BYLINE BANCORP, INC., 10-Q filed on 8/5/2024
Quarterly Report
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Document And Entity Information - shares
6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Trading Symbol BY  
Entity Registrant Name Byline Bancorp, Inc.  
Entity Central Index Key 0001702750  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Interactive Data Current Yes  
Document Quarterly Report true  
Document Transition Report false  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-38139  
Entity Tax Identification Number 36-3012593  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 180 North LaSalle Street  
Entity Address, Address Line Two Suite 300  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60601  
City Area Code 773  
Local Phone Number 244-7000  
Entity Common Stock, Shares Outstanding   44,260,652
Title of each class Common Stock  
Name of each exchange on which registered NYSE  
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 68,251 $ 60,431
Interest bearing deposits with other banks 662,206 165,705
Cash and cash equivalents 730,457 226,136
Equity and other securities, at fair value 8,745 8,743
Securities available-for-sale 1,386,827 1,342,480
Securities held-to-maturity, at amortized cost (fair value at June 30, 2024 - $601, December 31,2023 - $1,149) 606 1,157
Restricted stock, at cost 31,775 16,304
Loans held for sale 13,360 18,005
Loans and leases:    
Loans And Leases Receivables, Gross 6,891,204 6,684,306
Allowance for credit losses - loans and leases (99,730) (101,686)
Net loans and leases 6,791,474 6,582,620
Servicing assets, at fair value 19,617 19,844
Premises and equipment, net 63,919 66,627
Goodwill and other intangible assets, net 200,788 203,478
Bank-owned life insurance 98,519 96,900
Deferred tax assets, net 48,888 50,058
Accrued interest receivable and other assets 238,840 249,615
Total assets 9,633,815 8,881,967
LIABILITIES    
Non-interest-bearing demand deposits 1,762,891 1,905,876
Interest-bearing deposits 5,584,290 5,271,123
Total deposits 7,347,181 7,176,999
Other borrowings 918,738 395,190
Subordinated notes, net 73,953 73,866
Junior subordinated debentures 70,675 70,452
Accrued interest payable and other liabilities 190,254 175,309
Total liabilities 8,600,801 7,891,816
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)
STOCKHOLDERS’ EQUITY    
Preferred stock 0 0
Common stock 452 451
Additional paid-in capital 710,792 710,488
Retained earnings 481,232 429,036
Treasury stock, at cost (47,993) (49,707)
Accumulated other comprehensive income (loss), net of tax (111,469) (100,117)
Total stockholders’ equity 1,033,014 990,151
Total liabilities and stockholders’ equity $ 9,633,815 $ 8,881,967
Preferred shares par value $ 0.01 $ 0.01
Preferred stock, Shares authorized 25,000,000 25,000,000
Preferred stock, Shares issued 0 0
Preferred stock, Shares outstanding 0 0
Treasury preferred shares 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
v3.24.2.u1
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
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans and leases $ 126,523 $ 99,134 $ 250,315 $ 191,477
Interest on securities 10,514 6,559 20,248 13,159
Other interest and dividend income 4,532 1,579 9,327 2,638
Total interest and dividend income 141,569 107,272 279,890 207,274
INTEREST EXPENSE        
Deposits 47,603 24,723 93,565 41,021
Other borrowings 4,460 4,241 8,284 10,129
Subordinated notes and debentures 2,980 2,142 5,974 4,240
Total interest expense 55,043 31,106 107,823 55,390
Net interest income 86,526 76,166 172,067 151,884
Provision for credit losses 6,045 5,790 12,688 15,615
Net interest income after provision for credit losses 80,481 70,376 159,379 136,269
NON-INTEREST INCOME        
Fees and service charges on deposits 2,548 2,233 4,975 4,353
Loan servicing revenue 3,216 3,377 6,580 6,757
Loan servicing asset revaluation (2,468) (865) (3,171) (209)
ATM and interchange fees 1,163 1,112 2,238 2,175
Change in fair value of equity securities, net (390) 193 2 543
Net gains on sales of loans 6,036 5,704 11,569 10,852
Wealth management and trust income 942 1,039 2,099 1,963
Other non-interest income 1,797 1,498 4,025 3,002
Total non-interest income 12,844 14,291 28,317 29,436
NON-INTEREST EXPENSE        
Salaries and employee benefits 33,911 29,642 67,864 60,036
Occupancy and equipment expense, net 4,639 4,404 9,923 8,848
Impairment loss on assets held for sale 0 0 0 20
Loan and lease related expenses 741 488 1,426 1,451
Legal, audit and other professional fees 3,708 3,675 6,427 6,789
Data processing 4,036 4,272 8,181 8,055
Net (gain) loss recognized on other real estate owned and other related expenses (62) 288 (160) 185
Other intangible assets amortization expense 1,345 1,455 2,690 2,910
Other non-interest expense 4,892 5,104 10,668 9,834
Total non-interest expense 53,210 49,328 107,019 98,128
INCOME BEFORE PROVISION FOR INCOME TAXES 40,115 35,339 80,677 67,577
PROVISION FOR INCOME TAXES 10,444 9,232 20,566 17,525
NET INCOME $ 29,671 $ 26,107 $ 60,111 $ 50,052
EARNINGS PER COMMON SHARE        
Basic $ 0.68 $ 0.7 $ 1.39 $ 1.35
Diluted $ 0.68 $ 0.7 $ 1.37 $ 1.34
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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
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
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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock Common
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022 $ 765,816 $ 389 $ 598,297 $ 335,794 $ (51,114) $ (117,550)
Beginning balance, shares at Dec. 31, 2022   37,492,775        
Net income 50,052     50,052    
Other comprehensive income (loss), net of tax 2,688         2,688
Restricted stock activity, net (1,771) $ 2 (1,796)   23  
Restricted stock activity, shares   220,105        
Issuance of common stock in connection with employee stock purchase plan 708       708  
Issuance of common stock in connection with employee stock purchase plan, shares   39,122        
Cash dividends declared on common stock (6,768)     (6,768)    
Share-based compensation expense 3,217   3,217      
Ending balance at Jun. 30, 2023 813,942 $ 391 599,718 379,078 (50,383) (114,862)
Ending balance, shares at Jun. 30, 2023   37,752,002        
Beginning balance at Dec. 31, 2022 765,816 $ 389 598,297 335,794 (51,114) (117,550)
Beginning balance, shares at Dec. 31, 2022   37,492,775        
Ending balance at Dec. 31, 2023 990,151 $ 451 710,488 429,036 (49,707) (100,117)
Ending balance, shares at Dec. 31, 2023   43,764,056        
Beginning balance at Mar. 31, 2023 795,650 $ 390 598,103 356,365 (51,066) (108,142)
Beginning balance, shares at Mar. 31, 2023   37,713,427        
Net income 26,107     26,107    
Other comprehensive income (loss), net of tax (6,720)         (6,720)
Restricted stock activity, net (116) $ 1 (92)   (25)  
Restricted stock activity, shares   (547)        
Issuance of common stock in connection with employee stock purchase plan 708       708  
Issuance of common stock in connection with employee stock purchase plan, shares   39,122        
Cash dividends declared on common stock (3,394)     (3,394)    
Share-based compensation expense 1,707   1,707      
Ending balance at Jun. 30, 2023 813,942 $ 391 599,718 379,078 (50,383) (114,862)
Ending balance, shares at Jun. 30, 2023   37,752,002        
Beginning balance at Dec. 31, 2023 990,151 $ 451 710,488 429,036 (49,707) (100,117)
Beginning balance, shares at Dec. 31, 2023   43,764,056        
Net income 60,111     60,111    
Other comprehensive income (loss), net of tax (11,352)         (11,352)
Issuance of common stock upon exercise of stock options, net (780)   (109)   (671)  
Issuance of common stock upon exercise of stock options, net shares   87,986        
Restricted stock activity, net (1,666) $ 1 (3,274)   1,607  
Restricted stock activity, shares   296,031        
Issuance of common stock in connection with employee stock purchase plan 778       778  
Cash dividends declared on common stock (7,915)     (7,915)    
Cash dividends declared on common stock, Shares   32,756        
Share-based compensation expense 3,687   3,687      
Ending balance at Jun. 30, 2024 1,033,014 $ 452 710,792 481,232 (47,993) (111,469)
Ending balance, shares at Jun. 30, 2024   44,180,829        
Beginning balance at Mar. 31, 2024 1,009,049 $ 452 708,844 455,532 (48,869) (106,910)
Beginning balance, shares at Mar. 31, 2024   44,108,387        
Net income 29,671     29,671    
Other comprehensive income (loss), net of tax (4,559)         (4,559)
Issuance of common stock upon exercise of stock options, net 222   222      
Issuance of common stock upon exercise of stock options, net shares   19,800        
Restricted stock activity, net (17)   (115)   98  
Restricted stock activity, shares   19,886        
Issuance of common stock in connection with employee stock purchase plan 778       778  
Cash dividends declared on common stock (3,971)     (3,971)    
Cash dividends declared on common stock, Shares   32,756        
Share-based compensation expense 1,841   1,841      
Ending balance at Jun. 30, 2024 $ 1,033,014 $ 452 $ 710,792 $ 481,232 $ (47,993) $ (111,469)
Ending balance, shares at Jun. 30, 2024   44,180,829        
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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
Statement of Stockholders' Equity [Abstract]        
Dividends per share $ 0.09 $ 0.09 $ 0.18 $ 0.18
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 60,111 $ 50,052
Adjustments to reconcile net income to net cash from operating activities:    
Provision for credit losses 12,688 15,615
Impairment loss on premises and equipment 1,069 0
Impairment loss on operating lease right-of-use asset 194 0
Impairment loss on assets held for sale 0 20
Depreciation and amortization of premises and equipment 2,582 1,932
Net amortization (accretion) of securities (943) 1,678
Net change in fair value of equity securities, net (2) (543)
Net gains on sales and disposal of premises and equipment (460) 0
Net gains on sales of loans (11,569) (10,852)
Originations of U.S. government guaranteed loans (143,643) (146,974)
Proceeds from U.S. government guaranteed loans sold 106,830 162,600
Accretion of premiums and discounts on acquired loans, net (7,940) (1,340)
Net change in servicing assets 227 (2,543)
Net losses (gains) on sales and valuation adjustments of other real estate owned (55) 392
Net amortization of other acquisition accounting adjustments 3,252 2,910
Amortization of subordinated debt issuance cost 87 87
Accretion of junior subordinated debentures discount 223 219
Share-based compensation expense 3,687 3,217
Deferred tax benefit 5,298 (140)
Increase in cash surrender value of bank owned life insurance (1,620) (1,118)
Changes in assets and liabilities:    
Accrued interest receivable and other assets 3,025 6,110
Accrued interest payable and other liabilities 69,441 11,149
Net cash provided by operating activities 102,482 92,471
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of securities available-for-sale (209,158) (11,221)
Proceeds from maturities and calls of securities available-for-sale 77,764 4,463
Proceeds from paydowns of securities available-for-sale 75,740 44,708
Proceeds from maturities and calls of securities held-to-maturity 550 545
Redemptions (purchases) of Federal Home Loan Bank stock, net (15,471) 3,825
Proceeds from other loans sold 0 6,750
Net change in loans and leases (214,688) (152,170)
Purchases of premises and equipment (1,243) (1,539)
Proceeds from sales of premises and equipment 365 0
Proceeds from sales of assets held for sale 1,459 0
Proceeds from sales of other real estate owned 480 2,559
Net cash used in investing activities (284,202) (102,080)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 169,620 221,971
Repayments of line of credit (11,250) 0
Repayments of term loan (3,333) 0
Proceeds from short-term borrowings 1,700,000 9,723,100
Repayments of short-term borrowings (1,355,000) (9,808,100)
Proceeds from BTFP advances 200,000 0
Net increase (decrease) in securities sold under agreements to repurchase (6,869) 19,523
Dividends paid on common stock (8,005) (6,655)
Proceeds from issuance of common stock 878 602
Net cash provided by financing activities 686,041 150,441
NET CHANGE IN CASH AND CASH EQUIVALENTS 504,321 140,832
CASH AND CASH EQUIVALENTS, beginning of period 226,136 179,353
CASH AND CASH EQUIVALENTS, end of period 730,457 320,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 102,417 46,538
Cash paid during the period for taxes 974 3,031
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Transfer of loans to other real estate owned 5 499
Right of use asset exchanged for operating lease liabilties 1,115 932
Common share withholding 2,668 1,771
Common dividend declared, not paid $ (90) $ 113
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Basis of Presentation
6 Months Ended
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.

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.
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Accounting Pronouncements Recently Adopted or Issued
6 Months Ended
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.

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Acquisition of a Business
6 Months Ended
Jun. 30, 2024
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:

Assets

 

 

 

Cash and cash equivalents

 

$

39,731

 

Securities available-for-sale

 

 

239,602

 

Restricted stock

 

 

3,058

 

Loans

 

 

808,000

 

Allowance for credit losses

 

 

(10,596

)

Premises and equipment

 

 

11,307

 

Operating lease right-of-use asset

 

 

3,813

 

Other intangible assets

 

 

17,250

 

Bank-owned life insurance

 

 

12,455

 

Deferred tax assets, net

 

 

14,848

 

Other assets

 

 

21,023

 

Total assets acquired

 

 

1,160,491

 

Liabilities

 

 

 

Deposits

 

 

964,491

 

Federal Home Loan Bank advances

 

 

40,000

 

Securities sold under agreements to repurchase

 

 

455

 

Junior subordinated debentures

 

 

32,661

 

Operating lease liability

 

 

4,034

 

Accrued expenses and other liabilities

 

 

13,288

 

Total liabilities assumed

 

 

1,054,929

 

Net assets acquired

 

$

105,562

 

Consideration paid

 

 

 

Common stock (5,932,323 shares issued at $18.09 per share)

 

 

107,017

 

Cash paid

 

 

31,897

 

Total consideration paid

 

 

138,914

 

Goodwill

 

$

33,352

 

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:

Fair value

 

$

582,831

 

Gross contractual amounts receivable

 

 

699,918

 

Estimate of contractual cash flows not expected to be collected(1)

 

 

4,239

 

Estimate of contractual cash flows expected to be collected

 

 

695,679

 

(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:

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

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

 

 

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.

v3.24.2.u1
Securities
6 Months Ended
Jun. 30, 2024
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:

June 30, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

52,638

 

 

$

 

 

$

(853

)

 

$

51,785

 

U.S. Government agencies

 

 

164,453

 

 

 

20

 

 

 

(17,299

)

 

 

147,174

 

Obligations of states, municipalities, and
   political subdivisions

 

 

85,541

 

 

 

154

 

 

 

(5,305

)

 

 

80,390

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

850,340

 

 

 

1,377

 

 

 

(102,519

)

 

 

749,198

 

Non-agency

 

 

131,968

 

 

 

 

 

 

(22,914

)

 

 

109,054

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

227,984

 

 

 

 

 

 

(34,036

)

 

 

193,948

 

Corporate securities

 

 

40,652

 

 

 

 

 

 

(3,872

)

 

 

36,780

 

Asset-backed securities

 

 

19,700

 

 

 

22

 

 

 

(1,224

)

 

 

18,498

 

Total

 

$

1,573,276

 

 

$

1,573

 

 

$

(188,022

)

 

$

1,386,827

 

June 30, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and
   political subdivisions

 

$

606

 

 

$

 

 

$

(5

)

 

$

601

 

Total

 

$

606

 

 

$

 

 

$

(5

)

 

$

601

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

116,398

 

 

$

61

 

 

$

(1,025

)

 

$

115,434

 

U.S. Government agencies

 

 

147,062

 

 

 

37

 

 

 

(16,404

)

 

 

130,695

 

Obligations of states, municipalities, and
   political subdivisions

 

 

86,022

 

 

 

396

 

 

 

(4,143

)

 

 

82,275

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

786,970

 

 

 

4,247

 

 

 

(95,414

)

 

 

695,803

 

Non-agency

 

 

122,359

 

 

 

 

 

 

(22,099

)

 

 

100,260

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

181,452

 

 

 

 

 

 

(34,248

)

 

 

147,204

 

Corporate securities

 

 

40,681

 

 

 

 

 

 

(4,510

)

 

 

36,171

 

Asset-backed securities

 

 

35,857

 

 

 

2

 

 

 

(1,221

)

 

 

34,638

 

Total

 

$

1,516,801

 

 

$

4,743

 

 

$

(179,064

)

 

$

1,342,480

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

$

1,157

 

 

$

 

 

$

(8

)

 

$

1,149

 

Total

 

$

1,157

 

 

$

 

 

$

(8

)

 

$

1,149

 

 

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:

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

June 30, 2024

 

Number of
Securities

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

9

 

$

14,645

 

 

$

(65

)

 

$

37,140

 

 

$

(788

)

 

$

51,785

 

 

$

(853

)

U.S. Government agencies

 

 

20

 

 

20,462

 

 

 

(47

)

 

 

118,307

 

 

 

(17,252

)

 

 

138,769

 

 

 

(17,299

)

Obligations of states,
   municipalities and political
   subdivisions

 

 

85

 

 

20,361

 

 

 

(428

)

 

 

52,320

 

 

 

(4,877

)

 

 

72,681

 

 

 

(5,305

)

Residential mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

129

 

 

155,273

 

 

 

(1,937

)

 

 

507,970

 

 

 

(100,582

)

 

 

663,243

 

 

 

(102,519

)

Non-agency

 

 

21

 

 

14,768

 

 

 

(90

)

 

 

94,286

 

 

 

(22,824

)

 

 

109,054

 

 

 

(22,914

)

Commercial mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

51

 

 

37,482

 

 

 

(306

)

 

 

141,892

 

 

 

(33,730

)

 

 

179,374

 

 

 

(34,036

)

Corporate securities

 

 

21

 

 

1,418

 

 

 

(73

)

 

 

35,362

 

 

 

(3,799

)

 

 

36,780

 

 

 

(3,872

)

Asset-backed securities

 

 

2

 

 

 

 

 

 

 

 

5,852

 

 

 

(1,224

)

 

 

5,852

 

 

 

(1,224

)

Total

 

 

338

 

$

264,409

 

 

$

(2,946

)

 

$

993,129

 

 

$

(185,076

)

 

$

1,257,538

 

 

$

(188,022

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states,
  municipalities, and
  political subdivisions

 

 

1

 

$

 

 

$

 

 

$

601

 

 

$

(5

)

 

$

601

 

 

$

(5

)

Total

 

 

1

 

$

 

 

$

 

 

$

601

 

 

$

(5

)

 

$

601

 

 

$

(5

)

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2023

 

Number of
Securities

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

7

 

$

5,018

 

 

$

(4

)

 

$

31,843

 

 

$

(1,021

)

 

$

36,861

 

 

$

(1,025

)

U.S. Government agencies

 

 

18

 

 

535

 

 

 

(9

)

 

 

119,109

 

 

 

(16,395

)

 

 

119,644

 

 

 

(16,404

)

Obligations of states,
   municipalities and
   political subdivisions

 

 

61

 

 

12,267

 

 

 

(156

)

 

 

49,617

 

 

 

(3,987

)

 

 

61,884

 

 

 

(4,143

)

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

102

 

 

8,332

 

 

 

(49

)

 

 

543,648

 

 

 

(95,365

)

 

 

551,980

 

 

 

(95,414

)

Non-agency

 

 

20

 

 

636

 

 

 

 

 

 

99,624

 

 

 

(22,099

)

 

 

100,260

 

 

 

(22,099

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

48

 

 

6,765

 

 

 

(1,517

)

 

 

140,439

 

 

 

(32,731

)

 

 

147,204

 

 

 

(34,248

)

Corporate securities

 

 

21

 

 

 

 

 

 

 

 

36,171

 

 

 

(4,510

)

 

 

36,171

 

 

 

(4,510

)

Asset-backed securities

 

 

6

 

 

 

 

 

 

 

 

25,653

 

 

 

(1,221

)

 

 

25,653

 

 

 

(1,221

)

Total

 

 

283

 

$

33,553

 

 

$

(1,735

)

 

$

1,046,104

 

 

$

(177,329

)

 

$

1,079,657

 

 

$

(179,064

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states,
   municipalities and
   political subdivisions

 

 

2

 

$

 

 

$

 

 

$

1,149

 

 

$

(8

)

 

$

1,149

 

 

$

(8

)

Total

 

 

2

 

$

 

 

$

 

 

$

1,149

 

 

$

(8

)

 

$

1,149

 

 

$

(8

)

 

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.

 

 

 

Amortized
Cost

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

Due in one year or less

 

$

43,997

 

 

$

43,361

 

Due from one to five years

 

 

111,663

 

 

 

104,964

 

Due from five to ten years

 

 

162,003

 

 

 

145,903

 

Due after ten years

 

 

45,321

 

 

 

40,399

 

Mortgage-backed securities

 

 

1,210,292

 

 

 

1,052,200

 

Total

 

$

1,573,276

 

 

$

1,386,827

 

Held-to-maturity

 

 

 

 

 

 

Due in one year or less

 

$

606

 

 

$

601

 

Total

 

$

606

 

 

$

601

 

v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses
6 Months Ended
Jun. 30, 2024
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Commercial real estate

 

$

2,290,656

 

 

$

2,317,289

 

Residential real estate

 

 

727,092

 

 

 

718,733

 

Construction, land development, and other land

 

 

532,312

 

 

 

528,275

 

Commercial and industrial

 

 

2,620,828

 

 

 

2,444,405

 

Installment and other

 

 

2,788

 

 

 

3,138

 

Lease financing receivables

 

 

704,740

 

 

 

659,686

 

Total loans and leases

 

 

6,878,416

 

 

 

6,671,526

 

Net unamortized deferred fees and costs

 

 

6,471

 

 

 

6,600

 

Initial direct costs

 

 

6,317

 

 

 

6,180

 

Allowance for credit losses - loans and leases

 

 

(99,730

)

 

 

(101,686

)

Net loans and leases

 

$

6,791,474

 

 

$

6,582,620

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Lease financing receivables

 

 

 

 

 

 

Net minimum lease payments

 

$

679,887

 

 

$

644,507

 

Unguaranteed residual values

 

 

111,057

 

 

 

92,127

 

Unearned income

 

 

(86,204

)

 

 

(76,948

)

Total lease financing receivables

 

 

704,740

 

 

 

659,686

 

Initial direct costs

 

 

6,317

 

 

 

6,180

 

Lease financial receivables before allowance for
   credits losses - loans and leases

 

$

711,057

 

 

$

665,866

 

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:

 

 

Minimum Lease
Payments

 

2024

 

$

111,886

 

2025

 

 

220,017

 

2026

 

 

171,074

 

2027

 

 

110,416

 

2028

 

 

54,533

 

Thereafter

 

 

11,961

 

Total

 

$

679,887

 

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:

June 30, 2024

 

Originated

 

 

Purchased Credit Deteriorated

 

 

Acquired
Non-Credit-
Deteriorated

 

 

Total

 

Commercial real estate

 

$

1,924,797

 

 

$

114,053

 

 

$

254,858

 

 

$

2,293,708

 

Residential real estate

 

 

498,578

 

 

 

40,728

 

 

 

188,489

 

 

 

727,795

 

Construction, land development, and other land

 

 

445,919

 

 

 

9

 

 

 

84,849

 

 

 

530,777

 

Commercial and industrial

 

 

2,493,229

 

 

 

17,796

 

 

 

113,997

 

 

 

2,625,022

 

Installment and other

 

 

2,576

 

 

 

116

 

 

 

153

 

 

 

2,845

 

Lease financing receivables

 

 

710,784

 

 

 

 

 

 

273

 

 

 

711,057

 

Total loans and leases

 

$

6,075,883

 

 

$

172,702

 

 

$

642,619

 

 

$

6,891,204

 

December 31, 2023

 

Originated

 

 

Purchased Credit Deteriorated

 

 

Acquired
Non-Credit-
Deteriorated

 

 

Total

 

Commercial real estate

 

$

1,907,029

 

 

$

137,807

 

 

$

275,476

 

 

$

2,320,312

 

Residential real estate

 

 

465,133

 

 

 

42,510

 

 

 

211,887

 

 

 

719,530

 

Construction, land development, and other land

 

 

415,162

 

 

 

25,331

 

 

 

86,344

 

 

 

526,837

 

Commercial and industrial

 

 

2,311,563

 

 

 

19,460

 

 

 

117,538

 

 

 

2,448,561

 

Installment and other

 

 

2,919

 

 

 

125

 

 

 

156

 

 

 

3,200

 

Lease financing receivables

 

 

665,239

 

 

 

 

 

 

627

 

 

 

665,866

 

Total loans and leases

 

$

5,767,045

 

 

$

225,233

 

 

$

692,028

 

 

$

6,684,306

 

PCD loansThe 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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

Commercial real estate

 

$

157,757

 

 

$

114,053

 

 

$

185,007

 

 

$

137,807

 

Residential real estate

 

 

85,403

 

 

 

40,728

 

 

 

88,036

 

 

 

42,510

 

Construction, land development, and other land

 

 

6,678

 

 

 

9

 

 

 

32,140

 

 

 

25,331

 

Commercial and industrial

 

 

20,609

 

 

 

17,796

 

 

 

21,870

 

 

 

19,460

 

Installment and other

 

 

780

 

 

 

116

 

 

 

789

 

 

 

125

 

Total purchased credit deteriorated loans

 

$

271,227

 

 

$

172,702

 

 

$

327,842

 

 

$

225,233

 

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.

