Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
|
| Securities available for sale | $ 682,975 | $ 722,497 |
| Securities held to maturity, fair value | 1,756,203 | 1,203,535 |
| Loans held for sale at fair value | 91,084 | 86,663 |
| Net of allowance for credit losses on loans | $ 84,549 | $ 71,752 |
| Stockholders' Equity: | ||
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, shares issued | 45,764,023 | 43,242,928 |
| Common stock, shares outstanding | 45,764,023 | 43,242,928 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| 7% Series A Preferred Stock | ||
| Stockholders' Equity: | ||
| Preferred stock, dividend rate (as a percent) | 7.00% | 7.00% |
| Preferred stock liquidation preference (in dollars per share) | $ 25 | $ 25 |
| Preferred stock, shares authorized | 0 | 3,500,000 |
| Preferred stock, shares issued | 0 | 2,081,800 |
| Preferred stock, shares outstanding | 0 | 2,081,800 |
| 6% Series B Preferred Stock | ||
| Stockholders' Equity: | ||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% |
| Preferred stock liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
| Preferred stock, shares authorized | 125,000 | 125,000 |
| Preferred stock, shares issued | 125,000 | 125,000 |
| Preferred stock, shares outstanding | 125,000 | 125,000 |
| Depositary shares | 5,000,000 | 5,000,000 |
| 6% Series C Preferred Stock | ||
| Stockholders' Equity: | ||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% |
| Preferred stock liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
| Preferred stock, shares authorized | 200,000 | 200,000 |
| Preferred stock, shares issued | 196,181 | 196,181 |
| Preferred stock, shares outstanding | 196,181 | 196,181 |
| Depositary shares | 7,847,233 | 7,847,233 |
| 8.25% Series D Preferred Stock | ||
| Stockholders' Equity: | ||
| Preferred stock, dividend rate (as a percent) | 8.25% | 8.25% |
| Preferred stock liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
| Preferred stock, shares authorized | 300,000 | 300,000 |
| Preferred stock, shares issued | 142,500 | 142,500 |
| Preferred stock, shares outstanding | 142,500 | 142,500 |
| Depositary shares | 5,700,000 | 5,700,000 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Interest Income | ||||
| Loans | $ 290,259,000 | $ 266,561,000 | $ 846,678,000 | $ 684,743,000 |
| Mortgage loans in process of securitization | 4,062,000 | 2,583,000 | 8,826,000 | 7,358,000 |
| Investment securities: | ||||
| Available for sale | 14,855,000 | 6,182,000 | 44,027,000 | 14,012,000 |
| Held to maturity | 22,081,000 | 17,427,000 | 62,402,000 | 50,492,000 |
| FHLB stock and other equity securities (dividends) | 3,128,000 | 572,000 | 5,249,000 | 1,470,000 |
| Other | 4,543,000 | 3,351,000 | 14,192,000 | 7,964,000 |
| Total interest income | 338,928,000 | 296,676,000 | 981,374,000 | 766,039,000 |
| Interest Expense | ||||
| Deposits | 165,675,000 | 162,906,000 | 516,348,000 | 405,149,000 |
| Borrowed funds | 40,432,000 | 16,334,000 | 77,030,000 | 37,144,000 |
| Total interest expense | 206,107,000 | 179,240,000 | 593,378,000 | 442,293,000 |
| Net Interest Income | 132,821,000 | 117,436,000 | 387,996,000 | 323,746,000 |
| Provision for credit losses | 6,898,000 | 4,014,000 | 21,589,000 | 33,484,000 |
| Net Interest Income After Provision for Credit Losses | 125,923,000 | 113,422,000 | 366,407,000 | 290,262,000 |
| Noninterest Income | ||||
| Gain on sale of loans | 16,731,000 | 10,758,000 | 37,255,000 | 28,841,000 |
| Loan servicing fees, net | (1,509,000) | 17,384,000 | 28,720,000 | 28,360,000 |
| Mortgage warehouse fees | 1,620,000 | 1,858,000 | 4,126,000 | 5,751,000 |
| Loss on sale of investments available for sale (includes $0, $0, $(108) and $0, respectively, related to accumulated other comprehensive loss reclassifications) | (108,000) | |||
| Syndication and asset management fees | 1,834,000 | 2,368,000 | 10,370,000 | 7,476,000 |
| Other income | (1,934,000) | 3,700,000 | 8,604,000 | 9,786,000 |
| Total noninterest income | 16,742,000 | 36,068,000 | 88,967,000 | 80,214,000 |
| Noninterest Expense | ||||
| Salaries and employee benefits | 35,218,000 | 27,052,000 | 93,187,000 | 74,922,000 |
| Loan expense | 1,114,000 | 1,038,000 | 3,063,000 | 2,749,000 |
| Occupancy and equipment | 2,231,000 | 2,196,000 | 6,707,000 | 6,884,000 |
| Professional fees | 3,439,000 | 2,555,000 | 11,094,000 | 8,547,000 |
| Deposit insurance expense | 8,981,000 | 3,568,000 | 19,685,000 | 9,552,000 |
| Technology expense | 2,068,000 | 1,609,000 | 5,781,000 | 4,757,000 |
| Other expense | 8,267,000 | 4,912,000 | 21,093,000 | 14,611,000 |
| Total noninterest expense | 61,318,000 | 42,930,000 | 160,610,000 | 122,022,000 |
| Income Before Income Taxes | 81,347,000 | 106,560,000 | 294,764,000 | 248,454,000 |
| Provision for income taxes (includes $0, $0, $26 and $0, respectively, of income tax benefit related to accumulated other comprehensive loss reclassifications) | 20,074,000 | 25,056,000 | 70,044,000 | 46,693,000 |
| Net Income | 61,273,000 | 81,504,000 | 224,720,000 | 201,761,000 |
| Dividends on preferred stock | (7,757,000) | (8,668,000) | (24,181,000) | (26,003,000) |
| Impact of preferred stock redemption | (1,823,000) | |||
| Net Income Available to Common Shareholders | $ 53,516,000 | $ 72,836,000 | $ 198,716,000 | $ 175,758,000 |
| Basic Earnings Per Share (in dollars per share) | $ 1.17 | $ 1.68 | $ 4.46 | $ 4.07 |
| Diluted Earnings Per Share (in dollars per share) | $ 1.17 | $ 1.68 | $ 4.45 | $ 4.06 |
| Weighted-Average Shares Outstanding | ||||
| Basic (in shares) | 45,759,667 | 43,238,724 | 44,549,432 | 43,218,125 |
| Diluted (in shares) | 45,910,052 | 43,351,208 | 44,696,107 | 43,317,343 |
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Condensed Consolidated Statements of Income (Unaudited) | ||||
| Reclassifications included in gains on sale of investment available for sale | $ 0 | $ 0 | $ (108) | $ 0 |
| Income tax benefit related to accumulated other comprehensive loss reclassifications | $ 0 | $ 0 | $ 26 | $ 0 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||
| Net Income | $ 61,273 | $ 81,504 | $ 224,720 | $ 201,761 |
| Other Comprehensive Income: | ||||
| Net unrealized gain on investment securities available for sale, net of tax expense of $(191), $(714), $(784) and $(2,050), respectively | 606 | 2,282 | 2,502 | 5,767 |
| Add: Reclassification adjustment for losses included in net income, net of tax benefit of $0, $0, $26 and $0, respectively | 82 | |||
| Other comprehensive income for the period | 606 | 2,282 | 2,584 | 5,767 |
| Comprehensive Income | $ 61,879 | $ 83,786 | $ 227,304 | $ 207,528 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||
| Net of tax (expense)/ benefits on net change in unrealized gains/(losses) on investment securities available for sale | $ (191) | $ (714) | $ (784) | $ (2,050) |
| Net of tax expense on reclassification adjustment for gains include in net income | $ 0 | $ 0 | $ 26 | $ 0 |
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common stock |
Preferred stock
7% Series A Preferred Stock
|
Preferred stock
6% Series B Preferred Stock
|
Preferred stock
6% Series C Preferred Stock
|
Preferred stock
8.25% Series D Preferred Stock
|
Retained Earnings |
Accumulated Other Comprehensive Loss |
Total |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance beginning of period at Dec. 31, 2022 | $ 137,781 | $ 50,221 | $ 120,844 | $ 191,084 | $ 137,459 | $ 832,871 | $ (10,521) | ||||
| Balance beginning of period (in shares) at Dec. 31, 2022 | 43,113,127 | 2,081,800 | 125,000 | 196,181 | 142,500 | ||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||
| Distribution to employee stock ownership plan | $ 810 | ||||||||||
| Distribution to employee stock ownership plan (in shares) | 33,293 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations | $ 1,018 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares) | 93,792 | ||||||||||
| Net Income | 201,761 | $ 201,761 | |||||||||
| Dividends on 7% Series A preferred stock, $1.75 per share, annually | (2,732) | ||||||||||
| Dividends on 6% Series B preferred stock, $60.00 per share, annually | (5,625) | ||||||||||
| Dividends on 6% Series C preferred stock, $60.00 per share, annually | (8,829) | ||||||||||
| Dividends on 8.25% Series D preferred stock, $82.50 per share, annually | (8,817) | ||||||||||
| Dividends on common stock, $0.36 per share, annually in 2024 and $0.32 per share, annually in 2023 | (10,377) | ||||||||||
| Other comprehensive income | 5,767 | 5,767 | |||||||||
| Balance end of period at Sep. 30, 2023 | $ 139,609 | $ 50,221 | $ 120,844 | $ 191,084 | $ 137,459 | 998,252 | (4,754) | 1,632,715 | |||
| Balance end of period (in shares) at Sep. 30, 2023 | 43,240,212 | 2,081,800 | 125,000 | 196,181 | 142,500 | ||||||
| Balance beginning of period at Jun. 30, 2023 | $ 138,853 | $ 50,221 | $ 120,844 | $ 191,084 | $ 137,459 | 928,875 | (7,036) | ||||
| Balance beginning of period (in shares) at Jun. 30, 2023 | 43,237,300 | 2,081,800 | 125,000 | 196,181 | 142,500 | ||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations | $ 756 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares) | 2,912 | ||||||||||
| Net Income | 81,504 | 81,504 | |||||||||
| Dividends on 7% Series A preferred stock, $1.75 per share, annually | (911) | ||||||||||
| Dividends on 6% Series B preferred stock, $60.00 per share, annually | (1,875) | ||||||||||
| Dividends on 6% Series C preferred stock, $60.00 per share, annually | (2,943) | ||||||||||
| Dividends on 8.25% Series D preferred stock, $82.50 per share, annually | (2,939) | ||||||||||
| Dividends on common stock, $0.36 per share, annually in 2024 and $0.32 per share, annually in 2023 | (3,459) | ||||||||||
| Other comprehensive income | 2,282 | 2,282 | |||||||||
| Balance end of period at Sep. 30, 2023 | $ 139,609 | $ 50,221 | $ 120,844 | $ 191,084 | $ 137,459 | 998,252 | (4,754) | 1,632,715 | |||
| Balance end of period (in shares) at Sep. 30, 2023 | 43,240,212 | 2,081,800 | 125,000 | 196,181 | 142,500 | ||||||
| Balance beginning of period at Dec. 31, 2023 | $ 140,365 | $ 50,221 | $ 120,844 | $ 191,084 | $ 137,459 | 1,063,599 | (2,488) | 1,701,084 | [1] | ||
| Balance beginning of period (in shares) at Dec. 31, 2023 | 43,242,928 | 2,081,800 | 125,000 | 196,181 | 142,500 | ||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||
| Distribution to employee stock ownership plan | $ 997 | ||||||||||
| Distribution to employee stock ownership plan (in shares) | 23,414 | ||||||||||
| Issuance of common stock, net of $5.5 million in offering expenses | $ 97,655 | ||||||||||
| Issuance of common stock, net of $5.5 million in offering expenses (in shares) | 2,400,000 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations | $ 431 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares) | 97,681 | ||||||||||
| Net Income | 224,720 | 224,720 | |||||||||
| Dividends on 7% Series A preferred stock, $1.75 per share, annually | (910) | ||||||||||
| Dividends on 6% Series B preferred stock, $60.00 per share, annually | (5,625) | ||||||||||
| Dividends on 6% Series C preferred stock, $60.00 per share, annually | (8,829) | ||||||||||
| Dividends on 8.25% Series D preferred stock, $82.50 per share, annually | (8,817) | ||||||||||
| Dividends on common stock, $0.36 per share, annually in 2024 and $0.32 per share, annually in 2023 | (12,139) | ||||||||||
| Other comprehensive income | 2,584 | 2,584 | |||||||||
| Redemption of 7% Series A preferred stock | $ (50,221) | (1,823) | |||||||||
| Redemption of 7% Series A preferred stock (in shares) | (2,081,800) | ||||||||||
| Balance end of period at Sep. 30, 2024 | $ 239,448 | $ 120,844 | $ 191,084 | $ 137,459 | 1,250,176 | 96 | 1,939,107 | ||||
| Balance end of period (in shares) at Sep. 30, 2024 | 45,764,023 | 125,000 | 196,181 | 142,500 | |||||||
| Balance beginning of period at Jun. 30, 2024 | $ 238,492 | $ 120,844 | $ 191,084 | $ 137,459 | 1,200,778 | (510) | |||||
| Balance beginning of period (in shares) at Jun. 30, 2024 | 45,757,567 | 125,000 | 196,181 | 142,500 | |||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations | $ 956 | ||||||||||
| Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares) | 6,456 | ||||||||||
| Net Income | 61,273 | 61,273 | |||||||||
| Dividends on 6% Series B preferred stock, $60.00 per share, annually | (1,875) | ||||||||||
| Dividends on 6% Series C preferred stock, $60.00 per share, annually | (2,943) | ||||||||||
| Dividends on 8.25% Series D preferred stock, $82.50 per share, annually | (2,939) | ||||||||||
| Dividends on common stock, $0.36 per share, annually in 2024 and $0.32 per share, annually in 2023 | (4,118) | ||||||||||
| Other comprehensive income | 606 | 606 | |||||||||
| Balance end of period at Sep. 30, 2024 | $ 239,448 | $ 120,844 | $ 191,084 | $ 137,459 | $ 1,250,176 | $ 96 | $ 1,939,107 | ||||
| Balance end of period (in shares) at Sep. 30, 2024 | 45,764,023 | 125,000 | 196,181 | 142,500 | |||||||
| |||||||||||
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Dividends on common stock per share | $ 0.36 | $ 0.32 | $ 0.36 | $ 0.32 |
| Offering expenses | $ 5.5 | $ 5.5 | $ 5.5 | $ 5.5 |
| 7% Series A Preferred Stock | ||||
| Preferred stock, dividend rate (as a percent) | 7.00% | |||
| Dividends on preferred stock per share | $ 1.75 | $ 1.75 | $ 1.75 | $ 1.75 |
| 7% Series A Preferred Stock | Preferred stock | ||||
| Preferred stock, dividend rate (as a percent) | 7.00% | 7.00% | 7.00% | 7.00% |
| 6% Series B Preferred Stock | ||||
| Preferred stock, dividend rate (as a percent) | 6.00% | |||
| Dividends on preferred stock per share | $ 60.00 | $ 60.00 | $ 60.00 | $ 60.00 |
| 6% Series B Preferred Stock | Preferred stock | ||||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% | 6.00% | 6.00% |
| 6% Series C Preferred Stock | ||||
| Preferred stock, dividend rate (as a percent) | 6.00% | |||
| Dividends on preferred stock per share | $ 60.00 | $ 60.00 | $ 60.00 | $ 60.00 |
| 6% Series C Preferred Stock | Preferred stock | ||||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% | 6.00% | 6.00% |
| 8.25% Series D Preferred Stock | ||||
| Preferred stock, dividend rate (as a percent) | 8.25% | |||
| Dividends on preferred stock per share | $ 82.50 | $ 82.50 | $ 82.50 | $ 82.50 |
| 8.25% Series D Preferred Stock | Preferred stock | ||||
| Preferred stock, dividend rate (as a percent) | 8.25% | 8.25% | 8.25% | 8.25% |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) |
9 Months Ended | ||||
|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
||||
| Operating activities: | |||||
| Net income | $ 224,720,000 | $ 201,761,000 | |||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||
| Depreciation | 2,254,000 | 2,119,000 | |||
| Provision for credit losses | 21,589,000 | 33,484,000 | |||
| Loss on sale of securities | 108,000 | ||||
| Gain on sale of loans | (37,255,000) | (28,841,000) | |||
| Proceeds from sales of loans | 20,431,500,000 | 15,530,422,000 | |||
| Loans and participations originated and purchased for sale | (21,133,175,000) | (16,455,580,000) | |||
| Proceeds from sale of low-income housing tax credits | 53,043,000 | 23,081,000 | |||
| Purchases of low-income housing tax credits for sale | (56,006,000) | (44,106,000) | |||
| Change in servicing rights for paydowns and fair value adjustments | (5,573,000) | (6,729,000) | |||
| Net change in: | |||||
| Mortgage loans in process of securitization | (320,367,000) | (321,853,000) | |||
| Other assets and receivables | (16,512,000) | (13,383,000) | |||
| Other liabilities | 7,647,000 | (9,986,000) | |||
| Other | 2,726,000 | (3,123,000) | |||
| Net cash used in operating activities | (825,301,000) | (1,092,734,000) | |||
| Investing activities: | |||||
| Net change in securities purchased under agreements to resell | 70,000 | 79,000 | |||
| Purchases of securities available for sale | (501,610,000) | (631,676,000) | |||
| Purchases of securities held to maturity | (155,268,000) | (9,786,000) | |||
| Purchases of equity securities | (30,000,000) | ||||
| Proceeds from the sale of securities available for sale | 9,983,000 | 1,516,000 | |||
| Proceeds from calls, maturities and paydowns of securities available for sale | 663,756,000 | 339,995,000 | |||
| Proceeds from calls, maturities and paydowns of securities held to maturity | 139,045,000 | 116,062,000 | |||
| Purchases of loans | (84,963,000) | (329,014,000) | |||
| Net change in loans receivable | (646,304,000) | (1,829,247,000) | |||
| Proceeds from loans held for sale previously classified as loans receivable | 70,431,000 | 21,960,000 | |||
| Purchase of FHLB stock | (105,866,000) | (9,089,000) | |||
| Proceeds from sale of FHLB stock | 394,000 | ||||
| Purchases of premises and equipment | (12,116,000) | (3,459,000) | |||
| Purchase of limited partnership interests | (13,009,000) | (71,001,000) | |||
| Proceeds from sale of limited partnership interests | 52,984,000 | ||||
| Net cash paid on sale of branches | (170,594,000) | ||||
| Other investing activities | 5,288,000 | 1,591,000 | |||
| Net cash used in investing activities | (830,763,000) | (2,349,085,000) | |||
| Financing activities: | |||||
| Net change in deposits | (939,738,000) | 2,935,993,000 | |||
| Proceeds from borrowings | 108,976,878,000 | 69,132,347,000 | |||
| Repayment of borrowings | (106,356,226,000) | (68,615,360,000) | |||
| Proceeds from notes payable | 6,878,000 | 60,000,000 | |||
| Proceeds from issuance of common stock | 97,655,000 | ||||
| Proceeds from credit linked notes | 153,546,000 | ||||
| Payment of credit linked notes | (23,535,000) | (7,253,000) | |||
| Repurchase of preferred stock | (52,044,000) | ||||
| Dividends | (36,320,000) | (36,380,000) | |||
| Net cash provided by financing activities | 1,673,548,000 | 3,622,893,000 | |||
| Net Change in Cash and Cash Equivalents | 17,484,000 | 181,074,000 | |||
| Cash and Cash Equivalents, Beginning of Period | 584,422,000 | [1] | 226,164,000 | ||
| Cash and Cash Equivalents, End of Period | 601,906,000 | 407,238,000 | |||
| Supplemental Cash Flows Information: | |||||
| Interest paid | 582,091,000 | 415,920,000 | |||
| Income taxes paid, net of refunds | 58,763,000 | 50,076,000 | |||
| Change in ROU assets due to lease renegotiation | (1,063,000) | ||||
| ROU assets obtained in exchange for new operating lease liabilities | 789,000 | ||||
| Transfer of loans to other real estate owned | 90,000 | ||||
| Liabilities accrued for additions of premises and equipment | 2,436,000 | ||||
| Securities received in securitization of loans sold | 534,538,000 | ||||
| Transfer of loans from loans held for sale to loans receivable | 61,500,000 | 377,460,000 | |||
| Transfer of loans from loans receivable to loans held for sale | $ 604,969,000 | $ 21,960,000 | |||
| |||||
Basis of Presentation |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Basis of Presentation | |
| Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank of Indiana (“Merchants Bank”), Farmers-Merchants Bank of Illinois (“FMBI”) (whose branches were sold to unaffiliated third parties and its remaining charter collapsed into Merchants Bank on January 26, 2024), and Merchants Asset Management, LLC (“MAM”). Merchants Bank’s primary operating subsidiaries include Merchants Capital Corp. (“MCC”), Merchants Capital Servicing, LLC (“MCS”), and Merchants Capital Investments, LLC (“MCI”). All direct and indirectly owned subsidiaries owned by Merchants Bancorp are collectively referred to as the “Company”. The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2023, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023, were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended December 31, 2023 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of September 30, 2024 and the results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. All interim amounts have not been audited and the results of operations for the three and nine months ended September 30, 2024, herein are not necessarily indicative of the results of operations to be expected for the entire year. Sale of Farmers-Merchants Bank of Illinois branches On September 7, 2023, the Company entered into an agreement with Bank of Pontiac to sell its Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois, and into an agreement with CBI Bank & Trust, to sell its Farmers-Merchants Bank of Illinois branch located in Joy, Illinois. This transaction enhanced the Company’s ability to focus on its core business of single and multi-family mortgage lending and strategically aligned the branches with institutions that share a similar business model and allowed them to provide additional products to their customers. On January 26, 2024, the transaction was completed after having met customary closing conditions, including regulatory approval. In addition to the branches, Bank of Pontiac acquired approximately $164.8 million in deposits and $19.2 million in loans, and CBI Bank & Trust acquired approximately $65.1 million in deposits and $28.6 million in loans. Total assets and liabilities of approximately $60.8 million and $230.6 million, respectively, were sold. A net gain of $715,000 was recognized from the transactions, which includes a $10.1 million deposit premium and the extinguishment of $7.8 million in goodwill and $0.5 million in intangibles during the first quarter of 2024. Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended September 30, 2024 and 2023 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024), and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS, and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements in all periods presented. In addition, when the Company makes an equity investment in or has a relationship with an entity for which it holds a variable interest, it is evaluated for consolidation requirements under Accounting Standards Update (“ASU”) Topic 810. Accordingly, the Company assesses the entities for potential consolidation as a variable interest entity (“VIE”) and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of the Company’s involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. In May 2023, the Company acquired a variable interest in an investment for which it is the primary beneficiary of, and its results have been consolidated since the date of acquisition. Additionally, the Company has certain variable interest investments that it was deemed not to be a primary beneficiary of as of September 30, 2024 and December 31, 2023. These VIEs are not consolidated and the equity or proportional method of accounting has been applied. The Company will analyze whether the primary beneficiary designation has changed through triggering events on a prospective basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 6: Variable Interest Entities (VIEs) for additional information about VIEs. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on loans and fair values of servicing rights and financial instruments. Significant Accounting Policies The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. For additional information regarding significant accounting policies, see the Company’s 2023 Annual Report on Form 10–K. Restricted Cash Included in cash equivalents is an account restricted as collateral for the potential risk of loss on senior credit linked notes issued by the Company. The balance of the notes as of September 30, 2024 was $100.3 million. As of September 30, 2024 and December 31, 2023, there was $45.7 million and $36.4 million, respectively, in restricted cash held in a separate account included in the total of interest-earning demand accounts on the Balance Sheet. Also see Note 12: Borrowings. Reclassifications Certain reclassifications may have been made to the 2023 financial statements to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2024. These reclassifications had no effect on net income. |
