TRISTATE CAPITAL HOLDINGS, INC., 10-K filed on 3/1/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
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    
Entity Address, Postal Zip Code 15219    
City Area Code (412)    
Local Phone Number 304-0304    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 498,142,483
Entity Common Stock, Shares Outstanding   33,581,303  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the proxy statement to be mailed to shareholders in connection with our 2022 annual meeting of shareholders or, alternatively, in an amendment to this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Entity Central Index Key 0001380846    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Common stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, no par value    
Trading Symbol TSC    
Security Exchange Name NASDAQ    
Series A preferred stock depositary share      
Document 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 preferred stock depositary share      
Document 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    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Pittsburgh, PA
Auditor Firm ID 185
v3.22.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Cash $ 340 $ 341
Interest-earning deposits with other institutions 449,302 429,639
Federal funds sold 2,374 5,462
Cash and cash equivalents 452,016 435,442
Debt securities available-for-sale, at fair value 586,325 617,570
Debt securities held-to-maturity, at amortized cost, net 802,576 211,691
Equity securities, at fair value 4,975 0
Federal Home Loan Bank stock 11,802 13,284
Total investment securities 1,405,678 842,545
Loans and leases held-for-investment 10,763,324 8,237,418
Allowance for credit losses on loans and leases (28,563) (34,630)
Loans and leases held-for-investment, net 10,734,761 8,202,788
Accrued interest receivable 25,060 18,783
Investment management fees receivable, net 8,641 7,935
Goodwill and other intangibles, net of accumulated amortization 62,000 63,911
Office properties and equipment, net of accumulated depreciation 19,833 12,369
Operating lease right-of-use asset 35,116 21,294
Bank owned life insurance 98,928 71,787
Prepaid expenses and other assets 162,819 219,962
Total assets 13,004,852 9,896,816
Liabilities:    
Deposits 11,504,389 8,489,089
Borrowings, net 470,163 400,493
Accrued interest payable on deposits and borrowings 1,841 3,057
Deferred tax liability, net 6,326 5,676
Operating lease liability 36,937 22,958
Other accrued expenses and other liabilities 148,474 218,398
Total liabilities 12,168,130 9,139,671
Shareholders’ Equity:    
Common stock 334,566 331,098
Additional paid-in capital 42,655 33,824
Retained earnings 319,766 254,054
Accumulated other comprehensive income (loss), net (3,424) (2,697)
Treasury stock (2,402,033 and 2,299,422 shares, respectively) (38,385) (36,277)
Total shareholders’ equity 836,722 757,145
Total liabilities and shareholders’ equity 13,004,852 9,896,816
Series A preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; 38,468 38,468
Series B preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; 77,611 77,611
Series C preferred stock    
Shareholders’ Equity:    
Preferred stock, no par value; Shares authorized - 150,000; 65,465 61,064
Nonvoting Common Stock    
Shareholders’ Equity:    
Common stock $ 0 $ 0
v3.22.0.1
Consolidated Statements of Financial Condition (Parenthetical) - shares
Dec. 31, 2021
Dec. 31, 2020
Preferred Stock, Shares Authorized (in shares) 150,000 150,000
Common Stock, Shares Authorized (in shares) 51,653,347 51,653,347
Common Stock, Shares Issued (in shares) 35,665,531 34,919,572
Common Stock, Shares Outstanding (in shares) 33,263,498 32,620,150
Treasury Stock, Shares (in shares) 2,402,033 2,299,422
Series A preferred stock    
Preferred Stock, Shares Issued (in shares) 40,250 40,250
Preferred Stock, Shares Outstanding (in shares) 40,250 40,250
Series B preferred stock    
Preferred Stock, Shares Issued (in shares) 80,500 80,500
Preferred Stock, Shares Outstanding (in shares) 80,500 80,500
Series C preferred stock    
Preferred Stock, Shares Issued (in shares) 683 650
Preferred Stock, Shares Outstanding (in shares) 683 650
Nonvoting Common Stock    
Common Stock, Shares Authorized (in shares) 6,653,347 6,653,347
Common Stock, Shares Issued (in shares) 0 0
v3.22.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Loans and leases $ 215,186 $ 200,839 $ 239,328
Investments 15,529 14,032 16,324
Interest-earning deposits 582 2,224 6,795
Total interest income 231,297 217,095 262,447
Interest expense:      
Deposits 41,504 69,202 125,592
Borrowings 10,434 9,949 9,798
Total interest expense 51,938 79,151 135,390
Net interest income 179,359 137,944 127,057
Provision (credit) for credit losses 808 19,400 (968)
Net interest income after provision for credit losses 178,551 118,544 128,025
Non-interest income:      
Net gain on the sale and call of debt securities 242 3,948 416
Bank owned life insurance income 2,142 1,742 1,736
Other income 862 419 812
Total non-interest income 58,646 57,205 52,782
Non-interest expense:      
Compensation and employee benefits 84,599 71,197 69,176
Premises and equipment expense 5,837 5,875 5,458
Professional fees 10,820 6,201 6,188
FDIC insurance expense 5,080 9,680 5,292
General insurance expense 1,370 1,142 1,097
State capital shares tax 2,911 1,720 420
Travel and entertainment expense 2,634 2,423 4,620
Technology and data services 14,819 10,803 8,520
Intangible amortization expense 1,911 1,944 2,009
Marketing and advertising 3,624 2,402 2,263
Other operating expenses 12,889 9,716 7,106
Total non-interest expense 146,494 123,103 112,149
Income before tax 90,703 52,646 68,658
Income tax expense 12,643 7,412 8,465
Net income 78,060 45,234 60,193
Preferred stock dividends 12,348 7,873 5,753
Net income available to common shareholders $ 65,712 $ 37,361 $ 54,440
Earnings Per Share [Abstract]      
Basic (in usd per share) $ 1.77 $ 1.32 $ 1.95
Diluted (in usd per share) $ 1.71 $ 1.30 $ 1.89
Investment management fees      
Non-interest income:      
Total non-interest income $ 37,454 $ 32,035 $ 36,442
Service charges on deposits      
Non-interest income:      
Total non-interest income 1,407 1,072 559
Swap fees      
Non-interest income:      
Total non-interest income 14,091 16,274 11,029
Commitment and other loan fees      
Non-interest income:      
Total non-interest income $ 2,448 $ 1,715 $ 1,788
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 78,060 $ 45,234 $ 60,193
Other comprehensive income (loss):      
Unrealized holding gains (losses) on debt securities, net of tax expense (benefit) of $(1,874), $1,267, and $1,696, respectively (6,041) 3,997 5,356
Reclassification adjustment for gains included in net income on debt securities, net of tax expense of $(56), $(927), and $(76), respectively (178) (2,919) (237)
Unrealized holding gains (losses) on derivatives, net of tax expense (benefit) of $928, $(2,216), and $(538) , respectively 2,826 (6,981) (1,701)
Reclassification adjustment for losses (gains) included in net income on derivatives, net of tax benefit (expense) of $847, $658, and $(304), respectively 2,666 2,074 (955)
Other comprehensive income (loss), net of tax (727) (3,829) 2,463
Total comprehensive income $ 77,333 $ 41,405 $ 62,656
v3.22.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Tax expense (benefit) on unrealized holding gains (losses) on investment securities $ (1,874) $ 1,267 $ 1,696
Tax benefit (expense) on investment securities losses (gains) reclassified from other comprehensive income (56) (927) (76)
Tax expense (benefit) on unrealized holding gains (losses) on derivatives 928 (2,216) (538)
Tax benefit (expense) on derivative losses (gains) reclassified from other comprehensive income $ 847 $ 658 $ (304)
v3.22.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-in-Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss), Net
Treasury Stock
Balance, beginning of period at Dec. 31, 2018 $ 479,354   $ 38,468 $ 293,355 $ 15,364 $ 164,009   $ (1,331) $ (30,511)
Increase (Decrease) in Stockholders' Equity                  
Net income 60,193         60,193      
Other comprehensive income (loss) 2,463             2,463  
Issuance of preferred stock, net 77,611   77,611            
Preferred stock dividend (5,753)         (5,753)      
Exercise of stock options 900     1,994 (1,094)        
Purchase of treasury stock (2,312)               (2,312)
Stock-based compensation 8,825       8,825        
Balance, end of period at Dec. 31, 2019 621,281 $ (1,731) 116,079 295,349 23,095 218,449 $ (1,731) 1,132 (32,823)
Increase (Decrease) in Stockholders' Equity                  
Net income 45,234         45,234      
Other comprehensive income (loss) (3,829)             (3,829)  
Issuance of preferred stock, net [1] 100,002   61,064 34,720 4,218        
Preferred stock dividend (7,873)         (7,873)      
Exercise of stock options 506     1,029 (523)        
Purchase of treasury stock (3,589)               (3,589)
Reissuance of treasury stock 110         (25)     135
Cancellation of stock options (2,484)       (2,484)        
Stock-based compensation 9,518       9,518        
Balance, end of period at Dec. 31, 2020 757,145   177,143 331,098 33,824 254,054   (2,697) (36,277)
Increase (Decrease) in Stockholders' Equity                  
Net income 78,060         78,060      
Other comprehensive income (loss) (727)             (727)  
Preferred stock dividend (7,947)   4,401     (12,348)      
Exercise of stock options 1,273     3,468 (2,195)        
Purchase of treasury stock (2,108)               (2,108)
Reissuance of treasury stock                 135
Stock-based compensation 11,026       11,026        
Balance, end of period at Dec. 31, 2021 $ 836,722   $ 181,544 $ 334,566 $ 42,655 $ 319,766   $ (3,424) $ (38,385)
[1] Valuation of the warrants related to the issuance of stock was recorded as a component of additional paid-in capital. For additional information on the issuance of stock, refer to Note 12, Stock Transactions, to our consolidated financial statements.
v3.22.0.1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Accounting Standards Update extensible list   Accounting Standards Update 2014-09 [Member]
Preferred Stock | Series A preferred stock    
Offering costs $ 4,998 $ 2,889
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 78,060 $ 45,234 $ 60,193
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and intangible amortization expense 4,886 4,209 3,646
Amortization of deferred financing costs 215 143 84
Impairment on historic tax credit investments 5,623 1,801 0
Provision (credit) for credit losses 808 19,400 (968)
Net loss (gain) on the sale of loans and leases (619) 50 0
Stock-based compensation expense 11,026 9,518 8,825
Net gain on the sale or call of debt securities available-for-sale (234) (3,846) (312)
Net gain on the call of debt securities held-to-maturity (8) (102) (104)
Net loss (gain) from equity securities 25 0 (842)
Income from debt securities trading (112) (352) 0
Purchase of debt securities trading (34,341) (40,477) 0
Proceeds from the sale of debt securities trading 34,453 40,792 0
Net amortization (accretion) of premiums and discounts on debt securities 12,929 3,960 16
Increase in investment management fees receivable, net (706) (375) (261)
Decrease (increase) in accrued interest receivable (6,277) 3,543 (1,624)
Increase (decrease) in accrued interest payable (1,216) (2,433) 286
Bank owned life insurance income (2,142) (1,742) (1,736)
Increase (decrease) in income taxes payable 1,064 188 (156)
Decrease in prepaid income taxes (33) 2,755 5,189
Deferred tax provision 805 506 2,640
Increase (decrease) in accounts payable and other accrued expenses (715) 2,752 (6,361)
Cash received for reimbursement of leasehold improvements 0 2,196 0
Other, net 2,255 (512) (322)
Net cash provided by operating activities 105,746 87,208 68,193
Cash flows from investing activities:      
Purchase of debt securities available-for-sale (652,836) (571,837) (59,110)
Purchase of debt securities held-to-maturity (496,533) (447,077) (258,428)
Purchase of equity securities (5,000) 0 0
Proceeds from the sale of debt securities available-for-sale 126,577 120,400 6,993
Proceeds from the sale of equity securities 0 0 13,679
Principal repayments and maturities of debt securities available-for-sale 67,846 85,282 43,704
Principal repayments and maturities of debt securities held-to-maturity 374,480 430,090 258,581
Purchase of bank owned life insurance (25,000) 0 0
Investment in low-income housing and historic tax credits (12,205) (6,020) (12,505)
Investment in small business investment companies (1,695) (850) (1,283)
Net redemption of Federal Home Loan Bank stock 1,482 11,040 347
Net increase in loans and leases, net (2,540,423) (1,665,788) (1,442,818)
Proceeds from the sale of loans and leased equipment 8,250 6,158 0
Proceeds from the sale of other real estate owned 351 1,527 169
Additions to office properties and equipment (10,439) (5,067) (6,080)
Net cash used in investing activities (3,165,145) (2,042,142) (1,456,751)
Cash flows from financing activities:      
Net increase in deposit accounts 3,015,300 1,854,476 1,584,152
Net increase (decrease) in Federal Home Loan Bank advances (50,000) (55,000) (10,000)
Proceeds from line of credit advances 15,200 40,000 0
Repayment of line of credit advances (20,200) (35,000) (4,250)
Net proceeds from issuance of senior and subordinated notes payable 124,455 95,349 0
Net proceeds from issuance of stock 0 100,002 77,611
Repayment of subordinated debt 0 0 (35,000)
Proceeds from exercise of stock options 1,273 506 900
Cancellation of stock options 0 (2,484) 0
Payment of contingent consideration 0 0 (2,920)
Purchase of treasury stock, net of reissuance (2,108) (3,479) (2,312)
Dividends paid on preferred stock (7,947) (7,849) (5,753)
Net cash provided by financing activities 3,075,973 1,986,521 1,602,428
Net change in cash and cash equivalents during the period 16,574 31,587 213,870
Cash and cash equivalents at beginning of the period 435,442 403,855 189,985
Cash and cash equivalents at end of the period 452,016 435,442 403,855
Cash paid (received) during the year for:      
Interest expense 52,939 81,572 135,021
Income taxes 6,872 693 (2,035)
Other non-cash activity:      
Operating lease right-of-use asset 13,980 0 22,589
Loan foreclosures and repossessions 0 0 1,492
Transfer of debt securities available-for-sale to held-to-maturity 480,769 0 0
Series C dividend paid in kind $ 4,401 $ 0 $ 0
v3.22.0.1
Basis of Information and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 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”). Since the Bank’s consolidated total assets exceeded $10 billion for four consecutive quarters as of December 31, 2021, the Company and the Bank are subject to the regulatory examination and supervision of the Consumer Financial Protection Bureau (“CFPB”) with respect to certain consumer protection laws. 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.

On October 20, 2021, the Company announced that it entered into a definitive agreement under which Raymond James Financial, Inc. (“Raymond James”) will acquire the outstanding shares of stock of the Company for consideration that is a combination of cash and Raymond James stock at a fixed exchange rate, valued in aggregate at approximately $1.10 billion based on the trading value of Raymond James’ stock on the announcement date. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2022.

USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) 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. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) and disclosures, considered necessary for the fair presentation of the accompanying consolidated financial statements, have been included.
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, net of allowance for credit losses; (2) trading, which are debt securities bought and held principally for the purpose of selling them in the near term and are 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 are 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 of the security considering 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 three years and reverts to historical averages over a two-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 of the security. An allowance for credit losses is measured 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. 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.

For additional detail regarding investment securities, see Note 2.

FEDERAL HOME LOAN BANK STOCK
The Bank 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 December 31, 2021 and 2020. Cash and stock dividends are reported as interest income on investments in the consolidated statements of income.

For additional detail regarding Federal Home Loan Bank stock, see Note 3.

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 (e.g., 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.

For additional detail regarding loans and leases, see Note 4.

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 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 represents 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 flows 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 are secured by cash, marketable securities and/or cash value life insurance are monitored daily and requires borrowers to continually replenish such collateral as a result of changes in its fair value. Therefore, it is expected that the fair value of the collateral value securing each loan will exceed the loan’s amortized cost and no allowance for credit losses 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 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, 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.

In 2020, the Company adopted CECL via cumulative effect adjustment (net of tax) by recording a net decrease to retained earnings of $1.7 million as of January 1, 2020. Results for the years ended December 31, 2021 and 2020 are presented under CECL methodology while amounts prior to January 1, 2020 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.

For additional detail regarding allowance for credit losses on loans and leases, see Note 5.

INVESTMENT MANAGEMENT FEES
Revenue from contracts with customers is recognized when promised services are delivered to our customers in an amount we expect to receive in exchange for those services (i.e., the transaction price). Payment for the majority of our services is considered to be variable consideration, as the amount of revenue we expect to receive is subject to factors outside of our control, including market conditions. Variable consideration is only included in revenue when amounts are not subject to significant reversal, which is generally when uncertainty around the amount of revenue to be received is resolved. We record deferred revenue from contracts with customers when payment is received prior to the performance of our obligation to the customer.

We earn investment management fees for performing portfolio management for retail and institutional clients. Such fees are generally calculated as a percentage of the value of client assets or, for certain pooled assets such as mutual funds, on the net asset value of assets managed. The value of these assets is impacted by market fluctuations and net inflows or outflows of assets. Fees are generally collected quarterly and are based on balances either at the beginning of the quarter or the end of the quarter, or on average balances throughout the quarter. Asset management fees are recognized on a monthly basis (i.e., over time) as the services are performed.

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 asset management fees for the years ended December 31, 2021, 2020 and 2019. The Company had no allowance for credit losses on investment management fees as of December 31, 2021 and 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 the 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.

For additional detail regarding goodwill and other intangible assets, see Note 6.

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.

For additional detail regarding office properties and equipment, see Note 7.

OPERATING LEASES
The Company is a lessee in noncancellable operating leases, primarily for its office spaces and other office equipment. The Company 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.

For additional detail regarding operating leases, see Note 8.

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.

For additional detail regarding deposits, see Note 9.

BORROWINGS
The Company records FHLB advances, line of credit borrowings, senior notes payable 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.

For additional detail regarding borrowings, see Note 10.
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.

For additional detail regarding income taxes, see Note 11.

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 the Company’s Series C perpetual non-cumulative convertible non-voting preferred stock (the “Series C Preferred Stock”) and outstanding 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.

For additional detail regarding earnings per common share, see Note 15.

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.

For additional detail regarding stock-based compensation, see Note 16.

DERIVATIVES AND HEDGING ACTIVITIES
All derivatives are evaluated at inception as to whether or not 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 and this collateral 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.

For additional detail regarding derivatives and hedging activities, see Note 17.

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.

For additional detail regarding fair value measurement, see Note 18.

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.

For additional detail regarding accumulated other comprehensive income (loss), see Note 19.

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.

RECENT ACCOUNTING DEVELOPMENTS
On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with
Customers. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022 and provides an exception to fair value measurement for revenue contracts acquired in business combinations. Early adoption is permitted. for both interim and annual financial statements that have not yet been issued(or made available for issuance). The Company is currently evaluating the impact of adopting ASU 2021-05 on its consolidated financial statements.

In July 2021, the FASB issued ASU 2021-5, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and for interim periods within those fiscal years for public business entities and interim periods within fiscal years beginning after December 15, 2022, for all other entities. The amendments in this update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3; and (2) the lessor would have otherwise recognized a day-one loss. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s consolidated financial statements.

In April 2021, the FASB issued ASU 2021-04, which included Topic 260: Earnings Per Share. This guidance clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (“warrants”) due to a lack of explicit guidance in the FASB Codification. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s consolidated financial statements.

In January 2021, the FASB issued ASU 2021-01 - Reference Rate Reform (Topic 848): Scope. This ASU clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in this ASU are effective immediately for all entities. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements, but the Company will consider this guidance as contracts are transitioned from LIBOR to another reference rate.
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Investment Securities
 12 Months Ended
Dec. 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:
December 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$145,568 $897 $273 $— $146,192 
Trust preferred securities13,610 200 183 — 13,627 
Non-agency residential mortgage-backed securities281,282 — 4,164 — 277,118 
Agency collateralized mortgage obligations16,458 42 2 — 16,498 
Agency mortgage-backed securities122,044 32 1,599 — 120,477 
Agency debentures6,732 496 — — 7,228 
Municipal bonds5,189 — 4 — 5,185 
Total debt securities available-for-sale$590,883 $1,667 $6,225 $— $586,325 
(1)Available-for-sale debt securities are recorded on the statement of financial condition at estimated fair value, which includes allowance for credit losses, if applicable.
December 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:
U.S. treasury notes$39,097 $12 $443 $38,666 $— 
Corporate bonds25,167 827 16 25,978 71 
Agency debentures36,794 534 395 36,933 — 
Municipal bonds890 1 — 891 — 
Non-agency residential mortgage-backed securities184,731 1 3,088 181,644 65 
Agency mortgage-backed securities516,033 570 8,753 507,850 — 
Total debt securities held-to-maturity$802,712 $1,945 $12,695 $791,962 $136 
(1)Held-to-maturity debt securities are recorded on the statement of financial condition at amortized cost, net of allowance for credit losses.


During the first quarter of 2021, the Company transferred $480.8 million in fair value of previously designated available-for-sale agency mortgage-backed securities to held-to-maturity.

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 debt securities are recorded on the statement of financial condition at estimated fair value, which includes 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 — 
Non-agency 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 debt securities are recorded on the statement of financial condition at amortized cost, net of allowance for credit losses.

Interest income on investment securities was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Taxable interest income$14,801 $12,707 $14,558 
Non-taxable interest income115 227 381 
Dividend income613 1,098 1,385 
Total interest income on investments$15,529 $14,032 $16,324 
As of December 31, 2021, the contractual maturities of the debt securities were:
December 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$27,500 $27,536 $890 $891 
Due from one to five years60,144 60,675 15,167 15,556 
Due from five to 10 years62,680 62,819 94,514 94,574 
Due after 10 years440,559 435,295 692,141 680,941 
Total debt securities$590,883 $586,325 $802,712 $791,962 

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
Years Ended December 31,Years Ended December 31,
(Dollars in thousands)202120202019202120202019
Proceeds from sales$126,577 $120,400 $6,993 $— $— $— 
Proceeds from calls13,000 11,426 17,336 147,757 398,248 255,538 
Total proceeds$139,577 $131,826 $24,329 $147,757 $398,248 $255,538 
Gross realized gains$235 $3,846 $312 $27 $102 $104 
Gross realized losses1 — — 19 — — 
Net realized gains (losses)$234 $3,846 $312 $8 $102 $104 

There were $38.7 million of debt securities held-to-maturity that were pledged as collateral for certain deposit relationships as of December 31, 2021.

Changes in the allowance for credit losses on held-to-maturity securities were as follows for the years ended December 31, 2021 and 2020:
Year Ended December 31, 2021
(Dollars in thousands)Corporate
Bonds		Non-agency
Securitizations		Municipal
Bonds		Agency Debentures and
Securitizations		U.S. Treasury
 Notes		Total
Balance, beginning of period$79 $70 $— $— $— $149 
Provision (credit) for credit losses(8)(5)— — — (13)
Charge-offs— — — — — — 
Recoveries— — — — — — 
Balance, end of period$71 $65 $— $— $— $136 

Year Ended December 31, 2020
(Dollars in thousands)Corporate
Bonds		Non-agency SecuritizationsMunicipal
Bonds		Agency Debentures and SecuritizationsU.S. Treasury NotesTotal
Balance, beginning of period$— $— $— $— $— $— 
Impact of adopting CECL49 — — — — 49 
Provision for credit losses30 70 — — — 100 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Balance, end of period79 70 — — — 149 
The following tables show the fair value and gross unrealized losses 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 December 31, 2021 and 2020:
December 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 bonds20,191 118 11,808 155 31,999 273 
Trust preferred securities2,046 76 2,270 107 4,316 183 
Non-agency residential mortgage-backed securities277,118 4,164 — — 277,118 4,164 
Agency collateralized mortgage obligations1,600 2 — — 1,600 2 
Agency mortgage-backed securities119,320 1,599 89 — 119,409 1,599 
Municipal bonds5,185 4 — — 5,185 4 
Temporarily impaired debt securities available-for-sale (1)
$425,460 $5,963 $14,167 $262 $439,627 $6,225 
(1)The number of investment positions with unrealized losses totaled 39 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 
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.
December 31, 2021
(Dollars in thousands)AaaAaABaaBaTotal
Debt securities held-to-maturity:
U.S. treasury notes$39,097 $— $— $— $— $39,097 
Corporate Bonds— — — 25,167 — 25,167 
Agency debentures36,794 — — — — 36,794 
Municipal bonds— 480 410 — — 890 
Non-agency residential mortgage-backed securities184,731 — — — — 184,731 
Agency mortgage-backed securities516,033 — — — — 516,033 
Total debt securities held-to-maturity$776,655 $480 $410 $25,167 $— $802,712 
Accrued interest receivable of $1.6 million and $697,000 on debt securities held-to-maturity as of December 31, 2021 and 2020, respectively, was excluded from the amortized cost used in the calculation of allowance for credit losses. The Company had no debt securities held-to-maturity that were past due as of December 31, 2021.