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 PCD loans at acquisition

 

$

243,078

 

Acquired non-credit-deteriorated loans and leasesThe 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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

Commercial real estate

 

$

262,635

 

 

$

254,858

 

 

$

284,819

 

 

$

275,476

 

Residential real estate

 

 

202,288

 

 

 

188,489

 

 

 

227,392

 

 

 

211,887

 

Construction, land development, and other land

 

 

85,395

 

 

 

84,849

 

 

 

87,143

 

 

 

86,344

 

Commercial and industrial

 

 

119,085

 

 

 

113,997

 

 

 

123,540

 

 

 

117,538

 

Installment and other

 

 

165

 

 

 

153

 

 

 

170

 

 

 

156

 

Lease financing receivables

 

 

274

 

 

 

273

 

 

 

628

 

 

 

627

 

Total acquired non-credit-deteriorated
   loans and leases

 

$

669,842

 

 

$

642,619

 

 

$

723,692

 

 

$

692,028

 

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:

 

 

Term loans amortized cost by origination year

 

 

Revolving

 

 

Total

 

June 30, 2024

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Loans

 

 

Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

140,888

 

 

$

246,084

 

 

$

421,253

 

 

$

453,722

 

 

$

231,309

 

 

$

493,618

 

 

$

15,028

 

 

$

2,001,902

 

      Watch

 

 

2,281

 

 

 

26,344

 

 

 

26,638

 

 

 

39,933

 

 

 

32,761

 

 

 

69,916

 

 

 

 

 

 

197,873

 

      Special Mention

 

 

 

 

 

 

 

 

2,911

 

 

 

9,794

 

 

 

2,572

 

 

 

31,237

 

 

 

 

 

 

46,514

 

      Substandard

 

 

 

 

 

2,953

 

 

 

3,750

 

 

 

4,937

 

 

 

839

 

 

 

34,940

 

 

 

 

 

 

47,419

 

         Total

 

$

143,169

 

 

$

275,381

 

 

$

454,552

 

 

$

508,386

 

 

$

267,481

 

 

$

629,711

 

 

$

15,028

 

 

$

2,293,708

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

295

 

 

$

187

 

 

$

718

 

 

$

2,299

 

 

$

 

 

$

3,499

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

19,634

 

 

$

49,142

 

 

$

133,696

 

 

$

118,396

 

 

$

51,791

 

 

$

246,883

 

 

$

57,520

 

 

$

677,062

 

      Watch

 

 

 

 

 

 

 

 

5,139

 

 

 

598

 

 

 

22,666

 

 

 

11,892

 

 

 

1,567

 

 

 

41,862

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,753

 

 

 

6

 

 

 

98

 

 

 

3,857

 

      Substandard

 

 

200

 

 

 

579

 

 

 

29

 

 

 

101

 

 

 

11

 

 

 

3,179

 

 

 

915

 

 

 

5,014

 

         Total

 

$

19,834

 

 

$

49,721

 

 

$

138,864

 

 

$

119,095

 

 

$

78,221

 

 

$

261,960

 

 

$

60,100

 

 

$

727,795

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Construction, Land Development,
  & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

5,845

 

 

$

141,785

 

 

$

135,873

 

 

$

159,474

 

 

$

37,079

 

 

$

2,898

 

 

$

345

 

 

$

483,299

 

      Watch

 

 

 

 

 

3,521

 

 

 

13,661

 

 

 

17,237

 

 

 

 

 

 

3,096

 

 

 

 

 

 

37,515

 

      Special Mention

 

 

 

 

 

 

 

 

454

 

 

 

9,509

 

 

 

 

 

 

 

 

 

 

 

 

9,963

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

224,599

 

 

$

482,778

 

 

$

477,896

 

 

$

270,323

 

 

$

97,392

 

 

$

197,833

 

 

$

547,736

 

 

$

2,298,557

 

      Watch

 

 

724

 

 

 

45,958

 

 

 

21,902

 

 

 

45,389

 

 

 

1,605

 

 

 

20,535

 

 

 

46,818

 

 

 

182,931

 

      Special Mention

 

 

 

 

 

1,381

 

 

 

23,847

 

 

 

10,395

 

 

 

1,724

 

 

 

4,980

 

 

 

43,089

 

 

 

85,416

 

      Substandard

 

 

92

 

 

 

6,003

 

 

 

11,266

 

 

 

9,408

 

 

 

4,674

 

 

 

17,523

 

 

 

9,152

 

 

 

58,118

 

         Total

 

$

225,415

 

 

$

536,120

 

 

$

534,911

 

 

$

335,515

 

 

$

105,395

 

 

$

240,871

 

 

$

646,795

 

 

$

2,625,022

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

746

 

 

$

3,777

 

 

$

1,203

 

 

$

497

 

 

$

6,926

 

 

$

 

 

$

13,149

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

158

 

 

$

378

 

 

$

103

 

 

$

44

 

 

$

127

 

 

$

360

 

 

$

1,601

 

 

$

2,771

 

      Watch

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

3

 

 

 

51

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

         Total

 

$

158

 

 

$

378

 

 

$

103

 

 

$

67

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,845

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

162,555

 

 

$

283,352

 

 

$

169,324

 

 

$

70,434

 

 

$

20,328

 

 

$

2,285

 

 

$

 

 

$

708,278

 

      Watch

 

 

 

 

 

 

 

 

54

 

 

 

817

 

 

 

11

 

 

 

-

 

 

 

 

 

 

882

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130

 

 

 

66

 

 

 

 

 

 

196

 

      Substandard

 

 

 

 

 

122

 

 

 

988

 

 

 

543

 

 

 

7

 

 

 

41

 

 

 

 

 

 

1,701

 

         Total

 

$

162,555

 

 

$

283,474

 

 

$

170,366

 

 

$

71,794

 

 

$

20,476

 

 

$

2,392

 

 

$

 

 

$

711,057

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

334

 

 

$

377

 

 

$

284

 

 

$

58

 

 

$

 

 

$

 

 

$

1,053

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

553,679

 

 

$

1,203,519

 

 

$

1,338,145

 

 

$

1,072,393

 

 

$

438,026

 

 

$

943,877

 

 

$

622,230

 

 

$

6,171,869

 

      Watch

 

 

3,005

 

 

 

75,823

 

 

 

67,394

 

 

 

103,974

 

 

 

57,043

 

 

 

105,487

 

 

 

48,388

 

 

 

461,114

 

      Special Mention

 

 

 

 

 

1,381

 

 

 

27,212

 

 

 

29,698

 

 

 

8,179

 

 

 

36,289

 

 

 

43,187

 

 

 

145,946

 

      Substandard

 

 

292

 

 

 

9,657

 

 

 

16,033

 

 

 

15,012

 

 

 

5,531

 

 

 

55,683

 

 

 

10,067

 

 

 

112,275

 

         Total

 

$

556,976

 

 

$

1,290,380

 

 

$

1,448,784

 

 

$

1,221,077

 

 

$

508,779

 

 

$

1,141,336

 

 

$

723,872

 

 

$

6,891,204

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

1,080

 

 

$

4,449

 

 

$

1,674

 

 

$

1,273

 

 

$

9,225

 

 

$

 

 

$

17,701

 

 

 

 

Term loans amortized cost by origination year

 

 

Revolving

 

 

Total

 

December 31, 2023

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Loans

 

 

Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

247,856

 

 

$

452,127

 

 

$

516,624

 

 

$

229,053

 

 

$

143,283

 

 

$

388,872

 

 

$

28,360

 

 

$

2,006,175

 

      Watch

 

 

12,501

 

 

 

22,094

 

 

 

26,408

 

 

 

46,713

 

 

 

20,364

 

 

 

68,003

 

 

 

 

 

 

196,083

 

      Special Mention

 

 

 

 

 

799

 

 

 

10,752

 

 

 

2,618

 

 

 

12,751

 

 

 

25,790

 

 

 

 

 

 

52,710

 

      Substandard

 

 

 

 

 

2,888

 

 

 

5,841

 

 

 

1,771

 

 

 

7,483

 

 

 

46,532

 

 

 

829

 

 

 

65,344

 

         Total

 

$

260,357

 

 

$

477,908

 

 

$

559,625

 

 

$

280,155

 

 

$

183,881

 

 

$

529,197

 

 

$

29,189

 

 

$

2,320,312

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

193

 

 

$

60

 

 

$

1,511

 

 

$

4,054

 

 

$

3,911

 

 

$

 

 

$

9,729

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

55,178

 

 

$

135,477

 

 

$

104,005

 

 

$

54,651

 

 

$

37,806

 

 

$

225,593

 

 

$

57,865

 

 

$

670,575

 

      Watch

 

 

 

 

 

4,811

 

 

 

 

 

 

17,417

 

 

 

7,167

 

 

 

8,708

 

 

 

1,597

 

 

 

39,700

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

3,594

 

 

 

127

 

 

 

1

 

 

 

413

 

 

 

4,135

 

      Substandard

 

 

 

 

 

 

 

 

107

 

 

 

189

 

 

 

349

 

 

 

3,523

 

 

 

952

 

 

 

5,120

 

         Total

 

$

55,178

 

 

$

140,288

 

 

$

104,112

 

 

$

75,851

 

 

$

45,449

 

 

$

237,825

 

 

$

60,827

 

 

$

719,530

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

21

 

 

$

 

 

$

21

 

Construction, Land Development, & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

82,449

 

 

$

145,174

 

 

$

184,544

 

 

$

35,466

 

 

$

9,772

 

 

$

1,429

 

 

$

174

 

 

$

459,008

 

      Watch

 

 

1,392

 

 

 

13,990

 

 

 

21,313

 

 

 

18,716

 

 

 

3,125

 

 

 

 

 

 

 

 

 

58,536

 

      Special Mention

 

 

 

 

 

 

 

 

9,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,279

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

14

 

         Total

 

$

83,841

 

 

$

159,164

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

526,837

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

475,720

 

 

$

514,902

 

 

$

288,392

 

 

$

109,430

 

 

$

73,059

 

 

$

147,168

 

 

$

524,348

 

 

$

2,133,019

 

      Watch

 

 

41,027

 

 

 

33,080

 

 

 

50,407

 

 

 

1,385

 

 

 

6,951

 

 

 

18,180

 

 

 

39,531

 

 

 

190,561

 

      Special Mention

 

 

 

 

 

6,164

 

 

 

10,595

 

 

 

2,631

 

 

 

1,112

 

 

 

6,643

 

 

 

36,354

 

 

 

63,499

 

      Substandard

 

 

 

 

 

7,332

 

 

 

6,067

 

 

 

6,431

 

 

 

10,116

 

 

 

18,381

 

 

 

13,155

 

 

 

61,482

 

         Total

 

$

516,747

 

 

$

561,478

 

 

$

355,461

 

 

$

119,877

 

 

$

91,238

 

 

$

190,372

 

 

$

613,388

 

 

$

2,448,561

 

Gross charge-offs, year ended
  December 31, 2023

 

$

1,518

 

 

$

1,938

 

 

$

5,372

 

 

$

4,451

 

 

$

1,087

 

 

$

1,045

 

 

$

 

 

$

15,411

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

564

 

 

$

132

 

 

$

79

 

 

$

133

 

 

$

28

 

 

$

424

 

 

$

1,814

 

 

$

3,174

 

      Watch

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

26

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

3

 

 

$

 

 

$

3

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

327,099

 

 

$

207,640

 

 

$

93,242

 

 

$

29,343

 

 

$

5,443

 

 

$

856

 

 

$

 

 

$

663,623

 

      Watch

 

 

 

 

 

67

 

 

 

1,008

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

1,091

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

179

 

 

 

101

 

 

 

36

 

 

 

 

 

 

316

 

      Substandard

 

 

259

 

 

 

138

 

 

 

384

 

 

 

55

 

 

 

 

 

 

 

 

 

 

 

 

836

 

         Total

 

$

327,358

 

 

$

207,845

 

 

$

94,634

 

 

$

29,593

 

 

$

5,544

 

 

$

892

 

 

$

 

 

$

665,866

 

Gross charge-offs, year ended
  December 31, 2023

 

$

734

 

 

$

886

 

 

$

549

 

 

$

139

 

 

$

75

 

 

$

54

 

 

$

 

 

$

2,437

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

1,188,866

 

 

$

1,455,452

 

 

$

1,186,886

 

 

$

458,076

 

 

$

269,391

 

 

$

764,342

 

 

$

612,561

 

 

$

5,935,574

 

      Watch

 

 

54,920

 

 

 

74,042

 

 

 

99,161

 

 

 

84,247

 

 

 

37,607

 

 

 

94,892

 

 

 

41,128

 

 

 

485,997

 

      Special Mention

 

 

 

 

 

6,963

 

 

 

30,626

 

 

 

9,022

 

 

 

14,091

 

 

 

32,470

 

 

 

36,767

 

 

 

129,939

 

      Substandard

 

 

259

 

 

 

10,358

 

 

 

12,399

 

 

 

8,446

 

 

 

17,948

 

 

 

68,450

 

 

 

14,936

 

 

 

132,796

 

         Total

 

$

1,244,045

 

 

$

1,546,815

 

 

$

1,329,072

 

 

$

559,791

 

 

$

339,037

 

 

$

960,154

 

 

$

705,392

 

 

$

6,684,306

 

Gross charge-offs, year ended
  December 31, 2023

 

$

2,252

 

 

$

3,017

 

 

$

5,981

 

 

$

6,101

 

 

$

5,216

 

 

$

5,034

 

 

$

 

 

$

27,601

 

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:

 

June 30, 2024

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans

 

 

Total
Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

143,169

 

 

$

272,428

 

 

$

451,268

 

 

$

504,037

 

 

$

267,218

 

 

$

607,648

 

 

$

15,028

 

 

$

2,260,796

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

636

 

 

 

172

 

 

 

 

 

 

742

 

 

 

 

 

 

1,550

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

2,953

 

 

 

2,648

 

 

 

4,177

 

 

 

263

 

 

 

21,321

 

 

 

 

 

 

31,362

 

      Total Past Due

 

 

 

 

 

2,953

 

 

 

3,284

 

 

 

4,349

 

 

 

263

 

 

 

22,063

 

 

 

 

 

 

32,912

 

         Total

 

$

143,169

 

 

$

275,381

 

 

$

454,552

 

 

$

508,386

 

 

$

267,481

 

 

$

629,711

 

 

$

15,028

 

 

$

2,293,708

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

19,634

 

 

$

49,721

 

 

$

136,347

 

 

$

118,994

 

 

$

78,221

 

 

$

258,394

 

 

$

58,885

 

 

$

720,196

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

2,488

 

 

 

 

 

 

 

 

 

381

 

 

 

300

 

 

 

3,169

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

 

 

 

46

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

200

 

 

 

 

 

 

29

 

 

 

101

 

 

 

 

 

 

3,139

 

 

 

915

 

 

 

4,384

 

      Total Past Due

 

 

200

 

 

 

 

 

 

2,517

 

 

 

101

 

 

 

 

 

 

3,566

 

 

 

1,215

 

 

 

7,599

 

         Total

 

$

19,834

 

 

$

49,721

 

 

$

138,864

 

 

$

119,095

 

 

$

78,221

 

 

$

261,960

 

 

$

60,100

 

 

$

727,795

 

Construction, Land Development,
   & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

225,323

 

 

$

534,074

 

 

$

527,308

 

 

$

333,045

 

 

$

101,186

 

 

$

229,335

 

 

$

643,388

 

 

$

2,593,659

 

      30-59 Days Past Due

 

 

 

 

 

70

 

 

 

201

 

 

 

 

 

 

 

 

 

 

 

 

574

 

 

 

845

 

      60-89 Days Past Due

 

 

 

 

 

516

 

 

 

1,508

 

 

 

116

 

 

 

991

 

 

 

1,042

 

 

 

 

 

 

4,173

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

92

 

 

 

1,460

 

 

 

5,894

 

 

 

2,354

 

 

 

3,218

 

 

 

10,494

 

 

 

2,833

 

 

 

26,345

 

      Total Past Due

 

 

92

 

 

 

2,046

 

 

 

7,603

 

 

 

2,470

 

 

 

4,209

 

 

 

11,536

 

 

 

3,407

 

 

 

31,363

 

         Total

 

$

225,415

 

 

$

536,120

 

 

$

534,911

 

 

$

335,515

 

 

$

105,395

 

 

$

240,871

 

 

$

646,795

 

 

$

2,625,022

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

158

 

 

$

378

 

 

$

103

 

 

$

44

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,822

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

         Total

 

$

158

 

 

$

378

 

 

$

103

 

 

$

67

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,845

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

162,268

 

 

$

281,980

 

 

$

167,798

 

 

$

70,481

 

 

$

20,178

 

 

$

2,343

 

 

$

 

 

$

705,048

 

      30-59 Days Past Due

 

 

272

 

 

 

778

 

 

 

564

 

 

 

425

 

 

 

226

 

 

 

9

 

 

 

 

 

 

2,274

 

      60-89 Days Past Due

 

 

15

 

 

 

594

 

 

 

1,015

 

 

 

345

 

 

 

72

 

 

 

 

 

 

 

 

 

2,041

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

122

 

 

 

989

 

 

 

543

 

 

 

 

 

 

40

 

 

 

 

 

 

1,694

 

      Total Past Due

 

 

287

 

 

 

1,494

 

 

 

2,568

 

 

 

1,313

 

 

 

298

 

 

 

49

 

 

 

 

 

 

6,009

 

         Total

 

$

162,555

 

 

$

283,474

 

 

$

170,366

 

 

$

71,794

 

 

$

20,476

 

 

$

2,392

 

 

$

 

 

$

711,057

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

556,397

 

 

$

1,283,887

 

 

$

1,432,812

 

 

$

1,212,821

 

 

$

504,009

 

 

$

1,104,122

 

 

$

719,250

 

 

$

6,813,298

 

      30-59 Days Past Due

 

 

272

 

 

 

848

 

 

 

3,253

 

 

 

425

 

 

 

226

 

 

 

390

 

 

 

874

 

 

 

6,288

 

      60-89 Days Past Due

 

 

15

 

 

 

1,110

 

 

 

3,159

 

 

 

633

 

 

 

1,063

 

 

 

1,830

 

 

 

 

 

 

7,810

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

292

 

 

 

4,535

 

 

 

9,560

 

 

 

7,198

 

 

 

3,481

 

 

 

34,994

 

 

 

3,748

 

 

 

63,808

 

      Total Past Due

 

 

579

 

 

 

6,493

 

 

 

15,972

 

 

 

8,256

 

 

 

4,770

 

 

 

37,214

 

 

 

4,622

 

 

 

77,906

 

         Total

 

$

556,976

 

 

$

1,290,380

 

 

$

1,448,784

 

 

$

1,221,077

 

 

$

508,779

 

 

$

1,141,336

 

 

$

723,872

 

 

$

6,891,204

 

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.

December 31, 2023

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans

 

 

Total
Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

259,998

 

 

$

474,878

 

 

$

558,236

 

 

$

279,098

 

 

$

178,729

 

 

$

501,620

 

 

$

29,189

 

 

$

2,281,748

 

      30-59 Days Past Due

 

 

359

 

 

 

648

 

 

 

638

 

 

 

74

 

 

 

3,176

 

 

 

484

 

 

 

 

 

 

5,379

 

      60-89 Days Past Due

 

 

 

 

 

826

 

 

 

 

 

 

286

 

 

 

 

 

 

1,208

 

 

 

 

 

 

2,320

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

1,556

 

 

 

751

 

 

 

697

 

 

 

1,976

 

 

 

25,885

 

 

 

 

 

 

30,865

 

      Total Past Due

 

 

359

 

 

 

3,030

 

 

 

1,389

 

 

 

1,057

 

 

 

5,152

 

 

 

27,577

 

 

 

 

 

 

38,564

 

         Total

 

$

260,357

 

 

$

477,908

 

 

$

559,625

 

 

$

280,155

 

 

$

183,881

 

 

$

529,197

 

 

$

29,189

 

 

$

2,320,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

55,178

 

 

$

136,448

 

 

$

102,973

 

 

$

75,125

 

 

$

45,050

 

 

$

230,102

 

 

$

59,476

 

 

$

704,352

 

      30-59 Days Past Due

 

 

 

 

 

3,840

 

 

 

1,032

 

 

 

537

 

 

 

29

 

 

 

4,122

 

 

 

399

 

 

 

9,959

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

127

 

 

 

 

 

 

148

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

107

 

 

 

189

 

 

 

349

 

 

 

3,474

 

 

 

952

 

 

 

5,071

 

      Total Past Due

 

 

 

 

 

3,840

 

 

 

1,139

 

 

 

726

 

 

 

399

 

 

 

7,723

 

 

 

1,351

 

 

 

15,178

 

         Total

 

$

55,178

 

 

$

140,288

 

 

$

104,112

 

 

$

75,851

 

 

$

45,449

 

 

$

237,825

 

 

$

60,827

 

 

$

719,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, Land Development,
  & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

83,841

 

 

$

156,815

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

524,488

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

2,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,349

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

2,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,349

 

         Total

 

$

83,841

 

 

$

159,164

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

526,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

516,747

 

 

$

552,251

 

 

$

351,534

 

 

$

114,859

 

 

$

83,780

 

 

$

177,239

 

 

$

611,766

 

 

$

2,408,176

 

      30-59 Days Past Due

 

 

 

 

 

1,545

 

 

 

1,099

 

 

 

238

 

 

 

2,513

 

 

 

400

 

 

 

455

 

 

 

6,250

 

      60-89 Days Past Due

 

 

 

 

 

1,505

 

 

 

 

 

 

234

 

 

 

3,416

 

 

 

1,139

 

 

 

496

 

 

 

6,790

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

6,177

 

 

 

2,828

 

 

 

4,546

 

 

 

1,529

 

 

 

11,594

 

 

 

671

 

 

 

27,345

 

      Total Past Due

 

 

 

 

 

9,227

 

 

 

3,927

 

 

 

5,018

 

 

 

7,458

 

 

 

13,133

 

 

 

1,622

 

 

 

40,385

 

         Total

 

$

516,747

 

 

$

561,478

 

 

$

355,461

 

 

$

119,877

 

 

$

91,238

 

 

$

190,372

 

 

$

613,388

 

 

$

2,448,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

325,833

 

 

$

206,800

 

 

$

93,795

 

 

$

29,292

 

 

$

5,537

 

 

$

889

 

 

$

 

 

$

662,146

 

      30-59 Days Past Due

 

 

726

 

 

 

426

 

 

 

153

 

 

 

38

 

 

 

4

 

 

 

2

 

 

 

 

 

 

1,349

 

      60-89 Days Past Due

 

 

540

 

 

 

481

 

 

 

302

 

 

 

218

 

 

 

3

 

 

 

1

 

 

 

 

 

 

1,545

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

259

 

 

 

138

 

 

 

384

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

826

 

      Total Past Due

 

 

1,525

 

 

 

1,045

 

 

 

839

 

 

 

301

 

 

 

7

 

 

 

3

 

 

 

 

 

 

3,720

 

         Total

 

$

327,358

 

 

$

207,845

 

 

$

94,634

 

 

$

29,593

 

 

$

5,544

 

 

$

892

 

 

$

 

 

$

665,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

1,242,161

 

 

$

1,527,324

 

 

$

1,321,778

 

 

$

552,689

 

 

$

326,021

 

 

$

911,718

 

 

$

702,419

 

 

$

6,584,110

 

      30-59 Days Past Due

 

 

1,085

 

 

 

6,459

 

 

 

2,922

 

 

 

887

 

 

 

5,722

 

 

 

5,008

 

 

 

854

 

 

 

22,937

 

      60-89 Days Past Due

 

 

540

 

 

 

5,161

 

 

 

302

 

 

 

738

 

 

 

3,440

 

 

 

2,475

 

 

 

496

 

 

 

13,152

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

259

 

 

 

7,871

 

 

 

4,070

 

 

 

5,477

 

 

 

3,854

 

 

 

40,953

 

 

 

1,623

 

 

 

64,107

 

      Total Past Due

 

 

1,884

 

 

 

19,491

 

 

 

7,294

 

 

 

7,102

 

 

 

13,016

 

 

 

48,436

 

 

 

2,973

 

 

 

100,196

 

         Total

 

$

1,244,045

 

 

$

1,546,815

 

 

$

1,329,072

 

 

$

559,791

 

 

$

339,037

 

 

$

960,154

 

 

$

705,392

 

 

$

6,684,306

 

 

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:

June 30, 2024

 

Commercial
Real Estate

 

 

Residential
Real Estate

 

 

Construction,
Land Development,
and Other Land

 

 

Commercial
and
Industrial

 

 

Installment
and Other

 

 

Lease
Financing
Receivables

 

 

Total

 

Allowance for credit losses -
   loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

31,440

 

 

$

3,348

 

 

$

2,930

 

 

$

56,231

 

 

$

33

 

 

$

8,384

 

 

$

102,366

 

Provision/(recapture)

 

 

(3,627

)

 

 

(326

)

 

 

(207

)

 

 

10,561

 

 

 

(3

)

 

 

480

 

 

 

6,878

 

Charge-offs

 

 

(442

)

 

 

 

 

 

 

 

 

(9,530

)

 

 

 