Investment Securities |
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| Investment Securities | Note 2: Investment Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities available for sale and held to maturity were as follows:
Accrued interest on securities available for sale totaled $4.5 million at September 30, 2024 and $6.7 million at December 31, 2023, respectively, and is excluded from the estimate of credit losses. Accrued interest on securities held to maturity totaled $6.3 million at September 30, 2024 and $5.8 million at December 31, 2023, respectively, and is excluded from the estimate of credit losses. The amortized cost and fair value of securities available for sale at September 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
During the three months ended September 30, 2024, no securities available for sale were sold. During the nine months ended September 30, 2024, the Company received proceeds of $10.0 million and recognized a net loss of $108,000 from sales of securities available for sale. The $108,000 net loss consisted of $10,000 in gains and $118,000 of losses. During the three and nine months ended September 30, 2023, proceeds from sales of securities available for sale were $1.4 million and $1.5 million, respectively, and net gain was inconsequential. The following tables show the Company’s gross unrealized losses and fair value of the Company’s investment securities with unrealized losses for which an allowance for credit losses (“ACL”) has not been recorded, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023:
Allowance for Credit Losses For securities available for sale with an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income (loss), net of tax. Credit-related impairment is recognized as an ACL for securities available for sale on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company expects, or is required, to sell an impaired security available for sale before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation. In evaluating securities available for sale in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized losses on the Company’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. There were no credit related factors underlying unrealized losses on available for sale debt securities at September 30, 2024 and December 31, 2023. Securities held to maturity are primarily comprised of non-agency mortgage-backed senior securities secured by multi-family, single-family or healthcare properties, and agency mortgage-backed securities secured by multi-family properties. The agency securities held to maturity are Ginnie Mae mortgage-backed securities and backed by the full faith and credit of the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. The non-agency securities were purchased under securitization arrangements where a credit loss component was purchased by third party investors. Additional qualitative factors are evaluated, including the timeliness of principal and interest payments under the contractual terms of the securities. Accordingly, no allowance for credit losses has been recorded for the non-agency securities. |
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Mortgage Loans in Process of Securitization |
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Sep. 30, 2024 | |
| Mortgage Loans in Process of Securitization. | |
| Mortgage Loans in Process of Securitization | Note 3: Mortgage Loans in Process of Securitization Mortgage loans in process of securitization are recorded at fair value with changes in fair value recorded in earnings. These include multi-family rental real estate loan originations to be sold as Ginnie Mae mortgage-backed securities and Fannie Mae and Freddie Mac participation certificates, all of which are pending settlement under firm investor commitments to purchase the securities, typically occurring within 30 days. The aggregate positive fair value adjustment recorded on mortgage loans in process of securitization was $0.9 million and $0.8 million as of September 30, 2024 and December 31, 2023, respectively.
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Loans and Allowance for Credit Losses on Loans |
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| Loans and Allowance for Credit Losses on Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Allowance for Credit Losses on Loans | Note 4: Loans and Allowance for Credit Losses on Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for credit losses on loans (“ACL-Loans”), any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans at amortized cost, interest income is accrued based on the unpaid principal balance. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and reports accrued interest separately from the related loan balance in the consolidated unaudited condensed balance sheets. Accrued interest on loans totaled $54.6 million and $60.4 million at September 30, 2024 and December 31, 2023, respectively. The Company also elected not to measure an allowance for credit losses for accrued interest receivables. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. Loans may be placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest collected on these loans is applied to the principal balance until the loan can be returned to an accrual status, which is no less than six months. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For all loan portfolio segments, the Company charges off loans, or portions thereof, when available information confirms that specific loans are uncollectable based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For loan modifications, interest income is recognized on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms. The Company offers mortgage warehouse repurchase agreements to third parties to fund mortgage loans held for sale from closing until sale to an investor. Under a warehousing arrangement, the Company funds a mortgage loan as secured financing. The warehousing arrangement is secured by the underlying mortgages and a combination of deposits, personal guarantees, advance rates, and may be cross-collateralized with other loans. The Company typically holds the collateral until it is sent under a bailee arrangement instructing the investor to send proceeds to the Company. Typical investors are large financial institutions or government agencies. Interest earned from the time of funding to the time of sale is recognized as interest income as accrued. Warehouse fees are accrued as noninterest income. Loans receivable at September 30, 2024 and December 31, 2023 include:
Risk characteristics applicable to each segment of the loan portfolio are described as follows. Mortgage Warehouse Repurchase Agreements (MTG WHRA): Under its warehouse program, the Company provides warehouse financing arrangements to approved mortgage companies for their origination and sale of residential mortgage and multi-family loans. Loans secured by mortgages placed on existing one-to-four family dwellings may be originated or purchased and placed through each mortgage warehouse facility. As a secured repurchase agreement, collateral pledged to the Company secures each individual mortgage until the mortgage company sells the loan in the secondary market. A traditional secured warehouse facility typically carries a base interest rate of the Federal Reserve’s Secured Overnight Financing Rate (“SOFR”), or mortgage note rate, and a margin. Risk is evident if there is a change in the fair value of mortgage loans originated by mortgage companies in warehouse, the sale of which is the expected source of repayment under a warehouse facility. However, the warehouse customers are required to hedge the change in value of these loans to mitigate the risk, typically through forward sales contracts. Residential Real Estate Loans (RES RE): Real estate loans are secured by owner-occupied one-to-four family residences. Repayment of residential real estate loans is primarily dependent on the personal income and credit rating of the borrowers. First-lien HELOC mortgages included in this segment typically carried a base rate of One-Year Constant Maturity Treasury (“CMT”), plus a margin. Multi-Family Financing (MF FIN): The Company specializes in originating multi-family financing that can be market rate or affordable. The portfolio includes loans for construction, acquisition, refinance, or permanent financing. Loans are typically secured by real estate mortgages, assignment of Low-Income Housing Tax Credits (“LIHTC”), and/or equity interest in the underlying properties. All loans are assessed and reviewed at a minimum based on borrower strength/experience, historical property performance, market trends, projected financial performance with regards to intended strategy, and source of repayment. Independent third-party reports are used to ensure legal conformity and support valuations of the assets. Exit strategies and sources of repayment are provided through the secondary market via governmental programs, strategic refinances, LIHTC equity installments, and cashflow from the properties. Repayment of these loans depends on the successful operation of a business or property and the borrower’s cash flows. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the related market area. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR that adjusts on a monthly basis, and a margin. The Company focuses on loan classes that are government backed or can be sold in the secondary market. Healthcare Financing (HC FIN): The healthcare financing portfolio includes customized loan products for independent living, assisted living, memory care and skilled nursing projects. A variety of loan products are available to accommodate rehabilitation, acquisition, and refinancing of healthcare properties. Credit risk in these loans are primarily driven by local demographics and the expertise of the operators of the facilities. Repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent agency-eligible financing is obtained, as well as successful operation of a business or property and the borrower’s cash flows. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR that adjusts on a monthly basis, and a margin. The Company focuses on loan classes that are government backed or can be sold in the secondary market. Commercial Lending and Commercial Real Estate Loans (CML & CRE): The commercial lending and commercial real estate portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions, as well as loans to commercial customers to finance land and improvements. It also includes lines of credit collateralized by mortgage servicing rights that are assessed for fair value quarterly at the Company’s request. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Small Business Administration (“SBA”) loans are included in this category. Only 1% of total commercial and commercial real estate loans are made up of non-owner occupied commercial real estate loans.
Agricultural Production and Real Estate Loans (AG & AGRE): Agricultural production loans are generally comprised of seasonal operating lines of credit to grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. The Company also offers long-term financing to purchase agricultural real estate. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry-developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. The Company is approved to sell agricultural loans in the secondary market through the Federal Agricultural Mortgage Corporation and uses this relationship to manage interest rate risk within the portfolio. Agricultural real estate loans included in this segment are typically structured with a one-year adjustable rate mortgage (“ARM”), three-year ARM or five-year ARM CMT and a margin. Agriculture production, livestock, and equipment loans are structured with variable rates that are indexed to prime or fixed for terms not exceeding five years. Consumer and Margin Loans (CON & MAR): Consumer loans are those loans secured by household assets. Margin loans are those loans secured by marketable securities. The term and maximum amount for these loans are determined by considering the purpose of the loan, the margin (advance percentage against value) in all collateral, the primary source of repayment, and the borrower’s other related cash flow. ACL-Loans The ACL-Loans is the Company’s estimate of current expected credit losses. Loans receivable is presented net of the allowance to reflect the principal balance expected to be collected over the contractual term of the loans. This life of loan allowance is established through a provision for credit losses included in net interest income after provision for credit losses as loans are recorded in the financial statements. The provision for a reporting period also reflects increases or decreases in the allowance related to changes in credit loss expectations. Actual credit losses are charged against the allowance when management believes the loan balance, or a portion thereof, is uncollectible. Subsequent recoveries, if any, are credited to the allowance. The ACL-Loans is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans considering relevant available information from internal and external sources, including historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. The allowance also incorporates reasonable and supportable forecasts. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The level of the ACL-Loans is believed to be adequate to absorb expected future losses in the loan portfolio as of the measurement date. The ACL-Loans consists of individually evaluated loans and pooled loan components. The Company’s primary portfolio segmentation is by loans with similar risk characteristics. Loans risk graded substandard and worse are individually evaluated for expected credit losses. For individually evaluated loans that are collateral dependent, the Company may use the fair value of the collateral, less estimated costs to sell, as a practical expedient as of the reporting date to determine the carrying amount of an asset and the allowance for credit losses, as applicable. A loan is considered to be collateral dependent when repayment is expected to be provided substantially through the operation or the sale of the collateral when the borrower is experiencing financial difficulty as of the reporting date. To calculate the ACL-Loans, the portfolio is segmented by loans with similar risk characteristics.
Loan characteristics used in determining the segmentation include the underlying collateral, type or purpose of the loan, and expected credit loss patterns. The initial estimation of expected credit losses for each segment is based on historical credit loss experience and management’s judgement. Given the Company’s modest historical credit loss experience, peer and industry data was incorporated into the measurement. Expected life of loan credit losses are quantified using discounted cash flows and remaining life methodologies. Model results are supplemented by qualitative adjustments for risk factors relevant in assessing the expected credit losses within the portfolio segments. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor. The models utilized and the applicable qualitative adjustments require assumptions and management judgement that can be subjective in nature. The above measurement approach is also used to estimate the expected credit losses associated with unfunded loan commitments, which also incorporates expected utilization rates. The following tables present, by loan portfolio segment, the activity in the ACL-Loans for the three and nine months ended September 30, 2024 and 2023:
The Company recorded a total provision for credit losses of $6.9 million for the three months ended September 30, 2024. The $6.9 million total provision for credit losses consisted of $5.6 million for the ACL-Loans as shown above, $2.1 million for the allowance for off-balance sheet credit exposures (“ACL-OBCE’s”), net of $0.7 million for the release of non-contingent reserves related to a loan securitization. The Company recorded a total provision for credit losses of $4.0 million for the three months ended September 30, 2023. The $4.0 million total provision for credit losses consisted of $3.9 million for the ACL-Loans as shown above and $0.1 million for the ACL-OBCE’s.
The Company recorded a total provision for credit losses of $21.6 million for the nine months ended September 30, 2024. The $21.6 million total provision for credit losses consisted of $19.2 million for the ACL-Loans, net of FMBI’s ACL, as shown above, $3.1 million for the ACL-OBCE’s, net of $0.7 million for the release of non-contingent reserves related to a loan securitization. The Company recorded a total provision for credit losses of $33.5 million for the nine months ended September 30, 2023. The $33.5 million total provision for credit losses consisted of $32.4 million for the ACL-Loans as shown above and $1.1 million for the ACL-OBCE’s. The following table presents, by loan portfolio segment, the activity in the ACL-Loans, for the year-ended December 31, 2023:
The below table presents the amortized cost basis and ACL-Loans allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses as of September 30, 2024 and December 31, 2023:
There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans compared to December 31, 2023.
Internal Risk Categories The Company evaluates the loan risk grading system definitions and ACL-Loans methodology on an ongoing basis. As of December 31, 2023, the Company created a newly defined special mention risk rating category to be consistent with industry practices. Loans with a Watch classification are now included in the Pass risk rating category as of December 31, 2023. This updated policy was approved by the Company’s Management Committee, to be effective as of December 31, 2023 on a prospective basis. In adherence with policy, the Company uses the following internal risk grading categories and definitions for loans as of and subsequent to December 31, 2023: Pass - Loans that are considered to be of acceptable credit quality, and not classified as Special Mention, Substandard or Doubtful. Also included are loans classified as Watch loans, which represent loans that remain sound and collectible but contain elevated risk that requires management’s attention. Special Mention – Loans classified as Special Mention have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention loans are not adversely classified and do not warrant adverse classification. Loans with questions or concerns regarding collateral, adverse market conditions impacting future performance, and declining financial trends would be considered for Special Mention. Substandard - Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. When a loan in the form of a line of credit is downgraded to Substandard, it is evaluated for impairment and future draws under the line of credit require the approval of an officer of Senior Credit Officer or above. Doubtful - Loans classified as Doubtful have all the weaknesses inherent in those classified 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 tables present the credit risk profile of the Company’s loan portfolio based on internal risk rating category and origination year as of September 30, 2024 and December 31, 2023:
The table above does not include one multi-family loan, rated as Special Mention, totaling $56.5 million and classified as held for sale at September 30, 2024. The Company had two loans rated as Pass totaling $0.5 million convert from revolving to term loans during the nine months ended September 30, 2024.
There were no material revolving loans converted to term loans for the year ended December 31, 2023. Delinquent Loans The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of September 30, 2024 and December 31, 2023.
The table above does not include one healthcare loan of $30.1 million, 30-59 days past due, three multi-family loans totaling $93.2 million, 60-89 days past due, and one residential real estate loan of $0.1 million, 90+ days past due, classified as held for sale at September 30, 2024.
