CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Securities available-for-sale, amortized cost | $ 1,573,276 | $ 1,516,801 |
| Securities held-to-maturity, fair value | $ 601 | $ 1,149 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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| Statement of Other Comprehensive Income [Abstract] | ||||
| Net income | $ 29,671 | $ 26,107 | $ 60,111 | $ 50,052 |
| Securities available-for-sale | ||||
| Unrealized holding gains (losses) arising during the period | (3,169) | (13,822) | (12,128) | 777 |
| Tax effect | 846 | 3,693 | 3,235 | (207) |
| Net of tax | (2,323) | (10,129) | (8,893) | 570 |
| Cash flow hedges | ||||
| Unrealized holding gains arising during the period | 1,670 | 8,515 | 6,201 | 8,709 |
| Reclassification adjustments for net gains included in net income | (4,719) | (3,863) | (9,555) | (5,819) |
| Tax effect | 813 | (1,243) | 895 | (772) |
| Net of tax | (2,236) | 3,409 | (2,459) | 2,118 |
| Total other comprehensive income (loss) | (4,559) | (6,720) | (11,352) | 2,688 |
| Comprehensive income | $ 25,112 | $ 19,387 | $ 48,759 | $ 52,740 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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| Statement of Stockholders' Equity [Abstract] | ||||
| Dividends per share | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 |
Basis of Presentation |
6 Months Ended |
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Jun. 30, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Note 1—Basis of Presentation These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to June 30, 2024 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023. The Company has one reportable segment. The Company’s chief operating decision makers evaluate the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are currently not required. |
Accounting Pronouncements Recently Adopted or Issued |
6 Months Ended |
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Jun. 30, 2024 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Accounting Pronouncements Recently Adopted or Issued | Note 2—Accounting Pronouncements Recently Adopted or Issued The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. Adopted Accounting Pronouncements Fair Value Measurement (Topic 820) - In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company evaluated the accounting and disclosure requirements of this update and they did not have a material effect on the consolidated financial statements. Issued Accounting Pronouncements Pending Adoption Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the internal control and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures (Topic 740) – In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition of a Business |
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of a Business | Note 3—Acquisition of a Business On July 1, 2023, the Company acquired all of the outstanding common stock of Inland Bancorp, Inc. ("Inland") and its subsidiaries pursuant to an Agreement and Plan of Merger, dated as of November 30, 2022 (the "Merger Agreement"). Inland was merged with and into Byline. As a result of the merger, Inland’s wholly owned subsidiary bank, Inland Bank and Trust, was merged with and into Byline Bank, with Byline Bank as the surviving bank. The acquisition improves the Company’s footprint in the Chicagoland market, diversifies its commercial banking business, and strengthens the core deposit base. In a related but separate transaction, on March 31, 2023, Byline entered into a side letter agreement with the majority shareholder of Inland in which Byline agreed to purchase 2,408,992 shares of Inland common stock. The purchase price was calculated based on the terms of the Merger Agreement. The transaction was completed on June 30, 2023, which resulted in the payment of cash in the amount of $9.9 million. At the effective time of the merger (the "Effective Time"), each share of Inland’s common stock was converted into the right to receive: (1) 0.19 shares of Byline’s common stock, par value $0.01 per share, and (2) a cash payment in the amount of $0.68 per share, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $21.2 million divided by the outstanding shares of Inland common stock. Based on the closing price of shares of the Company’s common stock of $18.09, as reported by the New York Stock Exchange, and 5,932,323 shares of common stock issued with respect to the outstanding shares of Inland common stock, the stock consideration was valued at $107.3 million. Options to acquire 288,200 shares of Inland common stock that were outstanding at the Effective Time were canceled, at the option holders' election, in exchange for a cash payment in accordance with the Merger Agreement of $424,000, to be paid after the closing date. In addition, the 2,408,992 shares of Inland common stock purchased on June 30, 2023 were canceled as of the effective time of the transaction. The value of the total merger consideration at closing was $138.9 million. Stock issuance costs were $299,000. The transaction resulted in goodwill of $33.4 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. Merger-related expenses, including acquisition advisory expenses of $653,000, core system conversion expenses of $640,000, salaries and employee benefits of $17,000, and other non-interest expenses of $81,000 related to the Inland acquisition are reflected in non-interest expense on the Consolidated Statements of Operations for the three months ended June 30, 2023. Merger-related expenses for the six months ended June 30, 2023, including acquisition advisory expenses of $909,000, core system conversion expenses of $839,000, salaries and employee benefits of $36,000, and other non-interest expenses of $96,000 related to the Inland acquisition are reflected in non-interest expense on the Consolidated Statements of Operations for the six months ended June 30, 2023. There were no merger related expenses in the three and six months ended June 30, 2024. The acquisition of Inland was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed, and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair value adjustments associated with this transaction were finalized during the second quarter of 2024. The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date:
The following table presents the fair value and gross contractual amounts receivable of acquired non-credit-deteriorated loans from the Inland acquisition, and their respective expected contractual cash flows as of the acquisition date:
(1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The following table provides the unaudited pro forma information for the results of operations for the three and six months ended June 30, 2023, as if the acquisition had occurred on January 1, 2023. The pro forma results combine the historical results of Inland into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, fixed assets amortization, and borrowing discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2023. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Recognized acquisition-related expenses and other adjustments related to the timing of expenses, are included in net income in the following table:
Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as Inland was merged into the Company and separate financial information is not readily available. |
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Securities |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities | Note 4—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses:
The Company did not classify securities as trading during the six months ended June 30, 2024 or during 2023. Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023, are summarized as follows:
Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. The Company evaluated the securities which had unrealized losses for potential credit losses and determined there were none. There were 338 securities available-for-sale with unrealized losses at June 30, 2024. There was one security held-to-maturity with unrealized losses at June 30, 2024. There was no allowance for credit losses for held-to-maturity debt securities at June 30, 2024 or December 31, 2023. The evaluation for potential credit losses is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing payment performance of the securities. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security types. The Company’s held-to-maturity portfolio contains municipal bonds that are typically rated by major rating agencies as ‘Aa’ or better. The Company uses industry historical credit loss information adjusted for current conditions to establish an allowance for credit losses. Accrued interest receivable on securities available-for-sale and held-to-maturity totaled $4.9 million and $4.5 million at June 30, 2024 and December 31, 2023, respectively, and are excluded from the estimate of credit losses. The Company anticipates full recovery of amortized cost with respect to these securities by maturity. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. There were no proceeds from sales of securities available-for-sale, nor associated gains and losses on sales and calls of securities, for the three and six months ended June 30, 2024 and 2023, respectively. Securities posted and pledged as collateral were $727.6 million and $464.5 million at June 30, 2024 and December 31, 2023. At June 30, 2024 and December 31, 2023, of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $471.1 million and $390.3 million, respectively, and for customer repurchase agreements of $37.6 million and $47.8 million, respectively. At June 30, 2024, there were $192.0 million of securities pledged to the Federal Reserve Bank ("FRB"). At December 31, 2023, no securities were pledged to the FRB. At June 30, 2024 and December 31, 2023, there were no securities pledged for advances from the Federal Home Loan Bank. Other securities were pledged for letters of credit and for purposes required or permitted by law. At June 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At June 30, 2024, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers 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.
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Loan and Lease Receivables and Allowance for Credit Losses |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan and Lease Receivables and Allowance for Credit Losses | Note 5—Loan and Lease Receivables and Allowance for Credit Losses Loan and Lease Receivables Outstanding loan and lease receivables as of the dates shown were categorized as follows:
Total loans and leases consist of originated loans and leases, purchased credit deteriorated ("PCD") and acquired non-credit-deteriorated loans and leases. At June 30, 2024 and December 31, 2023, total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $94.9 million and $93.3 million, respectively. At June 30, 2024 and December 31, 2023, the discount on the unguaranteed portion of U.S. government guaranteed loans was $25.3 million and $26.2 million, respectively, which are included in total loans and leases. At June 30, 2024 and December 31, 2023, installment and other loans included overdraft deposits of $693,000 and $754,000, respectively, which were reclassified as loans. At June 30, 2024 and December 31, 2023, loans and leases and loans held for sale pledged as security for borrowings were $2.0 billion and $2.2 billion, respectively. Accrued interest on loans and leases was $38.9 million for each of the quarters ended June 30, 2024 and December 31, 2023, respectively, and is included in the accrued interest receivable and other assets line item on the Condensed Consolidated Statement of Financial Condition. The minimum annual lease payments for lease financing receivables as of June 30, 2024 are summarized as follows:
Originated loans and leases represent originations excluding loans initially acquired in a business combination. However, once an acquired loan reaches its maturity date, and is re-underwritten and renewed, it is internally classified as an originated loan. PCD loans are those acquired from a business combination with evidence of credit quality deterioration and are accounted for under ASC Topic 326. Acquired non-credit-deteriorated loans and leases represent loans and leases acquired with an outstanding balance from a business combination without more than insignificant evidence of credit quality deterioration and are accounted for under ASC Topic 310-20. The following tables summarize the balances for each respective loan and lease category as of June 30, 2024 and December 31, 2023:
PCD loans—The unpaid principal balance and carrying amount of PCD loans excluding an allowance for credit losses - loans and leases of $8.0 million and $10.0 million at June 30, 2024 and December 31, 2023, respectively, were as follows:
The following table is a reconciliation of acquired Inland PCD loans between their purchase price and their par value at the time of the acquisition. Refer to Note 3—Acquisition of a Business for further information.
Acquired non-credit-deteriorated loans and leases—The unpaid principal balance and carrying value for acquired non-credit deteriorated loans and leases, excluding an allowance for credit losses of $3.9 million and $4.7 million at June 30, 2024 and December 31, 2023, respectively, were as follows:
The Company hedges interest rates on certain loans using interest rate swaps through which the Company pays variable amounts and receives fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion. Allowance for Credit Losses Loans and leases considered for inclusion in the allowance for credit losses include acquired non-credit-deteriorated loans and leases, purchased credit deteriorated loans, and originated loans and leases. The Bank’s credit risk rating methodology assigns risk ratings from 1 to 10, where a higher rating represents higher risk. Risk ratings for all loans of $1.0 million or more are reviewed annually. The risk rating categories are described by the following groupings: Pass—1‑4, risk levels of borrowers and guarantors that offer a minimal to an acceptable level of risk. Watch—5, credit exposure that presents higher than average risk and warrants greater than routine attention. Special Mention—6, potential weaknesses that if left uncorrected may result in deterioration of the repayment prospects. Substandard Accrual—7, weaknesses in cash flow and collateral coverage resulting in a distinct possibility of losses if not corrected. Used in limited cases, where the borrower is current on payments and an agreed plan for credit remediation. Substandard Non‑Accrual—8, well‑defined weakness or weaknesses in cash flow and collateral coverage resulting in the distinct possibility of losses if not corrected. Doubtful—9, weaknesses inherent in 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. Loss—10, is considered uncollectible and of such little value that its continuance as a realizable asset is not warranted. Revolving loans that are converted to term loans are treated as new originations and are presented by year of origination. Generally, existing term loans that are re-underwritten are reflected in the table in the year of renewal. The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation, as of June 30, 2024 and December 31, 2023:
At June 30, 2024 and at December 31, 2023 there were no loans or leases which were risk rated Doubtful or Loss. As of June 30, 2024 and December 31, 2023, respectively, there were $58.8 million and $52.2 million of term loans that had been converted from revolving loans.