 

 

(680

)

 

 

(10,652

)

Recoveries

 

 

481

 

 

 

1

 

 

 

 

 

 

322

 

 

 

 

 

 

334

 

 

 

1,138

 

Ending balance

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

Six months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

33,237

 

 

$

3,495

 

 

$

2,906

 

 

$

53,782

 

 

$

36

 

 

$

8,230

 

 

$

101,686

 

Provision/(recapture)

 

 

(2,803

)

 

 

(474

)

 

 

(183

)

 

 

16,397

 

 

 

(6

)

 

 

838

 

 

 

13,769

 

Charge-offs

 

 

(3,499

)

 

 

 

 

 

 

 

 

(13,149

)

 

 

 

 

 

(1,053

)

 

 

(17,701

)

Recoveries

 

 

917

 

 

 

2

 

 

 

 

 

 

554

 

 

 

 

 

 

503

 

 

 

1,976

 

Ending balance

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

Ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

7,329

 

 

$

57

 

 

$

 

 

$

16,185

 

 

$

 

 

$

 

 

$

23,571

 

Collectively evaluated
   for impairment

 

 

20,523

 

 

 

2,966

 

 

 

2,723

 

 

 

41,399

 

 

 

30

 

 

 

8,518

 

 

 

76,159

 

Total allowance for credit
   losses - loans and leases

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

36,755

 

 

$

3,788

 

 

$

 

 

$

35,210

 

 

$

 

 

$

 

 

$

75,753

 

Collectively evaluated for
   impairment

 

 

2,256,953

 

 

 

724,007

 

 

 

530,777

 

 

 

2,589,812

 

 

 

2,845

 

 

 

711,057

 

 

 

6,815,451

 

Total loans and leases

 

$

2,293,708

 

 

$

727,795

 

 

$

530,777

 

 

$

2,625,022

 

 

$

2,845

 

 

$

711,057

 

 

$

6,891,204

 

 

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:

June 30, 2023

 

Commercial
Real Estate

 

 

Residential
Real Estate

 

 

Construction,
Land Development,
and Other Land

 

 

Commercial
and
Industrial

 

 

Installment
and Other

 

 

Lease
Financing
Receivables

 

 

Total

 

Allowance for credit losses -
   loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

24,738

 

 

$

2,679

 

 

$

3,498

 

 

$

51,849

 

 

$

25

 

 

$

7,676

 

 

$

90,465

 

Provision/(recapture)

 

 

4,359

 

 

 

(198

)

 

 

(1,563

)

 

 

3,161

 

 

 

17

 

 

 

691

 

 

 

6,467

 

Charge-offs

 

 

(2,945

)

 

 

 

 

 

 

 

 

(2,097

)

 

 

 

 

 

(462

)

 

 

(5,504

)

Recoveries

 

 

225

 

 

 

63

 

 

 

 

 

 

727

 

 

 

1

 

 

 

221

 

 

 

1,237

 

Ending balance

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

Six months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

26,061

 

 

$

3,140

 

 

$

3,134

 

 

$

41,889

 

 

$

24

 

 

$

7,676

 

 

$

81,924

 

Provision

 

 

3,240

 

 

 

(651

)

 

 

(1,199

)

 

 

13,964

 

 

 

15

 

 

 

810

 

 

 

16,179

 

Charge-offs

 

 

(3,911

)

 

 

(9

)

 

 

 

 

 

(3,887

)

 

 

 

 

 

(766

)

 

 

(8,573

)

Recoveries

 

 

987

 

 

 

64

 

 

 

 

 

 

1,674

 

 

 

4

 

 

 

406

 

 

 

3,135

 

Ending balance

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

Ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

8,555

 

 

$

 

 

$

 

 

$

17,399

 

 

$

 

 

$

 

 

$

25,954

 

Collectively evaluated
   for impairment

 

 

17,822

 

 

 

2,544

 

 

 

1,935

 

 

 

36,241

 

 

 

43

 

 

 

8,126

 

 

 

66,711

 

Total allowance for credit losses -
   loans and leases

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

30,750

 

 

$

 

 

$

 

 

$

38,485

 

 

$

 

 

$

 

 

$

69,235

 

Collectively evaluated for
   impairment

 

 

1,932,696

 

 

 

504,947

 

 

 

387,943

 

 

 

2,066,265

 

 

 

3,736

 

 

 

605,695

 

 

 

5,501,282

 

Total loans and leases

 

$

1,963,446

 

 

$

504,947

 

 

$

387,943

 

 

$

2,104,750

 

 

$

3,736

 

 

$

605,695

 

 

$

5,570,517

 

 

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:

June 30, 2024

 

Term Modification

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

2,501

 

 

$

2,501

 

 

 

0.1

%

Commercial and industrial

 

 

1,470

 

 

 

1,470

 

 

 

0.1

%

Total loans and leases

 

$

3,971

 

 

$

3,971

 

 

 

0.1

%

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:

Three Months Ended
June 30, 2023

 

Payment Delay

 

 

Term Modification

 

 

Combination Term Modification and Interest Rate Reduction

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

110

 

 

$

 

 

$

 

 

$

110

 

 

 

0.0

%

Commercial and industrial

 

 

 

 

 

11,210

 

 

 

 

 

 

11,210

 

 

 

0.5

%

Total modified loans

 

$

110

 

 

$

11,210

 

 

$

 

 

$

11,320

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2023

 

Payment Delay

 

 

Term Modification

 

 

Combination Term Modification and Interest Rate Reduction

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

110

 

 

$

 

 

$

 

 

$

110

 

 

 

0.0

%

Commercial and industrial

 

 

8,719

 

 

 

51,370

 

 

 

385

 

 

 

60,474

 

 

 

2.9

%

Total modified loans

 

$

8,829

 

 

$

51,370

 

 

$

385

 

 

$

60,584

 

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

June 30, 2024

 

Commercial Construction

 

 

Non-owner Occupied Commercial

 

 

Owner-Occupied Commercial

 

 

Multi-Family

 

 

Single Family Residence (1st Lien)

 

 

Single Family Residence (2nd Lien)

 

 

Business Assets

 

 

Total

 

Commercial real estate

 

$

 

 

$

9,808

 

 

$

26,947

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

36,755

 

Residential real estate

 

 

 

 

 

 

 

 

 

 

 

1,365

 

 

 

1,844

 

 

 

579

 

 

 

 

 

 

3,788

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,210

 

 

 

35,210

 

Total

 

$

 

 

$

9,808

 

 

$

26,947

 

 

$

1,365

 

 

$

1,844

 

 

$

579

 

 

$

35,210

 

 

$

75,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

Commercial Construction

 

 

Non-owner Occupied Commercial

 

 

Owner-Occupied Commercial

 

 

Multi-Family

 

 

Single Family Residence (1st Lien)

 

 

Single Family Residence (2nd Lien)

 

 

Business Assets

 

 

Total

 

Commercial real estate

 

$

 

 

$

28,767

 

 

$

35,572

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

64,339

 

Residential real estate

 

 

 

 

 

 

 

 

 

 

 

2,793

 

 

 

800

 

 

 

 

 

 

 

 

 

3,593

 

Construction, land development,
  and other land

 

 

813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

813

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,749

 

 

 

44,749

 

Total

 

$

813

 

 

$

28,767

 

 

$

35,572

 

 

$

2,793

 

 

$

800

 

 

$

 

 

$

44,749

 

 

$

113,494

 

 

The following table presents the change in the balance of the allowance for credit losses - unfunded commitments as of June 30, 2024 and 2023:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

v3.24.2.u1
Servicing Assets
6 Months Ended
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

$

20,992

 

 

$

20,944

 

 

$

19,844

 

 

$

19,172

 

Additions, net

 

 

1,093

 

 

 

1,636

 

 

 

2,944

 

 

 

2,752

 

Changes in fair value

 

 

(2,468

)

 

 

(865

)

 

 

(3,171

)

 

 

(209

)

   Ending balance

 

$

19,617

 

 

$

21,715

 

 

$

19,617

 

 

$

21,715

 

 

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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Loan portfolios serviced for:

 

 

 

 

 

 

SBA guaranteed loans

 

$

1,497,752

 

 

$

1,530,401

 

USDA guaranteed loans

 

 

190,363

 

 

 

197,942

 

Total

 

$

1,688,115

 

 

$

1,728,343

 

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.

v3.24.2.u1
Other Real Estate Owned
6 Months Ended
Jun. 30, 2024
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

$

785

 

 

$

3,712

 

 

$

1,200

 

 

$

4,717

 

Net additions to OREO

 

 

 

 

 

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

 

 

 

 

 

(12

)

 

 

 

 

 

(343

)

   Ending balance

 

$

780

 

 

$

2,265

 

 

$

780

 

 

$

2,265

 

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.

v3.24.2.u1
Leases
6 Months Ended
Jun. 30, 2024
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:

 

 

Balance Sheet Line Item

 

June 30, 2024

 

 

December 31, 2023

 

Operating lease right-of-use asset

 

 Accrued interest receivable and other assets

 

$

10,274

 

 

$

12,474

 

Operating lease liability

 

 Accrued interest payable and other liabilities

 

 

11,729

 

 

 

14,268

 

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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

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:

 

 

Operating Lease
Commitments

 

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

 

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.

v3.24.2.u1
Goodwill, Core Deposit Intangible and Other Intangible Assets
6 Months Ended
Jun. 30, 2024
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:

 

 

 

For the Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

Beginning balance

 

$

181,705

 

 

$

19,115

 

 

$

1,313

 

 

$

148,353

 

 

$

7,498

 

 

$

1,581

 

Amortization

 

 

 

 

 

(1,278

)

 

 

(67

)

 

 

 

 

 

(1,388

)

 

 

(67

)

Ending balance

 

$

181,705

 

 

$

17,837

 

 

$

1,246

 

 

$

148,353

 

 

$

6,110

 

 

$

1,514

 

Accumulated amortization

 

N/A

 

 

$

54,879

 

 

$

1,970

 

 

N/A

 

 

$

49,356

 

 

$

1,702

 

Weighted average remaining
   amortization period

 

N/A

 

 

7.9 years

 

 

4.7 years

 

 

N/A

 

 

4.8 years

 

 

5.7 years

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

Beginning balance

 

$

181,705

 

 

$

20,393

 

 

$

1,380

 

 

$

148,353

 

 

$

8,886

 

 

$

1,648

 

Amortization

 

 

 

 

 

(2,556

)

 

 

(134

)

 

 

 

 

 

(2,776

)

 

 

(134

)

Ending balance

 

$

181,705

 

 

$

17,837

 

 

$

1,246

 

 

$

148,353

 

 

$

6,110

 

 

$

1,514

 

Accumulated amortization

 

N/A

 

 

$

54,879

 

 

$

1,970

 

 

N/A

 

 

$

49,356

 

 

$

1,702

 

Weighted average remaining
   amortization period

 

N/A

 

 

7.9 years

 

 

4.7 years

 

 

N/A

 

 

4.8 years

 

 

5.7 years

 

The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at June 30, 2024:

 

 

Estimated
Amortization

 

2024

 

$

2,690

 

2025

 

 

4,473

 

2026

 

 

3,566

 

2027

 

 

2,676

 

2028

 

 

2,101

 

Thereafter

 

 

3,577

 

Total

 

$

19,083

 

 

v3.24.2.u1
Income Taxes
6 Months Ended
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.

v3.24.2.u1
Deposits
6 Months Ended
Jun. 30, 2024
Deposits [Abstract]  
Deposits

Note 11—Deposits

The composition of deposits was as follows as of June 30, 2024 and December 31, 2023:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

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

 

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:

 

 

Scheduled Maturities

 

2024

 

$

1,375,883

 

2025

 

 

650,097

 

2026

 

 

7,350

 

2027

 

 

4,958

 

2028

 

 

1,172

 

Thereafter

 

 

421

 

Total

 

$

2,039,881

 

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.

v3.24.2.u1
Other Borrowings
6 Months Ended
Jun. 30, 2024
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Federal Home Loan Bank advances

 

$

670,000

 

 

$

325,000

 

Bank Term Funding Program

 

 

200,000

 

 

 

 

Securities sold under agreements to repurchase

 

 

33,738

 

 

 

40,607

 

Term Loan

 

 

15,000

 

 

 

18,333

 

Line of credit

 

 

 

 

 

11,250

 

Total

 

$

918,738

 

 

$

395,190

 

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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Federal Home Loan Bank line

 

$

2,599,365

 

 

$

2,781,747

 

Federal Reserve Bank of Chicago discount window line

 

 

764,587

 

 

 

866,490

 

Available federal funds lines

 

 

127,500

 

 

 

123,750

 

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.

v3.24.2.u1
Subordinated Notes and Junior Subordinated Debentures
6 Months Ended
Jun. 30, 2024
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:

 

 

 

 

Aggregate Principal Amount

 

 

 

 

 

Name of Trust

 

Stated
Maturity

 

June 30, 2024

 

 

December 31, 2023

 

 

Contractual Rate June 30, 2024

 

Interest Rate Spread(1)

Metropolitan Statutory Trust I

 

March 17, 2034

 

$

35,000

 

 

$

35,000

 

 

8.39%

 

SOFR + spread adjustment + 2.79%

First Evanston Bancorp Trust I

 

March 15, 2035

 

 

10,000

 

 

 

10,000

 

 

7.38%

 

SOFR + spread adjustment + 1.78%

AmeriMark Capital Trust I

 

April 23, 2034

 

 

5,000

 

 

 

5,000

 

 

8.34%

 

SOFR + spread adjustment + 2.75%

Inland Bancorp Trust II

 

September 15, 2035

 

 

10,000

 

 

 

10,000

 

 

7.20%

 

SOFR + spread adjustment + 1.60%

Inland Bancorp Trust III

 

December 15, 2036

 

 

10,000

 

 

 

10,000

 

 

7.25%

 

SOFR + spread adjustment + 1.65%

Inland Bancorp Trust IV

 

June 6, 2037

 

 

7,000

 

 

 

7,000

 

 

7.22%

 

SOFR + spread adjustment + 1.62%

Inland Bancorp Trust V

 

September 15, 2037

 

 

10,000

 

 

 

10,000

 

 

7.02%

 

SOFR + spread adjustment + 1.42%

Total liability, at par

 

 

 

 

87,000

 

 

 

87,000

 

 

 

 

 

Discount

 

 

 

 

(16,325

)

 

 

(16,548

)

 

 

 

 

Total liability, at carrying value

 

 

 

$

70,675

 

 

$

70,452

 

 

 

 

 

(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.

v3.24.2.u1
Commitments and Contingent Liabilities
6 Months Ended
Jun. 30, 2024
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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Fixed Rate

 

 

Variable Rate

 

 

Total

 

 

Fixed Rate

 

 

Variable Rate

 

 

Total

 

Commitments to extend credit

 

$

235,648

 

 

$

2,011,724

 

 

$

2,247,372

 

 

$

269,325

 

 

$

2,013,819

 

 

$

2,283,144

 

Letters of credit

 

 

630

 

 

 

65,467

 

 

 

66,097

 

 

 

612

 

 

 

67,443

 

 

 

68,055

 

Total

 

$

236,278

 

 

$

2,077,191

 

 

$

2,313,469

 

 

$

269,937

 

 

$

2,081,262

 

 

$

2,351,199

 

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.

v3.24.2.u1
Fair Value Measurement
6 Months Ended
Jun. 30, 2024
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:

 

 

 

 

 

Fair Value Measurements Using

 

June 30, 2024

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

51,785

 

 

$

51,785

 

 

$

 

 

$

 

U.S. Government agencies

 

 

147,174

 

 

 

 

 

 

147,174

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

 

80,390

 

 

 

 

 

 

80,390

 

 

 

 

Mortgage-backed securities; residential

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

749,198

 

 

 

 

 

 

749,198

 

 

 

 

Non-Agency

 

 

109,054

 

 

 

 

 

 

109,054

 

 

 

 

Mortgage-backed securities; commercial

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

193,948

 

 

 

 

 

 

193,948

 

 

 

 

Corporate securities

 

 

36,780

 

 

 

 

 

 

36,780

 

 

 

 

Asset-backed securities

 

 

18,498

 

 

 

 

 

 

18,498

 

 

 

 

Equity and other securities, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

2,504

 

 

 

2,504

 

 

 

 

 

 

 

Equity securities

 

 

6,241

 

 

 

 

 

 

5,957

 

 

 

284

 

Servicing assets

 

 

19,617

 

 

 

 

 

 

 

 

 

19,617

 

Derivative assets

 

 

57,426

 

 

 

 

 

 

57,426

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

22,772

 

 

 

 

 

 

22,772

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

December 31, 2023

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

115,434

 

 

$

115,434

 

 

$

 

 

$

 

U.S. Government agencies

 

 

130,695

 

 

 

 

 

 

130,695

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

 

82,275

 

 

 

 

 

 

82,275

 

 

 

 

Mortgage-backed securities; residential

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

695,803

 

 

 

 

 

 

695,803

 

 

 

 

Non-Agency

 

 

100,260

 

 

 

 

 

 

100,260

 

 

 

 

Mortgage-backed securities; commercial

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

147,204

 

 

 

 

 

 

147,204

 

 

 

 

Corporate securities

 

 

36,171

 

 

 

 

 

 

36,171

 

 

 

 

Asset-backed securities

 

 

34,638

 

 

 

 

 

 

34,638

 

 

 

 

Equity and other securities, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

2,554

 

 

 

2,554

 

 

 

 

 

 

 

Equity securities

 

 

6,189

 

 

 

 

 

 

5,908

 

 

 

281

 

Servicing assets

 

 

19,844

 

 

 

 

 

 

 

 

 

19,844

 

Derivative assets

 

 

56,923

 

 

 

 

 

 

56,923

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

19,345

 

 

 

 

 

 

19,345

 

 

 

 

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):

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Investment Securities

 

 

Servicing Assets

 

Balance, beginning of period

$

281

 

 

$

666

 

 

$

19,844

 

 

$

19,172

 

Additions, net

 

 

 

 

 

 

 

2,944

 

 

 

2,752

 

Change in fair value

 

3

 

 

 

(27

)

 

 

(3,171

)

 

 

(209

)

Balance, end of period

$

284

 

 

$

639

 

 

$

19,617

 

 

$

21,715

 

 

 

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:

 

Financial Instruments

 

Valuation Technique

 

Unobservable Inputs

 

Range of
Inputs

 

Weighted
Average
Range

 

 

Impact to
Valuation from an
Increased or
Higher Input Value

Single issuer trust preferred

 

Discounted cash flow

 

Discount rate

 

7.9%

 

 

7.9

%

 

Decrease

Servicing assets

 

Discounted cash flow

 

Prepayment speeds

 

0.0% - 34.1%

 

 

16.3

%

 

Decrease

 

 

 

Discount rate

 

0.0% - 55.0%

 

 

11.0

%

 

Decrease

 

 

 

 

Expected weighted
average loan life

 

0.0 - 8.3 Years

 

3.6 Years

 

 

Increase

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:

 

 

 

 

 

Fair Value Measurements Using

 

June 30, 2024

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Non-recurring

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

29,426

 

 

$

 

 

$

 

 

$

29,426

 

Residential real estate

 

 

3,731

 

 

 

 

 

 

 

 

 

3,731

 

Commercial and industrial

 

 

19,025

 

 

 

 

 

 

 

 

 

19,025

 

Assets held for sale

 

 

3,420

 

 

 

 

 

 

 

 

 

3,420

 

Other real estate owned

 

 

780

 

 

 

 

 

 

 

 

 

780

 

 

 

 

 

 

Fair Value Measurements Using

 

December 31, 2023

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Non-recurring

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

51,978

 

 

$

 

 

$

 

 

$

51,978

 

Residential real estate

 

 

3,593

 

 

 

 

 

 

 

 

 

3,593

 

Construction, land development, and other land

 

 

813

 

 

 

 

 

 

 

 

 

813

 

Commercial and industrial

 

 

29,869

 

 

 

 

 

 

 

 

 

29,869

 

Assets held for sale

 

 

4,484

 

 

 

 

 

 

 

 

 

4,484

 

Other real estate owned

 

 

1,200

 

 

 

 

 

 

 

 

 

1,200

 

 

 

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:

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

Fair Value

 

 

2024

 

 

2023

 

 

 

Hierarchy
Level

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

1

 

 

$

68,251

 

 

$

68,251

 

 

$

60,431

 

 

$

60,431

 

Interest bearing deposits with other banks

 

 

2

 

 

 

662,206

 

 

 

662,206

 

 

 

165,705

 

 

 

165,705

 

Securities held-to-maturity

 

 

2

 

 

 

606

 

 

 

601

 

 

 

1,157

 

 

 

1,149

 

Restricted stock

 

 

2

 

 

 

31,775

 

 

 

31,775

 

 

 

16,304

 

 

 

16,304

 

Loans held for sale

 

 

3

 

 

 

13,360

 

 

 

14,075

 

 

 

18,005

 

 

 

19,136

 

Loans and lease receivables, net (less impaired
   loans at fair value)

 

 

3

 

 

 

6,739,292

 

 

 

6,517,994

 

 

 

6,496,367

 

 

 

6,326,413

 

Accrued interest receivable

 

 

3

 

 

 

44,484

 

 

 

44,484

 

 

 

43,922

 

 

 

43,922

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2

 

 

 

1,762,891

 

 

 

1,762,891

 

 

 

1,905,876

 

 

 

1,905,876

 

Interest-bearing deposits

 

 

2

 

 

 

5,584,290

 

 

 

5,578,956

 

 

 

5,271,123

 

 

 

5,268,926

 

Accrued interest payable

 

 

2

 

 

 

26,493

 

 

 

26,493

 

 

 

22,233

 

 

 

22,233

 

Federal Home Loan Bank advances

 

 

2

 

 

 

670,000

 

 

 

670,000

 

 

 

325,000

 

 

 

325,000

 

Securities sold under repurchase agreement

 

 

2

 

 

 

33,738

 

 

 

33,738

 

 

 

40,607

 

 

 

40,607

 

Term Loan

 

 

2

 

 

 

15,000

 

 

 

15,000

 

 

 

18,333

 

 

 

18,333

 

Bank Term Funding Program

 

 

2

 

 

 

200,000

 

 

 

200,000

 

 

 

 

 

 

 

Line of credit

 

 

2

 

 

 

 

 

 

 

 

 

11,250

 

 

 

11,250

 

Subordinated notes

 

 

2

 

 

 

73,953

 

 

 

70,398

 

 

 

73,866

 

 

 

76,063

 

Junior subordinated debentures

 

 

3

 

 

 

70,675

 

 

 

73,675

 

 

 

70,452

 

 

 

72,701

 

v3.24.2.u1
Derivative Instruments and Hedge Activities
6 Months Ended
Jun. 30, 2024
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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

 

 

 

Fair Value

 

 

 

 

 

Fair Value

 

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps designated as cash flow
   hedges

 

$

650,000

 

 

$

35,297

 

 

$

(822

)

 

$

650,000

 

 

$

37,475

 

 

$

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest rate derivatives

 

 

734,434

 

 

 

22,126

 

 

 

(21,931

)

 

 

706,126

 

 

 

19,447

 

 

 

(19,345

)

Other credit derivatives

 

 

12,833

 

 

 

3

 

 

 

(19

)

 

 

3,602

 

 

 

1

 

 

 

 

Total derivatives

 

$

1,397,267

 

 

$

57,426

 

 

$

(22,772

)

 

$

1,359,728

 

 

$

56,923

 

 

$

(19,345

)

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:

Notional amounts

 

$

650,000

 

Derivative assets fair value

 

 

35,297

 

Derivative liabilities fair value

 

 

822

 

Weighted average remaining maturity

 

2.5 years

 

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:

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

Amount of
Gain
Recognized in
AOCI

 

 

Amount of
Net Gain
Reclassified
from AOCI to
Income as an
Increase to
Net Interest
Income

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

 

Amount of
Gain
Recognized in
OCI

 

 

Amount of
Gain
Reclassified
from OCI to
Income as a
Decrease to
Interest
Expense

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

Interest rate swaps

 

$

1,670

 

 

$

4,719

 

 

$

 

 

$

8,709

 

 

$

5,819

 

 

$

 

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:

Notional amounts

 

$

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

 

4.0 years

 

Other derivativesThe 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:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Other interest rate derivatives

 

$

(20

)

 

$

115

 

 

$

(93

)

 

$

(193

)

Other credit derivatives

 

 

(54

)

 

 

 

 

 

(54

)

 

 

 

Total

 

$

(74

)

 

$

115

 

 

$

(147

)

 

$

(193

)

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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

Gross amounts recognized

 

$

57,426

 

 

$

(22,772

)

 

$

56,923

 

 

$

(19,345

)

Less: Amounts offset in the Condensed Consolidated
  Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

Net amount presented in the Condensed Consolidated
  Statements of Financial Condition

 

$

57,426

 

 

$

(22,772

)

 

$

56,923

 

 

$

(19,345

)

Gross amounts not offset in the Condensed Consolidated
  Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

Offsetting derivative positions

 

 

(971

)

 

 

971

 

 

 

(925

)

 

 

925

 

Collateral posted

 

 

(55,280

)

 

 

 

 

 

(54,930

)

 

 

 

Net credit exposure

 

$

1,175

 

 

$

(21,801

)

 

$

1,068

 

 

$

(18,420

)

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.

