — — 224 2,993 — — 2,993 
Net interest income (loss) after provision for credit losses39,929 — (1,497)38,432 31,913 — 16 31,929 
Non-interest income:
Investment management fees— 9,234 (234)9,000 — 7,765 (127)7,638 
Net gain (loss) on the sale and call of debt securities(1)— — (1)57 — — 57 
Other non-interest income (loss)4,631 21 — 4,652 5,652 (31)— 5,621 
Total non-interest income (loss)4,630 9,255 (234)13,651 5,709 7,734 (127)13,316 
Non-interest expense:
Intangible amortization expense— 478 — 478 — 502 — 502 
Other non-interest expense22,655 7,442 703 30,800 21,034 6,626 982 28,642 
Total non-interest expense22,655 7,920 703 31,278 21,034 7,128 982 29,144 
Income (loss) before tax21,904 1,335 (2,434)20,805 16,588 606 (1,093)16,101 
Income tax expense (benefit)4,729 310 (434)4,605 3,348 28 (170)3,206 
Net income (loss)$17,175 $1,025 $(2,000)$16,200 $13,240 $578 $(923)$12,895 
v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn April 13, 2021 the Board declared a dividend payable of approximately $679,000, or $0.42 per depositary share, on the Company’s Series A Preferred Stock and a dividend payable of approximately $1.3 million, or $0.40 per depositary share, on the Company’s Series B Preferred Stock, each of which is payable on July 1, 2021, to preferred shareholders of record as of the close of business on June 15, 2021. The Board also declared a dividend payable of 11 shares of the Company’s Series C Preferred Stock per share, and cash in the amount of $15,438, which is payable on July 1, 2021, to preferred shareholders of record of the Series C Preferred Stock as of the close of business on June 15, 2021.
v3.21.1
Basis of Information and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Nature of operation
NATURE OF OPERATION
TriState Capital Holdings, Inc. (“we,” “us,” “our,” the “holding company,” the “parent company,” or the “Company”) is a registered bank holding company pursuant to the Bank Holding Company Act of 1956, as amended. The Company has three wholly owned subsidiaries: TriState Capital Bank, a Pennsylvania-chartered state bank (the “Bank”); Chartwell Investment Partners, LLC, a registered investment adviser (“Chartwell”); and Chartwell TSC Securities Corp., a registered broker/dealer (“CTSC Securities”).

The Bank was established to serve the commercial banking needs of middle-market businesses and financial services providers and focused private banking needs of high-net-worth individuals nation-wide. The Bank has two wholly owned subsidiaries: TSC Equipment Finance LLC (“TSC Equipment Finance”), established to hold and manage loans and leases of our equipment finance business, and Meadowood Asset Management, LLC (“Meadowood”), established to hold and manage other real estate owned by the Bank and/or foreclosed properties for the Bank.

Chartwell provides investment management services primarily to institutional investors, mutual funds and individual investors. CTSC Securities supports marketing efforts for the proprietary investment products provided by Chartwell, including shares of mutual funds advised and/or administered by Chartwell.

The Company and the Bank are subject to regulatory examination and supervision by the Federal Deposit Insurance Corporation (“FDIC”), the Pennsylvania Department of Banking and Securities and the Board of Governors of the Federal Reserve System (“Federal Reserve”). In addition, if the Bank’s consolidated total assets exceed $10 billion for four consecutive quarters, the Company and the Bank will become subject to the regulatory examination and supervision of the Consumer Financial Protection Bureau (“CFPB”) with respect to certain consumer protection laws. The Bank’s quarter-end consolidated total assets exceeded $10 billion for the first time as of March 31, 2021. Chartwell is a registered investment adviser regulated by the Securities and Exchange Commission (“SEC”). CTSC Securities is regulated by the SEC and the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Bank conducts business through its main office located in Pittsburgh, Pennsylvania, as well as its four additional representative offices in Cleveland, Ohio; Philadelphia, Pennsylvania; Edison, New Jersey; and New York, New York. Chartwell conducts business through its office located in Berwyn, Pennsylvania, and CTSC Securities conducts business through its office located in Pittsburgh, Pennsylvania.
Use of estimates
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of related revenues and expenses during the reporting period. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be different than those anticipated in the estimates, which could materially affect the financial results of our operations and financial condition.

Material estimates that are particularly susceptible to significant changes relate to the determination of the allowance for credit losses on loans and leases, valuation of goodwill and other intangible assets and their evaluation for impairment, fair value measurements and deferred income taxes and their related recoverability, each of which is discussed later in this section.
Consolidation
CONSOLIDATION
Our consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the Bank, Chartwell and CTSC Securities, after elimination of inter-company accounts and transactions. The accounts of the Bank, in turn, include its wholly owned subsidiaries, TSC Equipment Finance and Meadowood, after elimination of inter-company accounts and transactions. The unaudited condensed consolidated financial statements of the Company presented herein have been prepared pursuant to SEC rules for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for a full year presentation. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited condensed consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and the related notes for the fiscal year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2021.
Cash and cash equivalents CASH AND CASH EQUIVALENTSFor purposes of reporting cash flows, the Company has defined cash and cash equivalents as cash, interest-earning deposits with other institutions, federal funds sold and short-term investments that have an original maturity of 90 days or less. Under agreements with certain of its derivative counterparties, the Company is required to maintain minimum cash collateral posting thresholds with such counterparties. The cash subject to these agreements is considered restricted for these purposes.
Business combinations
BUSINESS COMBINATIONS
The Company accounts for business combinations using the acquisition method of accounting. Under this method of accounting, the acquired company’s net assets are recorded at fair value as of the date of acquisition, and the results of operations of the acquired company are combined with our results from that date forward. Acquisition costs are expensed when incurred. The difference between the purchase price, which includes an initial measurement of any contingent earn out, and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill in the consolidated statements of financial condition. A change in the initial estimate of any contingent earn out amount is recorded to non-interest expense in the consolidated statements of income.
Investment securities
INVESTMENT SECURITIES
The Company’s investments are classified as either: (1) held-to-maturity, which are debt securities that the Company intends to hold until maturity and are reported at amortized cost; (2) trading, which are debt securities bought and held principally for the purpose of selling them in the near term and reported at fair value, with unrealized gains and losses included in non-interest income; (3) available-for-sale, which are debt securities not classified as either held-to-maturity or trading securities and reported at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), on an after-tax basis; or (4) equity securities, which are reported at fair value, with unrealized gains and losses included in non-interest income.

The cost of securities sold is determined on a specific identification basis. Amortization of premiums and accretion of discounts are recorded to interest income on investments over the estimated life of the security utilizing the level yield method. Management evaluates expected credit losses on held-to-maturity debt securities on a collective or pool basis, by investment category and credit rating. The Company measures credit losses by comparing the present value of cash flows expected to be collected to the amortized cost basis of the security that considers historical credit loss information, adjusted for current conditions and reasonable and supportable economic forecasts. The Company’s investment securities can be classified into the following pools based on similar risk characteristics: (1) U.S. government agencies, (2) state and local municipalities, (3) domestic corporations, including trust preferred securities, and (4) non-agency securitizations. The Company's U.S. government agency securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. For the remaining pools of securities, the credit rating of the issuers, the investment’s cash flow characteristics and the underlying instruments securitizing certain bonds are the most relevant risk characteristics of the investment portfolio. The Company’s investment policy only allows for purchases of investments with investment grade credit ratings and the Company continuously monitors for changes in credit ratings. Probability of default and loss given default rates are based on historical averages for each investment pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables, such as unemployment rates and interest rate spreads, which management considers to be both reasonable and supportable. The forecast of these macroeconomic variables is applied over a period of two years and reverts to historical averages over a three-year reversion period.
Management evaluates available-for-sale debt securities in an unrealized loss position quarterly for expected credit losses. Management first determines whether it intends to sell or if it is more likely than not that it will be required to sell the impaired securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements, and securities portfolio management. If the Company intends to sell an available-for-sale security with a fair value below amortized cost or if it is more likely than not that it will be required to sell such a security before recovery, the security’s amortized cost is written down to fair value through current period earnings. For available-for-sale debt securities that the Company does not intend to sell or it is more likely than not that it will not be required to sell before recovery, a provision for credit losses is recorded through current period earnings for the amount of the valuation decline below amortized cost that is attributable to credit losses. Management considers the extent to which fair value is less than amortized cost, credit ratings and other factors related to the security in assessing whether credit loss exists. The Company measures credit loss by comparing the present value of cash flows expected to be collected to the amortized cost basis of the security. An allowance for credit losses is recorded by the difference that the present value of cash flows expected to be collected is less than the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The remaining difference between the security’s fair value and amortized cost (that is, the decline in fair value not attributable to credit losses) is recognized in other comprehensive income (loss), in the consolidated statements of comprehensive income and the shareholders’ equity section of the consolidated statements of financial condition, on an after-tax basis. Changes in the allowance for credit losses are recorded as provision for credit losses. Losses are
charged against the allowance when management believes the security is uncollectible or management intends to sell or is required to sell the security.

The recognition of interest income on a debt security is discontinued when any principal or interest payment becomes 90 days past due, at which time the debt security is placed on non-accrual status. All accrued and unpaid interest on such debt security is then reversed. Accrued interest receivable is excluded from the estimate of expected credit losses.
Federal Home Loan Bank stock
FEDERAL HOME LOAN BANK STOCK
The Company is a member of the Federal Home Loan Bank (“FHLB”) of Pittsburgh. Member institutions are required to invest in FHLB stock. The stock is carried at cost, which approximates its liquidation value, and it is evaluated for impairment based on the ultimate recoverability of the par value. The following matters are considered by management when evaluating the FHLB stock for impairment: the ability of the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; the impact of legislative and regulatory changes on the institution and its customer base; and the Company’s intent and ability to hold its FHLB stock for the foreseeable future. Management believes the Company’s holdings in the FHLB stock were recoverable at par value as of March 31, 2021 and December 31, 2020. Cash and stock dividends are reported as interest income on investments in the consolidated statements of income.
Loans and leases
LOANS AND LEASES
Loans and leases held-for-investment are stated at amortized cost. Amortized cost is the unpaid principal balance, net of deferred loan fees and costs. Loans held-for-sale are stated at the lower of cost or fair value. Interest income on loans is accrued at the contractual rate on the principal amount outstanding. Deferred loan fees and costs are amortized to interest income over the estimated life of the loan, taking into consideration scheduled payments and prepayments.

The Company considers a loan to be a troubled debt restructuring (“TDR”) when there is a concession made to a financially troubled borrower without adequate consideration provided to the Company. The Company evaluates any loan reasonably expected to become a TDR, regardless of whether the loan is on accrual or non-accrual status. Once a loan is deemed to be a TDR, the Company considers whether the loan should be placed on non-accrual status. In assessing accrual status, the Company considers the likelihood that repayment and performance according to the original contractual terms will be achieved, as well as the borrower’s historical payment performance. A loan is designated and reported as a TDR until such loan is either paid off or sold, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement.

The recognition of interest income on a loan is discontinued when, in management’s opinion, it is probable the borrower is unable to meet payments as they become due or when the loan becomes 90 days past due, whichever occurs first, at which time the loan is placed on non-accrual status. All accrued and unpaid interest on such loans is then reversed. The interest ultimately collected is applied to reduce principal if there is doubt about the collectability of principal. If a borrower brings a loan current for which accrued interest has been reversed, then the recognition of interest income on the loan is resumed once the loan has been current for a period of six consecutive months or greater.

The Company is a party to financial instruments with off-balance sheet risk, such as commitments to extend credit, in the normal course of business to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the lending agreement with such customer. Commitments generally have fixed expiration dates or other termination clauses (i.e., loans due on demand) and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the unfunded commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis using the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained, if deemed necessary by the Company upon extension of a commitment, is based on management’s credit evaluation of the borrower.
Other real estate owned
OTHER REAL ESTATE OWNED
Real estate owned, other than bank premises, is recorded at fair value less estimated selling costs. Fair value is determined based on an independent appraisal. Expenses related to holding the property are charged against earnings when incurred. Depreciation is not recorded on other real estate owned (“OREO”) properties.
Allowance for loan and lease losses
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans and leases to present management’s best estimate of the net amount expected to be collected. Adjustments to the allowance for credit losses are established through provisions for credit losses that are recorded in the consolidated statements of income. Loans and leases are charged off against the allowance for credit losses when management believes that the principal is uncollectible. If, at a later
time, amounts are recovered with respect to loans and leases previously charged off, the recovered amount is credited to allowance for credit losses. Accrued interest receivable is excluded from the estimate of expected credit losses.

The allowance for credit losses represent estimates of expected credit losses for homogeneous loan pools that share similar risk characteristics such as commercial and industrial (“C&I”) loans and leases, commercial real estate (“CRE”) loans, and private banking loans which include consumer lines of credit and residential mortgages. The Company periodically reassesses each loan pool to ensure that the loans within the pool continue to share similar risk characteristics. Non-accrual loans and loans designated as TDRs are assessed individually using a discounted cash flow method or, where a loan is collateral dependent, based upon the fair value of the collateral less estimated selling costs.

The collateral on our private banking loans that is secured by cash, marketable securities and/or cash value life insurance is monitored daily and requires borrowers to continually replenish collateral as a result of fair value changes. Therefore, it is expected that the fair value of the collateral securing each loan will exceed the loan’s amortized cost basis and no allowance for the off-balance sheet exposure would be required under Accounting Standard Codification (“ASC”) 326-20-35-6, “Financial Assets Secured by Collateral Maintenance Provisions.”

In estimating the general allowance for credit losses for loans evaluated on a collective or pool basis, management considers past events, current conditions, and reasonable and supportable economic forecasts, including historical charge-offs and subsequent recoveries. Management also considers qualitative factors that influence our credit quality, including, but not limited to, delinquency and non-performing loan trends, changes in loan underwriting guidelines and credit policies, and the results of internal loan reviews. Finally, management considers the impact of changes in current and forecasted local and regional economic conditions in the markets that we serve.

Management bases the computation of the general allowance for credit losses on two factors: the primary factor and the secondary factor. The primary factor is based on the inherent risk identified by management within each of the Company’s three loan portfolios based on the historical loss experience of each loan portfolio. Management has developed a methodology that is applied to each of the three primary loan portfolios: C&I loans and leases, CRE loans and private banking loans (other than those secured by cash, marketable securities and/or cash value life insurance).

For each portfolio, management estimates expected credit losses over the life of each loan utilizing lifetime or cumulative loss rate methodology, which identifies macroeconomic factors and asset-specific characteristics that are correlated with credit loss experience, including loan age, loan type, leverage, risk rating, interest rate spread and industry. The lifetime loss rate is applied to the amortized cost of the loan. This methodology builds on default and recovery probabilities by utilizing pool-specific historical loss rates to calculate expected credit losses. These pool-specific historical loss rates may be adjusted for a forecast of certain macroeconomic variables, as further discussed below, and other factors such as differences in underwriting standards, portfolio mix, or when historical asset terms do not reflect the contractual terms of the financial assets being evaluated as of the measurement date. Each time the Company measures expected credit losses, the Company assesses the relevancy of historical loss information and considers any necessary adjustments to address any differences in asset-specific characteristics.