The following tables summarize contractual delinquency information of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation at June 30, 2024 and December 31, 2023:
Total non-accrual loans without an allowance included $10.1 million of commercial real estate loans, $790,000 of residential real estate, and $4.3 million of commercial and industrial loans as of June 30, 2024. The Company recognized $1.1 million and $1.3 million of interest income on non-accrual loans and leases for the three and six months ended June 30, 2024, respectively.
Total non-accrual loans without an allowance included $1.6 million of commercial real estate loans, $3.6 million of residential real estate loans, and $2.3 million of commercial and industrial loans, as of December 31, 2023. The Company recognized $1.0 million and $2.0 million of interest income on non-accrual loans and leases for the three and six months ended June 30, 2023, respectively. The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases by loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three and six months ended June 30, 2024 are as follows:
The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases by loans and leases individually and collectively evaluated for impairment, loans acquired with deteriorated credit quality, and corresponding loan and lease balances by type for the three and six months ended June 30, 2023:
The Company decreased the allowance for credit losses - loans and leases by $2.6 million and $2.0 million for the three and six months ended June 30, 2024, respectively. The Company increased the allowance for credit losses - loans and leases by $2.2 million and $10.7 million for the three and six months ended June 30, 2023, respectively. For loans individually evaluated for impairment, the Company increased allowance for credit losses - loans and leases by $1.9 million and recaptured $3.7 million for the three and six months ended June 30, 2024, and increased the allowance for credit losses for loans individually evaluated by $3.9 million and $10.6 million for the three and six months ended June 30, 2023. For loans and leases collectively evaluated for impairment, the Company recaptured $4.5 million and increased the allowance by $1.7 million for the three and six months ended June 30, 2024. For loans and leases collectively evaluated for impairment, the Company recaptured $1.7 million and increased the allowance by $124,000 for three and six months ended June 30, 2023, respectively. The decrease in allowance for credit losses - loans and leases was mainly due to charge-offs of individually assessed loans previously reserved for and improvement in macro-economic factors impacting the collectively assessed portfolio. There were no borrowers receiving loan modifications during the three months ended March 31, 2024. The following table presents loans with modified terms for the three and six months ended June 30, 2024:
The financial effect of the loan modifications presented above reflects a three-month weighted average extension of maturity date. The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2023, by type of modification:
Loans reflected as having a payment delay included a general adjustment in loan terms similar to those of pass-rated credits. Loans having term modifications included extension of term as a result of a new borrower structure and other miscellaneous term adjustments. Loans having a combination of term modification and interest rate reduction reflect a longer amortization period and a reduced weighted average contractual rate from 8.85% to 7.01%. As of June 30, 2024, the amortized cost of commercial real estate loans that had a payment default and were modified in the twelve months prior to default was $2.8 million, which represented 0.14% of outstanding commercial estate loans. As of December 31, 2023, the amortized cost of commercial and industrial loans that had a payment default and were modified in the twelve months prior to default was $406,000, which represented 0.02% of outstanding commercial and industrial loans. Modified loans are either collectively assessed based on portfolio risk segment and risk rating or individually assessed for loans exceeding $500,000. Upon the Company’s determination that a modified loan has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses as of June 30, 2024 and December 31, 2023:
The following table presents the change in the balance of the allowance for credit losses - unfunded commitments as of June 30, 2024 and 2023:
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Servicing Assets |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Servicing Assets | Note 6—Servicing Assets Activity for servicing assets and the related changes in fair value for the three and six months ended June 30, 2024 and 2023 was as follows:
Loans serviced for others are not included in the Condensed Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of June 30, 2024 and December 31, 2023 were as follows:
Loan servicing revenue totaled $3.2 million and $3.4 million for the three months ended June 30, 2024 and 2023, respectively. Loan servicing revenue totaled $6.6 million and $6.8 million for the six months ended June 30, 2024 and 2023, respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in a downward valuation adjustment of $2.5 million and $865,000 for the three months ended June 30, 2024 and 2023, respectively. Loan servicing asset revaluation resulted in a downward valuation adjustment of $3.2 million and $209,000 for the six months ended June 30, 2024 and 2023, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in secondary market premiums and prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 15—Fair Value Measurement for further details. |
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Other Real Estate Owned |
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| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Real Estate Owned | Note 7—Other Real Estate Owned Other real estate owned ("OREO") is included in accrued interest receivable and other assets in the Company's Condensed Consolidated Statements of Financial Condition. The following table presents the change in OREO for the three and six months ended June 30, 2024 and 2023:
At June 30, 2024, and December 31, 2023, the balance of real estate owned did not include any foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At June 30, 2024, and December 31, 2023, there was $818,000 and $27,000 of consumer mortgage loans secured by residential real estate properties in foreclosure, respectively. There were no internally financed sales of OREO for the three or six months ended June 30, 2024 or 2023. |
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 8—Leases The Company enters into leases in the normal course of business primarily for its banking facilities and branches. The Company’s operating leases have varying maturity dates through year end 2036, some of which include renewal or termination options to extend the lease. In addition, the Company leases or subleases real estate to third parties. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. In addition, the Company has elected to account for any non-lease components in its real estate leases as part of the associated lease component. The Company has also elected not to recognize leases with original lease terms of 12 months or less ("short-term leases") on the Company’s Condensed Consolidated Statements of Financial Condition. Leases are classified at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of the periods indicated:
The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company’s incremental borrowing rate is based on the Federal Home Loan Bank regular advance rate, adjusted for the lease term and other factors. At June 30, 2024, the weighted average discount rate of operating leases was 2.98% and the weighted average remaining life of operating leases was 5.2 years, compared to 2.90% and 6.1 years as of December 31, 2023. The following table presents components of total lease costs included as a component of occupancy expense on the Condensed Consolidated Statements of Operations for the following periods:
Operating cash flows paid for operating lease amounts included in the measure of lease liabilities were $1.2 million and $821,000 for the three months ended June 30, 2024 and 2023, respectively. Operating cash flows paid for operating lease amounts included in the measure of lease liabilities were $2.1 million and $1.7 million for the six months ended June 30, 2024 and 2023, respectively. The Company recorded $693,000 and $619,000 of right-of-use lease assets in exchange for operating lease liabilities for the three months ended June 30, 2024 and 2023, respectively. The Company recorded $1.1 million and $932,000 of right-of-use lease assets in exchange for operating lease liabilities for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the Company recorded $194,000 of impairment related to two branch facilities that were closed in the of the second quarter of 2024. Impairments were recognized on operating lease right-of-use assets and are reflected in other non-interest expense. The future minimum lease payments for operating leases, subsequent to June 30, 2024, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows:
The total amount of minimum rentals to be received in the future on these subleases is approximately $1.1 million, and the leases have contractual lives extending through 2028. In addition to the above required lease payments, the Company has contractual obligations related primarily to information technology contracts and other maintenance contracts. |
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Goodwill, Core Deposit Intangible and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 9—Goodwill, Core Deposit Intangible and Other Intangible Assets The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three and six months ended June 30, 2024 and 2023:
The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at June 30, 2024:
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Income Taxes |
6 Months Ended |
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Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 10—Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rate for the six months ended June 30, 2024 and 2023 was 25.5% and 25.9%, respectively. The Company recorded discrete income tax benefit of $564,000 and $140,000 related to the exercise of stock options and vesting of restricted shares for the six months ended June 30, 2024 and 2023, respectively. Net deferred tax assets decreased to $48.9 million at June 30, 2024 compared to $50.1 million at December 31, 2023. The net decrease in the total net deferred tax assets was a result of a decreases in the allowance for credit losses - loans and leases, and loan basis and net operating losses, partially offset by an increase in unrealized losses on available-for-sale securities. During the second quarter 2024, Illinois House Bill 4951 was enacted, which amends numerous Illinois tax law provisions, including a temporary limitation on Net Loss Deduction ("NLD") usage. For tax years 2024, 2025, and 2026, C Corporations are limited to applying a maximum of $500,000 of NLD to taxable income. |
Deposits |
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| Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | Note 11—Deposits The composition of deposits was as follows as of June 30, 2024 and December 31, 2023:
There were $403.1 million and $480.0 million of brokered deposits included in time deposits below $250,000 at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the scheduled maturities of time deposits were:
The Company hedges interest rates on certain money market accounts using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion. |
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Other Borrowings |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Borrowings | Note 12—Other Borrowings The following is a summary of the Company’s other borrowings as of the dates presented:
Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of June 30, 2024 and December 31, 2023, there were no outstanding advances under the Federal Reserve Bank discount window line. We pledge loans and leases as collateral for the FRB discount window borrowing. Refer to Note 5—Loan and Lease Receivables and Allowance for Credit Losses for additional discussion. On January 17, 2024, we entered into a Letter Agreement with the Federal Reserve Bank of Chicago ("FRB") that allows the Bank to access the Bank Term Funding Program ("BTFP"). On January 22, 2024, we opened an advance of $200.0 million from the FRB as part of the BTFP. Under the terms of the BTFP, the Bank pledges securities to the FBR as collateral for available advances. The advance carries a fixed interest rate of 4.91%, and matures on January 22, 2025. Advances under the BTFP are prepayable at any time without a prepayment penalty. At June 30, 2024, one variable-rate Federal Home Loan Bank (“FHLB”) advance totaled $250.0 million, with an interest rate of 5.50% that may reset daily and maturity in September 2024. Total fixed-rate advances were $420.0 million at June 30, 2024, with interest rates between 5.42% and 5.44% and maturities in July 2024. Advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Bank’s maximum borrowing capacity is limited to 35% of total assets. Required investment in FHLB stock is $4.50 for every $100 in advances thereafter. Securities sold under agreements to repurchase represent a demand deposit product offered to customers that sweep balances in excess of the Federal Deposit Insurance Corporation ("FDIC") insurance limit into overnight repurchase agreements. The Company pledges securities as collateral for the repurchase agreements. Refer to Note 4—Securities for additional discussion. On October 13, 2016, we entered into a $30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $15.0 million. The amended revolving line of credit bears interest at either the Secured Overnight Financing Rate ("SOFR") plus 205 basis points or Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. On May 24, 2024, we entered into the First Amendment to the Second Amended and restated Term Loan and Revolving Credit Agreement (the "Amendment") with the lender, which is effective May 26, 2024, and provides for: (1) the renewal of the revolving line-of-credit facility of up to $15.0 million, and (2) extending its maturity date to May 25, 2025, subject to the existing Negative Pledge Agreement dated October 11, 2018, as amended. At June 30, 2024, the variable term loan had an interest rate of 7.63% and an outstanding balance of $15.0 million. At December 31, 2023, the variable term loan had an interest rate of 7.64% and an outstanding balance of $18.3 million. At June 30, 2024, the line of credit had a no outstanding balance. At December 31, 2023, the line of credit had a $11.3 million outstanding balance and an interest rate of 7.39%. The following table presents short-term credit lines available for use as of the dates presented:
The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion. |
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Subordinated Notes and Junior Subordinated Debentures |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated Notes and Junior Subordinated Debentures | Note 13—Subordinated Notes and Junior Subordinated Debentures In 2020, the Company issued $75.0 million in fixed-to-floating subordinated notes that mature on July 1, 2030. The subordinated notes bear a fixed interest rate of 6.00% until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be the three-month SOFR, plus 588 basis points thereafter until maturity. The transaction resulted in debt issuance costs of approximately $1.7 million that is being amortized over 10 years. As of June 30, 2024, the net liability outstanding of the subordinated notes was $74.0 million. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. At June 30, 2024 and December 31, 2023, the Company’s junior subordinated debentures by issuance were as follows:
(1) SOFR is three-month SOFR and the spread adjustment is 0.26161% In 2004, the Company’s predecessor, Metropolitan Bank Group, Inc., issued $35.0 million floating rate junior subordinated debentures to Metropolitan Statutory Trust I, which was formed for the issuance of trust preferred securities. Beginning on September 14, 2023, the interest rate reset to the three-month SOFR plus a tenor spread adjustment of 0.26161% plus 2.79% (8.39% and 8.43% at June 30, 2024 and December 31, 2023, respectively). Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2009. As part of the First Evanston acquisition, the Company assumed the obligations to First Evanston Bancorp Trust I of $10.0 million in principal amount, which was formed for the issuance of trust preferred securities. Beginning on September 15, 2023, the interest rate reset to the three-month SOFR plus a tenor spread adjustment of 0.26161% plus 1.78% (7.38% and 7.43% at June 30, 2024 and December 31, 2023, respectively), which is in effect until the debentures mature in 2035. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2010. The Company has the option to defer interest payments on the debentures from time to time for a period not to exceed five consecutive years. As part of the Inland acquisition, the Company assumed the obligations to several trust preferred securities. Refer to Note 3—Acquisition of a Business for further details. Interest rates are calculated as the three-month SOFR plus a tenor spread adjustment of 0.26161% plus negotiated additional basis points. Refer to table above for contractual rates and interest rate spread calculation. Interest is paid on a quarterly basis. The Trusts are not consolidated with the Company. Accordingly, the Company reports the subordinated debentures held by the Trusts as liabilities. The Company owns all of the common securities of each trust. The junior subordinated debentures qualify, and are treated as, Tier 1 regulatory capital of the Company subject to regulatory limitations. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment. |
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Commitments and Contingent Liabilities |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | Note 14—Commitments and Contingent Liabilities Legal contingencies—In the ordinary course of business, the Company and Bank have various outstanding commitments and contingent liabilities that are not recognized in the accompanying consolidated financial statements. In addition, the Company may be a defendant in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is currently not expected to have a material adverse effect on the Company’s Consolidated Financial Statements. Operating lease commitments—Refer to Note 8—Leases for discussion of operating lease commitments. Commitments to extend credit—The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Condensed Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for funded instruments. The Company does not anticipate any material losses as a result of the commitments and letters of credit. The following table summarizes the contract or notional amount of outstanding loan and lease commitments at June 30, 2024 and December 31, 2023:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral is primarily obtained in the form of commercial and residential real estate (including income producing commercial properties). Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 1.00% to 15.00% and maturities up to 2052. Variable rate loan commitments have interest rates ranging from 4.00% to 18.50% and maturities up to 2053. |
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Fair Value Measurement |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | Note 15—Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In addition, the Company has the ability to obtain fair values for markets that are not accessible. These types of inputs create the following fair value hierarchy: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available. The Company’s own data used to develop unobservable inputs may be adjusted for market considerations when reasonably available. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to assets and liabilities. The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a recurring basis: Securities available-for-sale—The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. The Company’s methodology for pricing non-rated bonds focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Company references a publicly issued bond by the same issuer if available as well as other additional key metrics to support the credit worthiness. Typically, pricing for these types of bonds would require a higher yield than a similar rated bond from the same issuer. A reduction in price is applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one notch lower (i.e. a “AA” rating for a comparable bond would be reduced to “AA-” for the Company’s valuation). In 2024 and 2023, all of the ratings derived by the Company were “BBB-” or better with and without comparable bond proxies. All of the ratings of non-Agency backed bonds derived by the Company were investment grade. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined, the Company obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Equity and other securities—The Company utilizes the same fair value measurement methodology for equity and other securities as detailed in the securities available-sale portfolio above. Servicing assets—Fair value is based on a loan-by-loan basis taking into consideration the original term to maturity, the current age of the loan and the remaining term to maturity. The valuation methodology utilized for the servicing assets begins with generating estimated future cash flows for each servicing asset, based on their unique characteristics and market-based assumptions for prepayment speeds and costs to service. The present value of the future cash flows are then calculated utilizing market-based discount rate assumptions. Derivative instruments—Interest rate derivatives are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. Derivative financial instruments are included in accrued interest receivable and other assets, and accrued interest payable and other liabilities in the Condensed Consolidated Statements of Financial Condition. The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023:
The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3):
The Company did not have any transfers to or from Level 3 of the fair value hierarchy during the six months ended June 30, 2024 and 2023.
The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of June 30, 2024:
The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a non-recurring basis: Individually Evaluated Loans—The Company individually evaluates loans that do not share similar risk characteristics, including non-accrual loans. Specific allowance for credit losses is measured based on a discounted cash flow of ongoing operations, discounted at the loan's original effective interest rate, or a calculation of the fair value of the underlying collateral less estimated selling costs. Valuations of individually assessed loans that are collateral dependent are supported by third party appraisals in accordance with the Bank's credit policy. Accordingly, individually evaluated loans are classified as Level 3. Assets held for sale—Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based on the lower of carrying value or its fair value, less estimated costs to sell. The Company records assets held for sale on the Condensed Consolidated Statements of Financial Condition within accrued interest receivable and other assets. Other real estate owned—Certain assets held within other real estate owned represent real estate or other collateral that has been adjusted to its estimated fair value, less cost to sell, as a result of transferring from the loan portfolio at the time of foreclosure or repossession and based on management’s periodic impairment evaluation. From time to time, non-recurring fair value adjustments to other real estate owned are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Adjustments to fair value based on such non-recurring transactions generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, as of June 30, 2024 and December 31, 2023:
The following methods and assumptions were used by the Company in estimating fair values of other assets and liabilities for disclosure purposes: Cash and cash equivalents and interest bearing deposits with other banks—For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities held-to-maturity—The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. Restricted stock—The fair value has been determined to approximate cost. Loans held for sale—The fair value of loans held for sale are based on quoted market prices, where available, and determined by discounted estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Loan and lease receivables, net—For certain variable rate loans that reprice frequently and with no significant changes in credit risk, fair value is estimated at carrying value. The fair value of other types of loans is estimated using an exit price notion. It is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits—The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows, using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank advances—The fair value of FHLB advances is estimated by discounting the agreements based on maturities using rates currently offered for FHLB advances of similar remaining maturities adjusted for prepayment penalties that would be incurred if the borrowings were paid off on the measurement date. Securities sold under agreements to repurchase—The carrying amount approximates fair value due to maturities of less than ninety days. Term Loan—The carrying amount approximates fair value given the variable interest rate and repricing of interest. Bank Term Funding Program—The carrying amount approximates fair value given the short-term nature of the instrument. Line of credit—The carrying amount approximates fair value given the variable interest rate and repricing of interest. Subordinated notes—The fair value is based on available market prices. Junior subordinated debentures—The fair value of junior subordinated debentures, in the form of trust preferred securities, is determined using rates currently available to the Company for debt with similar terms and remaining maturities. Accrued interest receivable and payable—The carrying amount approximates fair value. Commitments to extend credit and letters of credit—The fair values of these off-balance sheet commitments to extend credit and commercial and letters of credit are not considered practicable to estimate because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows:
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedge Activities | Note 16—Derivative Instruments and Hedge Activities As required by ASC 815, the Company records all derivatives on the Condensed Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company records derivative assets and derivative liabilities on the Condensed Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023:
As of the effective time of the transaction reported in Note 3—Acquisition of a Business, Byline acquired and assumed two types of derivative instruments. Interest rate swap agreements previously designated as cash flow hedges of certain junior subordinated debentures issued to capital trusts had notional amounts of $42.0 million and had a fair value of $3.5 million included in accrued interest receivable and other assets. In July 2023, the Company terminated the interest rate swap agreements that resulted in a net gain of $6,000. Other interest rate swap agreements not designated as hedging instruments had notional amounts of $67.7 million and fair values of $6.2 million reported in accrued interest receivable and other assets and accrued interest payable and other liabilities. Interest rate swaps designated as cash flow hedges—Cash flow hedges of interest payments associated with certain financial instruments had notional amounts totaling $650.0 million as of June 30, 2024 and December 31, 2023, respectively. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value of the derivatives hedging instrument with the fair value of the designated hedged transactions. As of June 30, 2024, the cash flow hedges aggregating $650.0 million in notional amounts are comprised of $450.0 million pay-fixed interest rate swaps associated with certain deposits and other borrowings, and $200.0 million receive-fixed interest rate swaps associated with certain variable rate loans. As of June 30, 2024, pay-fixed interest rate swaps are comprised of six effective hedges. Receive-fixed interest rate swaps totaling $200.0 million are comprised of three effective hedges totaling $150.0 million, and one $50.0 million forward-starting swaps that is effective in August of 2024. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivatives is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income or expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income or expense as interest payments are made on the hedged instruments. Interest recorded on these swap transactions included $4.7 million and $3.9 million of interest income recorded during the three months ended June 30, 2024, and 2023, respectively, and is reported as a component of interest expense on deposits and other borrowings. Interest recorded on these swap transactions included $9.6 million and $5.8 million of interest income recorded during the six months ended June 30, 2024, and 2023, respectively, and is reported as a component of interest expense on deposits and other borrowings. As of June 30, 2024, the Company estimates $16.4 million of the net unrealized gain to be reclassified as a net decrease to interest expense during the next twelve months. Accumulated other comprehensive income (loss) also includes the amortization of the remaining balance related to terminated interest rate swaps designated as cash flow hedges, which are over the original life of the cash flow hedge. In March 2023, the Company terminated interest rate swaps designated as cash flow hedges totaling $100.0 million, of which $50.0 million became effective in May 2023 and $50.0 million became effective in June 2023. The transaction resulted in a gain of $4.2 million, net of tax, which was the clean value at termination date and began amortizing as a decrease to interest expense on the effective dates. The remaining unamortized balance was $3.3 million and $3.7 million as of June 30, 2024 and December 31, 2023, respectively. The following table reflects the cash flow hedges as of June 30, 2024:
Receive rates are determined at the time the swaps become effective. As of June 30, 2024, the weighted average pay rates of the six effective pay-fixed hedges for $450.0 million were 1.04% and the weighted average receive rates were 5.33%. As of June 30, 2024, the weighted average pay rates of the receive-fixed interest rate swaps of $150.0 million were 8.50% and the weighted average receive rates were 7.31%. The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended:
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Other interest rate derivatives—The total combined notional amount was $734.4 million as of June 30, 2024 with maturities ranging from August 2024 to March 2033. The fair values of the interest rate derivative agreements are reflected in other assets and other liabilities with corresponding gains or losses reflected in non-interest income. During the three months ended June 30, 2024, there were $110,000 of net transaction fees, included in other non-interest income, related to these derivative instruments. There were no transaction fees during the three months ended June 30, 2023. During the six months ended June 30, 2024 and 2023, there were $114,000 and $472,000 of net transaction fees, included in other non-interest income, related to these derivative instruments. These instruments are inherently subject to market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process. The credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s loan underwriting process. The Company’s loan underwriting process also approves the Bank’s swap counterparty used to mirror the borrowers’ swap. The Company has a bilateral agreement with each swap counterparty that provides that fluctuations in derivative values are to be fully collateralized with either cash or securities. The following table reflects other interest rate derivatives as of June 30, 2024:
Other derivatives—The Company has entered into risk participation agreements with counterparty banks to assume a portion of the credit risk related to borrower transactions. As of June 30, 2024 and December 31, 2023, for each period, the notional amount of risk participated in was $1.2 million and the notional amount of risk participated out was $2.6 million and $2.4 million, respectively. The credit risk related to these other derivatives is managed through the Company’s loan underwriting process. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain customer foreign currency transactions. These transactions were not material to the consolidated financial statements as of June 30, 2024 and December 31, 2023. The fair values of the credit derivatives is reflected in accrued interest receivable and other assets and accrued interest payable and other liabilities with corresponding gains or losses reflected in non-interest income or other comprehensive income. The Company has agreements with its derivative counterparties that contain a cross-default provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations resulted in a net asset position. The following table reflects amounts included in non-interest income in the Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the six months ended June 30, 2024 and 2023:
The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Condensed Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the periods indicated:
As of June 30, 2024, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $22.8 million. If the Company had breached any of these provisions at June 30, 2024, it could have been required to settle its obligations under the agreements at their termination value less offsetting positions of $971,000. For purposes of this disclosure, the amount of posted collateral by the Company and counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
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Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 17 – Share-Based Compensation In June 2017, the Company's Board of Directors adopted, and the Company's stockholder approved, the 2017 Omnibus Incentive Compensation Plan (the “Omnibus Plan”). The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and other equity-based, equity-related or cash-based awards. A total of 2,600,000 shares of our common stock have been reserved for issuance under the Omnibus Plan. As of June 30, 2024, there were 806,210 shares available for future grants under the Omnibus Plan. The Company primarily grants time-based restricted share awards that vest over a to four year period, subject to continued employment. The Company also grants performance-based restricted share awards. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally over a three-year period and measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years. Any earned shares will vest on the third anniversary of the grant date. During 2024, the Company granted 376,799 shares of restricted common stock, par value $0.01 per share. Of this total, 294,819 restricted shares will vest ratably over three years on each anniversary of the grant date, 12,861 restricted shares will cliff vest on the third anniversary of the grant date, and 3,083 restricted shares will vest on the first anniversary of the grant date, all subject to continued employment. In addition, 66,036 performance-based restricted shares were included in the 2024 grant. The number of performance-based shares which may be earned under the award is dependent upon the Company’s total stockholder return and return on average assets, weighted equally, over a three-year period ending December 31, 2026, measured against the KBW Regional Bank Index. Results will be measured cumulatively at the end of the three years and any earned shares will vest on the third anniversary of the grant date. The following table discloses the changes in restricted shares for the six months ended June 30, 2024:
A total of 234,308 restricted shares vested during the six months ended June 30, 2024. A total of 238,638 restricted shares vested during the year ended December 31, 2023. The fair value of restricted shares that vested during the six months ended June 30, 2024 was $4.9 million. The fair value of restricted shares that vested during the year ended December 31, 2023 was $5.7 million. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. Share-based compensation expense is included in non-interest expense in the Condensed Consolidated Statements of Operations. The fair value of the total stock return performance-based awards granted in 2024 and 2023 were calculated based on a Monte Carlo simulation, using the following assumptions:
The following table summarizes restricted stock compensation expense for the six months ended June 30, 2024 and 2023:
The fair value of the unvested restricted stock awards at June 30, 2024 was $18.2 million. In October 2014, the Company adopted the Byline Bancorp, Inc. Equity Incentive Plan (“BYB Plan”). The maximum number of shares available for grants under this plan was 2,476,122 shares. The Company granted 1,846,968 options to purchase shares under this plan. In June 2017, the Board of Directors terminated the BYB Plan and no future grants can be made under this plan. Options to purchase a total of 537,270 shares remain outstanding under the BYB Plan at June 30, 2024. The types of stock options granted under the BYB Plan were Time Options and Performance Options. The exercise price of each option is equal to the fair value of the stock as of the date of grant. These option awards have vesting periods ranging from to five years and have 10-year contractual terms. Stock volatility was computed as the average of the volatilities of peer group companies. All outstanding stock options were fully vested and exercisable at June 30, 2024. The fair values of the stock options were determined using the Black-Scholes-Merton model for Time Options and a Monte Carlo simulation model for Performance Options. The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the six months ended June 30, 2024:
A total of 231,294 stock options were exercised during the six months ended June 30, 2024. Proceeds from exercise of stock options were $188,000 and had a related tax benefit of $742,000 for the six months ended June 30, 2024. No stock options were exercised during the during the year ended December 31, 2023. No stock options vested during the six months ended June 30, 2024 or the year ended December 31, 2023. No stock option compensation expense was recognized for the six months ended June 30, 2024 or the year ended December 31, 2023. Pursuant to the terms of the Agreement and Plan of Merger with First Evanston and its subsidiaries, dated as of November 27, 2017 (the "First Evanston Merger Agreement"), each outstanding First Evanston option held by a participant in the First Evanston Bancorp, Inc. Stock Incentive Plan (the "FEB Plan") ceased to represent a right to acquire shares of First Evanston common stock and was assumed and converted automatically into a fully vested and exercisable adjusted option to purchase shares of Byline common stock (each an "Adjusted Option"). In accordance with the First Evanston Merger Agreement, the number of shares of Byline common stock to which each such Adjusted Option relates is equal to the product (rounded down to the nearest whole share of Byline common stock) of: (a) the number of shares of First Evanston common stock subject to the First Evanston option immediately prior to May 31, 2018, multiplied by (b) 4.725. Each Adjusted Option has an exercise price per share of Byline common stock equal to the quotient (rounded up to the nearest whole cent) of (x) the per share exercise price of such First Evanston option immediately prior to May 31, 2018, divided by (y) 4.725. The description of the conversion process is based on, and qualified by, the First Evanston Merger Agreement. The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the year ended June 30, 2024:
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Earnings per Share |
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| Earnings per Share | Note 18—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 637,405 and 930,852 shares of common stock were outstanding as of June 30, 2024 and 2023, respectively. There were 768,246 and 676,454 restricted stock awards outstanding at June 30, 2024 and 2023, respectively. For the three and six months ended June 30, 2024 and 2023, there were no anti-dilutive weighted average shares outstanding. The following represent the calculation of basic and diluted earnings per share for the periods presented:
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Stockholders' Equity |
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| Stockholders' Equity | Note 19—Stockholders’ Equity A summary of the Company’s preferred and common stock at June 30, 2024 and December 31, 2023 is as follows:
On December 12, 2022, we announced that our Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of our outstanding common stock. The program was in effect from January 1, 2023 until December 31, 2023. No shares were repurchased under this program. On December 6, 2023, we announced that our Board of Directors approved a new stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock. The program is in effect from January 1, 2024 until December 31, 2024, unless terminated earlier. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The shares authorized to be repurchased represented approximately 2.9% of the Company’s outstanding common stock at December 31, 2023. We did not purchase any shares under either stock repurchase program during the three or six months ended June 30, 2024 and 2023. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Condensed Consolidated Statements of Financial Condition. For each of the three months ended June 30, 2024 and 2023, cash dividends were declared and paid to stockholders of record of our common stock of $0.09 per share. For each of the six months ended June 30, 2024 and 2023, cash dividends were declared and paid to stockholders of record of our common stock of $0.18 per share. On July 23, 2024, our Board of Directors declared a cash dividend of $0.09 per share payable on August 20, 2024 to stockholders of record of our common stock as of August 6, 2024. |
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Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 20—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023:
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Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to June 30, 2024 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023. The Company has one reportable segment. The Company’s chief operating decision makers evaluate the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are currently not required. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. |
| Accounting Pronouncements Recently Adopted or Issued | The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. Adopted Accounting Pronouncements Fair Value Measurement (Topic 820) - In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company evaluated the accounting and disclosure requirements of this update and they did not have a material effect on the consolidated financial statements. Issued Accounting Pronouncements Pending Adoption Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the internal control and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures (Topic 740) – In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition of a Business (Tables) |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date | The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date:
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| Summary of Fair Value and Gross Contractual Amounts Receivable and Respective Expected Contractual Cash Flows | The following table presents the fair value and gross contractual amounts receivable of acquired non-credit-deteriorated loans from the Inland acquisition, and their respective expected contractual cash flows as of the acquisition date:
(1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
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| Summary of Pro Forma Information for Results of Operations | The following table provides the unaudited pro forma information for the results of operations for the three and six months ended June 30, 2023, as if the acquisition had occurred on January 1, 2023. The pro forma results combine the historical results of Inland into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, fixed assets amortization, and borrowing discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2023. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Recognized acquisition-related expenses and other adjustments related to the timing of expenses, are included in net income in the following table:
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Securities (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity | The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses:
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| Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity | Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023, are summarized as follows:
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| Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At June 30, 2024, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers 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.
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Loan and Lease Receivables and Allowance for Credit Losses (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of the dates shown were categorized as follows:
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| Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum annual lease payments for lease financing receivables as of June 30, 2024 are summarized as follows:
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| Summary of Balances for Each Respective Loan and Lease Category | The following tables summarize the balances for each respective loan and lease category as of June 30, 2024 and December 31, 2023:
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| Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The unpaid principal balance and carrying amount of PCD loans excluding an allowance for credit losses - loans and leases of $8.0 million and $10.0 million at June 30, 2024 and December 31, 2023, respectively, were as follows:
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| Summary of Reconciliation of Acquired Inland Pcd Loans Between Purchase Price and Par Value at Acquisition | The following table is a reconciliation of acquired Inland PCD loans between their purchase price and their par value at the time of the acquisition. Refer to Note 3—Acquisition of a Business for further information.
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| Allowance for Credit Losses | The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases by loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three and six months ended June 30, 2024 are as follows:
The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases by loans and leases individually and collectively evaluated for impairment, loans acquired with deteriorated credit quality, and corresponding loan and lease balances by type for the three and six months ended June 30, 2023:
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| Summary of Loans with Modified Terms | The following table presents loans with modified terms for the three and six months ended June 30, 2024:
The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2023, by type of modification:
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| Summary Of Collateral Dependent Loans And Leases | The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses as of June 30, 2024 and December 31, 2023:
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| Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation, as of June 30, 2024 and December 31, 2023:
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| Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation at June 30, 2024 and December 31, 2023:
Total non-accrual loans without an allowance included $10.1 million of commercial real estate loans, $790,000 of residential real estate, and $4.3 million of commercial and industrial loans as of June 30, 2024. The Company recognized $1.1 million and $1.3 million of interest income on non-accrual loans and leases for the three and six months ended June 30, 2024, respectively.