The above table does not include one multi-family loan, 30-59 days past due, classified as held for sale at December 31, 2023, totaling $16.5 million. Nonperforming Loans Nonaccrual loans, including modified loans to borrowers experiencing financial difficulty that have not met the six-month minimum performance criterion, are reported as nonperforming loans. For all loan classes, it is the Company’s policy to have any modified loans which are on nonaccrual status prior to being modified, remain on nonaccrual status until six months of satisfactory borrower performance, at which time management would consider its return to accrual status. A loan is generally classified as nonaccrual when the Company believes that receipt of principal and interest is doubtful under the terms of the loan agreement. Generally, this is at 90 days or more past due. The amount of interest income recognized on nonaccrual financial assets during the three and nine months ended September 30, 2024 was $0.1 million and $1.0 million, respectively, which was collected when a loan was paid off, and was immaterial for the three and nine months ended September 30, 2023. The following table presents the Company’s nonaccrual loans and loans past due 90 days or more and still accruing at September 30, 2024 and December 31, 2023.
The table above does not include one residential real estate loan, classified as held for sale, on nonaccrual at September 30, 2024, totaling $0.1 million. The Company did not have any nonaccrual loans without an estimated ACL at September 30, 2024 or December 31, 2023. There were $19.2 million in specific reserves associated with nonaccrual loans totaling $97.2 million at September 30, 2024 and there were $5.4 million in specific reserves associated with nonaccrual loans totaling $20.7 million at December 31, 2023, excluding the reserves associated with FMBI, whose branches were sold in January 2024. In addition to elevated reserves for credit losses on loans, the Company has been making additional efforts to minimize its credit risk through loan sale and securitization activities since 2019. In April 2023 and March 2024, the Company strategically entered into credit protection arrangements through a credit linked note and credit default swap, respectively, for $1.7 billion in loans to reduce our risk of losses with incremental coverage of approximately 14% on those covered loans. The balance of loans in those covered portfolios as of September 30, 2024 was $1.3 billion. For additional information see Note 8: Derivative Financial Instructions and the Company’s 2023 Annual Report on Form 10–K and Form 10-Q for March 31, 2024. Modifications to Borrowers Experiencing Financial Difficulty Occasionally, the Company modifies loans to borrowers in financial difficulty by providing principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction. In some cases, the Company provides multiple types of modifications on one loan. Typically, one type of modification, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness, may be granted, but is rare. The following table presents the amortized cost basis of loans at September 30, 2024 that were both experiencing financial difficulty and modified during the three and nine months ended September 30, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty. Loans with risk classifications of pass and special mention were part of the pooled loan ACL analysis. Loans classified as substandard or worse were individually evaluated for impairment and specific reserves were established, if applicable. During the three and nine months ended September 30, 2024, no specific reserves were recorded on troubled loan modifications disclosed herein. The Company has committed to lend no additional amounts to the borrowers included in the table below.
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months as of September 30, 2024:
Multi-family loans totaling $30.8 million that had prior forbearance modifications defaulted during the three and nine months ended September 30, 2024. Foreclosures There were $1.9 million and zero in residential loans in process of foreclosure as of September 30, 2024 and December 31, 2023. Significant Loan Sales Freddie Mac Q Series Securitization – 2024 Activity On April 30, 2024, the Company completed a $324.6 million securitization of 13 multi-family mortgage loans through a Freddie Mac-sponsored Q-Series transaction. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $1.4 million gain on sale was recognized. The Company was retained as the mortgage sub-servicer for Freddie Mac on the entire $324.6 million pool of loans. Beyond sub-servicing the loans, the Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with this transaction, a mortgage servicing right of $1.3 million was established. Loan Sale and Securitization – 2024 Activity On September 26, 2024, the Company completed a private securitization by which a $628.9 million portfolio of healthcare bridge loans were sold into a real estate mortgage investment conduit (“REMIC”) and ultimately sold to investors as securities. The Company purchased the senior security for a total of $534.5 million and classified it as a security held to maturity. An unaffiliated, third-party institutional investor purchased the remaining subordinate interests and maintains the first-loss position on 15.0% of the losses in the loan portfolio. This transaction provided the Company an avenue to enhance capital efficiency and minimize credit risk on the balance sheet. As part of the securitization transaction, the Company will be both Master Servicer and Special Servicer of the loans. As Master Servicer and Special Servicer, the Company will have obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. Beyond servicing the loans, the Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with the securitization, the Company received proceeds on loans, net of the acquired securities, of $94.0 million. No allowance for credit losses was recognized in connection with purchase of the security, in accordance with ASC 326. However, the $4.4 million allowance for credit losses associated with the loans sold was released through the provision for credit losses. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $0.6 million net loss on sale was recognized. Loans Purchased The Company purchased $85.0 million and $329.0 million of loans during the nine months ended September 30, 2024 and 2023, respectively. Loan Guarantees The Company holds instruments, in the normal course of business with customers, that are considered financial guarantees. Standby letters of credit guarantees are issued in connection with agreements made by customers to counterparties. Standby letters of credit are contingent upon failure of the customer to perform the terms of the underlying contract. Credit risk associated with the standby letters of credit is essentially the same as that associated with extending loans to customers and is subject to normal credit policies. The term of these standby letters of credit range from less than one to nine years. These commitments are not recorded in the consolidated financial statements. The total for these guarantees at September 30, 2024 and December 31, 2023 was $167.7 million and $98.7 million, respectively. |
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Qualified Affordable Housing |
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| Qualified Affordable Housing | Note 5: Qualified Affordable Housing The Company invests in low-income housing tax credit (“LIHTC”) limited liability entities. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits. These investments are included in other assets on the Consolidated Balance sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.
(1) LIHTC projects held for future syndication. The following table summarizes the amortization expense and tax credits recognized for the Company’s low-income housing investments for the three and nine months ended September 30, 2024 and 2023. Amortization expense and tax credits are included in our income tax expense.
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Variable Interest Entities (VIEs) |
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| Variable Interest Entities (VIEs) | Note 6: Variable Interest Entities (VIEs) A VIE is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets generally that either:
The Company has invested in single-family, multi-family, and healthcare debt financing entities, as well as low-income housing syndicated funds that are deemed to be VIEs. The Company also has deemed REMIC trusts as VIEs that were established in conjunction with multi-family and healthcare loan sales and securitization transactions. Accordingly, the entities were assessed for potential consolidation under the VIE model that requires primary beneficiaries to consolidate the entity’s results. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of involvement with the entity are evaluated. At September 30, 2024 the Company determined it was not the primary beneficiary for most of its VIEs, primarily because the Company did not have control or the obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. The table below reflects the assets and liabilities of the VIEs as well as the maximum exposure to loss in connection with unconsolidated VIEs at September 30, 2024 and December 31, 2023. The Company’s maximum exposure to loss associated with its unconsolidated VIEs consists of the capital invested plus any unfunded equity commitments. These investments are recorded in other assets and other liabilities on the unaudited condensed consolidated balance sheet. Also included in the maximum loss exposure are bridge loans to VIEs that are included in loans receivable. Although the REMIC trusts are not recognized on the balance sheet, the maximum exposure to loss is the carrying value of the securities acquired as part of the securitization transactions.
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Regulatory Matters |
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| Regulatory Matters | Note 7: Regulatory Matters The Company, Merchants Bank and FMBI (prior to the January 26, 2024 sale of its branches and merger of its remaining charter into Merchants 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 federal and state banking regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Merchants Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and Merchants Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Merchants Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, and other factors. Furthermore, the Company’s and Merchants Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company and Merchants Bank to maintain minimum amounts and ratios (set forth in the table below). Management believes, as of September 30, 2024 and December 31, 2023, that the Company and Merchants Bank met all capital adequacy requirements. For additional information regarding dividend restrictions, see the Company’s 2023 Annual Report on Form 10–K. As of September 30, 2024 and December 31, 2023, the most recent notifications from the Board of Governors of the Federal Reserve System (“Federal Reserve”) categorized the Company as well capitalized and most recent notifications from the Federal Deposit Insurance Corporation (“FDIC”) categorized Merchants Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or Merchants Bank’s category. FMBI was subject to these same requirements and guidelines prior to the sale of its branches and the merger of its remaining charter into Merchants Bank in January 2024. As of December 31, 2023, FMBI met all capital adequacy requirements (as set forth in the table below). The FDIC categorized FMBI as well capitalized at that time and there are no conditions or events since that notification that management believes would have changed that category. The Company’s, Merchants Bank’s, and FMBI’s actual capital amounts and ratios are presented in the following tables.
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Derivative Financial Instruments |
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| Derivative Financial Instruments | Note 8: Derivative Financial Instruments The Company uses non-hedging designated, derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. Internal Interest Rate Risk Management The Company enters into forward contracts for the future delivery of mortgage loans to third party investors and enters into interest rate lock commitments with potential borrowers to fund specific mortgage loans that will be sold into the secondary market. The forward contracts are entered into in order to economically hedge the effect of changes in interest rates resulting from the Company’s commitment to fund the loans. Interest rate swaps are also used by the Company to reduce the risk that significant increases in interest rates may have on the value of certain fixed rate loans held for sale and the respective loan payments received from borrowers. All changes in the fair market value of these interest rate swaps and associated loans held for sale have been included in gain on sale of loans. Any difference between the fixed and floating interest rate components of these transactions have also been included in gain on sale. The Company entered into a contract containing put options and interest rate floors on securities it acquired from a warehouse customer. These provide protection and prevent losses in value of certain securities available for sale. The Company also entered into interest rate floor contracts with two warehouse loan customers to minimize interest rate risk. All changes in the fair market value of these options and floors have been included in other noninterest income. Credit Risk Management In March 2024, the Company entered into a contract as the buyer of credit protection through the credit derivative market. A credit default swap was purchased to manage credit risk associated with specific multifamily mortgage loans. Under the terms of the contract, the Company will be compensated for certain credit-related losses on a pool of multifamily mortgage loans. The protection seller has posted aggregate collateral of $76.1 million related to their obligations under the contract. The collateral is not included in the Company’s unaudited condensed consolidated balance sheets. There was no gain or loss associated with the credit default swap valuation as of September 30, 2024. Any future changes in the fair market value of this instrument will be included in other noninterest expense. All of these items are considered derivatives, but are not designated as accounting hedges, and are recorded at fair value, with changes in fair value reflected in noninterest expense on the unaudited condensed consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in other assets in the unaudited condensed consolidated balance sheets while derivative instruments with a negative fair value are reported in other liabilities in the unaudited condensed consolidated balance sheets. The following table presents the notional amount and fair value of interest rate locks, forward contracts, interest rate swaps, put options, interest rate floors, and credit derivatives utilized by the Company at September 30, 2024 and December 31, 2023. This table excludes the fair market value adjustment on loans associated with these derivatives.
The following table summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023.
Derivatives on Behalf of Customers The Company offers derivative contracts to some customers in connection with their risk management needs. These derivatives include interest rate swap, cap, and floor arrangements. The Company manages the risk associated with these contracts by entering into an equal and offsetting back-to-back derivative with a third-party dealer. These derivatives generally work together as an offsetting economic interest rate hedge, but the Company does not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability would be recorded to current earnings during the period in which the changes occurred, typically resulting in no material net earnings impact. The fair values of derivative assets and liabilities related to back-to-back derivatives on behalf of customers were recorded in the unaudited condensed consolidated balance sheets as follows:
The gross gains and losses on these derivative assets and liabilities were recorded in other noninterest income and other noninterest expense in the unaudited condensed consolidated statements of income as follows:
The Company pledged $260,000 in collateral to secure its obligations under swap contracts at both September 30, 2024 and December 31, 2023. |
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Disclosures about Fair Value of Assets and Liabilities |
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| Disclosures about Fair Value of Assets and Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosures about Fair Value of Assets and Liabilities | Note 9: Disclosures about Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities Recurring Measurements The following tables present the fair value measurements of assets and liabilities recognized in the accompanying unaudited condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023:
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying unaudited condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the nine months ended September 30, 2024 and the year ended December 31, 2023. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. The Company values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of an active market, the value is based on the most advantageous market for the asset or liability. Mortgage Loans in Process of Securitization, Securities Available for Sale, and Securities with a Fair Value Option Election Where quoted market prices are available in an active market, securities, such as U.S. Treasuries, are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy including federal agencies, mortgage-backed securities, municipal securities and Federal Housing Administration participation certificates. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Loans Held for Sale Certain loans held for sale at fair value are saleable into the secondary mortgage markets and their fair values are estimated using observable quoted market or contracted prices, or market price equivalents, which would be used by other market participants. These saleable loans are considered Level 2. Servicing Rights Servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of discount rate, prepayment speed, cost of servicing, interest rates, and default rate. Due to the nature of the valuation inputs, servicing rights are classified within Level 3 of the hierarchy. The Chief Financial Officer’s (CFO) office contracts with an independent pricing specialist to generate fair value estimates on a quarterly basis. The CFO’s office challenges the reasonableness of the assumptions used and reviews the methodology to ensure the estimated fair value complies with accounting standards generally accepted in the United States. Derivative Financial Instruments Interest rate lock commitments - The Company estimates the fair value of interest rate lock commitments based on the value of the underlying mortgage loan, quoted mortgage-backed security prices, estimates of the fair value of the servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment, net of expenses. With respect to its interest rate lock commitments, management determined that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its interest rate lock commitments. Forward sales commitments - The Company estimates the fair value of forward sales commitments based on market quotes of mortgage-backed security prices for securities similar to the ones used, which are considered Level 2. Interest rate swaps, caps, and floors (back-to-back) – The Company estimates the fair value of these derivatives made in relation to specific contracts with customers based on prices that are obtained from a third party that uses observable market inputs, thereby supporting a Level 2 classification. Interest rate swaps – The Company estimates the fair value of certain interest rate swaps based on prices that are obtained from a third party that uses observable market inputs, thereby supporting a Level 2 classification. Put options - The fair value of put options are linked to securities available for sale that are accounted for using the fair value option and are classified as either Level 2 or Level 3 on the hierarchy. The put options are classified as Level 2 or Level 3 in the hierarchy, depending upon the magnitude of observable inputs in the valuation of the securities. These valuations are estimated by a third party. Interest rate floors - The fair value of certain interest rate floors is linked to securities available for sale that are accounted for using the fair value option. Other interest rate floors are linked to loans with warehouse customers. The value of the interest rate floors is based on estimated discounted cash flows that are based on inputs that are not readily observable and, thus, are classified as Level 3 on the hierarchy. These valuations are estimated by a third party. Credit Default Swap – The fair value of the credit default swap is linked to the value of its underlying mortgage loans. The Company estimates the fair value based on estimated discounted cash flows that are derived from inputs, including credit spreads that are not readily observable and, thus, are classified as Level 3 on the hierarchy. These valuations are estimated by a third party. Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:
Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023.
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying unaudited condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral Dependent Loans, Net of ACL-Loans The estimated fair value of collateral dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral dependent loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be classified as substandard, collateral-dependent and subsequently as deemed necessary by the Chief Credit Officer’s (“CCO)” office. Appraisals and evaluations are reviewed for accuracy and consistency by the CCO’s office. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the CCO’s office by comparison to historical results. Other Real Estate Owned The estimated fair value of other real estate owned is usually on the appraised fair value of the collateral or in certain circumstances on sales agreements, and in all cases net of estimated cost to sell. Other real estate owned is classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying other real estate owned are obtained when the loan is in the process of foreclosure and subsequently as deemed necessary by the Chief Credit Officer’s (“CCO)” office. Appraisals and evaluations are reviewed for accuracy and consistency by the CCO’s office. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the CCO’s office by comparison to historical results. Unobservable (Level 3) Inputs: The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill.
Sensitivity of Significant Unobservable Inputs The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement, and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Securities Available for Sale with a Fair Value Option Election, Loans, and Related Derivative Financial Instruments The significant unobservable input used in the fair value measurement of certain securities available for sale and their related put options include market credit spreads that can be impacted by market conditions and drive a significant amount of a market participant’s valuation of the security and its related put option. The impact of changes to the unobservable inputs for the securities is mitigated by changes to the unobservable inputs for the put options, which are valued in opposite directions, so as to minimize the financial impact to the Company. The significant unobservable input used in the fair value measurement of interest rate floor derivatives associated with certain securities available for sale and loans include the discount rate that can have a significant impact on the value of the derivative. Another variable that affects the floor value is the forward interest curve, which is observable, but changes with market conditions as interest rates and future interest rate expectations change. Collateral Dependent Loans and Other Real Estate Owned The significant unobservable inputs used in the fair value measurement of the Company’s collateral dependent loans and other real estate owned is based on liquidation amounts of the underlying collateral using the most recently available appraisals with adjustments made for a marketability discount and costs to sell. Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s servicing rights are discount rates and constant prepayment rates. These two inputs can drive a significant amount of a market participant’s valuation of servicing rights. Significant increases (decreases) in the discount rate or assumed constant prepayment rates used to value servicing rights would decrease (increase) the value derived. Fair Value of Financial Instruments The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023.
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Leases |
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| Leases | Note 10: Leases The Company has operating leases for various locations with terms ranging from one month to seven years. Some operating leases include options to extend. The extensions were included in the right-of-use asset if the likelihood of extension was reasonably certain. The Company elected not to separate non-lease components from lease components for its operating leases. The Company has operating lease right-of-use assets of $8.3 million and $10.1 million as of September 30, 2024 and December 31, 2023, respectively, and operating lease right-of-use liabilities of $9.3 million and $11.3 million as of September 30, 2024 and December 31, 2023, respectively. Unaudited condensed consolidated balance sheet, income statement and cash flow detail regarding operating leases follows:
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Deposits |
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| Deposits | Note 11: Deposits Deposits were comprised of the following at September 30, 2024 and December 31, 2023:
Maturities for certificates of deposit are as follows:
Brokered deposit amounts at September 30, 2024 and December 31, 2023, were as follows:
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Borrowings |
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| Borrowings | Note 12: Borrowings Borrowings were comprised of the following at September 30, 2024 and December 31, 2023:
On August 26, 2024, the Company entered into a new variable rate debt agreement with the FHLB for an advance that has put and call options attached to it. The balance of the advance was $2.0 billion as of September 30, 2024, and matures on November 25, 2024. The variable interest rate is based on the Federal Funds effective rate, plus 15 basis points, which was 4.98% on September 30, 2024. The FHLB has a put option to cancel the agreement 60 days after the initial execution date and the Company has a call option to cancel the agreement at any time, with one day’s notice.