The allowance for credit losses represents management’s current estimate of expected credit losses in the loan and lease portfolio. Expected credit losses are estimated over the contractual term of the loans, which includes extension or renewal options that are not unconditionally cancellable by the Company and are adjusted for expected prepayments when appropriate. Management’s judgment takes into consideration past events, current conditions and reasonable and supportable economic forecasts including general economic conditions, diversification and seasoning of the loan portfolio, historic loss experience, identified credit problems, delinquency levels and adequacy of collateral. Although management believes it has used the best information available in making such determinations, and that the present allowance for credit losses represents management’s best estimate of current expected credit losses, future adjustments to the allowance may be necessary, and net income may be adversely affected if circumstances differ substantially from the assumptions used in determining the level of the allowance.

The lifetime loss rates are estimated by analyzing a combination of internal and external data related to historical performance of each loan pool over a complete economic cycle. Loss rates are based on historical averages for each loan pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables such as gross domestic product (“GDP”), unemployment rates, corporate bond credit spreads and commercial property values, which management considers to be both reasonable and supportable. The single, forward-looking forecast of these macroeconomic variables is applied over the remaining life of the loan pools. The development of the reasonable and supportable forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast.

The secondary factor is intended to capture additional risks related to events and circumstances that management believes have an impact on the performance of the loan portfolio that are not considered as part of the primary factor. Although this factor is more
subjective in nature, the methodology focuses on internal and external trends in pre-specified categories, or risk factors, and applies a quantitative percentage that drives the secondary factor. Nine risk factors have been identified and each risk factor is assigned an allowance level based on management’s judgment as to the expected impact of each risk factor on each loan portfolio and is monitored on a quarterly basis. As the trend in any risk factor changes, management evaluates the need for a corresponding change to occur in the allowance associated with each respective risk factor to provide the most appropriate estimate of allowance for credit losses on loans and leases.

The Company also maintains an allowance for credit losses on off-balance sheet credit exposures for unfunded loan commitments. This allowance is reflected as a component of other liabilities which represents management’s current estimate of expected losses in the unfunded loan commitments. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life based on management’s consideration of past events, current conditions and reasonable and supportable economic forecasts. Management tracks the level and trends in unused commitments and takes into consideration the same factors as those considered for purposes of the allowance for credit losses on outstanding loans. Unconditionally cancellable loans are excluded from the calculation of allowance for credit losses on off-balance sheet credit exposures.

Results for the three months ended March 31, 2021 are presented under the current expected credit loss (“CECL”) methodology, in accordance with ASC Topic 326, while prior period amounts continue to be reported in accordance with ASC Topic 450, “Contingencies,” and specific reserves based upon ASC Topic 310, “Receivables.” ASC Topic 450 applies to homogeneous loan pools such as commercial loans, consumer lines of credit and residential mortgages that are not individually evaluated for impairment. ASC Topic 310 is applied to commercial and consumer loans that are individually evaluated for impairment.
Investment management fees
INVESTMENT MANAGEMENT FEES
The Company recognizes investment management fee revenue when advisory services are performed. Fees are based on assets under management and are calculated pursuant to individual client contracts. Investment management fees are generally received on a quarterly basis. Certain incremental costs incurred to acquire some of our investment management contracts are deferred and amortized to non-interest expense over the estimated life of the contract.
Investment management fees receivable represent amounts due for contractual investment management services provided to the Company’s clients, primarily institutional investors, mutual funds and individual investors. Management performs credit evaluations of its customers’ financial condition when it is deemed to be necessary and does not require collateral. The Company provides an allowance for uncollectible accounts based on specifically identified receivables.
Goodwill and other intangible assets
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized and is subject to at least annual assessments for impairment by applying a fair value based test. The Company reviews goodwill annually and again at any quarter-end if a material event occurs during the quarter that may affect goodwill. If goodwill testing is required, an assessment of qualitative factors can be completed before performing a goodwill impairment test. If an assessment of qualitative factors determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then a goodwill impairment test is not required.

Other intangible assets represent purchased assets that may lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. The Company has determined that certain of its acquired mutual fund client relationships meet the criteria to be considered indefinite-lived assets because the Company expects both the renewal of these contracts and the cash flows generated by these assets to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead reviews these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived assets may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred which indicate that the indefinite life criteria are no longer met. If the indefinite life criteria are no longer met, the Company assesses whether the carrying value of these assets exceeds its fair value. If the carrying value exceeds the fair value of the assets, an impairment loss is recorded in an amount equal to any such excess and the assets are reclassified to finite-lived. Other intangible assets that the Company has determined to have finite lives, such as its trade names, client lists and non-compete agreements are amortized over their estimated useful lives. These finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from four to 25 years. Finite-lived intangibles are evaluated for impairment on an annual basis or more frequently whenever events or circumstances occur indicating that the carrying amount may not be recoverable.
Office properties and equipment
OFFICE PROPERTIES AND EQUIPMENT
Office properties and equipment are stated at cost less accumulated depreciation. Office properties include furniture, fixtures and leasehold improvements. Equipment includes computer equipment and internal use software. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets, except for leasehold improvements, which are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Estimated useful lives are dependent upon the nature and condition of the asset and range from three to 10 years. Repairs and maintenance are charged to expense as incurred, while improvements that extend the useful life of the assets are capitalized and depreciated to non-interest expense over the estimated remaining life of the asset.
Operating leases
OPERATING LEASES
The Company is a lessee in noncancellable operating leases, primarily for its office spaces and other office equipment. The Company accounts for leases in accordance with ASC Topic 842, “Leases,” and records operating leases as a right-of-use asset and an offsetting lease liability in the consolidated statements of financial condition at the present value of the unpaid lease payments. The Company generally uses its incremental borrowing rate as the discount rate for operating leases. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Bank owned life insurance
BANK OWNED LIFE INSURANCE
Bank owned life insurance (“BOLI”) policies on certain officers and employees are recorded at net cash surrender value on the consolidated statements of financial condition. Upon termination of a BOLI policy, the Company receives the cash surrender value. BOLI benefits are payable to the Company upon the death of the insured. Changes in net cash surrender value are recognized as non-interest income in the consolidated statements of income.
Deposits
DEPOSITS
Deposits are stated at principal outstanding. Interest on deposits is accrued and charged to interest expense daily and is paid or credited in accordance with the terms of the respective accounts.
Borrowings
BORROWINGS
The Company records FHLB advances, line of credit borrowings and subordinated notes payable at their principal amount net of debt issuance costs. Interest expense is recognized based on the coupon rate of the obligations. Costs associated with the acquisition of subordinated notes payable are amortized to interest expense over the expected term of the borrowing.
Income taxes
INCOME TAXES
The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the tax effects of differences between the financial statement and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities with regard to a change in tax rates is recognized in income in the period that includes the enactment date. Management assesses all available evidence to determine the amount of deferred tax assets that are more likely than not to be realized. The available evidence used in connection with the assessments includes taxable income in prior periods, projected taxable income, potential tax planning strategies and projected reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo significant change. Changes to the evidence used in the assessments could have a material adverse effect on the Company’s results of operations in the period in which they occur. The Company considers uncertain tax positions that it has taken or expects to take on a tax return. Any interest and penalties related to unrecognized tax benefits would be recognized in income tax expense in the consolidated statements of income.
Earnings per common share
EARNINGS PER COMMON SHARE
Earnings per common share (“EPS”) is computed using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities, according to dividends and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for common shareholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all the earnings for the period had been distributed.

The two-class method requires that the Company’s Series C perpetual non-cumulative convertible non-voting preferred stock (the “Series C Preferred Stock”) and warrants to be treated as participating classes of securities in the computation of EPS. In addition, net income is reduced by dividends declared on all series of preferred stock to derive net income available to common
shareholders. Basic EPS is computed by dividing net income allocable to common shareholders by the weighted average number of the Company’s common shares outstanding for the period, excluding non-vested restricted stock. Diluted EPS reflects the potential dilution upon the exercise of stock options and warrants, and the vesting of restricted stock awards granted utilizing the treasury stock method.
Stock-based compensation
STOCK-BASED COMPENSATION
The Company accounts for its stock-based compensation awards based on estimated fair values of stock-based awards made to employees and directors. Compensation cost for all stock-based payments is based on the estimated grant-date fair value. The value of the portion of the award that is ultimately expected to vest is included in compensation and employee benefits expense in the consolidated statements of income and recorded as a component of additional paid-in capital. Compensation expense for all awards is recognized on a straight-line basis over the requisite service period for the entire grant.
Derivatives and hedging activities
DERIVATIVES AND HEDGING ACTIVITIES
All derivatives are evaluated at inception as to whether they are hedging or non-hedging activities. All derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and measured at fair value. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. Any hedge ineffectiveness would be recognized in the income statement line item pertaining to the hedged item. For derivatives designated as cash flow hedges, changes in fair value of the effective portion of the cash flow hedges are reported in accumulated other comprehensive income (loss). When the cash flows associated with the hedged item are realized, the gain or loss included in accumulated other comprehensive income (loss) is recognized in the consolidated statements of income. The Company also has interest rate derivative positions that are not designated as hedging instruments. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company is required to have minimum collateral posting thresholds with certain of its derivative counterparties which is considered restricted cash.

The Company executes interest rate derivatives with its commercial banking customers to facilitate their respective risk management strategies. The Company generates swap fee income through these transactions. These derivatives are simultaneously and economically hedged by offsetting derivatives that the Company executes with a third party, such that the Company generally eliminates its interest rate exposure resulting from such transactions and these derivatives are not designated as hedging instruments. Swap fees are based on the notional amount and weighted maturity of each individual transaction and are collected and recorded to non-interest income in the consolidated statements of income when the transaction is executed.
Fair value measurement
FAIR VALUE MEASUREMENT
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in a principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date, using assumptions market participants would use when pricing such an asset or liability. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Fair value measurement and disclosure guidance provides a three-level hierarchy that prioritizes the inputs of valuation techniques used to measure fair value into three broad categories:

•Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs such as quoted prices for similar assets and liabilities in active markets, quoted prices for similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

Fair value must be recorded for certain assets and liabilities every reporting period on a recurring basis or, under certain circumstances, on a non-recurring basis.
Accumulated other comprehensive income (loss)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized holding gains and the non-credit component of unrealized losses on the Company’s debt securities available-for-sale are included in accumulated other comprehensive income (loss), net of applicable income taxes. Also included in accumulated other comprehensive income (loss) is the remaining unamortized balance of the unrealized holding gains (non-credit losses) net of applicable income taxes, that existed on the transfer date for debt securities reclassified into the held-to-maturity category from the available-for-sale category.
Unrealized holding gains (losses) on the effective portion of the Company’s cash flow hedge derivatives are included in accumulated other comprehensive income (loss), net of applicable income taxes, which will be reclassified to interest expense as interest payments are made on the Company’s debt.

Income tax effects in accumulated other comprehensive income (loss) are released as investments are sold or mature and as liabilities are extinguished.
Treasury stock
TREASURY STOCK
The repurchase of the Company’s common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from any previous net gains on treasury share transactions exists. Any net deficiency is charged to retained earnings.
Reclassification
RECLASSIFICATION
Certain items previously reported have been reclassified to conform with the current year’s reporting presentation and are considered immaterial.

During the three months ended March 31, 2020, the Company made changes to certain Non-Interest Expense line items appearing on the consolidated statements of income to better align with and provide additional clarity on how management views the business. All prior periods have been adjusted to conform with the changes and provide comparability to the new presentation. The adjustments are as follows:

Marketing and Advertising, which was previously a component of Other Operating Expenses, is now presented as a separate line item.

Technology and Data Services is also presented as a separate line item and includes data processing expense, data and information services and certain software costs. These costs were previously included in Premises and Occupancy Costs.

Telephone Expense, which was previously reported as a component of Other Operating Expense, is now included in Premises and Equipment Expense.