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

Equity securities consisted of mutual funds investing in short-duration, investment grade corporate bonds. The investments in these securities were $5.0 million and $0 as of December 31, 2021 and 2020, respectively.
v3.22.0.1
Federal Home Loan Bank Stock
 12 Months Ended
Dec. 31, 2021
Federal Home Loan Bank Stock [Abstract]  
FEDERAL HOME LOAN BANK STOCK FEDERAL HOME LOAN BANK STOCKThe Company is a member of the FHLB system. As a member of the FHLB of Pittsburgh, the Company must maintain a minimum investment in the capital stock of the FHLB in an amount equal to 4.00% of its outstanding advances, 0.75% of its issued letters of credits, and 0.10% of its membership asset value, as defined, with the FHLB. The FHLB has the ability to change the calculation of the required stock investment at any time. At December 31, 2021, $11.8 million of stock was required based on $250.0 million in outstanding advances, $4.0 million in issued letters of credit and the Bank’s membership asset value of approximately $1.77 billion. The Company held FHLB stock totaling $11.8 million and $13.3 million at December 31, 2021 and 2020, respectively. The Company received dividends from its holdings in FHLB capital stock of $613,000, $1.1 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.
v3.22.0.1
Loans and Leases
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
LOANS AND LEASES LOANS AND LEASES
The 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:
December 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$6,870,961 $1,509,418 $2,369,335 $10,749,714 
Net deferred loan costs (fees)15,537 4,005 (5,932)13,610 
Loans and leases held-for-investment, net of deferred fees and costs6,886,498 1,513,423 2,363,403 10,763,324 
Allowance for credit losses on loans and leases(1,891)(8,453)(18,219)(28,563)
Loans and leases held-for-investment, net$6,884,607 $1,504,970 $2,345,184 $10,734,761 

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 December 31, 2021 and 2020, was $10.74
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 $162.0 million and $39.6 million as of December 31, 2021 and 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 December 31, 2021 and 2020, included in the total unfunded commitments above, was $60.8 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 years ended December 31, 2021 and 2020, there were draws on letters of credit totaling $4.2 million and $383,000, respectively, which were immediately repaid by the borrowers or converted to an outstanding loan based on the contractual terms and subsequently repaid. 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 $2.9 million and $3.4 million as of December 31, 2021 and December 31, 2020, respectively, which includes allowance for credit losses on unfunded loan commitments and standby letters of credit.

As of December 31, 2021 and 2020, 88.5% and 90.3%, respectively, of the Company’s commercial loan portfolio was comprised of loans to customers within the Company’s primary market areas of Pennsylvania, Ohio, New Jersey, New York and contiguous states. As a result, the commercial loan and lease portfolio is subject to the general economic conditions within those areas. The Company evaluates each customer’s creditworthiness on an individual basis. The amount of collateral obtained by the Company upon extension of credit is based on management’s credit evaluation of the borrower. The Company does not believe it has significant concentrations of credit risk in any one group of borrowers given its underwriting and collateral requirements.

The Company’s loan and lease portfolio is comprised of amortizing loans, where scheduled principal and interest payments are applied according to the terms of the loan agreement, as well as interest-only loans. As of December 31, 2021 and 2020, interest-only loans represented 79.7% and 76.1%, respectively, of the loans held-for-investment, the majority of which were lines of credit.

There were $6.65 billion in loans that are due on demand with no stated maturity and $4.12 billion in loans with stated maturities which have an expected average remaining maturity of approximately four years as of December 31, 2021, compared to $4.57 billion in loans that are due on demand with no stated maturity and $3.67 billion in loans with stated maturities which have an expected average remaining maturity of approximately four years as of December 31, 2020. As of December 31, 2021 and 2020, 95.0% and 93.8%, respectively, of the Company’s portfolio was comprised of variable rate loans.
v3.22.0.1
Allowance for Credit Losses on Loans and Leases
 12 Months Ended
Dec. 31, 2021
Allowance for Credit Losses and Leases [Abstract]  
Allowance for Credit Losses on Loans and Leases ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
Our 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 years ended December 31, 2021 and 2020 are presented under CECL methodology while amounts prior to January 1, 2020 continue to be reported in accordance with previously applicable GAAP. Refer to Note 1, Summary of Significant Accounting Policies, 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 on a daily basis and requires borrowers to continually replenish such collateral as a result of changes in its fair value. Therefore, it is expected that the fair value of the
collateral value securing each loan will exceed the loan’s amortized cost and no allowance for credit loss would be 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 99.0% and 98.6% of total private banking loans as of December 31, 2021 and 2020, respectively.

Commercial Banking: Commercial and Industrial Loans and Leases
This loan portfolio primarily includes 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 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 calculation of the allowance for credit losses on loans and leases.

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 in this portfolio 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, 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 – A pass 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 of loans by portfolio, risk rating and year of origination:

As of December 31, 2021
(Dollars in thousands)20212020201920182017Prior
Revolving Loans (1)
Total
Private Banking:
Pass$21,365 $57,722 $29,935 $54,082 $7,121 $50,545 $6,665,728 $6,886,498 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total private banking loans21,365 57,722 29,935 54,082 7,121 50,545 6,665,728 6,886,498 
Commercial and Industrial:
Pass240,980 156,216 186,879 55,729 39,523 25,328 787,778 1,492,433 
Special mention— 1,353 — — — 138 3,826 5,317 
Substandard— — 1,757 — 578 41 8,984 11,360 
Doubtful— 375 — 3,938 — — — 4,313 
Total commercial and industrial loans240,980 157,944 188,636 59,667 40,101 25,507 800,588 1,513,423 
Commercial Real Estate:
Pass572,630 512,139 454,762 333,477 187,090 251,809 35,617 2,347,524 
Special mention— — — — — 2,288 — 2,288 
Substandard— 261 5,395 621 — 7,314 — 13,591 
Doubtful— — — — — — — — 
Total commercial real estate loans572,630 512,400 460,157 334,098 187,090 261,411 35,617 2,363,403 
Loans and leases held-for-investment$834,975 $728,066 $678,728 $447,847 $234,312 $337,463 $7,501,933 $10,763,324 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at December 31, 2021.

Accrued interest receivable of $21.8 million and $16.4 million on loans and leases as of December 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 years ended December 31, 2021, 2020 and 2019:
Year Ended December 31, 2021
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,254 $27,329 $2,047 $34,630 
Provision (credit) for credit losses7,604 (6,628)(156)820 
Charge-offs(4,633)(2,482)— (7,115)
Recoveries228 — — 228 
Balance, end of period$8,453 $18,219 $1,891 $28,563 
Year Ended December 31, 2020
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,262 $6,873 $1,973 $14,108 
Impact of adopting CECL(2,431)3,560 (187)942 
Provision for credit losses1,973 16,896 432 19,301 
Charge-offs— — (171)(171)
Recoveries450 — — 450 
Balance, end of period$5,254 $27,329 $2,047 $34,630 

Year Ended December 31, 2019
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,764 $5,502 $1,942 $13,208 
Provision (credit) for credit losses(2,482)1,371 143 (968)
Charge-offs— — (112)(112)
Recoveries1,980 — — 1,980 
Balance, end of period$5,262 $6,873 $1,973 $14,108 

The following tables present the age analysis of past due loans segregated by class of loan:
December 31, 2021
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal
Past Due		CurrentTotal
Private banking$678 $— $— $678 $6,885,820 $6,886,498 
Commercial and industrial— — 4,313 4,313 1,509,110 1,513,423 
Commercial real estate— — — — 2,363,403 2,363,403 
Loans and leases held-for-investment$678 $— $4,313 $4,991 $10,758,333 $10,763,324 

December 31, 2020
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due
Total
Past Due		CurrentTotal
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 of individually evaluated loans and related information on those loans as of and for the years ended December 31, 2021, 2020 and 2019:
As of and for the Year Ended December 31, 2021
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial15,673 19,989 4,646 19,553 786 
Commercial real estate1,139 1,139 37 1,139 56 
Total with a related allowance recorded16,812 21,128 4,683 20,692 842 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial15,673 19,989 4,646 19,553 786 
Commercial real estate1,139 1,139 37 1,139 56 
Total$16,812 $21,128 $4,683 $20,692 $842 

As of and for the Year 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 $— 
As of and for the Year Ended December 31, 2019
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$171 $193 $171 $171 $— 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total with a related allowance recorded171 193 171 171 — 
Without a related allowance recorded:
Private banking13 13 — 13 — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded13 13 — 13 — 
Total:
Private banking184 206 171 184 — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total$184 $206 $171 $184 $— 

Individually evaluated loans were $16.8 million and $9.7 million as of December 31, 2021 and 2020, respectively. There was no interest income recognized on individually evaluated loans that were also on non-accrual status for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021 and 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 $4.7 million and $2.0 million as of December 31, 2021 and 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 cost of individually evaluated loans:
December 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$— $4,646 $37 $4,683 
Collectively evaluated for impairment1,891 3,807 18,182 23,880 
Total allowance for credit losses on loans and leases$1,891 $8,453 $18,219 $28,563 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $15,673 $1,139 $16,812 
Collectively evaluated for impairment6,886,498 1,497,750 2,362,264 10,746,512 
Loans and leases held-for-investment$6,886,498 $1,513,423 $2,363,403 $10,763,324 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $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 in individually evaluated loans with terms modified through a TDR on non-accrual was $0 and $2.9 million as of December 31, 2021 and 2020, respectively. The aggregate recorded investment in individually evaluated loans with terms modified through a TDR also accruing interest was $12.5 million and $0 as of December 31, 2021 and 2020, respectively. There were no unused commitments on loans designated as TDR as of December 31, 2021 and 2020.

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 years ended December 31, 2021, 2020 or 2019.

The financial effects of our modifications made to loans newly designated as TDRs during the year ended December 31, 2021 and 2020, were as follows:

Year Ended December 31, 2021
(Dollars in thousands) CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Credit Losses at the time of ModificationCurrent Allowance for Credit Losses
Commercial & Industrial:
Extended term, deferred principal and increased advance rates1
$11,360 $11,360 $334 $334 
Commercial Real Estate:
Extended term, deferred principal and increased advance rates1
$1,139 $1,139 $37 $37 
Total2$12,499 $12,499 $371 $371 

Year Ended December 31, 2020
(Dollars in thousands) CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Loan Losses at the time of ModificationCurrent Allowance for Loan Losses
Commercial Real Estate:
Extended term, forgave principal and change in interest terms1$2,926 $2,926 $468 $468 
Total1$2,926 $2,926 $468 $468 

Other Real Estate Owned

As of December 31, 2021 and 2020, the balance of OREO was $2.0 million and $2.7 million, respectively. During the year ended December 31, 2021, a property was sold from OREO for $351,000 with a net loss of $39,000. During the year ended December 31, 2020, a property was sold from OREO for $1.5 million with a net gain of $65,000. There were no residential mortgage loans that were in the process of foreclosure as of December 31, 2021 and 2020.
v3.22.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill represents the excess of the purchase price over the fair value of net assets acquired.

The following table presents the change in goodwill for the years ended December 31, 2021 and 2020:
(Dollars in thousands)20212020
Balance, beginning of period$41,660 $41,660 
Additions— — 
Balance, end of period$41,660 $41,660 

The Company determined the amount of identifiable intangible assets based upon an independent valuation. The following table presents the change in intangible assets for the years ended December 31, 2021 and 2020:
(Dollars in thousands)20212020
Balance, beginning of period$22,251 $24,194 
Additions— — 
Amortization(1,911)(1,943)
Balance, end of period$20,340 $22,251 

The following table presents the gross amount of intangible assets and total accumulated amortization by class:
December 31, 2021December 31, 2020
(Dollars in thousands)Gross AmountAccumulated AmortizationNet Carrying AmountGross AmountAccumulated AmortizationNet Carrying Amount
Trade name$4,040 $(1,112)$2,928 $4,040 $(939)$3,101 
Client Relationships:
Sub-advisory client list11,645 (6,708)4,937 11,645 (5,838)5,807 
Separate managed accounts client list3,175 (1,716)1,459 3,175 (1,404)1,771 
Other institutional client list5,950 (4,237)1,713 5,950 (3,696)2,254 
Non-compete agreements522 (519)3 522 (504)18 
Total finite-lived intangibles25,332 (14,292)11,040 25,332 (12,381)12,951 
Client Relationships:
Mutual fund client relationships
 (indefinite-lived)		9,300 — 9,300 9,300 — 9,300 
Total intangible assets$34,632 $(14,292)$20,340 $34,632 $(12,381)$22,251 

Intangible amortization expense on finite-lived intangible assets totaled $1.9 million, $1.9 million and $2.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following is a summary of the expected intangible amortization expense for finite-lived intangibles assets, assuming no new additions, for each of the five years following December 31, 2021:
(Dollars in thousands)Amount
2022$1,900 
20231,897 
20241,806 
20251,336 
20261,246 
Thereafter2,855 
Total finite-lived intangibles$11,040 
v3.22.0.1
Office Properties and Equipment
 12 Months Ended
Dec. 31, 2021
Office Properties and Equipment [Abstract]  
OFFICE PROPERTIES AND EQUIPMENT OFFICE PROPERTIES AND EQUIPMENT
The following is a summary of office properties and equipment by major classification as of December 31, 2021 and 2020:
December 31,
(Dollars in thousands)20212020
Furniture, fixtures and equipment$26,695 $20,244 
Leasehold improvements12,355 8,366 
Total, at cost39,050 28,610 
Accumulated depreciation(19,217)(16,241)
Net office properties and equipment$19,833 $12,369 

Depreciation expense was $3.0 million, $2.3 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.
v3.22.0.1
Operating Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
OPERATING LEASES OPERATING LEASES
The Company has noncancellable operating leases primarily for its six office spaces and other office equipment that expire between 2022 and 2036. These leases generally contain renewal options for periods ranging from one to five years. Because the Company is not reasonably certain that it will exercise these renewal options, the options are not considered in determining the lease terms and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments and, for many of the Company’s leases, variable payments. Variable payments for office space leases include the Company’s proportionate share of the building’s property taxes, insurance and common area maintenance. For office equipment leases for which the Company has elected not to separate lease and non-lease components, maintenance services are provided by the lessor at a fixed cost and are included in the fixed lease payments for the single, combined lease component.

The Company rents office space in its six office locations which are accounted for as operating leases. The remaining lease terms have expirations from 2022 to 2036 and provide for one or more renewal options. These leases provide for annual rent escalations and payment of certain operating expenses applicable to the leased space. The Company records rent expense on a straight-line basis over the term of the lease. Operating lease cost was $3.2 million, $3.1 million and $2.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The net deferred rent liability was $1.8 million and $1.7 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021, the weighted average remaining lease term was 13 years and the weighted average discount rate as 3.80%.

Maturities of lease liabilities under noncancellable leases as of December 31, 2021, are as follows:
(Dollars in thousands)Amount
December 31,
2022$3,112 
20233,678 
20243,612 
20253,756 
20263,672 
Thereafter29,452 
Total undiscounted lease payments$47,282 
Imputed interest10,345 
Operating lease liability $36,937 
During quarter ended September 30, 2021, the Company entered into a lease agreement for additional office space in Pittsburgh. This lease is expected to commence in mid-2022 when we begin to occupy the property.
v3.22.0.1
Deposits
 12 Months Ended
Dec. 31, 2021
Deposits [Abstract]  
DEPOSITS DEPOSITS
As of December 31, 2021 and 2020, deposits were comprised of the following:
Interest Rate RangeWeighted Average
Interest Rate		Balance
(Dollars in thousands)December 31,
2021		December 31,
2021		December 31,
2020		December 31,
2021		December 31,
2020
Demand and savings accounts:
Noninterest-bearing checking accounts———$776,256 $456,426 
Interest-bearing checking accounts
0.05% to 1.70%
0.35%0.38%4,318,523 3,068,834 
Money market deposit accounts
0.10% to 3.25%
0.40%0.56%5,632,093 3,927,797 
Total demand and savings accounts10,726,872 7,453,057 
Certificates of deposit
0.04% to 3.15%
0.41%1.08%777,517 1,036,032 
Total deposits$11,504,389 $8,489,089 
Weighted average rate on interest-bearing accounts0.38%0.56%

As of December 31, 2021 and 2020, the Bank had total brokered deposits of $955.5 million and $753.3 million, respectively. Reciprocal deposits through Certificate of Deposit Account Registry Service® (“CDARS®”) and Insured Cash Sweep® (“ICS®”) totaled $2.06 billion and $1.72 billion as of December 31, 2021 and 2020, respectively, and were not considered brokered deposits.

As of December 31, 2021 and 2020, certificates of deposit with balances of $100,000 or more, excluding brokered and reciprocal deposits, totaled $477.0 million and $534.3 million, respectively. As of December 31, 2021 and 2020, certificates of deposit with balances of $250,000 or more, excluding brokered and reciprocal deposits, totaled $126.4 million and $159.6 million.

The contractual maturity of certificates of deposit was as follows:
(Dollars in thousands)December 31,
2021		December 31,
2020
12 months or less$693,339 $892,427 
12 months to 24 months72,735 132,443 
24 months to 36 months11,443 11,162 
Total$777,517 $1,036,032 

Interest expense on deposits for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Interest-bearing checking accounts$13,106 $14,493 $21,480 
Money market deposit accounts23,299 35,095 69,336 
Certificates of deposit5,099 19,614 34,776 
Total interest expense on deposits$41,504 $69,202 $125,592 
v3.22.0.1
Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
As of December 31, 2021 and 2020, borrowings were comprised of the following:
December 31, 2021December 31, 2020
(Dollars in thousands)Interest RateEnding BalanceMaturity DateInterest RateEnding BalanceMaturity Date
FHLB borrowings:
Issued 12/20/20210.30%50,000 3/21/2022
Issued 12/2/20210.27%50,000 3/2/2022
Issued 12/1/20210.27%150,000 3/1/2022
Issued 12/21/20200.39%50,000 3/22/2021
Issued 12/2/20200.33%50,000 3/2/2021
Issued 12/1/20200.33%150,000 3/1/2021
Issued 10/8/20200.39%50,000 1/8/2021
Line of credit borrowings— 2/18/20224.25%5,000 10/17/2021
Subordinated notes payable (net of debt issuance costs of $1,792 and $2,007, respectively)
5.75%95,708 5/15/20305.75%95,493 5/15/2030
Senior notes payable (net of debt issuance costs of $545 and $0, respectively)
2.25%124,455 12/15/2024
Total borrowings, net$470,163 $400,493 

On December 15, 2021, the Company issued a senior unsecured fixed-to-floating rate note (the “Senior Note”) to Raymond James in the amount of $125 million. The Senior Note, which matures on December 15, 2024, bears interest at a fixed annual rate of 2.25% from the date of issuance to December 15, 2022, and thereafter until maturity at a floating annual rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (SOFR). The Senior Note is not redeemable prior to December 15, 2022. On and after December 15, 2022, the Senior Note is redeemable on any interest payment date at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

In 2020, the Company completed an underwritten public offering 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 constitute Tier 2 capital for the Company under federal regulatory capital rules.

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 December 31, 2021, the Bank’s borrowing capacity is based on the information provided in the September 30, 2021, QCR filing. As of December 31, 2021, the Bank had pledged loans of $1.45 billion, for a gross borrowing capacity of $1.03 billion, 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 December 31, 2021 and 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 $3.4 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 our customer as part of the existing credit facility of that customer. In August 2021, the Bank entered into a standby letter of credit with PNC Bank for $643,000, which expires in August 2022.

As of December 31, 2020, the Company held an unsecured line of credit of $75.0 million with Texas Capital Bank and had $5.0 million in outstanding borrowings under this line of credit. On February 18, 2021, the Company terminated its line of credit with Texas Capital Bank and established a new unsecured line of credit of $75.0 million with The Huntington National Bank. As of December 31, 2021, there were no outstanding borrowings under the Huntington National Bank line of credit.
Interest expense on borrowings for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
FHLB borrowings$4,348 $6,095 $8,639 
Line of credit borrowings148 261 68 
Senior and subordinated notes payable5,938 3,593 1,091 
Total interest expense on borrowings$10,434 $9,949 $9,798 
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision reconciled to taxes computed at the statutory federal rate for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Tax provision at statutory rate$19,048 $11,056 $14,418 
Nondeductible expenses1,299 772 919 
Bank owned life insurance(450)(366)(364)
Stock option exercises and cancellations(193)(288)(668)
State tax expense, net of federal benefit4,237 1,636 2,481 
Adjustments to prior year tax98 284 (121)
Tax exempt income, net of disallowed interest(25)(47)(71)
Renewable energy tax credits(3,504)(1,531)(1,912)
Low-income housing tax credits(1,115)(880)(364)
Historic tax credits(6,752)(3,273)(6,036)
Other— 49 183 
Income tax provision$12,643 $7,412 $8,465 

The tax credits in the table above relate to transactions for the financing of renewable solar energy facilities, low-income housing tax credits and historic tax credits. These transactions provided federal tax credits and state tax credits (where applicable) during the 2021, 2020 and 2019 tax years. The financing of the solar energy facilities is accounted for as direct financing leases included within the C&I loan and lease portfolio. The amortization of the Company’s low-income housing tax credit investments has been reflected as income tax expense. The net amount of low-income housing tax credits, amortization and tax benefits recorded to income tax expenses during the years ended December 31, 2021, 2020 and 2019, was $1.1 million, $880,000 and $364,000, respectively. The carrying amount of the investment in low income housing tax credits was $31.1 million, of which $6.0 million was unfunded as of December 31, 2021. The carrying amount of the investment in historic tax credits was $11.4 million, of which $8.1 million was unfunded as of December 31, 2021.

The income tax provision for the years ended December 31, 2021, 2020 and 2019, consisted of:
Years Ended December 31,
(Dollars in thousands)202120202019
Current income tax provision - federal$7,927 $4,812 $4,058 
Current income tax provision - state3,911 2,094 1,767 
Deferred tax provision (benefit) - federal(342)431 1,312 
Deferred tax provision - state1,147 75 1,328 
Income tax provision$12,643 $7,412 $8,465 
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020, were as follows:
December 31,
(Dollars in thousands)20212020
Deferred tax assets:
Net operating loss - state$672 $672 
Start-up expenses— 9 
Stock compensation2,415 1,546 
Compensation related accruals3,753 4,311 
Leasehold improvement590 666 
Allowance for credit losses on loans and leases7,887 8,369 
Right-of-use liability8,892 4,891 
Reserve for unfunded commitments701 820 
Supplemental executive retirement plan919 917 
Transaction costs802 112 
Earn out liability non-purchase accounting181 214 
Unrealized loss on investments and derivatives1,012 857 
State bonus depreciation2,557 3,535 
General business credits14,207 14,551 
Valuation allowance(367)— 
Other1,727 31 
Gross deferred tax assets45,948 41,501 
Deferred tax liabilities:
Office properties and equipment(32,749)(31,632)
Prepaid expenses(475)(649)
Deferred loan costs(4,714)(5,036)
Intangibles(3,063)(257)
Goodwill(2,710)(4,885)
State capital shares tax liability(109)(229)
Right-of-use asset(8,454)(4,489)
Gross deferred tax liability(52,274)(47,177)
Net deferred tax liability$(6,326)$(5,676)

Management believes that, as of December 31, 2021, it is more likely than not that the deferred tax assets will be fully realized upon the generation of future taxable income, except for a portion of the state net operating losses. A valuation allowance of $367,000 was recorded based on the lack of projected taxable income on separate company state income tax returns. The Company has certain pre-tax state net operating loss carryforwards of $13.6 million, which will expire in years 2034 through 2041. The Company has general business credits of $14.2 million, which will expire in 2040.

The change in the net deferred tax asset or liability for the years ended December 31, 2021 and 2020, was detailed as follows:
December 31,
(Dollars in thousands)20212020
Deferred tax provision$(805)$(506)
Deferred tax retained earnings for CECL adoption— 543 
Deferred tax impact from other comprehensive income155 1,218 
Change in net deferred tax asset or liability$(650)$1,255 

The Company considers uncertain tax positions that it has taken or expects to take on a tax return. The Company recognizes interest accrued and penalties (if any) related to unrecognized tax benefits in income tax expense. Tax years 2018 through 2021 remain subject to federal and state tax examinations as of December 31, 2021.
A reconciliation of the beginning and ending gross amounts of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, was as follows:
December 31,
(Dollars in thousands)202120202019
Beginning of year balance$685 $528 $704 
Increases in prior period tax positions— — 111 
Decreases in prior period tax positions— (46)— 
Increases in current period tax positions — 203 148 
Settlements(508)— (435)
End of year balance$177 $685 $528 

The total estimated unrecognized tax benefit that, if recognized, would affect the Company’s effective tax rate was approximately $75,000, $628,000 and $478,000 as of December 31, 2021, 2020 and 2019, respectively. The impact of interest and penalties was immaterial to the Company’s financial statements for the years ended December 31, 2021, 2020 and 2019. The Company does not expect changes in its unrecognized tax benefits in the next twelve months to have a material impact on its financial statements.
v3.22.0.1
Stock Transactions
 12 Months Ended
Dec. 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 Company has the right to effect a mandatory conversion of the Series C Preferred Stock held by T-VIII PubOpps into shares of non-voting common stock following the three year anniversary of the closing of the investment subject to certain conditions. 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 have been 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 to the 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.