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Earnings Per Share |
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| Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Note 13: Earnings Per Share Earnings per share were computed as follows:
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Common Stock |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Common Stock | |
| Common Stock | Note 14: Common Stock Public Offerings of Common Stock: On May 13, 2024, the Company issued 2,400,000 shares of the Company’s common stock, without par value, at a public offering price of $43.00 per share in an underwritten public offering. The aggregate gross offering proceeds for the shares issued by the Company was $103.2 million, and after deducting underwriting discounts, commissions, and offering expenses of $5.5 million paid to third parties, the Company received total net proceeds of $97.7 million. |
Preferred Stock |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Preferred Stock. | |
| Preferred Stock | Note 15: Preferred Stock Public Offerings of Preferred Stock: Series A – On March 28, 2019, the Company issued 2,000,000 shares of 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, without par value, and with a liquidation preference of $25.00 per share (the “Series A Preferred Stock”). The aggregate gross offering proceeds for the shares issued by the Company was $50.0 million, and after deducting underwriting discounts and commissions and offering expenses of approximately $1.7 million paid to third parties, the Company received total net proceeds of $48.3 million. On April 12, 2019, the Company issued an additional 81,800 shares of Series A Preferred Stock to the underwriters related to their exercise of an option to purchase additional shares under the associated underwriting agreement, resulting in an additional $2.0 million in net proceeds, after deducting $41,000 in underwriting discounts. The Company redeemed all outstanding shares of the Series A Preferred Stock on April 1, 2024 at a price equal to the liquidation preference of $25.00 per share, or $52 million, using cash on hand. Series B – On August 19, 2019, the Company issued 5,000,000 depositary shares, each representing a interest in a share of its 6.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, without par value (the “Series B Preferred Stock”), and with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per depositary share). The aggregate gross offering proceeds for the shares issued by the Company was $125.0 million, and after deducting underwriting discounts and commissions and offering expenses of approximately $4.2 million paid to third parties, the Company received total net proceeds of $120.8 million. The Series B Preferred Stock have no voting rights with respect to matters that generally require the approval of common shareholders. Dividends on the Series B Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series B Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after October 1, 2024, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. On October 1, 2024, the dividends on the Series B Preferred stock started to accrue at a floating rate of 3-month SOFR plus 4.831% and reset quarterly. The rate will be 9.42% for the fourth quarter 2024. Series C – On March 23, 2021, the Company issued 6,000,000 depositary shares, each representing a interest in a share of its 6.00% Fixed-to-Floating Rate Series C Non-Cumulative Perpetual Preferred Stock, without par value (the “Series C Preferred Stock”), and with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per depositary share). The aggregate gross offering proceeds for the shares issued by the Company was $150.0 million, and after deducting underwriting discounts and commissions and offering expenses of approximately $5.1 million paid to third parties, the Company received total net proceeds of $144.9 million. The Series C Preferred Stock have no voting rights with respect to matters that generally require the approval of common shareholders. Dividends on the Series C Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series C Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after April 1, 2026, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. Series D – On September 27, 2022, the Company issued 5,200,000 depositary shares, each representing a interest in a share of its 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, without par value (the “Series D Preferred Stock”), and with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per depositary share). The aggregate gross offering proceeds for the shares issued by the Company was $130.0 million, and after deducting underwriting discounts and commissions and offering expenses of approximately $4.6 million paid to third parties, the Company received total net proceeds of $125.4 million. On September 30, 2022, the Company issued an additional 500,000 depositary shares of Series D Preferred Stock to the underwriters related to their exercise of an option to purchase additional shares under the associated underwriting agreement, resulting in an additional $12.1 million in net proceeds, after deducting $0.4 million in underwriting discounts. The Series D Preferred Stock have no voting rights with respect to matters that generally require the approval of common shareholders. Dividends on the Series D Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series D Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after October 1, 2027, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption.
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Share-Based Payment Plans |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Share-Based Payment Plans | |
| Share-Based Payment Plans | Note 16: Share-Based Payment Plans Equity-based incentive awards for Company officers are currently issued pursuant to the 2017 Equity Incentive Plan (the “2017 Incentive Plan”). During the three months ended September 30, 2024 and 2023, the Company issued 3,446 and 0 shares, respectively. During the nine months ended September 30, 2024 and 2023, the Company issued 88,658 and 84,335 shares, respectively. During 2018, the Compensation Committee of the Board of Directors approved a plan for non-executive directors to receive a portion of their annual retainer fees in the form of shares of common stock. In November 2023, the Board of Directors amended the plan for nonexecutive directors to receive a portion of their annual fees, issued quarterly, in the form of restricted common stock equal to $70,000 per member, rounded up to the nearest whole share, to be effective as of January 1, 2024. Accordingly, there were 3,010 and 2,912 shares, issued to non-executive directors during the three months ended September 30, 2024 and 2023, respectively and there were 9,023 and 9,457 shares, issued to non-executive directors during the nine months ended September 30, 2024 and 2023, respectively. The Company established an employee stock ownership plan (“ESOP”) effective as of January 1, 2020 to provide certain benefits for all employees who meet certain requirements. There was no contribution to the ESOP during the three months ended September 30, 2024 and 2023. Expenses recognized for the contribution to the ESOP totaled $270,000 and $249,000 for the three months ended September 30, 2024 and 2023, respectively and totaled $843,000 and $768,000 for the nine months ended September 30, 2024 and 2023, respectively. The Company contributed 23,414 shares and 33,293 shares to the ESOP for the nine months ended September 30, 2024 and 2023, respectively. |
Segment Information |
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| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 17: Segment Information The Company’s business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. It is also a fully integrated syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans from the date of origination or purchase, until the date of sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment provides a wide range of financial products and services to consumers and businesses, including retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and SBA lending. The Other segment includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships or LLCs and certain debt funds. All operations are domestic. The tables below present selected business segment financial information for the three and nine months ended September 30, 2024 and 2023.
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Recent Accounting Pronouncements |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Recent Accounting Pronouncements | |
| Recent Accounting Pronouncements | Note 18: Recent Accounting Pronouncements The Company continually monitors potential accounting pronouncement and SEC release changes. The following pronouncements and releases have been deemed to have the most applicability to the Company’s financial statements: FASB ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued an ASU update that will require public entities’ disclosures, on an annual and interim basis, to include additional details on reportable segments so financial statement users may better understand an entity’s overall performance and assist in assessing potential future cash flows. The new guidance will require public entities to present information regarding significant segment expenses that are regularly provided to the chief operating decision maker (CODM) as well as details regarding segment’s profit and loss. The updates in ASU 2023-07 are effective for annual periods beginning after December 15, 2023 and interim periods for years beginning after December 15, 2024. An entity shall apply the ASU retrospectively to financial statements for periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance but does not expect it to have a material impact on the Company’s financial position or results of operations. FASB ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU update that will require public business entity’s disclosures to include a tabular tax rate reconciliation. The update will also require all public entities disclose income tax expense and taxes paid broken down by federal, state, and foreign with a disaggregation for jurisdictions that exceed 5% of income for taxes paid. The updates in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. An entity shall apply the ASU on a prospective basis to financial statements for annual periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance but does not expect it to have a material impact on the Company’s financial position or results of operations. FASB ASU 2024-03 - Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued an ASU update which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the face of our consolidated income statements. The updates in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. An entity shall apply the ASU on a prospective basis to financial statements for annual periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance.
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Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Subsequent Events | |
| Subsequent Events | Note 19: Subsequent Events None.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ 61,273 | $ 81,504 | $ 224,720 | $ 201,761 |
Insider Trading Arrangements - Scott A. Evans |
3 Months Ended |
|---|---|
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Sep. 30, 2024
shares
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| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | During the three months ended September 30, 2024, Scott A. Evans, a director and the Richmond Market President and Chief Operating Officer of Merchants Bank, adopted a stock trading plan on August 7, 2024 intended to satisfy the affirmative defense of Rule 10b5-1(c), pursuant to which he may sell up to 25,000 shares of our common stock prior to March 13, 2025. |
| Name | Scott A. Evans |
| Title | director and the Richmond Market President and Chief Operating Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | August 7, 2024 |
| Expiration Date | March 13, 2025 |
| Aggregate Available | 25,000 |
Basis of Presentation (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Basis of Presentation | |
| Sale of Farmers-Merchants Bank of Illinois branches | Sale of Farmers-Merchants Bank of Illinois branches On September 7, 2023, the Company entered into an agreement with Bank of Pontiac to sell its Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois, and into an agreement with CBI Bank & Trust, to sell its Farmers-Merchants Bank of Illinois branch located in Joy, Illinois. This transaction enhanced the Company’s ability to focus on its core business of single and multi-family mortgage lending and strategically aligned the branches with institutions that share a similar business model and allowed them to provide additional products to their customers. On January 26, 2024, the transaction was completed after having met customary closing conditions, including regulatory approval. In addition to the branches, Bank of Pontiac acquired approximately $164.8 million in deposits and $19.2 million in loans, and CBI Bank & Trust acquired approximately $65.1 million in deposits and $28.6 million in loans. Total assets and liabilities of approximately $60.8 million and $230.6 million, respectively, were sold. A net gain of $715,000 was recognized from the transactions, which includes a $10.1 million deposit premium and the extinguishment of $7.8 million in goodwill and $0.5 million in intangibles during the first quarter of 2024. |
| Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended September 30, 2024 and 2023 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024), and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS, and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements in all periods presented. In addition, when the Company makes an equity investment in or has a relationship with an entity for which it holds a variable interest, it is evaluated for consolidation requirements under Accounting Standards Update (“ASU”) Topic 810. Accordingly, the Company assesses the entities for potential consolidation as a variable interest entity (“VIE”) and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of the Company’s involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. In May 2023, the Company acquired a variable interest in an investment for which it is the primary beneficiary of, and its results have been consolidated since the date of acquisition. Additionally, the Company has certain variable interest investments that it was deemed not to be a primary beneficiary of as of September 30, 2024 and December 31, 2023. These VIEs are not consolidated and the equity or proportional method of accounting has been applied. The Company will analyze whether the primary beneficiary designation has changed through triggering events on a prospective basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 6: Variable Interest Entities (VIEs) for additional information about VIEs. All significant intercompany accounts and transactions have been eliminated in consolidation. |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on loans and fair values of servicing rights and financial instruments. |
| Significant Accounting Policies | Significant Accounting Policies The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. For additional information regarding significant accounting policies, see the Company’s 2023 Annual Report on Form 10–K. |
| Restricted Cash | Restricted Cash Included in cash equivalents is an account restricted as collateral for the potential risk of loss on senior credit linked notes issued by the Company. The balance of the notes as of September 30, 2024 was $100.3 million. As of September 30, 2024 and December 31, 2023, there was $45.7 million and $36.4 million, respectively, in restricted cash held in a separate account included in the total of interest-earning demand accounts on the Balance Sheet. Also see Note 12: Borrowings. |
| Reclassifications | Reclassifications Certain reclassifications may have been made to the 2023 financial statements to conform to the financial statement presentation as of and for the three and nine months ended September 30, 2024. These reclassifications had no effect on net income. |
Investment Securities (Tables) |
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| Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses |
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| Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous |
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Loans and Allowance for Credit Losses on Loans (Tables) |
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| Schedule of loans |
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| Schedule of allowance for credit loss on loan methodology by loan portfolio segment |
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| Schedule of the activity in the ACL-Loans by portfolio segment |
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| Schedule of activity in the allowance for loans losses by loan portfolio |
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| Schedule of allowance for credit loss allocated to collateral dependent loans |
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| Schedule of credit risk profile of loan portfolio |
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| Schedule of aging analysis of the recorded investment in loans |
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| Schedule of nonaccrual loans and loans past due 90 days or more and still accruing |
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| Schedule of company's modified loans |
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months as of September 30, 2024:
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Qualified Affordable Housing (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Qualified Affordable Housing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of investments and unfunded commitments of qualified affordable housing |
(1) LIHTC projects held for future syndication. |
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| Schedule of amortization and tax credits of qualified affordable housing |
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Variable Interest Entities (VIEs) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities (VIEs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities of the VIEs as well as maximum exposure to loss in connection with VIEs |
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Regulatory Matters (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Matters | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of bank's actual capital amounts and ratios |
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of notional amount and fair value of derivative assets and liabilities |
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| Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income |
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| Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of notional amount and fair value of derivative assets and liabilities |
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| Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income |
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Disclosures about Fair Value of Assets and Liabilities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosures about Fair Value of Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value measurement of assets measured at fair value on recurring basis |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Level 3 reconciliation of recurring fair value measurements |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amount and estimated fair value of financial instruments |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of balance sheet, income statement and cash flow detail regarding operating leases |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of deposits |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of maturities for certificates of deposit |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of brokered deposit amounts |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of borrowings |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of earnings per share |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of business segment financial information |
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Basis of Presentation (Details) - USD ($) |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2024 |
Sep. 30, 2024 |
Jan. 26, 2024 |
Dec. 31, 2023 |
|
| Restricted cash | $ 45,700,000 | $ 36,400,000 | ||
| Credit linked notes, net of debt discount | ||||
| Notes issued | $ 100,300,000 | |||
| Farmers Merchants Bank Of Illinois Branches | Disposed by sale | ||||
| Assets | $ 60,800,000 | |||