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| Summary of Change in Balance for Allowance for Credit Losses Unfunded Commitments | The following table presents the change in the balance of the allowance for credit losses - unfunded commitments as of June 30, 2024 and 2023:
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| Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | The unpaid principal balance and carrying value for acquired non-credit deteriorated loans and leases, excluding an allowance for credit losses of $3.9 million and $4.7 million at June 30, 2024 and December 31, 2023, respectively, were as follows:
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Servicing Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity for Servicing Assets and Related Changes in Fair Value | Activity for servicing assets and the related changes in fair value for the three and six months ended June 30, 2024 and 2023 was as follows:
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| Unpaid Principal Balances of Loans Serviced for Others | Loans serviced for others are not included in the Condensed Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of June 30, 2024 and December 31, 2023 were as follows:
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Other Real Estate Owned (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in Other Real Estate Owned | The following table presents the change in OREO for the three and six months ended June 30, 2024 and 2023:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Lease Right-of-use Asset and Liability | The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of the periods indicated:
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| Summary of Lease Costs and Company's Operating Leases | The following table presents components of total lease costs included as a component of occupancy expense on the Condensed Consolidated Statements of Operations for the following periods:
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| Schedule of Future Minimum Lease Payments for Operating Leases | The future minimum lease payments for operating leases, subsequent to June 30, 2024, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows:
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Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets | The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three and six months ended June 30, 2024 and 2023:
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| Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized | The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at June 30, 2024:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composition of Deposits | The composition of deposits was as follows as of June 30, 2024 and December 31, 2023:
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| Schedule of Maturities of Time Deposits | At June 30, 2024, the scheduled maturities of time deposits were:
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Other Borrowings (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of the dates presented:
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| Summary of Short-term Credit Lines Available for Use | The following table presents short-term credit lines available for use as of the dates presented:
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Subordinated Notes and Junior Subordinated Debentures (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Junior Subordinated Debentures by Issuance | At June 30, 2024 and December 31, 2023, the Company’s junior subordinated debentures by issuance were as follows:
(1) SOFR is three-month SOFR and the spread adjustment is 0.26161% |
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following table summarizes the contract or notional amount of outstanding loan and lease commitments at June 30, 2024 and December 31, 2023:
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023:
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| Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3):
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| Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis | The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of June 30, 2024:
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| Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans | Adjustments to fair value based on such non-recurring transactions generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. The following tables summarize theCompany’s assets that were measured at fair value on a non-recurring basis, as of June 30, 2024 and December 31, 2023:
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| Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows:
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Derivative Instruments and Hedge Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The following tables present the fair value of the Company’s derivative financial instruments and classification on the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023:
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| Summary of Cash Flow Hedges | The following table reflects the cash flow hedges as of June 30, 2024:
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| Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended:
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| Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of June 30, 2024:
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| Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship | The following table reflects amounts included in non-interest income in the Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the six months ended June 30, 2024 and 2023:
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| Summary of Company's Interest Rate Derivative and Offsetting Positions | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the periods indicated:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Compensation Expense | The following table summarizes restricted stock compensation expense for the six months ended June 30, 2024 and 2023:
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| Performance Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of fair value of the total stock return performance-based awards granted | The fair value of the total stock return performance-based awards granted in 2024 and 2023 were calculated based on a Monte Carlo simulation, using the following assumptions:
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| Omnibus Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Restricted Shares | The following table discloses the changes in restricted shares for the six months ended June 30, 2024:
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| BYB Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the six months ended June 30, 2024:
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| FEB Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the year ended June 30, 2024:
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Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Basic and Diluted Earnings per Share | The following represent the calculation of basic and diluted earnings per share for the periods presented:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at June 30, 2024 and December 31, 2023 is as follows:
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Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023:
|
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Basis of Presentation - Additional Information (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2024
Segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of reportable segments | 1 |
Acquisition of a Business - Summary of Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date (Parenthetical) (Details) - Inland Bancorp, Inc. - $ / shares |
6 Months Ended | |
|---|---|---|
Jul. 01, 2023 |
Jun. 30, 2024 |
|
| Business Acquisition [Line Items] | ||
| Stock issued (in shares) | 5,932,323 | 5,932,323 |
| Stock issued (in dollars per share) | $ 18.09 | $ 18.09 |
Acquisition of a Business - Summary of Fair Value and Gross Contractual Amounts Receivable and Respective Expected Contractual Cash Flows (Detail) - Inland Bancorp, Inc. $ in Thousands |
Jun. 30, 2024
USD ($)
|
|||
|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||
| Fair value | $ 582,831 | |||
| Gross contractual amounts receivable | 699,918 | |||
| Estimate of contractual cash flows not expected to be collected | 4,239 | [1] | ||
| Estimate of contractual cash flows expected to be collected | $ 695,679 | |||
| ||||
Acquisition of a Business - Summary of Pro Forma Information for Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
|
| Business Combinations [Abstract] | ||
| Total revenues (net interest income and non-interest income) | $ 103,200 | $ 210,995 |
| Net income | $ 27,670 | $ 52,995 |
| Earnings per share - basic | $ 0.64 | $ 1.23 |
| Earnings per share - diluted | $ 0.64 | $ 1.22 |
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Schedule Of Held To Maturity Securities [Line Items] | ||
| Held-to-maturity Securities, Amortized Cost | $ 606 | $ 1,157 |
| Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
| Held-to-maturity Securities, Gross Unrealized Losses | (5) | (8) |
| Held-to-maturity Securities, Fair Value | 601 | 1,149 |
| Obligations of States, Municipalities, and Political Subdivisions | ||
| Schedule Of Held To Maturity Securities [Line Items] | ||
| Held-to-maturity Securities, Amortized Cost | 606 | 1,157 |
| Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
| Held-to-maturity Securities, Gross Unrealized Losses | (5) | (8) |
| Held-to-maturity Securities, Fair Value | $ 601 | $ 1,149 |
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
|---|---|
| Receivables [Abstract] | |
| 2024 | $ 111,886 |
| 2025 | 54,533 |
| 2026 | 220,017 |
| 2027 | 171,074 |
| 2028 | 110,416 |
| Thereafter | 11,961 |
| Total | $ 679,887 |
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Reconciliation of Acquired Inland Pcd Loans Between Purchase Price and Par Value at Acquisition (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2024
USD ($)
| |
| Receivables [Abstract] | |
| Fair value of loans at acquisition | $ 214,573 |
| Allowance for credit losses - loans and leases, at acquisition | 10,596 |
| Non-credit discount/premium at acquisition | 17,909 |
| Par value of acquired loans at acquisition | $ 243,078 |
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Credit Losses Calculation (Details) (Parenthetical) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Financing Receivable, Revolving, Converted to Term Loan | $ 58.8 | $ 52.2 |
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Change in Balance for Reserve for Unfunded Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Receivables [Abstract] | ||||
| Beginning balance | $ 3,388 | $ 4,316 | $ 3,636 | $ 4,203 |
| Recapture for unfunded commitments | (833) | (677) | (1,081) | (564) |
| Ending balance | $ 2,555 | $ 3,639 | $ 2,555 | $ 3,639 |
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Transfers and Servicing [Abstract] | ||||
| Beginning balance | $ 20,992,000 | $ 20,944,000 | $ 19,844,000 | $ 19,172,000 |
| Additions, net | 1,093,000 | 1,636,000 | 2,944,000 | 2,752,000 |
| Changes in fair value | (2,468,000) | (865,000) | (3,171,000) | (209,000) |
| Ending balance | $ 19,617,000 | $ 21,715,000 | $ 19,617,000 | $ 21,715,000 |
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loan portfolios serviced for: | ||
| Unpaid principal balances of loans serviced | $ 1,688,115 | $ 1,728,343 |
| SBA guaranteed loans | ||
| Loan portfolios serviced for: | ||
| Unpaid principal balances of loans serviced | 1,497,752 | 1,530,401 |
| USDA guaranteed loans | ||
| Loan portfolios serviced for: | ||
| Unpaid principal balances of loans serviced | $ 190,363 | $ 197,942 |
Servicing Assets - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Accounts Notes And Loans Receivable [Line Items] | ||||
| Changes in fair value of servicing assets | $ (2,468,000) | $ (865,000) | $ (3,171,000) | $ (209,000) |
| Loan Servicing Revenue [Member] | ||||
| Accounts Notes And Loans Receivable [Line Items] | ||||
| Fair value of servicing assets | $ 3,200,000 | $ 3,400,000 | $ 6,600,000 | $ 6,800,000 |
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Real Estate [Abstract] | ||||
| Other real estate owned, beginning balance | $ 785 | $ 3,712 | $ 1,200 | $ 4,717 |
| Net additions to OREO | 0 | 445 | 5 | 499 |
| Proceeds from sales of OREO | (78) | (1,795) | (480) | (2,559) |
| Gains (losses) on sales of OREO | 73 | (85) | 55 | (49) |
| Valuation adjustments | 0 | (12) | 0 | (343) |
| Other real estate owned, ending balance | $ 780 | $ 2,265 | $ 780 | $ 2,265 |
Other Real Estate Owned - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Real Estate [Line Items] | |||||
| Residential consumer mortgage loans in process of foreclosure | $ 818,000,000 | $ 818,000,000 | $ 27,000,000 | ||
| Proceeds from sale of internally financed sales of OREO | $ 0 | $ 0 | $ 0 | $ 0 | |
Leases - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Lessee Lease Description [Line Items] | |||||
| Lessor, Operating Lease Maturity Year | 2036 | ||||
| Weighted-average discount rate of operating leases | 2.98% | 2.98% | 2.90% | ||
| Weighted average remaining life of operating leases | 5 years 2 months 12 days | 5 years 2 months 12 days | 6 years 1 month 6 days | ||