During the year ended December 31, 2021, the Company paid dividends of $2.7 million on its Series A Preferred Stock, $5.1 million on its Series B Preferred Stock, and $4.5 million on its Series C Preferred Stock. During the year ended December 31, 2020, the Company paid dividends of $2.7 million on its Series A Preferred Stock and $5.1 million on its Series B Preferred Stock. During the year ended December 31, 2019, the Company paid dividends of $2.7 million on its Series A Preferred Stock and $3.1 million on its Series B Preferred Stock.

Under authorization of the Board, the Company was permitted to repurchase shares of its common stock up to prescribed amounts of which $7.3 million remained available as of December 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 year ended December 31, 2020, the Company repurchased a total of 40,000 shares of common stock for approximately $671,000, at an average cost of $16.76 per share. During the year ended December 31, 2019, the Company repurchased a total of 90,000 shares of common stock for approximately $1.8 million, at an average cost of $20.21 per share. The repurchased shares are held as treasury stock.

Treasury shares increased 102,611, or approximately $2.1 million, in connection with the net settlement of equity awards exercised or vested during the year ended December 31, 2021. The Company reissued 8,500 shares of treasury stock for approximately $135,000 during the year ended December 31, 2020. Treasury shares increased 141,500, or approximately $2.9 million, in connection with the net settlement of equity awards exercised or vested during the year ended December 31, 2020. Treasury shares increased 21,512, or approximately $493,000, in connection with the net settlement of equity awards exercised or vested during the year ended December 31, 2019.

The table below shows 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, 201840,250 28,878,674 2,014,910 
Issuance of preferred stock80,500 — — 
Issuance of restricted common stock— 580,453 — 
Forfeitures of restricted common stock— (78,209)— 
Exercise of stock options— 86,580 — 
Purchase of treasury stock— (90,000)90,000 
Increase in treasury stock related to equity awards— (21,512)21,512 
Balance, December 31, 2019120,750 29,355,986 2,126,422 
Issuance of preferred stock650 — — 
Issuance of common stock— 2,770,083 — 
Issuance of restricted common stock— 638,832 — 
Forfeitures of restricted common stock— (32,751)— 
Exercise of stock options— 61,000 — 
Purchase of treasury stock— (40,000)40,000 
Increase in treasury stock related to equity awards— (141,500)141,500 
Reissuance of treasury stock— 8,500 (8,500)
Balance, December 31, 2020121,400 32,620,150 2,299,422 
Issuance of preferred stock33 — — 
Issuance of restricted common stock— 633,386 — 
Forfeitures of restricted common stock— (12,297)— 
Exercise of stock options— 124,870 — 
Increase in treasury stock related to equity awards— (102,611)102,611 
Balance, December 31, 2021121,433 33,263,498 2,402,033 
v3.22.0.1
Regulatory Capital
 12 Months Ended
Dec. 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 and material adverse 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 to risk-weighted assets, and a Tier 1 leverage ratio of Tier 1 capital to average assets (as each term is defined in the applicable regulations).
As of December 31, 2021 and 2020, TriState Capital Holdings, Inc. and TriState Capital Bank exceeded all capital adequacy requirements to which they were subject.

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 risk-based capital adequacy levels shown in the tables below. As of December 31, 2021 and 2020, both the Company and the Bank were above the levels required to avoid limitations on capital distributions and discretionary bonus payments.

In 2020, U.S. federal regulatory authorities issued a final rule that provides banking organizations that adopt CECL during the 2020 calendar year with the option to delay the impact of CECL on regulatory capital for up to two years, beginning January 1, 2020, followed by a three-year transition period. As the Company adopted CECL on December 31, 2020, the Company elected to utilize the remainder of the two-year delay of CECL’s impact on its regulatory capital, from December 31, 2020 through December 31, 2021, followed by the three-year transition period of CECL impact on regulatory capital, from January 1, 2022 through December 31, 2024.

The following tables set forth certain information concerning the Company’s and the Bank’s regulatory capital as of December 31, 2021 and 2020:
December 31, 2021
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$910,320 13.43 %$542,409 8.00 % N/AN/A
Bank$986,657 14.60 %$540,639 8.00 %$675,798 10.00 %
Tier 1 risk-based capital ratio
Company$788,910 11.64 %$406,807 6.00 % N/AN/A
Bank$960,955 14.22 %$405,479 6.00 %$540,639 8.00 %
Common equity tier 1 risk-based capital ratio
Company$607,367 8.96 %$305,105 4.50 % N/AN/A
Bank$960,955 14.22 %$304,109 4.50 %$439,269 6.50 %
Tier 1 leverage ratio
Company$788,910 6.36 %$496,431 4.00 % N/AN/A
Bank$960,955 7.76 %$495,417 4.00 %$619,271 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 %
v3.22.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The Company participates in a qualified 401(k) defined contribution plan under which eligible employees may contribute a percentage of their salary, at their discretion. During the years ended December 31, 2021, 2020 and 2019, the Company automatically contributed three percent of each eligible employee’s base salary to the individual’s 401(k) plan, subject to IRS limitations. Full-time employees and certain part-time employees are eligible to participate upon the first month following their first day of employment or having attained the age of 21, whichever is later. The Company’s contribution expense was $1.1 million, $1.1 million and $1.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

On February 28, 2013, the Company entered into a supplemental executive retirement plan (“SERP”) for its Chairman and Chief Executive Officer. The benefits were earned over a five-year period ended January 31, 2018, with the projected payments for this SERP of $25,000 per month for 180 months commencing the latter of retirement or 60 months. For the years ended December 31, 2021, 2020 and 2019, the Company recorded expense related to SERP of $38,000, $149,000 and $8,000, respectively, utilizing a discount rate of 2.37%, 2.52% and 3.66%, respectively. The recorded liability related to the SERP plan was $3.8 million and $3.8 million as of December 31, 2021 and 2020, respectively.
v3.22.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 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 years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands, except per share data)202120202019
Basic earnings per common share:
Net income$78,060 $45,234 $60,193 
Less: Preferred dividends on Series A and Series B7,849 7,849 5,753 
Less: Preferred dividends on Series C4,499 24 — 
Net income available to common shareholders$65,712 $37,361 $54,440 
Allocation of net income available:
Common shareholders$55,487 $37,320 $54,440 
Series C convertible preferred shareholders8,590 34 — 
Warrant shareholders1,635 7 — 
Total$65,712 $37,361 $54,440 
Basic weighted average common shares outstanding:
Basic common shares31,315,235 28,267,512 27,864,933 
Series C convertible preferred stock, as-if converted4,848,039 25,832 — 
Warrants, as-if exercised922,438 5,041 — 
Basic earnings per common share$1.77 $1.32 $1.95 
Diluted earnings per common share:
Income available to common shareholders after allocation$55,487 $37,320 $54,440 
Diluted weighted average common shares outstanding:
Basic common shares31,315,235 28,267,512 27,864,933 
Restricted stock - dilutive994,997 345,026 633,802 
Stock options - dilutive149,716 125,930 334,600 
Diluted common shares32,459,948 28,738,468 28,833,335 
Diluted earnings per common share$1.71 $1.30 $1.89 

December 31,December 31,December 31,
Anti-dilutive shares:202120202019
Restricted stock37,500 581,717 31,500 
Stock options— — — 
Series C convertible preferred stock, as-if converted4,967,272 4,727,272 — 
Warrants, as-if exercised922,438 922,438 — 
Total anti-dilutive shares
5,927,210 6,231,427 31,500 

The Series C Preferred Stock and warrants are antidilutive under the treasury stock method compared to the basic EPS calculation under the two-class method.
v3.22.0.1
Stock-Based Compensation Programs
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PROGRAMS STOCK-BASED COMPENSATION PROGRAMSThe Company’s 2006 Stock Option Plan (the “2006 Plan”) provided for the granting of incentive and non-qualifying stock options to the Company’s key employees, key contractors and outside directors at the discretion of the Board. The Omnibus Incentive Plan (the “Omnibus Plan”), which was approved by the Company’s shareholders on May 20, 2014, provides for the granting of incentive and non-qualifying stock options, stock appreciation rights, restricted shares, restricted stock units, dividend equivalent rights and other equity-based or equity-related awards to the Company’s key employees, key contractors and outside directors at the discretion of the
Board. The Omnibus Plan, upon its approval, replaced the 2006 Plan. The total number of shares of common stock that may be granted under the Omnibus Plan is the number of authorized shares of common stock of the Company that remained available under the 2006 Plan as of the date of shareholder approval, plus any shares of common stock issued pursuant to the 2006 Plan that were forfeited, canceled, expired or otherwise terminated. The shares reserved for grants under the 2006 Plan are no longer available for grants under that plan but are instead reserved for grants under the Omnibus Plan.

In May 2021, the shareholders of the Company authorized the issuance of up to an additional 800,000 common shares relating to stock awards, which may be issued upon the grant or exercise of stock-based awards, bringing the total authorized shares in connection with stock-based awards to 5,800,000 as of December 31, 2021, under both the 2006 Plan and the Omnibus Plan (together, the “Plans”). The aggregate awards outstanding were 1,989,060 under the Plans. As of December 31, 2021, 2,641,306 stock options and restricted shares had been exercised or vested, respectively, leaving 1,169,634 additional awards available for the Company to grant under the Omnibus Plan.

The Company’s stock option grants contain terms that provide for a graded vesting schedule whereby portions of the options vest in increments over the requisite service period. Options and restricted shares issued under the Plans typically vest in 1 to 5 years. The Company recognizes compensation expense for awards with graded vesting schedules on a straight-line basis over the requisite service period for the entire grant. The Company’s compensation expense for all awards was $11.0 million, $9.5 million and $8.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

In 2020, the Board approved a stock option cancellation program 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 year ended December 31, 2020, there were 212,447 options canceled for approximately $2.5 million, which was recorded as a reduction to additional paid-in capital.

STOCK OPTIONS

There were no stock options granted for the years ended December 31, 2021, 2020 and 2019.

Stock option activity during the periods indicated was as follows:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (years)
Balance, December 31, 2018694,147 $10.60 4.26
Granted— — 
Exercised(86,580)10.39 
Forfeited(5,000)10.31 
Canceled— — 
Expired— — 
Balance, December 31, 2019602,567 $10.64 3.47
Granted— — 
Exercised(61,000)8.30 
Forfeited(1,500)12.29 
Canceled(212,447)10.88 
Expired— — 
Balance, December 31, 2020327,620 $10.90 2.67
Granted— — 
Exercised(124,870)10.20 
Forfeited— — 
Canceled— — 
Expired(2,500)8.00 
Balance, December 31, 2021200,250 $11.38 2.02
Exercisable as of December 31, 2019512,236 $10.64 3.17
Exercisable as of December 31, 2020320,620 $10.86 2.61
Exercisable as of December 31, 2021200,250 $11.38 2.02
The weighted average grant date fair value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $4.87, $4.82 and $5.13, respectively.

A summary of the status of the Company’s non-vested options as of and changes during the years ended December 31, 2021, 2020 and 2019, is presented below:
Non-vested options:Number of OptionsWeighted Average Grant-Date
Fair Value
Balance, December 31, 2018264,697 $4.96 
Granted— — 
Vested(169,366)4.94 
Forfeited(5,000)4.95 
Balance, December 31, 201990,331 $4.98 
Granted— — 
Vested(81,831)4.96 
Forfeited(1,500)4.75 
Balance, December 31, 20207,000 $5.21 
Granted— — 
Vested(7,000)5.21 
Forfeited— — 
Balance, December 31, 2021— $— 

RESTRICTED SHARES

A summary of the status of the Company’s non-vested restricted shares as of and changes during the years ended December 31, 2021, 2020 and 2019, is presented below:
Non-vested restricted shares:Number of SharesWeighted Average Grant-Date
Fair Value
Balance, December 31, 20181,353,012 $18.70 
Granted580,453 21.85 
Vested(424,134)13.20 
Forfeited(78,209)19.13 
Balance, December 31, 20191,431,122 $21.58 
Granted638,832 22.37 
Vested(544,075)20.22 
Forfeited(32,751)23.62 
Balance, December 31, 20201,493,128 $22.37 
Granted633,386 21.00 
Vested(325,407)22.61 
Forfeited(12,297)21.63 
Balance, December 31, 20211,788,810 $21.84 

As of December 31, 2021, there was $20.8 million of total unrecognized compensation cost related to non-vested restricted shares granted under the Omnibus Plan, and the unrecognized compensation cost is expected to be recognized over a weighted average period of 2.0 years.
v3.22.0.1
Derivatives and Hedging Activity
 12 Months Ended
Dec. 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 consolidated statements of financial condition as of December 31, 2021 and 2020:
Asset DerivativesLiability Derivatives
as of December 31, 2021as of December 31, 2021
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$1,217 Other liabilities$2,838 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets88,956 Other liabilities88,919 
TotalOther assets$90,173 Other liabilities$91,757 

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 December 31, 2021 and 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
December 31, 2021$90,173 $— $90,173 $(13,929)$— $76,244 
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
December 31, 2021$91,757 $— $91,757 $(13,929)$(59,898)$17,930 
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 these objectives, 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 years ended December 31, 2021 and 2020.

Characteristics of the Company’s interest rate derivative transactions designated as cash flow hedges of interest rate risk as of December 31, 2021, were as follows:
(Dollars in thousands)Notional
Amount
Effective Rate (1)
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve MonthsMaturity DateRemaining Term
(in Months)
Interest rate products:
Issued 5/30/2019$50,000 2.05 %$373 6/1/20225
Issued 5/30/201950,000 2.03 %758 6/1/202317
Issued 5/30/201950,000 2.04 %764 6/1/202429
Issued 3/2/202050,000 0.98 %227 3/2/202538
Issued 3/20/202050,000 0.60 %36 3/20/202539
Total$250,000 $2,158 
(1) The effective rate is adjusted for the difference between the three-month FHLB advance rate and three-month LIBOR.

The table below presents the effective portion of the Company’s cash flow hedge instruments in the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss)
Recognized in Income on Derivatives
Interest rate productsInterest expense$(3,513)$(2,732)$1,259 

The table below presents the effective portion of the Company’s cash flow hedge instruments in accumulated other comprehensive income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives designated as hedging instruments:Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives
Interest rate products$3,723 $(9,168)$(2,239)

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 and private 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 December 31, 2021, the Company had interest rate derivative transactions with an aggregate notional amount of $4.83 billion related to this program.

In addition, the Company also has executed equity derivatives to economically hedge certain of its equity investments. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2021 and 2020, the Company had no outstanding equity derivative transactions.

The table below presents the effect of the Company’s non-designated hedge instruments in the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives not designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss)
Recognized in Income on Derivatives
Interest rate productsNon-interest income$36 $(20)$(45)
Equity productsNon-interest income$— $— $(176)
Total$36 $(20)$(221)

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-capitalized or 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 December 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 $61.1 million, including accrued interest. As of December 31, 2021, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $60.3 million which is considered restricted cash. If the Company had breached any of these provisions as of December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value.
v3.22.0.1
Disclosures About Fair Value of Financial Instruments
 12 Months Ended
Dec. 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, such as 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 December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $146,192 $— $146,192 
Trust preferred securities— 13,627 — 13,627 
Non-agency residential mortgage-backed securities— 277,118 — 277,118 
Agency collateralized mortgage obligations— 16,498 — 16,498 
Agency mortgage-backed securities— 120,477 — 120,477 
Agency debentures— 7,228 — 7,228 
Municipal bonds— 5,185 — 5,185 
Equity securities4,975 — — 4,975 
Interest rate swaps— 90,173 — 90,173 
Total financial assets$4,975 $676,498 $— $681,473 
Financial liabilities:
Interest rate swaps$— $91,757 $— $91,757 
Total financial liabilities$— $91,757 $— $91,757 

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 third-party pricing models utilizing observable inputs and therefore are classified as Level 2. U.S. treasury securities and equity securities (including mutual funds) are classified as Level 1 because these securities are in actively traded markets.

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 December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $12,129 $12,129 
Other real estate owned— — 2,005 2,005 
Total assets$— $— $14,134 $14,134 

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 December 31, 2021 and 2020, the Company recorded $4.7 million and $2.0 million, respectively, of specific reserves to the allowance for credit losses on loans and leases as a result of adjusting the fair value of individually evaluated 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 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 December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Fair Value
Valuation Techniques (1) (2)
Significant Unobservable InputsWeighted Average Discount Rate
Loans measured for impairment, net$12,129 OtherDiscount due to restructured nature of operations3%
Other real estate owned$2,005 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 method 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 is a summary of the carrying amounts and estimated fair values of financial instruments:
December 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$452,016 $452,016 $435,442 $435,442 
Debt securities available-for-sale2586,325 586,325 617,570 617,570 
Debt securities held-to-maturity139,098 38,666 — — 
Debt securities held-to-maturity2763,478 753,296 211,691 214,299 
Equity securities14,975 4,975 — — 
Federal Home Loan Bank stock211,802 11,802 13,284 13,284 
Loans and leases held-for-investment, net310,734,761 10,717,430 8,202,788 8,199,922 
Accrued interest receivable225,060 25,060 18,783 18,783 
Investment management fees receivable, net28,641 8,641 7,935 7,935 
Bank owned life insurance298,928 98,928 71,787 71,787 
Other real estate owned32,005 2,005 2,724 2,724 
Interest rate swaps290,173 90,173 144,333 144,333 
Financial liabilities:
Deposits2$11,504,389 $11,504,856 $8,489,089 $8,510,799 
Borrowings, net2470,163 474,949 400,493 402,714 
Interest rate swaps291,757 91,757 153,433 153,433 

During the years ended December 31, 2021, 2020 and 2019, 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 December 31, 2021 and 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 third-party pricing models. U.S. treasury securities and equity securities (including mutual funds) are classified as Level 1 because these securities are in actively traded markets.

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 fair valued less estimated selling costs.

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.
v3.22.0.1
Changes in Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table shows the changes in accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
202120202019
(Dollars in thousands)Debt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotal
Balance, beginning of period$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 $(2,363)$1,032 $(1,331)
Change in unrealized holding gains (losses)(6,041)2,826 (3,215)3,997 (6,981)(2,984)5,356 (1,701)3,655 
Losses (gains) reclassified from other comprehensive income(178)2,666 2,488 (2,919)2,074 (845)(237)(955)(1,192)
Net other comprehensive income (loss)(6,219)5,492 (727)1,078 (4,907)(3,829)5,119 (2,656)2,463 
Balance, end of period$(2,385)$(1,039)$(3,424)$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONSCertain directors of the Company have loan accounts with the Bank. Such loans were made in the ordinary course of business on substantially the same terms, including interest rates, as those prevailing at the time for comparable transactions with outsiders. As of December 31, 2021, the Bank had one director with five loans outstanding totaling $28.1 million. From time to time, the Bank obtains services from affiliated companies of certain directors in the normal course of business. These services cumulatively totaled approximately $650,000 for the three years ended December 31, 2021, 2020 and 2019, were negotiated at arm’s length, reflected market pricing and were de minimis to the Company’s cost of operations. In addition, an affiliated entity represented the Company in its efforts to obtain office space and was compensated by the third party lessors.
v3.22.0.1
Contingent Liabilities
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENT LIABILITIES CONTINGENT LIABILITIES
Following the public announcement of the Agreement and Plan of Merger (the “Merger Agreement”) dated as of October 20, 2021, among the Company, Raymond James Financial, Inc. (“Raymond James”), Macaroon One LLC (“Merger Sub 1”) and Macaroon Two LLC (“Merger Sub 2”), six lawsuits were filed by purported stockholders of the Company against the Company and the members of the Company’s board of directors. Each complaint contains allegations contending, among other things, that the proxy statement/prospectus contained within the Registration Statement on Form S-4 filed in connection with the proposed mergers failed to disclose certain allegedly material information in violation of federal securities laws. The complaints seek injunctive relief enjoining the mergers, attorneys’ and experts’ fees, and other remedies. The outcome of the pending and any additional future litigation is uncertain. If any case is not resolved, the lawsuit(s) could prevent or delay completion of the mergers and result in substantial costs to Raymond James and the Company, including any costs associated with the indemnification of directors and officers. One of the conditions to the closing of the mergers is the absence of any order, injunction, law, regulation or other legal restraints preventing, prohibiting or making illegal the completion of the mergers or any other transactions contemplated by the Merger Agreement. As such, if plaintiffs are successful in obtaining an injunction prohibiting the completion of the mergers on the agreed-upon terms, then such injunction may prevent the mergers from being completed, or from being completed within the expected timeframe. The defense or settlement of any lawsuit or claim that remains unresolved at the time the mergers are completed may adversely affect the combined company’s business, financial condition, results of operations and cash flows.

From time to time the Company is party to various litigation matters incidental to the conduct of its business. The Company is not aware of any other material unasserted claims. In the opinion of management, there are no other potential claims that could have a material adverse effect on the Company’s financial position, liquidity or results of operations.
v3.22.0.1
Condensed Parent Company Only Financial Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS
The following condensed statements of financial condition of the parent company as of December 31, 2021 and 2020, and the related condensed statements of income and cash flows for the years ended December 31, 2021, 2020 and 2019, should be read in conjunction with our Consolidated Financial Statements and related notes:
CONDENSED STATEMENTS OF FINANCIAL CONDITION
PARENT COMPANY ONLY
December 31,
(Dollars in thousands)20212020
ASSETS
Cash and cash equivalents$27,936 $31,856 
Equity securities4,975 — 
Investment in subsidiaries1,024,016 821,719 
Prepaid expenses and other assets5,519 6,604 
Total assets$1,062,446 $860,179 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings, net$220,163 $100,493 
Other accrued expenses and other liabilities5,561 2,541 
Shareholders’ equity836,722 757,145 
Total liabilities and shareholders’ equity$1,062,446 $860,179 

CONDENSED STATEMENTS OF INCOME
PARENT COMPANY ONLY
Years Ended December 31,
(Dollars in thousands)202120202019
Interest income$37 $43 $219 
Dividends received from subsidiaries5,000 7,005 13,000 
Total interest and dividend income5,037 7,048 13,219 
Interest expense6,086 3,855 1,159 
Net interest income(1,049)3,193 12,060 
Non-interest income (loss)(25)— 842 
Non-interest expense6,518 3,576 1,081 
Income (loss) before income taxes and undisbursed income of subsidiaries(7,592)(383)11,821 
Income tax expense(2,628)(1,226)(467)
Income (loss) before undisbursed income of subsidiaries(4,964)843 12,288 
Undisbursed income of subsidiaries83,024 44,391 47,905 
Net income$78,060 $45,234 $60,193 
CONDENSED STATEMENTS OF CASH FLOWS
PARENT COMPANY ONLY
Years Ended December 31,
(Dollars in thousands)202120202019
Cash Flows from Operating Activities:
Net income$78,060 $45,234 $60,193 
Adjustments to reconcile net income to net cash provided by operating activities:
Undisbursed income of subsidiaries(83,024)(44,391)(47,905)
Net loss (gain) on equity securities25 — (842)
Amortization of deferred financing costs215 144 84 
Stock-based compensation expense290 317 — 
Increase (decrease) in accrued interest payable117 716 (1,005)
Decrease (increase) in other assets1,085 (1,334)1,539 
Increase (decrease) in other liabilities2,903 838 (2,269)
Net cash provided by operating activities(329)1,524 9,795 
Cash Flows from Investing Activities:
Purchase of equity securities(5,000)— — 
Sale of equity securities— — 13,679 
Net payments for investments in subsidiaries(120,000)(171,944)(43,000)
Net cash used in investing activities(125,000)(171,944)(29,321)
Cash Flows from Financing Activities:
Net proceeds from issuance of senior and subordinated notes payable124,455 95,349 — 
Repayment of subordinated debt— — (35,000)
Net proceeds from issuance of stock— 100,002 77,611 
Proceeds from line of credit advances15,200 40,000 — 
Repayment of line of credit advances(20,200)(35,000)(4,250)
Net proceeds from exercise of stock options1,273 506 900 
Cancellation of stock options— (2,484)— 
Subsidiary reimbursement for issuance of restricted stock awards10,736 — — 
Purchase of treasury stock(2,108)(3,479)(2,312)
Dividends paid on preferred stock(7,947)(7,849)(5,753)
Net cash provided by financing activities121,409 187,045 31,196 
Net change in cash and cash equivalents(3,920)16,625 11,670 
Cash and cash equivalents at beginning of year31,856 15,231 3,561 
Cash and cash equivalents at end of year$27,936 $31,856 $15,231 
v3.22.0.1
Segments
 12 Months Ended
Dec. 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 TriState Capital 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 years ended December 31, 2021 and 2020. 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)December 31, 2021December 31, 2020
Assets:
Bank$12,926,161 $9,819,719 
Investment management86,563 86,150 
Parent and other(7,872)(9,053)
Total assets$13,004,852 $9,896,816 

Year Ended December 31, 2021
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$231,297 $— $— $231,297 
Interest expense45,889 — 6,049 51,938 
Net interest income (loss)185,408 — (6,049)179,359 
Provision for credit losses808 — — 808 
Net interest income (loss) after provision for credit losses184,600 — (6,049)178,551 
Non-interest income:
Investment management fees— 38,702 (1,248)37,454 
Net gain on the sale and call of debt securities242 — — 242 
Other non-interest income20,941 34 (25)20,950 
Total non-interest income (loss)21,183 38,736 (1,273)58,646 
Non-interest expense:
Intangible amortization expense— 1,911 — 1,911 
Other non-interest expense107,373 31,939 5,271 144,583 
Total non-interest expense107,373 33,850 5,271 146,494 
Income (loss) before tax98,410 4,886 (12,593)90,703 
Income tax expense (benefit)14,171 1,100 (2,628)12,643 
Net income (loss)$84,239 $3,786 $(9,965)$78,060 
Year Ended December 31, 2020
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$217,095 $— $— $217,095 
Interest expense75,339 — 3,812 79,151 
Net interest income (loss)141,756 — (3,812)137,944 
Provision for credit losses19,400 — — 19,400 
Net interest income (loss) after provision for credit losses122,356 — (3,812)118,544 
Non-interest income:
Investment management fees— 32,727 (692)32,035 
Net gain on the sale and call of debt securities3,948 — — 3,948 
Other non-interest income 21,164 58 — 21,222 
Total non-interest income25,112 32,785 (692)57,205 
Non-interest expense:
Intangible amortization expense— 1,944 — 1,944 
Other non-interest expense90,541 27,735 2,883 121,159 
Total non-interest expense90,541 29,679 2,883 123,103 
Income (loss) before tax56,927 3,106 (7,387)52,646 
Income tax expense (benefit)8,330 308 (1,226)7,412 
Net income (loss)$48,597 $2,798 $(6,161)$45,234 

Year Ended December 31, 2019
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$262,332 $— $115 $262,447 
Interest expense134,336 — 1,054 135,390 
Net interest income (loss)127,996 — (939)127,057 
Provision (credit) for loan losses(968)— — (968)
Net interest income (loss) after provision for loan losses128,964 — (939)128,025 
Non-interest income:
Investment management fees— 36,889 (447)36,442 
Net loss on the sale and call of debt securities416 — — 416 
Other non-interest income15,051 31 842 15,924 
Total non-interest income15,467 36,920 395 52,782 
Non-interest expense:
Intangible amortization expense— 2,009 — 2,009 
Other non-interest expense77,945 31,560 635 110,140 
Total non-interest expense77,945 33,569 635 112,149 
Income (loss) before tax66,486 3,351 (1,179)68,658 
Income tax expense (benefit)8,015 918 (468)8,465 
Net income (loss)$58,471 $2,433 $(711)$60,193 
v3.22.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn January 21, 2022, the Board declared a dividend payable of approximately $679,000, or $0.42 per depositary share, on the Series A Preferred Stock and a dividend payable of approximately $1.3 million, or $0.40 per depository share, on the Company’s Series B Preferred Stock each of which is payable on April 1, 2022, to preferred shareholders of record as of the close of business on March 15, 2022. The Board also declared a dividend payable of 11 shares of the Company’s Series C Preferred Stock and cash in the amount of
$71,125, which is payable on April 1, 2022, to preferred shareholders of record of the Series C Preferred Stock as of the close of business on March 15, 2022.