v3.24.2.u1
Share-Based Compensation
6 Months Ended
Jun. 30, 2024
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 one 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:

 

 

Omnibus Plan

 

 

 

Number of Shares

 

 

Weighted Average
Grant Date Fair
Value

 

Beginning balance, January 1, 2024

 

 

627,271

 

 

$

24.24

 

Granted

 

 

376,799

 

 

 

20.92

 

Incremental performance shares issued and vested

 

 

13,632

 

 

 

 

Vested

 

 

(234,308

)

 

 

22.57

 

Forfeited

 

 

(15,148

)

 

 

24.28

 

Ending balance outstanding at June 30, 2024

 

 

768,246

 

 

$

23.04

 

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:

 

 

Performance Based Grants

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.47

%

 

 

4.42

%

Expected term (years)

 

2.85 years

 

 

2.85 years

 

Expected stock price volatility

 

29.28% - 33.68%

 

 

38.11% - 39.80%

 

Weighted average grant date fair value

 

$

20.18

 

 

$

25.20

 

 

The following table summarizes restricted stock compensation expense for the six months ended June 30, 2024 and 2023:

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

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

 

2.1 years

 

 

2.3 years

 

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 one 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:

 

 

BYB Plan

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Intrinsic
Value

 

 

Weighted Average Remaining Contractual Term (in Years)

 

Beginning balance, January 1, 2024

 

 

768,564

 

 

$

11.31

 

 

$

9,413

 

 

 

1.5

 

Exercised

 

 

(231,294

)

 

 

11.18

 

 

$

2,782

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance outstanding at June 30, 2024

 

 

537,270

 

 

$

11.37

 

 

$

6,647

 

 

 

0.9

 

Exercisable at June 30, 2024

 

 

537,270

 

 

$

11.37

 

 

$

6,647

 

 

 

0.9

 

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:

 

 

 

FEB Plan

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Intrinsic
Value

 

 

Weighted Average Remaining Contractual Term (in Years)

 

Beginning balance, January 1, 2024

 

 

103,135

 

 

$

11.95

 

 

$

1,197

 

 

 

1.9

 

Exercised

 

 

(3,000

)

 

$

11.65

 

 

$

37

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance outstanding at June 30, 2024

 

 

100,135

 

 

$

11.96

 

 

$

1,179

 

 

 

1.4

 

Exercisable at June 30, 2024

 

 

100,135

 

 

$

11.96

 

 

$

1,179

 

 

 

1.4

 

A total of 3,000 stock Adjusted Options were exercised during the six months ended June 30, 2024. Proceeds from exercise of Adjusted Options were $35,000 and had a related tax benefit of $10,000 for the six months ended June 30, 2024. A total of 59,153 Adjusted Options were exercised during the during the year ended December 31, 2023, with proceeds of $659,000 and a related tax benefit of $158,000.
v3.24.2.u1
Earnings per Share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

 

$

0.70

 

 

$

1.39

 

 

$

1.35

 

Diluted earnings per common share

 

$

0.68

 

 

$

0.70

 

 

$

1.37

 

 

$

1.34

 

v3.24.2.u1
Stockholders' Equity
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Preferred stock

 

 

 

 

 

 

Par value

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

25,000,000

 

 

 

25,000,000

 

Shares issued

 

 

 

 

 

 

Shares outstanding

 

 

 

 

 

 

Common stock, voting

 

 

 

 

 

 

Par value

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

150,000,000

 

 

 

150,000,000

 

Shares issued

 

 

45,981,155

 

 

 

45,714,241

 

Shares outstanding

 

 

44,180,829

 

 

 

43,764,056

 

Treasury shares

 

 

1,800,326

 

 

 

1,950,185

 

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.
v3.24.2.u1
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jun. 30, 2024
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:

(dollars in thousands)

 

Unrealized Gains
on Cash Flow Hedges

 

 

Unrealized Losses
on Available-for-Sale
Securities

 

 

Total Accumulated
Other Comprehensive
Income (Loss)

 

Balance, March 31, 2023

 

$

33,024

 

 

$

(141,166

)

 

$

(108,142

)

Other comprehensive income (loss), net of tax

 

 

3,409

 

 

 

(10,129

)

 

 

(6,720

)

Balance, June 30, 2023

 

$

36,433

 

 

$

(151,295

)

 

$

(114,862

)

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2023

 

$

34,315

 

 

$

(151,865

)

 

$

(117,550

)

Other comprehensive income, net of tax

 

 

2,118

 

 

 

570

 

 

 

2,688

 

Balance, June 30, 2023

 

$

36,433

 

 

$

(151,295

)

 

$

(114,862

)

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2024

 

$

29,908

 

 

$

(136,818

)

 

$

(106,910

)

Other comprehensive loss, net of tax

 

 

(2,236

)

 

 

(2,323

)

 

 

(4,559

)

Balance, June 30, 2024

 

$

27,672

 

 

$

(139,141

)

 

$

(111,469

)

 

 

 

 

 

 

 

 

 

Balance, January 1, 2024

 

$

30,131

 

 

$

(130,248

)

 

$

(100,117

)

Other comprehensive loss, net of tax

 

 

(2,459

)

 

 

(8,893

)

 

 

(11,352

)

Balance, June 30, 2024

 

$

27,672

 

 

$

(139,141

)

 

$

(111,469

)

v3.24.2.u1
Basis of Presentation (Policies)
6 Months Ended
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.

v3.24.2.u1
Acquisition of a Business (Tables)
6 Months Ended
Jun. 30, 2024
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:

Assets

 

 

 

Cash and cash equivalents

 

$

39,731

 

Securities available-for-sale

 

 

239,602

 

Restricted stock

 

 

3,058

 

Loans

 

 

808,000

 

Allowance for credit losses

 

 

(10,596

)

Premises and equipment

 

 

11,307

 

Operating lease right-of-use asset

 

 

3,813

 

Other intangible assets

 

 

17,250

 

Bank-owned life insurance

 

 

12,455

 

Deferred tax assets, net

 

 

14,848

 

Other assets

 

 

21,023

 

Total assets acquired

 

 

1,160,491

 

Liabilities

 

 

 

Deposits

 

 

964,491

 

Federal Home Loan Bank advances

 

 

40,000

 

Securities sold under agreements to repurchase

 

 

455

 

Junior subordinated debentures

 

 

32,661

 

Operating lease liability

 

 

4,034

 

Accrued expenses and other liabilities

 

 

13,288

 

Total liabilities assumed

 

 

1,054,929

 

Net assets acquired

 

$

105,562

 

Consideration paid

 

 

 

Common stock (5,932,323 shares issued at $18.09 per share)

 

 

107,017

 

Cash paid

 

 

31,897

 

Total consideration paid

 

 

138,914

 

Goodwill

 

$

33,352

 

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:

Fair value

 

$

582,831

 

Gross contractual amounts receivable

 

 

699,918

 

Estimate of contractual cash flows not expected to be collected(1)

 

 

4,239

 

Estimate of contractual cash flows expected to be collected

 

 

695,679

 

(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.

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:

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

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

 

v3.24.2.u1
Securities (Tables)
6 Months Ended
Jun. 30, 2024
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:

June 30, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

52,638

 

 

$

 

 

$

(853

)

 

$

51,785

 

U.S. Government agencies

 

 

164,453

 

 

 

20

 

 

 

(17,299

)

 

 

147,174

 

Obligations of states, municipalities, and
   political subdivisions

 

 

85,541

 

 

 

154

 

 

 

(5,305

)

 

 

80,390

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

850,340

 

 

 

1,377

 

 

 

(102,519

)

 

 

749,198

 

Non-agency

 

 

131,968

 

 

 

 

 

 

(22,914

)

 

 

109,054

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

227,984

 

 

 

 

 

 

(34,036

)

 

 

193,948

 

Corporate securities

 

 

40,652

 

 

 

 

 

 

(3,872

)

 

 

36,780

 

Asset-backed securities

 

 

19,700

 

 

 

22

 

 

 

(1,224

)

 

 

18,498

 

Total

 

$

1,573,276

 

 

$

1,573

 

 

$

(188,022

)

 

$

1,386,827

 

June 30, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and
   political subdivisions

 

$

606

 

 

$

 

 

$

(5

)

 

$

601

 

Total

 

$

606

 

 

$

 

 

$

(5

)

 

$

601

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

116,398

 

 

$

61

 

 

$

(1,025

)

 

$

115,434

 

U.S. Government agencies

 

 

147,062

 

 

 

37

 

 

 

(16,404

)

 

 

130,695

 

Obligations of states, municipalities, and
   political subdivisions

 

 

86,022

 

 

 

396

 

 

 

(4,143

)

 

 

82,275

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

786,970

 

 

 

4,247

 

 

 

(95,414

)

 

 

695,803

 

Non-agency

 

 

122,359

 

 

 

 

 

 

(22,099

)

 

 

100,260

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

181,452

 

 

 

 

 

 

(34,248

)

 

 

147,204

 

Corporate securities

 

 

40,681

 

 

 

 

 

 

(4,510

)

 

 

36,171

 

Asset-backed securities

 

 

35,857

 

 

 

2

 

 

 

(1,221

)

 

 

34,638

 

Total

 

$

1,516,801

 

 

$

4,743

 

 

$

(179,064

)

 

$

1,342,480

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

$

1,157

 

 

$

 

 

$

(8

)

 

$

1,149

 

Total

 

$

1,157

 

 

$

 

 

$

(8

)

 

$

1,149

 

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:

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

June 30, 2024

 

Number of
Securities

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

9

 

$

14,645

 

 

$

(65

)

 

$

37,140

 

 

$

(788

)

 

$

51,785

 

 

$

(853

)

U.S. Government agencies

 

 

20

 

 

20,462

 

 

 

(47

)

 

 

118,307

 

 

 

(17,252

)

 

 

138,769

 

 

 

(17,299

)

Obligations of states,
   municipalities and political
   subdivisions

 

 

85

 

 

20,361

 

 

 

(428

)

 

 

52,320

 

 

 

(4,877

)

 

 

72,681

 

 

 

(5,305

)

Residential mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

129

 

 

155,273

 

 

 

(1,937

)

 

 

507,970

 

 

 

(100,582

)

 

 

663,243

 

 

 

(102,519

)

Non-agency

 

 

21

 

 

14,768

 

 

 

(90

)

 

 

94,286

 

 

 

(22,824

)

 

 

109,054

 

 

 

(22,914

)

Commercial mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

51

 

 

37,482

 

 

 

(306

)

 

 

141,892

 

 

 

(33,730

)

 

 

179,374

 

 

 

(34,036

)

Corporate securities

 

 

21

 

 

1,418

 

 

 

(73

)

 

 

35,362

 

 

 

(3,799

)

 

 

36,780

 

 

 

(3,872

)

Asset-backed securities

 

 

2

 

 

 

 

 

 

 

 

5,852

 

 

 

(1,224

)

 

 

5,852

 

 

 

(1,224

)

Total

 

 

338

 

$

264,409

 

 

$

(2,946

)

 

$

993,129

 

 

$

(185,076

)

 

$

1,257,538

 

 

$

(188,022

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states,
  municipalities, and
  political subdivisions

 

 

1

 

$

 

 

$

 

 

$

601

 

 

$

(5

)

 

$

601

 

 

$

(5

)

Total

 

 

1

 

$

 

 

$

 

 

$

601

 

 

$

(5

)

 

$

601

 

 

$

(5

)

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2023

 

Number of
Securities

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

7

 

$

5,018

 

 

$

(4

)

 

$

31,843

 

 

$

(1,021

)

 

$

36,861

 

 

$

(1,025

)

U.S. Government agencies

 

 

18

 

 

535

 

 

 

(9

)

 

 

119,109

 

 

 

(16,395

)

 

 

119,644

 

 

 

(16,404

)

Obligations of states,
   municipalities and
   political subdivisions

 

 

61

 

 

12,267

 

 

 

(156

)

 

 

49,617

 

 

 

(3,987

)

 

 

61,884

 

 

 

(4,143

)

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

102

 

 

8,332

 

 

 

(49

)

 

 

543,648

 

 

 

(95,365

)

 

 

551,980

 

 

 

(95,414

)

Non-agency

 

 

20

 

 

636

 

 

 

 

 

 

99,624

 

 

 

(22,099

)

 

 

100,260

 

 

 

(22,099

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

48

 

 

6,765

 

 

 

(1,517

)

 

 

140,439

 

 

 

(32,731

)

 

 

147,204

 

 

 

(34,248

)

Corporate securities

 

 

21

 

 

 

 

 

 

 

 

36,171

 

 

 

(4,510

)

 

 

36,171

 

 

 

(4,510

)

Asset-backed securities

 

 

6

 

 

 

 

 

 

 

 

25,653

 

 

 

(1,221

)

 

 

25,653

 

 

 

(1,221

)

Total

 

 

283

 

$

33,553

 

 

$

(1,735

)

 

$

1,046,104

 

 

$

(177,329

)

 

$

1,079,657

 

 

$

(179,064

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states,
   municipalities and
   political subdivisions

 

 

2

 

$

 

 

$

 

 

$

1,149

 

 

$

(8

)

 

$

1,149

 

 

$

(8

)

Total

 

 

2

 

$

 

 

$

 

 

$

1,149

 

 

$

(8

)

 

$

1,149

 

 

$

(8

)

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.

 

 

 

Amortized
Cost

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

Due in one year or less

 

$

43,997

 

 

$

43,361

 

Due from one to five years

 

 

111,663

 

 

 

104,964

 

Due from five to ten years

 

 

162,003

 

 

 

145,903

 

Due after ten years

 

 

45,321

 

 

 

40,399

 

Mortgage-backed securities

 

 

1,210,292

 

 

 

1,052,200

 

Total

 

$

1,573,276

 

 

$

1,386,827

 

Held-to-maturity

 

 

 

 

 

 

Due in one year or less

 

$

606

 

 

$

601

 

Total

 

$

606

 

 

$

601

 

v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Outstanding Loan and Lease Receivables

Outstanding loan and lease receivables as of the dates shown were categorized as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Commercial real estate

 

$

2,290,656

 

 

$

2,317,289

 

Residential real estate

 

 

727,092

 

 

 

718,733

 

Construction, land development, and other land

 

 

532,312

 

 

 

528,275

 

Commercial and industrial

 

 

2,620,828

 

 

 

2,444,405

 

Installment and other

 

 

2,788

 

 

 

3,138

 

Lease financing receivables

 

 

704,740

 

 

 

659,686

 

Total loans and leases

 

 

6,878,416

 

 

 

6,671,526

 

Net unamortized deferred fees and costs

 

 

6,471

 

 

 

6,600

 

Initial direct costs

 

 

6,317

 

 

 

6,180

 

Allowance for credit losses - loans and leases

 

 

(99,730

)

 

 

(101,686

)

Net loans and leases

 

$

6,791,474

 

 

$

6,582,620

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Lease financing receivables

 

 

 

 

 

 

Net minimum lease payments

 

$

679,887

 

 

$

644,507

 

Unguaranteed residual values

 

 

111,057

 

 

 

92,127

 

Unearned income

 

 

(86,204

)

 

 

(76,948

)

Total lease financing receivables

 

 

704,740

 

 

 

659,686

 

Initial direct costs

 

 

6,317

 

 

 

6,180

 

Lease financial receivables before allowance for
   credits losses - loans and leases

 

$

711,057

 

 

$

665,866

 

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:

 

 

Minimum Lease
Payments

 

2024

 

$

111,886

 

2025

 

 

220,017

 

2026

 

 

171,074

 

2027

 

 

110,416

 

2028

 

 

54,533

 

Thereafter

 

 

11,961

 

Total

 

$

679,887

 

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:

June 30, 2024

 

Originated

 

 

Purchased Credit Deteriorated

 

 

Acquired
Non-Credit-
Deteriorated

 

 

Total

 

Commercial real estate

 

$

1,924,797

 

 

$

114,053

 

 

$

254,858

 

 

$

2,293,708

 

Residential real estate

 

 

498,578

 

 

 

40,728

 

 

 

188,489

 

 

 

727,795

 

Construction, land development, and other land

 

 

445,919

 

 

 

9

 

 

 

84,849

 

 

 

530,777

 

Commercial and industrial

 

 

2,493,229

 

 

 

17,796

 

 

 

113,997

 

 

 

2,625,022

 

Installment and other

 

 

2,576

 

 

 

116

 

 

 

153

 

 

 

2,845

 

Lease financing receivables

 

 

710,784

 

 

 

 

 

 

273

 

 

 

711,057

 

Total loans and leases

 

$

6,075,883

 

 

$

172,702

 

 

$

642,619

 

 

$

6,891,204

 

December 31, 2023

 

Originated

 

 

Purchased Credit Deteriorated

 

 

Acquired
Non-Credit-
Deteriorated

 

 

Total

 

Commercial real estate

 

$

1,907,029

 

 

$

137,807

 

 

$

275,476

 

 

$

2,320,312

 

Residential real estate

 

 

465,133

 

 

 

42,510

 

 

 

211,887

 

 

 

719,530

 

Construction, land development, and other land

 

 

415,162

 

 

 

25,331

 

 

 

86,344

 

 

 

526,837

 

Commercial and industrial

 

 

2,311,563

 

 

 

19,460

 

 

 

117,538

 

 

 

2,448,561

 

Installment and other

 

 

2,919

 

 

 

125

 

 

 

156

 

 

 

3,200

 

Lease financing receivables

 

 

665,239

 

 

 

 

 

 

627

 

 

 

665,866

 

Total loans and leases

 

$

5,767,045

 

 

$

225,233

 

 

$

692,028

 

 

$

6,684,306

 

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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

Commercial real estate

 

$

157,757

 

 

$

114,053

 

 

$

185,007

 

 

$

137,807

 

Residential real estate

 

 

85,403

 

 

 

40,728

 

 

 

88,036

 

 

 

42,510

 

Construction, land development, and other land

 

 

6,678

 

 

 

9

 

 

 

32,140

 

 

 

25,331

 

Commercial and industrial

 

 

20,609

 

 

 

17,796

 

 

 

21,870

 

 

 

19,460

 

Installment and other

 

 

780

 

 

 

116

 

 

 

789

 

 

 

125

 

Total purchased credit deteriorated loans

 

$

271,227

 

 

$

172,702

 

 

$

327,842

 

 

$

225,233

 

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.

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 PCD loans at acquisition

 

$

243,078

 

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:

June 30, 2024

 

Commercial
Real Estate

 

 

Residential
Real Estate

 

 

Construction,
Land Development,
and Other Land

 

 

Commercial
and
Industrial

 

 

Installment
and Other

 

 

Lease
Financing
Receivables

 

 

Total

 

Allowance for credit losses -
   loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

31,440

 

 

$

3,348

 

 

$

2,930

 

 

$

56,231

 

 

$

33

 

 

$

8,384

 

 

$

102,366

 

Provision/(recapture)

 

 

(3,627

)

 

 

(326

)

 

 

(207

)

 

 

10,561

 

 

 

(3

)

 

 

480

 

 

 

6,878

 

Charge-offs

 

 

(442

)

 

 

 

 

 

 

 

 

(9,530

)

 

 

 

 

 

(680

)

 

 

(10,652

)

Recoveries

 

 

481

 

 

 

1

 

 

 

 

 

 

322

 

 

 

 

 

 

334

 

 

 

1,138

 

Ending balance

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

Six months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

33,237

 

 

$

3,495

 

 

$

2,906

 

 

$

53,782

 

 

$

36

 

 

$

8,230

 

 

$

101,686

 

Provision/(recapture)

 

 

(2,803

)

 

 

(474

)

 

 

(183

)

 

 

16,397

 

 

 

(6

)

 

 

838

 

 

 

13,769

 

Charge-offs

 

 

(3,499

)

 

 

 

 

 

 

 

 

(13,149

)

 

 

 

 

 

(1,053

)

 

 

(17,701

)

Recoveries

 

 

917

 

 

 

2

 

 

 

 

 

 

554

 

 

 

 

 

 

503

 

 

 

1,976

 

Ending balance

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

Ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

7,329

 

 

$

57

 

 

$

 

 

$

16,185

 

 

$

 

 

$

 

 

$

23,571

 

Collectively evaluated
   for impairment

 

 

20,523

 

 

 

2,966

 

 

 

2,723

 

 

 

41,399

 

 

 

30

 

 

 

8,518

 

 

 

76,159

 

Total allowance for credit
   losses - loans and leases

 

$

27,852

 

 

$

3,023

 

 

$

2,723

 

 

$

57,584

 

 

$

30

 

 

$

8,518

 

 

$

99,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

36,755

 

 

$

3,788

 

 

$

 

 

$

35,210

 

 

$

 

 

$

 

 

$

75,753

 

Collectively evaluated for
   impairment

 

 

2,256,953

 

 

 

724,007

 

 

 

530,777

 

 

 

2,589,812

 

 

 

2,845

 

 

 

711,057

 

 

 

6,815,451

 

Total loans and leases

 

$

2,293,708

 

 

$

727,795

 

 

$

530,777

 

 

$

2,625,022

 

 

$

2,845

 

 

$

711,057

 

 

$

6,891,204

 

 

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:

June 30, 2023

 

Commercial
Real Estate

 

 

Residential
Real Estate

 

 

Construction,
Land Development,
and Other Land

 

 

Commercial
and
Industrial

 

 

Installment
and Other

 

 

Lease
Financing
Receivables

 

 

Total

 

Allowance for credit losses -
   loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

24,738

 

 

$

2,679

 

 

$

3,498

 

 

$

51,849

 

 

$

25

 

 

$

7,676

 

 

$

90,465

 

Provision/(recapture)

 

 

4,359

 

 

 

(198

)

 

 

(1,563

)

 

 

3,161

 

 

 

17

 

 

 

691

 

 

 

6,467

 

Charge-offs

 

 

(2,945

)

 

 

 

 

 

 

 

 

(2,097

)

 

 

 

 

 

(462

)

 

 

(5,504

)

Recoveries

 

 

225

 

 

 

63

 

 

 

 

 

 

727

 

 

 

1

 

 

 

221

 

 

 

1,237

 

Ending balance

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

Six months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

26,061

 

 

$

3,140

 

 

$

3,134

 

 

$

41,889

 

 

$

24

 

 

$

7,676

 

 

$

81,924

 

Provision

 

 

3,240

 

 

 

(651

)

 

 

(1,199

)

 

 

13,964

 

 

 

15

 

 

 

810

 

 

 

16,179

 

Charge-offs

 

 

(3,911

)

 

 

(9

)

 

 

 

 

 

(3,887

)

 

 

 

 

 

(766

)

 

 

(8,573

)

Recoveries

 

 

987

 

 

 

64

 

 

 

 

 

 

1,674

 

 

 

4

 

 

 

406

 

 

 

3,135

 

Ending balance

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

Ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

8,555

 

 

$

 

 

$

 

 

$

17,399

 

 

$

 

 

$

 

 

$

25,954

 

Collectively evaluated
   for impairment

 

 

17,822

 

 

 

2,544

 

 

 

1,935

 

 

 

36,241

 

 

 

43

 

 

 

8,126

 

 

 

66,711

 

Total allowance for credit losses -
   loans and leases

 

$

26,377

 

 

$

2,544

 

 

$

1,935

 

 

$

53,640

 

 

$

43

 

 

$

8,126

 

 

$

92,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases ending balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

30,750

 

 

$

 

 

$

 

 

$

38,485

 

 

$

 

 

$

 

 

$

69,235

 

Collectively evaluated for
   impairment

 

 

1,932,696

 

 

 

504,947

 

 

 

387,943

 

 

 

2,066,265

 

 

 

3,736

 

 

 

605,695

 

 

 

5,501,282

 

Total loans and leases

 

$

1,963,446

 

 

$

504,947

 

 

$

387,943

 

 

$

2,104,750

 

 

$

3,736

 

 

$

605,695

 

 

$

5,570,517

 

Summary of Loans with Modified Terms The following table presents loans with modified terms for the three and six months ended June 30, 2024:

June 30, 2024

 

Term Modification

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

2,501

 

 

$

2,501

 

 

 

0.1

%

Commercial and industrial

 

 

1,470

 

 

 

1,470

 

 

 

0.1

%

Total loans and leases

 

$

3,971

 

 

$

3,971

 

 

 

0.1

%

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:

Three Months Ended
June 30, 2023

 

Payment Delay

 

 

Term Modification

 

 

Combination Term Modification and Interest Rate Reduction

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

110

 

 

$

 

 

$

 

 

$

110

 

 

 

0.0

%

Commercial and industrial

 

 

 

 

 

11,210

 

 

 

 

 

 

11,210

 

 

 

0.5

%

Total modified loans

 

$

110

 

 

$

11,210

 

 

$

 

 

$

11,320

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2023

 

Payment Delay

 

 

Term Modification

 

 

Combination Term Modification and Interest Rate Reduction

 

 

Total Modified by Class

 

 

% of Class of Loans and Leases

 

Commercial real estate

 

$

110

 

 

$

 

 

$

 

 

$

110

 

 

 

0.0

%

Commercial and industrial

 

 

8,719

 

 

 

51,370

 

 

 

385

 

 

 

60,474

 

 

 

2.9

%

Total modified loans

 

$

8,829

 

 

$

51,370

 

 

$

385

 

 

$

60,584

 

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

June 30, 2024

 

Commercial Construction

 

 