| Minimum rental to be received in future on subleases | $ 1,100,000 | $ 1,100,000 | |||
| Sublease contract maturity year | 2028 | ||||
| Operating cash flows paid for operating lease | 1,200,000 | $ 821,000 | $ 2,100,000 | $ 1,700,000 | |
| Right-of-use lease assets in exchange for operating lease liabilities | 693,000 | $ 619,000 | 1,100,000 | $ 932,000 | |
| Operating right-of-use assets | 10,274,000 | 10,274,000 | $ 12,474,000 | ||
| Operating lease liabilities | $ 11,729,000 | 11,729,000 | $ 14,268,000 | ||
| Inland Bancorp, Inc. | |||||
| Lessee Lease Description [Line Items] | |||||
| Impairment charge related to acquisition | $ 194,000,000 | ||||
Leases - Schedule of Operating Lease Right-of-use Asset and Liability (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Lessee Lease Description [Line Items] | ||
| Operating right-of-use assets | $ 10,274 | $ 12,474 |
| Operating lease liabilities | $ 11,729 | $ 14,268 |
Leases - Summary of Lease Costs and Company's Operating Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Leases [Abstract] | ||||
| Operating lease cost | $ 658 | $ 621 | $ 1,385 | $ 1,244 |
| Short-term lease cost | 179 | 99 | 266 | 168 |
| Variable lease cost | 411 | 357 | 834 | 769 |
| Less: Sublease income | (130) | (159) | (260) | (315) |
| Total lease cost, net | $ 1,118 | $ 918 | $ 2,225 | $ 1,866 |
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| 2024 | $ 1,898 | |
| 2025 | 3,212 | |
| 2026 | 2,371 | |
| 2027 | 1,461 | |
| 2028 | 1,136 | |
| Thereafter | 2,877 | |
| Total undiscounted lease payments | 12,955 | |
| Less: imputed interest | (1,226) | |
| Net lease liabilities | $ 11,729 | $ 14,268 |
Goodwill, Core Deposit Intangible and Other Intangible Assets - Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
| Beginning balance, Goodwill | $ 181,705 | $ 148,353 | $ 181,705 | $ 148,353 |
| Ending balance, Goodwill | 181,705 | 148,353 | 181,705 | 148,353 |
| Amortization | (1,345) | (1,455) | (2,690) | (2,910) |
| Core Deposits | ||||
| Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
| Beginning balance | 19,115 | 7,498 | 20,393 | 8,886 |
| Amortization | (1,278) | (1,388) | (2,556) | (2,776) |
| Ending balance | 17,837 | 6,110 | 17,837 | 6,110 |
| Accumulated amortization | $ 54,879 | $ 49,356 | $ 54,879 | $ 49,356 |
| Weighted average remaining amortization period | 7 years 10 months 24 days | 4 years 9 months 18 days | 7 years 10 months 24 days | 4 years 9 months 18 days |
| Customer Relationships | ||||
| Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
| Beginning balance | $ 1,313 | $ 1,581 | $ 1,380 | $ 1,648 |
| Amortization | (67) | (67) | (134) | (134) |
| Ending balance | 1,246 | 1,514 | 1,246 | 1,514 |
| Accumulated amortization | $ 1,970 | $ 1,702 | $ 1,970 | $ 1,702 |
| Weighted average remaining amortization period | 4 years 8 months 12 days | 5 years 8 months 12 days | 4 years 8 months 12 days | 5 years 8 months 12 days |
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2024 | $ 2,690 |
| 2025 | 4,473 |
| 2026 | 3,566 |
| 2027 | 2,676 |
| 2028 | 2,101 |
| Thereafter | 3,577 |
| Total | $ 19,083 |
Income Taxes - Additional Information (Details) - USD ($) |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Income Tax [Line Items] | |||
| Effective tax rate | 25.50% | 25.90% | |
| Net income tax benefit related to vesting of restricted shares | $ 564,000 | $ 140,000 | |
| Deferred tax assets, net | 48,900,000 | $ 50,100,000 | |
| State and Local Jurisdiction | |||
| Income Tax [Line Items] | |||
| Net operating loss carryforwards | $ 500,000 | ||
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deposits [Abstract] | ||
| Non-interest-bearing demand deposits | $ 1,762,891 | $ 1,905,876 |
| Interest-bearing checking accounts | 717,229 | 577,609 |
| Money market demand accounts | 2,323,245 | 2,266,030 |
| Other savings | 503,935 | 542,532 |
| Time deposits (below $250,000) | 1,610,308 | 1,520,082 |
| Time deposits ($250,000 and above) | 429,573 | 364,870 |
| Total deposits | $ 7,347,181 | $ 7,176,999 |
Deposits - Scheduled maturity of time deposits (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
|---|---|
| Deposits [Abstract] | |
| 2024 | $ 1,375,883 |
| 2025 | 650,097 |
| 2026 | 7,350 |
| 2027 | 4,958 |
| 2028 | 1,172 |
| Thereafter | 421 |
| Total | $ 2,039,881 |
Deposits - Additional Information (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deposits [Abstract] | ||
| Time deposits | $ 250,000 | $ 250,000 |
| Time deposit brokered | $ 403,100,000 | $ 480,000,000 |
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Federal Home Loan Bank advances | $ 670,000 | $ 325,000 |
| Bank Term Funding Program | 200,000 | 0 |
| Securities sold under agreements to repurchase | 33,738 | 40,607 |
| Term Loan | 15,000 | 18,333 |
| Line of credit | 0 | 11,250 |
| Total | $ 918,738 | $ 395,190 |
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Federal Home Loan Bank Line | ||
| Debt Instrument [Line Items] | ||
| Short-term credit lines available for use | $ 2,599,365 | $ 2,781,747 |
| Federal Reserve Bank of Chicago Discount Window Line | ||
| Debt Instrument [Line Items] | ||
| Short-term credit lines available for use | 764,587 | 866,490 |
| Available Federal Funds Line | ||
| Debt Instrument [Line Items] | ||
| Short-term credit lines available for use | $ 127,500 | $ 123,750 |
Subordinated Notes and Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Parenthetical) (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Three month SOFR and spread adjustment | |
| Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
| Adjustment spread Interest rate | 0.26161% |
Commitments and Contingent Liabilities - Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Commitments And Contingencies Liabilities [Line Items] | ||
| Fixed Rate | $ 236,278 | $ 269,937 |
| Variable Rate | 2,077,191 | 2,081,262 |
| Total | 2,313,469 | 2,351,199 |
| Commitments to Extend Credit | ||
| Commitments And Contingencies Liabilities [Line Items] | ||
| Fixed Rate | 235,648 | 269,325 |
| Variable Rate | 2,011,724 | 2,013,819 |
| Total | 2,247,372 | 2,283,144 |
| Letters of Credit | ||
| Commitments And Contingencies Liabilities [Line Items] | ||
| Fixed Rate | 630 | 612 |
| Variable Rate | 65,467 | 67,443 |
| Total | $ 66,097 | $ 68,055 |
Commitments and Contingent Liabilities - Additional Information (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Commitments And Contingencies Liabilities [Line Items] | |
| Fixed rate loan commitments maturity year | 2052 |
| Variable rate loan commitments maturity year | 2053 |
| Maximum | |
| Commitments And Contingencies Liabilities [Line Items] | |
| Commitments to make loans period | 90 days |
| Loan commitments fixed interest rate | 15.00% |
| Loan commitments variable interest rate | 18.50% |
| Minimum | |
| Commitments And Contingencies Liabilities [Line Items] | |
| Loan commitments fixed interest rate | 1.00% |
| Loan commitments variable interest rate | 4.00% |
Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|---|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | $ 1,386,827 | $ 1,342,480 | ||||
| Equity and other securities, at fair value | 8,745 | 8,743 | ||||
| Servicing assets, at fair value | 19,617 | $ 20,992 | 19,844 | $ 21,715 | $ 20,944 | $ 19,172 |
| Derivative assets | $ 57,426 | $ 56,923 | ||||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||||
| Derivative liabilities | $ 22,772 | $ 19,345 | ||||
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable And Other Liabilities | Accrued Interest Payable And Other Liabilities | ||||
| U.S. Treasury Notes | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | $ 51,785 | $ 115,434 | ||||
| U.S. Government Agencies | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 147,174 | 130,695 | ||||
| Obligations of States, Municipalities, and Political Subdivisions | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 80,390 | 82,275 | ||||
| Corporate Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 36,780 | 36,171 | ||||
| Asset-Backed Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 18,498 | 34,638 | ||||
| Fair Value, Measurements, Recurring | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Servicing assets, at fair value | 19,617 | 19,844 | ||||
| Derivative assets | 57,426 | 56,923 | ||||
| Derivative liabilities | 22,772 | 19,345 | ||||
| Fair Value, Measurements, Recurring | U.S. Treasury Notes | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 51,785 | 115,434 | ||||
| Fair Value, Measurements, Recurring | U.S. Government Agencies | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 147,174 | 130,695 | ||||
| Fair Value, Measurements, Recurring | Obligations of States, Municipalities, and Political Subdivisions | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 80,390 | 82,275 | ||||
| Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 749,198 | 695,803 | ||||
| Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Non-Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 109,054 | 100,260 | ||||
| Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 193,948 | 147,204 | ||||
| Fair Value, Measurements, Recurring | Corporate Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 36,780 | 36,171 | ||||
| Fair Value, Measurements, Recurring | Asset-Backed Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 18,498 | 34,638 | ||||
| Fair Value, Measurements, Recurring | Mutual Funds | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Equity and other securities, at fair value | 2,504 | 2,554 | ||||
| Fair Value, Measurements, Recurring | Equity Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Equity and other securities, at fair value | 6,241 | 6,189 | ||||
| Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Notes | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 51,785 | 115,434 | ||||
| Fair Value, Measurements, Recurring | Level 1 | Mutual Funds | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Equity and other securities, at fair value | 2,504 | 2,554 | ||||
| Fair Value, Measurements, Recurring | Level 2 | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Derivative assets | 57,426 | 56,923 | ||||
| Derivative liabilities | 22,772 | 19,345 | ||||
| Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 147,174 | 130,695 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Obligations of States, Municipalities, and Political Subdivisions | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 80,390 | 82,275 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 749,198 | 695,803 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Non-Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 109,054 | 100,260 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Agency | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 193,948 | 147,204 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Corporate Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 36,780 | 36,171 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Asset-Backed Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Securities available-for-sale | 18,498 | 34,638 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Equity Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Equity and other securities, at fair value | 5,957 | 5,908 | ||||
| Fair Value, Measurements, Recurring | Level 3 | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Servicing assets, at fair value | 19,617 | 19,844 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Equity Securities | ||||||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
| Equity and other securities, at fair value | $ 284 | $ 281 |
Fair Value Measurement - Additional Information (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||
| Fair value, assets, to or from level 3 transfers, amount | $ 0 | $ 0 | |
| Fair value, equity, to or from level 3 transfers, amount | $ 0 | $ 0 |
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Equity Securities, FV-NI, Realized Gain (Loss) | Equity Securities, FV-NI, Realized Gain (Loss) |
| Investment Securities | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Balance, beginning of period | $ 281 | $ 666 |
| Additions, net | 0 | 0 |
| Change in fair value | 3 | (27) |
| Balance, end of period | 284 | 639 |
| Servicing Assets | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Balance, beginning of period | 19,844 | 19,172 |
| Additions, net | 2,944 | 2,752 |
| Change in fair value | (3,171) | (209) |
| Balance, end of period | $ 19,617 | $ 21,715 |
Fair Value Measurement - Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Level 3 |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Debt Instrument, Valuation Technique [Extensible List] | Single Issuer Trust Preferred |
| Servicing Asset, Valuation Technique [Extensible List] | Servicing Assets |
| Single Issuer Trust Preferred | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Impact to Valuation from an Increased or Higher Input Value | Decrease |
| Unobservable Inputs | 0.079 |
| Single Issuer Trust Preferred | Weighted Average | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0.079 |
| Servicing Assets | Prepayment Speeds | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Impact to Valuation from an Increased or Higher Input Value | Decrease |
| Servicing Assets | Prepayment Speeds | Minimum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0 |
| Servicing Assets | Prepayment Speeds | Maximum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0.341 |