On February 18, 2022, the Company renewed its $75.0 million unsecured line of credit with The Huntington National Bank which matures on February 18, 2023.
At a special meeting of the Company's shareholders held on February 28, 2022, the Company’s shareholders approved the adoption of the Agreement and Plan of Merger, dated October 20, 2021 (the “Merger Agreement”), among Raymond James, Macaroon One LLC (“Merger Sub 1”), Macaroon Two LLC (“Merger Sub 2”) and the Company. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub 1 will merge with and into the Company, with the Company remaining as the surviving entity in such merger and a wholly owned subsidiary of Raymond James and, following such merger, the Company will merge with and into Merger Sub 2, with Merger Sub 2 remaining as the surviving entity in such merger and a wholly owned subsidiary of Raymond James. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2022.
v3.22.0.1
Basis of Information and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 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”). Since the Bank’s consolidated total assets exceeded $10 billion for four consecutive quarters as of December 31, 2021, the Company and the Bank are subject to the regulatory examination and supervision of the Consumer Financial Protection Bureau (“CFPB”) with respect to certain consumer protection laws. 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.

On October 20, 2021, the Company announced that it entered into a definitive agreement under which Raymond James Financial, Inc. (“Raymond James”) will acquire the outstanding shares of stock of the Company for consideration that is a combination of cash and Raymond James stock at a fixed exchange rate, valued in aggregate at approximately $1.10 billion based on the trading value of Raymond James’ stock on the announcement date. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2022.
Use of estimates
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) 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. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) and disclosures, considered necessary for the fair presentation of the accompanying consolidated financial statements, have been included.
Cash and cash equivalents
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
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, net of allowance for credit losses; (2) trading, which are debt securities bought and held principally for the purpose of selling them in the near term and are 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 are 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 of the security considering 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 three years and reverts to historical averages over a two-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 of the security. An allowance for credit losses is measured 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. 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 Bank 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 December 31, 2021 and 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 (e.g., 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 credit losses on loans and leases
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The allowance for credit losses is a valuation account that is deducted from the amortized cost 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 represents 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 flows 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 are secured by cash, marketable securities and/or cash value life insurance are monitored daily and requires borrowers to continually replenish such collateral as a result of changes in its fair value. Therefore, it is expected that the fair value of the collateral value securing each loan will exceed the loan’s amortized cost and no allowance for credit losses 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 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, 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.

In 2020, the Company adopted CECL via cumulative effect adjustment (net of tax) by recording a net decrease to retained earnings of $1.7 million as of January 1, 2020. Results for the years ended December 31, 2021 and 2020 are presented under CECL methodology while amounts prior to January 1, 2020 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
Revenue from contracts with customers is recognized when promised services are delivered to our customers in an amount we expect to receive in exchange for those services (i.e., the transaction price). Payment for the majority of our services is considered to be variable consideration, as the amount of revenue we expect to receive is subject to factors outside of our control, including market conditions. Variable consideration is only included in revenue when amounts are not subject to significant reversal, which is generally when uncertainty around the amount of revenue to be received is resolved. We record deferred revenue from contracts with customers when payment is received prior to the performance of our obligation to the customer.

We earn investment management fees for performing portfolio management for retail and institutional clients. Such fees are generally calculated as a percentage of the value of client assets or, for certain pooled assets such as mutual funds, on the net asset value of assets managed. The value of these assets is impacted by market fluctuations and net inflows or outflows of assets. Fees are generally collected quarterly and are based on balances either at the beginning of the quarter or the end of the quarter, or on average balances throughout the quarter. Asset management fees are recognized on a monthly basis (i.e., over time) as the services are performed.
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 the 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 EQUIPMENTOffice 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 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, senior notes payable 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 the Company’s Series C perpetual non-cumulative convertible non-voting preferred stock (the “Series C Preferred Stock”) and outstanding 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 or not 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 and this collateral 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.
Recent accounting developments
RECENT ACCOUNTING DEVELOPMENTS
On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with
Customers. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022 and provides an exception to fair value measurement for revenue contracts acquired in business combinations. Early adoption is permitted. for both interim and annual financial statements that have not yet been issued(or made available for issuance). The Company is currently evaluating the impact of adopting ASU 2021-05 on its consolidated financial statements.

In July 2021, the FASB issued ASU 2021-5, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and for interim periods within those fiscal years for public business entities and interim periods within fiscal years beginning after December 15, 2022, for all other entities. The amendments in this update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3; and (2) the lessor would have otherwise recognized a day-one loss. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s consolidated financial statements.

In April 2021, the FASB issued ASU 2021-04, which included Topic 260: Earnings Per Share. This guidance clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (“warrants”) due to a lack of explicit guidance in the FASB Codification. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s consolidated financial statements.

In January 2021, the FASB issued ASU 2021-01 - Reference Rate Reform (Topic 848): Scope. This ASU clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in this ASU are effective immediately for all entities. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements, but the Company will consider this guidance as contracts are transitioned from LIBOR to another reference rate.
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Investment Securities (Tables)
 12 Months Ended
Dec. 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:
December 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$145,568 $897 $273 $— $146,192 
Trust preferred securities13,610 200 183 — 13,627 
Non-agency residential mortgage-backed securities281,282 — 4,164 — 277,118 
Agency collateralized mortgage obligations16,458 42 2 — 16,498 
Agency mortgage-backed securities122,044 32 1,599 — 120,477 
Agency debentures6,732 496 — — 7,228 
Municipal bonds5,189 — 4 — 5,185 
Total debt securities available-for-sale$590,883 $1,667 $6,225 $— $586,325 
(1)Available-for-sale debt securities are recorded on the statement of financial condition at estimated fair value, which includes allowance for credit losses, if applicable.
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 debt securities are recorded on the statement of financial condition at estimated fair value, which includes allowance for credit losses, if applicable.
Schedule of investment securities held-to-maturity
December 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:
U.S. treasury notes$39,097 $12 $443 $38,666 $— 
Corporate bonds25,167 827 16 25,978 71 
Agency debentures36,794 534 395 36,933 — 
Municipal bonds890 1 — 891 — 
Non-agency residential mortgage-backed securities184,731 1 3,088 181,644 65 
Agency mortgage-backed securities516,033 570 8,753 507,850 — 
Total debt securities held-to-maturity$802,712 $1,945 $12,695 $791,962 $136 
(1)Held-to-maturity debt securities are recorded on the statement of financial condition at amortized cost, net of allowance for credit losses.
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 — 
Non-agency 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 debt securities are recorded on the statement 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:
Years Ended December 31,
(Dollars in thousands)202120202019
Taxable interest income$14,801 $12,707 $14,558 
Non-taxable interest income115 227 381 
Dividend income613 1,098 1,385 
Total interest income on investments$15,529 $14,032 $16,324 
Schedule of contractual maturities of debt securities
As of December 31, 2021, the contractual maturities of the debt securities were:
December 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$27,500 $27,536 $890 $891 
Due from one to five years60,144 60,675 15,167 15,556 
Due from five to 10 years62,680 62,819 94,514 94,574 
Due after 10 years440,559 435,295 692,141 680,941 
Total debt securities$590,883 $586,325 $802,712 $791,962 
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
Years Ended December 31,Years Ended December 31,
(Dollars in thousands)202120202019202120202019
Proceeds from sales$126,577 $120,400 $6,993 $— $— $— 
Proceeds from calls13,000 11,426 17,336 147,757 398,248 255,538 
Total proceeds$139,577 $131,826 $24,329 $147,757 $398,248 $255,538 
Gross realized gains$235 $3,846 $312 $27 $102 $104 
Gross realized losses1 — — 19 — — 
Net realized gains (losses)$234 $3,846 $312 $8 $102 $104 
Schedule of debt securities, held-to-maturity, allowance for credit loss
Changes in the allowance for credit losses on held-to-maturity securities were as follows for the years ended December 31, 2021 and 2020:
Year Ended December 31, 2021
(Dollars in thousands)Corporate
Bonds		Non-agency
Securitizations		Municipal
Bonds		Agency Debentures and
Securitizations		U.S. Treasury
 Notes		Total
Balance, beginning of period$79 $70 $— $— $— $149 
Provision (credit) for credit losses(8)(5)— — — (13)
Charge-offs— — — — — — 
Recoveries— — — — — — 
Balance, end of period$71 $65 $— $— $— $136 

Year Ended December 31, 2020
(Dollars in thousands)Corporate
Bonds		Non-agency SecuritizationsMunicipal
Bonds		Agency Debentures and SecuritizationsU.S. Treasury NotesTotal
Balance, beginning of period$— $— $— $— $— $— 
Impact of adopting CECL49 — — — — 49 
Provision for credit losses30 70 — — — 100 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Balance, end of period79 70 — — — 149 
Schedule of fair value and gross unrealized losses on investment equity securities
The following tables show the fair value and gross unrealized losses 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 December 31, 2021 and 2020:
December 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 bonds20,191 118 11,808 155 31,999 273 
Trust preferred securities2,046 76 2,270 107 4,316 183 
Non-agency residential mortgage-backed securities277,118 4,164 — — 277,118 4,164 
Agency collateralized mortgage obligations1,600 2 — — 1,600 2 
Agency mortgage-backed securities119,320 1,599 89 — 119,409 1,599 
Municipal bonds5,185 4 — — 5,185 4 
Temporarily impaired debt securities available-for-sale (1)
$425,460 $5,963 $14,167 $262 $439,627 $6,225 
(1)The number of investment positions with unrealized losses totaled 39 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 
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.
December 31, 2021
(Dollars in thousands)AaaAaABaaBaTotal
Debt securities held-to-maturity:
U.S. treasury notes$39,097 $— $— $— $— $39,097 
Corporate Bonds— — — 25,167 — 25,167 
Agency debentures36,794 — — — — 36,794 
Municipal bonds— 480 410 — — 890 
Non-agency residential mortgage-backed securities184,731 — — — — 184,731 
Agency mortgage-backed securities516,033 — — — — 516,033 
Total debt securities held-to-maturity$776,655 $480 $410 $25,167 $— $802,712 
v3.22.0.1
Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Schedule of loans receivable
Loans and leases held-for-investment were comprised of the following:
December 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$6,870,961 $1,509,418 $2,369,335 $10,749,714 
Net deferred loan costs (fees)15,537 4,005 (5,932)13,610 
Loans and leases held-for-investment, net of deferred fees and costs6,886,498 1,513,423 2,363,403 10,763,324 
Allowance for credit losses on loans and leases(1,891)(8,453)(18,219)(28,563)
Loans and leases held-for-investment, net$6,884,607 $1,504,970 $2,345,184 $10,734,761 

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 
v3.22.0.1
Allowance for Credit Losses on Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Allowance for Credit Losses and Leases [Abstract]  
Schedule of loans by credit quality indicator
The following table presents the amortized cost of loans by portfolio, risk rating and year of origination:

As of December 31, 2021
(Dollars in thousands)20212020201920182017Prior
Revolving Loans (1)
Total
Private Banking:
Pass$21,365 $57,722 $29,935 $54,082 $7,121 $50,545 $6,665,728 $6,886,498 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total private banking loans21,365 57,722 29,935 54,082 7,121 50,545 6,665,728 6,886,498 
Commercial and Industrial:
Pass240,980 156,216 186,879 55,729 39,523 25,328 787,778 1,492,433 
Special mention— 1,353 — — — 138 3,826 5,317 
Substandard— — 1,757 — 578 41 8,984 11,360 
Doubtful— 375 — 3,938 — — — 4,313 
Total commercial and industrial loans240,980 157,944 188,636 59,667 40,101 25,507 800,588 1,513,423 
Commercial Real Estate:
Pass572,630 512,139 454,762 333,477 187,090 251,809 35,617 2,347,524 
Special mention— — — — — 2,288 — 2,288 
Substandard— 261 5,395 621 — 7,314 — 13,591 
Doubtful— — — — — — — — 
Total commercial real estate loans572,630 512,400 460,157 334,098 187,090 261,411 35,617 2,363,403 
Loans and leases held-for-investment$834,975 $728,066 $678,728 $447,847 $234,312 $337,463 $7,501,933 $10,763,324 
(1)The Company had no revolving loans which were converted to term loans included in loans and leases held-for-investment at December 31, 2021.
Schedule of changes in allowance for loan losses
Changes in the allowance for credit losses on loans and leases were as follows for the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31, 2021
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,254 $27,329 $2,047 $34,630 
Provision (credit) for credit losses7,604 (6,628)(156)820 
Charge-offs(4,633)(2,482)— (7,115)
Recoveries228 — — 228 
Balance, end of period$8,453 $18,219 $1,891 $28,563 
Year Ended December 31, 2020
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,262 $6,873 $1,973 $14,108 
Impact of adopting CECL(2,431)3,560 (187)942 
Provision for credit losses1,973 16,896 432 19,301 
Charge-offs— — (171)(171)
Recoveries450 — — 450 
Balance, end of period$5,254 $27,329 $2,047 $34,630 

Year Ended December 31, 2019
(Dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate		Private
Banking		Total
Balance, beginning of period$5,764 $5,502 $1,942 $13,208 
Provision (credit) for credit losses(2,482)1,371 143 (968)
Charge-offs— — (112)(112)
Recoveries1,980 — — 1,980 
Balance, end of period$5,262 $6,873 $1,973 $14,108 
Schedule of past due loans by class
The following tables present the age analysis of past due loans segregated by class of loan:
December 31, 2021
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal
Past Due		CurrentTotal
Private banking$678 $— $— $678 $6,885,820 $6,886,498 
Commercial and industrial— — 4,313 4,313 1,509,110 1,513,423 
Commercial real estate— — — — 2,363,403 2,363,403 
Loans and leases held-for-investment$678 $— $4,313 $4,991 $10,758,333 $10,763,324 

December 31, 2020
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due
Total
Past Due		CurrentTotal
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 $8,237,418 
Schedule of loans considered to be impaired
The following tables present the Company’s amortized cost of individually evaluated loans and related information on those loans as of and for the years ended December 31, 2021, 2020 and 2019:
As of and for the Year Ended December 31, 2021
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$— $— $— $— $— 
Commercial and industrial15,673 19,989 4,646 19,553 786 
Commercial real estate1,139 1,139 37 1,139 56 
Total with a related allowance recorded16,812 21,128 4,683 20,692 842 
Without a related allowance recorded:
Private banking— — — — — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded— — — — — 
Total:
Private banking— — — — — 
Commercial and industrial15,673 19,989 4,646 19,553 786 
Commercial real estate1,139 1,139 37 1,139 56 
Total$16,812 $21,128 $4,683 $20,692 $842 

As of and for the Year 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 $— 
As of and for the Year Ended December 31, 2019
(Dollars in thousands)Amortized
Cost		Unpaid Principal BalanceRelated AllowanceAverage Recorded InvestmentInterest Income Recognized
With a related allowance recorded:
Private banking$171 $193 $171 $171 $— 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total with a related allowance recorded171 193 171 171 — 
Without a related allowance recorded:
Private banking13 13 — 13 — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total without a related allowance recorded13 13 — 13 — 
Total:
Private banking184 206 171 184 — 
Commercial and industrial— — — — — 
Commercial real estate— — — — — 
Total$184 $206 $171 $184 $— 
Schedule of allowance for credit losses and investment in loans by class
The following tables present the allowance for credit losses on loans and leases and amortized cost of individually evaluated loans:
December 31, 2021
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $4,646 $37 $4,683 
Collectively evaluated for impairment1,891 3,807 18,182 23,880 
Total allowance for credit losses on loans and leases$1,891 $8,453 $18,219 $28,563 
Loans and leases held-for-investment:
Individually evaluated for impairment$— $15,673 $1,139 $16,812 
Collectively evaluated for impairment6,886,498 1,497,750 2,362,264 10,746,512 
Loans and leases held-for-investment$6,886,498 $1,513,423 $2,363,403 $10,763,324 
December 31, 2020
(Dollars in thousands)Private
Banking		Commercial
and
Industrial		Commercial
Real Estate		Total
Allowance for credit losses on loans and leases:
Individually evaluated for impairment$— $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 year ended December 31, 2021 and 2020, were as follows:

Year Ended December 31, 2021
(Dollars in thousands) CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Credit Losses at the time of ModificationCurrent Allowance for Credit Losses
Commercial & Industrial:
Extended term, deferred principal and increased advance rates1
$11,360 $11,360 $334 $334 
Commercial Real Estate:
Extended term, deferred principal and increased advance rates1
$1,139 $1,139 $37 $37 
Total2$12,499 $12,499 $371 $371 