| Liabilities | 230,600,000 | |||
| Net Gain | $ 715,000 | |||
| Extinguishment Of Goodwill | 7,800,000 | |||
| Extinguishment Of Intangibles | 500,000 | |||
| Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois | Bank of Pontiac | ||||
| Deposit premium | $ 10,100,000 | |||
| Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois | Disposed by sale | Bank of Pontiac | ||||
| Deposits | 164,800,000 | |||
| Loans | 19,200,000 | |||
| Farmers-Merchants Bank of Illinois branch located in Joy, Illinois | Disposed by sale | CBI Bank & Trust | ||||
| Deposits | 65,100,000 | |||
| Loans | $ 28,600,000 |
Investment Securities - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Available for sale securities: | |||||
| Amortized Cost | $ 952,936 | $ 1,116,954 | |||
| Gross Unrealized Gains | 167 | 50 | |||
| Gross Unrealized Losses | 40 | 3,317 | |||
| Fair Value | 953,063 | 1,113,687 | [1] | ||
| Accrued interest on securities available for sale | 4,500 | 6,700 | |||
| Held to maturity securities: | |||||
| Amortized Cost | 1,755,047 | 1,204,217 | [1] | ||
| Gross Unrealized Gains | 1,967 | 973 | |||
| Gross Unrealized Losses | 811 | 1,655 | |||
| Fair Value | 1,756,203 | 1,203,535 | |||
| Accrued interest on securities held to maturity | 6,300 | 5,800 | |||
| Equity securities: | |||||
| FHLB and other equity securities | 184,050 | ||||
| Treasury notes | |||||
| Available for sale securities: | |||||
| Amortized Cost | 149,153 | 129,261 | |||
| Gross Unrealized Gains | 160 | 45 | |||
| Gross Unrealized Losses | 338 | ||||
| Fair Value | 149,313 | 128,968 | |||
| Federal agencies | |||||
| Available for sale securities: | |||||
| Amortized Cost | 115,000 | 250,731 | |||
| Gross Unrealized Gains | 7 | ||||
| Gross Unrealized Losses | 40 | 2,976 | |||
| Fair Value | 114,967 | 247,755 | |||
| Mortgage-backed - Government Agency ("Agency") - multi-family | |||||
| Available for sale securities: | |||||
| Amortized Cost | 5,808 | 14,465 | |||
| Gross Unrealized Gains | 5 | ||||
| Gross Unrealized Losses | 3 | ||||
| Fair Value | 5,808 | 14,467 | |||
| Mortgage-backed - Non-Agency residential - fair value option | |||||
| Available for sale securities: | |||||
| Amortized Cost | 461,514 | 485,500 | |||
| Fair Value | 461,514 | 485,500 | |||
| Held to maturity securities: | |||||
| Amortized Cost | 548,488 | 472,539 | |||
| Gross Unrealized Gains | 1,967 | 973 | |||
| Gross Unrealized Losses | 87 | 418 | |||
| Fair Value | 550,368 | 473,094 | |||
| Mortgage-backed - Agency - residential - fair value option | |||||
| Available for sale securities: | |||||
| Amortized Cost | 221,461 | 236,997 | |||
| Fair Value | 221,461 | 236,997 | |||
| Mortgage-backed - Non-Agency multi-family | |||||
| Held to maturity securities: | |||||
| Amortized Cost | 660,126 | 719,662 | |||
| Gross Unrealized Losses | 129 | 415 | |||
| Fair Value | 659,997 | 719,247 | |||
| Mortgage-backed - Non-Agency - healthcare | |||||
| Held to maturity securities: | |||||
| Amortized Cost | 534,538 | ||||
| Fair Value | 534,538 | ||||
| Mortgage-backed - Agency - multi-family | |||||
| Held to maturity securities: | |||||
| Amortized Cost | 11,895 | 12,016 | |||
| Gross Unrealized Losses | 595 | 822 | |||
| Fair Value | $ 11,300 | $ 11,194 | |||
| |||||
Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Available for Sale Securities, Amortized Cost | |||||
| Within one year | $ 164,153 | $ 308,474 | |||
| After one through five years | 100,000 | 71,518 | |||
| Total, single maturity date | 264,153 | 379,992 | |||
| Total | 952,936 | 1,116,954 | |||
| Available for Sale Securities, Fair Value | |||||
| Within one year | 164,315 | 305,406 | |||
| After one through five years | 99,965 | 71,317 | |||
| Total, single maturity date | 264,280 | 376,723 | |||
| Total | 953,063 | 1,113,687 | [1] | ||
| Held to Maturity Securities, Amortized Cost | |||||
| Amortized Cost | 1,755,047 | 1,204,217 | [1] | ||
| Held to Maturity Securities, Fair Value | |||||
| Fair Value | 1,756,203 | 1,203,535 | |||
| Mortgage-backed - Agency - multi-family | |||||
| Available for Sale Securities, Amortized Cost | |||||
| Without single maturity date | 5,808 | 14,465 | |||
| Available for Sale Securities, Fair Value | |||||
| Without single maturity date | 5,808 | 14,467 | |||
| Held to Maturity Securities, Amortized Cost | |||||
| Amortized Cost | 11,895 | 12,016 | |||
| Held to Maturity Securities, Fair Value | |||||
| Fair Value | 11,300 | 11,194 | |||
| Mortgage-backed - Government Agency ("Agency") - multi-family | |||||
| Available for Sale Securities, Amortized Cost | |||||
| Total | 5,808 | 14,465 | |||
| Available for Sale Securities, Fair Value | |||||
| Total | 5,808 | 14,467 | |||
| Mortgage-backed - Agency - residential - fair value option | |||||
| Available for Sale Securities, Amortized Cost | |||||
| Without single maturity date | 221,461 | 236,997 | |||
| Total | 221,461 | 236,997 | |||
| Available for Sale Securities, Fair Value | |||||
| Without single maturity date | 221,461 | 236,997 | |||
| Total | 221,461 | 236,997 | |||
| Mortgage-backed - Non-Agency multi-family | |||||
| Held to Maturity Securities, Amortized Cost | |||||
| Amortized Cost | 660,126 | 719,662 | |||
| Held to Maturity Securities, Fair Value | |||||
| Fair Value | 659,997 | 719,247 | |||
| Mortgage-backed - Non-Agency residential | |||||
| Available for Sale Securities, Amortized Cost | |||||
| Without single maturity date | 461,514 | 485,500 | |||
| Total | 461,514 | 485,500 | |||
| Available for Sale Securities, Fair Value | |||||
| Without single maturity date | 461,514 | 485,500 | |||
| Total | 461,514 | 485,500 | |||
| Held to Maturity Securities, Amortized Cost | |||||
| Amortized Cost | 548,488 | 472,539 | |||
| Held to Maturity Securities, Fair Value | |||||
| Fair Value | 550,368 | $ 473,094 | |||
| Mortgage-backed - Non-Agency - healthcare | |||||
| Held to Maturity Securities, Amortized Cost | |||||
| Amortized Cost | 534,538 | ||||
| Held to Maturity Securities, Fair Value | |||||
| Fair Value | $ 534,538 | ||||
| |||||
Investment Securities - Sale of securities (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Investment Securities | ||||
| Proceeds from the sale of securities available for sale | $ 0 | $ 1,400,000 | $ 9,983,000 | $ 1,516,000 |
| Net loss on sale of securities available for sale | 108,000 | |||
| Gain on sale of securities available for sale | 10,000 | |||
| Losses on sale of securities available for sale | $ 118,000 | |||
Investment Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months | $ 74,960 | $ 63,957 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer | 199,479 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 74,960 | 263,436 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months | 40 | 196 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer | 3,121 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | 40 | 3,317 |
| Treasury notes | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months | 3,052 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer | 32,080 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 35,132 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months | 6 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer | 332 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | 338 | |
| Federal agencies | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months | 74,960 | 60,541 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer | 167,213 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 74,960 | 227,754 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months | 40 | 189 |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer | 2,787 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | $ 40 | 2,976 |
| Mortgage-backed - Agency - multi-family | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months | 364 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer | 186 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 550 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months | 1 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer | 2 | |
| Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | $ 3 |
Investment Securities - Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investment Securities | ||
| Securities available for sale, allowance for credit losses | $ 0 | $ 0 |
| Securities held to maturity, allowance for credit losses | $ 0 | $ 0 |
Mortgage Loans in Process of Securitization (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
|
| Mortgage Loans in Process of Securitization | ||
| Unrealized gains included in mortgage loans | $ 0.9 | $ 0.8 |
Loans and Allowance for Credit Losses on Loans - Summary of Loans By Classification (Details) $ in Thousands |
9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Accrued interest on loans, excluded from amortized cost of loans | $ 54,600 | $ 60,400 | |||||||
| Loans | 10,346,439 | 10,199,553 | |||||||
| ACL-Loans | 84,549 | $ 81,028 | 71,752 | $ 66,864 | $ 62,986 | $ 44,014 | |||
| Loans receivable | 10,261,890 | 10,127,801 | [1] | ||||||
| Mortgage warehouse repurchase agreements | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 1,213,429 | 752,468 | |||||||
| ACL-Loans | 3,202 | 3,616 | 2,070 | 2,866 | 3,361 | 1,249 | |||
| Residential real estate | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 1,317,234 | 1,324,305 | |||||||
| ACL-Loans | 6,454 | 6,323 | 7,323 | 7,599 | 7,413 | 7,029 | |||
| Residential real estate | Home equity line of credit | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 1,200,000 | 1,200,000 | |||||||
| Multi-family financing | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 4,456,129 | 4,006,160 | |||||||
| ACL-Loans | 45,224 | 34,412 | 26,874 | 25,822 | 24,701 | 16,781 | |||
| Healthcare financing | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 1,733,674 | 2,356,689 | |||||||
| ACL-Loans | 16,403 | 23,522 | 22,454 | 17,999 | 16,123 | 9,882 | |||
| Commercial and commercial real estate | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 1,548,689 | 1,643,081 | |||||||
| ACL-Loans | 12,678 | 12,591 | 12,243 | 11,849 | 10,695 | 8,326 | |||
| Revolving lines of credit collateralized primarily by mortgage servicing rights | 900,000 | 1,100,000 | |||||||
| Commercial and commercial real estate | Non - Owner occupied commercial real estate | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | $ 19,300 | 8,400 | |||||||
| Percentage of loans to be forgiven | 1 | ||||||||
| Agricultural production and real estate | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | $ 71,391 | 103,150 | |||||||
| ACL-Loans | 502 | 489 | 619 | 590 | 556 | 565 | |||
| Consumer and margin loans | |||||||||
| Loans and Allowance for Credit Losses on Loans | |||||||||
| Loans | 5,893 | 13,700 | |||||||
| ACL-Loans | $ 86 | $ 75 | $ 169 | $ 139 | $ 137 | $ 182 | |||
| |||||||||
Loans and Allowance for Credit Losses on Loans - Allowance For Credit-Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
|
| Allowance for credit losses | |||||
| Balance, beginning of period | $ 81,028 | $ 62,986 | $ 71,752 | $ 44,014 | $ 44,014 |
| FMBI's ACL for loans sold | (593) | ||||
| Provision for credit losses | 5,574 | 3,868 | 19,804 | 32,363 | 37,488 |
| Loans charged to the allowance | (2,060) | (21) | (6,437) | (9,553) | (9,791) |
| Recoveries of loans previously charged-off | 7 | 31 | 23 | 40 | 41 |
| Balance, end of period | 84,549 | 66,864 | 84,549 | 66,864 | 71,752 |
| ACL Loans | |||||
| Provision for credit losses | 6,898 | 4,014 | 21,589 | 33,484 | |
| Provision for credit losses, ACL Loans | 5,600 | 3,900 | 19,200 | 32,400 | |
| Provision for credit losses, ACL-OBCE's | 2,100 | 100 | 3,100 | 1,100 | |
| Amount paid for release of non-contingent reserves | 700 | 700 | |||
| Mortgage warehouse repurchase agreements | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 3,616 | 3,361 | 2,070 | 1,249 | 1,249 |
| Provision for credit losses | (414) | (495) | 1,132 | 1,617 | 821 |
| Balance, end of period | 3,202 | 2,866 | 3,202 | 2,866 | 2,070 |
| Residential real estate | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 6,323 | 7,413 | 7,323 | 7,029 | 7,029 |
| FMBI's ACL for loans sold | (55) | ||||
| Provision for credit losses | 129 | 207 | (829) | 604 | 328 |
| Loans charged to the allowance | (21) | (34) | (34) | ||
| Recoveries of loans previously charged-off | 2 | 15 | |||
| Balance, end of period | 6,454 | 7,599 | 6,454 | 7,599 | 7,323 |
| Multi-family financing | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 34,412 | 24,701 | 26,874 | 16,781 | 16,781 |
| FMBI's ACL for loans sold | (186) | ||||
| Provision for credit losses | 12,745 | 1,121 | 23,818 | 17,441 | 18,493 |
| Loans charged to the allowance | (1,933) | (5,282) | (8,400) | (8,400) | |
| Balance, end of period | 45,224 | 25,822 | 45,224 | 25,822 | 26,874 |
| Healthcare financing | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 23,522 | 16,123 | 22,454 | 9,882 | 9,882 |
| FMBI's ACL for loans sold | (2) | ||||
| Provision for credit losses | (7,119) | 1,876 | (6,049) | 8,117 | 12,572 |
| Balance, end of period | 16,403 | 17,999 | 16,403 | 17,999 | 22,454 |
| Commercial and commercial real estate | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 12,591 | 10,695 | 12,243 | 8,326 | 8,326 |
| FMBI's ACL for loans sold | (92) | ||||
| Provision for credit losses | 209 | 1,123 | 1,674 | 4,601 | 5,232 |
| Loans charged to the allowance | (127) | (1,155) | (1,118) | (1,356) | |
| Recoveries of loans previously charged-off | 5 | 31 | 8 | 40 | 41 |
| Balance, end of period | 12,678 | 11,849 | 12,678 | 11,849 | 12,243 |
| Agricultural production and real estate | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 489 | 556 | 619 | 565 | 565 |
| FMBI's ACL for loans sold | (246) | ||||
| Provision for credit losses | 13 | 34 | 129 | 25 | 54 |
| Balance, end of period | 502 | 590 | 502 | 590 | 619 |
| Consumer and margin loans | |||||
| Allowance for credit losses | |||||
| Balance, beginning of period | 75 | 137 | 169 | 182 | 182 |
| FMBI's ACL for loans sold | (12) | ||||
| Provision for credit losses | 11 | 2 | (71) | (42) | (12) |
| Loans charged to the allowance | (1) | (1) | |||
| Balance, end of period | $ 86 | $ 139 | $ 86 | $ 139 | $ 169 |
Loans and Allowance for Credit Losses on Loans - Amortized cost basis and ACL (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|---|
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | $ 10,346,439 | $ 10,199,553 | ||||
| ACL-Loans | 84,549 | $ 81,028 | 71,752 | $ 66,864 | $ 62,986 | $ 44,014 |
| Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 281,890 | 122,334 | ||||
| Accounts Receivable or Equipment | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 2,422 | 3,603 | ||||
| Other | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 3,515 | 2,690 | ||||
| Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 287,827 | 128,627 | ||||
| ACL-Loans | 20,677 | 7,964 | ||||
| Residential real estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 1,317,234 | 1,324,305 | ||||
| ACL-Loans | 6,454 | 6,323 | 7,323 | 7,599 | 7,413 | 7,029 |
| Residential real estate | Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 5,807 | 1,557 | ||||
| Residential real estate | Other | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 3 | |||||
| Residential real estate | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 5,807 | 1,560 | ||||
| ACL-Loans | 32 | 21 | ||||
| Multi-family financing | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 4,456,129 | 4,006,160 | ||||
| ACL-Loans | 45,224 | 34,412 | 26,874 | 25,822 | 24,701 | 16,781 |
| Multi-family financing | Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 188,090 | 46,575 | ||||
| Multi-family financing | Other | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 693 | |||||
| Multi-family financing | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 188,783 | 46,575 | ||||
| ACL-Loans | 12,689 | 521 | ||||
| Healthcare financing | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 1,733,674 | 2,356,689 | ||||
| ACL-Loans | 16,403 | 23,522 | 22,454 | 17,999 | 16,123 | 9,882 |
| Healthcare financing | Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 79,907 | 73,909 | ||||
| Healthcare financing | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 79,907 | 73,909 | ||||
| ACL-Loans | 5,793 | 6,289 | ||||
| Commercial and commercial real estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 1,548,689 | 1,643,081 | ||||
| ACL-Loans | 12,678 | 12,591 | 12,243 | 11,849 | 10,695 | 8,326 |
| Commercial and commercial real estate | Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 8,086 | 146 | ||||
| Commercial and commercial real estate | Accounts Receivable or Equipment | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 2,422 | 3,603 | ||||
| Commercial and commercial real estate | Other | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 2,822 | 2,684 | ||||
| Commercial and commercial real estate | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 13,330 | 6,433 | ||||
| ACL-Loans | 2,163 | 1,132 | ||||
| Agricultural production and real estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 71,391 | 103,150 | ||||
| ACL-Loans | 502 | 489 | 619 | 590 | 556 | 565 |
| Agricultural production and real estate | Real Estate | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 147 | |||||
| Agricultural production and real estate | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 147 | |||||
| ACL-Loans | 1 | |||||
| Consumer and margin loans | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 5,893 | 13,700 | ||||
| ACL-Loans | $ 86 | $ 75 | 169 | $ 139 | $ 137 | $ 182 |
| Consumer and margin loans | Other | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | 3 | |||||
| Consumer and margin loans | Collateral pledged | ||||||
| Loans and Allowance for Credit Losses on Loans | ||||||
| Amortized Cost Basis | $ 3 |
Loans and Allowance for Credit Losses on Loans - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
|
| Credit risk profile of portfolio | |||||
| 2024/2023 | $ 1,287,089 | $ 1,287,089 | $ 2,115,132 | ||
| 2023/2022 | 1,115,553 | 1,115,553 | 1,954,111 | ||
| 2022/2021 | 1,532,756 | 1,532,756 | 454,876 | ||
| 2021/2020 | 264,346 | 264,346 | 136,666 | ||
| 2020/2019 | 54,121 | 54,121 | 74,113 | ||
| Prior | 80,709 | 80,709 | 58,347 | ||
| Revolving Loans | 6,011,865 | 6,011,865 | 5,406,308 | ||
| Loans | 10,346,439 | 10,346,439 | 10,199,553 | ||
| Net Charge-Offs | |||||
| Charge-offs 2023/2022 | 870 | 8,896 | |||
| Charge-offs 2022/2021 | 4,585 | 274 | |||
| Charge-offs 2021/2020 | 982 | 586 | |||
| Charge-offs Prior | 22 | ||||
| Charge-offs Revolving Loans | 13 | ||||
| Net Charge-Offs | 2,060 | $ 21 | 6,437 | $ 9,553 | 9,791 |
| Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 1,147,046 | 1,147,046 | 1,947,008 | ||
| 2023/2022 | 927,147 | 927,147 | 1,902,347 | ||
| 2022/2021 | 1,379,008 | 1,379,008 | 409,166 | ||
| 2021/2020 | 224,009 | 224,009 | 135,601 | ||
| 2020/2019 | 53,328 | 53,328 | 73,977 | ||
| Prior | 80,150 | 80,150 | 55,806 | ||
| Revolving Loans | 5,896,517 | 5,896,517 | 5,355,754 | ||
| Loans | 9,707,205 | 9,707,205 | 9,879,659 | ||
| Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 87,148 | 87,148 | 130,842 | ||
| 2023/2022 | 105,077 | 105,077 | 12,709 | ||
| 2022/2021 | 77,242 | 77,242 | 8,692 | ||
| 2021/2020 | 444 | 444 | 187 | ||
| 2020/2019 | 74 | ||||
| Prior | 239 | 239 | 2,053 | ||
| Revolving Loans | 81,257 | 81,257 | 36,710 | ||
| Loans | 351,407 | 351,407 | 191,267 | ||
| Substandard | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 52,895 | 52,895 | 37,282 | ||
| 2023/2022 | 83,329 | 83,329 | 39,055 | ||
| 2022/2021 | 76,506 | 76,506 | 37,018 | ||
| 2021/2020 | 39,893 | 39,893 | 878 | ||
| 2020/2019 | 793 | 793 | 62 | ||
| Prior | 320 | 320 | 438 | ||
| Revolving Loans | 34,091 | 34,091 | 13,844 | ||
| Loans | 287,827 | 287,827 | 128,577 | ||
| Doubtful | |||||
| Credit risk profile of portfolio | |||||
| Prior | 50 | ||||
| Loans | 50 | ||||
| Mortgage warehouse lines of credit | |||||
| Credit risk profile of portfolio | |||||
| Revolving Loans | 1,213,429 | 1,213,429 | 752,468 | ||
| Loans | 1,213,429 | 1,213,429 | 752,468 | ||
| Mortgage warehouse lines of credit | Pass | |||||
| Credit risk profile of portfolio | |||||
| Revolving Loans | 1,213,429 | 1,213,429 | 752,468 | ||
| Loans | 1,213,429 | 1,213,429 | 752,468 | ||
| Residential real estate | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 26,226 | 26,226 | 31,011 | ||
| 2023/2022 | 33,316 | 33,316 | 10,086 | ||
| 2022/2021 | 8,314 | 8,314 | 6,573 | ||
| 2021/2020 | 6,248 | 6,248 | 22,725 | ||
| 2020/2019 | 20,565 | 20,565 | 3,357 | ||
| Prior | 6,945 | 6,945 | 10,120 | ||
| Revolving Loans | 1,215,620 | 1,215,620 | 1,240,433 | ||
| Loans | 1,317,234 | 1,317,234 | 1,324,305 | ||
| Net Charge-Offs | |||||
| Charge-offs Prior | 21 | ||||
| Charge-offs Revolving Loans | 13 | ||||
| Net Charge-Offs | $ 21 | 34 | 34 | ||
| Residential real estate | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 26,226 | 26,226 | 31,011 | ||