Premises and Occupancy Costs was renamed as Premises and Equipment Expense.
v3.21.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of investment securities available-for-sale
Debt securities available-for-sale and held-to-maturity were comprised of the following as of March 31, 2021:
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$139,996 $1,059 $515 $— $140,540 
Trust preferred securities18,264 302 130 — 18,436 
Agency collateralized mortgage obligations20,119 77 — — 20,196 
Agency mortgage-backed securities1,356 43 1 — 1,398 
Agency debentures8,015 633 — — 8,648 
Total debt securities available-for-sale$187,750 $2,114 $646 $— $189,218 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$30,671 $707 $10 31,368 $55 
Agency debentures77,823 585 584 77,824 — 
Municipal bonds5,034 15 — 5,049 — 
Residential mortgage-backed securities257,782 54 2,530 255,306 105 
Agency mortgage-backed securities620,395 553 11,769 609,179 — 
U.S. treasury notes39,027 — 1,466 37,561 — 
Total debt securities held-to-maturity$1,030,732 $1,914 $16,359 $1,016,287 $160 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.
Debt securities available-for-sale and held-to-maturity were comprised of the following as of December 31, 2020:
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$157,452 $1,538 $526 — $158,464 
Trust preferred securities18,228 57 198 — 18,087 
Agency collateralized mortgage obligations22,058 36 5 — 22,089 
Agency mortgage-backed securities406,741 3,595 209 — 410,127 
Agency debentures8,013 790 — — 8,803 
Total debt securities available-for-sale$612,492 $6,016 $938 — $617,570 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$28,672 $566 $1 $29,237 $79 
Agency debentures48,130 1,051 — 49,181 — 
Municipal bonds6,577 45 — 6,622 — 
Residential mortgage-backed securities124,152 237 217 124,172 70 
Agency mortgage-backed securities4,309 778 — 5,087 — 
Total debt securities held-to-maturity$211,840 $2,677 $218 $214,299 $149 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.
Schedule of investment securities held-to-maturity
Debt securities available-for-sale and held-to-maturity were comprised of the following as of March 31, 2021:
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$139,996 $1,059 $515 $— $140,540 
Trust preferred securities18,264 302 130 — 18,436 
Agency collateralized mortgage obligations20,119 77 — — 20,196 
Agency mortgage-backed securities1,356 43 1 — 1,398 
Agency debentures8,015 633 — — 8,648 
Total debt securities available-for-sale$187,750 $2,114 $646 $— $189,218 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
March 31, 2021
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$30,671 $707 $10 31,368 $55 
Agency debentures77,823 585 584 77,824 — 
Municipal bonds5,034 15 — 5,049 — 
Residential mortgage-backed securities257,782 54 2,530 255,306 105 
Agency mortgage-backed securities620,395 553 11,769 609,179 — 
U.S. treasury notes39,027 — 1,466 37,561 — 
Total debt securities held-to-maturity$1,030,732 $1,914 $16,359 $1,016,287 $160 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.
Debt securities available-for-sale and held-to-maturity were comprised of the following as of December 31, 2020:
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation
Allowance for Credit Losses (1)
Estimated
Fair Value
Debt securities available-for-sale:
Corporate bonds$157,452 $1,538 $526 — $158,464 
Trust preferred securities18,228 57 198 — 18,087 
Agency collateralized mortgage obligations22,058 36 5 — 22,089 
Agency mortgage-backed securities406,741 3,595 209 — 410,127 
Agency debentures8,013 790 — — 8,803 
Total debt securities available-for-sale$612,492 $6,016 $938 — $617,570 
(1)Available-for-sale securities are recorded on the consolidated statements of financial condition at estimated fair value, net of allowance for credit losses, if applicable.
December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross Unrealized
Appreciation		Gross Unrealized
Depreciation		Estimated
Fair Value
Allowance for Credit Losses (1)
Debt securities held-to-maturity:
Corporate bonds$28,672 $566 $1 $29,237 $79 
Agency debentures48,130 1,051 — 49,181 — 
Municipal bonds6,577 45 — 6,622 — 
Residential mortgage-backed securities124,152 237 217 124,172 70 
Agency mortgage-backed securities4,309 778 — 5,087 — 
Total debt securities held-to-maturity$211,840 $2,677 $218 $214,299 $149 
(1)Held-to-maturity securities are recorded on the consolidated statements of financial condition at amortized cost, net of allowance for credit losses.
Interest income on investment securities
Interest income on investment securities was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
Taxable interest income$2,429 $3,391 
Non-taxable interest income35 112 
Dividend income182 398 
Total interest income on investment securities$2,646 $3,901 
Schedule of contractual maturities of debt securities
As of March 31, 2021, the contractual maturities of the debt securities were:
March 31, 2021
Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in less than one year$12,002 $12,019 $2,166 $2,175 
Due from one to five years73,788 74,454 14,289 14,686 
Due from five to ten years63,656 63,733 147,856 146,570 
Due after ten years38,304 39,012 866,421 852,856 
Total debt securities$187,750 $189,218 $1,030,732 $1,016,287 
Schedule of proceeds and realized gains and losses from investments securities
Proceeds from the sale and call of debt securities available-for-sale and held-to-maturity and related gross realized gains and losses were:
Available-for-SaleHeld-to-Maturity
Three Months Ended March 31,Three Months Ended March 31,
(Dollars in thousands)2021202020212020
Proceeds from sales$— $49,967 $— $— 
Proceeds from calls17,311 — 3,555 122,353 
Total proceeds$17,311 $49,967 $3,555 $122,353 
Gross realized gains$— $15 $— $42 
Gross realized losses1 — — — 
Net realized gains (losses)$(1)$15 $— $42 
Schedule of debt securities, held-to-maturity, allowance for credit loss
The following table shows a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2021:

Three Months Ended March 31, 2021
(Dollars in thousands)Corporate bondsResidential mortgage-backed securitiesMunicipal bondsAgency debentures and mortgage-backed securitiesU.S. treasury notesTotal
Balance, beginning of period$79 $70 $— $— $— $149 
Provision (credit)$(24)$35 $— $— $— $11 
Charge-offs$— $— $— $— $— $— 
Recoveries$— $— $— $— $— $— 
Balance, end of period$55 $105 $— $— $— $160 
Schedule of fair value and gross unrealized losses on investment equity securities
The following tables show the fair value and gross unrealized losses on debt securities available-for-sale, by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020:
March 31, 2021
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Debt securities available-for-sale:
Corporate bonds$12,020 $356 $9,840 $159 $21,860 $515 
Trust preferred securities— — 4,355 130 4,355 130 
Agency mortgage-backed securities— — 93 1 93 1 
Total temporarily impaired debt securities available-for-sale (1)
$12,020 $356 $14,288 $290 $26,308 $646 
(1)The number of investment positions with unrealized losses totaled 16 for available-for-sale securities.
December 31, 2020
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Debt securities available-for-sale:
Corporate bonds$28,796 $277 $9,751 $249 $38,547 $526 
Trust preferred securities13,313 198 — — 13,313 198 
Agency collateralized mortgage obligations— — 9,863 5 9,863 5 
Agency mortgage-backed securities89,931 209 — — 89,931 209 
Total temporarily impaired debt securities available-for-sale (1)
$132,040 $684 $19,614 $254 $151,654 $938 
(1)The number of investment positions with unrealized losses totaled 33 for available-for-sale securities.
Schedule of debt securities, held-to-maturity, credit quality indicator
The Company monitors the credit quality of debt securities held-to-maturity including credit ratings quarterly. The following tables present the amortized costs basis of debt securities held-to-maturity by Moody’s bond credit rating.
March 31, 2021
(Dollars in thousands)AaaAaABaaBaTotal
Debt securities held-to-maturity:
Corporate bonds$— $— $— $30,671 $— $30,671 
Agency debentures77,823 — — — — 77,823 
Municipal bonds— 4,244 790 — — 5,034 
Residential mortgage-backed securities257,782 — — — — 257,782 
Agency mortgage-backed securities620,395 — — — — 620,395 
U.S. treasury notes39,027 — — — — 39,027 
Total debt securities held-to-maturity$995,027 $4,244 $790 $30,671 $— $1,030,732 
v3.21.1
Loans and Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Schedule of loans receivable
Loans and leases held-for-investment were comprised of the following:
March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Loans and leases held-for-investment, before deferred fees and costs$5,042,763 $1,244,442 $2,245,942 $8,533,147 
Net deferred loan costs (fees)10,858 4,766 (5,589)10,035 
Loans and leases held-for-investment, net of deferred fees and costs5,053,621 1,249,208 2,240,353 8,543,182 
Allowance for credit losses on loans and leases(1,767)(8,156)(24,721)(34,644)
Loans and leases held-for-investment, net$5,051,854 $1,241,052 $2,215,632 $8,508,538 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Loans and leases held-for-investment, before deferred fees and costs$4,797,881 $1,269,248 $2,160,784 $8,227,913 
Net deferred loan costs (fees)9,919 4,904 (5,318)9,505 
Loans and leases held-for-investment, net of deferred fees and costs4,807,800 1,274,152 2,155,466 8,237,418 
Allowance for credit losses on loans and leases(2,047)(5,254)(27,329)(34,630)
Loans and leases held-for-investment, net$4,805,753 $1,268,898 $2,128,137 $8,202,788 
v3.21.1
Allowance for Credit Losses on Loans and Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Allowance for Credit Losses and Leases [Abstract]  
Schedule of loans by credit quality indicator
The following table presents the amortized cost basis of loans by portfolio, risk rating and year of origination:

As of March 31, 2021
(Dollars in thousands)20212020201920182017Prior
Revolving
Loans (1)
Total
Private Banking:
Pass$6,675 $61,654 $36,930 $55,705 $7,488 $58,045 $4,826,621 $5,053,118 
Special Mention— — — — — — — — 
Substandard— — 503 — — — — 503 
Doubtful— — — — — — — — 
Total Private Banking Loans6,675 61,654 37,433 55,705 7,488 58,045 4,826,621 5,053,621 
Commercial and Industrial:
Pass21,217 201,905 214,411 74,006 41,239 29,007 648,035 1,229,820 
Special Mention— 1,803 — 5,294 — — 3,208 10,305 
Substandard— 750 — 7,875 — — 458 9,083 
Doubtful— — — — — — — — 
Total Commercial and Industrial Loans21,217 204,458 214,411 87,175 41,239 29,007 651,701 1,249,208 
Commercial Real Estate:
Pass128,517 518,170 583,110 442,780 195,731 297,933 43,125 2,209,366 
Special Mention— 440 5,395 — — 1,175 — 7,010 
Substandard— 155 — 10,605 2,894 10,323 — 23,977 
Doubtful— — — — — — — — 
Total Commercial Real Estate Loans128,517 518,765 588,505 453,385 198,625 309,431 43,125 2,240,353 
Loans and leases held-for-investment$156,409 $784,877 $840,349 $596,265 $247,352 $396,483 $5,521,447 $8,543,182 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at March 31, 2021.
As of December 31, 2020
(Dollars in thousands)20202019201820172016Prior
Revolving
Loans (1)
Total
Private Banking:
Pass$64,829 $44,210 $57,081 $7,736 $12,040 $55,092 $4,566,296 $4,807,284 
Special Mention— — — — — — — — 
Substandard— 516 — — — — — 516 
Doubtful— — — — — — — — 
Total Private Banking Loans64,829 44,726 57,081 7,736 12,040 55,092 4,566,296 4,807,800 
Commercial and Industrial:
Pass216,459 223,189 88,212 44,575 9,383 20,709 651,900 1,254,427 
Special Mention1,795 — 5,416 — — — 3,431 10,642 
Substandard750 — 7,875 — — — 458 9,083 
Doubtful— — — — — — — — 
Total Commercial and Industrial Loans219,004 223,189 101,503 44,575 9,383 20,709 655,789 1,274,152 
Commercial Real Estate:
Pass514,920 617,120 435,708 202,001 181,108 134,700 38,802 2,124,359 
Special Mention446 5,395 4,308 — 1,186 145 — 11,480 
Substandard91 — 6,296 2,926 7,054 3,260 — 19,627 
Doubtful— — — — — — — — 
Total Commercial Real Estate Loans515,457 622,515 446,312 204,927 189,348 138,105 38,802 2,155,466 
Loans and leases held-for-investment$799,290 $890,430 $604,896 $257,238 $210,771 $213,906 $5,260,887 $8,237,418 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at December 31, 2020.
Schedule of changes in allowance for loan losses
Changes in the allowance for credit losses on loans and leases were as follows for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Balance, beginning of period$2,047 $5,254 $27,329 $34,630 
Provision (credit) for credit losses(280)3,101 (2,608)213 
Charge-offs— (199)— (199)
Recoveries— — — — 
Balance, end of period$1,767 $8,156 $24,721 $34,644 
Three Months Ended March 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Balance, beginning of period$1,973 $5,262 $6,873 $14,108 
Provision for credit losses201 1,220 1,572 2,993 
Charge-offs— — — — 
Recoveries— 203 — 203 
Balance, end of period$2,174 $6,685 $8,445 $17,304 
Schedule of past due loans by class
The following tables present the age analysis of past due loans and leases segregated by class:
March 31, 2021
(Dollars in thousands)30-59 Days
 Past Due		60-89 Days
 Past Due		90 Days or More Past Due Total Past DueCurrentTotal
Private banking$445 $5 $675 $1,125 $5,052,496 $5,053,621 
Commercial and industrial— 7,875 1,209 9,084 1,240,124 1,249,208 
Commercial real estate4,309 — 6,296 10,605 2,229,748 2,240,353 
Loans and leases held-for-investment$4,754 $7,880 $8,180 $20,814 $8,522,368 $8,543,182 
December 31, 2020
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due Total Past DueCurrentTotal
Private banking$250 $— $— $250 $4,807,550 $4,807,800 
Commercial and industrial— — 458 458 1,273,694 1,274,152 
Commercial real estate2,926 — 6,296 9,222 2,146,244 2,155,466 
Loans and leases held-for-investment$3,176 $— $6,754 $9,930 $8,227,488 $8,237,418 
Schedule of loans considered to be impaired
The following tables present the Company’s amortized cost basis of individually evaluated loans and related information on those loans for the three months ended March 31, 2021 and 2020:
As of and for the Three Months Ended March 31, 2021
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial9,083 9,082 4,427 9,083 — 
Commercial real estate13,644 13,719 2,482 13,655 — 
Total with a related allowance recorded22,727 22,801 6,909 22,738 — 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial9,083 9,082 4,427 9,083 — 
Commercial real estate13,644 13,719 2,482 13,655 — 
Total$22,727 $22,801 $6,909 $22,738 $— 
As of and for the Twelve Months Ended December 31, 2020
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial458 457 103 458 — 
Commercial real estate9,222 9,251 1,885 9,222 — 
Total with a related allowance recorded9,680 9,708 1,988 9,680 — 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial458 457 103 458 — 
Commercial real estate9,222 9,251 1,885 9,222 — 
Total$9,680 $9,708 $1,988 $9,680 $— 
Schedule of allowance for credit losses and investment in loans by class
The following tables present the allowance for credit losses on loans and leases and amortized costs basis of individually evaluated loans:
March 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $4,427 $2,482 $6,909 
Collectively evaluated for impairment1,767 3,729 22,239 27,735 
Total allowance for credit losses on loans and leases$1,767 $8,156 $24,721 $34,644 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $9,084 $13,644 $22,728 
Collectively evaluated for impairment5,053,621 1,240,124 2,226,709 8,520,454 
Loans and leases held-for-investment$5,053,621 $1,249,208 $2,240,353 $8,543,182 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $103 $1,885 $1,988 
Collectively evaluated for impairment2,047 5,151 25,444 32,642 
Total allowance for credit losses on loans and leases$2,047 $5,254 $27,329 $34,630 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $458 $9,222 $9,680 
Collectively evaluated for impairment4,807,800 1,273,694 2,146,244 8,227,738 
Loans and leases held-for-investment$4,807,800 $1,274,152 $2,155,466 $8,237,418 
Schedule of financial effects of modifications
The financial effects of our modifications made to loans newly designated as TDRs during the three months ended March 31, 2021, were as follows:
Three Months Ended March 31, 2021
(Dollars in thousands)CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Credit Losses on Loans and Leases at the time of ModificationCurrent Allowance for Credit Losses on Loans and Leases
Commercial Real Estate:
Extended term, deferred principal2$4,454 $4,454 $445 $445 
Total2$4,454 $4,454 $445 $445 
v3.21.1
Deposits (Tables)
 3 Months Ended
Mar. 31, 2021
Deposits [Abstract]  
Schedule of deposits
As of March 31, 2021 and December 31, 2020, deposits were comprised of the following:
Interest Rate
Range		Weighted Average
Interest Rate		Balance
(Dollars in thousands)March 31,
2021		March 31,
2021		December 31,
2020		March 31,
2021		December 31,
2020
Demand and savings accounts:
Noninterest-bearing checking accounts———$496,818 $456,426 
Interest-bearing checking accounts0.05 to 1.70%0.34%0.38%3,373,915 3,068,834 
Money market deposit accounts0.10 to 1.87%0.54%0.56%4,449,317 3,927,797 
Total demand and savings accounts8,320,050 7,453,057 
Certificates of deposit0.05 to 3.22%0.60%1.08%929,969 1,036,032 
Total deposits$9,250,019 $8,489,089 
Weighted average rate on interest-bearing accounts0.47%0.56%
Schedule of maturities of time deposits
The contractual maturity of certificates of deposit was as follows:
(Dollars in thousands)March 31,
2021		December 31,
2020
12 months or less$766,646 $892,427 
12 months to 24 months145,411 132,443 
24 months to 36 months17,912 11,162 
Total$929,969 $1,036,032 
Schedule of interest expense on deposits by type of deposit
Interest expense on deposits was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
Interest-bearing checking accounts$2,793 $5,214 
Money market deposit accounts5,964 14,655 
Certificates of deposit1,997 7,375 
Total interest expense on deposits$10,754 $27,244 
v3.21.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of borrowings
As of March 31, 2021 and December 31, 2020, borrowings were comprised of the following:
March 31, 2021December 31, 2020
(Dollars in thousands)Interest RateEnding BalanceMaturity DateInterest RateEnding BalanceMaturity Date
FHLB borrowings:
Issued 3/22/20210.31%$50,000 6/21/2021—%$— 
Issued 3/2/20210.36%50,000 6/2/2021—%— 
Issued 3/1/20210.36%150,000 6/1/2021—%— 
Issued 12/21/2020—%— 0.39%50,000 3/22/2021
Issued 12/2/2020—%— 0.33%50,000 3/2/2021
Issued 12/1/2020—%— 0.33%150,000 3/1/2021
Issued 10/8/2020—%— 0.39%50,000 1/8/2021
Line of credit borrowings—%— 4.25%5,000 10/17/2021
Subordinated notes payable (net of debt issuance costs of $1,953 and $2,007, respectively)
5.75%95,547 5/15/20305.75%95,493 5/15/2030
Total borrowings, net$345,547 $400,493 
Schedule of interest expense on borrowings
Interest expense on borrowings was as follows:
Three Months Ended March 31,
(Dollars in thousands)20212020
FHLB borrowings$1,072 $2,035 
Line of credit borrowings55 1 
Subordinated notes payable1,455 — 
Total interest expense on borrowings$2,582 $2,036 
v3.21.1
Stock Transactions (Tables)
 3 Months Ended
Mar. 31, 2021
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Schedule of preferred and common shares, activity
The tables below show the changes in the Company’s preferred and common shares outstanding during the periods indicated:
Number of
Preferred Shares Outstanding		Number of
Common Shares
Outstanding		Number of
Treasury Shares
Balance, December 31, 2019120,750 29,355,986 2,126,422 
Issuance of restricted common stock— 513,820 — 
Forfeitures of restricted common stock— (3,500)— 
Exercise of stock options— 10,000 — 
Purchase of treasury stock— (30,000)30,000 
Increase in treasury stock related to equity awards— (83,728)83,728 
Balance, March 31, 2020120,750 29,762,578 2,240,150 
Balance, December 31, 2020121,400 32,620,150 2,299,422 
Issuance of restricted common stock— 585,386 — 
Forfeitures of restricted common stock— (10,547)— 
Exercise of stock options— 39,000 — 
Increase in treasury stock related to equity awards— (73,384)73,384 
Balance, March 31, 2021121,400 33,160,605 2,372,806 
v3.21.1
Regulatory Capital (Tables)
 3 Months Ended
Mar. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Schedule of compliance with regulatory capital requirements under banking regulations
The following tables set forth certain information concerning the Company’s and the Bank’s regulatory capital as of March 31, 2021 and December 31, 2020:
March 31, 2021
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$849,795 14.18 %$479,527 8.00 % N/AN/A
Bank$806,040 13.49 %$478,061 8.00 %$597,576 10.00 %
Tier 1 risk-based capital ratio
Company$723,939 12.08 %$359,645 6.00 % N/AN/A
Bank$775,731 12.98 %$358,546 6.00 %$478,061 8.00 %
Common equity tier 1 risk-based capital ratio
Company$545,696 9.10 %$269,734 4.50 % N/AN/A
Bank$775,731 12.98 %$268,909 4.50 %$388,424 6.50 %
Tier 1 leverage ratio
Company$723,939 7.13 %$406,374 4.00 % N/AN/A
Bank$775,731 7.65 %$405,671 4.00 %$507,089 5.00 %
December 31, 2020
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$833,819 14.12 %$472,267 8.00 %N/AN/A
Bank$789,273 13.41 %$470,820 8.00 %$588,525 10.00 %
Tier 1 risk-based capital ratio
Company$707,711 11.99 %$354,200 6.00 %N/AN/A
Bank$758,658 12.89 %$353,115 6.00 %$470,820 8.00 %
Common equity tier 1 risk-based capital ratio
Company$530,568 8.99 %$265,650 4.50 %N/AN/A
Bank$758,658 12.89 %$264,836 4.50 %$382,542 6.50 %
Tier 1 leverage ratio
Company$707,711 7.29 %$388,408 4.00 %N/AN/A
Bank$758,658 7.83 %$387,626 4.00 %$484,533 5.00 %
v3.21.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Schedule of earnings per share, basic and diluted
The computation of basic and diluted earnings per common share for the periods presented were as follows:

Three Months Ended March 31,
(Dollars in thousands, except per share data)20212020
Basic earnings per common share:
Net income$16,200 $12,895 
Less: Preferred dividends on Series A and Series B1,962 1,962 
Less: Preferred dividends on Series C1,097 — 
Net income available to common shareholders$13,141 $10,933 
Allocation of net income available:
Common shareholders$11,127 $10,933 
Series C convertible preferred shareholders1,685 — 
Warrant shareholders329 — 
Total$13,141 $10,933 
Basic weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Basic earnings per common share$0.36 $0.39 
Diluted earnings per common share:
Income available to common shareholders after allocation$11,127 $10,933 
Diluted weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Restricted stock - dilutive801,798 427,404 
Stock options - dilutive160,762 236,851 
Diluted common shares32,187,034 28,844,844 
Diluted earnings per common share$0.35 $0.38 
Three Months Ended March 31,
Anti-dilutive shares:20212020
Restricted stock71,810 545,320 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Total anti-dilutive shares
5,721,520 545,320 
Schedule of antidilutive securities excluded from computation of earnings per share
The computation of basic and diluted earnings per common share for the periods presented were as follows:

Three Months Ended March 31,
(Dollars in thousands, except per share data)20212020
Basic earnings per common share:
Net income$16,200 $12,895 
Less: Preferred dividends on Series A and Series B1,962 1,962 
Less: Preferred dividends on Series C1,097 — 
Net income available to common shareholders$13,141 $10,933 
Allocation of net income available:
Common shareholders$11,127 $10,933 
Series C convertible preferred shareholders1,685 — 
Warrant shareholders329 — 
Total$13,141 $10,933 
Basic weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Basic earnings per common share$0.36 $0.39 
Diluted earnings per common share:
Income available to common shareholders after allocation$11,127 $10,933 
Diluted weighted average common shares outstanding:
Basic common shares31,224,474 28,180,589 
Restricted stock - dilutive801,798 427,404 
Stock options - dilutive160,762 236,851 
Diluted common shares32,187,034 28,844,844 
Diluted earnings per common share$0.35 $0.38 
Three Months Ended March 31,
Anti-dilutive shares:20212020
Restricted stock71,810 545,320 
Series C convertible preferred stock, as-if converted4,727,272 — 
Warrants, as-if exercised922,438 — 
Total anti-dilutive shares
5,721,520 545,320 
v3.21.1
Derivatives and Hedging Activity (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments in statement of financial position, fair value
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:
Asset DerivativesLiability Derivatives
as of March 31, 2021as of March 31, 2021
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$320 Other liabilities$6,114 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets102,877 Other liabilities102,821 
TotalOther assets$103,197 Other liabilities$108,935 
Asset DerivativesLiability Derivatives
as of December 31, 2020as of December 31, 2020
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$— Other liabilities$9,082 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets144,333 Other liabilities144,351 
TotalOther assets$144,333 Other liabilities$153,433 
Schedule of offsetting derivative assets
The following tables show the impact legally enforceable master netting agreements had on the Company’s derivative financial instruments as of March 31, 2021 and December 31, 2020:
Offsetting of Derivative Assets
Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets
presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial PositionNet Amount
(Dollars in thousands)Financial InstrumentsCash Collateral Received
March 31, 2021$103,197 $— $103,197 $(19,736)$— $83,461 
December 31, 2020$144,333 $— $144,333 $(94)$— $144,239 
Schedule of offsetting derivative liabilities
Offsetting of Derivative Liabilities
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities
presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial PositionNet Amount
(Dollars in thousands)Financial InstrumentsCash Collateral Posted
March 31, 2021$108,935 $— $108,935 $(19,736)$(69,368)$19,831 
December 31, 2020$153,433 $— $153,433 $(94)$(150,238)$3,101 
Schedule of interest rate derivative transactions
Characteristics of the Company’s interest rate derivative transactions designated as cash flow hedges of interest rate risk as of March 31, 2021, were as follows:
(Dollars in thousands)Notional
Amount
Effective
Rate (1)
Estimated Increase/
(Decrease) to Interest
Expense in the Next
Twelve Months		Maturity
Date		Remaining Term
(in Months)
Interest rate products:
Issued 5/30/2019$50,000 2.05%$933 6/1/202214
Issued 5/30/201950,000 2.03%925 6/1/202326
Issued 5/30/201950,000 2.04%931 6/1/202438
Issued 3/2/202050,000 0.98%393 3/2/202547
Issued 3/20/202050,000 0.60%199 3/20/202548
Total$250,000 $3,381 
(1)The effective rate is adjusted for the difference between the three-month FHLB advance rate and three-month LIBOR.
Schedule of derivative instruments, gain (loss) in statement of financial performance
The tables below present the effective portion of the Company’s cash flow hedge instruments in the unaudited condensed consolidated statements of income and accumulated other comprehensive income (loss):
Three Months Ended March 31,Three Months Ended March 31,
(Dollars in thousands)2021202020212020
Derivatives designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss) Recognized in Income on DerivativesUnrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives
Interest rate productsInterest expense$(846)$(159)$2,216 $(7,711)
The table below presents the effect of the Company’s non-designated hedge instruments in the unaudited condensed consolidated statements of income:
Three Months Ended March 31,
(Dollars in thousands)20212020
Derivatives not designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Interest rate productsNon-interest income$31 $(61)
v3.21.1
Disclosures About Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
The following tables represent assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $140,540 $— $140,540 
Trust preferred securities— 18,436 — 18,436 
Agency collateralized mortgage obligations— 20,196 — 20,196 
Agency mortgage-backed securities— 1,398 — 1,398 
Agency debentures— 8,648 — 8,648 
Interest rate swaps— 103,197 — 103,197 
Total financial assets— 292,415 — 292,415 
Financial liabilities:
Interest rate swaps— 108,935 — 108,935 
Total financial liabilities$— $108,935 $— $108,935 
December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $158,464 $— $158,464 
Trust preferred securities— 18,087 — 18,087 
Agency collateralized mortgage obligations— 22,089 — 22,089 
Agency mortgage-backed securities— 410,127 — 410,127 
Agency debentures— 8,803 — 8,803 
Interest rate swaps— 144,333 — 144,333 
Total financial assets— 761,903 — 761,903 
Financial liabilities:
Interest rate swaps— 153,433 — 153,433 
Total financial liabilities$— $153,433 $— $153,433 
Schedule of fair value measurements, nonrecurring
The following tables represent the balances of assets measured at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $15,818 $15,818 
Other real estate owned— — 2,724 2,724 
Total assets$— $— $18,542 $18,542 
December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $7,692 $7,692 
Other real estate owned— — 2,724 2,724 
Total assets$— $— $10,416 $10,416 
Schedule of fair value inputs, assets, quantitative information
The following tables present additional quantitative information about assets measured at fair value on a recurring and non-recurring basis and for which we have utilized Level 3 inputs to determine fair value as of March 31, 2021 and December 31, 2020:
March 31, 2021
(Dollars in thousands)Fair Value
Valuation Techniques (1)
Significant Unobservable InputsWeighted Average Discount Rate
Loans measured for impairment, net (2)
$11,506 CollateralAppraisal value and discount due to salability conditions19%
Loans measured for impairment, net$4,312 Market ApproachMarket value and discount due to salability conditions17%
Other real estate owned$2,724 CollateralAppraisal value and discount due to salability conditions12%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow of ongoing operations if the loan is not collateral dependent.
(2)The collateral which is used in the valuation of these loans is commercial real estate.
December 31, 2020
(Dollars in thousands)Fair Value
Valuation Techniques (1)(2)
Significant Unobservable InputsWeighted Average
Discount Rate
Loans measured for impairment, net$7,692 CollateralAppraisal value and discount due to salability conditions23%
Other real estate owned$2,724 CollateralAppraisal value and discount due to salability conditions12%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow of ongoing operations if the loan is not collateral dependent.
(2)The collateral which is used in the valuation of these loans is commercial real estate.
Schedule of fair and carrying value of financial assets and liabilities
The following table summarizes of the carrying amounts and estimated fair values of financial instruments:
March 31, 2021December 31, 2020
(Dollars in thousands)Fair Value
Level		Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Cash and cash equivalents1$446,484 $446,484 $435,442 $435,442 
Debt securities available-for-sale2189,218 189,218 617,570 617,570 
Debt securities held-to-maturity21,030,572 1,016,287 211,691 214,299 
Federal Home Loan Bank stock211,284 11,284 13,284 13,284 
Loans and leases held-for-investment, net38,508,538 8,485,923 8,202,788 8,199,922 
Accrued interest receivable220,207 20,207 18,783 18,783 
Investment management fees receivable, net28,216 8,216 7,935 7,935 
Bank owned life insurance272,215 72,215 71,787 71,787 
Other real estate owned32,724 2,724 2,724 2,724 
Interest rate swaps2103,197 103,197 144,333 144,333 
Financial liabilities:
Deposits2$9,250,019 $9,268,280 $8,489,089 $8,510,799 
Borrowings, net2345,547 346,165 400,493 402,714 
Interest rate swaps2108,935 108,935 153,433 153,433 
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Schedule of changes in accumulated other comprehensive income (loss)
The following tables show the changes in accumulated other comprehensive income (loss) net of tax, for the periods presented:
Three Months Ended March 31,
20212020
(Dollars in thousands)Debt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotal
Balance, beginning of period$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 
Change in unrealized holding gains (losses)(954)1,683 729 (9,422)(5,874)(15,296)
Losses (gains) reclassified from other comprehensive income(1)642 641 (12)127 115 
Net other comprehensive income (loss)(955)2,325 1,370 (9,434)(5,747)(15,181)
Balance, end of period$2,879 $(4,206)$(1,327)$(6,678)$(7,371)$(14,049)
v3.21.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
The following tables provide financial information for the two segments of the Company as of and for the periods indicated. The information provided under the caption “Parent and Other” represents general operating activity of the Company not considered to be a reportable segment, which includes parent company activity as well as eliminations and adjustments that are necessary for purposes of reconciliation to the consolidated amounts.
(Dollars in thousands)March 31,
2021		December 31,
2020
Assets:
Bank$10,488,361 $9,819,719 
Investment management82,918 86,150 
Parent and other(6,129)(9,053)
Total assets$10,565,150 $9,896,816 
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
(Dollars in thousands)BankInvestment
Management		Parent
and Other		ConsolidatedBankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$51,992 $— $— $51,992 $64,202 $— $— $64,202 
Interest expense (benefit)11,839 — 1,497 13,336 29,296 — (16)29,280 
Net interest income (loss)40,153 — (1,497)38,656 34,906 — 16 34,922 
Provision for credit losses224 — — 224 2,993 — — 2,993 
Net interest income (loss) after provision for credit losses39,929 — (1,497)38,432 31,913 — 16 31,929 
Non-interest income:
Investment management fees— 9,234 (234)9,000 — 7,765 (127)7,638 
Net gain (loss) on the sale and call of debt securities(1)— — (1)57 — — 57 
Other non-interest income (loss)4,631 21 — 4,652 5,652 (31)— 5,621 
Total non-interest income (loss)4,630 9,255 (234)13,651 5,709 7,734 (127)13,316 
Non-interest expense:
Intangible amortization expense— 478 — 478 — 502 — 502 
Other non-interest expense22,655 7,442 703 30,800 21,034 6,626 982 28,642 
Total non-interest expense22,655 7,920 703 31,278 21,034 7,128 982 29,144 
Income (loss) before tax21,904 1,335 (2,434)20,805 16,588 606 (1,093)16,101 
Income tax expense (benefit)4,729 310 (434)4,605 3,348 28 (170)3,206 
Net income (loss)$17,175 $1,025 $(2,000)$16,200 $13,240 $578 $(923)$12,895 
v3.21.1
Basis of Information and Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
offices
subsidiary
portfolio
Dec. 31, 2020
USD ($)
Significant Accounting Policies [Line Items]    
Number of wholly owned subsidiaries 3  
Number of loan portfolios | portfolio 3  
Allowance for uncollectible accounts | $ $ 0 $ 0
Minimum    
Significant Accounting Policies [Line Items]    
Past due period for loans (in days) 90 days  
Consecutive period loan is current (in months) 6 months  
Estimated useful lives of intangible assets (in years) 4 years  
Estimated useful lives of office properties and equipment (in years) 3 years  
Maximum    
Significant Accounting Policies [Line Items]    
Original maturity of short-term investments (in days) 90 days  
Estimated useful lives of intangible assets (in years) 25 years  
Estimated useful lives of office properties and equipment (in years) 10 years  
Bank    
Significant Accounting Policies [Line Items]    
Number of wholly owned subsidiaries 2  
Number of representative offices, additional to main office | offices 4  
v3.21.1
Investment Securities - Investment Types (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt securities available-for-sale:    
Amortized Cost $ 187,750 $ 612,492
Gross Unrealized Appreciation 2,114 6,016
Gross Unrealized Depreciation 646 938
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 189,218 617,570
Debt securities held-to-maturity:    
Amortized Cost 1,030,732 211,840
Gross Unrealized Appreciation 1,914 2,677
Gross Unrealized Depreciation 16,359 218
Estimated Fair Value 1,016,287 214,299
Allowance for Credit Losses (1) 160 149
Corporate bonds    
Debt securities available-for-sale:    
Amortized Cost 139,996 157,452
Gross Unrealized Appreciation 1,059 1,538
Gross Unrealized Depreciation 515 526
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 140,540 158,464
Debt securities held-to-maturity:    
Amortized Cost 30,671 28,672
Gross Unrealized Appreciation 707 566
Gross Unrealized Depreciation 10 1
Estimated Fair Value 31,368 29,237
Allowance for Credit Losses (1) 55 79
Trust preferred securities    
Debt securities available-for-sale:    
Amortized Cost 18,264 18,228
Gross Unrealized Appreciation 302 57
Gross Unrealized Depreciation 130 198
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 18,436 18,087
Agency collateralized mortgage obligations    
Debt securities available-for-sale:    
Amortized Cost 20,119 22,058
Gross Unrealized Appreciation 77 36
Gross Unrealized Depreciation 0 5
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 20,196 22,089
Agency mortgage-backed securities    