Year Ended December 31, 2020
(Dollars in thousands) CountRecorded Investment at the time of ModificationCurrent Recorded InvestmentAllowance for Loan Losses at the time of ModificationCurrent Allowance for Loan Losses
Commercial Real Estate:
Extended term, forgave principal and change in interest terms1$2,926 $2,926 $468 $468 
Total1$2,926 $2,926 $468 $468 
v3.22.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in goodwill
The following table presents the change in goodwill for the years ended December 31, 2021 and 2020:
(Dollars in thousands)20212020
Balance, beginning of period$41,660 $41,660 
Additions— — 
Balance, end of period$41,660 $41,660 
Schedule of changes in intangible assets The following table presents the change in intangible assets for the years ended December 31, 2021 and 2020:
(Dollars in thousands)20212020
Balance, beginning of period$22,251 $24,194 
Additions— — 
Amortization(1,911)(1,943)
Balance, end of period$20,340 $22,251 
Schedule of intangible assets and total accumulated amortization by class
The following table presents the gross amount of intangible assets and total accumulated amortization by class:
December 31, 2021December 31, 2020
(Dollars in thousands)Gross AmountAccumulated AmortizationNet Carrying AmountGross AmountAccumulated AmortizationNet Carrying Amount
Trade name$4,040 $(1,112)$2,928 $4,040 $(939)$3,101 
Client Relationships:
Sub-advisory client list11,645 (6,708)4,937 11,645 (5,838)5,807 
Separate managed accounts client list3,175 (1,716)1,459 3,175 (1,404)1,771 
Other institutional client list5,950 (4,237)1,713 5,950 (3,696)2,254 
Non-compete agreements522 (519)3 522 (504)18 
Total finite-lived intangibles25,332 (14,292)11,040 25,332 (12,381)12,951 
Client Relationships:
Mutual fund client relationships
 (indefinite-lived)		9,300 — 9,300 9,300 — 9,300 
Total intangible assets$34,632 $(14,292)$20,340 $34,632 $(12,381)$22,251 
Schedule of expected amortization expense for finite-lived intangibles assets
The following is a summary of the expected intangible amortization expense for finite-lived intangibles assets, assuming no new additions, for each of the five years following December 31, 2021:
(Dollars in thousands)Amount
2022$1,900 
20231,897 
20241,806 
20251,336 
20261,246 
Thereafter2,855 
Total finite-lived intangibles$11,040 
v3.22.0.1
Office Properties and Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Office Properties and Equipment [Abstract]  
Schedule of office properties and equipment by major classification
The following is a summary of office properties and equipment by major classification as of December 31, 2021 and 2020:
December 31,
(Dollars in thousands)20212020
Furniture, fixtures and equipment$26,695 $20,244 
Leasehold improvements12,355 8,366 
Total, at cost39,050 28,610 
Accumulated depreciation(19,217)(16,241)
Net office properties and equipment$19,833 $12,369 
v3.22.0.1
Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of maturities of lease liabilities
Maturities of lease liabilities under noncancellable leases as of December 31, 2021, are as follows:
(Dollars in thousands)Amount
December 31,
2022$3,112 
20233,678 
20243,612 
20253,756 
20263,672 
Thereafter29,452 
Total undiscounted lease payments$47,282 
Imputed interest10,345 
Operating lease liability $36,937 
v3.22.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2021
Deposits [Abstract]  
Schedule of deposits
As of December 31, 2021 and 2020, deposits were comprised of the following:
Interest Rate RangeWeighted Average
Interest Rate		Balance
(Dollars in thousands)December 31,
2021		December 31,
2021		December 31,
2020		December 31,
2021		December 31,
2020
Demand and savings accounts:
Noninterest-bearing checking accounts———$776,256 $456,426 
Interest-bearing checking accounts
0.05% to 1.70%
0.35%0.38%4,318,523 3,068,834 
Money market deposit accounts
0.10% to 3.25%
0.40%0.56%5,632,093 3,927,797 
Total demand and savings accounts10,726,872 7,453,057 
Certificates of deposit
0.04% to 3.15%
0.41%1.08%777,517 1,036,032 
Total deposits$11,504,389 $8,489,089 
Weighted average rate on interest-bearing accounts0.38%0.56%
Schedule of maturities of time deposits
The contractual maturity of certificates of deposit was as follows:
(Dollars in thousands)December 31,
2021		December 31,
2020
12 months or less$693,339 $892,427 
12 months to 24 months72,735 132,443 
24 months to 36 months11,443 11,162 
Total$777,517 $1,036,032 
Schedule of interest expense on deposits by type
Interest expense on deposits for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Interest-bearing checking accounts$13,106 $14,493 $21,480 
Money market deposit accounts23,299 35,095 69,336 
Certificates of deposit5,099 19,614 34,776 
Total interest expense on deposits$41,504 $69,202 $125,592 
Interest expense on borrowings for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
FHLB borrowings$4,348 $6,095 $8,639 
Line of credit borrowings148 261 68 
Senior and subordinated notes payable5,938 3,593 1,091 
Total interest expense on borrowings$10,434 $9,949 $9,798 
v3.22.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of borrowings
As of December 31, 2021 and 2020, borrowings were comprised of the following:
December 31, 2021December 31, 2020
(Dollars in thousands)Interest RateEnding BalanceMaturity DateInterest RateEnding BalanceMaturity Date
FHLB borrowings:
Issued 12/20/20210.30%50,000 3/21/2022
Issued 12/2/20210.27%50,000 3/2/2022
Issued 12/1/20210.27%150,000 3/1/2022
Issued 12/21/20200.39%50,000 3/22/2021
Issued 12/2/20200.33%50,000 3/2/2021
Issued 12/1/20200.33%150,000 3/1/2021
Issued 10/8/20200.39%50,000 1/8/2021
Line of credit borrowings— 2/18/20224.25%5,000 10/17/2021
Subordinated notes payable (net of debt issuance costs of $1,792 and $2,007, respectively)
5.75%95,708 5/15/20305.75%95,493 5/15/2030
Senior notes payable (net of debt issuance costs of $545 and $0, respectively)
2.25%124,455 12/15/2024
Total borrowings, net$470,163 $400,493 
Schedule of interest expense on borrowings by type
Interest expense on deposits for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Interest-bearing checking accounts$13,106 $14,493 $21,480 
Money market deposit accounts23,299 35,095 69,336 
Certificates of deposit5,099 19,614 34,776 
Total interest expense on deposits$41,504 $69,202 $125,592 
Interest expense on borrowings for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
FHLB borrowings$4,348 $6,095 $8,639 
Line of credit borrowings148 261 68 
Senior and subordinated notes payable5,938 3,593 1,091 
Total interest expense on borrowings$10,434 $9,949 $9,798 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation
The income tax provision reconciled to taxes computed at the statutory federal rate for the years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands)202120202019
Tax provision at statutory rate$19,048 $11,056 $14,418 
Nondeductible expenses1,299 772 919 
Bank owned life insurance(450)(366)(364)
Stock option exercises and cancellations(193)(288)(668)
State tax expense, net of federal benefit4,237 1,636 2,481 
Adjustments to prior year tax98 284 (121)
Tax exempt income, net of disallowed interest(25)(47)(71)
Renewable energy tax credits(3,504)(1,531)(1,912)
Low-income housing tax credits(1,115)(880)(364)
Historic tax credits(6,752)(3,273)(6,036)
Other— 49 183 
Income tax provision$12,643 $7,412 $8,465 
Schedule of components of income tax expense (benefit)
The income tax provision for the years ended December 31, 2021, 2020 and 2019, consisted of:
Years Ended December 31,
(Dollars in thousands)202120202019
Current income tax provision - federal$7,927 $4,812 $4,058 
Current income tax provision - state3,911 2,094 1,767 
Deferred tax provision (benefit) - federal(342)431 1,312 
Deferred tax provision - state1,147 75 1,328 
Income tax provision$12,643 $7,412 $8,465 
Schedule of deferred tax assets and liabilities
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020, were as follows:
December 31,
(Dollars in thousands)20212020
Deferred tax assets:
Net operating loss - state$672 $672 
Start-up expenses— 9 
Stock compensation2,415 1,546 
Compensation related accruals3,753 4,311 
Leasehold improvement590 666 
Allowance for credit losses on loans and leases7,887 8,369 
Right-of-use liability8,892 4,891 
Reserve for unfunded commitments701 820 
Supplemental executive retirement plan919 917 
Transaction costs802 112 
Earn out liability non-purchase accounting181 214 
Unrealized loss on investments and derivatives1,012 857 
State bonus depreciation2,557 3,535 
General business credits14,207 14,551 
Valuation allowance(367)— 
Other1,727 31 
Gross deferred tax assets45,948 41,501 
Deferred tax liabilities:
Office properties and equipment(32,749)(31,632)
Prepaid expenses(475)(649)
Deferred loan costs(4,714)(5,036)
Intangibles(3,063)(257)
Goodwill(2,710)(4,885)
State capital shares tax liability(109)(229)
Right-of-use asset(8,454)(4,489)
Gross deferred tax liability(52,274)(47,177)
Net deferred tax liability$(6,326)$(5,676)
Schedule of changes in net deferred tax assets and liabilities
The change in the net deferred tax asset or liability for the years ended December 31, 2021 and 2020, was detailed as follows:
December 31,
(Dollars in thousands)20212020
Deferred tax provision$(805)$(506)
Deferred tax retained earnings for CECL adoption— 543 
Deferred tax impact from other comprehensive income155 1,218 
Change in net deferred tax asset or liability$(650)$1,255 
Schedule of unrecognized tax benefits roll forward
A reconciliation of the beginning and ending gross amounts of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, was as follows:
December 31,
(Dollars in thousands)202120202019
Beginning of year balance$685 $528 $704 
Increases in prior period tax positions— — 111 
Decreases in prior period tax positions— (46)— 
Increases in current period tax positions — 203 148 
Settlements(508)— (435)
End of year balance$177 $685 $528 
v3.22.0.1
Stock Transactions (Tables)
 12 Months Ended
Dec. 31, 2021
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Schedule of preferred and common shares, activity
The table below shows 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, 201840,250 28,878,674 2,014,910 
Issuance of preferred stock80,500 — — 
Issuance of restricted common stock— 580,453 — 
Forfeitures of restricted common stock— (78,209)— 
Exercise of stock options— 86,580 — 
Purchase of treasury stock— (90,000)90,000 
Increase in treasury stock related to equity awards— (21,512)21,512 
Balance, December 31, 2019120,750 29,355,986 2,126,422 
Issuance of preferred stock650 — — 
Issuance of common stock— 2,770,083 — 
Issuance of restricted common stock— 638,832 — 
Forfeitures of restricted common stock— (32,751)— 
Exercise of stock options— 61,000 — 
Purchase of treasury stock— (40,000)40,000 
Increase in treasury stock related to equity awards— (141,500)141,500 
Reissuance of treasury stock— 8,500 (8,500)
Balance, December 31, 2020121,400 32,620,150 2,299,422 
Issuance of preferred stock33 — — 
Issuance of restricted common stock— 633,386 — 
Forfeitures of restricted common stock— (12,297)— 
Exercise of stock options— 124,870 — 
Increase in treasury stock related to equity awards— (102,611)102,611 
Balance, December 31, 2021121,433 33,263,498 2,402,033 
v3.22.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 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 December 31, 2021 and 2020:
December 31, 2021
ActualFor Capital Adequacy PurposesTo be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
Total risk-based capital ratio
Company$910,320 13.43 %$542,409 8.00 % N/AN/A
Bank$986,657 14.60 %$540,639 8.00 %$675,798 10.00 %
Tier 1 risk-based capital ratio
Company$788,910 11.64 %$406,807 6.00 % N/AN/A
Bank$960,955 14.22 %$405,479 6.00 %$540,639 8.00 %
Common equity tier 1 risk-based capital ratio
Company$607,367 8.96 %$305,105 4.50 % N/AN/A
Bank$960,955 14.22 %$304,109 4.50 %$439,269 6.50 %
Tier 1 leverage ratio
Company$788,910 6.36 %$496,431 4.00 % N/AN/A
Bank$960,955 7.76 %$495,417 4.00 %$619,271 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 %
v3.22.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2021, 2020 and 2019, was as follows:
Years Ended December 31,
(Dollars in thousands, except per share data)202120202019
Basic earnings per common share:
Net income$78,060 $45,234 $60,193 
Less: Preferred dividends on Series A and Series B7,849 7,849 5,753 
Less: Preferred dividends on Series C4,499 24 — 
Net income available to common shareholders$65,712 $37,361 $54,440 
Allocation of net income available:
Common shareholders$55,487 $37,320 $54,440 
Series C convertible preferred shareholders8,590 34 — 
Warrant shareholders1,635 7 — 
Total$65,712 $37,361 $54,440 
Basic weighted average common shares outstanding:
Basic common shares31,315,235 28,267,512 27,864,933 
Series C convertible preferred stock, as-if converted4,848,039 25,832 — 
Warrants, as-if exercised922,438 5,041 — 
Basic earnings per common share$1.77 $1.32 $1.95 
Diluted earnings per common share:
Income available to common shareholders after allocation$55,487 $37,320 $54,440 
Diluted weighted average common shares outstanding:
Basic common shares31,315,235 28,267,512 27,864,933 
Restricted stock - dilutive994,997 345,026 633,802 
Stock options - dilutive149,716 125,930 334,600 
Diluted common shares32,459,948 28,738,468 28,833,335 
Diluted earnings per common share$1.71 $1.30 $1.89 
Schedule of antidilutive securities excluded from computation of earnings per share
December 31,December 31,December 31,
Anti-dilutive shares:202120202019
Restricted stock37,500 581,717 31,500 
Stock options— — — 
Series C convertible preferred stock, as-if converted4,967,272 4,727,272 — 
Warrants, as-if exercised922,438 922,438 — 
Total anti-dilutive shares
5,927,210 6,231,427 31,500 
v3.22.0.1
Stock-Based Compensation Programs (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of share-based compensation, stock options, activity
Stock option activity during the periods indicated was as follows:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (years)
Balance, December 31, 2018694,147 $10.60 4.26
Granted— — 
Exercised(86,580)10.39 
Forfeited(5,000)10.31 
Canceled— — 
Expired— — 
Balance, December 31, 2019602,567 $10.64 3.47
Granted— — 
Exercised(61,000)8.30 
Forfeited(1,500)12.29 
Canceled(212,447)10.88 
Expired— — 
Balance, December 31, 2020327,620 $10.90 2.67
Granted— — 
Exercised(124,870)10.20 
Forfeited— — 
Canceled— — 
Expired(2,500)8.00 
Balance, December 31, 2021200,250 $11.38 2.02
Exercisable as of December 31, 2019512,236 $10.64 3.17
Exercisable as of December 31, 2020320,620 $10.86 2.61
Exercisable as of December 31, 2021200,250 $11.38 2.02
Schedule of nonvested stock option activity
A summary of the status of the Company’s non-vested options as of and changes during the years ended December 31, 2021, 2020 and 2019, is presented below:
Non-vested options:Number of OptionsWeighted Average Grant-Date
Fair Value
Balance, December 31, 2018264,697 $4.96 
Granted— — 
Vested(169,366)4.94 
Forfeited(5,000)4.95 
Balance, December 31, 201990,331 $4.98 
Granted— — 
Vested(81,831)4.96 
Forfeited(1,500)4.75 
Balance, December 31, 20207,000 $5.21 
Granted— — 
Vested(7,000)5.21 
Forfeited— — 
Balance, December 31, 2021— $— 
Schedule of nonvested restricted stock activity
A summary of the status of the Company’s non-vested restricted shares as of and changes during the years ended December 31, 2021, 2020 and 2019, is presented below:
Non-vested restricted shares:Number of SharesWeighted Average Grant-Date
Fair Value
Balance, December 31, 20181,353,012 $18.70 
Granted580,453 21.85 
Vested(424,134)13.20 
Forfeited(78,209)19.13 
Balance, December 31, 20191,431,122 $21.58 
Granted638,832 22.37 
Vested(544,075)20.22 
Forfeited(32,751)23.62 
Balance, December 31, 20201,493,128 $22.37 
Granted633,386 21.00 
Vested(325,407)22.61 
Forfeited(12,297)21.63 
Balance, December 31, 20211,788,810 $21.84 
v3.22.0.1
Derivatives and Hedging Activity (Tables)
 12 Months Ended
Dec. 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 consolidated statements of financial condition as of December 31, 2021 and 2020:
Asset DerivativesLiability Derivatives
as of December 31, 2021as of December 31, 2021
(Dollars in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Interest rate productsOther assets$1,217 Other liabilities$2,838 
Derivatives not designated as hedging instruments:
Interest rate productsOther assets88,956 Other liabilities88,919 
TotalOther assets$90,173 Other liabilities$91,757 

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 December 31, 2021 and 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
December 31, 2021$90,173 $— $90,173 $(13,929)$— $76,244 
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
December 31, 2021$91,757 $— $91,757 $(13,929)$(59,898)$17,930 
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 December 31, 2021, were as follows:
(Dollars in thousands)Notional
Amount
Effective Rate (1)
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve MonthsMaturity DateRemaining Term
(in Months)
Interest rate products:
Issued 5/30/2019$50,000 2.05 %$373 6/1/20225
Issued 5/30/201950,000 2.03 %758 6/1/202317
Issued 5/30/201950,000 2.04 %764 6/1/202429
Issued 3/2/202050,000 0.98 %227 3/2/202538
Issued 3/20/202050,000 0.60 %36 3/20/202539
Total$250,000 $2,158 
(1) The effective rate is adjusted for the difference between the three-month FHLB advance rate and three-month LIBOR.
Schedule of derivative instruments, gain (loss) in statement of financial performance
The table below presents the effective portion of the Company’s cash flow hedge instruments in the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss)
Recognized in Income on Derivatives
Interest rate productsInterest expense$(3,513)$(2,732)$1,259 

The table below presents the effective portion of the Company’s cash flow hedge instruments in accumulated other comprehensive income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives designated as hedging instruments:Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives
Interest rate products$3,723 $(9,168)$(2,239)
The table below presents the effect of the Company’s non-designated hedge instruments in the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(Dollars in thousands)202120202019
Derivatives not designated as hedging instruments:Location of Gain (Loss) Recognized in Income on DerivativesRealized Gain (Loss)
Recognized in Income on Derivatives
Interest rate productsNon-interest income$36 $(20)$(45)
Equity productsNon-interest income$— $— $(176)
Total$36 $(20)$(221)
v3.22.0.1
Disclosures About Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 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 December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Debt securities available-for-sale:
Corporate bonds$— $146,192 $— $146,192 
Trust preferred securities— 13,627 — 13,627 
Non-agency residential mortgage-backed securities— 277,118 — 277,118 
Agency collateralized mortgage obligations— 16,498 — 16,498 
Agency mortgage-backed securities— 120,477 — 120,477 
Agency debentures— 7,228 — 7,228 
Municipal bonds— 5,185 — 5,185 
Equity securities4,975 — — 4,975 
Interest rate swaps— 90,173 — 90,173 
Total financial assets$4,975 $676,498 $— $681,473 
Financial liabilities:
Interest rate swaps$— $91,757 $— $91,757 
Total financial liabilities$— $91,757 $— $91,757 

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 $— $153,433 
Schedule of fair value measurements, nonrecurring
The following tables represent the balances of assets measured at fair value on a non-recurring basis as of December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Total Assets
at Fair Value
Loans measured for impairment, net$— $— $12,129 $12,129 
Other real estate owned— — 2,005 2,005 
Total assets$— $— $14,134 $14,134 

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 December 31, 2021 and 2020:
December 31, 2021
(Dollars in thousands)Fair Value
Valuation Techniques (1) (2)
Significant Unobservable InputsWeighted Average Discount Rate
Loans measured for impairment, net$12,129 OtherDiscount due to restructured nature of operations3%
Other real estate owned$2,005 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 method 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 is a summary of the carrying amounts and estimated fair values of financial instruments:
December 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$452,016 $452,016 $435,442 $435,442 
Debt securities available-for-sale2586,325 586,325 617,570 617,570 
Debt securities held-to-maturity139,098 38,666 — — 
Debt securities held-to-maturity2763,478 753,296 211,691 214,299 
Equity securities14,975 4,975 — — 
Federal Home Loan Bank stock211,802 11,802 13,284 13,284 
Loans and leases held-for-investment, net310,734,761 10,717,430 8,202,788 8,199,922 
Accrued interest receivable225,060 25,060 18,783 18,783 
Investment management fees receivable, net28,641 8,641 7,935 7,935 
Bank owned life insurance298,928 98,928 71,787 71,787 
Other real estate owned32,005 2,005 2,724 2,724 
Interest rate swaps290,173 90,173 144,333 144,333 
Financial liabilities:
Deposits2$11,504,389 $11,504,856 $8,489,089 $8,510,799 
Borrowings, net2470,163 474,949 400,493 402,714 
Interest rate swaps291,757 91,757 153,433 153,433 
v3.22.0.1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of changes in accumulated other comprehensive income
The following table shows the changes in accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
202120202019
(Dollars in thousands)Debt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotalDebt SecuritiesDerivativesTotal
Balance, beginning of period$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 $(2,363)$1,032 $(1,331)
Change in unrealized holding gains (losses)(6,041)2,826 (3,215)3,997 (6,981)(2,984)5,356 (1,701)3,655 
Losses (gains) reclassified from other comprehensive income(178)2,666 2,488 (2,919)2,074 (845)(237)(955)(1,192)
Net other comprehensive income (loss)(6,219)5,492 (727)1,078 (4,907)(3,829)5,119 (2,656)2,463 
Balance, end of period$(2,385)$(1,039)$(3,424)$3,834 $(6,531)$(2,697)$2,756 $(1,624)$1,132 
v3.22.0.1
Condensed Parent Company Only Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed balance sheet
CONDENSED STATEMENTS OF FINANCIAL CONDITION
PARENT COMPANY ONLY
December 31,
(Dollars in thousands)20212020
ASSETS
Cash and cash equivalents$27,936 $31,856 
Equity securities4,975 — 
Investment in subsidiaries1,024,016 821,719 
Prepaid expenses and other assets5,519 6,604 
Total assets$1,062,446 $860,179 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings, net$220,163 $100,493 
Other accrued expenses and other liabilities5,561 2,541 
Shareholders’ equity836,722 757,145 
Total liabilities and shareholders’ equity$1,062,446 $860,179 
Schedule of condensed income statement
CONDENSED STATEMENTS OF INCOME
PARENT COMPANY ONLY
Years Ended December 31,
(Dollars in thousands)202120202019
Interest income$37 $43 $219 
Dividends received from subsidiaries5,000 7,005 13,000 
Total interest and dividend income5,037 7,048 13,219 
Interest expense6,086 3,855 1,159 
Net interest income(1,049)3,193 12,060 
Non-interest income (loss)(25)— 842 
Non-interest expense6,518 3,576 1,081 
Income (loss) before income taxes and undisbursed income of subsidiaries(7,592)(383)11,821 
Income tax expense(2,628)(1,226)(467)
Income (loss) before undisbursed income of subsidiaries(4,964)843 12,288 
Undisbursed income of subsidiaries83,024 44,391 47,905 
Net income$78,060 $45,234 $60,193 
Schedule of condensed cash flow statement
CONDENSED STATEMENTS OF CASH FLOWS
PARENT COMPANY ONLY
Years Ended December 31,
(Dollars in thousands)202120202019
Cash Flows from Operating Activities:
Net income$78,060 $45,234 $60,193 
Adjustments to reconcile net income to net cash provided by operating activities:
Undisbursed income of subsidiaries(83,024)(44,391)(47,905)
Net loss (gain) on equity securities25 — (842)
Amortization of deferred financing costs215 144 84 
Stock-based compensation expense290 317 — 
Increase (decrease) in accrued interest payable117 716 (1,005)
Decrease (increase) in other assets1,085 (1,334)1,539 
Increase (decrease) in other liabilities2,903 838 (2,269)
Net cash provided by operating activities(329)1,524 9,795 
Cash Flows from Investing Activities:
Purchase of equity securities(5,000)— — 
Sale of equity securities— — 13,679 
Net payments for investments in subsidiaries(120,000)(171,944)(43,000)
Net cash used in investing activities(125,000)(171,944)(29,321)
Cash Flows from Financing Activities:
Net proceeds from issuance of senior and subordinated notes payable124,455 95,349 — 
Repayment of subordinated debt— — (35,000)
Net proceeds from issuance of stock— 100,002 77,611 
Proceeds from line of credit advances15,200 40,000 — 
Repayment of line of credit advances(20,200)(35,000)(4,250)
Net proceeds from exercise of stock options1,273 506 900 
Cancellation of stock options— (2,484)— 
Subsidiary reimbursement for issuance of restricted stock awards10,736 — — 
Purchase of treasury stock(2,108)(3,479)(2,312)
Dividends paid on preferred stock(7,947)(7,849)(5,753)
Net cash provided by financing activities121,409 187,045 31,196 
Net change in cash and cash equivalents(3,920)16,625 11,670 
Cash and cash equivalents at beginning of year31,856 15,231 3,561 
Cash and cash equivalents at end of year$27,936 $31,856 $15,231 
v3.22.0.1
Segments (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2021 and 2020. 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)December 31, 2021December 31, 2020
Assets:
Bank$12,926,161 $9,819,719 
Investment management86,563 86,150 
Parent and other(7,872)(9,053)
Total assets$13,004,852 $9,896,816 

Year Ended December 31, 2021
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$231,297 $— $— $231,297 
Interest expense45,889 — 6,049 51,938 
Net interest income (loss)185,408 — (6,049)179,359 
Provision for credit losses808 — — 808 
Net interest income (loss) after provision for credit losses184,600 — (6,049)178,551 
Non-interest income:
Investment management fees— 38,702 (1,248)37,454 
Net gain on the sale and call of debt securities242 — — 242 
Other non-interest income20,941 34 (25)20,950 
Total non-interest income (loss)21,183 38,736 (1,273)58,646 
Non-interest expense:
Intangible amortization expense— 1,911 — 1,911 
Other non-interest expense107,373 31,939 5,271 144,583 
Total non-interest expense107,373 33,850 5,271 146,494 
Income (loss) before tax98,410 4,886 (12,593)90,703 
Income tax expense (benefit)14,171 1,100 (2,628)12,643 
Net income (loss)$84,239 $3,786 $(9,965)$78,060 
Year Ended December 31, 2020
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$217,095 $— $— $217,095 
Interest expense75,339 — 3,812 79,151 
Net interest income (loss)141,756 — (3,812)137,944 
Provision for credit losses19,400 — — 19,400 
Net interest income (loss) after provision for credit losses122,356 — (3,812)118,544 
Non-interest income:
Investment management fees— 32,727 (692)32,035 
Net gain on the sale and call of debt securities3,948 — — 3,948 
Other non-interest income 21,164 58 — 21,222 
Total non-interest income25,112 32,785 (692)57,205 
Non-interest expense:
Intangible amortization expense— 1,944 — 1,944 
Other non-interest expense90,541 27,735 2,883 121,159 
Total non-interest expense90,541 29,679 2,883 123,103 
Income (loss) before tax56,927 3,106 (7,387)52,646 
Income tax expense (benefit)8,330 308 (1,226)7,412 
Net income (loss)$48,597 $2,798 $(6,161)$45,234 