Non-owner Occupied Commercial

 

 

Owner-Occupied Commercial

 

 

Multi-Family

 

 

Single Family Residence (1st Lien)

 

 

Single Family Residence (2nd Lien)

 

 

Business Assets

 

 

Total

 

Commercial real estate

 

$

 

 

$

9,808

 

 

$

26,947

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

36,755

 

Residential real estate

 

 

 

 

 

 

 

 

 

 

 

1,365

 

 

 

1,844

 

 

 

579

 

 

 

 

 

 

3,788

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,210

 

 

 

35,210

 

Total

 

$

 

 

$

9,808

 

 

$

26,947

 

 

$

1,365

 

 

$

1,844

 

 

$

579

 

 

$

35,210

 

 

$

75,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

Commercial Construction

 

 

Non-owner Occupied Commercial

 

 

Owner-Occupied Commercial

 

 

Multi-Family

 

 

Single Family Residence (1st Lien)

 

 

Single Family Residence (2nd Lien)

 

 

Business Assets

 

 

Total

 

Commercial real estate

 

$

 

 

$

28,767

 

 

$

35,572

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

64,339

 

Residential real estate

 

 

 

 

 

 

 

 

 

 

 

2,793

 

 

 

800

 

 

 

 

 

 

 

 

 

3,593

 

Construction, land development,
  and other land

 

 

813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

813

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,749

 

 

 

44,749

 

Total

 

$

813

 

 

$

28,767

 

 

$

35,572

 

 

$

2,793

 

 

$

800

 

 

$

 

 

$

44,749

 

 

$

113,494

 

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:

 

 

Term loans amortized cost by origination year

 

 

Revolving

 

 

Total

 

June 30, 2024

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Loans

 

 

Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

140,888

 

 

$

246,084

 

 

$

421,253

 

 

$

453,722

 

 

$

231,309

 

 

$

493,618

 

 

$

15,028

 

 

$

2,001,902

 

      Watch

 

 

2,281

 

 

 

26,344

 

 

 

26,638

 

 

 

39,933

 

 

 

32,761

 

 

 

69,916

 

 

 

 

 

 

197,873

 

      Special Mention

 

 

 

 

 

 

 

 

2,911

 

 

 

9,794

 

 

 

2,572

 

 

 

31,237

 

 

 

 

 

 

46,514

 

      Substandard

 

 

 

 

 

2,953

 

 

 

3,750

 

 

 

4,937

 

 

 

839

 

 

 

34,940

 

 

 

 

 

 

47,419

 

         Total

 

$

143,169

 

 

$

275,381

 

 

$

454,552

 

 

$

508,386

 

 

$

267,481

 

 

$

629,711

 

 

$

15,028

 

 

$

2,293,708

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

295

 

 

$

187

 

 

$

718

 

 

$

2,299

 

 

$

 

 

$

3,499

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

19,634

 

 

$

49,142

 

 

$

133,696

 

 

$

118,396

 

 

$

51,791

 

 

$

246,883

 

 

$

57,520

 

 

$

677,062

 

      Watch

 

 

 

 

 

 

 

 

5,139

 

 

 

598

 

 

 

22,666

 

 

 

11,892

 

 

 

1,567

 

 

 

41,862

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,753

 

 

 

6

 

 

 

98

 

 

 

3,857

 

      Substandard

 

 

200

 

 

 

579

 

 

 

29

 

 

 

101

 

 

 

11

 

 

 

3,179

 

 

 

915

 

 

 

5,014

 

         Total

 

$

19,834

 

 

$

49,721

 

 

$

138,864

 

 

$

119,095

 

 

$

78,221

 

 

$

261,960

 

 

$

60,100

 

 

$

727,795

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Construction, Land Development,
  & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

5,845

 

 

$

141,785

 

 

$

135,873

 

 

$

159,474

 

 

$

37,079

 

 

$

2,898

 

 

$

345

 

 

$

483,299

 

      Watch

 

 

 

 

 

3,521

 

 

 

13,661

 

 

 

17,237

 

 

 

 

 

 

3,096

 

 

 

 

 

 

37,515

 

      Special Mention

 

 

 

 

 

 

 

 

454

 

 

 

9,509

 

 

 

 

 

 

 

 

 

 

 

 

9,963

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

224,599

 

 

$

482,778

 

 

$

477,896

 

 

$

270,323

 

 

$

97,392

 

 

$

197,833

 

 

$

547,736

 

 

$

2,298,557

 

      Watch

 

 

724

 

 

 

45,958

 

 

 

21,902

 

 

 

45,389

 

 

 

1,605

 

 

 

20,535

 

 

 

46,818

 

 

 

182,931

 

      Special Mention

 

 

 

 

 

1,381

 

 

 

23,847

 

 

 

10,395

 

 

 

1,724

 

 

 

4,980

 

 

 

43,089

 

 

 

85,416

 

      Substandard

 

 

92

 

 

 

6,003

 

 

 

11,266

 

 

 

9,408

 

 

 

4,674

 

 

 

17,523

 

 

 

9,152

 

 

 

58,118

 

         Total

 

$

225,415

 

 

$

536,120

 

 

$

534,911

 

 

$

335,515

 

 

$

105,395

 

 

$

240,871

 

 

$

646,795

 

 

$

2,625,022

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

746

 

 

$

3,777

 

 

$

1,203

 

 

$

497

 

 

$

6,926

 

 

$

 

 

$

13,149

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

158

 

 

$

378

 

 

$

103

 

 

$

44

 

 

$

127

 

 

$

360

 

 

$

1,601

 

 

$

2,771

 

      Watch

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

3

 

 

 

51

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

         Total

 

$

158

 

 

$

378

 

 

$

103

 

 

$

67

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,845

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

162,555

 

 

$

283,352

 

 

$

169,324

 

 

$

70,434

 

 

$

20,328

 

 

$

2,285

 

 

$

 

 

$

708,278

 

      Watch

 

 

 

 

 

 

 

 

54

 

 

 

817

 

 

 

11

 

 

 

-

 

 

 

 

 

 

882

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130

 

 

 

66

 

 

 

 

 

 

196

 

      Substandard

 

 

 

 

 

122

 

 

 

988

 

 

 

543

 

 

 

7

 

 

 

41

 

 

 

 

 

 

1,701

 

         Total

 

$

162,555

 

 

$

283,474

 

 

$

170,366

 

 

$

71,794

 

 

$

20,476

 

 

$

2,392

 

 

$

 

 

$

711,057

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

334

 

 

$

377

 

 

$

284

 

 

$

58

 

 

$

 

 

$

 

 

$

1,053

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

553,679

 

 

$

1,203,519

 

 

$

1,338,145

 

 

$

1,072,393

 

 

$

438,026

 

 

$

943,877

 

 

$

622,230

 

 

$

6,171,869

 

      Watch

 

 

3,005

 

 

 

75,823

 

 

 

67,394

 

 

 

103,974

 

 

 

57,043

 

 

 

105,487

 

 

 

48,388

 

 

 

461,114

 

      Special Mention

 

 

 

 

 

1,381

 

 

 

27,212

 

 

 

29,698

 

 

 

8,179

 

 

 

36,289

 

 

 

43,187

 

 

 

145,946

 

      Substandard

 

 

292

 

 

 

9,657

 

 

 

16,033

 

 

 

15,012

 

 

 

5,531

 

 

 

55,683

 

 

 

10,067

 

 

 

112,275

 

         Total

 

$

556,976

 

 

$

1,290,380

 

 

$

1,448,784

 

 

$

1,221,077

 

 

$

508,779

 

 

$

1,141,336

 

 

$

723,872

 

 

$

6,891,204

 

Gross charge-offs for the six months
  ended June 30, 2024

 

$

 

 

$

1,080

 

 

$

4,449

 

 

$

1,674

 

 

$

1,273

 

 

$

9,225

 

 

$

 

 

$

17,701

 

 

 

 

Term loans amortized cost by origination year

 

 

Revolving

 

 

Total

 

December 31, 2023

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Loans

 

 

Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

247,856

 

 

$

452,127

 

 

$

516,624

 

 

$

229,053

 

 

$

143,283

 

 

$

388,872

 

 

$

28,360

 

 

$

2,006,175

 

      Watch

 

 

12,501

 

 

 

22,094

 

 

 

26,408

 

 

 

46,713

 

 

 

20,364

 

 

 

68,003

 

 

 

 

 

 

196,083

 

      Special Mention

 

 

 

 

 

799

 

 

 

10,752

 

 

 

2,618

 

 

 

12,751

 

 

 

25,790

 

 

 

 

 

 

52,710

 

      Substandard

 

 

 

 

 

2,888

 

 

 

5,841

 

 

 

1,771

 

 

 

7,483

 

 

 

46,532

 

 

 

829

 

 

 

65,344

 

         Total

 

$

260,357

 

 

$

477,908

 

 

$

559,625

 

 

$

280,155

 

 

$

183,881

 

 

$

529,197

 

 

$

29,189

 

 

$

2,320,312

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

193

 

 

$

60

 

 

$

1,511

 

 

$

4,054

 

 

$

3,911

 

 

$

 

 

$

9,729

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

55,178

 

 

$

135,477

 

 

$

104,005

 

 

$

54,651

 

 

$

37,806

 

 

$

225,593

 

 

$

57,865

 

 

$

670,575

 

      Watch

 

 

 

 

 

4,811

 

 

 

 

 

 

17,417

 

 

 

7,167

 

 

 

8,708

 

 

 

1,597

 

 

 

39,700

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

3,594

 

 

 

127

 

 

 

1

 

 

 

413

 

 

 

4,135

 

      Substandard

 

 

 

 

 

 

 

 

107

 

 

 

189

 

 

 

349

 

 

 

3,523

 

 

 

952

 

 

 

5,120

 

         Total

 

$

55,178

 

 

$

140,288

 

 

$

104,112

 

 

$

75,851

 

 

$

45,449

 

 

$

237,825

 

 

$

60,827

 

 

$

719,530

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

21

 

 

$

 

 

$

21

 

Construction, Land Development, & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

82,449

 

 

$

145,174

 

 

$

184,544

 

 

$

35,466

 

 

$

9,772

 

 

$

1,429

 

 

$

174

 

 

$

459,008

 

      Watch

 

 

1,392

 

 

 

13,990

 

 

 

21,313

 

 

 

18,716

 

 

 

3,125

 

 

 

 

 

 

 

 

 

58,536

 

      Special Mention

 

 

 

 

 

 

 

 

9,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,279

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

14

 

         Total

 

$

83,841

 

 

$

159,164

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

526,837

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

475,720

 

 

$

514,902

 

 

$

288,392

 

 

$

109,430

 

 

$

73,059

 

 

$

147,168

 

 

$

524,348

 

 

$

2,133,019

 

      Watch

 

 

41,027

 

 

 

33,080

 

 

 

50,407

 

 

 

1,385

 

 

 

6,951

 

 

 

18,180

 

 

 

39,531

 

 

 

190,561

 

      Special Mention

 

 

 

 

 

6,164

 

 

 

10,595

 

 

 

2,631

 

 

 

1,112

 

 

 

6,643

 

 

 

36,354

 

 

 

63,499

 

      Substandard

 

 

 

 

 

7,332

 

 

 

6,067

 

 

 

6,431

 

 

 

10,116

 

 

 

18,381

 

 

 

13,155

 

 

 

61,482

 

         Total

 

$

516,747

 

 

$

561,478

 

 

$

355,461

 

 

$

119,877

 

 

$

91,238

 

 

$

190,372

 

 

$

613,388

 

 

$

2,448,561

 

Gross charge-offs, year ended
  December 31, 2023

 

$

1,518

 

 

$

1,938

 

 

$

5,372

 

 

$

4,451

 

 

$

1,087

 

 

$

1,045

 

 

$

 

 

$

15,411

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

564

 

 

$

132

 

 

$

79

 

 

$

133

 

 

$

28

 

 

$

424

 

 

$

1,814

 

 

$

3,174

 

      Watch

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

26

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Substandard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

Gross charge-offs, year ended
  December 31, 2023

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

3

 

 

$

 

 

$

3

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

327,099

 

 

$

207,640

 

 

$

93,242

 

 

$

29,343

 

 

$

5,443

 

 

$

856

 

 

$

 

 

$

663,623

 

      Watch

 

 

 

 

 

67

 

 

 

1,008

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

1,091

 

      Special Mention

 

 

 

 

 

 

 

 

 

 

 

179

 

 

 

101

 

 

 

36

 

 

 

 

 

 

316

 

      Substandard

 

 

259

 

 

 

138

 

 

 

384

 

 

 

55

 

 

 

 

 

 

 

 

 

 

 

 

836

 

         Total

 

$

327,358

 

 

$

207,845

 

 

$

94,634

 

 

$

29,593

 

 

$

5,544

 

 

$

892

 

 

$

 

 

$

665,866

 

Gross charge-offs, year ended
  December 31, 2023

 

$

734

 

 

$

886

 

 

$

549

 

 

$

139

 

 

$

75

 

 

$

54

 

 

$

 

 

$

2,437

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Pass

 

$

1,188,866

 

 

$

1,455,452

 

 

$

1,186,886

 

 

$

458,076

 

 

$

269,391

 

 

$

764,342

 

 

$

612,561

 

 

$

5,935,574

 

      Watch

 

 

54,920

 

 

 

74,042

 

 

 

99,161

 

 

 

84,247

 

 

 

37,607

 

 

 

94,892

 

 

 

41,128

 

 

 

485,997

 

      Special Mention

 

 

 

 

 

6,963

 

 

 

30,626

 

 

 

9,022

 

 

 

14,091

 

 

 

32,470

 

 

 

36,767

 

 

 

129,939

 

      Substandard

 

 

259

 

 

 

10,358

 

 

 

12,399

 

 

 

8,446

 

 

 

17,948

 

 

 

68,450

 

 

 

14,936

 

 

 

132,796

 

         Total

 

$

1,244,045

 

 

$

1,546,815

 

 

$

1,329,072

 

 

$

559,791

 

 

$

339,037

 

 

$

960,154

 

 

$

705,392

 

 

$

6,684,306

 

Gross charge-offs, year ended
  December 31, 2023

 

$

2,252

 

 

$

3,017

 

 

$

5,981

 

 

$

6,101

 

 

$

5,216

 

 

$

5,034

 

 

$

 

 

$

27,601

 

At
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:

 

June 30, 2024

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans

 

 

Total
Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

143,169

 

 

$

272,428

 

 

$

451,268

 

 

$

504,037

 

 

$

267,218

 

 

$

607,648

 

 

$

15,028

 

 

$

2,260,796

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

636

 

 

 

172

 

 

 

 

 

 

742

 

 

 

 

 

 

1,550

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

2,953

 

 

 

2,648

 

 

 

4,177

 

 

 

263

 

 

 

21,321

 

 

 

 

 

 

31,362

 

      Total Past Due

 

 

 

 

 

2,953

 

 

 

3,284

 

 

 

4,349

 

 

 

263

 

 

 

22,063

 

 

 

 

 

 

32,912

 

         Total

 

$

143,169

 

 

$

275,381

 

 

$

454,552

 

 

$

508,386

 

 

$

267,481

 

 

$

629,711

 

 

$

15,028

 

 

$

2,293,708

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

19,634

 

 

$

49,721

 

 

$

136,347

 

 

$

118,994

 

 

$

78,221

 

 

$

258,394

 

 

$

58,885

 

 

$

720,196

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

2,488

 

 

 

 

 

 

 

 

 

381

 

 

 

300

 

 

 

3,169

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

 

 

 

46

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

200

 

 

 

 

 

 

29

 

 

 

101

 

 

 

 

 

 

3,139

 

 

 

915

 

 

 

4,384

 

      Total Past Due

 

 

200

 

 

 

 

 

 

2,517

 

 

 

101

 

 

 

 

 

 

3,566

 

 

 

1,215

 

 

 

7,599

 

         Total

 

$

19,834

 

 

$

49,721

 

 

$

138,864

 

 

$

119,095

 

 

$

78,221

 

 

$

261,960

 

 

$

60,100

 

 

$

727,795

 

Construction, Land Development,
   & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

5,845

 

 

$

145,306

 

 

$

149,988

 

 

$

186,220

 

 

$

37,079

 

 

$

5,994

 

 

$

345

 

 

$

530,777

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

225,323

 

 

$

534,074

 

 

$

527,308

 

 

$

333,045

 

 

$

101,186

 

 

$

229,335

 

 

$

643,388

 

 

$

2,593,659

 

      30-59 Days Past Due

 

 

 

 

 

70

 

 

 

201

 

 

 

 

 

 

 

 

 

 

 

 

574

 

 

 

845

 

      60-89 Days Past Due

 

 

 

 

 

516

 

 

 

1,508

 

 

 

116

 

 

 

991

 

 

 

1,042

 

 

 

 

 

 

4,173

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

92

 

 

 

1,460

 

 

 

5,894

 

 

 

2,354

 

 

 

3,218

 

 

 

10,494

 

 

 

2,833

 

 

 

26,345

 

      Total Past Due

 

 

92

 

 

 

2,046

 

 

 

7,603

 

 

 

2,470

 

 

 

4,209

 

 

 

11,536

 

 

 

3,407

 

 

 

31,363

 

         Total

 

$

225,415

 

 

$

536,120

 

 

$

534,911

 

 

$

335,515

 

 

$

105,395

 

 

$

240,871

 

 

$

646,795

 

 

$

2,625,022

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

158

 

 

$

378

 

 

$

103

 

 

$

44

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,822

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

23

 

         Total

 

$

158

 

 

$

378

 

 

$

103

 

 

$

67

 

 

$

127

 

 

$

408

 

 

$

1,604

 

 

$

2,845

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

162,268

 

 

$

281,980

 

 

$

167,798

 

 

$

70,481

 

 

$

20,178

 

 

$

2,343

 

 

$

 

 

$

705,048

 

      30-59 Days Past Due

 

 

272

 

 

 

778

 

 

 

564

 

 

 

425

 

 

 

226

 

 

 

9

 

 

 

 

 

 

2,274

 

      60-89 Days Past Due

 

 

15

 

 

 

594

 

 

 

1,015

 

 

 

345

 

 

 

72

 

 

 

 

 

 

 

 

 

2,041

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

122

 

 

 

989

 

 

 

543

 

 

 

 

 

 

40

 

 

 

 

 

 

1,694

 

      Total Past Due

 

 

287

 

 

 

1,494

 

 

 

2,568

 

 

 

1,313

 

 

 

298

 

 

 

49

 

 

 

 

 

 

6,009

 

         Total

 

$

162,555

 

 

$

283,474

 

 

$

170,366

 

 

$

71,794

 

 

$

20,476

 

 

$

2,392

 

 

$

 

 

$

711,057

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

556,397

 

 

$

1,283,887

 

 

$

1,432,812

 

 

$

1,212,821

 

 

$

504,009

 

 

$

1,104,122

 

 

$

719,250

 

 

$

6,813,298

 

      30-59 Days Past Due

 

 

272

 

 

 

848

 

 

 

3,253

 

 

 

425

 

 

 

226

 

 

 

390

 

 

 

874

 

 

 

6,288

 

      60-89 Days Past Due

 

 

15

 

 

 

1,110

 

 

 

3,159

 

 

 

633

 

 

 

1,063

 

 

 

1,830

 

 

 

 

 

 

7,810

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

292

 

 

 

4,535

 

 

 

9,560

 

 

 

7,198

 

 

 

3,481

 

 

 

34,994

 

 

 

3,748

 

 

 

63,808

 

      Total Past Due

 

 

579

 

 

 

6,493

 

 

 

15,972

 

 

 

8,256

 

 

 

4,770

 

 

 

37,214

 

 

 

4,622

 

 

 

77,906

 

         Total

 

$

556,976

 

 

$

1,290,380

 

 

$

1,448,784

 

 

$

1,221,077

 

 

$

508,779

 

 

$

1,141,336

 

 

$

723,872

 

 

$

6,891,204

 

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.

December 31, 2023

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans

 

 

Total
Loans

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

259,998

 

 

$

474,878

 

 

$

558,236

 

 

$

279,098

 

 

$

178,729

 

 

$

501,620

 

 

$

29,189

 

 

$

2,281,748

 

      30-59 Days Past Due

 

 

359

 

 

 

648

 

 

 

638

 

 

 

74

 

 

 

3,176

 

 

 

484

 

 

 

 

 

 

5,379

 

      60-89 Days Past Due

 

 

 

 

 

826

 

 

 

 

 

 

286

 

 

 

 

 

 

1,208

 

 

 

 

 

 

2,320

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

1,556

 

 

 

751

 

 

 

697

 

 

 

1,976

 

 

 

25,885

 

 

 

 

 

 

30,865

 

      Total Past Due

 

 

359

 

 

 

3,030

 

 

 

1,389

 

 

 

1,057

 

 

 

5,152

 

 

 

27,577

 

 

 

 

 

 

38,564

 

         Total

 

$

260,357

 

 

$

477,908

 

 

$

559,625

 

 

$

280,155

 

 

$

183,881

 

 

$

529,197

 

 

$

29,189

 

 

$

2,320,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

55,178

 

 

$

136,448

 

 

$

102,973

 

 

$

75,125

 

 

$

45,050

 

 

$

230,102

 

 

$

59,476

 

 

$

704,352

 

      30-59 Days Past Due

 

 

 

 

 

3,840

 

 

 

1,032

 

 

 

537

 

 

 

29

 

 

 

4,122

 

 

 

399

 

 

 

9,959

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

127

 

 

 

 

 

 

148

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

107

 

 

 

189

 

 

 

349

 

 

 

3,474

 

 

 

952

 

 

 

5,071

 

      Total Past Due

 

 

 

 

 

3,840

 

 

 

1,139

 

 

 

726

 

 

 

399

 

 

 

7,723

 

 

 

1,351

 

 

 

15,178

 

         Total

 

$

55,178

 

 

$

140,288

 

 

$

104,112

 

 

$

75,851

 

 

$

45,449

 

 

$

237,825

 

 

$

60,827

 

 

$

719,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, Land Development,
  & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

83,841

 

 

$

156,815

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

524,488

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

2,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,349

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

2,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,349

 

         Total

 

$

83,841

 

 

$

159,164

 

 

$

215,136

 

 

$

54,182

 

 

$

12,897

 

 

$

1,443

 

 

$

174

 

 

$

526,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

516,747

 

 

$

552,251

 

 

$

351,534

 

 

$

114,859

 

 

$

83,780

 

 

$

177,239

 

 

$

611,766

 

 

$

2,408,176

 

      30-59 Days Past Due

 

 

 

 

 

1,545

 

 

 

1,099

 

 

 

238

 

 

 

2,513

 

 

 

400

 

 

 

455

 

 

 

6,250

 

      60-89 Days Past Due

 

 

 

 

 

1,505

 

 

 

 

 

 

234

 

 

 

3,416

 

 

 

1,139

 

 

 

496

 

 

 

6,790

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

6,177

 

 

 

2,828

 

 

 

4,546

 

 

 

1,529

 

 

 

11,594

 

 

 

671

 

 

 

27,345

 

      Total Past Due

 

 

 

 

 

9,227

 

 

 

3,927

 

 

 

5,018

 

 

 

7,458

 

 

 

13,133

 

 

 

1,622

 

 

 

40,385

 

         Total

 

$

516,747

 

 

$

561,478

 

 

$

355,461

 

 

$

119,877

 

 

$

91,238

 

 

$

190,372

 

 

$

613,388

 

 

$

2,448,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Installment and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

      30-59 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      60-89 Days Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Total Past Due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total

 

$

564

 

 

$

132

 

 

$

104

 

 

$

133

 

 

$

28

 

 

$

425

 

 

$

1,814

 

 

$

3,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Financing Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

325,833

 

 

$

206,800

 

 

$

93,795

 

 

$

29,292

 

 

$

5,537

 

 

$

889

 

 

$

 

 

$

662,146

 

      30-59 Days Past Due

 

 

726

 

 

 

426

 

 

 

153

 

 

 

38

 

 

 

4

 

 

 

2

 

 

 

 

 

 

1,349

 

      60-89 Days Past Due

 

 

540

 

 

 

481

 

 

 

302

 

 

 

218

 

 

 

3

 

 

 

1

 

 

 

 

 

 

1,545

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

259

 

 

 

138

 

 

 

384

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

826

 

      Total Past Due

 

 

1,525

 

 

 

1,045

 

 

 

839

 

 

 

301

 

 

 

7

 

 

 

3

 

 

 

 

 

 

3,720

 

         Total

 

$

327,358

 

 

$

207,845

 

 

$

94,634

 

 

$

29,593

 

 

$

5,544

 

 

$

892

 

 

$

 

 

$

665,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans and Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Current

 

$

1,242,161

 

 

$

1,527,324

 

 

$

1,321,778

 

 

$

552,689

 

 

$

326,021

 

 

$

911,718

 

 

$

702,419

 

 

$

6,584,110

 

      30-59 Days Past Due

 

 

1,085

 

 

 

6,459

 

 

 

2,922

 

 

 

887

 

 

 

5,722

 

 

 

5,008

 

 

 

854

 

 

 

22,937

 

      60-89 Days Past Due

 

 

540

 

 

 

5,161

 

 

 

302

 

 

 

738

 

 

 

3,440

 

 

 

2,475

 

 

 

496

 

 

 

13,152

 