Debt securities available-for-sale:    
Amortized Cost 1,356 406,741
Gross Unrealized Appreciation 43 3,595
Gross Unrealized Depreciation 1 209
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 1,398 410,127
Debt securities held-to-maturity:    
Amortized Cost 620,395 4,309
Gross Unrealized Appreciation 553 778
Gross Unrealized Depreciation 11,769 0
Estimated Fair Value 609,179 5,087
Allowance for Credit Losses (1) 0 0
Agency debentures    
Debt securities available-for-sale:    
Amortized Cost 8,015 8,013
Gross Unrealized Appreciation 633 790
Gross Unrealized Depreciation 0 0
Allowance for Credit Losses (1) 0 0
Debt securities available-for-sale, at fair value 8,648 8,803
Debt securities held-to-maturity:    
Amortized Cost 77,823 48,130
Gross Unrealized Appreciation 585 1,051
Gross Unrealized Depreciation 584 0
Estimated Fair Value 77,824 49,181
Allowance for Credit Losses (1) 0 0
Municipal bonds    
Debt securities held-to-maturity:    
Amortized Cost 5,034 6,577
Gross Unrealized Appreciation 15 45
Gross Unrealized Depreciation 0 0
Estimated Fair Value 5,049 6,622
Allowance for Credit Losses (1) 0 0
Residential mortgage-backed securities    
Debt securities held-to-maturity:    
Amortized Cost 257,782 124,152
Gross Unrealized Appreciation 54 237
Gross Unrealized Depreciation 2,530 217
Estimated Fair Value 255,306 124,172
Allowance for Credit Losses (1) 105 70
U.S. treasury notes    
Debt securities held-to-maturity:    
Amortized Cost 39,027  
Gross Unrealized Appreciation 0  
Gross Unrealized Depreciation 1,466  
Estimated Fair Value 37,561  
Allowance for Credit Losses (1) $ 0 $ 0
v3.21.1
Investment Securities - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]      
Transfer of debt securities available-for-sale to held-to-maturity $ 480,769,000 $ 0  
Available-for-sale securities with a contractual maturity due after ten years 39,012,000    
Floating rate available-for-sale securities with a contractual maturity due after ten years $ 30,400,000    
Percent of floating rate available-for-sale securities with a contractual maturity due after ten years 77.80%    
Held-to-maturity securities, debt maturities due from five to ten years $ 147,856,000    
Held-to-maturity securities, debt maturities due from five to ten years, callable 19,300,000    
Accrued interest receivable on debt securities held-to-maturity 1,900,000   $ 697,000
Held-to-maturity, past due 0    
Debt securities trading 0   0
Federal Home Loan Bank stock 11,284,000   $ 13,284,000
Federal Home Loan Bank      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale securities available to be pledged as collateral for borrowings 2,300,000    
Debt securities held-to-maturity pledged as collateral $ 125,800,000    
v3.21.1
Investment Securities - Interest Income on Investment Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Taxable interest income $ 2,429 $ 3,391
Non-taxable interest income 35 112
Dividend income 182 398
Total interest income on investment securities $ 2,646 $ 3,901
v3.21.1
Investment Securities - Contractual Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Available-for-sale Securities, Debt Maturities, Amortized Cost    
Due in less than one year $ 12,002  
Due from one to five years 73,788  
Due from five to ten years 63,656  
Due after ten years 38,304  
Amortized Cost 187,750 $ 612,492
Available-for-sale Securities, Debt Maturities, Estimated Fair Value    
Due in less than one year 12,019  
Due from one to five years 74,454  
Due from five to ten years 63,733  
Due after ten years 39,012  
Estimated Fair Value 189,218 617,570
Held-to-maturity Securities, Debt Maturities, Amortized Cost    
Due in less than one year 2,166  
Due from one to five years 14,289  
Due from five to ten years 147,856  
Due after ten years 866,421  
Amortized Cost 1,030,732  
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value    
Due in less than one year 2,175  
Due from one to five years 14,686  
Due from five to ten years 146,570  
Due after ten years 852,856  
Estimated Fair Value $ 1,016,287 $ 214,299
v3.21.1
Investment Securities - Gains and Losses on Sales and Calls of Investment Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Proceeds from sale of available-for-sale securities $ 0 $ 49,967
Proceeds from call of available-for-sale securities 17,311 0
Total proceeds from sale and call of available-for-sale securities 17,311 49,967
Gross realized gains on available-for-sale securities 0 15
Gross realized losses on available-for-sale securities 1 0
Net realized gains on sale and call of available-for-sale securities (1) 15
Proceeds from sale of held-to-maturity securities 0 0
Proceeds from call of held-to-maturity securities 3,555 122,353
Total proceeds from sale and call of held-to-maturity securities 3,555 122,353
Gross realized gains on held-to-maturity securities 0 42
Gross realized losses on held-to-maturity securities 0 0
Net realized gains on sale and call of held-to-maturity securities $ 0 $ 42
v3.21.1
Investment Securities - Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period $ 149
Provision (credit) 11
Charge-offs 0
Recoveries 0
Balance, end of period 160
Corporate bonds  
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period 79
Provision (credit) (24)
Charge-offs 0
Recoveries 0
Balance, end of period 55
Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period 70
Provision (credit) 35
Charge-offs 0
Recoveries 0
Balance, end of period 105
Municipal bonds  
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period 0
Provision (credit) 0
Charge-offs 0
Recoveries 0
Balance, end of period 0
Agency Debentures and Mortgage-Backed Securities  
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period 0
Provision (credit) 0
Charge-offs 0
Recoveries 0
Balance, end of period 0
U.S. treasury notes  
Debt Securities, Held-to-maturity, Allowance for Credit Loss  
Balance, beginning of period 0
Provision (credit) 0
Charge-offs 0
Recoveries 0
Balance, end of period $ 0
v3.21.1
Investment Securities - Unrealized Losses (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
position
Dec. 31, 2020
USD ($)
position
Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months $ 12,020 $ 132,040
12 Months or More 14,288 19,614
Total 26,308 151,654
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 356 684
12 Months or More 290 254
Total $ 646 $ 938
Available-for-sale, number of positions in an unrealized loss position | position 16 33
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months $ 12,020 $ 28,796
12 Months or More 9,840 9,751
Total 21,860 38,547
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 356 277
12 Months or More 159 249
Total 515 526
Trust preferred securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 0 13,313
12 Months or More 4,355 0
Total 4,355 13,313
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 0 198
12 Months or More 130 0
Total 130 198
Agency collateralized mortgage obligations    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months   0
12 Months or More   9,863
Total   9,863
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months   0
12 Months or More   5
Total   5
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 0 89,931
12 Months or More 93 0
Total 93 89,931
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 0 209
12 Months or More 1 0
Total $ 1 $ 209
v3.21.1
Investment Securities - Credit Quality Indicator (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net $ 1,030,732
Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 30,671
Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 77,823
Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 5,034
Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 257,782
Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 620,395
U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 39,027
Aaa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 995,027
Aaa | Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aaa | Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 77,823
Aaa | Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aaa | Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 257,782
Aaa | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 620,395
Aaa | U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 39,027
Aa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 4,244
Aa | Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aa | Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aa | Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 4,244
Aa | Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aa | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aa | U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
A  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 790
A | Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
A | Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
A | Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 790
A | Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
A | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
A | U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Baa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 30,671
Baa | Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 30,671
Baa | Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Baa | Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Baa | Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Baa | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Baa | U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | Corporate bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | Municipal bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | Residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Ba | U.S. treasury notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net $ 0
v3.21.1
Loans and Leases - Loans Receivable by Class (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total $ 8,543,182 $ 8,237,418    
Allowance for credit losses on loans and leases (34,644) (34,630) $ (17,304) $ (14,108)
Loans and leases held-for-investment, net 8,508,538 8,202,788    
Loans receivable        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases held-for-investment, before deferred fees and costs 8,533,147 8,227,913    
Net deferred loan costs (fees) 10,035 9,505    
Total 8,543,182 8,237,418    
Allowance for credit losses on loans and leases (34,644) (34,630)    
Loans and leases held-for-investment, net 8,508,538 8,202,788    
Private Banking        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 5,053,621 4,807,800    
Allowance for credit losses on loans and leases (1,767) (2,047) (2,174) (1,973)
Private Banking | Loans receivable        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases held-for-investment, before deferred fees and costs 5,042,763 4,797,881    
Net deferred loan costs (fees) 10,858 9,919    
Total 5,053,621 4,807,800    
Allowance for credit losses on loans and leases (1,767) (2,047)    
Loans and leases held-for-investment, net 5,051,854 4,805,753    
Commercial and Industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 1,249,208 1,274,152    
Allowance for credit losses on loans and leases (8,156) (5,254) (6,685) (5,262)
Commercial and Industrial | Loans receivable        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases held-for-investment, before deferred fees and costs 1,244,442 1,269,248    
Net deferred loan costs (fees) 4,766 4,904    
Total 1,249,208 1,274,152    
Allowance for credit losses on loans and leases (8,156) (5,254)    
Loans and leases held-for-investment, net 1,241,052 1,268,898    
Commercial Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 2,240,353 2,155,466    
Allowance for credit losses on loans and leases (24,721) (27,329) $ (8,445) $ (6,873)
Commercial Real Estate | Loans receivable        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases held-for-investment, before deferred fees and costs 2,245,942 2,160,784    
Net deferred loan costs (fees) (5,589) (5,318)    
Total 2,240,353 2,155,466    
Allowance for credit losses on loans and leases (24,721) (27,329)    
Loans and leases held-for-investment, net $ 2,215,632 $ 2,128,137    
v3.21.1
Loans and Leases - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unfunded commitments $ 7,570,000   $ 6,730,000
Loans in the process of origination 49,100   39,600
Reserve for losses on unfunded commitments 3,000   3,400
Off-balance sheet, credit loss, liability, credit loss expense 433 $ 67  
Standby letters of credit      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Unfunded commitments 64,600   $ 82,000
Standby letters of credit drawn during period $ 3 $ 35  
v3.21.1
Allowance for Credit Losses on Loans and Leases - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
portfolio
Mar. 31, 2021
USD ($)
portfolio
Mar. 31, 2021
USD ($)
portfolio
Mar. 31, 2021
USD ($)
portfolio
loans
Mar. 31, 2021
USD ($)
contracts
portfolio
Mar. 31, 2020
USD ($)
contracts
Dec. 31, 2020
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]              
Number of loan portfolios | portfolio 3 3 3 3 3    
Accrued interest receivable $ 17,100,000 $ 17,100,000 $ 17,100,000 $ 17,100,000 $ 17,100,000   $ 16,400,000
Interest income on impaired loans     0       0
Loans 90 days or more past due and still accruing 0 0 0 0 0   0
Related allowance on impaired loans 6,909,000 6,909,000 6,909,000 6,909,000 6,909,000   1,988,000
Unused commitments on TDRs 24,000 24,000 24,000 $ 24,000 $ 24,000   0
Loans modified as TDRs with payment defaults     0     $ 0  
Loan newly designated TRD's       2 0 0  
Real estate acquired through foreclosure 2,700,000 2,700,000 2,700,000 $ 2,700,000 $ 2,700,000   2,700,000
Mortgage loans in process of foreclosure $ 0 0 0 0 0    
Minimum              
Financing Receivable, Credit Quality Indicator [Line Items]              
Past due period for loans (in days) 90 days            
Private Banking              
Financing Receivable, Credit Quality Indicator [Line Items]              
Related allowance on impaired loans $ 0 $ 0 0 0 0   $ 0
Private Banking | Cash and marketable securities collateral risk | Concentration risk, percentage              
Financing Receivable, Credit Quality Indicator [Line Items]              
Percentage of private banking loans secured by cash and marketable securities   98.40%         98.60%
Non-accrual              
Financing Receivable, Credit Quality Indicator [Line Items]              
Loans modified through troubled debt restructurings $ 7,300,000 $ 7,300,000 $ 7,300,000 $ 7,300,000 $ 7,300,000   $ 2,900,000
v3.21.1
Allowance for Credit Losses on Loans and Leases - Credit Quality Indicator (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 8,543,182,000 $ 8,237,418,000
Revolving loans converted to term loans 0 0
Private Banking    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 6,675,000 64,829,000
Year before current fiscal year 61,654,000 44,726,000
Two years before current fiscal year 37,433,000 57,081,000
Three years before current fiscal year 55,705,000 7,736,000
Four years before current fiscal year 7,488,000 12,040,000
Prior 58,045,000 55,092,000
Revolving Loans 4,826,621,000 4,566,296,000
Total 5,053,621,000 4,807,800,000
Private Banking | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 6,675,000 64,829,000
Year before current fiscal year 61,654,000 44,210,000
Two years before current fiscal year 36,930,000 57,081,000
Three years before current fiscal year 55,705,000 7,736,000
Four years before current fiscal year 7,488,000 12,040,000