Year Ended December 31, 2019
(Dollars in thousands)BankInvestment
Management		Parent
and Other		Consolidated
Income statement data:
Interest income$262,332 $— $115 $262,447 
Interest expense134,336 — 1,054 135,390 
Net interest income (loss)127,996 — (939)127,057 
Provision (credit) for loan losses(968)— — (968)
Net interest income (loss) after provision for loan losses128,964 — (939)128,025 
Non-interest income:
Investment management fees— 36,889 (447)36,442 
Net loss on the sale and call of debt securities416 — — 416 
Other non-interest income15,051 31 842 15,924 
Total non-interest income15,467 36,920 395 52,782 
Non-interest expense:
Intangible amortization expense— 2,009 — 2,009 
Other non-interest expense77,945 31,560 635 110,140 
Total non-interest expense77,945 33,569 635 112,149 
Income (loss) before tax66,486 3,351 (1,179)68,658 
Income tax expense (benefit)8,015 918 (468)8,465 
Net income (loss)$58,471 $2,433 $(711)$60,193 
v3.22.0.1
Basis of Information and Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Oct. 20, 2021
USD ($)
Dec. 31, 2021
USD ($)
subsidiary
portfolio
office
Dec. 31, 2020
USD ($)
Jan. 01, 2020
USD ($)
Significant Accounting Policies [Line Items]        
Number of wholly-owned subsidiaries | subsidiary   3    
Number of representative offices, additional to main office | office   4    
Past due period for loans (in days)   90 days    
Consecutive period loan is current (in months)   6 months    
Number of loan portfolios | portfolio   3    
Retained earnings   $ (319,766,000) $ (254,054,000)  
Allowance for credit loss on management fees   $ 0 $ 0  
Cumulative Effect, Period of Adoption, Adjustment        
Significant Accounting Policies [Line Items]        
Retained earnings       $ 1,700,000
Raymond James        
Significant Accounting Policies [Line Items]        
Fair value of total consideration, at closing $ 1,100,000,000      
Minimum        
Significant Accounting Policies [Line Items]        
Past due period for loans (in days)   90 days    
Finite-lived intangible asset, useful life   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    
Finite-lived intangible asset, useful life   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 | subsidiary   2    
v3.22.0.1
Investment Securities - Investment Types (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt securities available-for-sale:    
Amortized Cost $ 590,883 $ 612,492
Gross Unrealized Appreciation 1,667 6,016
Gross Unrealized Depreciation 6,225 938
Allowance for Credit Losses 0 0
Estimated Fair Value 586,325 617,570
Debt securities held-to-maturity:    
Amortized Cost 802,712 211,840
Gross Unrealized Appreciation 1,945 2,677
Gross Unrealized Depreciation 12,695 218
Estimated Fair Value 791,962 214,299
Allowance for Credit Losses 136 149
Corporate Bonds    
Debt securities available-for-sale:    
Amortized Cost 145,568 157,452
Gross Unrealized Appreciation 897 1,538
Gross Unrealized Depreciation 273 526
Allowance for Credit Losses 0 0
Estimated Fair Value 146,192 158,464
Debt securities held-to-maturity:    
Amortized Cost 25,167 28,672
Gross Unrealized Appreciation 827 566
Gross Unrealized Depreciation 16 1
Estimated Fair Value 25,978 29,237
Allowance for Credit Losses 71 79
U.S. Treasury Notes    
Debt securities held-to-maturity:    
Amortized Cost 39,097  
Gross Unrealized Appreciation 12  
Gross Unrealized Depreciation 443  
Estimated Fair Value 38,666  
Allowance for Credit Losses 0  
Trust preferred securities    
Debt securities available-for-sale:    
Amortized Cost 13,610 18,228
Gross Unrealized Appreciation 200 57
Gross Unrealized Depreciation 183 198
Allowance for Credit Losses 0 0
Estimated Fair Value 13,627 18,087
Non-agency residential mortgage-backed securities    
Debt securities available-for-sale:    
Amortized Cost 281,282  
Gross Unrealized Appreciation 0  
Gross Unrealized Depreciation 4,164  
Allowance for Credit Losses 0  
Estimated Fair Value 277,118  
Debt securities held-to-maturity:    
Amortized Cost 184,731 124,152
Gross Unrealized Appreciation 1 237
Gross Unrealized Depreciation 3,088 217
Estimated Fair Value 181,644 124,172
Allowance for Credit Losses 65 70
Agency collateralized mortgage obligations    
Debt securities available-for-sale:    
Amortized Cost 16,458 22,058
Gross Unrealized Appreciation 42 36
Gross Unrealized Depreciation 2 5
Allowance for Credit Losses 0 0
Estimated Fair Value 16,498 22,089
Agency mortgage-backed securities    
Debt securities available-for-sale:    
Amortized Cost 122,044 406,741
Gross Unrealized Appreciation 32 3,595
Gross Unrealized Depreciation 1,599 209
Allowance for Credit Losses 0 0
Estimated Fair Value 120,477 410,127
Debt securities held-to-maturity:    
Amortized Cost 516,033 4,309
Gross Unrealized Appreciation 570 778
Gross Unrealized Depreciation 8,753 0
Estimated Fair Value 507,850 5,087
Allowance for Credit Losses 0 0
Agency debentures    
Debt securities available-for-sale:    
Amortized Cost 6,732 8,013
Gross Unrealized Appreciation 496 790
Gross Unrealized Depreciation 0 0
Allowance for Credit Losses 0 0
Estimated Fair Value 7,228 8,803
Debt securities held-to-maturity:    
Amortized Cost 36,794 48,130
Gross Unrealized Appreciation 534 1,051
Gross Unrealized Depreciation 395 0
Estimated Fair Value 36,933 49,181
Allowance for Credit Losses 0 0
Municipal Bonds    
Debt securities available-for-sale:    
Amortized Cost 5,189  
Gross Unrealized Appreciation 0  
Gross Unrealized Depreciation 4  
Allowance for Credit Losses 0  
Estimated Fair Value 5,185  
Debt securities held-to-maturity:    
Amortized Cost 890 6,577
Gross Unrealized Appreciation 1 45
Gross Unrealized Depreciation 0 0
Estimated Fair Value 891 6,622
Allowance for Credit Losses $ 0 $ 0
v3.22.0.1
Investment Securities - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]        
Transfer of debt securities available-for-sale to held-to-maturity $ 480,800,000 $ 480,769,000 $ 0 $ 0
Debt securities held-to-maturity pledged as collateral   38,700,000    
Accrued interest receivable on debt securities held-to-maturity   1,600,000 697,000  
Debt securities, held-to-maturity, allowance for credit loss   136,000 149,000 $ 0
Debt securities trading, at fair value   0 0  
Equity securities   5,000,000 $ 0  
Financial Asset, Past Due        
Debt Securities, Available-for-sale [Line Items]        
Debt securities, held-to-maturity, allowance for credit loss   $ 0    
v3.22.0.1
Investment Securities - Interest Income on Investment Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]      
Taxable interest income $ 14,801 $ 12,707 $ 14,558
Non-taxable interest income 115 227 381
Dividend income 613 1,098 1,385
Total interest income on investments $ 15,529 $ 14,032 $ 16,324
v3.22.0.1
Investment Securities - Contractual Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Available-for-sale Securities, Debt Maturities, Amortized Cost    
Due in less than one year $ 27,500  
Due from one to five years 60,144  
Due from five to 10 years 62,680  
Due after 10 years 440,559  
Amortized Cost 590,883 $ 612,492
Available-for-sale Securities, Debt Maturities, Estimated Fair Value    
Due in less than one year 27,536  
Due from one to five years 60,675  
Due from five to 10 years 62,819  
Due after 10 years 435,295  
Estimated Fair Value 586,325 617,570
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Due in less than one year 890  
Due from one to five years 15,167  
Due from five to 10 years 94,514  
Due after 10 years 692,141  
Amortized Cost 802,712 211,840
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Due in less than one year 891  
Due from one to five years 15,556  
Due from five to 10 years 94,574  
Due after 10 years 680,941  
Estimated Fair Value $ 791,962 $ 214,299
v3.22.0.1
Investment Securities - Gains and Losses on Sales and Calls of Investment Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]      
Proceeds from sale of available-for-sale securities $ 126,577 $ 120,400 $ 6,993
Proceeds from call of available-for-sale securities 13,000 11,426 17,336
Total proceeds from sale and call of available-for-sale securities 139,577 131,826 24,329
Gross realized gains on available-for-sale securities 235 3,846 312
Gross realized losses on available-for-sale securities 1 0 0
Net realized gains (losses) on sale and call of available-for-sale securities 234 3,846 312
Proceeds from sale of held-to-maturity securities 0 0 0
Proceeds from call of held-to-maturity securities 147,757 398,248 255,538
Total proceeds from sale and call of held-to-maturity securities 147,757 398,248 255,538
Gross realized gains on held-to-maturity securities 27 102 104
Gross realized losses on held-to-maturity securities 19 0 0
Net realized gains (losses) on sale and call of held-to-maturity securities $ 8 $ 102 $ 104
v3.22.0.1
Investment Securities - Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period $ 149 $ 0
Provision (credit) for credit losses (13) 100
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 136 149
Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   49
Corporate Bonds    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period 79 0
Provision (credit) for credit losses (8) 30
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 71 79
Corporate Bonds | Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   49
Non-agency Securitizations    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period 70 0
Provision (credit) for credit losses (5) 70
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 65 70
Non-agency Securitizations | Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   0
Municipal Bonds    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period 0 0
Provision (credit) for credit losses 0 0
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 0 0
Municipal Bonds | Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   0
Agency Debentures and Securitizations    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period 0 0
Provision (credit) for credit losses 0 0
Charge-offs 0 0
Recoveries 0 0
Balance, end of period 0 0
Agency Debentures and Securitizations | Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   0
U.S. Treasury Notes    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period 0 0
Provision (credit) for credit losses 0 0
Charge-offs 0 0
Recoveries 0 0
Balance, end of period $ 0 0
U.S. Treasury Notes | Cumulative Effect, Period of Adoption, Adjustment    
Debt Securities, Held-to-maturity, Allowance for Credit Loss    
Balance, beginning of period   $ 0
v3.22.0.1
Investment Securities - Unrealized Losses (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
position
Dec. 31, 2020
USD ($)
position
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months $ 425,460 $ 132,040
12 Months or More 14,167 19,614
Total 439,627 151,654
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 5,963 684
12 Months or More 262 254
Total $ 6,225 $ 938
Available-for-sale, number of positions in an unrealized loss position | position 39 33
Corporate Bonds    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months $ 20,191 $ 28,796
12 Months or More 11,808 9,751
Total 31,999 38,547
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 118 277
12 Months or More 155 249
Total 273 526
Trust preferred securities    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 2,046 13,313
12 Months or More 2,270 0
Total 4,316 13,313
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 76 198
12 Months or More 107 0
Total 183 198
Non-agency residential mortgage-backed securities    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 277,118  
12 Months or More 0  
Total 277,118  
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 4,164  
12 Months or More 0  
Total 4,164  
Agency collateralized mortgage obligations    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 1,600 0
12 Months or More 0 9,863
Total 1,600 9,863
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 2 0
12 Months or More 0 5
Total 2 5
Agency mortgage-backed securities    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 119,320 89,931
12 Months or More 89 0
Total 119,409 89,931
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 1,599 209
12 Months or More 0 0
Total 1,599 $ 209
Municipal Bonds    
Fair Value, Debt Securities, Available-for-sale [Line Items]    
Less than 12 Months 5,185  
12 Months or More 0  
Total 5,185  
Unrealized losses, Debt securities available-for-sale    
Less than 12 Months 4  
12 Months or More 0  
Total $ 4  
v3.22.0.1
Investment Securities - Credit Quality Indicator (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net $ 802,712
U.S. Treasury Notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 39,097
Corporate Bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 25,167
Agency debentures  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 36,794
Municipal Bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 890
Non-agency residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 184,731
Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 516,033
Aaa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 776,655
Aaa | U.S. Treasury Notes  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 39,097
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 36,794
Aaa | Municipal Bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 0
Aaa | Non-agency residential mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 184,731
Aaa | Agency mortgage-backed securities  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 516,033
Aa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 480
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
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 480
Aa | Non-agency 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
A  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 410
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
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 410
A | Non-agency 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
Baa  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 25,167
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
Baa | Corporate Bonds  
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]  
Debt securities held-to-maturity, at amortized cost, net 25,167
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 | Non-agency 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
Ba  
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
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 | Non-agency 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
v3.22.0.1
Federal Home Loan Bank Stock - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Federal Home Loan Bank Stock [Abstract]      
Federal Home Loan Bank membership minimum investment in capital stock on outstanding advances, percent 4.00%    
Federal Home Loan Bank membership minimum investment in capital stock on issued letters of credits, percent 0.75%    
Federal Home Loan Bank membership capital stock requirement on asset value, percent 0.10%    
Federal Home Loan Bank minimum investment, required $ 11,800    
Federal Home Loan Bank, advances 250,000    
Amount of letters of credit issued to customers 4,000    
Federal Home Loan Bank membership basis for asset value, excluding advances 1,770,000    
Federal Home Loan Bank stock 11,802 $ 13,284  
Dividends received from holdings in FHLB capital stock $ 613 $ 1,100 $ 1,300
v3.22.0.1
Loans and Leases - Loans Receivable by Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, net of deferred fees and costs $ 10,763,324 $ 8,237,418
Allowance for credit losses on loans and leases (28,563) (34,630)
Loans and leases held-for-investment, net 10,734,761 8,202,788
Loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, before deferred fees and costs 10,749,714 8,227,913
Net deferred loan costs (fees) 13,610 9,505
Loans and leases held-for-investment, net of deferred fees and costs 10,763,324 8,237,418
Allowance for credit losses on loans and leases (28,563) (34,630)
Loans and leases held-for-investment, net 10,734,761 8,202,788
Private Banking    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, net of deferred fees and costs 6,886,498 4,807,800
Allowance for credit losses on loans and leases (1,891) (2,047)
Private Banking | Loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, before deferred fees and costs 6,870,961 4,797,881
Net deferred loan costs (fees) 15,537 9,919
Loans and leases held-for-investment, net of deferred fees and costs 6,886,498 4,807,800
Allowance for credit losses on loans and leases (1,891) (2,047)
Loans and leases held-for-investment, net 6,884,607 4,805,753
Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, net of deferred fees and costs 1,513,423 1,274,152
Allowance for credit losses on loans and leases (8,453) (5,254)
Commercial and Industrial | Loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, before deferred fees and costs 1,509,418 1,269,248
Net deferred loan costs (fees) 4,005 4,904
Loans and leases held-for-investment, net of deferred fees and costs 1,513,423 1,274,152
Allowance for credit losses on loans and leases (8,453) (5,254)
Loans and leases held-for-investment, net 1,504,970 1,268,898
Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, net of deferred fees and costs 2,363,403 2,155,466
Allowance for credit losses on loans and leases (18,219) (27,329)
Commercial Real Estate | Loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases held-for-investment, before deferred fees and costs 2,369,335 2,160,784
Net deferred loan costs (fees) (5,932) (5,318)
Loans and leases held-for-investment, net of deferred fees and costs 2,363,403 2,155,466
Allowance for credit losses on loans and leases (18,219) (27,329)
Loans and leases held-for-investment, net $ 2,345,184 $ 2,128,137
v3.22.0.1
Loans and Leases - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unfunded commitments $ 10,740,000 $ 6,730,000
Loans in the process of origination 162,000 39,600
Reserve for losses on unfunded commitments $ 2,900 $ 3,400
Interest only loans, percent 79.70% 76.10%
Amount of loans receivable with no stated maturity $ 6,650,000 $ 4,570,000
Amount of loans receivable with stated maturity $ 4,120,000 $ 3,670,000
Loan portfolio average remaining maturity (years) 4 years 4 years
Adjustable rate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Variable rate loans, percent 95.00% 93.80%
Pennsylvania, new york and contiguous states    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans to customers within the Company’s primary market areas, percent 88.50% 90.30%
Standby letters of credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unfunded commitments $ 60,800 $ 82,000
Standby letters of credit drawn during period $ 4,200 $ 383
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
USD ($)
portfolio
loan
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]      
Number of loan portfolios | portfolio 3    
Accrued interest receivable $ 21,800,000 $ 16,400,000  
Past due period for loans (in days) 90 days    
Impaired and non-accrual loans $ 16,812,000 9,680,000 $ 184,000
Interest income on impaired loans 0 0 0
Loans 90 days or more past due and still accruing 0 0  
Related allowance on impaired loans 4,683,000 1,988,000 171,000
Unused commitments on TDRs 0 0  
Loans modified as TDRs with payment defaults $ 0 $ 0 0
Loan newly designated TRD's | loan 2 1  
Real estate acquired through foreclosure $ 2,000,000 $ 2,700,000  
Proceeds from sale of property from other real estate owned 351,000 1,500,000  
Net (loss) gain (39,000) 65,000  
Mortgage loans in process of foreclosure 0 0  
Private Banking      
Financing Receivable, Credit Quality Indicator [Line Items]      
Impaired and non-accrual loans 0 0 184,000
Related allowance on impaired loans $ 0 $ 0 $ 171,000
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 99.00% 98.60%  
Non-accrual      
Financing Receivable, Credit Quality Indicator [Line Items]      
Loans modified through troubled debt restructurings $ 0 $ 2,900,000  
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Credit Quality Indicator (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases held-for-investment, net of deferred fees and costs $ 10,763,324,000 $ 8,237,418,000
Private Banking    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 21,365,000  
2020 57,722,000  
2019 29,935,000  
2018 54,082,000  
2017 7,121,000  
Prior 50,545,000  
Revolving Loans 6,665,728,000  
Loans and leases held-for-investment, net of deferred fees and costs 6,886,498,000 4,807,800,000
Private Banking | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 21,365,000  
2020 57,722,000  
2019 29,935,000  
2018 54,082,000  
2017 7,121,000  
Prior 50,545,000  
Revolving Loans 6,665,728,000  
Loans and leases held-for-investment, net of deferred fees and costs 6,886,498,000  
Private Banking | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 0  
Private Banking | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 0  
Private Banking | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 0  
Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 240,980,000  
2020 157,944,000  
2019 188,636,000  
2018 59,667,000  
2017 40,101,000  
Prior 25,507,000  
Revolving Loans 800,588,000  
Loans and leases held-for-investment, net of deferred fees and costs 1,513,423,000 1,274,152,000
Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 240,980,000  
2020 156,216,000  
2019 186,879,000  
2018 55,729,000  
2017 39,523,000  
Prior 25,328,000  
Revolving Loans 787,778,000  
Loans and leases held-for-investment, net of deferred fees and costs 1,492,433,000  
Commercial and Industrial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 1,353,000  
2019 0  
2018 0  
2017 0  
Prior 138,000  
Revolving Loans 3,826,000  
Loans and leases held-for-investment, net of deferred fees and costs 5,317,000  
Commercial and Industrial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 1,757,000  
2018 0  
2017 578,000  
Prior 41,000  
Revolving Loans 8,984,000  
Loans and leases held-for-investment, net of deferred fees and costs 11,360,000  
Commercial and Industrial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 375,000  
2019 0  
2018 3,938,000  
2017 0  
Prior 0  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 4,313,000  
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 572,630,000  
2020 512,400,000  
2019 460,157,000  
2018 334,098,000  
2017 187,090,000  
Prior 261,411,000  
Revolving Loans 35,617,000  
Loans and leases held-for-investment, net of deferred fees and costs 2,363,403,000 $ 2,155,466,000
Commercial Real Estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 572,630,000  
2020 512,139,000  
2019 454,762,000  
2018 333,477,000  
2017 187,090,000  
Prior 251,809,000  
Revolving Loans 35,617,000  
Loans and leases held-for-investment, net of deferred fees and costs 2,347,524,000  
Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 2,288,000  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 2,288,000  
Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 261,000  
2019 5,395,000  
2018 621,000  
2017 0  
Prior 7,314,000  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 13,591,000  
Commercial Real Estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans 0  
Loans and leases held-for-investment, net of deferred fees and costs 0  
Loans And Leases Held-For-Investment    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 834,975,000  
2020 728,066,000  
2019 678,728,000  
2018 447,847,000  
2017 234,312,000  
Prior 337,463,000  
Revolving Loans 7,501,933,000  
Loans and leases held-for-investment, net of deferred fees and costs 10,763,324,000  
Revolving loans converted to term loans $ 0  
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Changes in Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Allowance for Loan and Lease Losses      
Balance, beginning of period $ 34,630 $ 14,108 $ 13,208
Provision (credit) for credit losses 820 19,301 (968)
Charge-offs (7,115) (171) (112)
Recoveries 228 450 1,980
Balance, end of period 28,563 34,630 14,108
Cumulative Effect, Period of Adoption, Adjustment      
Allowance for Loan and Lease Losses      
Balance, beginning of period   942  
Balance, end of period     942
Commercial and Industrial      
Allowance for Loan and Lease Losses      
Balance, beginning of period 5,254 5,262 5,764
Provision (credit) for credit losses 7,604 1,973 (2,482)
Charge-offs (4,633) 0 0
Recoveries 228 450 1,980
Balance, end of period 8,453 5,254 5,262
Commercial and Industrial | Cumulative Effect, Period of Adoption, Adjustment      
Allowance for Loan and Lease Losses      
Balance, beginning of period   (2,431)  
Balance, end of period     (2,431)
Commercial Real Estate      
Allowance for Loan and Lease Losses      
Balance, beginning of period 27,329 6,873 5,502
Provision (credit) for credit losses (6,628) 16,896 1,371
Charge-offs (2,482) 0 0
Recoveries 0 0 0
Balance, end of period 18,219 27,329 6,873
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment      
Allowance for Loan and Lease Losses      
Balance, beginning of period   3,560  
Balance, end of period     3,560
Private Banking      
Allowance for Loan and Lease Losses      
Balance, beginning of period 2,047 1,973 1,942
Provision (credit) for credit losses (156) 432 143
Charge-offs 0 (171) (112)
Recoveries 0 0 0
Balance, end of period $ 1,891 2,047 1,973
Private Banking | Cumulative Effect, Period of Adoption, Adjustment      
Allowance for Loan and Lease Losses      
Balance, beginning of period   $ (187)  
Balance, end of period     $ (187)
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Analysis of Past Due Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment $ 10,763,324 $ 8,237,418
30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 678 3,176
60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 4,313 6,754
Financial Asset, Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 4,991 9,930
Financial Asset, Not Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 10,758,333 8,227,488
Private Banking    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 6,886,498 4,807,800
Private Banking | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 678 250
Private Banking | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
Private Banking | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
Private Banking | Financial Asset, Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 678 250
Private Banking | Financial Asset, Not Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 6,885,820 4,807,550
Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 1,513,423 1,274,152
Commercial and Industrial | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
Commercial and Industrial | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
Commercial and Industrial | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 4,313 458
Commercial and Industrial | Financial Asset, Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 4,313 458
Commercial and Industrial | Financial Asset, Not Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 1,509,110 1,273,694
Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 2,363,403 2,155,466
Commercial Real Estate | 30-59 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 2,926
Commercial Real Estate | 60-89 Days Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 0
Commercial Real Estate | 90 Days or More Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 6,296
Commercial Real Estate | Financial Asset, Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment 0 9,222
Commercial Real Estate | Financial Asset, Not Past Due    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans and leases held-for-investment $ 2,363,403 $ 2,146,244
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Impaired Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Amortized Cost      
With a related allowance $ 16,812 $ 9,680 $ 171
Without a related allowance 0 0 13
Total 16,812 9,680 184
Unpaid Principal Balance      
With a related allowance 21,128 9,708 193
Without a related allowance 0 0 13
Total 21,128 9,708 206
Related Allowance 4,683 1,988 171
Average Recorded Investment      
With a related allowance 20,692 9,680 171
Without a related allowance 0 0 13
Total 20,692 9,680 184
Interest Income Recognized      
With a related allowance 842 0 0
Without a related allowance 0 0 0
Total 842 0 0
Private banking      
Amortized Cost      
With a related allowance 0 0 171
Without a related allowance 0 0 13
Total 0 0 184
Unpaid Principal Balance      
With a related allowance 0 0 193
Without a related allowance 0 0 13