| 2023/2022 | 33,316 | 33,316 | 10,086 | ||
| 2022/2021 | 8,292 | 8,292 | 6,573 | ||
| 2021/2020 | 6,248 | 6,248 | 22,725 | ||
| 2020/2019 | 20,565 | 20,565 | 3,298 | ||
| Prior | 6,729 | 6,729 | 9,340 | ||
| Revolving Loans | 1,210,051 | 1,210,051 | 1,239,161 | ||
| Loans | 1,311,427 | 1,311,427 | 1,322,194 | ||
| Residential real estate | Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2020/2019 | 59 | ||||
| Prior | 492 | ||||
| Loans | 551 | ||||
| Residential real estate | Substandard | |||||
| Credit risk profile of portfolio | |||||
| 2022/2021 | 22 | 22 | |||
| Prior | 216 | 216 | 288 | ||
| Revolving Loans | 5,569 | 5,569 | 1,272 | ||
| Loans | 5,807 | 5,807 | 1,560 | ||
| Multi-family financing | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 787,164 | 787,164 | 1,201,353 | ||
| 2023/2022 | 819,692 | 819,692 | 793,997 | ||
| 2022/2021 | 668,608 | 668,608 | 223,277 | ||
| 2021/2020 | 105,721 | 105,721 | 77,340 | ||
| 2020/2019 | 6,741 | 6,741 | 29,764 | ||
| Prior | 35,126 | 35,126 | 9,932 | ||
| Revolving Loans | 2,033,077 | 2,033,077 | 1,670,497 | ||
| Loans | 4,456,129 | 4,456,129 | 4,006,160 | ||
| Net Charge-Offs | |||||
| Charge-offs 2023/2022 | 870 | 8,400 | |||
| Charge-offs 2022/2021 | 4,412 | ||||
| Net Charge-Offs | 1,933 | 5,282 | 8,400 | 8,400 | |
| Multi-family financing | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 675,638 | 675,638 | 1,094,698 | ||
| 2023/2022 | 656,994 | 656,994 | 762,448 | ||
| 2022/2021 | 524,597 | 524,597 | 208,343 | ||
| 2021/2020 | 103,168 | 103,168 | 77,340 | ||
| 2020/2019 | 6,741 | 6,741 | 29,764 | ||
| Prior | 34,887 | 34,887 | 8,455 | ||
| Revolving Loans | 1,979,565 | 1,979,565 | 1,646,445 | ||
| Loans | 3,981,590 | 3,981,590 | 3,827,493 | ||
| Multi-family financing | Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 72,980 | 72,980 | 94,973 | ||
| 2023/2022 | 105,077 | 105,077 | 3,189 | ||
| 2022/2021 | 70,917 | 70,917 | 8,400 | ||
| Prior | 239 | 239 | 1,477 | ||
| Revolving Loans | 36,544 | 36,544 | 24,052 | ||
| Loans | 285,757 | 285,757 | 132,091 | ||
| Multi-family financing | Substandard | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 38,546 | 38,546 | 11,682 | ||
| 2023/2022 | 57,621 | 57,621 | 28,360 | ||
| 2022/2021 | 73,094 | 73,094 | 6,534 | ||
| 2021/2020 | 2,553 | 2,553 | |||
| Revolving Loans | 16,968 | 16,968 | |||
| Loans | 188,782 | 188,782 | 46,576 | ||
| Healthcare financing | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 409,157 | 409,157 | 814,060 | ||
| 2023/2022 | 208,740 | 208,740 | 1,016,418 | ||
| 2022/2021 | 739,456 | 739,456 | 138,980 | ||
| 2021/2020 | 82,856 | 82,856 | |||
| 2020/2019 | 14,563 | ||||
| Revolving Loans | 293,465 | 293,465 | 372,668 | ||
| Loans | 1,733,674 | 1,733,674 | 2,356,689 | ||
| Healthcare financing | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 380,640 | 380,640 | 752,591 | ||
| 2023/2022 | 183,140 | 183,140 | 996,273 | ||
| 2022/2021 | 729,991 | 729,991 | 110,197 | ||
| 2021/2020 | 54,398 | 54,398 | |||
| 2020/2019 | 14,563 | ||||
| Revolving Loans | 240,701 | 240,701 | 351,110 | ||
| Loans | 1,588,870 | 1,588,870 | 2,224,734 | ||
| Healthcare financing | Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 14,168 | 14,168 | 35,869 | ||
| 2023/2022 | 9,520 | ||||
| 2022/2021 | 6,265 | 6,265 | |||
| Revolving Loans | 44,463 | 44,463 | 12,658 | ||
| Loans | 64,896 | 64,896 | 58,047 | ||
| Healthcare financing | Substandard | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 14,349 | 14,349 | 25,600 | ||
| 2023/2022 | 25,600 | 25,600 | 10,625 | ||
| 2022/2021 | 3,200 | 3,200 | 28,783 | ||
| 2021/2020 | 28,458 | 28,458 | |||
| Revolving Loans | 8,301 | 8,301 | 8,900 | ||
| Loans | 79,908 | 79,908 | 73,908 | ||
| Commercial and commercial real estate | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 48,065 | 48,065 | 51,110 | ||
| 2023/2022 | 46,606 | 46,606 | 119,456 | ||
| 2022/2021 | 111,588 | 111,588 | 79,309 | ||
| 2021/2020 | 66,931 | 66,931 | 22,204 | ||
| 2020/2019 | 18,375 | 18,375 | 21,150 | ||
| Prior | 19,904 | 19,904 | 17,200 | ||
| Revolving Loans | 1,237,220 | 1,237,220 | 1,332,652 | ||
| Loans | 1,548,689 | 1,548,689 | 1,643,081 | ||
| Net Charge-Offs | |||||
| Charge-offs 2023/2022 | 496 | ||||
| Charge-offs 2022/2021 | 173 | 274 | |||
| Charge-offs 2021/2020 | 982 | 586 | |||
| Net Charge-Offs | 127 | 1,155 | 1,118 | 1,356 | |
| Commercial and commercial real estate | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 48,065 | 48,065 | 51,110 | ||
| 2023/2022 | 46,498 | 46,498 | 119,386 | ||
| 2022/2021 | 111,338 | 111,338 | 77,316 | ||
| 2021/2020 | 57,605 | 57,605 | 21,154 | ||
| 2020/2019 | 17,582 | 17,582 | 21,088 | ||
| Prior | 19,800 | 19,800 | 17,066 | ||
| Revolving Loans | 1,233,717 | 1,233,717 | 1,328,980 | ||
| Loans | 1,534,605 | 1,534,605 | 1,636,100 | ||
| Commercial and commercial real estate | Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2022/2021 | 60 | 60 | 292 | ||
| 2021/2020 | 444 | 444 | 172 | ||
| Prior | 84 | ||||
| Revolving Loans | 250 | 250 | |||
| Loans | 754 | 754 | 548 | ||
| Commercial and commercial real estate | Substandard | |||||
| Credit risk profile of portfolio | |||||
| 2023/2022 | 108 | 108 | 70 | ||
| 2022/2021 | 190 | 190 | 1,701 | ||
| 2021/2020 | 8,882 | 8,882 | 878 | ||
| 2020/2019 | 793 | 793 | 62 | ||
| Prior | 104 | 104 | |||
| Revolving Loans | 3,253 | 3,253 | 3,672 | ||
| Loans | 13,330 | 13,330 | 6,383 | ||
| Agricultural production and real estate | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 15,653 | 15,653 | 16,850 | ||
| 2023/2022 | 7,115 | 7,115 | 9,825 | ||
| 2022/2021 | 4,768 | 4,768 | 6,490 | ||
| 2021/2020 | 2,579 | 2,579 | 14,267 | ||
| 2020/2019 | 8,440 | 8,440 | 5,237 | ||
| Prior | 14,548 | 14,548 | 16,753 | ||
| Revolving Loans | 18,288 | 18,288 | 33,728 | ||
| Loans | 71,391 | 71,391 | 103,150 | ||
| Agricultural production and real estate | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 15,653 | 15,653 | 16,850 | ||
| 2023/2022 | 7,115 | 7,115 | 9,825 | ||
| 2022/2021 | 4,768 | 4,768 | 6,490 | ||
| 2021/2020 | 2,579 | 2,579 | 14,267 | ||
| 2020/2019 | 8,440 | 8,440 | 5,237 | ||
| Prior | 14,548 | 14,548 | 16,606 | ||
| Revolving Loans | 18,288 | 18,288 | 33,728 | ||
| Loans | 71,391 | 71,391 | 103,003 | ||
| Agricultural production and real estate | Substandard | |||||
| Credit risk profile of portfolio | |||||
| Prior | 147 | ||||
| Loans | 147 | ||||
| Consumer and margin loans | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 824 | 824 | 748 | ||
| 2023/2022 | 84 | 84 | 4,329 | ||
| 2022/2021 | 22 | 22 | 247 | ||
| 2021/2020 | 11 | 11 | 130 | ||
| 2020/2019 | 42 | ||||
| Prior | 4,186 | 4,186 | 4,342 | ||
| Revolving Loans | 766 | 766 | 3,862 | ||
| Loans | 5,893 | 5,893 | 13,700 | ||
| Net Charge-Offs | |||||
| Charge-offs Prior | 1 | ||||
| Net Charge-Offs | $ 1 | 1 | |||
| Consumer and margin loans | Pass | |||||
| Credit risk profile of portfolio | |||||
| 2024/2023 | 824 | 824 | 748 | ||
| 2023/2022 | 84 | 84 | 4,329 | ||
| 2022/2021 | 22 | 22 | 247 | ||
| 2021/2020 | 11 | 11 | 115 | ||
| 2020/2019 | 27 | ||||
| Prior | 4,186 | 4,186 | 4,339 | ||
| Revolving Loans | 766 | 766 | 3,862 | ||
| Loans | $ 5,893 | $ 5,893 | 13,667 | ||
| Consumer and margin loans | Special Mention | |||||
| Credit risk profile of portfolio | |||||
| 2021/2020 | 15 | ||||
| 2020/2019 | 15 | ||||
| Loans | 30 | ||||
| Consumer and margin loans | Substandard | |||||
| Credit risk profile of portfolio | |||||
| Prior | 3 | ||||
| Loans | $ 3 | ||||
Loans and Allowance for Credit Losses on Loans - Aging Analysis Of The Recorded Investment In Loans (Details) $ in Thousands |
Sep. 30, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
loan
|
|---|---|---|
| Aging analysis of loan portfolio | ||
| Loans | $ 10,346,439 | $ 10,199,553 |
| Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 257,459 | 183,529 |
| 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 30,410 | 42,975 |
| 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 29,614 | 58,737 |
| 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 197,435 | 81,817 |
| Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 10,088,980 | 10,016,024 |
| Mortgage warehouse lines of credit | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,213,429 | 752,468 |
| Mortgage warehouse lines of credit | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,213,429 | 752,468 |
| Residential real estate | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,317,234 | 1,324,305 |
| Residential real estate | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 4,243 | 6,936 |
| Residential real estate | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 2,302 | 4,557 |
| Residential real estate | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | $ 1,941 | 2,379 |
| Number of delinquent loans classified as held for sale | loan | 1 | |
| Loan as held for sale | $ 100 | |
| Residential real estate | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,312,991 | 1,317,369 |
| Healthcare financing | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,733,674 | 2,356,689 |
| Healthcare financing | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | $ 62,359 | 83,274 |
| Healthcare financing | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Number of delinquent loans classified as held for sale | loan | 1 | |
| Loan as held for sale | $ 30,100 | |
| Healthcare financing | 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 47,275 | |
| Healthcare financing | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 62,359 | 35,999 |
| Healthcare financing | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,671,315 | 2,273,415 |
| Multi-family financing | ||
| Aging analysis of loan portfolio | ||
| Loans | 4,456,129 | 4,006,160 |
| Multi-family financing | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 186,428 | 88,882 |
| Multi-family financing | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 27,988 | $ 38,218 |
| Number of delinquent loans classified as held for sale | loan | 1 | |
| Loan as held for sale | $ 16,500 | |
| Multi-family financing | 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | $ 29,444 | 11,055 |
| Number of delinquent loans classified as held for sale | loan | 3 | |
| Loan as held for sale | $ 93,200 | |
| Multi-family financing | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 128,996 | 39,609 |
| Multi-family financing | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 4,269,701 | 3,917,278 |
| Commercial and commercial real estate | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,548,689 | 1,643,081 |
| Commercial and commercial real estate | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 4,252 | 4,230 |
| Commercial and commercial real estate | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 120 | 172 |
| Commercial and commercial real estate | 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 393 | |
| Commercial and commercial real estate | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 4,132 | 3,665 |
| Commercial and commercial real estate | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 1,544,437 | 1,638,851 |
| Agricultural production and real estate | ||
| Aging analysis of loan portfolio | ||
| Loans | 71,391 | 103,150 |
| Agricultural production and real estate | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 177 | 185 |
| Agricultural production and real estate | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 27 | |
| Agricultural production and real estate | 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 170 | 11 |
| Agricultural production and real estate | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 7 | 147 |
| Agricultural production and real estate | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | 71,214 | 102,965 |
| Consumer and margin loans | ||
| Aging analysis of loan portfolio | ||
| Loans | 5,893 | 13,700 |
| Consumer and margin loans | Total Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 22 | |
| Consumer and margin loans | 30-59 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 1 | |
| Consumer and margin loans | 60-89 Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 3 | |
| Consumer and margin loans | 90+ Days Past Due | ||
| Aging analysis of loan portfolio | ||
| Loans | 18 | |
| Consumer and margin loans | Current | ||
| Aging analysis of loan portfolio | ||
| Loans | $ 5,893 | $ 13,678 |
Loans and Allowance for Credit Losses on Loans - Non Accrual Loans and Loans Past Due 90 Days Or More and Still Accruing (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |
|---|---|---|---|---|
|
Mar. 31, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
loan
|
Sep. 30, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
|
|
| Loan portfolio past due loans | ||||
| Nonaccrual | $ 210,811 | $ 210,811 | $ 73,847 | |
| Total Loans Greater than 90 Days & Accruing | 91 | 91 | 8,168 | |
| Interest income recognized on nonaccrual financial assets | 100 | 1,000 | ||
| Specific reserves | 19,200 | 19,200 | 5,400 | |
| Nonaccrual loans | 97,200 | 97,200 | 20,700 | |
| Amount of loan covered under credit protection arrangements | $ 1,700,000 | 1,300,000 | 1,300,000 | |
| Incremental risk coverage percentage | 14.00% | |||
| Residential Portfolio Segment [Member] | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | $ 5,294 | $ 5,294 | 1,486 | |
| Total Loans Greater than 90 Days & Accruing | 894 | |||
| Residential Portfolio Segment [Member] | Greater Than 90 Days | ||||
| Loan portfolio past due loans | ||||
| Number of nonaccrual loans held for sale | loan | 1 | 1 | ||
| Nonaccrual loans held for sale | $ 100 | $ 100 | ||
| Multi-family financing | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | 128,996 | 128,996 | 39,608 | |
| Healthcare financing | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | 72,472 | 72,472 | 28,783 | |
| Total Loans Greater than 90 Days & Accruing | 7,216 | |||
| Commercial and commercial real estate | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | 4,049 | 4,049 | 3,820 | |
| Total Loans Greater than 90 Days & Accruing | 84 | 84 | 43 | |
| Agricultural production and real estate | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | 147 | |||
| Total Loans Greater than 90 Days & Accruing | $ 7 | $ 7 | ||
| Consumer and margin loans | ||||
| Loan portfolio past due loans | ||||
| Nonaccrual | 3 | |||
| Total Loans Greater than 90 Days & Accruing | $ 15 |
Loans and Allowance for Credit Losses on Loans - Modified loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 27,860 | $ 3,778 | $ 108,747 | $ 3,778 |
| Current | ||||
| Loan portfolio past due loans | ||||
| Modified loans | 77,951 | 77,951 | ||
| 90+ Days Past Due | ||||
| Loan portfolio past due loans | ||||
| Modified loans | 30,796 | 30,796 | ||
| Payment Deferral | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | 14,460 | 3,778 | 48,659 | 3,778 |
| Term Extension | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 13,400 | $ 60,088 | ||
| Commercial and commercial real estate | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | 3,778 | 3,778 | ||
| Commercial and commercial real estate | Payment Deferral | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 3,778 | $ 3,778 | ||
| Weighted average term modification | 12 months | 12 months | ||
| Multi-family financing | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 17,746 | $ 94,398 | ||
| Value of loans defaulted | 30,800 | |||
| Multi-family financing | Current | ||||
| Loan portfolio past due loans | ||||
| Modified loans | 63,602 | 63,602 | ||
| Multi-family financing | 90+ Days Past Due | ||||
| Loan portfolio past due loans | ||||
| Modified loans | 30,796 | 30,796 | ||
| Multi-family financing | Payment Deferral | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 4,346 | $ 38,545 | ||
| Weighted average term modification | 5 months | 7 months | ||
| Multi-family financing | Term Extension | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 13,400 | $ 55,853 | ||
| Weighted average term modification | 4 months | 22 months | ||
| Healthcare financing | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 10,114 | $ 14,349 | ||
| Healthcare financing | Current | ||||
| Loan portfolio past due loans | ||||
| Modified loans | 14,349 | 14,349 | ||
| Healthcare financing | Payment Deferral | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 10,114 | $ 10,114 | ||
| Weighted average term modification | 6 months | 6 months | ||
| Healthcare financing | Term Extension | ||||
| Loan portfolio past due loans | ||||
| Loans modified during period | $ 4,235 | |||
| Weighted average term modification | 12 months | |||
Loans and Allowance for Credit Losses on Loans - Narrative (Details) $ in Thousands |
9 Months Ended | ||||
|---|---|---|---|---|---|
|
Sep. 26, 2024
USD ($)
|
Apr. 30, 2024
USD ($)
loan
|
Sep. 30, 2024
USD ($)
loan
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Loans and Allowance for Credit Losses on Loans | |||||
| Carrying value, at year-end, of held-to-maturity securities purchased from debt funds | $ 155,268 | $ 9,786 | |||
| Number of loans converted from revolving to term loans | loan | 2 | ||||
| Purchase of loans | $ 84,963 | $ 329,014 | |||
| Value of loans converted from revolving to term loans | 500 | ||||
| Standby letters of credit | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Loan guarantee | $ 167,700 | $ 98,700 | |||
| Standby letters of credit | Maximum | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Term of loan guarantees | 9 years | ||||
| Multi-family financing | Special Mention | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Number of loans classified as held for sale | loan | 1 | ||||
| Loan as held for sale | $ 56,500 | ||||
| Multi-family financing | Loan Sale and Freddie Mac Q Series Securitization | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Amount of portfolio of loans sold in a securitization transaction | $ 324,600 | ||||
| Number of loans securitized | loan | 13 | ||||
| Gain on sale of loans | $ 1,400 | ||||
| Mortgage servicing right established | $ 1,300 | ||||
| Multi-family financing | Loan Sale and Securitization | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Amount of portfolio of loans sold in a securitization transaction | $ 628,900 | ||||
| Carrying value, at year-end, of held-to-maturity securities purchased from debt funds | $ 534,500 | ||||
| Percentage of first loss position | 15.00% | ||||
| Proceeds and accrued interest on loans, net of the acquired securities | $ 94,000 | ||||
| Allowance for credit losses associated with loans sold released through the provision for credit losses | 4,400 | ||||
| Gain (loss) on sale | $ 600 | ||||
| Residential real estate | |||||
| Loans and Allowance for Credit Losses on Loans | |||||
| Value of residential loans in process of foreclosure | $ 1,900 | $ 0 | |||
Qualified Affordable Housing - Investments And Commitments (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investment Program, Proportional Amortization Method, Elected [Line Items] | ||
| Investment | $ 136,499 | $ 131,393 |
| Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration] | Other Assets and Receivables | Other Assets and Receivables |
| Total | $ 147,521 | $ 142,393 |
| Unfunded Commitments | 75,621 | 61,411 |
| Total | 75,621 | 61,411 |
| LIHTC | ||
| Investment Program, Proportional Amortization Method, Elected [Line Items] | ||
| Investment | $ 101,219 | $ 78,718 |
| Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration] | Other Assets and Receivables | Other Assets and Receivables |
| Unfunded Commitments | $ 75,621 | $ 61,411 |
| LIHTC projects held for future syndication | ||
| Investment Program, Proportional Amortization Method, Elected [Line Items] | ||
| Investment | $ 35,280 | $ 52,675 |
| Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration] | Other Assets and Receivables | Other Assets and Receivables |
| Joint Venture | ||
| Investment Program, Proportional Amortization Method, Elected [Line Items] | ||
| Investment | $ 11,022 | $ 11,000 |
Qualified Affordable Housing - Amortization and Tax Credits (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Qualified Affordable Housing | ||||
| Amortization expense | $ 3,406 | $ 1,770 | $ 8,551 | $ 4,413 |
| Tax credits recognized | $ 3,789 | $ 1,857 | $ 10,032 | $ 4,585 |
Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Variable Interest Entities | |||||
| Liabilities for VIEs | $ 16,713,869 | $ 15,251,432 | [1] | ||
| Variable Interest Entity, Not Primary Beneficiary | |||||
| Variable Interest Entities | |||||
| Investments in VIEs | 190,520 | 151,962 | |||
| Bridge loans to VIEs | 312,632 | 318,823 | |||
| Securities of VIEs | 1,743,152 | 1,192,201 | |||
| Maximum Exposure to Loss | 2,246,304 | 1,662,986 | |||
| Liabilities for VIEs | 74,209 | 37,851 | |||
| Low-income housing tax credit investments | Variable Interest Entity, Not Primary Beneficiary | |||||
| Variable Interest Entities | |||||
| Investments in VIEs | 157,976 | 118,741 | |||