Prior 58,045,000 55,092,000
Revolving Loans 4,826,621,000 4,566,296,000
Total 5,053,118,000 4,807,284,000
Private Banking | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Private Banking | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year before current fiscal year 0 516,000
Two years before current fiscal year 503,000 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 0 0
Total 503,000 516,000
Private Banking | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 21,217,000 219,004,000
Year before current fiscal year 204,458,000 223,189,000
Two years before current fiscal year 214,411,000 101,503,000
Three years before current fiscal year 87,175,000 44,575,000
Four years before current fiscal year 41,239,000 9,383,000
Prior 29,007,000 20,709,000
Revolving Loans 651,701,000 655,789,000
Total 1,249,208,000 1,274,152,000
Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 21,217,000 216,459,000
Year before current fiscal year 201,905,000 223,189,000
Two years before current fiscal year 214,411,000 88,212,000
Three years before current fiscal year 74,006,000 44,575,000
Four years before current fiscal year 41,239,000 9,383,000
Prior 29,007,000 20,709,000
Revolving Loans 648,035,000 651,900,000
Total 1,229,820,000 1,254,427,000
Commercial and Industrial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 1,795,000
Year before current fiscal year 1,803,000 0
Two years before current fiscal year 0 5,416,000
Three years before current fiscal year 5,294,000 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 3,208,000 3,431,000
Total 10,305,000 10,642,000
Commercial and Industrial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 750,000
Year before current fiscal year 750,000 0
Two years before current fiscal year 0 7,875,000
Three years before current fiscal year 7,875,000 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 458,000 458,000
Total 9,083,000 9,083,000
Commercial and Industrial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 128,517,000 515,457,000
Year before current fiscal year 518,765,000 622,515,000
Two years before current fiscal year 588,505,000 446,312,000
Three years before current fiscal year 453,385,000 204,927,000
Four years before current fiscal year 198,625,000 189,348,000
Prior 309,431,000 138,105,000
Revolving Loans 43,125,000 38,802,000
Total 2,240,353,000 2,155,466,000
Commercial Real Estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 128,517,000 514,920,000
Year before current fiscal year 518,170,000 617,120,000
Two years before current fiscal year 583,110,000 435,708,000
Three years before current fiscal year 442,780,000 202,001,000
Four years before current fiscal year 195,731,000 181,108,000
Prior 297,933,000 134,700,000
Revolving Loans 43,125,000 38,802,000
Total 2,209,366,000 2,124,359,000
Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 446,000
Year before current fiscal year 440,000 5,395,000
Two years before current fiscal year 5,395,000 4,308,000
Three years before current fiscal year 0 0
Four years before current fiscal year 0 1,186,000
Prior 1,175,000 145,000
Revolving Loans 0 0
Total 7,010,000 11,480,000
Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 91,000
Year before current fiscal year 155,000 0
Two years before current fiscal year 0 6,296,000
Three years before current fiscal year 10,605,000 2,926,000
Four years before current fiscal year 2,894,000 7,054,000
Prior 10,323,000 3,260,000
Revolving Loans 0 0
Total 23,977,000 19,627,000
Commercial Real Estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year before current fiscal year 0 0
Two years before current fiscal year 0 0
Three years before current fiscal year 0 0
Four years before current fiscal year 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Loans And Leases Held-For-Investment    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 156,409,000 799,290,000
Year before current fiscal year 784,877,000 890,430,000
Two years before current fiscal year 840,349,000 604,896,000
Three years before current fiscal year 596,265,000 257,238,000
Four years before current fiscal year 247,352,000 210,771,000
Prior 396,483,000 213,906,000
Revolving Loans 5,521,447,000 5,260,887,000
Total $ 8,543,182,000 $ 8,237,418,000
v3.21.1
Allowance for Credit Losses on Loans and Leases - Changes in Allowance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Allowance for Loan and Lease Losses    
Balance, beginning of period $ 34,630 $ 14,108
Provision (credit) for credit losses 213 2,993
Charge-offs (199) 0
Recoveries 0 203
Balance, end of period 34,644 17,304
Private Banking    
Allowance for Loan and Lease Losses    
Balance, beginning of period 2,047 1,973
Provision (credit) for credit losses (280) 201
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 1,767 2,174
Commercial and Industrial    
Allowance for Loan and Lease Losses    
Balance, beginning of period 5,254 5,262
Provision (credit) for credit losses 3,101 1,220
Charge-offs (199) 0
Recoveries 0 203
Balance, end of period 8,156 6,685
Commercial Real Estate    
Allowance for Loan and Lease Losses    
Balance, beginning of period 27,329 6,873
Provision (credit) for credit losses (2,608) 1,572
Charge-offs 0 0
Recoveries 0 0
Balance, end of period $ 24,721 $ 8,445
v3.21.1
Allowance for Credit Losses on Loans and Leases - Analysis of Past Due Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due $ 20,814 $ 9,930
Current 8,522,368 8,227,488
Total 8,543,182 8,237,418
30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 4,754 3,176
60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 7,880 0
90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 8,180 6,754
Private Banking    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 1,125 250
Current 5,052,496 4,807,550
Total 5,053,621 4,807,800
Private Banking | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 445 250
Private Banking | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 5 0
Private Banking | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 675 0
Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 9,084 458
Current 1,240,124 1,273,694
Total 1,249,208 1,274,152
Commercial and Industrial | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 0 0
Commercial and Industrial | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 7,875 0
Commercial and Industrial | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 1,209 458
Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 10,605 9,222
Current 2,229,748 2,146,244
Total 2,240,353 2,155,466
Commercial Real Estate | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 4,309 2,926
Commercial Real Estate | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due 0 0
Commercial Real Estate | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Past Due $ 6,296 $ 6,296
v3.21.1
Allowance for Credit Losses on Loans and Leases - Impaired Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Amortized Cost    
With a related allowance $ 22,727 $ 9,680
Without a related allowance 0 0
Total 22,727 9,680
Unpaid Principal Balance    
With a related allowance 22,801 9,708
Without a related allowance 0 0
Total 22,801 9,708
Related Allowance 6,909 1,988
Average Recorded Investment    
With a related allowance 22,738 9,680
Without a related allowance 0 0
Total 22,738 9,680
Interest Income Recognized    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Private banking    
Amortized Cost    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Unpaid Principal Balance    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Related Allowance 0 0
Average Recorded Investment    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Interest Income Recognized    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Commercial and industrial    
Amortized Cost    
With a related allowance 9,083 458
Without a related allowance 0 0
Total 9,083 458
Unpaid Principal Balance    
With a related allowance 9,082 457
Without a related allowance 0 0
Total 9,082 457
Related Allowance 4,427 103
Average Recorded Investment    
With a related allowance 9,083 458
Without a related allowance 0 0
Total 9,083 458
Interest Income Recognized    
With a related allowance 0 0
Without a related allowance 0 0
Total 0 0
Commercial real estate    
Amortized Cost    
With a related allowance 13,644 9,222
Without a related allowance 0 0
Total 13,644 9,222
Unpaid Principal Balance    
With a related allowance 13,719 9,251
Without a related allowance 0 0
Total 13,719 9,251
Related Allowance 2,482 1,885
Average Recorded Investment    
With a related allowance 13,655 9,222
Without a related allowance 0 0
Total 13,655 9,222
Interest Income Recognized    
With a related allowance 0 0
Without a related allowance 0 0
Total $ 0 $ 0
v3.21.1
Allowance for Credit Losses on Loans and Leases - Allowance (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Allowance for credit losses on loans and leases:        
Individually evaluated for impairment $ 6,909 $ 1,988    
Collectively evaluated for impairment 27,735 32,642    
Total allowance for credit losses on loans and leases 34,644 34,630 $ 17,304 $ 14,108
Loans and leases held-for-investment:        
Individually evaluated for impairment 22,728 9,680    
Collectively evaluated for impairment 8,520,454 8,227,738    
Total 8,543,182 8,237,418    
Private Banking        
Allowance for credit losses on loans and leases:        
Individually evaluated for impairment 0 0    
Collectively evaluated for impairment 1,767 2,047    
Total allowance for credit losses on loans and leases 1,767 2,047 2,174 1,973
Loans and leases held-for-investment:        
Individually evaluated for impairment 0 0    
Collectively evaluated for impairment 5,053,621 4,807,800    
Total 5,053,621 4,807,800    
Commercial and Industrial        
Allowance for credit losses on loans and leases:        
Individually evaluated for impairment 4,427 103    
Collectively evaluated for impairment 3,729 5,151    
Total allowance for credit losses on loans and leases 8,156 5,254 6,685 5,262
Loans and leases held-for-investment:        
Individually evaluated for impairment 9,084 458    
Collectively evaluated for impairment 1,240,124 1,273,694    
Total 1,249,208 1,274,152    
Commercial Real Estate        
Allowance for credit losses on loans and leases:        
Individually evaluated for impairment 2,482 1,885    
Collectively evaluated for impairment 22,239 25,444    
Total allowance for credit losses on loans and leases 24,721 27,329 $ 8,445 $ 6,873
Loans and leases held-for-investment:        
Individually evaluated for impairment 13,644 9,222    
Collectively evaluated for impairment 2,226,709 2,146,244    
Total $ 2,240,353 $ 2,155,466    
v3.21.1
Allowance for Credit Losses on Loans and Leases - Modifications (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
loans
Mar. 31, 2021
USD ($)
Mar. 31, 2021
contracts
Mar. 31, 2020
contracts
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Count 2   0 0
Recorded Investment at the time of Modification   $ 4,454    
Current Recorded Investment   4,454    
Allowance for Credit Losses on Loans and Leases at the time of Modification   445    
Current Allowance for Credit Losses on Loans and Leases   445    
Commercial real estate | Extended term, forgave principal and change in interest terms        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Count | loans 2      
Recorded Investment at the time of Modification   4,454    
Current Recorded Investment   4,454    
Allowance for Credit Losses on Loans and Leases at the time of Modification   445    
Current Allowance for Credit Losses on Loans and Leases   $ 445    
v3.21.1
Deposits - Schedule of Deposits by Type (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Interest Rate Range Domestic Deposit Liabilities [Abstract]    
Interest-bearing checking accounts, interest rate minimum 0.05%  
Interest-bearing checking accounts, interest rate maximum 1.70%  
Money market deposit accounts, interest rate minimum 0.10%  
Money market deposit accounts, interest rate maximum 1.87%  
Certificates of deposit, interest rate minimum 0.05%  
Certificates of deposit, interest rate maximum 3.22%  
Weighted Average Interest Rate    
Interest-bearing checking accounts 0.34% 0.38%
Money market deposit accounts 0.54% 0.56%
Certificates of deposit 0.60% 1.08%
Weighted average rate on interest-bearing accounts 0.47% 0.56%
Demand and savings accounts:    
Noninterest-bearing checking accounts $ 496,818 $ 456,426
Interest-bearing checking accounts 3,373,915 3,068,834
Money market deposit accounts 4,449,317 3,927,797
Total demand and savings accounts 8,320,050 7,453,057
Certificates of deposit 929,969 1,036,032
Total deposits $ 9,250,019 $ 8,489,089
v3.21.1
Deposits - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Deposits [Abstract]    
Brokered deposits $ 779.9 $ 753.3
Reciprocal non-brokered 1,820.0 1,720.0
Certificates of deposit, $100,000 or more, excluding brokered and reciprocal 567.4 534.3
Certificates of deposit, $250,000 or more, excluding brokered and reciprocal $ 172.9 $ 159.6
v3.21.1
Deposits - Contractual Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Time Deposits, Rolling Year Maturity [Abstract]    
12 months or less $ 766,646 $ 892,427
12 months to 24 months 145,411 132,443
24 months to 36 months 17,912 11,162
Total $ 929,969 $ 1,036,032
v3.21.1
Deposits - Interest Expense on Deposits by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Deposits [Abstract]    
Interest-bearing checking accounts $ 2,793 $ 5,214
Money market deposit accounts 5,964 14,655
Certificates of deposit 1,997 7,375
Total interest expense on deposits $ 10,754 $ 27,244
v3.21.1
Borrowings - Schedule of Borrowings (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 345,547 $ 400,493
Line of credit borrowings    
Debt Instrument [Line Items]    
Short term debt interest rate   4.25%
Short-term debt   $ 5,000
Issued 3/22/2021 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate 0.31%  
Short-term debt $ 50,000  
Issued 3/2/2021 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate 0.36%  
Short-term debt $ 50,000  
Issued 3/1/2021 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate 0.36%  
Short-term debt $ 150,000  
Issued 12/21/2020 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate   0.39%
Short-term debt   $ 50,000
Issued 12/2/2020 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate   0.33%
Short-term debt   $ 50,000
Issued 12/1/2020 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate   0.33%
Short-term debt   $ 150,000
Issued 10/8/2020 | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Short term debt interest rate   0.39%
Short-term debt   $ 50,000
Subordinated Notes Payable 5.75 Percent | Subordinated notes payable    
Debt Instrument [Line Items]    
Long term debt interest rate 5.75% 5.75%
Long-term debt $ 95,547 $ 95,493
Debt issuance costs $ 1,953 $ 2,007
v3.21.1
Borrowings - Narrative (Details) - USD ($)
 12 Months Ended
Feb. 18, 2021
Dec. 31, 2020
Mar. 31, 2021
Line of credit borrowings      
Short-term Debt [Line Items]      
Short-term debt   $ 5,000,000  
Federal Home Loan Bank      
Short-term Debt [Line Items]      
Pledged securities, for Federal Home Loan Bank     $ 2,300,000
Bank subsidiary | Federal Home Loan Bank advances      
Short-term Debt [Line Items]      
Short-term debt   300,000,000.0 250,000,000.0
Bank subsidiary | Federal Home Loan Bank      
Short-term Debt [Line Items]      
Pledged securities, for Federal Home Loan Bank     2,300,000