Total 0 0 206
Related Allowance 0 0 171
Average Recorded Investment      
With a related allowance 0 0 171
Without a related allowance 0 0 13
Total 0 0 184
Interest Income Recognized      
With a related allowance 0 0 0
Without a related allowance 0 0 0
Total 0 0 0
Commercial and industrial      
Amortized Cost      
With a related allowance 15,673 458 0
Without a related allowance 0 0 0
Total 15,673 458 0
Unpaid Principal Balance      
With a related allowance 19,989 457 0
Without a related allowance 0 0 0
Total 19,989 457 0
Related Allowance 4,646 103 0
Average Recorded Investment      
With a related allowance 19,553 458 0
Without a related allowance 0 0 0
Total 19,553 458 0
Interest Income Recognized      
With a related allowance 786 0 0
Without a related allowance 0 0 0
Total 786 0 0
Commercial real estate      
Amortized Cost      
With a related allowance 1,139 9,222 0
Without a related allowance 0 0 0
Total 1,139 9,222 0
Unpaid Principal Balance      
With a related allowance 1,139 9,251 0
Without a related allowance 0 0 0
Total 1,139 9,251 0
Related Allowance 37 1,885 0
Average Recorded Investment      
With a related allowance 1,139 9,222 0
Without a related allowance 0 0 0
Total 1,139 9,222 0
Interest Income Recognized      
With a related allowance 56 0 0
Without a related allowance 0 0 0
Total $ 56 $ 0 $ 0
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Allowance (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Allowance for credit losses on loans and leases:    
Individually evaluated for impairment $ 4,683 $ 1,988
Collectively evaluated for impairment 23,880 32,642
Total allowance for credit losses on loans and leases 28,563 34,630
Loans and leases held-for-investment:    
Individually evaluated for impairment 16,812 9,680
Collectively evaluated for impairment 10,746,512 8,227,738
Loans and leases held-for-investment, net of deferred fees and costs 10,763,324 8,237,418
Private Banking    
Allowance for credit losses on loans and leases:    
Individually evaluated for impairment 0 0
Collectively evaluated for impairment 1,891 2,047
Total allowance for credit losses on loans and leases 1,891 2,047
Loans and leases held-for-investment:    
Individually evaluated for impairment 0 0
Collectively evaluated for impairment 6,886,498 4,807,800
Loans and leases held-for-investment, net of deferred fees and costs 6,886,498 4,807,800
Commercial and Industrial    
Allowance for credit losses on loans and leases:    
Individually evaluated for impairment 4,646 103
Collectively evaluated for impairment 3,807 5,151
Total allowance for credit losses on loans and leases 8,453 5,254
Loans and leases held-for-investment:    
Individually evaluated for impairment 15,673 458
Collectively evaluated for impairment 1,497,750 1,273,694
Loans and leases held-for-investment, net of deferred fees and costs 1,513,423 1,274,152
Commercial Real Estate    
Allowance for credit losses on loans and leases:    
Individually evaluated for impairment 37 1,885
Collectively evaluated for impairment 18,182 25,444
Total allowance for credit losses on loans and leases 18,219 27,329
Loans and leases held-for-investment:    
Individually evaluated for impairment 1,139 9,222
Collectively evaluated for impairment 2,362,264 2,146,244
Loans and leases held-for-investment, net of deferred fees and costs $ 2,363,403 $ 2,155,466
v3.22.0.1
Allowance for Credit Losses on Loans and Leases - Modifications (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Count | loan 2 1
Recorded Investment at the time of Modification $ 12,499 $ 2,926
Current Recorded Investment 12,499 2,926
Allowance for Credit Losses at the time of Modification 371 468
Current Allowance for Credit Losses $ 371 $ 468
Commercial and Industrial | Extended Term and Deferred Principal    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Count | loan 1  
Recorded Investment at the time of Modification $ 11,360  
Current Recorded Investment 11,360  
Allowance for Credit Losses at the time of Modification 334  
Current Allowance for Credit Losses $ 334  
Commercial real estate | Extended Term and Deferred Principal    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Count | loan 1 1
Recorded Investment at the time of Modification $ 1,139 $ 2,926
Current Recorded Investment 1,139 2,926
Allowance for Credit Losses at the time of Modification 37 468
Current Allowance for Credit Losses $ 37 $ 468
v3.22.0.1
Allowance for Credit Losses on Loans and Leases- Troubled Debt Restructuring (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Non-accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans modified through troubled debt restructurings $ 0.0 $ 2.9
Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans modified through troubled debt restructurings $ 12.5 $ 0.0
v3.22.0.1
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill    
Balance, beginning of period $ 41,660 $ 41,660
Additions 0 0
Balance, end of period $ 41,660 $ 41,660
v3.22.0.1
Goodwill and Other Intangible Assets - Change in Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Intangible Assets    
Balance, beginning of period $ 22,251 $ 24,194
Additions 0 0
Amortization (1,911) (1,943)
Balance, end of period $ 20,340 $ 22,251
v3.22.0.1
Goodwill and Other Intangible Assets - Intangible Assets by Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount $ 25,332 $ 25,332  
Accumulated Amortization (14,292) (12,381)  
Total finite-lived intangibles 11,040 12,951  
Intangible assets, gross 34,632 34,632  
Net Carrying Amount 20,340 22,251 $ 24,194
Mutual fund client relationships (indefinite-lived)      
Acquired Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangibles 9,300 9,300  
Trade name      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount 4,040 4,040  
Accumulated Amortization (1,112) (939)  
Total finite-lived intangibles 2,928 3,101  
Sub-advisory client list      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount 11,645 11,645  
Accumulated Amortization (6,708) (5,838)  
Total finite-lived intangibles 4,937 5,807  
Separate managed accounts client list      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount 3,175 3,175  
Accumulated Amortization (1,716) (1,404)  
Total finite-lived intangibles 1,459 1,771  
Other institutional client list      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount 5,950 5,950  
Accumulated Amortization (4,237) (3,696)  
Total finite-lived intangibles 1,713 2,254  
Non-compete agreements      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Amount 522 522  
Accumulated Amortization (519) (504)  
Total finite-lived intangibles $ 3 $ 18  
v3.22.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangible amortization expense $ 1,911 $ 1,944 $ 2,009
v3.22.0.1
Goodwill and Other Intangible Assets - Intangible Assets Expected Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
2022 $ 1,900  
2023 1,897  
2024 1,806  
2025 1,336  
2026 1,246  
Thereafter 2,855  
Total finite-lived intangibles $ 11,040 $ 12,951
v3.22.0.1
Office Properties and Equipment - By Major Classification (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Office properties and equipment, gross $ 39,050 $ 28,610
Accumulated depreciation (19,217) (16,241)
Net office properties and equipment 19,833 12,369
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Office properties and equipment, gross 26,695 20,244
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Office properties and equipment, gross $ 12,355 $ 8,366
v3.22.0.1
Office Properties and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Office Properties and Equipment [Abstract]      
Depreciation expense $ 3.0 $ 2.3 $ 1.6
v3.22.0.1
Operating Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
office
option
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Lessee, Lease, Description [Line Items]      
Operating lease, number of office spaces | office 6    
Minimum number of lease renewal options | option 1    
Operating lease cost $ 3.2 $ 3.1 $ 2.8
Deferred rent liability $ 1.8 $ 1.7  
Weighted average remaining lease term 13 years    
Weighted average discount rate 3.80%    
Minimum      
Lessee, Lease, Description [Line Items]      
Renewal term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Renewal term 5 years    
v3.22.0.1
Operating Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2022 $ 3,112  
2023 3,678  
2024 3,612  
2025 3,756  
2026 3,672  
Thereafter 29,452  
Total undiscounted lease payments 47,282  
Imputed interest 10,345  
Operating lease liability $ 36,937 $ 22,958
v3.22.0.1
Deposits - Schedule of Deposits by Type (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Interest Rate Range Domestic Deposit Liabilities [Abstract]    
Interest-bearing checking accounts, percent, minimum 0.05%  
Interest-bearing checking accounts, percent, maximum 1.70%  
Money market deposit accounts, percent, minimum 0.10%  
Money market deposit accounts, percent, maximum 3.25%  
Time deposits, percent, minimum 0.04%  
Time deposits, percent, maximum 3.15%  
Weighted Average Rate Domestic Deposit Liabilities [Abstract]    
Interest-bearing checking accounts, percent 0.35% 0.38%
Money market deposit accounts, percent 0.40% 0.56%
Time deposits, percent 0.41% 1.08%
Weighted average rate on interest-bearing accounts 0.38% 0.56%
Domestic Deposit Liabilities, Demand and Savings Accounts    
Noninterest-bearing checking accounts $ 776,256 $ 456,426
Interest-bearing checking accounts 4,318,523 3,068,834
Money market deposit accounts 5,632,093 3,927,797
Total demand and savings accounts 10,726,872 7,453,057
Certificates of deposit 777,517 1,036,032
Total deposits $ 11,504,389 $ 8,489,089
v3.22.0.1
Deposits - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deposits [Abstract]    
Brokered deposits $ 955.5 $ 753.3
Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS), brokered 2,060.0 1,720.0
Time deposits, $100,000 or more, excluding brokered cds 477.0 534.3
Time deposits, $250,000 or more, excluding brokered cds $ 126.4 $ 159.6
v3.22.0.1
Deposits - Contractual Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Time Deposits, Rolling Year Maturity [Abstract]    
12 months or less $ 693,339 $ 892,427
12 months to 24 months 72,735 132,443
24 months to 36 months 11,443 11,162
Total $ 777,517 $ 1,036,032
v3.22.0.1
Deposits - Interest Expense on Deposits by Deposit Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest Expense, Deposits      
Interest-bearing checking accounts $ 13,106 $ 14,493 $ 21,480
Money market deposit accounts 23,299 35,095 69,336
Certificates of deposit 5,099 19,614 34,776
Total interest expense on deposits $ 41,504 $ 69,202 $ 125,592
v3.22.0.1
Borrowings - Schedule of Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total borrowings, net $ 470,163 $ 400,493
Subordinated debt | Subordinated notes payable 5.75 percent    
Debt Instrument [Line Items]    
Long-term debt interest rate 5.75% 5.75%
Long-term debt $ 95,708 $ 95,493
Debt issuance costs $ 1,792 2,007
Senior notes payable | Senior notes payable    
Debt Instrument [Line Items]    
Long-term debt interest rate 2.25%  
Long-term debt $ 124,455  
Debt issuance costs $ 545 $ 0
FHLB borrowings | Issued 12/20/2021    
Debt Instrument [Line Items]    
Short-term debt interest rate 0.30%  
Short-term debt $ 50,000  
FHLB borrowings | Issued 12/2/2021    
Debt Instrument [Line Items]    
Short-term debt interest rate 0.27%  
Short-term debt $ 50,000  
FHLB borrowings | Issued 12/1/2021    
Debt Instrument [Line Items]    
Short-term debt interest rate 0.27%  
Short-term debt $ 150,000  
FHLB borrowings | Issued 12/21/2020    
Debt Instrument [Line Items]    
Short-term debt interest rate   0.39%
Short-term debt   $ 50,000
FHLB borrowings | Issued 12/2/2020    
Debt Instrument [Line Items]    
Short-term debt interest rate   0.33%
Short-term debt   $ 50,000
FHLB borrowings | Issued 12/1/2020    
Debt Instrument [Line Items]    
Short-term debt interest rate   0.33%
Short-term debt   $ 150,000
FHLB borrowings | Issued 10/8/2020    
Debt Instrument [Line Items]    
Short-term debt interest rate   0.39%
Short-term debt   $ 50,000
Line of credit borrowings    
Debt Instrument [Line Items]    
Short-term debt interest rate   4.25%
Short-term debt $ 0 $ 5,000
v3.22.0.1
Borrowings - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 15, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Aug. 31, 2021
Feb. 18, 2021
Short-term Debt [Line Items]            
Net proceeds from issuance of senior and subordinated notes payable   $ 124,455,000 $ 95,349,000 $ 0    
Line of credit borrowings            
Short-term Debt [Line Items]            
Short-term debt   0 5,000,000      
PNC            
Short-term Debt [Line Items]            
Line of credit facility, current borrowing capacity   8,000,000        
PNC | Financial Guarantee            
Short-term Debt [Line Items]            
Notional value   3,400,000        
TriState capital bank | FHLB borrowings            
Short-term Debt [Line Items]            
Short-term debt   250,000,000 300,000,000      
TriState capital bank | Federal home loan bank            
Short-term Debt [Line Items]            
Pledged loans receivable, for Federal Home Loan Bank   1,450,000,000        
TriState capital bank | Federal home loan bank | Line of credit borrowings            
Short-term Debt [Line Items]            
Line of credit facility, current borrowing capacity   1,030,000,000.00        
TriState capital bank | M&T Bank | Line of credit borrowings            
Short-term Debt [Line Items]            
Line of credit facility, current borrowing capacity   10,000,000        
Short-term debt   0 0      
TriState capital bank | Texas capital bank | Line of credit borrowings            
Short-term Debt [Line Items]            
Line of credit facility, current borrowing capacity   20,000,000 75,000,000     $ 75,000,000
Short-term debt   0 0      
Amount outstanding     5,000,000      
Line of credit outstanding   $ 0        
TriState capital bank | PNC | Financial Guarantee            
Short-term Debt [Line Items]            
Standby letter of credit         $ 643,000  
Subordinated notes payable 5.75 percent | Subordinated debt            
Short-term Debt [Line Items]            
Net proceeds from issuance of senior and subordinated notes payable     $ 97,500,000      
Debt term     10 years      
Long-term debt interest rate   5.75% 5.75%      
Senior notes payable | Unsecured Debt            
Short-term Debt [Line Items]            
Debt instrument, face amount $ 125,000,000          
Interest rate 2.25%          
Redemption price percentage 100.00%          
v3.22.0.1
Borrowings - Interest Expense of Borrowings by Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Interest expense on borrowings $ 10,434 $ 9,949 $ 9,798
Senior and subordinated notes payable      
Debt Instrument [Line Items]      
Interest expense on borrowings 5,938 3,593 1,091
FHLB borrowings      
Debt Instrument [Line Items]      
Interest expense on borrowings 4,348 6,095 8,639
Line of credit borrowings      
Debt Instrument [Line Items]      
Interest expense on borrowings $ 148 $ 261 $ 68
v3.22.0.1
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income tax provision (benefit) reconciled to taxes computed at the statutory federal rate      
Tax provision at statutory rate $ 19,048 $ 11,056 $ 14,418
Nondeductible expenses 1,299 772 919
Bank owned life insurance (450) (366) (364)
Stock option exercises and cancellations (193) (288) (668)
State tax expense, net of federal benefit 4,237 1,636 2,481
Adjustments to prior year tax 98 284 (121)
Tax exempt income, net of disallowed interest (25) (47) (71)
Renewable energy tax credits (3,504) (1,531) (1,912)
Low-income housing tax credits (1,115) (880) (364)
Historic tax credits (6,752) (3,273) (6,036)
Other 0 49 183
Income tax provision $ 12,643 $ 7,412 $ 8,465
v3.22.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Net low income housing tax credits, amortization and tax benefits $ 1,115 $ 880 $ 364
Investment in low income housing tax credits 31,100    
Investment in low income housing tax credits unfunded 6,000    
Investment in low income housing tax credits 11,400    
Investment in low income housing tax credits unfunded 8,100    
Valuation allowance 367 0  
Net operating loss carryforwards - state 13,600    
General business credits 14,207 14,551  
Estimated unrecognized tax benefits $ 75 $ 628 $ 478
v3.22.0.1
Income Taxes - Income Tax Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Current income tax provision - federal $ 7,927 $ 4,812 $ 4,058
Current income tax provision - state 3,911 2,094 1,767
Deferred tax provision (benefit) - federal (342) 431 1,312
Deferred tax provision - state 1,147 75 1,328
Income tax provision $ 12,643 $ 7,412 $ 8,465
v3.22.0.1
Income Taxes - Components of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Net operating loss - state $ 672 $ 672
Start-up expenses 0 9
Stock compensation 2,415 1,546
Compensation related accruals 3,753 4,311
Leasehold improvement 590 666
Allowance for credit losses on loans and leases 7,887 8,369
Right-of-use liability 8,892 4,891
Reserve for unfunded commitments 701 820
Supplemental executive retirement plan 919 917
Transaction costs 802 112
Earn out liability non-purchase accounting 181 214
Unrealized loss on investments and derivatives 1,012 857
State bonus depreciation 2,557 3,535
General business credits 14,207 14,551
Valuation allowance (367) 0
Other 1,727 31
Gross deferred tax assets 45,948 41,501
Deferred tax liabilities:    
Office properties and equipment (32,749) (31,632)
Prepaid expenses (475) (649)
Deferred loan costs (4,714) (5,036)
Intangibles (3,063) (257)
Goodwill (2,710) (4,885)
State capital shares tax liability (109) (229)
Right-of-use asset (8,454) (4,489)
Gross deferred tax liability (52,274) (47,177)
Net deferred tax liability $ (6,326) $ (5,676)
v3.22.0.1
Income Taxes - Change in Net Deferred Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Tax Credit Carryforward [Line Items]    
Deferred tax provision $ (805) $ (506)
Deferred tax impact from other comprehensive income 155 1,218
Change in net deferred tax asset or liability (650) 1,255
Cumulative Effect, Period of Adoption, Adjustment    
Tax Credit Carryforward [Line Items]    
Deferred tax provision $ 0 $ 543
v3.22.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns      
Beginning of year balance $ 685 $ 528 $ 704
Increases in prior period tax positions 0 0 111
Decreases in prior period tax positions 0 (46) 0
Increases in current period tax positions 0 203 148
Settlements (508) 0 (435)
End of year balance $ 177 $ 685 $ 528
v3.22.0.1
Stock Transactions - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Oct. 10, 2020
USD ($)
$ / shares
shares
May 31, 2019
USD ($)
$ / shares
shares
Mar. 31, 2018
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
instrument
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Class of Stock [Line Items]            
Net proceeds from issuance of stock       $ 0 $ 100,002 $ 77,611
Dividends paid       $ 7,947 $ 7,849 $ 5,753
Shares repurchased (in shares) | shares       102,611 141,500 21,512
Cost of shares repurchased       $ 2,108 $ 3,589 $ 2,312
Treasury stock, acquired cost       2,100 2,900 $ 493
Reissuance of treasury stock         $ 110  
Treasury Stock            
Class of Stock [Line Items]            
Shares repurchased (in shares) | shares         40,000 90,000
Cost of shares repurchased       $ 2,108 $ 3,589 $ 2,312
Treasury stock reissued (in shares) | shares       8,500 (8,500)  
Reissuance of treasury stock       $ 135 $ 135  
Private Placement            
Class of Stock [Line Items]            
Proceeds from warrant exercises $ 105,000          
Proceeds from warrant exercises, additional proceeds $ 16,100          
Number of equity instruments issued | instrument         3  
Series C preferred stock            
Class of Stock [Line Items]            
Shares issued upon conversion (usd per share) | $ / shares $ 13.75          
Dividends paid       4,500    
Series C preferred stock | Private Placement            
Class of Stock [Line Items]            
Shares issued (in shares) | shares 650          
Consideration received $ 65,000          
Liquidation preference (usd per share) | $ / shares $ 100,000          
Dividend rate 6.75%          
Depositary share            
Class of Stock [Line Items]            
Liquidation preference (usd per share) | $ / shares   $ 25        
Issuance of shares (in shares) | shares   3,200,000        
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   6.375%        
Issuance of shares (in shares) | shares   80,500        
Net proceeds from issuance of stock   $ 77,600        
Dividends paid       2,700 $ 2,700 2,700
Series B preferred stock            
Class of Stock [Line Items]            
Basis spread   4.088%        
Dividends paid       5,100 5,100 3,100
Common stock            
Class of Stock [Line Items]            
Cost of shares repurchased         $ 671 $ 1,800
Average cost per share (usd per share) | $ / shares         $ 16.76 $ 20.21
Common stock | Share repurchase program            
Class of Stock [Line Items]            
Stock repurchase program, remaining authorized repurchase amount       $ 7,300    
Common stock | Private Placement            
Class of Stock [Line Items]            
Shares issued (in shares) | shares 2,770,083          
Consideration received $ 40,000          
Number of securities called (in shares) | shares 922,438          
Exercise price (usd per share) | $ / shares $ 17.50          
Conversion period 2 years          
Series A preferred stock depositary share            
Class of Stock [Line Items]            
Conversion from depository to preferred shares     0.025      
Series B preferred stock depositary share            
Class of Stock [Line Items]            
Conversion from depository to preferred shares   0.025        
v3.22.0.1
Stock Transactions - Shares Outstanding Activity (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Shares Outstanding      
Shares repurchased (in shares) 102,611 141,500 21,512
Preferred Stock      
Number of Shares Outstanding      
Balance, beginning of period 121,400 120,750 40,250
Issuance of shares 33 650 80,500
Balance, ending of period 121,433 121,400 120,750
Common stock      
Number of Shares Outstanding      
Balance, beginning of period 32,620,150 29,355,986 28,878,674
Issuance of shares   2,770,083  
Issuance of restricted common stock 633,386 638,832 580,453
Forfeitures of restricted common stock (12,297) (32,751) (78,209)
Exercise of stock options 124,870 61,000 86,580
Shares repurchased (in shares)   (40,000) (90,000)
Increase in treasury stock related to equity awards (102,611) (141,500) (21,512)
Reissuance of treasury stock   8,500  
Balance, ending of period 33,263,498 32,620,150 29,355,986
Treasury Stock      
Number of Shares Outstanding      
Balance, beginning of period 2,299,422 2,126,422 2,014,910
Shares repurchased (in shares)   40,000 90,000
Increase in treasury stock related to equity awards 102,611 141,500 21,512
Reissuance of treasury stock 8,500 (8,500)  
Balance, ending of period 2,402,033 2,299,422 2,126,422
v3.22.0.1
Regulatory Capital - Narrative (Details)
 12 Months Ended
Dec. 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%
v3.22.0.1
Regulatory Capital - Schedule of Regulatory Capital (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Total risk-based capital (Amount)    
Total risk-based capital $ 910,320 $ 833,819
Total risk-based capital required for capital adequacy $ 542,409 $ 472,267
Total risk-based capital (Ratio)    
Total risk-based capital, ratio 0.1343 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 $ 788,910 $ 707,711
Tier 1 risk-based capital required for capital adequacy $ 406,807 $ 354,200
Tier 1 risk-based capital (Ratio)    
Tier 1 risk-based capital, ratio 0.1164 0.1199
Tier 1 risk-based capital required for capital adequacy, ratio 0.0600 0.0600
Common equity tier one capital (Amount)    
Common equity tier one capital $ 607,367 $ 530,568
Common equity tier one risk-based capital required for capital adequacy $ 305,105 $ 265,650
Common equity tier one capital (Ratio)    
Common equity tier one capital, ratio 0.0896 0.0899
Common equity tier one risk-based capital required for capital adequacy, ratio 4.50% 4.50%
Tier 1 leverage (Amount)    
Tier 1 leverage capital $ 788,910 $ 707,711
Tier 1 leverage capital required for capital adequacy $ 496,431 $ 388,408
Tier 1 leverage (Ratio)    
Tier 1 leverage capital, ratio 0.0636 0.0729
Tier 1 leverage capital required for capital adequacy, ratio 0.0400 0.0400
TriState capital bank    
Total risk-based capital (Amount)    
Total risk-based capital $ 986,657 $ 789,273
Total risk-based capital required for capital adequacy 540,639 470,820
Total risk-based capital required to be well capitalized $ 675,798 $ 588,525
Total risk-based capital (Ratio)    
Total risk-based capital, ratio 0.1460 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 $ 960,955 $ 758,658
Tier 1 risk-based capital required for capital adequacy 405,479 353,115
Tier 1 risk-based capital required to be well capitalized $ 540,639 $ 470,820
Tier 1 risk-based capital (Ratio)    
Tier 1 risk-based capital, ratio 0.1422 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 capital (Amount)    
Common equity tier one capital $ 960,955 $ 758,658
Common equity tier one risk-based capital required for capital adequacy 304,109 264,836
Common equity tier one risk-based capital required to be well capitalized $ 439,269 $ 382,542
Common equity tier one capital (Ratio)    
Common equity tier one capital, ratio 0.1422 0.1289
Common equity tier one risk-based capital required for capital adequacy, ratio 4.50% 4.50%
Common equity tier one risk-based capital required to be well capitalized, ratio 6.50% 6.50%
Tier 1 leverage (Amount)    
Tier 1 leverage capital $ 960,955 $ 758,658
Tier 1 leverage capital required for capital adequacy 495,417 387,626
Tier 1 leverage capital required to be well capitalized $ 619,271 $ 484,533
Tier 1 leverage (Ratio)    
Tier 1 leverage capital, ratio 0.0776 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
v3.22.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2013
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Employer's contribution to employees' 401(k) plan, percent   3.00% 3.00% 3.00%
Defined contribution plan eligible to participate age   21    
Contribution expense, 401(k)   $ 1,100 $ 1,100 $ 1,000
Chief executive officer | Supplemental employee retirement plans, defined benefit        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Vesting period (in years) 5 years      
Projected monthly payments $ 25      
Number of months projected payments paid (in months) 180 months      
Other postretirement benefit expense   $ 38 $ 149 $ 8
Discount rate, SERP   2.37% 2.52% 3.66%
Liability recorded   $ 3,800 $ 3,800  
Chief executive officer | Supplemental employee retirement plans, defined benefit | Minimum        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Number of months before commencement (in months) 60 months      
v3.22.0.1
Earnings Per Common Share - Schedule of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net income $ 78,060 $ 45,234 $ 60,193
Preferred stock dividends 12,348 7,873 5,753
Net income available to common shareholders 65,712 37,361 54,440
Allocation of net income available:      
Common shareholders 55,487 37,320 54,440
Series C convertible preferred shareholders 8,590 34 0
Warrant shareholders $ 1,635 $ 7 $ 0
Basic weighted average common shares outstanding:      
Basic weighted average common shares outstanding (in shares) 31,315,235 28,267,512 27,864,933
Series C convertible preferred stock, as-if converted (in shares) 4,848,039 25,832 0
Warrants, as-if exercised (in shares) 922,438 5,041 0
Earnings per share, basic (in usd per share) $ 1.77 $ 1.32 $ 1.95
Diluted earnings per common share:      
Income available to common shareholders after allocation $ 55,487 $ 37,320 $ 54,440
Basic common shares (in shares) 31,315,235 28,267,512 27,864,933
Restricted stock - dilutive (in shares) 994,997 345,026 633,802
Stock options - dilutive (in shares) 149,716 125,930 334,600
Diluted weighted average common shares outstanding (in shares) 32,459,948 28,738,468 28,833,335
Earnings per share, diluted (in usd per share) $ 1.71 $ 1.30 $ 1.89
Series A and B Preferred Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Preferred stock dividends $ 7,849 $ 7,849 $ 5,753
Series C preferred stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Preferred stock dividends $ 4,499 $ 24 $ 0
v3.22.0.1