| Servicing Assets | Prepayment Speeds | Weighted Average | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0.163 |
| Servicing Assets | Discount Rate | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Impact to Valuation from an Increased or Higher Input Value | Decrease |
| Servicing Assets | Discount Rate | Minimum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0 |
| Servicing Assets | Discount Rate | Maximum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0.55 |
| Servicing Assets | Discount Rate | Weighted Average | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Unobservable Inputs | 0.11 |
| Servicing Assets | Expected Weighted Average Loan life | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Impact to Valuation from an Increased or Higher Input Value | Increase |
| Servicing Assets | Expected Weighted Average Loan life | Minimum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Expected weighted average loan life | 0 years |
| Servicing Assets | Expected Weighted Average Loan life | Maximum | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Expected weighted average loan life | 8 years 3 months 18 days |
| Servicing Assets | Expected Weighted Average Loan life | Weighted Average | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Expected weighted average loan life | 3 years 7 months 6 days |
Fair Value Measurement - Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Commercial Real Estate | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | $ 29,426 | $ 51,978 |
| Residential Real Estate | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 3,731 | 3,593 |
| Construction, Land Development, and Other Land | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 813 | |
| Commercial and Industrial | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 19,025 | 29,869 |
| Other Real Estate Owned | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 780 | 1,200 |
| Assets Held For Sale | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 3,420 | 4,484 |
| Level 3 | Commercial Real Estate | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 29,426 | 51,978 |
| Level 3 | Residential Real Estate | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 3,731 | 3,593 |
| Level 3 | Construction, Land Development, and Other Land | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 813 | |
| Level 3 | Commercial and Industrial | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 19,025 | 29,869 |
| Level 3 | Other Real Estate Owned | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | 780 | 1,200 |
| Level 3 | Assets Held For Sale | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Assets, Fair Value | $ 3,420 | $ 4,484 |
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financial assets | ||
| Cash and due from banks | $ 68,251 | $ 60,431 |
| Interest bearing deposits with other banks | 662,206 | 165,705 |
| Securities held-to-maturity, fair value | 601 | 1,149 |
| Restricted stock, at cost | 31,775 | 16,304 |
| Loans held for sale | 13,360 | 18,005 |
| Loans and lease receivables, net (less impaired loans at fair value) | 6,791,474 | 6,582,620 |
| Financial liabilities | ||
| Federal Home Loan Bank advances | 670,000 | 325,000 |
| Securities sold under agreements to repurchase | 33,738 | 40,607 |
| Term Loan | 15,000 | 18,333 |
| Line of credit | 0 | 11,250 |
| Subordinated notes, net | 73,953 | 73,866 |
| Junior subordinated debentures | 70,675 | 70,452 |
| Level 1 | Carrying Amount | ||
| Financial assets | ||
| Cash and due from banks | 68,251 | 60,431 |
| Level 1 | Estimate of Fair Value Measurement | ||
| Financial assets | ||
| Cash and due from banks | 68,251 | 60,431 |
| Level 2 | Carrying Amount | ||
| Financial assets | ||
| Interest bearing deposits with other banks | 662,206 | 165,705 |
| Securities held-to-maturity, fair value | 606 | 1,157 |
| Restricted stock, at cost | 31,775 | 16,304 |
| Financial liabilities | ||
| Non-interest-bearing deposits | 1,762,891 | 1,905,876 |
| Interest-bearing deposits | 5,584,290 | 5,271,123 |
| Accrued interest payable | 26,493 | 22,233 |
| Federal Home Loan Bank advances | 670,000 | 325,000 |
| Securities sold under agreements to repurchase | 33,738 | 40,607 |
| Term Loan | 15,000 | 18,333 |
| Bank Term Funding Program | 200,000 | |
| Line of credit | 0 | 11,250 |
| Subordinated notes, net | 73,953 | 73,866 |
| Level 2 | Estimate of Fair Value Measurement | ||
| Financial assets | ||
| Interest bearing deposits with other banks | 662,206 | 165,705 |
| Securities held-to-maturity, fair value | 601 | 1,149 |
| Restricted stock, at cost | 31,775 | 16,304 |
| Financial liabilities | ||
| Non-interest-bearing deposits | 1,762,891 | 1,905,876 |
| Interest-bearing deposits | 5,578,956 | 5,268,926 |
| Accrued interest payable | 26,493 | 22,233 |
| Federal Home Loan Bank advances | 670,000 | 325,000 |
| Securities sold under agreements to repurchase | 33,738 | 40,607 |
| Term Loan | 15,000 | 18,333 |
| Bank Term Funding Program | 200,000 | |
| Line of credit | 0 | 11,250 |
| Subordinated notes, net | 70,398 | 76,063 |
| Level 3 | Carrying Amount | ||
| Financial assets | ||
| Loans held for sale | 13,360 | 18,005 |
| Loans and lease receivables, net (less impaired loans at fair value) | 6,739,292 | 6,496,367 |
| Accrued interest receivable | 44,484 | 43,922 |
| Financial liabilities | ||
| Junior subordinated debentures | 70,675 | 70,452 |
| Level 3 | Estimate of Fair Value Measurement | ||
| Financial assets | ||
| Loans held for sale | 14,075 | 19,136 |
| Loans and lease receivables, net (less impaired loans at fair value) | 6,517,994 | 6,326,413 |
| Accrued interest receivable | 44,484 | 43,922 |
| Financial liabilities | ||
| Junior subordinated debentures | $ 73,675 | $ 72,701 |
Derivative Instruments and Hedge Activities - Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jul. 01, 2023 |
|---|---|---|---|
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | $ 1,397,267 | $ 1,359,728 | |
| Other Assets | 57,426 | 56,923 | |
| Other Liabilities | (22,772) | (19,345) | |
| Cash Flow Hedges | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 650,000 | ||
| Other Assets | 35,297 | ||
| Other Liabilities | (822) | ||
| Interest Rate Swap | Cash Flow Hedges | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 42,000 | ||
| Other Assets | 3,500 | ||
| Other Interest Rate Derivatives | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 734,434 | ||
| Other Assets | 22,126 | ||
| Other Liabilities | (21,931) | ||
| Other Interest Rate Derivatives | Cash Flow Hedges | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 450,000 | ||
| Derivatives Designated as Hedging Instruments | Interest Rate Swap | Cash Flow Hedges | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 650,000 | 650,000 | |
| Other Assets | 35,297 | 37,475 | |
| Other Liabilities | (822) | 0 | |
| Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 12,833 | 3,602 | |
| Other Assets | 3 | 1 | |
| Other Liabilities | (19) | 0 | |
| Derivatives Not Designated As Hedging Instruments | Interest Rate Swap | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | $ 67,700 | ||
| Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | |||
| Derivatives Fair Value [Line Items] | |||
| Notional Amount | 734,434 | 706,126 | |
| Other Assets | 22,126 | 19,447 | |
| Other Liabilities | $ (21,931) | $ (19,345) |
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
May 30, 2023 |
Mar. 31, 2023 |
|
| Derivative [Line Items] | ||||||||
| Derivative notional amount | $ 1,397,267,000 | $ 1,397,267,000 | $ 1,359,728,000 | |||||
| Other Assets | 57,426,000 | 57,426,000 | 56,923,000 | |||||
| Interest recorded | 4,460,000 | $ 4,241,000 | 8,284,000 | $ 10,129,000 | ||||
| Net unrealized gain | 16,400,000 | 16,400,000 | ||||||
| Fair value of derivatives net liability position | 22,800,000 | 22,800,000 | ||||||
| Offsetting derivative positions | 971,000 | 971,000 | 925,000 | |||||
| Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Net gain on termination of interest rate swap agreements | $ 6,000 | |||||||
| Interest recorded | 4,700,000 | 3,900,000 | 9,600,000 | 5,800,000 | ||||
| Other Interest Rate Derivatives | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 734,434,000 | 734,434,000 | ||||||
| Other Assets | $ 22,126,000 | $ 22,126,000 | ||||||
| Weighted average pay rates | 4.23% | 4.23% | ||||||
| Derivative Weighted Average Receive Rate | 6.15% | 6.15% | ||||||
| Derivative maturity date, start year | 2024-08 | |||||||
| Derivative maturity date, end year | 2033-03 | |||||||
| Derivative instruments transaction fees | $ 110,000 | $ 114,000 | 472,000 | |||||
| Other Credit Derivatives | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 1,200,000 | 1,200,000 | 1,200,000 | |||||
| Notional amount of nonderivative instruments | 2,600,000 | 2,400,000 | ||||||
| Cash Flow Hedging | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 650,000,000 | 650,000,000 | ||||||
| Other Assets | $ 35,297,000 | $ 35,297,000 | ||||||
| Weighted average pay rates | 8.50% | 8.50% | ||||||
| Derivative Weighted Average Receive Rate | 1.04% | 1.04% | ||||||
| Cash Flow Hedging | Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | $ 42,000,000 | $ 42,000,000 | ||||||
| Other Assets | 3,500,000 | 3,500,000 | ||||||
| Cash Flow Hedging | Other Interest Rate Derivatives | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 450,000,000 | 450,000,000 | ||||||
| Cash Flow Hedging | Fixed Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | $ 150,000,000 | $ 150,000,000 | ||||||
| Weighted average pay rates | 5.33% | 5.33% | ||||||
| Derivative Weighted Average Receive Rate | 7.31% | 7.31% | ||||||
| Designated as Hedging Instrument | Cash Flow Hedging | ||||||||
| Derivative [Line Items] | ||||||||
| Terminated swaps | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||
| Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | $ 650,000,000 | $ 650,000,000 | 650,000,000 | |||||
| Other Assets | 35,297,000 | 35,297,000 | 37,475,000 | |||||
| Terminated swaps | $ 100,000,000 | |||||||
| Remaining balance in accumulated other comprehensive income | 4,200,000 | 4,200,000 | ||||||
| Remaining unamortized balance | 3,300,000 | 3,300,000 | 3,700,000 | |||||
| Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap Two Effective Hedges | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 150,000,000 | 150,000,000 | ||||||
| Designated as Hedging Instrument | Cash Flow Hedging | Forward-Starting Interest Rate Swaps Due March 2024 | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 50,000,000 | 50,000,000 | ||||||
| Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 200,000,000 | 200,000,000 | ||||||
| Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | Adjustable Rate Loans | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 200,000,000 | 200,000,000 | ||||||
| Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | Deposits And Other Borrowings | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 450,000,000 | 450,000,000 | ||||||
| Derivatives Not Designated As Hedging Instruments | ||||||||
| Derivative [Line Items] | ||||||||
| Fair value of derivative assets and liabilities | 6,200,000 | |||||||
| Derivatives Not Designated As Hedging Instruments | Interest Rate Swap | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | $ 67,700,000 | |||||||
| Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | ||||||||
| Derivative [Line Items] | ||||||||
| Derivative notional amount | 734,434,000 | 734,434,000 | 706,126,000 | |||||
| Other Assets | $ 22,126,000 | $ 22,126,000 | $ 19,447,000 | |||||
Derivative Instruments and Hedge Activities - Summary of Cash Flow Hedges (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Derivative [Line Items] | ||
| Notional Amount | $ 1,397,267 | $ 1,359,728 |
| Derivative assets fair value | 57,426 | 56,923 |
| Derivative liabilities fair value | 22,772 | $ 19,345 |
| Cash Flow Hedges | ||
| Derivative [Line Items] | ||
| Notional Amount | 650,000 | |
| Derivative assets fair value | 35,297 | |
| Derivative liabilities fair value | $ 822 | |
| Weighted average remaining maturity | 2 years 6 months |
Derivative Instruments and Hedge Activities - Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Derivative [Line Items] | ||||
| Amount of Gain Recognized in OCI | $ 1,670 | $ 8,515 | $ 6,201 | $ 8,709 |
| Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | |||
| Interest Rate Swap | ||||
| Derivative [Line Items] | ||||
| Amount of Gain Recognized in OCI | $ 1,670 | 8,709 | ||
| Amount of Gain Reclassified from OCI to Income as a Decrease to Interest Income Expense | 4,719 | 5,819 | ||
| Amount of Gain (Loss) Recognized in Other Non-Interest Income | $ 0 | $ 0 | ||
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Derivatives (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Derivative [Line Items] | ||
| Notional Amount | $ 1,397,267 | $ 1,359,728 |
| Derivative assets fair value | 57,426 | 56,923 |
| Derivative liabilities fair value | 22,772 | $ 19,345 |
| Other Interest Rate Derivatives | ||
| Derivative [Line Items] | ||
| Notional Amount | 734,434 | |
| Derivative assets fair value | 22,126 | |
| Derivative liabilities fair value | $ 21,931 | |
| Weighted average pay rates | 4.23% | |
| Weighted average receive rates | 6.15% | |
| Weighted average remaining maturity | 4 years |
Derivative Instruments and Hedge Activities - Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Derivative [Line Items] | ||||