Pledged loans receivable, for Federal Home Loan Bank     1,320,000,000
Bank subsidiary | Federal Home Loan Bank | Line of credit borrowings      
Short-term Debt [Line Items]      
Line of credit facility, current borrowing capacity     944,600,000
Bank subsidiary | M&T Bank | Line of credit borrowings      
Short-term Debt [Line Items]      
Line of credit facility, current borrowing capacity     10,000,000.0
Short-term debt   0 0
Bank subsidiary | Texas Capital Bank | Line of credit borrowings      
Short-term Debt [Line Items]      
Line of credit facility, current borrowing capacity $ 75,000,000.0   20,000,000.0
Short-term debt   0 0
Amount outstanding   5,000,000.0  
Proceeds from lines of credit $ 5,200,000    
Bank subsidiary | PNC Bank | Financial Guarantee      
Short-term Debt [Line Items]      
Credit cards issued, notional amount     2,800,000
Bank subsidiary | PNC Bank | Line of credit borrowings      
Short-term Debt [Line Items]      
Line of credit facility, current borrowing capacity     8,000,000.0
Bank subsidiary | Huntington National Bank | Line of credit borrowings      
Short-term Debt [Line Items]      
Amount outstanding     $ 0
Subordinated notes payable | Subordinated Notes Payable 5.75 Percent      
Short-term Debt [Line Items]      
Net proceeds from issuance of subordinated notes payable   $ 97,500,000  
Debt term   10 years  
Long term debt interest rate   5.75% 5.75%
v3.21.1
Borrowings - Interest Expense on Borrowings by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Debt Instrument [Line Items]    
Interest expense on borrowings $ 2,582 $ 2,036
Subordinated notes payable    
Debt Instrument [Line Items]    
Interest expense on borrowings 1,455 0
FHLB borrowings    
Debt Instrument [Line Items]    
Interest expense on borrowings 1,072 2,035
Line of credit borrowings    
Debt Instrument [Line Items]    
Interest expense on borrowings $ 55 $ 1
v3.21.1
Stock Transactions - Narrative (Details)
 1 Months Ended 3 Months Ended
Apr. 13, 2021
USD ($)
shares
Oct. 10, 2020
USD ($)
$ / shares
shares
May 31, 2019
USD ($)
$ / shares
shares
Mar. 31, 2018
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
shares
Mar. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2020
equityInstrument
Class of Stock [Line Items]              
Dividends paid         $ 1,959,000 $ 1,962,000  
Purchase of treasury stock | shares         (73,384) (83,728)  
Cost of shares repurchased         $ 1,471,000 $ 2,579,000  
Treasury stock, acquired cost         1,500,000 $ 2,100,000  
Canceled (in shares) | shares           212,447  
Payments for cancellation of stock options         0 $ 2,484,000  
Private Placement to T-VIII PubOpps              
Class of Stock [Line Items]              
Proceeds from warrant exercises   $ 105,000,000.0          
Additional proceeds if warrants exercised in full   $ 16,100,000          
Number of equity instruments issued | equityInstrument             3
Series C preferred stock              
Class of Stock [Line Items]              
Shares issued upon conversion (USD per share) | $ / shares   $ 13.75          
Dividends paid         $ 1,100,000    
Stock dividends (in shares) | shares         11    
Dividend payable         $ 21,250    
Series C preferred stock | Subsequent Event              
Class of Stock [Line Items]              
Stock dividends (in shares) | shares 11            
Dividend payable $ 15,438,000            
Series C preferred stock | Private Placement to T-VIII PubOpps              
Class of Stock [Line Items]              
Number of shares issued in transaction (in shares) | shares   650          
Consideration received on transaction   $ 65,000,000.0          
Liquidation preference (usd per share) | $ / shares   $ 100,000          
Dividend rate   6.75%          
Series B preferred stock              
Class of Stock [Line Items]              
Liquidation preference (usd per share) | $ / shares     $ 1,000        
Dividend rate     6.375%        
Issuance of shares (in shares) | shares     80,500        
Net proceeds from issuance of preferred stock     $ 77,600,000        
Basis spread     4.088%        
Series B preferred stock | Subsequent Event              
Class of Stock [Line Items]              
Dividend payable 1,300,000            
Series B depositary share              
Class of Stock [Line Items]              
Liquidation preference (usd per share) | $ / shares     $ 25        
Issuance of shares (in shares) | shares     3,200,000        
Conversion from depository to preferred shares     0.025        
Series B depositary share | Public offering              
Class of Stock [Line Items]              
Issuance of shares (in shares) | shares     3,200,000        
Series A preferred stock              
Class of Stock [Line Items]              
Liquidation preference (usd per share) | $ / shares       $ 1,000      
Dividend rate       6.75%      
Issuance of shares (in shares) | shares       40,250      
Net proceeds from issuance of preferred stock       $ 38,500,000      
Basis spread     3.985%        
Series A preferred stock | Subsequent Event              
Class of Stock [Line Items]              
Dividend payable $ 679,000            
Series A preferred stock depositary share              
Class of Stock [Line Items]              
Liquidation preference (usd per share) | $ / shares       $ 25      
Issuance of shares (in shares) | shares       1,600,000      
Conversion from depository to preferred shares       0.025      
Series A preferred stock depositary share | Public offering              
Class of Stock [Line Items]              
Issuance of shares (in shares) | shares       1,600,000      
Common Stock              
Class of Stock [Line Items]              
Purchase of treasury stock | shares           (30,000)  
Common Stock | Share repurchase program              
Class of Stock [Line Items]              
Stock repurchase program, remaining authorized repurchase amount         9,800,000    
Purchase of treasury stock | shares           (30,000)  
Cost of shares repurchased           $ 520,000  
Average cost per share (usd per share) | $ / shares           $ 17.33  
Common Stock | Private Placement to T-VIII PubOpps              
Class of Stock [Line Items]              
Number of shares issued in transaction (in shares) | shares   2,770,083          
Consideration received on transaction   $ 40,000,000.0          
Number of securities called by warrants (in shares) | shares   922,438          
Exercise price of warrants (in USD per share) | $ / shares   $ 17.50          
Conversion period   2 years          
Series A and B Preferred Stock              
Class of Stock [Line Items]              
Dividends paid         $ 2,000,000.0 $ 2,000,000.0  
v3.21.1
Stock Transactions - Shares Outstanding Activity (Details) - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Number of Shares Outstanding [Rollforward]    
Purchase of treasury stock (73,384) (83,728)
Treasury Stock    
Number of Shares Outstanding [Rollforward]    
Balance, beginning of period (shares) 2,299,422 2,126,422
Purchase of treasury stock   30,000
Increase in treasury stock related to equity awards 73,384 83,728
Balance, ending of period (shares) 2,372,806 2,240,150
Preferred Shares    
Number of Shares Outstanding [Rollforward]    
Balance, beginning of period (shares) 121,400 120,750
Balance, ending of period (shares) 121,400 120,750
Common Stock    
Number of Shares Outstanding [Rollforward]    
Balance, beginning of period (shares) 32,620,150 29,355,986
Issuance of restricted common stock 585,386 513,820
Forfeitures of restricted common stock (10,547) (3,500)
Exercise of stock options 39,000 10,000
Purchase of treasury stock   (30,000)
Increase in treasury stock related to equity awards (73,384) (83,728)
Balance, ending of period (shares) 33,160,605 29,762,578
v3.21.1
Regulatory Capital - Narrative (Details)
 3 Months Ended
Mar. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Percentage conservation buffer required for capital adequacy to risk weighted assets, fully phased-in 2.50%
v3.21.1
Regulatory Capital - Regulatory Capital Requirements (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Total risk-based capital (Amount)    
Total risk-based capital $ 849,795 $ 833,819
Total risk-based capital required for capital adequacy $ 479,527 $ 472,267
Total risk-based capital (Ratio)    
Total risk-based capital, ratio 0.1418 0.1412
Total risk-based capital required for capital adequacy, ratio 0.0800 0.0800
Tier 1 risk-based capital (Amount)    
Tier 1 risk-based capital $ 723,939 $ 707,711
Tier 1 risk-based capital required for capital adequacy $ 359,645 $ 354,200
Tier 1 risk-based capital (Ratio)    
Tier 1 risk-based capital, ratio 0.1208 0.1199
Tier 1 risk-based capital required for capital adequacy, ratio 0.0600 0.0600
Common Equity Tier One Risk Based Capital (Amount)    
Common equity tier 1 risk-based capital $ 545,696 $ 530,568
Common equity tier 1 risk-based capital required for capital adequacy $ 269,734 $ 265,650
Common Equity Tier One Risk Based Capital (Ratio)    
Common equity tier 1 risk-based capital, ratio 0.0910 0.0899
Common equity tier 1 risk-based capital required for capital adequacy, ratio 4.50% 4.50%
Tier 1 leverage (Amount)    
Tier 1 leverage capital $ 723,939 $ 707,711
Tier 1 leverage capital required for capital adequacy $ 406,374 $ 388,408
Tier 1 leverage (Ratio)    
Tier 1 leverage capital, ratio 0.0713 0.0729
Tier 1 leverage capital required for capital adequacy, ratio 0.0400 0.0400
Bank subsidiary    
Total risk-based capital (Amount)    
Total risk-based capital $ 806,040 $ 789,273
Total risk-based capital required for capital adequacy 478,061 470,820
Total risk-based capital required to be well capitalized $ 597,576 $ 588,525
Total risk-based capital (Ratio)    
Total risk-based capital, ratio 0.1349 0.1341
Total risk-based capital required for capital adequacy, ratio 0.0800 0.0800
Total risk-based capital required to be well capitalized, ratio 0.1000 0.1000
Tier 1 risk-based capital (Amount)    
Tier 1 risk-based capital $ 775,731 $ 758,658
Tier 1 risk-based capital required for capital adequacy 358,546 353,115
Tier 1 risk-based capital required to be well capitalized $ 478,061 $ 470,820
Tier 1 risk-based capital (Ratio)    
Tier 1 risk-based capital, ratio 0.1298 0.1289
Tier 1 risk-based capital required for capital adequacy, ratio 0.0600 0.0600
Tier 1 risk-based capital required to be well capitalized, ratio 0.0800 0.0800
Common Equity Tier One Risk Based Capital (Amount)    
Common equity tier 1 risk-based capital $ 775,731 $ 758,658
Common equity tier 1 risk-based capital required for capital adequacy 268,909 264,836
Common equity tier 1 risk-based capital required to be well capitalized $ 388,424 $ 382,542
Common Equity Tier One Risk Based Capital (Ratio)    
Common equity tier 1 risk-based capital, ratio 0.1298 0.1289
Common equity tier 1 risk-based capital required for capital adequacy, ratio 4.50% 4.50%
Common equity tier 1 risk-based capital required to be well capitalized, ratio 6.50% 6.50%
Tier 1 leverage (Amount)    
Tier 1 leverage capital $ 775,731 $ 758,658
Tier 1 leverage capital required for capital adequacy 405,671 387,626
Tier 1 leverage capital required to be well capitalized $ 507,089 $ 484,533
Tier 1 leverage (Ratio)    
Tier 1 leverage capital, ratio 0.0765 0.0783
Tier 1 leverage capital required for capital adequacy, ratio 0.0400 0.0400
Tier 1 leverage capital required to be well capitalized, ratio 0.0500 0.0500
v3.21.1
Earnings Per Common Share - Schedule of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net income $ 16,200 $ 12,895
Preferred stock dividends 3,059 1,962
Net income available to common shareholders 13,141 10,933
Allocation of net income available:    
Common shareholders 11,127 10,933
Series C convertible preferred shareholders 1,685 0
Warrant shareholders $ 329 $ 0
Basic weighted average common shares outstanding:    
Basic weighted average common shares outstanding (shares) 31,224,474 28,180,589
Series C convertible preferred stock, as-if converted (shares) 4,727,272 0
Warrants, as-if exercised (shares) 922,438 0
Basic (in usd per share) $ 0.36 $ 0.39
Diluted earnings per common share:    
Income available to common shareholders after allocation $ 11,127 $ 10,933
Basic common shares (in shares) 31,224,474 28,180,589
Restricted stock - dilutive (shares) 801,798 427,404
Stock options - dilutive (shares) 160,762 236,851
Diluted weighted average common shares outstanding (shares) 32,187,034 28,844,844
Diluted (in usd per share) $ 0.35 $ 0.38
Series A and B Preferred Stock    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Preferred stock dividends $ 1,962 $ 1,962
Series C preferred stock    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Preferred stock dividends $ 1,097 $ 0
v3.21.1
Earnings Per Common Share - Anti-Dilutive Shares (Details) - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares (shares) 5,721,520 545,320
Restricted stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares (shares) 71,810 545,320
Series C preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares (shares) 4,727,272 0
Warrants, as-if exercised    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares (shares) 922,438 0
v3.21.1
Derivatives and Hedging Activity - Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value $ 103,197 $ 144,333
Liability derivatives, fair value 108,935 153,433
Other assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 103,197 144,333
Other liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value 108,935 153,433
Designated as hedging instrument | Other assets | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 320 0
Designated as hedging instrument | Other liabilities | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value 6,114 9,082
Not designated as hedging instrument | Other assets | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 102,877 144,333
Not designated as hedging instrument | Other liabilities | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value $ 102,821 $ 144,351
v3.21.1
Derivatives and Hedging Activity - Offsetting of Derivative Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 103,197 $ 144,333
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Assets presented in the Statement of Financial Position 103,197 144,333
Financial Instruments (19,736) (94)
Cash Collateral Received 0 0
Net Amount $ 83,461 $ 144,239
v3.21.1
Derivatives and Hedging Activity - Offsetting of Derivative Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 108,935 $ 153,433
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Liabilities presented in the Statement of Financial Position 108,935 153,433
Financial Instruments (19,736) (94)
Cash Collateral Posted (69,368) (150,238)
Net Amount $ 19,831 $ 3,101
v3.21.1
Derivatives and Hedging Activity - Interest Rate Derivative Transactions (Details) - Cash flow hedging - Interest rate swaps - Designated as hedging instrument
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Derivative [Line Items]  
Notional Amount $ 250,000
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months 3,381
Issued 5/30/2019, Maturity 6/1/2022  
Derivative [Line Items]  
Notional Amount $ 50,000
Effective Rate 2.05%
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months $ 933
Remaining Term (in Months) 14 months
Issued 5/30/2019, Maturity 6/1/2023  
Derivative [Line Items]  
Notional Amount $ 50,000
Effective Rate 2.03%