Earnings Per Common Share - Anti-Dilutive Shares (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares (in shares) 5,927,210 6,231,427 31,500
Restricted stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares (in shares) 37,500 581,717 31,500
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares (in shares) 0 0 0
Series C preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares (in shares) 4,967,272 4,727,272 0
Warrants, as-if exercised      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares (in shares) 922,438 922,438 0
v3.22.0.1
Stock-Based Compensation Programs - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 31, 2021
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Cost of canceled of stock options   $ 2,484      
Employee stock options and restricted stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares authorized (in shares)       800,000  
Stock-based compensation expense $ 11,000 $ 9,500 $ 8,800    
2006 plan and omnibus plan | Employee stock options and restricted stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares authorized (in shares) 5,800,000        
Number of shares outstanding (in shares) 1,989,060        
Number of stock options and restricted shares exercised or vested (in shares) 2,641,306        
Number of shares available for grant (in shares) 1,169,634        
2006 plan and omnibus plan | Employee stock options and restricted stock | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period 1 year        
2006 plan and omnibus plan | Employee stock options and restricted stock | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period 5 years        
2006 plan and omnibus plan | Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding (in shares) 0 7,000 90,331   264,697
Canceled (in shares) 0 212,447 0    
Cost of canceled of stock options   $ 2,500      
Granted (in shares) 0 0 0    
Weighted average grant date fair value, exercised (usd per share) $ 4.87 $ 4.82 $ 5.13    
Omnibus plan | Restricted stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total unrecognized compensation cost related to non-vested restricted shares granted under the plan $ 20,800        
Weighted average period over which unrecognized compensation cost is expected to be recognized 2 years        
v3.22.0.1
Stock-Based Compensation Programs - Stock Option Activity (Details) - 2006 plan and omnibus plan - Stock options - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Options        
Beginning of period (in shares) 327,620 602,567 694,147  
Granted (in shares) 0 0 0  
Exercised (in shares) (124,870) (61,000) (86,580)  
Forfeited (in shares) 0 (1,500) (5,000)  
Canceled (in shares) 0 (212,447) 0  
Expired (in shares) (2,500) 0 0  
End of period (in shares) 200,250 327,620 602,567 694,147
Exercisable (in shares) 200,250 320,620 512,236  
Weighted Average Exercise Price        
Beginning of period (usd per share) $ 10.90 $ 10.64 $ 10.60  
Granted (usd per share) 0 0 0  
Exercised (usd per share) 10.20 8.30 10.39  
Forfeited (usd per share) 0 12.29 10.31  
Canceled (usd per share) 0 10.88 0  
Expired (usd per share) 8.00 0 0  
End of period (usd per share) 11.38 10.90 10.64 $ 10.60
Exercisable (usd per share) $ 11.38 $ 10.86 $ 10.64  
Weighted Average Remaining Contractual Term (years)        
Weighted average remaining contractual term (years) 2 years 7 days 2 years 8 months 1 day 3 years 5 months 19 days 4 years 3 months 3 days
Weighted average remaining contractual term, exercisable (years) 2 years 7 days 2 years 7 months 9 days 3 years 2 months 1 day  
v3.22.0.1
Stock-Based Compensation Programs - Non-vested Stock Options Activity (Details) - 2006 plan and omnibus plan - Stock options - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Options      
Beginning of period (in shares) 7,000 90,331 264,697
Granted (in shares) 0 0 0
Vested (in shares) (7,000) (81,831) (169,366)
Forfeited (in shares) 0 (1,500) (5,000)
End of period (in shares) 0 7,000 90,331
Weighted Average Grant-Date Fair Value      
Beginning of period (usd per share) $ 5.21 $ 4.98 $ 4.96
Granted (usd per share) 0 0 0
Vested (usd per share) 5.21 4.96 4.94
Forfeited (usd per share) 0 4.75 4.95
End of period (usd per share) $ 0 $ 5.21 $ 4.98
v3.22.0.1
Stock-Based Compensation Programs - Non-vested Restricted Shares (Details) - Omnibus plan - Restricted stock - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Shares      
Number of restricted shares, beginning of period (in shares) 1,493,128 1,431,122 1,353,012
Number of restricted shares, grated (in shares) 633,386 638,832 580,453
Number of restricted shares, vested (in shares) (325,407) (544,075) (424,134)
Number of restricted shares, forfeited (in shares) (12,297) (32,751) (78,209)
Number of restricted shares, end of period (in shares) 1,788,810 1,493,128 1,431,122
Weighted Average Grant-Date Fair Value      
Beginning of period (usd per share) $ 22.37 $ 21.58 $ 18.70
Granted (usd per share) 21.00 22.37 21.85
Vested (usd per share) 22.61 20.22 13.20
Forfeited (usd per share) 21.63 23.62 19.13
End of period (usd per share) $ 21.84 $ 22.37 $ 21.58
v3.22.0.1
Derivatives and Hedging Activity - Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value $ 90,173 $ 144,333
Liability derivatives, fair value 91,757 153,433
Other assets | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 90,173 144,333
Other liabilities | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value 91,757 153,433
Designated as hedging instrument | Other assets | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 1,217 0
Designated as hedging instrument | Other liabilities | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value 2,838 9,082
Not designated as hedging instrument | Other assets | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 88,956 144,333
Not designated as hedging instrument | Other liabilities | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Liability derivatives, fair value $ 88,919 $ 144,351
v3.22.0.1
Derivatives and Hedging Activity - Offsetting of Derivative Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 90,173 $ 144,333
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Assets presented in the Statement of Financial Position 90,173 144,333
Financial Instruments (13,929) (94)
Cash Collateral Received 0 0
Net Amount $ 76,244 $ 144,239
v3.22.0.1
Derivatives and Hedging Activity - Offsetting of Derivative Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 91,757 $ 153,433
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Liabilities presented in the Statement of Financial Position 91,757 153,433
Financial Instruments (13,929) (94)
Cash Collateral Posted (59,898) (150,238)
Net Amount $ 17,930 $ 3,101
v3.22.0.1
Derivatives and Hedging Activity - Interest Rate Derivative Transactions (Details) - Cash flow hedging - Interest rate swaps - Designated as hedging instrument
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Derivative [Line Items]  
Notional Amount $ 250,000
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months 2,158
Issued 5/30/2019  
Derivative [Line Items]  
Notional Amount $ 50,000
Derivative, effective rate 2.05%
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months $ 373
Remaining Term (in Months) 5 months
Issued 5/30/2019  
Derivative [Line Items]  
Notional Amount $ 50,000
Derivative, effective rate 2.03%
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months $ 758
Remaining Term (in Months) 17 months
Issued 5/30/2019  
Derivative [Line Items]  
Notional Amount $ 50,000
Derivative, effective rate 2.04%
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months $ 764
Remaining Term (in Months) 29 months
Issued 3/2/2020  
Derivative [Line Items]  
Notional Amount $ 50,000
Derivative, effective rate 0.98%
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months $ 227
Remaining Term (in Months) 38 months
Issued 3/20/2020  
Derivative [Line Items]  
Notional Amount $ 50,000
Derivative, effective rate 0.60%
Estimated Increase/(Decrease) to Interest Expense in the Next Twelve Months $ 36
Remaining Term (in Months) 39 months
v3.22.0.1
Derivatives and Hedging Activity - Gain (Loss) in Statement of Financial Performance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest rate swaps | Non-interest income      
Derivatives, Fair Value [Line Items]      
Realized Gain (Loss) Recognized in Income on Derivatives $ 36 $ (20) $ (221)
Interest rate swaps | Not designated as hedging instrument | Non-interest income      
Derivatives, Fair Value [Line Items]      
Realized Gain (Loss) Recognized in Income on Derivatives 36 (20) (45)
Equity swap | Not designated as hedging instrument | Non-interest income      
Derivatives, Fair Value [Line Items]      
Realized Gain (Loss) Recognized in Income on Derivatives 0 0 (176)
Cash flow hedging | Interest rate swaps | Designated as hedging instrument      
Derivatives, Fair Value [Line Items]      
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives 3,723 (9,168) (2,239)
Cash flow hedging | Interest rate swaps | Designated as hedging instrument | Interest expense      
Derivatives, Fair Value [Line Items]      
Realized Gain (Loss) Recognized in Income on Derivatives $ (3,513) $ (2,732) $ 1,259
v3.22.0.1
Derivatives and Hedging Activity - Narrative (Details) - Interest rate swaps
$ in Millions
Dec. 31, 2021
USD ($)
Derivatives, Fair Value [Line Items]  
Termination value of derivatives, including accrued interest, in a net liability position $ 61.1
Collateral already posted amount 60.3
Not designated as hedging instrument  
Derivatives, Fair Value [Line Items]  
Derivative, aggregate notional amount $ 4,830.0
v3.22.0.1
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Financial assets:    
Equity securities $ 5,000 $ 0
Level 2    
Financial assets:    
Debt securities available-for-sale 586,325 617,570
Fair value, measurements, recurring    
Financial assets:    
Equity securities 4,975  
Total assets 681,473 761,903
Financial liabilities:    
Total financial liabilities 91,757 153,433
Fair value, measurements, recurring | Level 1    
Financial assets:    
Equity securities 4,975  
Total assets 4,975 0
Financial liabilities:    
Total financial liabilities 0 0
Fair value, measurements, recurring | Level 2    
Financial assets:    
Equity securities 0  
Total assets 676,498 761,903
Financial liabilities:    
Total financial liabilities 91,757 153,433
Fair value, measurements, recurring | Level 3    
Financial assets:    
Equity securities 0  
Total assets 0 0
Financial liabilities:    
Total financial liabilities 0 0
Fair value, measurements, recurring | Interest rate swaps    
Financial assets:    
Interest rate swaps 90,173 144,333
Financial liabilities:    
Interest rate swaps 91,757 153,433
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 90,173 144,333
Financial liabilities:    
Interest rate swaps 91,757 153,433
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 146,192 158,464
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 146,192 158,464
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 13,627 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 13,627 18,087
Fair value, measurements, recurring | Trust preferred securities | Level 3    
Financial assets:    
Debt securities available-for-sale 0 0
Fair value, measurements, recurring | Non-agency Securitizations    
Financial assets:    
Debt securities available-for-sale 277,118  
Fair value, measurements, recurring | Non-agency Securitizations | Level 1    
Financial assets:    
Debt securities available-for-sale 0  
Fair value, measurements, recurring | Non-agency Securitizations | Level 2    
Financial assets:    
Debt securities available-for-sale 277,118  
Fair value, measurements, recurring | Non-agency Securitizations | Level 3    
Financial assets:    
Debt securities available-for-sale 0  
Fair value, measurements, recurring | Agency collateralized mortgage obligations    
Financial assets:    
Debt securities available-for-sale 16,498 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 16,498 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 120,477 410,127
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 120,477 410,127
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 7,228 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 7,228 8,803
Fair value, measurements, recurring | Agency debentures | Level 3    
Financial assets:    
Debt securities available-for-sale 0 $ 0
Fair value, measurements, recurring | Municipal Bonds    
Financial assets:    
Debt securities available-for-sale 5,185  
Fair value, measurements, recurring | Municipal Bonds | Level 1    
Financial assets:    
Debt securities available-for-sale 0  
Fair value, measurements, recurring | Municipal Bonds | Level 2    
Financial assets:    
Debt securities available-for-sale 5,185  
Fair value, measurements, recurring | Municipal Bonds | Level 3    
Financial assets:    
Debt securities available-for-sale $ 0  
v3.22.0.1
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Specific allowance for loan losses $ 4,683 $ 1,988
v3.22.0.1
Disclosures About Fair Value of Financial Instruments - Fair Value Measurements, Nonrecurring (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Level 3    
Financial assets:    
Other real estate owned $ 2,005 $ 2,724
Fair value, measurements, nonrecurring    
Financial assets:    
Loans measured for impairment, net 12,129 7,692
Other real estate owned 2,005 2,724
Total assets 14,134 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 12,129 7,692
Other real estate owned 2,005 2,724
Total assets $ 14,134 $ 10,416
v3.22.0.1
Disclosures About Fair Value of Financial Instruments - Fair Value Inputs, Assets, Quantitative Information (Details) - Level 3
$ in Thousands
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Loans measured for impairment, net | Other    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 12,129  
Loans measured for impairment, net | Other | Discount due to restructured nature of operations    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans measured for impairment, net, measurement input 0.03  
Loans measured for impairment, net | Collateral    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value   $ 7,692
Loans measured for impairment, net | Collateral | Discount due to restructured nature of operations    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans measured for impairment, net, measurement input   0.23
Other real estate owned | Collateral    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 2,005 $ 2,724
Other real estate owned | Collateral | Discount due to restructured nature of operations    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other real estate owned, measurement input 0.12 0.12
v3.22.0.1
Disclosures About Fair Value of Financial Instruments - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Financial assets:    
Debt securities held-to-maturity $ 791,962 $ 214,299
Equity securities, at fair value 4,975 0
Investment management fees receivable, net 8,641 7,935
Interest rate swaps 90,173 144,333
Financial liabilities:    
Interest rate swaps 91,757 153,433
Level 1    
Financial assets:    
Cash and cash equivalents 452,016 435,442
Debt securities held-to-maturity 38,666 0
Equity securities, at fair value 4,975 0
Level 2    
Financial assets:    
Debt securities available-for-sale 586,325 617,570
Debt securities held-to-maturity 753,296 214,299
Federal Home Loan Bank stock 11,802 13,284
Accrued interest receivable 25,060 18,783
Investment management fees receivable, net 8,641 7,935
Bank owned life insurance 98,928 71,787
Interest rate swaps 90,173 144,333
Financial liabilities:    
Deposits 11,504,856 8,510,799
Borrowings, net 474,949 402,714
Interest rate swaps 91,757 153,433
Level 3    
Financial assets:    
Loans and leases held-for-investment, net 10,717,430 8,199,922
Other real estate owned 2,005 2,724
Carrying amount | Level 1    
Financial assets:    
Cash and cash equivalents 452,016 435,442
Debt securities held-to-maturity 39,098 0
Equity securities, at fair value 4,975 0
Carrying amount | Level 2    
Financial assets:    
Debt securities available-for-sale 586,325 617,570
Debt securities held-to-maturity 763,478 211,691
Federal Home Loan Bank stock 11,802 13,284
Accrued interest receivable 25,060 18,783
Investment management fees receivable, net 8,641 7,935
Bank owned life insurance 98,928 71,787
Interest rate swaps 90,173 144,333
Financial liabilities:    
Deposits 11,504,389 8,489,089
Borrowings, net 470,163 400,493
Interest rate swaps 91,757 153,433
Carrying amount | Level 3    
Financial assets:    
Loans and leases held-for-investment, net 10,734,761 8,202,788
Other real estate owned $ 2,005 $ 2,724
v3.22.0.1
Changes in Accumulated Other Comprehensive Income (Loss) - Schedule of Changes to AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax      
Balance, beginning of period $ 757,145 $ 621,281 $ 479,354
Change in unrealized holding gains (losses) (3,215) (2,984) 3,655
Losses (gains) reclassified from other comprehensive income 2,488 (845) (1,192)
Balance, end of period 836,722 757,145 621,281
Debt Securities      
AOCI Attributable to Parent, Net of Tax      
Balance, beginning of period 3,834 2,756 (2,363)
Change in unrealized holding gains (losses) (6,041) 3,997 5,356
Losses (gains) reclassified from other comprehensive income (178) (2,919) (237)
Other comprehensive income (loss) (6,219) 1,078 5,119
Balance, end of period (2,385) 3,834 2,756
Derivatives      
AOCI Attributable to Parent, Net of Tax      
Balance, beginning of period (6,531) (1,624) 1,032
Change in unrealized holding gains (losses) 2,826 (6,981) (1,701)
Losses (gains) reclassified from other comprehensive income 2,666 2,074 (955)
Other comprehensive income (loss) 5,492 (4,907) (2,656)
Balance, end of period (1,039) (6,531) (1,624)
Total      
AOCI Attributable to Parent, Net of Tax      
Balance, beginning of period (2,697) 1,132 (1,331)
Other comprehensive income (loss) (727) (3,829) 2,463
Balance, end of period $ (3,424) $ (2,697) $ 1,132
v3.22.0.1
Related Party Transactions - Narrative (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
loan
director
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Related Party Transaction [Line Items]      
Services from affiliated companies $ 650 $ 650 $ 650
Owned by a director      
Related Party Transaction [Line Items]      
Number of loans outstanding to directors | director 1    
Number of loans outstanding | loan 5    
Loans outstanding to directors $ 28,100    
v3.22.0.1
Condensed Parent Company Only Financial Statements - Condensed Statements of Financial Condition (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Condensed Balance Sheet Statement [Line Items]        
Cash and cash equivalents $ 452,016 $ 435,442    
Equity securities, at fair value 4,975 0    
Prepaid expenses and other assets 162,819 219,962    
Total assets 13,004,852 9,896,816    
Borrowings, net 470,163 400,493    
Other accrued expenses and other liabilities 148,474 218,398    
Shareholders’ equity 836,722 757,145 $ 621,281 $ 479,354
Total liabilities and shareholders’ equity 13,004,852 9,896,816    
Parent company        
Condensed Balance Sheet Statement [Line Items]        
Cash and cash equivalents 27,936 31,856    
Equity securities, at fair value 4,975 0    
Investment in subsidiaries 1,024,016 821,719    
Prepaid expenses and other assets 5,519 6,604    
Total assets 1,062,446 860,179    
Borrowings, net 220,163 100,493    
Other accrued expenses and other liabilities 5,561 2,541    
Shareholders’ equity 836,722 757,145    
Total liabilities and shareholders’ equity $ 1,062,446 $ 860,179    
v3.22.0.1
Condensed Parent Company Only Financial Statements - Condensed Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Condensed Income Statement [Line Items]      
Total interest income $ 231,297 $ 217,095 $ 262,447
Interest expense 51,938 79,151 135,390
Net interest income 179,359 137,944 127,057
Non-interest income (loss) 58,646 57,205 52,782
Non-interest expense 146,494 123,103 112,149
Income tax expense 12,643 7,412 8,465
Net income 78,060 45,234 60,193
Parent company      
Condensed Income Statement [Line Items]      
Interest income 37 43 219
Dividends received from subsidiaries 5,000 7,005 13,000
Total interest income 5,037 7,048 13,219
Interest expense 6,086 3,855 1,159
Net interest income (1,049) 3,193 12,060
Non-interest income (loss) (25) 0 842
Non-interest expense 6,518 3,576 1,081
Income (loss) before income taxes and undisbursed income of subsidiaries (7,592) (383) 11,821
Income tax expense (2,628) (1,226) (467)
Net income (4,964) 843 12,288
Undisbursed income of subsidiaries 83,024 44,391 47,905
Net income $ 78,060 $ 45,234 $ 60,193
v3.22.0.1
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Adjustments to reconcile net income to net cash provided by operating activities:      
Net loss (gain) on equity securities $ 25 $ 0 $ (842)
Amortization of deferred financing costs 215 143 84
Stock-based compensation expense 11,026 9,518 8,825
Increase (decrease) in accrued interest payable (1,216) (2,433) 286
Net cash provided by operating activities 105,746 87,208 68,193
Cash Flows from Investing Activities:      
Purchase of equity securities (5,000) 0 0
Sale of equity securities 0 0 13,679
Net cash used in investing activities (3,165,145) (2,042,142) (1,456,751)
Cash Flows from Financing Activities:      
Net proceeds from issuance of senior and subordinated notes payable 124,455 95,349 0
Repayment of subordinated debt 0 0 (35,000)
Net proceeds from issuance of stock 0 100,002 77,611
Proceeds from line of credit advances 15,200 40,000 0
Repayment of line of credit advances (20,200) (35,000) (4,250)
Net proceeds from exercise of stock options 1,273 506 900
Cancellation of stock options 0 (2,484) 0
Purchase of treasury stock (2,108) (3,479) (2,312)
Dividends paid on preferred stock (7,947) (7,849) (5,753)
Net cash provided by financing activities 3,075,973 1,986,521 1,602,428
Net change in cash and cash equivalents during the period 16,574 31,587 213,870
Cash and cash equivalents at beginning of the period 435,442 403,855 189,985
Cash and cash equivalents at end of the period 452,016 435,442 403,855
Parent company      
Cash Flows from Operating Activities:      
Net income 78,060 45,234 60,193
Adjustments to reconcile net income to net cash provided by operating activities:      
Undisbursed income of subsidiaries (83,024) (44,391) (47,905)
Net loss (gain) on equity securities 25 0 (842)
Amortization of deferred financing costs 215 144 84
Stock-based compensation expense 290 317 0
Increase (decrease) in accrued interest payable 117 716 (1,005)
Decrease (increase) in other assets 1,085 (1,334) 1,539
Increase (decrease) in other liabilities 2,903 838 (2,269)
Net cash provided by operating activities (329) 1,524 9,795
Cash Flows from Investing Activities:      
Purchase of equity securities (5,000) 0 0
Sale of equity securities 0 0 13,679
Net payments for investments in subsidiaries (120,000) (171,944) (43,000)
Net cash used in investing activities (125,000) (171,944) (29,321)
Cash Flows from Financing Activities:      
Net proceeds from issuance of senior and subordinated notes payable 124,455 95,349 0
Repayment of subordinated debt 0 0 (35,000)
Net proceeds from issuance of stock 0 100,002 77,611
Proceeds from line of credit advances 15,200 40,000 0
Repayment of line of credit advances (20,200) (35,000) (4,250)
Net proceeds from exercise of stock options 1,273 506 900
Cancellation of stock options 0 (2,484) 0
Subsidiary reimbursement for issuance of restricted stock awards 10,736 0 0
Purchase of treasury stock (2,108) (3,479) (2,312)
Dividends paid on preferred stock (7,947) (7,849) (5,753)
Net cash provided by financing activities 121,409 187,045 31,196
Net change in cash and cash equivalents during the period (3,920) 16,625 11,670
Cash and cash equivalents at beginning of the period 31,856 15,231 3,561
Cash and cash equivalents at end of the period $ 27,936 $ 31,856 $ 15,231
v3.22.0.1
Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Assets $ 13,004,852 $ 9,896,816  
Income statement data:      
Interest income 231,297 217,095 $ 262,447
Interest expense 51,938 79,151 135,390
Net interest income (loss) 179,359 137,944 127,057
Provision for credit losses 808 19,400 (968)
Net interest income (loss) after provision for credit losses 178,551 118,544 128,025
Non-interest income:      
Net gain on the sale and call of debt securities 242 3,948 416
Other non-interest income 20,950 21,222 15,924
Total non-interest income 58,646 57,205 52,782
Non-interest expense:      
Intangible amortization expense 1,911 1,944 2,009
Other non-interest expense 144,583 121,159 110,140
Total non-interest expense 146,494 123,103 112,149
Income before tax 90,703 52,646 68,658
Income tax expense (benefit) 12,643 7,412 8,465
Net income (loss) 78,060 45,234 60,193
Investment management fees      
Non-interest income:      
Total non-interest income 37,454 32,035 36,442
Operating segments | Bank      
Segment Reporting Information [Line Items]      
Assets 12,926,161 9,819,719  
Income statement data:      
Interest income 231,297 217,095 262,332
Interest expense 45,889 75,339 134,336
Net interest income (loss) 185,408 141,756 127,996
Provision for credit losses 808 19,400 (968)
Net interest income (loss) after provision for credit losses 184,600 122,356 128,964
Non-interest income:      
Net gain on the sale and call of debt securities 242 3,948 416
Other non-interest income 20,941 21,164 15,051
Total non-interest income 21,183 25,112 15,467
Non-interest expense:      
Intangible amortization expense 0 0 0
Other non-interest expense 107,373 90,541 77,945
Total non-interest expense 107,373 90,541 77,945
Income before tax 98,410 56,927 66,486
Income tax expense (benefit) 14,171 8,330 8,015
Net income (loss) 84,239 48,597 58,471
Operating segments | Bank | Investment management fees      
Non-interest income:      
Total non-interest income 0 0 0
Operating segments | Investment management      
Segment Reporting Information [Line Items]      
Assets 86,563 86,150  
Income statement data:      
Interest income 0 0 0
Interest expense 0 0 0
Net interest income (loss) 0 0 0
Provision for credit losses 0 0 0
Net interest income (loss) after provision for credit losses 0 0 0
Non-interest income:      
Net gain on the sale and call of debt securities 0 0 0
Other non-interest income 34 58 31
Total non-interest income 38,736 32,785 36,920
Non-interest expense:      
Intangible amortization expense 1,911 1,944 2,009
Other non-interest expense 31,939 27,735 31,560
Total non-interest expense 33,850 29,679 33,569
Income before tax 4,886 3,106 3,351
Income tax expense (benefit) 1,100 308 918
Net income (loss) 3,786 2,798 2,433
Operating segments | Investment management | Investment management fees      
Non-interest income:      
Total non-interest income 38,702 32,727 36,889
Parent and other      
Segment Reporting Information [Line Items]      
Assets (7,872) (9,053)  
Income statement data:      
Interest income 0 0 115
Interest expense 6,049 3,812 1,054
Net interest income (loss) (6,049) (3,812) (939)
Provision for credit losses 0 0 0
Net interest income (loss) after provision for credit losses (6,049) (3,812) (939)
Non-interest income:      
Net gain on the sale and call of debt securities 0 0 0
Other non-interest income (25) 0 842
Total non-interest income (1,273) (692) 395
Non-interest expense:      
Intangible amortization expense 0 0 0
Other non-interest expense 5,271 2,883 635
Total non-interest expense 5,271 2,883 635
Income before tax (12,593) (7,387) (1,179)
Income tax expense (benefit) (2,628) (1,226) (468)
Net income (loss) (9,965) (6,161) (711)
Parent and other | Investment management fees      
Non-interest income:      
Total non-interest income $ (1,248) $ (692) $ (447)
v3.22.0.1
Subsequent Events - Narrative (Details) - Subsequent event - USD ($)
$ / shares in Units, $ in Thousands
Jan. 21, 2022
Feb. 18, 2022
TriState capital bank | Line of credit borrowings    
Subsequent Event [Line Items]    
Line of credit facility, current borrowing capacity   $ 75,000
Series A preferred stock    
Subsequent Event [Line Items]    
Dividend payable $ 679  
Series A preferred stock depositary share    
Subsequent Event [Line Items]    
Dividends payable (usd per share) $ 0.42  
Series B preferred stock    
Subsequent Event [Line Items]    
Dividend payable $ 1,300  
Series B preferred stock depositary share    
Subsequent Event [Line Items]    
Dividends payable (usd per share) $ 0.40  
Series C preferred stock    
Subsequent Event [Line Items]    
Dividend payable $ 71,125  
Stock dividends (in shares) 11