      Greater than 90 Accruing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Non-accrual

 

 

259

 

 

 

7,871

 

 

 

4,070

 

 

 

5,477

 

 

 

3,854

 

 

 

40,953

 

 

 

1,623

 

 

 

64,107

 

      Total Past Due

 

 

1,884

 

 

 

19,491

 

 

 

7,294

 

 

 

7,102

 

 

 

13,016

 

 

 

48,436

 

 

 

2,973

 

 

 

100,196

 

         Total

 

$

1,244,045

 

 

$

1,546,815

 

 

$

1,329,072

 

 

$

559,791

 

 

$

339,037

 

 

$

960,154

 

 

$

705,392

 

 

$

6,684,306

 

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:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

 

Unpaid
Principal
Balance

 

 

Carrying
Value

 

Commercial real estate

 

$

262,635

 

 

$

254,858

 

 

$

284,819

 

 

$

275,476

 

Residential real estate

 

 

202,288

 

 

 

188,489

 

 

 

227,392

 

 

 

211,887

 

Construction, land development, and other land

 

 

85,395

 

 

 

84,849

 

 

 

87,143

 

 

 

86,344

 

Commercial and industrial

 

 

119,085

 

 

 

113,997

 

 

 

123,540

 

 

 

117,538

 

Installment and other

 

 

165

 

 

 

153

 

 

 

170

 

 

 

156

 

Lease financing receivables

 

 

274

 

 

 

273

 

 

 

628

 

 

 

627

 

Total acquired non-credit-deteriorated
   loans and leases

 

$

669,842

 

 

$

642,619

 

 

$

723,692

 

 

$

692,028

 

v3.24.2.u1
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

$

20,992

 

 

$

20,944

 

 

$

19,844

 

 

$

19,172

 

Additions, net

 

 

1,093

 

 

 

1,636

 

 

 

2,944

 

 

 

2,752

 

Changes in fair value

 

 

(2,468

)

 

 

(865

)

 

 

(3,171

)

 

 

(209

)

   Ending balance

 

$

19,617

 

 

$

21,715

 

 

$

19,617

 

 

$

21,715

 

 

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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Loan portfolios serviced for:

 

 

 

 

 

 

SBA guaranteed loans

 

$

1,497,752

 

 

$

1,530,401

 

USDA guaranteed loans

 

 

190,363

 

 

 

197,942

 

Total

 

$

1,688,115

 

 

$

1,728,343

 

v3.24.2.u1
Other Real Estate Owned (Tables)
6 Months Ended
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

$

785

 

 

$

3,712

 

 

$

1,200

 

 

$

4,717

 

Net additions to OREO

 

 

 

 

 

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

 

 

 

 

 

(12

)

 

 

 

 

 

(343

)

   Ending balance

 

$

780

 

 

$

2,265

 

 

$

780

 

 

$

2,265

 

v3.24.2.u1
Leases (Tables)
6 Months Ended
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:

 

 

Balance Sheet Line Item

 

June 30, 2024

 

 

December 31, 2023

 

Operating lease right-of-use asset

 

 Accrued interest receivable and other assets

 

$

10,274

 

 

$

12,474

 

Operating lease liability

 

 Accrued interest payable and other liabilities

 

 

11,729

 

 

 

14,268

 

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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

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:

 

 

Operating Lease
Commitments

 

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

 

v3.24.2.u1
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:

 

 

 

For the Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

Beginning balance

 

$

181,705

 

 

$

19,115

 

 

$

1,313

 

 

$

148,353

 

 

$

7,498

 

 

$

1,581

 

Amortization

 

 

 

 

 

(1,278

)

 

 

(67

)

 

 

 

 

 

(1,388

)

 

 

(67

)

Ending balance

 

$

181,705

 

 

$

17,837

 

 

$

1,246

 

 

$

148,353

 

 

$

6,110

 

 

$

1,514

 

Accumulated amortization

 

N/A

 

 

$

54,879

 

 

$

1,970

 

 

N/A

 

 

$

49,356

 

 

$

1,702

 

Weighted average remaining
   amortization period

 

N/A

 

 

7.9 years

 

 

4.7 years

 

 

N/A

 

 

4.8 years

 

 

5.7 years

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

 

Goodwill

 

 

Core
Deposit
Intangible

 

 

Customer Relationship
Intangible

 

Beginning balance

 

$

181,705

 

 

$

20,393

 

 

$

1,380

 

 

$

148,353

 

 

$

8,886

 

 

$

1,648

 

Amortization

 

 

 

 

 

(2,556

)

 

 

(134

)

 

 

 

 

 

(2,776

)

 

 

(134

)

Ending balance

 

$

181,705

 

 

$

17,837

 

 

$

1,246

 

 

$

148,353

 

 

$

6,110

 

 

$

1,514

 

Accumulated amortization

 

N/A

 

 

$

54,879

 

 

$

1,970

 

 

N/A

 

 

$

49,356

 

 

$

1,702

 

Weighted average remaining
   amortization period

 

N/A

 

 

7.9 years

 

 

4.7 years

 

 

N/A

 

 

4.8 years

 

 

5.7 years

 

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:

 

 

Estimated
Amortization

 

2024

 

$

2,690

 

2025

 

 

4,473

 

2026

 

 

3,566

 

2027

 

 

2,676

 

2028

 

 

2,101

 

Thereafter

 

 

3,577

 

Total

 

$

19,083

 

 

v3.24.2.u1
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

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

 

Schedule of Maturities of Time Deposits

At June 30, 2024, the scheduled maturities of time deposits were:

 

 

Scheduled Maturities

 

2024

 

$

1,375,883

 

2025

 

 

650,097

 

2026

 

 

7,350

 

2027

 

 

4,958

 

2028

 

 

1,172

 

Thereafter

 

 

421

 

Total

 

$

2,039,881

 

v3.24.2.u1
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Federal Home Loan Bank advances

 

$

670,000

 

 

$

325,000

 

Bank Term Funding Program

 

 

200,000

 

 

 

 

Securities sold under agreements to repurchase

 

 

33,738

 

 

 

40,607

 

Term Loan

 

 

15,000

 

 

 

18,333

 

Line of credit

 

 

 

 

 

11,250

 

Total

 

$

918,738

 

 

$

395,190

 

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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Federal Home Loan Bank line

 

$

2,599,365

 

 

$

2,781,747

 

Federal Reserve Bank of Chicago discount window line

 

 

764,587

 

 

 

866,490

 

Available federal funds lines

 

 

127,500

 

 

 

123,750

 

v3.24.2.u1
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:

 

 

 

 

Aggregate Principal Amount

 

 

 

 

 

Name of Trust

 

Stated
Maturity

 

June 30, 2024

 

 

December 31, 2023

 

 

Contractual Rate June 30, 2024

 

Interest Rate Spread(1)

Metropolitan Statutory Trust I

 

March 17, 2034

 

$

35,000

 

 

$

35,000

 

 

8.39%

 

SOFR + spread adjustment + 2.79%

First Evanston Bancorp Trust I

 

March 15, 2035

 

 

10,000

 

 

 

10,000

 

 

7.38%

 

SOFR + spread adjustment + 1.78%

AmeriMark Capital Trust I

 

April 23, 2034

 

 

5,000

 

 

 

5,000

 

 

8.34%

 

SOFR + spread adjustment + 2.75%

Inland Bancorp Trust II

 

September 15, 2035

 

 

10,000

 

 

 

10,000

 

 

7.20%

 

SOFR + spread adjustment + 1.60%

Inland Bancorp Trust III

 

December 15, 2036

 

 

10,000

 

 

 

10,000

 

 

7.25%

 

SOFR + spread adjustment + 1.65%

Inland Bancorp Trust IV

 

June 6, 2037

 

 

7,000

 

 

 

7,000

 

 

7.22%

 

SOFR + spread adjustment + 1.62%

Inland Bancorp Trust V

 

September 15, 2037

 

 

10,000

 

 

 

10,000

 

 

7.02%

 

SOFR + spread adjustment + 1.42%

Total liability, at par

 

 

 

 

87,000

 

 

 

87,000

 

 

 

 

 

Discount

 

 

 

 

(16,325

)

 

 

(16,548

)

 

 

 

 

Total liability, at carrying value

 

 

 

$

70,675

 

 

$

70,452

 

 

 

 

 

(1) SOFR is three-month SOFR and the spread adjustment is 0.26161%

v3.24.2.u1
Commitments and Contingent Liabilities (Tables)
6 Months Ended
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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Fixed Rate

 

 

Variable Rate

 

 

Total

 

 

Fixed Rate

 

 

Variable Rate

 

 

Total

 

Commitments to extend credit

 

$

235,648

 

 

$

2,011,724

 

 

$

2,247,372

 

 

$

269,325

 

 

$

2,013,819

 

 

$

2,283,144

 

Letters of credit

 

 

630

 

 

 

65,467

 

 

 

66,097

 

 

 

612

 

 

 

67,443

 

 

 

68,055

 

Total

 

$

236,278

 

 

$

2,077,191

 

 

$

2,313,469

 

 

$

269,937

 

 

$

2,081,262

 

 

$

2,351,199

 

v3.24.2.u1
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:

 

 

 

 

 

Fair Value Measurements Using

 

June 30, 2024

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

51,785

 

 

$

51,785

 

 

$

 

 

$

 

U.S. Government agencies

 

 

147,174

 

 

 

 

 

 

147,174

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

 

80,390

 

 

 

 

 

 

80,390

 

 

 

 

Mortgage-backed securities; residential

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

749,198

 

 

 

 

 

 

749,198

 

 

 

 

Non-Agency

 

 

109,054

 

 

 

 

 

 

109,054

 

 

 

 

Mortgage-backed securities; commercial

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

193,948

 

 

 

 

 

 

193,948

 

 

 

 

Corporate securities

 

 

36,780

 

 

 

 

 

 

36,780

 

 

 

 

Asset-backed securities

 

 

18,498

 

 

 

 

 

 

18,498

 

 

 

 

Equity and other securities, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

2,504

 

 

 

2,504

 

 

 

 

 

 

 

Equity securities

 

 

6,241

 

 

 

 

 

 

5,957

 

 

 

284

 

Servicing assets

 

 

19,617

 

 

 

 

 

 

 

 

 

19,617

 

Derivative assets

 

 

57,426

 

 

 

 

 

 

57,426

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

22,772

 

 

 

 

 

 

22,772

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

December 31, 2023

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

115,434

 

 

$

115,434

 

 

$

 

 

$

 

U.S. Government agencies

 

 

130,695

 

 

 

 

 

 

130,695

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

 

82,275

 

 

 

 

 

 

82,275

 

 

 

 

Mortgage-backed securities; residential

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

695,803

 

 

 

 

 

 

695,803

 

 

 

 

Non-Agency

 

 

100,260

 

 

 

 

 

 

100,260

 

 

 

 

Mortgage-backed securities; commercial

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

147,204

 

 

 

 

 

 

147,204

 

 

 

 

Corporate securities

 

 

36,171

 

 

 

 

 

 

36,171

 

 

 

 

Asset-backed securities

 

 

34,638

 

 

 

 

 

 

34,638

 

 

 

 

Equity and other securities, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

2,554

 

 

 

2,554

 

 

 

 

 

 

 

Equity securities

 

 

6,189

 

 

 

 

 

 

5,908

 

 

 

281

 

Servicing assets

 

 

19,844

 

 

 

 

 

 

 

 

 

19,844

 

Derivative assets

 

 

56,923

 

 

 

 

 

 

56,923

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

19,345

 

 

 

 

 

 

19,345

 

 

 

 

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):

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Investment Securities

 

 

Servicing Assets

 

Balance, beginning of period

$

281

 

 

$

666

 

 

$

19,844

 

 

$

19,172

 

Additions, net

 

 

 

 

 

 

 

2,944

 

 

 

2,752

 

Change in fair value

 

3

 

 

 

(27

)

 

 

(3,171

)

 

 

(209

)

Balance, end of period

$

284

 

 

$

639

 

 

$

19,617

 

 

$

21,715

 

 

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:

 

Financial Instruments

 

Valuation Technique

 

Unobservable Inputs

 

Range of
Inputs

 

Weighted
Average
Range

 

 

Impact to
Valuation from an
Increased or
Higher Input Value

Single issuer trust preferred

 

Discounted cash flow

 

Discount rate

 

7.9%

 

 

7.9

%

 

Decrease

Servicing assets

 

Discounted cash flow

 

Prepayment speeds

 

0.0% - 34.1%

 

 

16.3

%

 

Decrease

 

 

 

Discount rate

 

0.0% - 55.0%

 

 

11.0

%

 

Decrease

 

 

 

 

Expected weighted
average loan life

 

0.0 - 8.3 Years

 

3.6 Years

 

 

Increase

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:

 

 

 

 

 

Fair Value Measurements Using

 

June 30, 2024

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Non-recurring

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

29,426

 

 

$

 

 

$

 

 

$

29,426

 

Residential real estate

 

 

3,731

 

 

 

 

 

 

 

 

 

3,731

 

Commercial and industrial

 

 

19,025

 

 

 

 

 

 

 

 

 

19,025

 

Assets held for sale

 

 

3,420

 

 

 

 

 

 

 

 

 

3,420

 

Other real estate owned

 

 

780

 

 

 

 

 

 

 

 

 

780

 

 

 

 

 

 

Fair Value Measurements Using

 

December 31, 2023

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Non-recurring

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

51,978

 

 

$

 

 

$

 

 

$

51,978

 

Residential real estate

 

 

3,593

 

 

 

 

 

 

 

 

 

3,593

 

Construction, land development, and other land

 

 

813

 

 

 

 

 

 

 

 

 

813

 

Commercial and industrial

 

 

29,869

 

 

 

 

 

 

 

 

 

29,869

 

Assets held for sale

 

 

4,484

 

 

 

 

 

 

 

 

 

4,484

 

Other real estate owned

 

 

1,200

 

 

 

 

 

 

 

 

 

1,200

 

 

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:

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

Fair Value

 

 

2024

 

 

2023

 

 

 

Hierarchy
Level

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

1

 

 

$

68,251

 

 

$

68,251

 

 

$

60,431

 

 

$

60,431

 

Interest bearing deposits with other banks

 

 

2

 

 

 

662,206

 

 

 

662,206

 

 

 

165,705

 

 

 

165,705

 

Securities held-to-maturity

 

 

2

 

 

 

606

 

 

 

601

 

 

 

1,157

 

 

 

1,149

 

Restricted stock

 

 

2

 

 

 

31,775

 

 

 

31,775

 

 

 

16,304

 

 

 

16,304

 

Loans held for sale

 

 

3

 

 

 

13,360

 

 

 

14,075

 

 

 

18,005

 

 

 

19,136

 

Loans and lease receivables, net (less impaired
   loans at fair value)

 

 

3

 

 

 

6,739,292

 

 

 

6,517,994

 

 

 

6,496,367

 

 

 

6,326,413

 

Accrued interest receivable

 

 

3

 

 

 

44,484

 

 

 

44,484

 

 

 

43,922

 

 

 

43,922

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2

 

 

 

1,762,891

 

 

 

1,762,891

 

 

 

1,905,876

 

 

 

1,905,876

 

Interest-bearing deposits

 

 

2

 

 

 

5,584,290

 

 

 

5,578,956

 

 

 

5,271,123

 

 

 

5,268,926

 

Accrued interest payable

 

 

2

 

 

 

26,493

 

 

 

26,493

 

 

 

22,233

 

 

 

22,233

 

Federal Home Loan Bank advances

 

 

2

 

 

 

670,000

 

 

 

670,000

 

 

 

325,000

 

 

 

325,000

 

Securities sold under repurchase agreement

 

 

2

 

 

 

33,738

 

 

 

33,738

 

 

 

40,607

 

 

 

40,607

 

Term Loan

 

 

2

 

 

 

15,000

 

 

 

15,000

 

 

 

18,333

 

 

 

18,333

 

Bank Term Funding Program

 

 

2

 

 

 

200,000

 

 

 

200,000

 

 

 

 

 

 

 

Line of credit

 

 

2

 

 

 

 

 

 

 

 

 

11,250

 

 

 

11,250

 

Subordinated notes

 

 

2

 

 

 

73,953

 

 

 

70,398

 

 

 

73,866

 

 

 

76,063

 

Junior subordinated debentures

 

 

3

 

 

 

70,675

 

 

 

73,675

 

 

 

70,452

 

 

 

72,701

 

v3.24.2.u1
Derivative Instruments and Hedge Activities (Tables)
6 Months Ended
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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

 

 

 

Fair Value

 

 

 

 

 

Fair Value

 

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

 

Notional
Amount

 

 

Other
Assets

 

 

Other
Liabilities

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps designated as cash flow
   hedges

 

$

650,000

 

 

$

35,297

 

 

$

(822

)

 

$

650,000

 

 

$

37,475

 

 

$

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest rate derivatives

 

 

734,434

 

 

 

22,126

 

 

 

(21,931

)

 

 

706,126

 

 

 

19,447

 

 

 

(19,345

)

Other credit derivatives

 

 

12,833

 

 

 

3

 

 

 

(19

)

 

 

3,602

 

 

 

1

 

 

 

 

Total derivatives

 

$

1,397,267

 

 

$

57,426

 

 

$

(22,772

)

 

$

1,359,728

 

 

$

56,923

 

 

$

(19,345

)

Summary of Cash Flow Hedges

The following table reflects the cash flow hedges as of June 30, 2024:

Notional amounts

 

$

650,000

 

Derivative assets fair value

 

 

35,297

 

Derivative liabilities fair value

 

 

822

 

Weighted average remaining maturity

 

2.5 years

 

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:

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

Amount of
Gain
Recognized in
AOCI

 

 

Amount of
Net Gain
Reclassified
from AOCI to
Income as an
Increase to
Net Interest
Income

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

 

Amount of
Gain
Recognized in
OCI

 

 

Amount of
Gain
Reclassified
from OCI to
Income as a
Decrease to
Interest
Expense

 

 

Amount of
Gain (Loss)
Recognized in
Other
Non-Interest
Income

 

Interest rate swaps

 

$

1,670

 

 

$

4,719

 

 

$

 

 

$

8,709

 

 

$

5,819

 

 

$

 

Summary of Other Interest Rate Derivatives

The following table reflects other interest rate derivatives as of June 30, 2024:

Notional amounts

 

$

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

 

4.0 years

 

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:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Other interest rate derivatives

 

$

(20

)

 

$

115

 

 

$

(93

)

 

$

(193

)

Other credit derivatives

 

 

(54

)

 

 

 

 

 

(54

)

 

 

 

Total

 

$

(74

)

 

$

115

 

 

$

(147

)

 

$

(193

)

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:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

 

Derivative
Assets
Fair Value

 

 

Derivative
Liabilities
Fair Value

 

Gross amounts recognized

 

$

57,426

 

 

$

(22,772

)

 

$

56,923

 

 

$

(19,345

)

Less: Amounts offset in the Condensed Consolidated
  Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

Net amount presented in the Condensed Consolidated
  Statements of Financial Condition

 

$

57,426

 

 

$

(22,772

)

 

$

56,923

 

 

$

(19,345

)

Gross amounts not offset in the Condensed Consolidated
  Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

Offsetting derivative positions

 

 

(971

)

 

 

971

 

 

 

(925

)

 

 

925

 

Collateral posted

 

 

(55,280

)

 

 

 

 

 

(54,930

)

 

 

 

Net credit exposure

 

$

1,175

 

 

$

(21,801

)

 

$

1,068

 

 

$

(18,420

)

v3.24.2.u1
Share-Based Compensation (Tables)
6 Months Ended
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:

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

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

 

2.1 years

 

 

2.3 years

 

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:

 

 

Performance Based Grants

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.47

%

 

 

4.42

%

Expected term (years)

 

2.85 years

 

 

2.85 years

 

Expected stock price volatility

 

29.28% - 33.68%

 

 

38.11% - 39.80%

 

Weighted average grant date fair value

 

$

20.18

 

 

$

25.20

 

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:

 

 

Omnibus Plan

 

 

 

Number of Shares

 

 

Weighted Average
Grant Date Fair
Value

 

Beginning balance, January 1, 2024

 

 

627,271

 

 

$

24.24

 

Granted

 

 

376,799

 

 

 

20.92

 

Incremental performance shares issued and vested

 

 

13,632

 

 

 

 

Vested

 

 

(234,308

)

 

 

22.57

 

Forfeited

 

 

(15,148

)

 

 

24.28

 

Ending balance outstanding at June 30, 2024

 

 

768,246

 

 

$

23.04

 

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:

 

 

BYB Plan

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Intrinsic
Value

 

 

Weighted Average Remaining Contractual Term (in Years)

 

Beginning balance, January 1, 2024

 

 

768,564

 

 

$

11.31

 

 

$

9,413

 

 

 

1.5

 

Exercised

 

 

(231,294

)

 

 

11.18

 

 

$

2,782

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance outstanding at June 30, 2024

 

 

537,270

 

 

$

11.37

 

 

$

6,647

 

 

 

0.9

 

Exercisable at June 30, 2024

 

 

537,270

 

 

$

11.37

 

 

$

6,647

 

 

 

0.9

 

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:

 

 

 

FEB Plan

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Intrinsic
Value

 

 

Weighted Average Remaining Contractual Term (in Years)

 

Beginning balance, January 1, 2024

 

 

103,135

 

 

$

11.95

 

 

$

1,197

 

 

 

1.9

 

Exercised

 

 

(3,000

)

 

$

11.65

 

 

$

37

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance outstanding at June 30, 2024

 

 

100,135

 

 

$

11.96

 

 

$

1,179

 

 

 

1.4

 

Exercisable at June 30, 2024

 

 

100,135

 

 

$

11.96

 

 

$

1,179

 

 

 

1.4

 

v3.24.2.u1
Earnings per Share (Tables)
6 Months Ended
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:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

 

$

0.70

 

 

$

1.39

 

 

$

1.35

 

Diluted earnings per common share

 

$

0.68

 

 

$

0.70

 

 

$

1.37

 

 

$

1.34

 

v3.24.2.u1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2024
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:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Preferred stock

 

 

 

 

 

 

Par value

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

25,000,000

 

 

 

25,000,000

 

Shares issued

 

 

 

 

 

 

Shares outstanding

 

 

 

 

 

 

Common stock, voting

 

 

 

 

 

 

Par value

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

150,000,000

 

 

 

150,000,000

 

Shares issued

 

 

45,981,155

 

 

 

45,714,241

 

Shares outstanding

 

 

44,180,829

 

 

 

43,764,056

 

Treasury shares

 

 

1,800,326

 

 

 

1,950,185

 

v3.24.2.u1
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
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:

(dollars in thousands)

 

Unrealized Gains
on Cash Flow Hedges

 

 

Unrealized Losses
on Available-for-Sale
Securities

 

 

Total Accumulated
Other Comprehensive
Income (Loss)

 

Balance, March 31, 2023

 

$

33,024

 

 

$

(141,166

)

 

$

(108,142

)

Other comprehensive income (loss), net of tax

 

 

3,409

 

 

 

(10,129

)

 

 

(6,720

)

Balance, June 30, 2023

 

$

36,433

 

 

$

(151,295

)

 

$

(114,862

)

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2023

 

$

34,315

 

 

$

(151,865

)

 

$

(117,550

)

Other comprehensive income, net of tax

 

 

2,118

 

 

 

570

 

 

 

2,688

 

Balance, June 30, 2023

 

$

36,433

 

 

$

(151,295

)

 

$

(114,862

)

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2024

 

$

29,908

 

 

$

(136,818

)

 

$

(106,910

)

Other comprehensive loss, net of tax

 

 

(2,236

)

 

 

(2,323

)

 

 

(4,559

)

Balance, June 30, 2024

 

$

27,672

 

 

$

(139,141

)

 

$

(111,469

)

 

 

 

 

 

 

 

 

 

Balance, January 1, 2024

 

$

30,131

 

 

$

(130,248

)

 

$

(100,117

)

Other comprehensive loss, net of tax

 

 

(2,459

)

 

 

(8,893

)

 

 

(11,352

)

Balance, June 30, 2024

 

$

27,672

 

 

$

(139,141

)

 