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months $ 925
Remaining Term (in Months) 26 months
Issued 5/30/2019, Maturity 6/1/2024  
Derivative [Line Items]  
Notional Amount $ 50,000
Effective Rate 2.04%
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months $ 931
Remaining Term (in Months) 38 months
Issued 3/2/2020, Maturity 3/2/2025  
Derivative [Line Items]  
Notional Amount $ 50,000
Effective Rate 0.98%
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months $ 393
Remaining Term (in Months) 47 months
Issued 3/20/2020, Maturity 3/20/2025  
Derivative [Line Items]  
Notional Amount $ 50,000
Effective Rate 0.60%
Estimated Increase/ (Decrease) to Interest Expense in the Next Twelve Months $ 199
Remaining Term (in Months) 48 months
v3.21.1
Derivatives and Hedging Activity - Gain (Loss) in Statement of Financial Performance (Details) - Interest rate swaps - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Not designated as hedging instrument | Non-interest income    
Derivatives, Fair Value [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives $ 31 $ (61)
Cash flow hedging | Designated as hedging instrument | Interest expense    
Derivatives, Fair Value [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives (846) (159)
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives $ 2,216 $ (7,711)
v3.21.1
Derivatives and Hedging Activity - Narrative (Details) - Interest rate swaps
$ in Millions
Mar. 31, 2021
USD ($)
Derivatives, Fair Value [Line Items]  
Termination value of derivatives, including accrued interest, in a net liability position $ 69.4
Collateral already posted amount 73.1
Not designated as hedging instrument  
Derivatives, Fair Value [Line Items]  
Derivative, aggregate notional amount $ 4,060.0
v3.21.1
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financial assets:    
Debt securities available-for-sale $ 189,218 $ 617,570
Level 2    
Financial assets:    
Debt securities available-for-sale 189,218 617,570
Fair value, measurements, recurring    
Financial assets:    
Total financial assets 292,415 761,903
Financial liabilities:    
Total financial liabilities 108,935 153,433
Fair value, measurements, recurring | Level 1    
Financial assets:    
Total financial assets 0 0
Financial liabilities:    
Total financial liabilities 0 0
Fair value, measurements, recurring | Level 2    
Financial assets:    
Total financial assets 292,415 761,903
Financial liabilities:    
Total financial liabilities 108,935 153,433
Fair value, measurements, recurring | Level 3    
Financial assets:    
Total financial assets 0 0
Financial liabilities:    
Total financial liabilities 0 0
Fair value, measurements, recurring | Interest rate swaps    
Financial assets:    
Interest rate swaps 103,197 144,333
Financial liabilities:    
Interest rate swaps 108,935 153,433
Fair value, measurements, recurring | Interest rate swaps | Level 1    
Financial assets:    
Interest rate swaps 0 0
Financial liabilities:    
Interest rate swaps 0 0
Fair value, measurements, recurring | Interest rate swaps | Level 2    
Financial assets:    
Interest rate swaps 103,197 144,333
Financial liabilities:    
Interest rate swaps 108,935 153,433
Fair value, measurements, recurring | Interest rate swaps | Level 3    
Financial assets:    
Interest rate swaps 0 0
Financial liabilities:    
Interest rate swaps 0 0
Fair value, measurements, recurring | Corporate bonds    
Financial assets:    
Debt securities available-for-sale 140,540 158,464
Fair value, measurements, recurring | Corporate bonds | Level 1    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Corporate bonds | Level 2    
Financial assets:    
Debt securities available-for-sale 140,540 158,464
Fair value, measurements, recurring | Corporate bonds | Level 3    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Trust preferred securities    
Financial assets:    
Debt securities available-for-sale 18,436 18,087
Fair value, measurements, recurring | Trust preferred securities | Level 1    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Trust preferred securities | Level 2    
Financial assets:    
Debt securities available-for-sale 18,436 18,087
Fair value, measurements, recurring | Trust preferred securities | Level 3    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency collateralized mortgage obligations    
Financial assets:    
Debt securities available-for-sale 20,196 22,089
Fair value, measurements, recurring | Agency collateralized mortgage obligations | Level 1    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency collateralized mortgage obligations | Level 2    
Financial assets:    
Debt securities available-for-sale 20,196 22,089
Fair value, measurements, recurring | Agency collateralized mortgage obligations | Level 3    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency mortgage-backed securities    
Financial assets:    
Debt securities available-for-sale 1,398 410,127
Fair value, measurements, recurring | Agency mortgage-backed securities | Level 1    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency mortgage-backed securities | Level 2    
Financial assets:    
Debt securities available-for-sale 1,398 410,127
Fair value, measurements, recurring | Agency mortgage-backed securities | Level 3    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency debentures    
Financial assets:    
Debt securities available-for-sale 8,648 8,803
Fair value, measurements, recurring | Agency debentures | Level 1    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Agency debentures | Level 2    
Financial assets:    
Debt securities available-for-sale 8,648 8,803
Fair value, measurements, recurring | Agency debentures | Level 3    
Financial assets:    
Debt securities available-for-sale $ 0 $ 0
v3.21.1
Disclosures About Fair Value of Financial Instruments - Fair Value Measurements, Nonrecurring (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Level 3    
Financial assets:    
Other real estate owned $ 2,724 $ 2,724
Fair value, measurements, nonrecurring    
Financial assets:    
Loans measured for impairment, net 15,818 7,692
Other real estate owned 2,724 2,724
Total assets 18,542 10,416
Fair value, measurements, nonrecurring | Level 1    
Financial assets:    
Loans measured for impairment, net 0 0
Other real estate owned 0 0
Total assets 0 0
Fair value, measurements, nonrecurring | Level 2    
Financial assets:    
Loans measured for impairment, net 0 0
Other real estate owned 0 0
Total assets 0 0
Fair value, measurements, nonrecurring | Level 3    
Financial assets:    
Loans measured for impairment, net 15,818 7,692
Other real estate owned 2,724 2,724
Total assets $ 18,542 $ 10,416
v3.21.1
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Specific allowance for loan losses $ 6,909 $ 1,988
v3.21.1
Disclosures About Fair Value of Financial Instruments - Fair Value Inputs, Assets, Quantitative Information (Details) - Level 3
$ in Thousands
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Loans measured for impairment, net | Collateral    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 11,506 $ 7,692
Loans measured for impairment, net | Collateral | Appraisal value and discount due to salability conditions    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans measured for impairment, net 0.19 0.23
Loans measured for impairment, net | Market Approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 4,312  
Loans measured for impairment, net | Market Approach | Market value and discount due to salability conditions    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans measured for impairment, net 0.17  
Other real estate owned | Collateral    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 2,724 $ 2,724
Other real estate owned | Collateral | Appraisal value and discount due to salability conditions    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other real estate owned 0.12 0.12
v3.21.1
Disclosures About Fair Value of Financial Instruments - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financial assets:    
Debt securities available-for-sale $ 189,218 $ 617,570
Debt securities held-to-maturity 1,016,287 214,299
Investment management fees receivable, net 8,216 7,935
Interest rate swaps 103,197 144,333
Financial liabilities:    
Derivative liability 108,935 153,433
Level 1    
Financial assets:    
Cash and cash equivalents 446,484 435,442
Level 2    
Financial assets:    
Debt securities available-for-sale 189,218 617,570
Debt securities held-to-maturity 1,016,287 214,299
Federal Home Loan Bank stock 11,284 13,284
Accrued interest receivable 20,207 18,783
Investment management fees receivable, net 8,216 7,935
Bank owned life insurance 72,215 71,787
Financial liabilities:    
Deposits 9,268,280 8,510,799
Borrowings, net 346,165 402,714
Level 2 | Interest rate swaps    
Financial assets:    
Interest rate swaps 103,197 144,333
Financial liabilities:    
Derivative liability 108,935 153,433
Level 3    
Financial assets:    
Loans and leases held-for-investment, net 8,485,923 8,199,922
Other real estate owned 2,724 2,724
Carrying amount | Level 1    
Financial assets:    
Cash and cash equivalents 446,484 435,442
Carrying amount | Level 2    
Financial assets:    
Debt securities available-for-sale 189,218 617,570
Debt securities held-to-maturity 1,030,572 211,691
Federal Home Loan Bank stock 11,284 13,284
Accrued interest receivable 20,207 18,783
Investment management fees receivable, net 8,216 7,935
Bank owned life insurance 72,215 71,787
Financial liabilities:    
Deposits 9,250,019 8,489,089
Borrowings, net 345,547 400,493
Carrying amount | Level 2 | Interest rate swaps    
Financial assets:    
Interest rate swaps 103,197 144,333
Financial liabilities:    
Derivative liability 108,935 153,433
Carrying amount | Level 3    
Financial assets:    
Loans and leases held-for-investment, net 8,508,538 8,202,788
Other real estate owned $ 2,724 $ 2,724
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accumulated Other Comprehensive Income [Roll Forward]    
Beginning balance $ 757,145 $ 621,281
Change in unrealized holding gains (losses) 729 (15,296)
Losses (gains) reclassified from other comprehensive income 641 115
Net other comprehensive income (loss) 1,370 (15,181)
Ending balance 774,286 614,380
Debt Securities    
Accumulated Other Comprehensive Income [Roll Forward]    
Beginning balance 3,834 2,756
Change in unrealized holding gains (losses) (954) (9,422)
Losses (gains) reclassified from other comprehensive income (1) (12)
Net other comprehensive income (loss) (955) (9,434)
Ending balance 2,879 (6,678)
Derivatives    
Accumulated Other Comprehensive Income [Roll Forward]    
Beginning balance (6,531) (1,624)
Change in unrealized holding gains (losses) 1,683 (5,874)
Losses (gains) reclassified from other comprehensive income 642 127
Net other comprehensive income (loss) 2,325 (5,747)
Ending balance (4,206) (7,371)
Total    
Accumulated Other Comprehensive Income [Roll Forward]    
Beginning balance (2,697) 1,132
Net other comprehensive income (loss) 1,370 (15,181)
Ending balance $ (1,327) $ (14,049)
v3.21.1
Segments - Schedule of Segment Reporting Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
segment
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Assets $ 10,565,150   $ 9,896,816
Income statement data:      
Interest income 51,992 $ 64,202  
Interest expense 13,336 29,280  
Net interest income 38,656 34,922  
Provision for credit losses 224 2,993  
Net interest income after provision for credit losses 38,432 31,929  
Non-interest income:      
Net gain (loss) on the sale and call of debt securities (1) 57  
Other non-interest income 4,652 5,621  
Total non-interest income 13,651 13,316  
Non-interest expense:      
Intangible amortization expense 478 502  
Other non-interest expense 30,800 28,642  
Total non-interest expense 31,278 29,144  
Income before tax 20,805 16,101  
Income tax expense (benefit) 4,605 3,206  
Net income 16,200 12,895  
Investment management fees      
Non-interest income:      
Total non-interest income 9,000 7,638  
Parent and other      
Segment Reporting Information [Line Items]      
Assets (6,129)   (9,053)
Income statement data:      
Interest income 0 0  
Interest expense 1,497 (16)  
Net interest income (1,497) 16  
Provision for credit losses 0 0  
Net interest income after provision for credit losses (1,497) 16  
Non-interest income:      
Net gain (loss) on the sale and call of debt securities 0 0  
Other non-interest income 0 0  
Total non-interest income (234) (127)  
Non-interest expense:      
Intangible amortization expense 0 0  
Other non-interest expense 703 982  
Total non-interest expense 703 982  
Income before tax (2,434) (1,093)  
Income tax expense (benefit) (434) (170)  
Net income (2,000) (923)  
Parent and other | Investment management fees      
Non-interest income:      
Total non-interest income (234) (127)  
Bank | Operating segments      
Segment Reporting Information [Line Items]      
Assets 10,488,361   9,819,719
Income statement data:      
Interest income 51,992 64,202  
Interest expense 11,839 29,296  
Net interest income 40,153 34,906  
Provision for credit losses 224 2,993  
Net interest income after provision for credit losses 39,929 31,913  
Non-interest income:      
Net gain (loss) on the sale and call of debt securities (1) 57  
Other non-interest income 4,631 5,652  
Total non-interest income 4,630 5,709  
Non-interest expense:      
Intangible amortization expense 0 0  
Other non-interest expense 22,655 21,034  
Total non-interest expense 22,655 21,034  
Income before tax 21,904 16,588  
Income tax expense (benefit) 4,729 3,348  
Net income 17,175 13,240  
Bank | Operating segments | Investment management fees      
Non-interest income:      
Total non-interest income 0 0  
Investment management | Operating segments      
Segment Reporting Information [Line Items]      
Assets 82,918   $ 86,150
Income statement data:      
Interest income 0 0  
Interest expense 0 0  
Net interest income 0 0  
Provision for credit losses 0 0  
Net interest income after provision for credit losses 0 0  
Non-interest income:      
Net gain (loss) on the sale and call of debt securities 0 0  
Other non-interest income 21 (31)  
Total non-interest income 9,255 7,734  
Non-interest expense:      
Intangible amortization expense 478 502  
Other non-interest expense 7,442 6,626  
Total non-interest expense 7,920 7,128  
Income before tax 1,335 606  
Income tax expense (benefit) 310 28  
Net income 1,025 578  
Investment management | Operating segments | Investment management fees      
Non-interest income:      
Total non-interest income $ 9,234 $ 7,765  
v3.21.1
Subsequent Events (Details) - USD ($)
 3 Months Ended
Apr. 13, 2021
Mar. 31, 2021
Series A preferred stock | Subsequent Event    
Subsequent Event [Line Items]    
Dividend payable $ 679,000  
Series A depositary share | Subsequent Event    
Subsequent Event [Line Items]    
Dividends payable (usd per share) $ 0.42  
Series B preferred stock | Subsequent Event    
Subsequent Event [Line Items]    
Dividend payable $ 1,300,000  
Series B depositary share | Subsequent Event    
Subsequent Event [Line Items]    
Dividends payable (usd per share) $ 0.40  
Series C preferred stock    
Subsequent Event [Line Items]    
Dividend payable   $ 21,250
Stock dividends (in shares)   11
Series C preferred stock | Subsequent Event    
Subsequent Event [Line Items]    
Dividend payable $ 15,438,000  
Stock dividends (in shares) 11