| Bridge loans to VIEs | 209,368 | 232,407 | |||
| Maximum Exposure to Loss | 367,344 | 351,148 | |||
| Liabilities for VIEs | 71,457 | 35,099 | |||
| Debt funds | Variable Interest Entity, Not Primary Beneficiary | |||||
| Variable Interest Entities | |||||
| Investments in VIEs | 32,544 | 33,221 | |||
| Bridge loans to VIEs | 78,487 | 86,416 | |||
| Maximum Exposure to Loss | 111,031 | 119,637 | |||
| Liabilities for VIEs | 2,752 | 2,752 | |||
| Off-balance-sheet REMIC trusts | Variable Interest Entity, Not Primary Beneficiary | |||||
| Variable Interest Entities | |||||
| Bridge loans to VIEs | 24,777 | ||||
| Securities of VIEs | 1,743,152 | 1,192,201 | |||
| Maximum Exposure to Loss | $ 1,767,929 | $ 1,192,201 | |||
| |||||
Regulatory Matters (Details) $ in Thousands |
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|---|---|---|
| Company | ||
| Total Capital (to risk-weighted assets) | ||
| Total Capital (to risk-weighted assets), Actual, Amount | $ 2,029,408 | $ 1,772,195 |
| Total Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.122 | 0.116 |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,750,457 | $ 1,598,260 |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.105 | 0.105 |
| Tier I Capital (to risk-weighted assets) | ||
| Tier I Capital, (to risk-weighted assets), Actual, Amount | $ 1,930,145 | $ 1,686,202 |
| Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.116 | 0.111 |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,417,037 | $ 1,293,830 |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.085 | 0.085 |
| Common Equity Tier I Capital (to risk-weighted assets) | ||
| Common Equity Tier I Capital (to risk weighted assets), Actual, Amount | $ 1,480,759 | $ 1,186,594 |
| Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent) | 0.089 | 0.078 |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,166,971 | $ 1,065,507 |
| Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.070 | 0.070 |
| Tier 1 Capital (to average assets) | ||
| Tier 1 Capital (to average assets), Actual, Amount | $ 1,930,145 | $ 1,686,202 |
| Tier 1 Capital (to average assets), Actual, Ratio (as a percent) | 0.105 | 0.101 |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount | $ 915,126 | $ 832,706 |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.050 | 0.050 |
| Merchants Bank | ||
| Total Capital (to risk-weighted assets) | ||
| Total Capital (to risk-weighted assets), Actual, Amount | $ 1,998,836 | $ 1,724,505 |
| Total Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.120 | 0.115 |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,749,216 | $ 1,577,434 |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.105 | 0.105 |
| Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 1,665,920 | $ 1,502,318 |
| Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.100 | 0.100 |
| Tier I Capital (to risk-weighted assets) | ||
| Tier I Capital, (to risk-weighted assets), Actual, Amount | $ 1,897,668 | $ 1,639,171 |
| Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.114 | 0.109 |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,416,032 | $ 1,276,970 |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.085 | 0.085 |
| Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 1,332,736 | $ 1,201,854 |
| Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.080 | 0.080 |
| Common Equity Tier I Capital (to risk-weighted assets) | ||
| Common Equity Tier I Capital (to risk weighted assets), Actual, Amount | $ 1,897,668 | $ 1,639,171 |
| Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent) | 0.114 | 0.109 |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 1,166,144 | $ 1,051,623 |
| Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.070 | 0.070 |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 1,082,848 | $ 976,507 |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.065 | 0.065 |
| Tier 1 Capital (to average assets) | ||
| Tier 1 Capital (to average assets), Actual, Amount | $ 1,897,668 | $ 1,639,171 |
| Tier 1 Capital (to average assets), Actual, Ratio (as a percent) | 0.104 | 0.101 |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount | $ 912,610 | $ 815,191 |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.050 | 0.050 |
| Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Amount | $ 912,610 | $ 815,191 |
| Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.050 | 0.050 |
| FMBI | ||
| Total Capital (to risk-weighted assets) | ||
| Total Capital (to risk-weighted assets), Actual, Amount | $ 40,613 | |
| Total Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.211 | |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 20,209 | |
| Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.105 | |
| Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 19,247 | |
| Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.100 | |
| Tier I Capital (to risk-weighted assets) | ||
| Tier I Capital, (to risk-weighted assets), Actual, Amount | $ 39,953 | |
| Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent) | 0.208 | |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 16,360 | |
| Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.085 | |
| Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 15,398 | |
| Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.080 | |
| Common Equity Tier I Capital (to risk-weighted assets) | ||
| Common Equity Tier I Capital (to risk weighted assets), Actual, Amount | $ 39,953 | |
| Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent) | 0.208 | |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount | $ 13,473 | |
| Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.070 | |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount | $ 12,511 | |
| Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.065 | |
| Tier 1 Capital (to average assets) | ||
| Tier 1 Capital (to average assets), Actual, Amount | $ 39,953 | |
| Tier 1 Capital (to average assets), Actual, Ratio (as a percent) | 0.115 | |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount | $ 17,391 | |
| Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent) | 0.050 | |
| Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Amount | $ 17,391 | |
| Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent) | 0.050 |
Derivative Financial Instruments (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|---|
|
Mar. 31, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
customer
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
customer
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Derivative Financial Instruments | ||||||
| Number of warehouse loan customers | customer | 2 | 2 | ||||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets and Receivables | Other Assets and Receivables | Other Assets and Receivables | |||
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | Other Liabilities | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | $ (23,771) | $ (10,143) | ||||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other | ||
| Pledged in collateral | $ 260 | $ 260 | $ 260 | |||
| Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 24,275 | 24,275 | 35,207 | |||
| Derivative liabilities | ||||||
| Derivative Financial Instruments | ||||||
| Derivative liabilities, fair value | 194 | 194 | 395 | |||
| Derivative | ||||||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | $ (3,196) | $ 2,973 | $ (1,288) | $ 3,535 | ||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Sales of Loans, Net | Gain (Loss) on Sales of Loans, Net | Gain (Loss) on Sales of Loans, Net | Gain (Loss) on Sales of Loans, Net | ||
| Interest rate lock commitments | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | $ 37,586 | $ 37,586 | 16,526 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | 47 | $ (123) | (46) | $ (102) | ||
| Interest rate lock commitments | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 141 | 141 | 140 | |||
| Interest rate lock commitments | Derivative liabilities | ||||||
| Derivative Financial Instruments | ||||||
| Derivative liabilities, fair value | 51 | 51 | 4 | |||
| Forward contracts | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | 46,475 | 46,475 | 25,500 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | (1,161) | 595 | (782) | 875 | ||
| Forward contracts | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 46 | 46 | 4 | |||
| Forward contracts | Derivative liabilities | ||||||
| Derivative Financial Instruments | ||||||
| Derivative liabilities, fair value | 143 | 143 | 391 | |||
| Interest rate swaps | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | 57,466 | 57,466 | 57,540 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | (2,082) | 2,501 | (460) | 2,762 | ||
| Interest rate swaps | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 1,779 | 1,779 | 2,610 | |||
| Interest rate swaps, caps and floors (back-to-back) | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | 723,966 | 723,966 | 607,169 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Gross swap gains | 9,211 | 2,111 | 11,749 | 8,547 | ||
| Gross swap losses | 9,211 | $ 2,111 | 11,749 | $ 8,547 | ||
| Interest rate swaps, caps and floors (back-to-back) | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 677 | 677 | 12,426 | |||
| Interest rate swaps, caps and floors (back-to-back) | Derivative liabilities | ||||||
| Derivative Financial Instruments | ||||||
| Derivative liabilities, fair value | 677 | 677 | 12,426 | |||
| Put option | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | 703,853 | 703,853 | 748,374 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | (16,078) | (4,998) | ||||
| Put option | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 20,878 | 20,878 | 25,877 | |||
| Interest rate floors | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | 1,235,788 | 1,235,788 | 748,374 | |||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | (7,693) | (5,145) | ||||
| Interest rate floors | Derivative Financial Instruments, Assets [Member] | ||||||
| Derivative Financial Instruments | ||||||
| Derivative assets, fair value | 1,431 | 1,431 | $ 6,576 | |||
| Credit derivatives | ||||||
| Derivative Financial Instruments | ||||||
| Notional amount | $ 75,474 | 75,474 | ||||
| Credit Default Swap | ||||||
| The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income | ||||||
| Net swap gains (losses) | $ 0 | |||||
| Credit Default Swap | Multifamily mortgage loans | ||||||
| Derivative Financial Instruments | ||||||
| Aggregate collateral obligation | $ 76,100 | |||||
Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Mortgage loans in process of securitization | $ 430,966 | $ 110,599 | [1] | ||
| Fair Value | 953,063 | 1,113,687 | [1] | ||
| Loans held for sale | 91,084 | 86,663 | |||
| Servicing rights | 177,327 | 158,457 | [1] | ||
| Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Mortgage loans in process of securitization | 430,966 | 110,599 | |||
| Loans held for sale | 91,084 | 86,663 | |||
| Servicing rights | 177,327 | 158,457 | |||
| Recurring | Interest rate lock commitments | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 141 | 140 | |||
| Derivative liabilities | 51 | 4 | |||
| Recurring | Forward contracts | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 46 | 4 | |||
| Derivative liabilities | 143 | 391 | |||
| Recurring | Interest rate swaps | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 1,779 | 2,610 | |||
| Recurring | Interest rate swaps, caps and floors (back-to-back) | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 677 | 12,426 | |||
| Derivative liabilities | 677 | 12,426 | |||
| Recurring | Put option | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 20,878 | 25,877 | |||
| Recurring | Interest rate floors | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 1,431 | 6,576 | |||
| Level 2 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Mortgage loans in process of securitization | 430,966 | 110,599 | |||
| Loans held for sale | 91,084 | 86,663 | |||
| Level 2 | Recurring | Forward contracts | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 46 | 4 | |||
| Derivative liabilities | 143 | 391 | |||
| Level 2 | Recurring | Interest rate swaps | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 1,779 | 2,610 | |||
| Level 2 | Recurring | Interest rate swaps, caps and floors (back-to-back) | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 677 | 12,426 | |||
| Derivative liabilities | 677 | 12,426 | |||
| Level 2 | Recurring | Put option | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 4,881 | 7,223 | |||
| Level 3 | Interest rate lock commitments | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 141 | 140 | |||
| Derivative liabilities | 51 | 4 | |||
| Level 3 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Servicing rights | 177,327 | 158,457 | |||
| Level 3 | Recurring | Interest rate lock commitments | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 141 | 140 | |||
| Derivative liabilities | 51 | 4 | |||
| Level 3 | Recurring | Put option | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 15,997 | 18,654 | |||
| Level 3 | Recurring | Interest rate floors | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Derivative assets | 1,431 | 6,576 | |||
| Treasury notes | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 149,313 | 128,968 | |||
| Treasury notes | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 149,313 | 128,968 | |||
| Treasury notes | Level 1 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 149,313 | 128,968 | |||
| Federal agencies | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 114,967 | 247,755 | |||
| Federal agencies | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 114,967 | 247,755 | |||
| Federal agencies | Level 2 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 114,967 | 247,755 | |||
| Mortgage-backed - Government Agency ("Agency") | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 5,808 | 14,467 | |||
| Mortgage-backed - Government Agency ("Agency") | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 5,808 | 14,467 | |||
| Mortgage-backed - Government Agency ("Agency") | Level 2 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 5,808 | 14,467 | |||
| Mortgage-backed - Non-Agency residential | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 461,514 | 485,500 | |||
| Mortgage-backed - Non-Agency residential | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 461,514 | 485,500 | |||
| Mortgage-backed - Non-Agency residential | Level 3 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 461,514 | 485,500 | |||
| Mortgage-backed - Agency - fair value option | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 221,461 | 236,997 | |||
| Mortgage-backed - Agency - fair value option | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | 221,461 | 236,997 | |||
| Mortgage-backed - Agency - fair value option | Level 2 | Recurring | |||||
| Disclosures about Fair Value of Assets and Liabilities | |||||
| Fair Value | $ 221,461 | $ 236,997 | |||
| |||||
Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Put option | ||||
| Reconciliation of significant unobservable inputs, assets: | ||||
| Balance, beginning of period | $ 24,657 | $ 18,654 | ||
| Subtractions | ||||
| Changes in fair value | $ (8,660) | $ (2,657) | ||
| Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income |
| Balance, end of period | $ 15,997 | $ 15,997 | ||
| Interest rate floors | ||||
| Reconciliation of significant unobservable inputs, assets: | ||||
| Balance, beginning of period | 9,124 | 6,576 | ||
| Subtractions | ||||
| Changes in fair value | (7,693) | (5,145) | ||
| Balance, end of period | 1,431 | 1,431 | ||
| Derivative liabilities | Interest rate lock commitments | ||||
| Reconciliation of significant unobservable inputs, liabilities: | ||||
| Balance, beginning of period | 127 | $ 68 | 4 | $ 23 |
| Change in fair value | $ (76) | $ 73 | $ 47 | $ 118 |
| Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income |
| Balance, end of period | $ 51 | $ 141 | $ 51 | $ 141 |
| Assets | ||||
| Reconciliation of significant unobservable inputs, assets: | ||||
| Balance, beginning of period | 178,776 | 147,288 | 158,457 | 146,248 |
| Additions | ||||
| Originated servicing | 7,370 | 4,867 | 13,297 | 9,164 |
| Subtractions | ||||
| Paydowns | (2,090) | (1,660) | (6,729) | (5,431) |
| Changes in fair value | (6,729) | 11,646 | 12,302 | 12,160 |
| Balance, end of period | 177,327 | 162,141 | 177,327 | 162,141 |
| Available for sale securities | ||||
| Reconciliation of significant unobservable inputs, assets: | ||||
| Balance, beginning of period | 462,627 | 485,500 | ||
| Subtractions | ||||
| Paydowns | (9,773) | (26,643) | ||
| Changes in fair value | 8,660 | 2,657 | ||
| Balance, end of period | 461,514 | 461,514 | ||
| Derivative assets | Interest rate lock commitments | ||||
| Reconciliation of significant unobservable inputs, assets: | ||||
| Balance, beginning of period | 170 | 94 | 140 | 28 |
| Subtractions | ||||
| Gains (losses) included in other noninterest income | $ 29 | $ 50 | $ (1) | $ (16) |
| Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income | Noninterest Expense, Noninterest Income |
| Balance, end of period | $ 141 | $ 44 | $ 141 | $ 44 |
Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Disclosures about Fair Value of Assets and Liabilities | ||
| Collateral-dependent loans | $ 76,053 | $ 47,026 |
| Other real estate owned | 896 | |
| Level 3 | ||
| Disclosures about Fair Value of Assets and Liabilities | ||
| Collateral-dependent loans | 76,053 | $ 47,026 |
| Other real estate owned | $ 896 |
Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) |
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|||
|---|---|---|---|---|---|
| Quantitative information about unobservable inputs | |||||
| Servicing rights | $ 177,327,000 | $ 158,457,000 | [1] | ||
| Earnings rate on escrows | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.03 | ||||
| Earnings rate on escrows | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.03 | ||||
| Level 3 | |||||
| Quantitative information about unobservable inputs | |||||
| Other real estate owned | 896,000 | ||||
| Level 3 | Measurement Input, Discount Rate | |||||
| Quantitative information about unobservable inputs | |||||
| Other real estate owned | 0 | ||||
| Level 3 | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Other real estate owned | 0 | ||||
| Level 3 | Servicing rights | SBA | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing rights | $ 4,533,000 | $ 5,280,000 | |||
| Level 3 | Servicing rights | SBA | Measurement Input, Discount Rate | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.16 | 0.16 | |||
| Level 3 | Servicing rights | SBA | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.16 | 0.16 | |||
| Level 3 | Servicing rights | SBA | Measurement Input, Constant Prepayment Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.03 | 0.03 | |||
| Level 3 | Servicing rights | SBA | Measurement Input, Constant Prepayment Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.22 | 0.14 | |||
| Level 3 | Servicing rights | SBA | Measurement Input, Constant Prepayment Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.13 | 0.09 | |||
| Level 3 | Servicing rights | Single family | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing rights | $ 32,074,000 | $ 30,959,000 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Discount Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.10 | 0.10 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Discount Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.11 | 0.11 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.10 | 0.10 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Constant Prepayment Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.07 | 0.06 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Constant Prepayment Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.16 | 0.16 | |||
| Level 3 | Servicing rights | Single family | Measurement Input, Constant Prepayment Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.08 | 0.07 | |||
| Level 3 | Servicing rights | Multi-family | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing rights | $ 136,423,000 | $ 122,218,000 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Discount Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.08 | 0.08 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Discount Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.13 | 0.13 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.09 | 0.09 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Constant Prepayment Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0 | 0 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Constant Prepayment Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.62 | 0.50 | |||
| Level 3 | Servicing rights | Multi-family | Measurement Input, Constant Prepayment Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.07 | 0.07 | |||
| Level 3 | Servicing rights | Multi-family | Earnings rate on escrows | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.03 | 0.04 | |||