$

(111,469

)

v3.24.2.u1
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
v3.24.2.u1
Acquisition of a Business - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 01, 2023
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]                      
Common stock, voting par value       $ 0.01     $ 0.01     $ 0.01  
Goodwill   $ 148,353 $ 148,353 $ 181,705 $ 148,353 $ 148,353 $ 181,705 $ 148,353 $ 181,705 $ 181,705 $ 148,353
Merger related expenses       0     0        
Salaries and employee benefits       33,911 29,642   67,864 60,036      
Other non-interest expense       $ 4,892 5,104   $ 10,668 9,834      
Inland Bancorp, Inc.                      
Business Acquisition [Line Items]                      
Business acquisition date of agreement             Jul. 01, 2023        
Right to receive common stock upon conversion 0.19                    
Common stock, voting par value $ 0.01                    
Cash payment per share $ 0.68                    
Consideration paid in cash $ 21,200           $ 31,897        
Common stock issued price per share $ 18.09     $ 18.09     $ 18.09        
Issuance of common shares 5,932,323           5,932,323        
Value of common stock consideration $ 107,300                    
Options to acquire common stock shares 288,200                    
Option to acquire common stock value $ 424,000                    
Total merger consideration 138,900           $ 138,914 9,900      
Stock issuance costs 299,000                    
Goodwill $ 33,400     $ 33,352     $ 33,352        
Number of shares purchased   2,408,992 2,408,992                
Business acquisition transaction completion Date           Jun. 30, 2023          
Inland Bancorp, Inc. | Non-interest Expense                      
Business Acquisition [Line Items]                      
Core system conversion expenses         640,000     839,000      
Acquisition advisory expenses         653,000     909,000      
Salaries and employee benefits         17,000     36,000      
Other non-interest expense         $ 81,000     $ 96,000      
v3.24.2.u1
Acquisition of a Business - Summary of Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date (Details) - USD ($)
$ in Thousands
6 Months Ended
Jul. 01, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Consideration paid              
Goodwill   $ 181,705 $ 148,353 $ 181,705 $ 181,705 $ 148,353 $ 148,353
Inland Bancorp, Inc.              
Assets              
Cash and cash equivalents   39,731          
Securities available-for-sale   239,602          
Restricted stock   3,058          
Loans   808,000          
Allowance for credit losses   (10,596)          
Premises and equipment   11,307          
Operating lease right-of-use asset   3,813          
Other intangible assets   17,250          
Bank-owned life insurance   12,455          
Deferred tax assets, net   14,848          
Other assets   21,023          
Total assets acquired   1,160,491          
Liabilities              
Deposits   964,491          
Federal Home Loan Bank advances   40,000          
Securities sold under agreements to repurchase   455          
Junior subordinated debentures   32,661          
Operating lease liability   4,034          
Accrued expenses and other liabilities   13,288          
Total liabilities assumed   1,054,929          
Net assets acquired   105,562          
Consideration paid              
Common stock (5,932,323 shares issued at $18.09 per share)   107,017          
Cash paid $ 21,200 31,897          
Total consideration paid 138,900 138,914 $ 9,900        
Goodwill $ 33,400 $ 33,352          
v3.24.2.u1
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
v3.24.2.u1
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
[1] (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.
v3.24.2.u1
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
v3.24.2.u1
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost $ 1,573,276 $ 1,516,801
Available-for-sale Securities, Gross Unrealized Gains 1,573 4,743
Available-for-sale Securities, Gross Unrealized Losses (188,022) (179,064)
Available-for-sale Securities, Fair Value 1,386,827 1,342,480
U.S. Treasury Notes    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 52,638 116,398
Available-for-sale Securities, Gross Unrealized Gains 0 61
Available-for-sale Securities, Gross Unrealized Losses (853) (1,025)
Available-for-sale Securities, Fair Value 51,785 115,434
U.S. Government Agencies    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 164,453 147,062
Available-for-sale Securities, Gross Unrealized Gains 20 37
Available-for-sale Securities, Gross Unrealized Losses (17,299) (16,404)
Available-for-sale Securities, Fair Value 147,174 130,695
Obligations of States, Municipalities, and Political Subdivisions    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 85,541 86,022
Available-for-sale Securities, Gross Unrealized Gains 154 396
Available-for-sale Securities, Gross Unrealized Losses (5,305) (4,143)
Available-for-sale Securities, Fair Value 80,390 82,275
Agency, Residential Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 850,340 786,970
Available-for-sale Securities, Gross Unrealized Gains 1,377 4,247
Available-for-sale Securities, Gross Unrealized Losses (102,519) (95,414)
Available-for-sale Securities, Fair Value 749,198 695,803
Non-Agency, Residential Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 131,968 122,359
Available-for-sale Securities, Gross Unrealized Gains 0 0
Available-for-sale Securities, Gross Unrealized Losses (22,914) (22,099)
Available-for-sale Securities, Fair Value 109,054 100,260
Agency, Commercial Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 227,984 181,452
Available-for-sale Securities, Gross Unrealized Gains 0 0
Available-for-sale Securities, Gross Unrealized Losses (34,036) (34,248)
Available-for-sale Securities, Fair Value 193,948 147,204
Corporate Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 40,652 40,681
Available-for-sale Securities, Gross Unrealized Gains 0 0
Available-for-sale Securities, Gross Unrealized Losses (3,872) (4,510)
Available-for-sale Securities, Fair Value 36,780 36,171
Asset-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Amortized Cost 19,700 35,857
Available-for-sale Securities, Gross Unrealized Gains 22 2
Available-for-sale Securities, Gross Unrealized Losses (1,224) (1,221)
Available-for-sale Securities, Fair Value $ 18,498 $ 34,638
v3.24.2.u1
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
v3.24.2.u1
Securities - Additional Information (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Security
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Schedule Of Investments [Line Items]      
Trading securities $ 0   $ 0
Investment securities pledged as collateral 727,600 $ 464,500  
Securities available-for-sale and held-to-maturity $ 4,900 $ 4,500  
Minimum      
Schedule Of Investments [Line Items]      
Percentage of shareholders equity for which securities holdings exceeds for no issuer other than U.S. Government and agencies 10.00% 10.00%  
Federal Home Loan Bank Advances      
Schedule Of Investments [Line Items]      
Carrying amount of securities pledged as collateral $ 0 $ 0  
Federal Reserve Bank      
Schedule Of Investments [Line Items]      
Carrying amount of securities pledged as collateral 192,000 0  
Public Fund Deposits      
Schedule Of Investments [Line Items]      
Carrying amount of securities pledged as collateral 471,100 390,300  
Customer Repurchase Agreements      
Schedule Of Investments [Line Items]      
Carrying amount of securities pledged as collateral $ 37,600 $ 47,800  
Available-for-sale Securities      
Schedule Of Investments [Line Items]      
Investment securities with unrealized losses | Security 338    
Held-to-maturity Securities      
Schedule Of Investments [Line Items]      
Investment securities with unrealized losses | Security 1    
v3.24.2.u1
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Security
Dec. 31, 2023
USD ($)
Security
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 338 283
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 264,409 $ 33,553
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (2,946) (1,735)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 993,129 1,046,104
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (185,076) (177,329)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 1,257,538 1,079,657
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (188,022) $ (179,064)
Held to maturity securities continuous unrealized loss position number of positions | Security 1 2
Held-to-maturity Securities, Fair Value $ 601 $ 1,149
Held-to-maturity Securities, Gross Unrealized Losses (5) (8)
Less than 12 Months    
Schedule Of Available For Sale Securities [Line Items]    
Held-to-maturity Securities, Fair Value 0 0
Held-to-maturity Securities, Gross Unrealized Losses 0 0
12 Months or Longer    
Schedule Of Available For Sale Securities [Line Items]    
Held-to-maturity Securities, Fair Value 601 1,149
Held-to-maturity Securities, Gross Unrealized Losses $ (5) $ (8)
U.S. treasury notes    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 9 7
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 14,645 $ 5,018
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (65) (4)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 37,140 31,843
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (788) (1,021)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 51,785 36,861
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (853) $ (1,025)
U.S. Government Agencies    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 20 18
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 20,462 $ 535
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (47) (9)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 118,307 119,109
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (17,252) (16,395)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 138,769 119,644
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (17,299) $ (16,404)
Obligations of States, Municipalities, and Political Subdivisions    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 85 61
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 20,361 $ 12,267
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (428) (156)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 52,320 49,617
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (4,877) (3,987)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 72,681 61,884
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (5,305) $ (4,143)
Held to maturity securities continuous unrealized loss position number of positions | Security 1 2
Held-to-maturity Securities, Fair Value $ 601 $ 1,149
Held-to-maturity Securities, Gross Unrealized Losses (5) (8)
Obligations of States, Municipalities, and Political Subdivisions | Less than 12 Months    
Schedule Of Available For Sale Securities [Line Items]    
Held-to-maturity Securities, Fair Value 0 0
Held-to-maturity Securities, Gross Unrealized Losses 0 0
Obligations of States, Municipalities, and Political Subdivisions | 12 Months or Longer    
Schedule Of Available For Sale Securities [Line Items]    
Held-to-maturity Securities, Fair Value 601 1,149
Held-to-maturity Securities, Gross Unrealized Losses $ (5) $ (8)
Agency, Residential Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 129 102
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 155,273 $ 8,332
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (1,937) (49)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 507,970 543,648
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (100,582) (95,365)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 663,243 551,980
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (102,519) $ (95,414)
Non-Agency, Residential Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 21 20
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 14,768 $ 636
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (90) 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 94,286 99,624
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (22,824) (22,099)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 109,054 100,260
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (22,914) $ (22,099)
Agency, Commercial Mortgage-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 51 48
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 37,482 $ 6,765
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (306) (1,517)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 141,892 140,439
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (33,730) (32,731)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 179,374 147,204
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (34,036) $ (34,248)
Corporate Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 21 21
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 1,418 $ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses (73) 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 35,362 36,171
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (3,799) (4,510)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 36,780 36,171
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (3,872) $ (4,510)
Asset-Backed Securities    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security 2 6
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value $ 0 $ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses 0 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 5,852 25,653
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses (1,224) (1,221)
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value 5,852 25,653
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses $ (1,224) $ (1,221)
v3.24.2.u1
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract]    
Available-for-sale Securities, Due in one year or less, Amortized Cost $ 43,997  
Available-for-sale Securities, Due from one to five years, Amortized Cost 111,663  
Available-for-sale Securities, Due from five to ten years, Amortized Cost 162,003  
Available-for-sale Securities, Due after ten years, Amortized Cost 45,321  
Available-for-sale Securities, Not due at single maturity, Amortized Cost 1,210,292  
Available-for-sale Securities, Amortized Cost 1,573,276 $ 1,516,801
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract]    
Held-to-maturity Securities, Due in one year or less, Amortized Cost 606  
Held-to-maturity Securities, Amortized Cost 606 1,157
Available-for-sale Securities Debt Maturities, Fair Value [Abstract]    
Available-for-sale Securities, Due in one year or less, Fair Value 43,361  
Available-for-sale Securities, Due from one to five years, Fair Value 104,964  
Available-for-sale Securities, Due from five to ten years, Fair Value 145,903  
Available-for-sale Securities, Due after ten years, Fair Value 40,399  
Available-for-sale Securities, Not due at single maturity, Fair Value 1,052,200  
Available-for-sale Securities, Fair Value, Total 1,386,827 1,342,480
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract]    
Held-to-maturity Securities, Due in one year or less, Fair Value 601  
Held-to-maturity securities, Fair Value, Total $ 601 $ 1,149
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases $ 6,878,416   $ 6,671,526      
Net unamortized deferred fees and costs 6,471   6,600      
Initial direct costs 6,317   6,180      
Allowance for credit losses - loans and leases (99,730) $ (102,366) (101,686) $ (92,665) $ (90,465) $ (81,924)
Net loans and leases 6,791,474   6,582,620      
Lease financing receivables            
Net minimum lease payments 679,887   644,507      
Unguaranteed residual values 111,057   92,127      
Unearned income (86,204)   (76,948)      
Total lease financing receivables 704,740   659,686      
Initial direct costs 6,317   6,180      
Lease financial receivables before allowance for credits losses - loans and leases 711,057   665,866      
Commercial Real Estate            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 2,290,656   2,317,289      
Allowance for credit losses - loans and leases (27,852) (31,440) (33,237) (26,377) (24,738) (26,061)
Residential Real Estate            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 727,092   718,733      
Allowance for credit losses - loans and leases (3,023) (3,348) (3,495) (2,544) (2,679) (3,140)
Construction, Land Development, and Other Land            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 532,312   528,275      
Allowance for credit losses - loans and leases (2,723) (2,930) (2,906) (1,935) (3,498) (3,134)
Commercial and Industrial            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 2,620,828   2,444,405      
Allowance for credit losses - loans and leases (57,584) (56,231) (53,782) (53,640) (51,849) (41,889)
Installment and Other            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 2,788   3,138      
Allowance for credit losses - loans and leases (30) (33) (36) (43) (25) (24)
Lease Financing Receivables            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 704,740   659,686      
Allowance for credit losses - loans and leases $ (8,518) $ (8,384) $ (8,230) $ (8,126) $ (7,676) $ (7,676)
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Additional Information (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases $ 6,878,416,000   $ 6,671,526,000      
Loans held for sale pledged as security for borrowings 2,000,000,000   2,200,000,000      
Accrued interest on loans and leases 38,900,000   38,900,000      
Allowance for loan and lease losses 99,730,000 $ 102,366,000 101,686,000 $ 92,665,000 $ 90,465,000 $ 81,924,000
Acquired Impaired Loans            
Accounts Notes And Loans Receivable [Line Items]            
Allowance for loan and lease losses 8,000,000   10,000,000      
Acquired Non Impaired Loans [Member]            
Accounts Notes And Loans Receivable [Line Items]            
Allowance for loan and lease losses 3,900,000   4,700,000      
Installment and Other            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 2,788,000   3,138,000      
Overdraft deposits reclassified as loans 693,000   754,000      
Allowance for loan and lease losses 30,000 $ 33,000 36,000 $ 43,000 $ 25,000 $ 24,000
U.S. Government Guaranteed Loans            
Accounts Notes And Loans Receivable [Line Items]            
Total loans and leases 94,900,000   93,300,000      
Discount on the unguaranteed portion of government guaranteed loans $ 25,300,000   $ 26,200,000      
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Additional Information 1 (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for credit losses period increase decrease $ 2,600,000 $ 2,200,000 $ 2,000,000 $ 10,700,000  
Risk ratings for loans     1,000,000    
Financing receivable excluding accrued interest modified subsequent default     $ 2,800,000   $ 406,000,000
Percentage of outstanding commercial and industrial loans 0.14%   0.14%   0.02%
Assessment of modified loans.         $ 500,000,000
Individually evaluated for impairment $ 75,753,000 69,235,000 $ 75,753,000 69,235,000  
Adjustment for acquired PCD loans 2,600,000 2,200,000 2,000,000 10,700,000  
Interest income on non-accrual loans and leases 126,523,000 99,134,000 250,315,000 191,477,000  
Commercial Real Estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Individually evaluated for impairment 36,755,000 30,750,000 36,755,000 30,750,000  
Non-accrual loans without allowance 10,100,000   10,100,000   1,600,000
Commercial and Industrial          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Individually evaluated for impairment 35,210,000 38,485,000 35,210,000 38,485,000  
Non-accrual loans without allowance 4,300,000   4,300,000   2,300,000
Residential Real Estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Individually evaluated for impairment 3,788,000 0 3,788,000 0  
Non-accrual loans without allowance 790,000   $ 790,000   $ 3,600,000
Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, weighted average rate of interest     8.85%    
Minimum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, weighted average rate of interest     7.01%    
Individually Evaluated For Impairment          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for credit losses period increase decrease 1,900,000 3,900,000 $ 3,700,000 10,600,000  
Adjustment for acquired PCD loans 1,900,000 3,900,000 3,700,000 10,600,000  
Collectively Evaluated For Impairment          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for credit losses period increase decrease 4,500,000 1,700,000 1,700,000 124,000,000  
Adjustment for acquired PCD loans 4,500,000 1,700,000 1,700,000 124,000,000  
Non Accrual Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest income on non-accrual loans and leases $ 1,100,000 $ 1,000,000 $ 1,300,000 $ 2,000,000  
v3.24.2.u1
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
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases $ 6,891,204 $ 6,684,306 $ 5,570,517
Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 6,075,883 5,767,045  
Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 172,702 225,233  
Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 642,619 692,028  
Commercial Real Estate      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 2,293,708 2,320,312 1,963,446
Commercial Real Estate | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 1,924,797 1,907,029  
Commercial Real Estate | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 114,053 137,807  
Commercial Real Estate | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 254,858 275,476  
Residential Real Estate      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 727,795 719,530 504,947
Residential Real Estate | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 498,578 465,133  
Residential Real Estate | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 40,728 42,510  
Residential Real Estate | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 188,489 211,887  
Construction, Land Development, and Other Land      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 530,777 526,837 387,943
Construction, Land Development, and Other Land | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 445,919 415,162  
Construction, Land Development, and Other Land | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 9 25,331  
Construction, Land Development, and Other Land | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 84,849 86,344  
Commercial and Industrial      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 2,625,022 2,448,561 2,104,750
Commercial and Industrial | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 2,493,229 2,311,563  
Commercial and Industrial | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 17,796 19,460  
Commercial and Industrial | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 113,997 117,538  
Installment and Other      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 2,845 3,200 3,736
Installment and Other | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 2,576 2,919  
Installment and Other | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 116 125  
Installment and Other | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 153 156  
Lease Financing Receivables      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 711,057 665,866 $ 605,695
Lease Financing Receivables | Originated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 710,784 665,239  
Lease Financing Receivables | Purchased Credit Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases 0 0  
Lease Financing Receivables | Acquired Non-Credit-Deteriorated      
Accounts Notes And Loans Receivable [Line Items]      
Total loans and leases $ 273 $ 627  
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - Acquired Impaired Loans - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance $ 271,227 $ 327,842
Carrying Value 172,702 225,233
Commercial Real Estate    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 157,757 185,007
Carrying Value 114,053 137,807
Residential Real Estate    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 85,403 88,036
Carrying Value 40,728 42,510
Construction, Land Development, and Other Land    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 6,678 32,140
Carrying Value 9 25,331
Commercial and Industrial    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 20,609 21,870
Carrying Value 17,796 19,460
Installment and Other    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 780 789
Carrying Value $ 116 $ 125
v3.24.2.u1
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
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - Acquired Non-Impaired - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance $ 669,842 $ 723,692
Carrying Value 642,619 692,028
Commercial Real Estate    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 262,635 284,819
Carrying Value 254,858 275,476
Residential Real Estate    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 202,288 227,392
Carrying Value 188,489 211,887
Construction, Land Development, and Other Land    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 85,395 87,143
Carrying Value 84,849 86,344
Commercial and Industrial    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 119,085 123,540
Carrying Value 113,997 117,538
Installment and Other    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 165 170
Carrying Value 153 156
Lease Financing Receivables    
Accounts Notes And Loans Receivable [Line Items]    
Unpaid Principal Balance 274 628
Carrying Value $ 273 $ 627
v3.24.2.u1
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) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 $ 0  
2023 1,080 $ 2,252
2022 4,449 3,017
2021 1,674 5,981
2020 1,273 6,101
2019   5,216
Prior 9,225 5,034
Revolving Loans 0 0
Total loans 17,701 27,601
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 295 193
2021 187 60
2020 718 1,511
2019   4,054
Prior 2,299 3,911
Revolving Loans 0 0
Total loans 3,499 9,729
Residential Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 21
Revolving Loans 0 0
Total loans 0 21
Construction, Land Development, and Other Land    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 746 1,518
2022 3,777 1,938
2021 1,203 5,372
2020 497 4,451
2019   1,087
Prior 6,926 1,045
Revolving Loans 0 0
Total loans 13,149 15,411
Installment and Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 3
Revolving Loans 0 0
Total loans 0 3
Lease Financing Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 334 734
2022 377 886
2021 284 549
2020 58 139
2019   75
Prior 0 54
Revolving Loans 0 0
Total loans 1,053 2,437
Loans Excluding Acquired Impaired Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 556,976  
2023 1,290,380 1,244,045
2022 1,448,784 1,546,815
2021 1,221,077 1,329,072
2020 508,779 559,791
2019   339,037
Prior 1,141,336 960,154
Revolving Loans 723,872 705,392
Total loans 6,891,204 6,684,306
Loans Excluding Acquired Impaired Loans | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 553,679  
2023 1,203,519 1,188,866
2022 1,338,145 1,455,452
2021 1,072,393 1,186,886
2020 438,026 458,076
2019   269,391
Prior 943,877 764,342
Revolving Loans 622,230 612,561
Total loans 6,171,869 5,935,574
Loans Excluding Acquired Impaired Loans | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 3,005  
2023 75,823 54,920
2022 67,394 74,042
2021 103,974 99,161
2020 57,043 84,247
2019   37,607
Prior 105,487 94,892
Revolving Loans 48,388 41,128
Total loans 461,114 485,997
Loans Excluding Acquired Impaired Loans | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 1,381 0
2022 27,212 6,963
2021 29,698 30,626
2020 8,179 9,022
2019   14,091
Prior 36,289 32,470
Revolving Loans 43,187 36,767
Total loans 145,946 129,939
Loans Excluding Acquired Impaired Loans | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 292  
2023 9,657 259
2022 16,033 10,358
2021 15,012 12,399
2020 5,531 8,446
2019   17,948
Prior 55,683 68,450
Revolving Loans 10,067 14,936
Total loans 112,275 132,796
Loans Excluding Acquired Impaired Loans | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 143,169  
2023 275,381 260,357
2022 454,552 477,908
2021 508,386 559,625
2020 267,481 280,155
2019   183,881
Prior 629,711 529,197
Revolving Loans 15,028 29,189
Total loans 2,293,708 2,320,312
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 140,888  
2023 246,084 247,856
2022 421,253 452,127
2021 453,722 516,624
2020 231,309 229,053
2019   143,283
Prior 493,618 388,872
Revolving Loans 15,028 28,360
Total loans 2,001,902 2,006,175
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 2,281  
2023 26,344 12,501
2022 26,638 22,094
2021 39,933 26,408
2020 32,761 46,713
2019   20,364
Prior 69,916 68,003
Revolving Loans 0 0
Total loans 197,873 196,083
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 2,911 799
2021 9,794 10,752
2020 2,572 2,618
2019   12,751
Prior 31,237 25,790
Revolving Loans 0 0
Total loans 46,514 52,710
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 2,953 0
2022 3,750 2,888
2021 4,937 5,841
2020 839 1,771
2019   7,483
Prior 34,940 46,532
Revolving Loans 0 829
Total loans 47,419 65,344
Loans Excluding Acquired Impaired Loans | Residential Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 19,834  
2023 49,721 55,178
2022 138,864 140,288
2021 119,095 104,112
2020 78,221 75,851
2019   45,449
Prior 261,960 237,825
Revolving Loans 60,100 60,827
Total loans 727,795 719,530
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 19,634  
2023 49,142 55,178
2022 133,696 135,477
2021 118,396 104,005
2020 51,791 54,651
2019   37,806
Prior 246,883 225,593
Revolving Loans 57,520 57,865
Total loans 677,062 670,575
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 5,139 4,811
2021 598 0
2020 22,666 17,417
2019   7,167
Prior 11,892 8,708
Revolving Loans 1,567 1,597
Total loans 41,862 39,700
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 3,753 3,594
2019   127
Prior 6 1
Revolving Loans 98 413
Total loans 3,857 4,135
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 200  
2023 579 0
2022 29 0
2021 101 107
2020 11 189
2019   349
Prior 3,179 3,523
Revolving Loans 915 952
Total loans 5,014 5,120
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 5,845  
2023 145,306 83,841
2022 149,988 159,164
2021 186,220 215,136
2020 37,079 54,182
2019   12,897
Prior 5,994 1,443
Revolving Loans 345 174
Total loans 530,777 526,837
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 5,845  
2023 141,785 82,449
2022 135,873 145,174
2021 159,474 184,544
2020 37,079 35,466
2019   9,772
Prior 2,898 1,429
Revolving Loans 345 174
Total loans 483,299 459,008
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 3,521 1,392
2022 13,661 13,990
2021 17,237 21,313
2020 0 18,716
2019   3,125
Prior 3,096 0
Revolving Loans 0 0
Total loans 37,515 58,536
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 454 0
2021 9,509 9,279
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 9,963 9,279
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 14
Revolving Loans 0 0
Total loans 0 14
Loans Excluding Acquired Impaired Loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 225,415  
2023 536,120 516,747
2022 534,911 561,478
2021 335,515 355,461
2020 105,395 119,877
2019   91,238
Prior 240,871 190,372
Revolving Loans 646,795 613,388
Total loans 2,625,022 2,448,561
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 224,599  
2023 482,778 475,720
2022 477,896 514,902
2021 270,323 288,392
2020 97,392 109,430
2019   73,059
Prior 197,833 147,168
Revolving Loans 547,736 524,348
Total loans 2,298,557 2,133,019
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 724  
2023 45,958 41,027
2022 21,902 33,080
2021 45,389 50,407
2020 1,605 1,385
2019   6,951
Prior 20,535 18,180
Revolving Loans 46,818 39,531
Total loans 182,931 190,561
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 1,381 0
2022 23,847 6,164
2021 10,395 10,595
2020 1,724 2,631
2019   1,112
Prior 4,980 6,643
Revolving Loans 43,089 36,354
Total loans 85,416 63,499
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 92  
2023 6,003 0
2022 11,266 7,332
2021 9,408 6,067
2020 4,674 6,431
2019   10,116