| Amounts relating to derivative instruments, not designated in hedging relationship | $ (74) | $ 115 | $ (147) | $ (193) |
| Other Credit Derivatives | ||||
| Derivative [Line Items] | ||||
| Amounts relating to derivative instruments, not designated in hedging relationship | (54) | 0 | (54) | 0 |
| Other Interest Rate Derivatives | ||||
| Derivative [Line Items] | ||||
| Amounts relating to derivative instruments, not designated in hedging relationship | $ (20) | $ 115 | $ (93) | $ (193) |
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Derivative assets fair value | $ 57,426,000 | $ 56,923,000 |
| Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
| Net amount presented in the Consolidated Statements of Financial Condition | 57,426,000 | 56,923,000 |
| Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
| Offsetting derivative positions | (971,000) | (925,000) |
| Collateral posted | (55,280,000) | (54,930,000) |
| Net credit exposure | 1,175,000 | 1,068,000 |
| Derivative liabilities fair value | (22,772,000) | (19,345,000) |
| Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
| Net amount presented in the Consolidated Statements of Financial Condition | (22,772,000) | (19,345,000) |
| Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
| Offsetting derivative positions | 971,000 | 925,000 |
| Collateral posted | 0 | 0 |
| Net credit exposure | $ (21,801,000) | $ (18,420,000) |
Share-Based Compensation - Additional Information (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
Oct. 30, 2014 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2017 |
Oct. 31, 2014 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Common Stock | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of options exercised | 19,800 | 87,986 | ||||
| Restricted Shares | Threshold performance | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares vest on grant date | 294,819 | |||||
| Restricted Shares | Common Stock | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares of restricted voting common stock granted | 376,799 | |||||
| Common stock, voting par value | $ 0.01 | $ 0.01 | ||||
| Restricted Shares | Common Stock | Each Anniversary of Grant Date Vest Over Three Years | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 3 years | |||||
| Restricted Shares | Common Stock | Third Anniversary of Grant Date | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares vest on grant date | 12,861 | |||||
| Restricted Shares | Common Stock | First Anniversary Of Grant Date | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares vest on grant date | 3,083 | |||||
| Performance-based Restricted Shares | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares of restricted voting common stock granted | 66,036 | |||||
| Period for number of shares earned under return on average assets | 3 years | |||||
| Performance Share | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Risk-free interest rate | 4.47% | 4.42% | ||||
| Simulation term | 2 years 10 months 6 days | 2 years 10 months 6 days | ||||
| Share price | $ 20.18 | $ 20.18 | $ 25.2 | |||
| Performance Share | Maximum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Expected volatility | 33.68% | 39.80% | ||||
| Performance Share | Minimum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Expected volatility | 29.28% | 38.11% | ||||
| Omnibus Plan | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of common stock reserved for issuance | 2,600,000 | |||||
| Number of common shares available for future grants | 806,210 | 806,210 | ||||
| Omnibus Plan | Restricted Shares | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Shares of restricted voting common stock granted | 376,799 | |||||
| Restricted shares vested | 234,308 | 238,638 | ||||
| Fair value of restricted shares, vested | $ 4,900,000 | $ 5,700,000 | ||||
| Fair value of unvested restricted stock awards | $ 18,200,000 | $ 18,200,000 | ||||
| Share price | $ 23.04 | $ 23.04 | $ 24.24 | |||
| Omnibus Plan | Time Options Grants | Maximum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 4 years | |||||
| Omnibus Plan | Time Options Grants | Minimum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 1 year | |||||
| BYB Plan | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of common shares available for future grants | 0 | |||||
| Number of options granted | 1,846,968 | |||||
| Number of shares outstanding | 537,270 | 537,270 | 768,564 | |||
| Number of options exercised | 231,294 | 0 | ||||
| Proceeds from exercise of stock options | $ 188,000 | |||||
| Tax benefit from exercise of stock options | $ 742,000 | |||||
| Options vested | 0 | 0 | ||||
| Stock option compensation expense | $ 0 | $ 0 | ||||
| BYB Plan | Maximum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of common shares available for future grants | 2,476,122 | |||||
| BYB Plan | Time Options Grants | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award contractual term | 10 years | |||||
| BYB Plan | Time Options Grants | Maximum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 5 years | |||||
| BYB Plan | Time Options Grants | Minimum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 1 year | |||||
| BYB Plan | Performance Options Grants | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award contractual term | 10 years | |||||
| BYB Plan | Performance Options Grants | Maximum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 5 years | |||||
| BYB Plan | Performance Options Grants | Minimum | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Award vesting period | 1 year | |||||
| FEB Plan | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of shares outstanding | 100,135 | 100,135 | 103,135 | |||
| Number of options exercised | 3,000 | 59,153 | ||||
| Proceeds from exercise of stock options | $ 35,000 | $ 659,000 | ||||
| Tax benefit from exercise of stock options | $ 10,000 | $ 158,000 | ||||
| Conversion calculation percentage | 4.725% | 4.725% |
Share-Based Compensation - Summary of fair value of the total stock return performance-based awards granted (Details) - Performance Share - $ / shares |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Risk-free interest rate | 4.47% | 4.42% |
| Expected term (years) | 2 years 10 months 6 days | 2 years 10 months 6 days |
| Weighted average grant date fair value | $ 20.18 | $ 25.2 |
| Maximum | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Expected stock price volatility | 33.68% | 39.80% |
| Minimum | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Expected stock price volatility | 29.28% | 38.11% |
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Number of shares, beginning balance | 627,271 | |
| Number of shares, granted | 376,799 | |
| Incremental performance shares issued and vested | 13,632 | |
| Number of shares, vested | (234,308) | (238,638) |
| Number of shares, forfeited | (15,148) | |
| Number of shares, ending balance | 768,246 | 627,271 |
| Weighted average grant date fair value, beginning balance | $ 24.24 | |
| Weighted average grant date fair value, granted | 20.92 | |
| Weighted average grant date fair value, vested | 22.57 | |
| Weighted average grant date fair value, forfeited | 24.28 | |
| Weighted average grant date fair value, ending balance | $ 23.04 | $ 24.24 |
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - Restricted Shares - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
| Total share-based compensation - restricted stock | $ 3,687 | $ 3,217 |
| Income tax benefit | 1,012 | 866 |
| Unrecognized compensation expense | $ 13,462 | $ 12,757 |
| Weighted-average remaining amortization period | 2 years 1 month 6 days | 2 years 3 months 18 days |
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
|
| BYB Plan | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Number of Shares, Beginning balance | shares | 768,564 | |
| Number of Shares, Exercised | shares | (231,294) | 0 |
| Number of Shares, Ending balance | shares | 537,270 | 768,564 |
| Number of Shares, Exercisable | shares | 537,270 | |
| Weighted Average Exercise Price, Beginning balance | $ / shares | $ 11.31 | |
| Weighted Average Exercise Price, Exercised | $ / shares | 11.18 | |
| Weighted Average Exercise Price, Ending balance | $ / shares | 11.37 | $ 11.31 |
| Weighted Average Exercise Price, Exercisable | $ / shares | $ 11.37 | |
| Intrinsic Value, Beginning balance | $ | $ 9,413 | |
| Intrinsic Value, Exercised | $ | 2,782 | |
| Intrinsic Value, Ending balance | $ | 6,647 | $ 9,413 |
| Intrinsic Value, Exercisable | $ | $ 6,647 | |
| Weighted Average Remaining Contractual Term (in Years) | 10 months 24 days | 1 year 6 months |
| Weighted Average Remaining Contractual Term (in Years), Exercisable | 10 months 24 days | |
| FEB Plan | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Number of Shares, Beginning balance | shares | 103,135 | |
| Number of Shares, Exercised | shares | (3,000) | (59,153) |
| Number of Shares, Ending balance | shares | 100,135 | 103,135 |
| Number of Shares, Exercisable | shares | 100,135 | |
| Weighted Average Exercise Price, Beginning balance | $ / shares | $ 11.95 | |
| Weighted Average Exercise Price, Exercised | $ / shares | 11.65 | |
| Weighted Average Exercise Price, Ending balance | $ / shares | 11.96 | $ 11.95 |
| Weighted Average Exercise Price, Exercisable | $ / shares | $ 11.96 | |
| Intrinsic Value, Beginning balance | $ | $ 1,197 | |
| Intrinsic Value, Exercised | $ | 37 | |
| Intrinsic Value, Ending balance | $ | 1,179 | $ 1,197 |
| Intrinsic Value, Exercisable | $ | $ 1,179 | |
| Weighted Average Remaining Contractual Term (in Years) | 1 year 4 months 24 days | 1 year 10 months 24 days |
| Weighted Average Remaining Contractual Term (in Years), Exercisable | 1 year 4 months 24 days |
Earnings per Share - Additional Information (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Earnings Per Share Basic [Line Items] | ||||
| Shares outstanding | 43,361,516 | 37,034,626 | 43,309,802 | 36,995,075 |
| Antidilutive weighted average shares outstanding | 0 | 0 | 0 | 0 |
| Common Stock | ||||
| Earnings Per Share Basic [Line Items] | ||||
| Shares outstanding | 637,405 | 930,852 | ||
| Restricted Stock Award | ||||
| Earnings Per Share Basic [Line Items] | ||||
| Shares outstanding | 768,246 | 676,454 | ||
Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Earnings Per Share [Abstract] | ||||
| Net income | $ 29,671 | $ 26,107 | $ 60,111 | $ 50,052 |
| Weighted-average common stock outstanding: | ||||
| Weighted-average common stock outstanding (basic) | 43,361,516 | 37,034,626 | 43,309,802 | 36,995,075 |
| Incremental shares | 380,324 | 303,280 | 428,328 | 449,306 |
| Weighted-average common stock outstanding (dilutive) | 43,741,840 | 37,337,906 | 43,738,130 | 37,444,381 |
| Basic earnings per common share | $ 0.68 | $ 0.7 | $ 1.39 | $ 1.35 |
| Diluted earnings per common share | $ 0.68 | $ 0.7 | $ 1.37 | $ 1.34 |
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Equity [Abstract] | ||
| Par value per share | $ 0.01 | $ 0.01 |
| Shares authorized | 25,000,000 | 25,000,000 |
| Shares issued | 0 | 0 |
| Shares outstanding | 0 | 0 |
| Common stock, voting par value | $ 0.01 | $ 0.01 |
| Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
| Common stock, voting shares issued | 45,981,155 | 45,714,241 |
| Common stock, voting shares outstanding | 44,180,829 | 43,764,056 |
| Common stock, voting treasury shares | 1,800,326 | 1,950,185 |
Stockholders' Equity - Additional Information (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jul. 23, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 06, 2023 |
Dec. 12, 2022 |
|
| Class Of Stock [Line Items] | |||||||
| Aggregate number of shares authorized to repurchase | 1,250,000 | 1,250,000 | |||||
| Approximate percentage of shares authorized to be repurchased | 2.90% | ||||||
| Number of shares purchased | 0 | 0 | |||||
| Common stock, cash dividends paid | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 | |||
| Subsequent Event | |||||||
| Class Of Stock [Line Items] | |||||||
| Cash dividend declared | $ 0.09 | ||||||
| Dividend payable date | Aug. 20, 2024 | ||||||
| Dividends record date | Aug. 06, 2024 | ||||||
Consolidated Statements of Change in Accumulated Other Comprehensive Income (Loss) - Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning balance | $ 1,009,049 | $ 795,650 | $ 990,151 | $ 765,816 |
| Other comprehensive income (loss), net of tax | (4,559) | (6,720) | (11,352) | 2,688 |
| Ending balance | 1,033,014 | 813,942 | 1,033,014 | 813,942 |
| Unrealized Gains on Cash Flow Hedges | ||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning balance | 29,908 | 33,024 | 30,131 | 34,315 |
| Other comprehensive income (loss), net of tax | (2,236) | 3,409 | (2,459) | 2,118 |
| Ending balance | 27,672 | 36,433 | 27,672 | 36,433 |
| Unrealized Gains (Losses) on Available-for-Sale Securities | ||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning balance | (136,818) | (141,166) | (130,248) | (151,865) |
| Other comprehensive income (loss), net of tax | (2,323) | (10,129) | (8,893) | 570 |
| Ending balance | (139,141) | (151,295) | (139,141) | (151,295) |
| Accumulated Other Comprehensive Income (Loss) | ||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning balance | (106,910) | (108,142) | (100,117) | (117,550) |
| Other comprehensive income (loss), net of tax | (4,559) | (6,720) | (11,352) | 2,688 |
| Ending balance | $ (111,469) | $ (114,862) | $ (111,469) | $ (114,862) |