| Level 3 | Servicing rights | Multi-family | Earnings rate on escrows | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.03 | 0.04 | |||
| Level 3 | Servicing rights | Healthcare financing | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing rights | $ 4,297,000 | ||||
| Level 3 | Servicing rights | Healthcare financing | Measurement Input, Discount Rate | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.13 | ||||
| Level 3 | Servicing rights | Healthcare financing | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.13 | ||||
| Level 3 | Servicing rights | Healthcare financing | Measurement Input, Constant Prepayment Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.01 | ||||
| Level 3 | Servicing rights | Healthcare financing | Measurement Input, Constant Prepayment Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.02 | ||||
| Level 3 | Servicing rights | Healthcare financing | Measurement Input, Constant Prepayment Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Servicing asset, measurement input | 0.01 | ||||
| Level 3 | Collateral-dependent impaired loans | |||||
| Quantitative information about unobservable inputs | |||||
| Collateral-dependent loans | $ 76,053,000 | $ 47,026,000 | |||
| Level 3 | Collateral-dependent impaired loans | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Marketability discount (as a percent) | 0 | 0 | |||
| Level 3 | Collateral-dependent impaired loans | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Marketability discount (as a percent) | 0.74 | 1 | |||
| Level 3 | Collateral-dependent impaired loans | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Marketability discount (as a percent) | 0.08 | 0.02 | |||
| Level 3 | Available for sale securities | Measurement Input, Credit Spread | |||||
| Quantitative information about unobservable inputs | |||||
| Mortgage-backed - Non-agency residential- fair value option | $ 461,514,000 | $ 485,500,000 | |||
| Mortgage-backed - Non-agency residential- fair value option (as a percent) | 0.03 | 0.02 | |||
| Level 3 | Available for sale securities | Measurement Input, Credit Spread | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Mortgage-backed - Non-agency residential- fair value option (as a percent) | 0.03 | 0.02 | |||
| Level 3 | Interest rate lock commitments | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets | $ 141,000 | $ 140,000 | |||
| Derivative liabilities | $ 51,000 | $ 4,000 | |||
| Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.54 | 0.45 | |||
| Derivative liabilities (as a percent) | 0.54 | 0.45 | |||
| Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.99 | 0.99 | |||
| Derivative liabilities (as a percent) | 0.99 | 0.99 | |||
| Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.78 | 0.78 | |||
| Derivative liabilities (as a percent) | 0.78 | 0.78 | |||
| Level 3 | Put option | Measurement Input, Credit Spread | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets | $ 15,997,000 | $ 18,654,000 | |||
| Derivative assets, (as a percent) | 0.03 | 0.02 | |||
| Level 3 | Put option | Measurement Input, Credit Spread | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.03 | 0.02 | |||
| Level 3 | Interest rate floors | Measurement Input, Discount Rate | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets | $ 1,431,000 | $ 6,576,000 | |||
| Level 3 | Interest rate floors | Measurement Input, Discount Rate | Minimum | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0 | 0.06 | |||
| Level 3 | Interest rate floors | Measurement Input, Discount Rate | Maximum | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.07 | 0.07 | |||
| Level 3 | Interest rate floors | Measurement Input, Discount Rate | Weighted Average | |||||
| Quantitative information about unobservable inputs | |||||
| Derivative assets, (as a percent) | 0.07 | 0.07 | |||
| |||||
Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financial assets: | ||
| Securities held to maturity | $ 1,756,203 | $ 1,203,535 |
| Loans held for sale | 91,084 | 86,663 |
| Carrying value per balance sheet | ||
| Financial assets: | ||
| Cash and cash equivalents | 601,906 | 584,422 |
| Securities purchased under agreements to resell | 3,279 | 3,349 |
| Securities held to maturity | 1,755,047 | 1,204,217 |
| FHLB stock and other equity securities | 184,050 | |
| FHLB stock | 48,578 | |
| Loans held for sale | 3,717,150 | 3,058,093 |
| Loans receivable, net | 10,261,890 | 10,127,801 |
| Interest receivable | 86,612 | 91,346 |
| Financial liabilities: | ||
| Deposits | 12,891,887 | 14,061,460 |
| Short-term subordinated debt | 71,800 | 64,922 |
| FHLB advances | 3,372,044 | 771,392 |
| Other borrowing | 27,934 | 7,934 |
| Credit linked notes | 96,943 | 119,879 |
| Interest payable | 54,709 | 43,423 |
| Estimated fair value | ||
| Financial assets: | ||
| Cash and cash equivalents | 601,906 | 584,422 |
| Securities purchased under agreements to resell | 3,279 | 3,349 |
| Securities held to maturity | 1,756,203 | 1,203,535 |
| FHLB stock and other equity securities | 184,050 | |
| FHLB stock | 48,578 | |
| Loans held for sale | 3,717,150 | 3,058,093 |
| Loans receivable, net | 10,249,659 | 10,088,468 |
| Interest receivable | 86,612 | 91,346 |
| Financial liabilities: | ||
| Deposits | 12,902,870 | 14,062,457 |
| Short-term subordinated debt | 71,800 | 64,922 |
| FHLB advances | 3,371,664 | 771,029 |
| Other borrowing | 27,934 | 7,934 |
| Credit linked notes | 96,942 | 119,878 |
| Interest payable | 54,709 | 43,423 |
| Level 1 | Estimated fair value | ||
| Financial assets: | ||
| Cash and cash equivalents | 601,906 | 584,422 |
| Financial liabilities: | ||
| Deposits | 8,731,301 | 8,894,058 |
| Level 2 | Estimated fair value | ||
| Financial assets: | ||
| Securities purchased under agreements to resell | 3,279 | 3,349 |
| Securities held to maturity | 561,668 | 484,288 |
| FHLB stock and other equity securities | 154,050 | |
| FHLB stock | 48,578 | |
| Loans held for sale | 3,717,150 | 3,058,093 |
| Interest receivable | 86,612 | 91,346 |
| Financial liabilities: | ||
| Deposits | 4,171,569 | 5,168,399 |
| Short-term subordinated debt | 71,800 | 64,922 |
| FHLB advances | 3,371,664 | 771,029 |
| Other borrowing | 27,934 | 7,934 |
| Credit linked notes | 96,942 | 119,878 |
| Interest payable | 54,709 | 43,423 |
| Level 3 | Estimated fair value | ||
| Financial assets: | ||
| Securities held to maturity | 1,194,535 | 719,247 |
| FHLB stock and other equity securities | 30,000 | |
| Loans receivable, net | $ 10,249,659 | $ 10,088,468 |
Leases - Other (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases | ||
| Operating lease right-of-use assets | $ 8,280 | $ 10,060 |
| Operating lease liabilities | $ 9,303 | $ 11,251 |
| Maximum | ||
| Leases | ||
| Lease period | 7 years | |
| Minimum | ||
| Leases | ||
| Lease period | 1 month |
Leases - Balance sheet, Income Statement and Cash Flow Detail Regarding Operating Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
|
| Leases. | |||||
| Operating lease right-of-of use asset (in other assets) | $ 8,280 | $ 8,280 | $ 10,060 | ||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets and Receivables | Other Assets and Receivables | Other Assets and Receivables | ||
| Operating lease liability (in other liabilities) | $ 9,303 | $ 9,303 | $ 11,251 | ||
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | Other Liabilities | ||
| Weighted average remaining lease term (years) | 4 years 8 months 12 days | 4 years 8 months 12 days | 6 years | ||
| Weighted average discount rate | 3.36% | 3.36% | 2.89% | ||
| Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |||||
| One year or less | $ 2,310 | $ 2,310 | $ 2,441 | ||
| Year two | 2,202 | 2,202 | 2,064 | ||
| Year three | 2,159 | 2,159 | 2,100 | ||
| Year four | 1,620 | 1,620 | 2,046 | ||
| Year five | 1,080 | 1,080 | 1,438 | ||
| Thereafter | 693 | 693 | 2,128 | ||
| Total future minimum lease payments | 10,064 | 10,064 | 12,217 | ||
| Less: imputed interest | 761 | 761 | 966 | ||
| Total | $ 9,303 | $ 9,303 | $ 11,251 | ||
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | Other Liabilities | ||
| Lease, Cost [Abstract] | |||||
| Operating lease cost (in occupancy and equipment expense) | $ 652 | $ 591 | $ 2,021 | $ 1,840 | |
| Operating cash flows from operating leases | $ 1,881 | $ 1,506 | |||
Deposits - Components (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Noninterest-bearing deposits | |||||
| Total noninterest-bearing deposits | $ 311,386 | $ 520,070 | [1] | ||
| Interest-bearing deposits | |||||
| Demand deposits | 5,439,543 | 5,381,067 | |||
| Savings deposits | 2,980,372 | 2,992,921 | |||
| Certificates of deposit | 4,160,586 | 5,167,402 | |||
| Total interest-bearing deposits | 12,580,501 | 13,541,390 | [1] | ||
| Total deposits | $ 12,891,887 | $ 14,061,460 | [1] | ||
| |||||
Deposits - Maturities of deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deposits. | ||
| Due within one year | $ 4,056,971 | |
| Due in one year to two years | 89,742 | |
| Due in two years to three years | 13,873 | |
| Total time deposits | $ 4,160,586 | $ 5,167,402 |
Deposits - Brokered deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deposits. | ||
| Brokered certificates of deposit | $ 2,796,547 | $ 4,465,825 |
| Brokered savings deposits | 1,352 | 589 |
| Brokered deposit on demand accounts | 1,504,230 | |
| Total brokered deposits | $ 2,797,899 | $ 5,970,644 |
Borrowings - Components (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Borrowings | |||||
| Other borrowings | $ 7,934 | $ 7,934 | |||
| Total borrowings | 3,568,721 | 964,127 | [1] | ||
| Short-term subordinated debt | |||||
| Borrowings | |||||
| Total borrowings | 71,800 | 64,922 | |||
| FHLB advances | |||||
| Borrowings | |||||
| Total borrowings | 3,372,044 | 771,392 | |||
| American Financial Exchange borrowing | |||||
| Borrowings | |||||
| Total borrowings | 20,000 | ||||
| Credit linked notes, net of debt discount | |||||
| Borrowings | |||||
| Total borrowings | $ 96,943 | $ 119,879 | |||
| |||||
Borrowings - Other (Details) - FHLB advances - USD ($) $ in Billions |
6 Months Ended | |
|---|---|---|
Aug. 26, 2024 |
Jun. 30, 2024 |
|
| Borrowings | ||
| Outstanding balance | $ 2.0 | |
| Basis spread on variable rate (as a percent) | 0.15% | |
| FHLB advances interest rate | 4.98% | |
| FHLB has a put option to cancel the agreement | 60 days | |
| Number of days prior notice required for cancellation of debt agreement | 1 day |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Net Income | ||||
| Net Income | $ 61,273 | $ 81,504 | $ 224,720 | $ 201,761 |
| Dividends on preferred stock | (7,757) | (8,668) | (24,181) | (26,003) |
| Preferred stock redemption | (1,823) | |||
| Net Income Available to Common Shareholders | $ 53,516 | $ 72,836 | $ 198,716 | $ 175,758 |
| Weighted-Average Shares | ||||
| Weighted average shares - Basic | 45,759,667 | 43,238,724 | 44,549,432 | 43,218,125 |
| Effect of dilutive securities-restricted stock awards | 150,385 | 112,484 | 146,675 | 99,218 |
| Weighted average shares - diluted | 45,910,052 | 43,351,208 | 44,696,107 | 43,317,343 |
| Per Share Amount | ||||
| Basic earnings per share | $ 1.17 | $ 1.68 | $ 4.46 | $ 4.07 |
| Diluted earnings per share | $ 1.17 | $ 1.68 | $ 4.45 | $ 4.06 |
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
|---|---|---|
May 13, 2024 |
Sep. 30, 2024 |
|
| Initial Public Offering of Common Stock | ||
| Proceeds from issuance of common stock, net | $ 97,655 | |
| Public offering | ||
| Initial Public Offering of Common Stock | ||
| Issuance of common stock, net of $5.5 million in offering expenses (in shares) | 2,400,000 | |
| Public offering price (in dollars per share) | $ 43.00 | |
| Gross proceeds from issuance of common stock | $ 103,200 | |
| Offering expenses on issuance of stock | 5,500 | |
| Proceeds from issuance of common stock, net | $ 97,700 |
Preferred Stock (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2024 |
May 13, 2024
USD ($)
shares
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 27, 2022
USD ($)
$ / shares
shares
|
Mar. 23, 2021
USD ($)
$ / shares
shares
|
Aug. 19, 2019
USD ($)
$ / shares
shares
|
Apr. 12, 2019
USD ($)
shares
|
Mar. 28, 2019
USD ($)
$ / shares
shares
|
Dec. 31, 2024 |
Sep. 30, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
|
Apr. 01, 2024
USD ($)
$ / shares
|
|
| Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 2,400,000 | |||||||||||
| Offering costs | $ 5,500,000 | |||||||||||
| 7% Series A Preferred Stock | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Preferred stock, dividend rate (as a percent) | 7.00% | 7.00% | ||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
| 7% Series A Preferred Stock | Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 81,800 | 2,000,000 | ||||||||||
| Preferred stock, dividend rate (as a percent) | 7.00% | |||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 25.00 | $ 25.00 | ||||||||||
| Preferred stock liquidation preference value | $ 52,000,000 | |||||||||||
| Aggregate gross offering proceeds for the shares issued | $ 50,000,000.0 | |||||||||||
| Net proceeds | $ 2,000,000.0 | 48,300,000 | ||||||||||
| Offering costs | $ 1,700,000 | |||||||||||
| Underwriting discounts | $ 41,000 | |||||||||||
| 6% Series B Preferred Stock | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% | ||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
| 6% Series B Preferred Stock | Subsequent Events | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Preferred stock, dividend rate (as a percent) | 9.42% | |||||||||||
| Preferred Stock, variable interest rate | 4.831 | |||||||||||
| Investment, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | |||||||||||
| 6% Series B Preferred Stock | Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 5,000,000 | |||||||||||
| Depositary shares equivalent preferred stock interest per share | 0.025 | |||||||||||
| Preferred stock, dividend rate (as a percent) | 6.00% | |||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000.00 | |||||||||||
| Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares | $ 25.00 | |||||||||||
| Aggregate gross offering proceeds for the shares issued | $ 125,000,000.0 | |||||||||||
| Net proceeds | 120,800,000 | |||||||||||
| Underwriting discounts | $ 4,200,000 | |||||||||||
| 6% Series C Preferred Stock | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% | ||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
| 6% Series C Preferred Stock | Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 6,000,000 | |||||||||||
| Depositary shares equivalent preferred stock interest per share | 0.025 | |||||||||||
| Preferred stock, dividend rate (as a percent) | 6.00% | |||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000.00 | |||||||||||
| Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares | $ 25.00 | |||||||||||
| Aggregate gross offering proceeds for the shares issued | $ 150,000,000.0 | |||||||||||
| Net proceeds | 144,900,000 | |||||||||||
| Underwriting discounts | $ 5,100,000 | |||||||||||
| 8.25% Series D Preferred Stock | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Preferred stock, dividend rate (as a percent) | 8.25% | 8.25% | ||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
| 8.25% Series D Preferred Stock | Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 5,200,000 | |||||||||||
| Depositary shares equivalent preferred stock interest per share | 0.025 | |||||||||||
| Preferred stock, dividend rate (as a percent) | 8.25% | |||||||||||
| Preferred stock liquidation preference (in dollars per share) | $ / shares | $ 1,000.00 | |||||||||||
| Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares | $ 25.00 | |||||||||||
| Aggregate gross offering proceeds for the shares issued | $ 130,000,000.0 | |||||||||||
| Net proceeds | 125,400,000 | |||||||||||
| Underwriting discounts | $ 4,600,000 | |||||||||||
| Series D Preferred Stock | Public offering | ||||||||||||
| Public Offering of Preferred Stock | ||||||||||||
| Issuance of stock (in shares) | shares | 500,000 | |||||||||||
| Net proceeds | $ 12,100,000 | |||||||||||
| Underwriting discounts | $ 400,000 |
Share-Based Payment Plans - Incentive Plan (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|---|
Jan. 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Non executive directors | |||||
| Plan disclosures | |||||
| Value of shares available for issuance for compensation related to annual fees | $ 70,000 | ||||
| Shares issued | 3,010 | 2,912 | 9,023 | 9,457 | |
| 2017 Plan | |||||
| Plan disclosures | |||||
| Shares issued | 3,446 | 0 | 88,658 | 84,335 | |
Share-Based Payment Plans - ESOP (Details) - ESOP - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Employee Stock Ownership Plan | ||||
| Contribution to ESOP | $ 0 | $ 0 | ||
| Expense recognized for the contribution to the plan | $ 270,000 | $ 249,000 | $ 843,000 | $ 768,000 |
| Shares contributed to the plan | 23,414 | 33,293 | ||
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
[1] | |||
| Segment Information | ||||||||
| Interest income | $ 338,928 | $ 296,676 | $ 981,374 | $ 766,039 | ||||
| Interest expense | 206,107 | 179,240 | 593,378 | 442,293 | ||||
| Net Interest Income | 132,821 | 117,436 | 387,996 | 323,746 | ||||
| Provision for credit losses | 6,898 | 4,014 | 21,589 | 33,484 | ||||
| Net Interest Income After Provision for Credit Losses | 125,923 | 113,422 | 366,407 | 290,262 | ||||
| Noninterest income | 16,742 | 36,068 | 88,967 | 80,214 | ||||
| Noninterest expense | 61,318 | 42,930 | 160,610 | 122,022 | ||||
| Income Before Income Taxes | 81,347 | 106,560 | 294,764 | 248,454 | ||||
| Income taxes | 20,074 | 25,056 | 70,044 | 46,693 | ||||
| Net Income | 61,273 | 81,504 | 224,720 | 201,761 | ||||
| Total assets | 18,652,976 | 16,495,236 | 18,652,976 | 16,495,236 | $ 16,952,516 | |||
| Other | ||||||||
| Segment Information | ||||||||
| Interest income | 4,413 | 1,509 | 10,840 | 3,801 | ||||
| Interest expense | (798) | (2,006) | (2,356) | (5,581) | ||||
| Net Interest Income | 5,211 | 3,515 | 13,196 | 9,382 | ||||
| Net Interest Income After Provision for Credit Losses | 5,211 | 3,515 | 13,196 | 9,382 | ||||
| Noninterest income | (3,708) | (2,546) | (10,619) | (7,278) | ||||
| Noninterest expense | 12,016 | 8,802 | 31,051 | 24,641 | ||||
| Income Before Income Taxes | (10,513) | (7,833) | (28,474) | (22,537) | ||||
| Income taxes | (2,795) | (2,281) | (7,294) | (4,840) | ||||
| Net Income | (7,718) | (5,552) | (21,180) | (17,697) | ||||
| Total assets | 321,625 | 209,014 | 321,625 | 209,014 | ||||
| Multi-family Mortgage Banking | Operating Segments | ||||||||
| Segment Information | ||||||||
| Interest income | 1,159 | 1,580 | 4,040 | 3,934 | ||||
| Interest expense | 20 | 19 | 60 | 32 | ||||
| Net Interest Income | 1,139 | 1,561 | 3,980 | 3,902 | ||||
| Provision for credit losses | (741) | (741) | ||||||
| Net Interest Income After Provision for Credit Losses | 1,880 | 1,561 | 4,721 | 3,902 | ||||
| Noninterest income | 35,439 | 37,266 | 107,889 | 84,188 | ||||
| Noninterest expense | 25,747 | 19,169 | 65,969 | 53,762 | ||||
| Income Before Income Taxes | 11,572 | 19,658 | 46,641 | 34,328 | ||||
| Income taxes | 3,504 | 4,973 | 12,927 | 6,435 | ||||
| Net Income | 8,068 | 14,685 | 33,714 | 27,893 | ||||
| Total assets | 453,281 | 392,754 | 453,281 | 392,754 | ||||
| Mortgage Warehousing | Operating Segments | ||||||||
| Segment Information | ||||||||
| Interest income | 103,770 | 85,280 | 289,835 | 191,865 | ||||
| Interest expense | 70,727 | 57,633 | 195,051 | 128,411 | ||||
| Net Interest Income | 33,043 | 27,647 | 94,784 | 63,454 | ||||
| Provision for credit losses | (709) | (495) | 1,226 | 3,189 | ||||
| Net Interest Income After Provision for Credit Losses | 33,752 | 28,142 | 93,558 | 60,265 | ||||
| Noninterest income | (6,073) | 1,884 | (1,010) | 5,789 | ||||
| Noninterest expense | 6,591 | 4,014 | 16,063 | 10,386 | ||||
| Income Before Income Taxes | 21,088 | 26,012 | 76,485 | 55,668 | ||||
| Income taxes | 5,148 | 6,086 | 18,085 | 8,505 | ||||
| Net Income | 15,940 | 19,926 | 58,400 | 47,163 | ||||
| Total assets | 5,842,489 | 4,757,817 | 5,842,489 | 4,757,817 | ||||
| Banking | Operating Segments | ||||||||
| Segment Information | ||||||||
| Interest income | 229,586 | 208,307 | 676,659 | 566,439 | ||||
| Interest expense | 136,158 | 123,594 | 400,623 | 319,431 | ||||
| Net Interest Income | 93,428 | 84,713 | 276,036 | 247,008 | ||||
| Provision for credit losses | 8,348 | 4,509 | 21,104 | 30,295 | ||||
| Net Interest Income After Provision for Credit Losses | 85,080 | 80,204 | 254,932 | 216,713 | ||||
| Noninterest income | (8,916) | (536) | (7,293) | (2,485) | ||||
| Noninterest expense | 16,964 | 10,945 | 47,527 | 33,233 | ||||
| Income Before Income Taxes | 59,200 | 68,723 | 200,112 | 180,995 | ||||
| Income taxes | 14,217 | 16,278 | 46,326 | 36,593 | ||||
| Net Income | 44,983 | 52,445 | 153,786 | 144,402 | ||||
| Total assets | $ 12,035,581 | $ 11,135,651 | $ 12,035,581 | $ 11,135,651 | ||||
| ||||||||