Prior 17,523 18,381
Revolving Loans 9,152 13,155
Total loans 58,118 61,482
Loans Excluding Acquired Impaired Loans | Installment and Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 158  
2023 378 564
2022 103 132
2021 67 104
2020 127 133
2019   28
Prior 408 425
Revolving Loans 1,604 1,814
Total loans 2,845 3,200
Loans Excluding Acquired Impaired Loans | Installment and Other | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 158  
2023 378 564
2022 103 132
2021 44 79
2020 127 133
2019   28
Prior 360 424
Revolving Loans 1,601 1,814
Total loans 2,771 3,174
Loans Excluding Acquired Impaired Loans | Installment and Other | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 25
2020 0 0
2019   0
Prior 48 1
Revolving Loans 3 0
Total loans 51 26
Loans Excluding Acquired Impaired Loans | Installment and Other | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Loans Excluding Acquired Impaired Loans | Installment and Other | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 23 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 23 0
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 162,555  
2023 283,474 327,358
2022 170,366 207,845
2021 71,794 94,634
2020 20,476 29,593
2019   5,544
Prior 2,392 892
Revolving Loans 0 0
Total loans 711,057 665,866
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 162,555  
2023 283,352 327,099
2022 169,324 207,640
2021 70,434 93,242
2020 20,328 29,343
2019   5,443
Prior 2,285 856
Revolving Loans 0 0
Total loans 708,278 663,623
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 54 67
2021 817 1,008
2020 11 16
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 882 1,091
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 130 179
2019   101
Prior 66 36
Revolving Loans 0 0
Total loans 196 316
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 122 259
2022 988 138
2021 543 384
2020 7 55
2019   0
Prior 41 0
Revolving Loans 0 0
Total loans $ 1,701 $ 836
v3.24.2.u1
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
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 $ 0  
2023 1,080 $ 2,252
2022 4,449 3,017
2021 1,674 5,981
2020 1,273 6,101
2019   5,216
Prior 9,225 5,034
Revolving Loans 0 0
Total loans 17,701 27,601
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 295 193
2021 187 60
2020 718 1,511
2019   4,054
Prior 2,299 3,911
Revolving Loans 0 0
Total loans 3,499 9,729
Residential Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 21
Revolving Loans 0 0
Total loans 0 21
Construction, Land Development, and Other Land    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 746 1,518
2022 3,777 1,938
2021 1,203 5,372
2020 497 4,451
2019   1,087
Prior 6,926 1,045
Revolving Loans 0 0
Total loans 13,149 15,411
Installment and Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 3
Revolving Loans 0 0
Total loans 0 3
Lease Financing Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 334 734
2022 377 886
2021 284 549
2020 58 139
2019   75
Prior 0 54
Revolving Loans 0 0
Total loans 1,053 2,437
Acquired Non-Impaired and Originated Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 556,976  
2023 1,290,380 1,244,045
2022 1,448,784 1,546,815
2021 1,221,077 1,329,072
2020 508,779 559,791
2019   339,037
Prior 1,141,336 960,154
Revolving Loans 723,872 705,392
Total loans 6,891,204 6,684,306
Acquired Non-Impaired and Originated Loans | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 556,397  
2023 1,283,887 1,242,161
2022 1,432,812 1,527,324
2021 1,212,821 1,321,778
2020 504,009 552,689
2019   326,021
Prior 1,104,122 911,718
Revolving Loans 719,250 702,419
Total loans 6,813,298 6,584,110
Acquired Non-Impaired and Originated Loans | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 272  
2023 848 1,085
2022 3,253 6,459
2021 425 2,922
2020 226 887
2019   5,722
Prior 390 5,008
Revolving Loans 874 854
Total loans 6,288 22,937
Acquired Non-Impaired and Originated Loans | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 15  
2023 1,110 540
2022 3,159 5,161
2021 633 302
2020 1,063 738
2019   3,440
Prior 1,830 2,475
Revolving Loans 0 496
Total loans 7,810 13,152
Acquired Non-Impaired and Originated Loans | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 292  
2023 4,535 259
2022 9,560 7,871
2021 7,198 4,070
2020 3,481 5,477
2019   3,854
Prior 34,994 40,953
Revolving Loans 3,748 1,623
Total loans 63,808 64,107
Acquired Non-Impaired and Originated Loans | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 579  
2023 6,493 1,884
2022 15,972 19,491
2021 8,256 7,294
2020 4,770 7,102
2019   13,016
Prior 37,214 48,436
Revolving Loans 4,622 2,973
Total loans 77,906 100,196
Acquired Non-Impaired and Originated Loans | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 143,169  
2023 275,381 260,357
2022 454,552 477,908
2021 508,386 559,625
2020 267,481 280,155
2019   183,881
Prior 629,711 529,197
Revolving Loans 15,028 29,189
Total loans 2,293,708 2,320,312
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 143,169  
2023 272,428 259,998
2022 451,268 474,878
2021 504,037 558,236
2020 267,218 279,098
2019   178,729
Prior 607,648 501,620
Revolving Loans 15,028 29,189
Total loans 2,260,796 2,281,748
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 359
2022 0 648
2021 0 638
2020 0 74
2019   3,176
Prior 0 484
Revolving Loans 0 0
Total loans 0 5,379
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 636 826
2021 172 0
2020 0 286
2019   0
Prior 742 1,208
Revolving Loans 0 0
Total loans 1,550 2,320
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 2,953 0
2022 2,648 1,556
2021 4,177 751
2020 263 697
2019   1,976
Prior 21,321 25,885
Revolving Loans 0 0
Total loans 31,362 30,865
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 2,953 359
2022 3,284 3,030
2021 4,349 1,389
2020 263 1,057
2019   5,152
Prior 22,063 27,577
Revolving Loans 0 0
Total loans 32,912 38,564
Acquired Non-Impaired and Originated Loans | Residential Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 19,834  
2023 49,721 55,178
2022 138,864 140,288
2021 119,095 104,112
2020 78,221 75,851
2019   45,449
Prior 261,960 237,825
Revolving Loans 60,100 60,827
Total loans 727,795 719,530
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 19,634  
2023 49,721 55,178
2022 136,347 136,448
2021 118,994 102,973
2020 78,221 75,125
2019   45,050
Prior 258,394 230,102
Revolving Loans 58,885 59,476
Total loans 720,196 704,352
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 2,488 3,840
2021 0 1,032
2020 0 537
2019   29
Prior 381 4,122
Revolving Loans 300 399
Total loans 3,169 9,959
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   21
Prior 46 127
Revolving Loans 0 0
Total loans 46 148
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 200  
2023 0 0
2022 29 0
2021 101 107
2020 0 189
2019   349
Prior 3,139 3,474
Revolving Loans 915 952
Total loans 4,384 5,071
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 200  
2023 0 0
2022 2,517 3,840
2021 101 1,139
2020 0 726
2019   399
Prior 3,566 7,723
Revolving Loans 1,215 1,351
Total loans 7,599 15,178
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 5,845  
2023 145,306 83,841
2022 149,988 159,164
2021 186,220 215,136
2020 37,079 54,182
2019   12,897
Prior 5,994 1,443
Revolving Loans 345 174
Total loans 530,777 526,837
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 5,845  
2023 145,306 83,841
2022 149,988 156,815
2021 186,220 215,136
2020 37,079 54,182
2019   12,897
Prior 5,994 1,443
Revolving Loans 345 174
Total loans 530,777 524,488
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 2,349
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 2,349
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021   0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 2,349
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 2,349
Acquired Non-Impaired and Originated Loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 225,415  
2023 536,120 516,747
2022 534,911 561,478
2021 335,515 355,461
2020 105,395 119,877
2019   91,238
Prior 240,871 190,372
Revolving Loans 646,795 613,388
Total loans 2,625,022 2,448,561
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 225,323  
2023 534,074 516,747
2022 527,308 552,251
2021 333,045 351,534
2020 101,186 114,859
2019   83,780
Prior 229,335 177,239
Revolving Loans 643,388 611,766
Total loans 2,593,659 2,408,176
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 70 0
2022 201 1,545
2021 0 1,099
2020 0 238
2019   2,513
Prior 0 400
Revolving Loans 574 455
Total loans 845 6,250
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 516 0
2022 1,508 1,505
2021 116 0
2020 991 234
2019   3,416
Prior 1,042 1,139
Revolving Loans 0 496
Total loans 4,173 6,790
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 92  
2023 1,460 0
2022 5,894 6,177
2021 2,354 2,828
2020 3,218 4,546
2019   1,529
Prior 10,494 11,594
Revolving Loans 2,833 671
Total loans 26,345 27,345
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 92  
2023 2,046 0
2022 7,603 9,227
2021 2,470 3,927
2020 4,209 5,018
2019   7,458
Prior 11,536 13,133
Revolving Loans 3,407 1,622
Total loans 31,363 40,385
Acquired Non-Impaired and Originated Loans | Installment and Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 158  
2023 378 564
2022 103 132
2021 67 104
2020 127 133
2019   28
Prior 408 425
Revolving Loans 1,604 1,814
Total loans 2,845 3,200
Acquired Non-Impaired and Originated Loans | Installment and Other | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 158  
2023 378 564
2022 103 132
2021 44 104
2020 127 133
2019   28
Prior 408 425
Revolving Loans 1,604 1,814
Total loans 2,822 3,200
Acquired Non-Impaired and Originated Loans | Installment and Other | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Installment and Other | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Installment and Other | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021   0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Installment and Other | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 23 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 23 0
Acquired Non-Impaired and Originated Loans | Installment and Other | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 23 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 23 0
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 162,555  
2023 283,474 327,358
2022 170,366 207,845
2021 71,794 94,634
2020 20,476 29,593
2019   5,544
Prior 2,392 892
Revolving Loans 0 0
Total loans 711,057 665,866
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Current    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 162,268  
2023 281,980 325,833
2022 167,798 206,800
2021 70,481 93,795
2020 20,178 29,292
2019   5,537
Prior 2,343 889
Revolving Loans 0 0
Total loans 705,048 662,146
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 30 to 59 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 272  
2023 778 726
2022 564 426
2021 425 153
2020 226 38
2019   4
Prior 9 2
Revolving Loans 0 0
Total loans 2,274 1,349
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 60-89 Days Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 15  
2023 594 540
2022 1,015 481
2021 345 302
2020 72 218
2019   3
Prior 0 1
Revolving Loans 0 0
Total loans 2,041 1,545
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Greater than 90 Accruing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0 0
2022 0 0
2021 0 0
2020 0 0
2019   0
Prior 0 0
Revolving Loans 0 0
Total loans 0 0
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Non-accrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 122 259
2022 989 138
2021 543 384
2020 0 45
2019   0
Prior 40 0
Revolving Loans 0 0
Total loans 1,694 826
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Total Past Due    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 287  
2023 1,494 1,525
2022 2,568 1,045
2021 1,313 839
2020 298 301
2019   7
Prior 49 3
Revolving Loans 0 0
Total loans $ 6,009 $ 3,720
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Parenthetical) (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]          
Interest income on non-accrual loans and leases $ 126,523,000 $ 99,134,000 $ 250,315,000 $ 191,477,000  
Non Accrual Loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Interest income on non-accrual loans and leases 1,100,000 $ 1,000,000 1,300,000 $ 2,000,000  
Commercial Real Estate          
Financing Receivable, Credit Quality Indicator [Line Items]          
Non-accrual loans without allowance 10,100,000   10,100,000   $ 1,600,000
Residential Real Estate          
Financing Receivable, Credit Quality Indicator [Line Items]          
Non-accrual loans without allowance 790,000   790,000   3,600,000
Commercial and Industrial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Non-accrual loans without allowance $ 4,300,000   $ 4,300,000   $ 2,300,000
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Allowance for Credit Losses and Corresponding Loan and Lease Balances (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance $ 102,366 $ 90,465 $ 101,686 $ 81,924  
Provision/(recapture) for credit losses 6,878 6,467 13,769 16,179  
Charge-offs (10,652) (5,504) (17,701) (8,573)  
Recoveries 1,138 1,237 1,976 3,135  
Ending balance 99,730 92,665 99,730 92,665  
Individually evaluated for impairment 23,571 25,954 23,571 25,954  
Collectively evaluated for impairment 76,159 66,711 76,159 66,711  
Individually evaluated for impairment 75,753 69,235 75,753 69,235  
Collectively evaluated for impairment 6,815,451 5,501,282 6,815,451 5,501,282  
Loans acquired with deteriorated credit quality 2,000,000   2,000,000   $ 2,200,000
Total loans and leases 6,891,204 5,570,517 6,891,204 5,570,517 6,684,306
Commercial Real Estate          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 31,440 24,738 33,237 26,061  
Provision/(recapture) for credit losses (3,627) 4,359 (2,803) 3,240  
Charge-offs (442) (2,945) (3,499) (3,911)  
Recoveries 481 225 917 987  
Ending balance 27,852 26,377 27,852 26,377  
Individually evaluated for impairment 7,329 8,555 7,329 8,555  
Collectively evaluated for impairment 20,523 17,822 20,523 17,822  
Individually evaluated for impairment 36,755 30,750 36,755 30,750  
Collectively evaluated for impairment 2,256,953 1,932,696 2,256,953 1,932,696  
Total loans and leases 2,293,708 1,963,446 2,293,708 1,963,446 2,320,312
Residential Real Estate          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 3,348 2,679 3,495 3,140  
Provision/(recapture) for credit losses (326) (198) (474) (651)  
Charge-offs 0 0 0 (9)  
Recoveries 1 63 2 64  
Ending balance 3,023 2,544 3,023 2,544  
Individually evaluated for impairment 57 0 57 0  
Collectively evaluated for impairment 2,966 2,544 2,966 2,544  
Individually evaluated for impairment 3,788 0 3,788 0  
Collectively evaluated for impairment 724,007 504,947 724,007 504,947  
Total loans and leases 727,795 504,947 727,795 504,947 719,530
Construction, Land Development, and Other Land          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 2,930 3,498 2,906 3,134  
Provision/(recapture) for credit losses (207) (1,563) (183) (1,199)  
Charge-offs 0 0 0 0  
Recoveries 0 0 0 0  
Ending balance 2,723 1,935 2,723 1,935  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 2,723 1,935 2,723 1,935  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 530,777 387,943 530,777 387,943  
Total loans and leases 530,777 387,943 530,777 387,943 526,837
Commercial and Industrial          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 56,231 51,849 53,782 41,889  
Provision/(recapture) for credit losses 10,561 3,161 16,397 13,964  
Charge-offs (9,530) (2,097) (13,149) (3,887)  
Recoveries 322 727 554 1,674  
Ending balance 57,584 53,640 57,584 53,640  
Individually evaluated for impairment 16,185 17,399 16,185 17,399  
Collectively evaluated for impairment 41,399 36,241 41,399 36,241  
Individually evaluated for impairment 35,210 38,485 35,210 38,485  
Collectively evaluated for impairment 2,589,812 2,066,265 2,589,812 2,066,265  
Total loans and leases 2,625,022 2,104,750 2,625,022 2,104,750 2,448,561
Installment and Other          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 33 25 36 24  
Provision/(recapture) for credit losses (3) 17 (6) 15  
Charge-offs 0 0 0 0  
Recoveries 0 1 0 4  
Ending balance 30 43 30 43  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 30 43 30 43  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 2,845 3,736 2,845 3,736  
Total loans and leases 2,845 3,736 2,845 3,736 3,200
Lease Financing Receivables          
Financing Receivable Allowance For Credit Losses [Line Items]          
Beginning balance 8,384 7,676 8,230 7,676  
Provision/(recapture) for credit losses 480 691 838 810  
Charge-offs (680) (462) (1,053) (766)  
Recoveries 334 221 503 406  
Ending balance 8,518 8,126 8,518 8,126  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 8,518 8,126 8,518 8,126  
Individually evaluated for impairment 0 0 0 0  
Collectively evaluated for impairment 711,057 605,695 711,057 605,695  
Total loans and leases $ 711,057 $ 605,695 $ 711,057 $ 605,695 $ 665,866
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Loans with Modified Terms (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]        
% of Class of Loans and Leases 0.10% 0.20% 0.10% 1.10%
Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
% of Class of Loans and Leases 0.10% 0.50% 0.10% 2.90%
Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
% of Class of Loans and Leases 0.10% 0.00% 0.10% 0.00%
Payment Delay        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   $ 110   $ 8,829
Payment Delay | Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   0   8,719
Payment Delay | Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   110   110
Term Modification        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings $ 3,971 11,210 $ 3,971 51,370
Term Modification | Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings 1,470 11,210 1,470 51,370
Term Modification | Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings 2,501 0 2,501 0
Combination Term Modification and Interest Rate Reduction        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   0   385
Combination Term Modification and Interest Rate Reduction | Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   0   385
Combination Term Modification and Interest Rate Reduction | Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings   0   0
Total Modified by Class        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings 3,971 11,320 3,971 60,584
Total Modified by Class | Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings 1,470 11,210 1,470 60,474
Total Modified by Class | Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total troubled debt restructurings $ 2,501 $ 110 $ 2,501 $ 110
v3.24.2.u1
Loan and Lease Receivables and Allowance for Credit Losses - Summary Of Collateral Dependent Loans And Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses $ 75,753 $ 113,494
Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 36,755 64,339
Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 3,788 3,593
Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   813
Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 35,210 44,749
Commercial Construction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 813
Commercial Construction | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Commercial Construction | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Commercial Construction | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   813
Commercial Construction | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Non-owner Occupied Commercial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 9,808 28,767
Non-owner Occupied Commercial | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 9,808 28,767
Non-owner Occupied Commercial | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Non-owner Occupied Commercial | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Non-owner Occupied Commercial | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Owner Occupied Commercial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 26,947 35,572
Owner Occupied Commercial | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 26,947 35,572
Owner Occupied Commercial | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Owner Occupied Commercial | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Owner Occupied Commercial | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Multi-Family    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 1,365 2,793
Multi-Family | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Multi-Family | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 1,365 2,793
Multi-Family | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Multi-Family | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Single Family Residence (1st Lien)    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 1,844 800
Single Family Residence (1st Lien) | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Single Family Residence (1st Lien) | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 1,844 800
Single Family Residence (1st Lien) | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Single Family Residence (1st Lien) | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Single Family Residence (2nd Lien)    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 579 0
Single Family Residence (2nd Lien) | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Single Family Residence (2nd Lien) | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 579 0
Single Family Residence (2nd Lien) | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Single Family Residence (2nd Lien) | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 35,210 44,749
Business Assets | Commercial Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Business Assets | Residential Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses 0 0
Business Assets | Construction, Land Development, and Other Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses   0
Business Assets | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total allowance for credit losses $ 35,210 $ 44,749
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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  
v3.24.2.u1
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    
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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    
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
Other Borrowings - Additional Information (Details) - USD ($)
6 Months Ended 12 Months Ended
May 25, 2025
Oct. 10, 2019
Jun. 30, 2024
Dec. 31, 2023
May 24, 2024
Mar. 31, 2024
Jan. 22, 2024
Oct. 13, 2016
Line Of Credit Facility [Line Items]                
Federal Reserve Bank discount window borrowing     $ 0 $ 0        
Bank Term Funding Program     $ 200,000,000 0        
Federal home loan bank advances, Fixed interest rate     5.50%          
Federal home loan bank advances maximum borrowing capacity as percentage of total assets     35.00%          
Federal home loan bank, required investment conversion ratio     4.5          
Line of credit facility, amount     $ 0 $ 11,250,000        
Line of Credit Facility, Interest Rate       7.39%        
Federal Home Loan Bank fixed rate advances     $ 250,000,000          
Federal Home Loan Bank Variable Rate Advances           $ 420,000,000    
Variable term loan, Interest rate     7.63% 7.64%        
Term Loan     $ 15,000,000 $ 18,333,000        
Revolving Credit Facility                
Line Of Credit Facility [Line Items]                
Line of credit facility, maximum borrowing capacity         $ 15,000,000      
Minimum                
Line Of Credit Facility [Line Items]                
Federal Home Loan Bank, Advances, Interest Rate     5.42%          
Maximum                
Line Of Credit Facility [Line Items]                
Federal Home Loan Bank, Advances, Interest Rate     5.44%          
Forecast                
Line Of Credit Facility [Line Items]                
Line of credit facility, extended maturity date May 25, 2025              
Federal Reserve Bank Advances                
Line Of Credit Facility [Line Items]                
Bank Term Funding Program             $ 200,000,000  
Debt instrument, interest rate             4.91%  
Correspondent Bank | Ridgestone                
Line Of Credit Facility [Line Items]                
Line of credit facility, interest rate terms     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.          
Correspondent Bank | Credit agreement | Ridgestone                
Line Of Credit Facility [Line Items]                
Line of credit facility, amount               $ 30,000,000
Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Ridgestone                
Line Of Credit Facility [Line Items]                
Line of credit facility, amount     $ 0         $ 15,000,000
Line of credit facility, interest rate terms     At June 30, 2024, the line of credit had a no outstanding balance.          
Correspondent Bank | Amended Credit Agreement | Ridgestone | Prime Rate                
Line Of Credit Facility [Line Items]                
Interest rate spread   0.75%            
Correspondent Bank | Amended Credit Agreement | Ridgestone | SOFR                
Line Of Credit Facility [Line Items]                
Interest rate spread   2.05%            
v3.24.2.u1
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
v3.24.2.u1
Subordinated Notes and Junior Subordinated Debentures - Additional Information (Details) - USD ($)
$ in Thousands
6 Months Ended
Sep. 15, 2023
Sep. 14, 2023
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2020
Debt Instrument [Line Items]          
Principal amount     $ 87,000 $ 87,000  
Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment          
Debt Instrument [Line Items]          
Adjustment spread Interest rate     0.26161%    
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount         $ 75,000
Debt instrument, interest rate         6.00%
Debt instrument, maturity date     Jul. 01, 2030    
Debt instrument, redemption, description     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.    
Debt issuance costs         $ 1,700
Debt issuance costs, amortization period     10 years    
Loans     $ 74,000    
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | Three-Month Secured Overnight Financing Rate Plus 588 Basis Points          
Debt Instrument [Line Items]          
Debt instrument, description of variable rate basis     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.    
Metropolitan Statutory Trust 1          
Debt Instrument [Line Items]          
Principal amount     $ 35,000 $ 35,000  
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures          
Debt Instrument [Line Items]          
Debt instrument, maturity date     Mar. 17, 2034    
Contractual rate     8.39% 8.43%  
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment          
Debt Instrument [Line Items]          
Interest rate spread     2.79%    
Adjustment spread Interest rate   0.26161%      
First Evanston Bancorp Trust I          
Debt Instrument [Line Items]          
Principal amount     $ 10,000 $ 10,000  
First Evanston Bancorp Trust I | Junior Subordinated Debentures          
Debt Instrument [Line Items]          
Debt instrument, maturity date     Mar. 15, 2035    
Contractual rate     7.38% 7.43%  
First Evanston Bancorp Trust I | Junior Subordinated Debentures | Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment          
Debt Instrument [Line Items]          
Interest rate spread     1.78%    
Adjustment spread Interest rate 0.26161%        
v3.24.2.u1
Subordinated Notes and Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par $ 87,000 $ 87,000
Total liability, at carrying value 70,675 70,452
Metropolitan Statutory Trust 1    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 35,000 35,000
First Evanston Bancorp Trust I    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 10,000 10,000
AmeriMark Capital Trust I    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 5,000 5,000
Inland Bancorp Trust II    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 10,000 10,000
Inland Bancorp Trust III    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 10,000 10,000
Inland Bancorp Trust IV    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 7,000 7,000
Inland Bancorp Trust V    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Total liability, at par 10,000 10,000
Junior Subordinated Debentures    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Discount $ (16,325) $ (16,548)
Junior Subordinated Debentures | Metropolitan Statutory Trust 1    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Mar. 17, 2034  
Contractual Rate 8.39% 8.43%
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 2.79%  
Interest Rate Spread [1] 2.79%  
Junior Subordinated Debentures | First Evanston Bancorp Trust I    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Mar. 15, 2035  
Contractual Rate 7.38% 7.43%
Junior Subordinated Debentures | First Evanston Bancorp Trust I | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 1.78%  
Interest Rate Spread [1] 1.78%  
Junior Subordinated Debentures | AmeriMark Capital Trust I    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Apr. 23, 2034  
Contractual Rate 8.34%  
Junior Subordinated Debentures | AmeriMark Capital Trust I | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 2.75%  
Interest Rate Spread [1] 2.75%  
Junior Subordinated Debentures | Inland Bancorp Trust II    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Sep. 15, 2035  
Contractual Rate 7.20%  
Junior Subordinated Debentures | Inland Bancorp Trust II | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 1.60%  
Interest Rate Spread [1] 1.60%  
Junior Subordinated Debentures | Inland Bancorp Trust III    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Dec. 15, 2036  
Contractual Rate 7.25%  
Junior Subordinated Debentures | Inland Bancorp Trust III | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 1.65%  
Interest Rate Spread [1] 1.65%  
Junior Subordinated Debentures | Inland Bancorp Trust IV    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Jun. 06, 2037  
Contractual Rate 7.22%  
Junior Subordinated Debentures | Inland Bancorp Trust IV | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 1.62%  
Interest Rate Spread [1] 1.62%  
Junior Subordinated Debentures | Inland Bancorp Trust V    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Stated Maturity Sep. 15, 2037  
Contractual Rate 7.02%  
Junior Subordinated Debentures | Inland Bancorp Trust V | SOFR + spread adjustment    
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]    
Interest Rate Spread, Description [1] SOFR + spread adjustment + 1.42%  
Interest Rate Spread [1] 1.42%  
[1]

(1) SOFR is three-month SOFR and the spread adjustment is 0.26161%

v3.24.2.u1
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%
v3.24.2.u1
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
v3.24.2.u1
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%
v3.24.2.u1
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      
v3.24.2.u1
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  
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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)  
v3.24.2.u1
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    
v3.24.2.u1
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  
v3.24.2.u1
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
v3.24.2.u1
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  
v3.24.2.u1
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)
v3.24.2.u1
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)
v3.24.2.u1
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%      
v3.24.2.u1
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%
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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  
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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            
v3.24.2.u1
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)