(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
March 31, 2021 – Class A common stock | |||||
March 31, 2021 – Class B common stock |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES | ||||||||
Index | ||||||||
March 31, 2021 | ||||||||
Page Nos. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest bearing deposits in banks | |||||||||||
Federal funds sold | |||||||||||
Total cash and cash equivalents | |||||||||||
Investment securities: | |||||||||||
Available-for-sale | |||||||||||
Held-to-maturity, net (estimated fair values of $ | |||||||||||
Total investment securities | |||||||||||
Mortgage loans held for sale, at fair value | |||||||||||
Loans held for investment, net of deferred fees and costs | |||||||||||
Allowance for credit losses | |||||||||||
Net loans held for investment | |||||||||||
Goodwill | |||||||||||
Company-owned life insurance | |||||||||||
Premises and equipment, net of accumulated depreciation | |||||||||||
Core deposit intangibles, net of accumulated amortization | |||||||||||
Accrued interest receivable | |||||||||||
Mortgage servicing rights, net of accumulated amortization and impairment reserve | |||||||||||
Other real estate owned (“OREO”) | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | $ | |||||||||
Interest bearing | |||||||||||
Total deposits | |||||||||||
Securities sold under repurchase agreements | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Accrued interest payable | |||||||||||
Deferred tax liability, net | |||||||||||
Long-term debt | |||||||||||
Allowance for credit losses on off-balance sheet credit exposures | |||||||||||
Subordinated debentures held by subsidiary trusts | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Nonvoting noncumulative preferred stock without par value; authorized | |||||||||||
Common stock | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income, net | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest income: | |||||||||||
Interest and fees on loans | $ | $ | |||||||||
Interest and dividends on investment securities: | |||||||||||
Taxable | |||||||||||
Exempt from federal taxes | |||||||||||
Interest on deposits in banks | |||||||||||
Total interest income | |||||||||||
Interest expense: | |||||||||||
Interest on deposits | |||||||||||
Interest on securities sold under repurchase agreements | |||||||||||
Interest on other debt | |||||||||||
Interest on subordinated debentures held by subsidiary trusts | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
(Reversal of) provision for credit losses | ( | ||||||||||
Net interest income after provision for (reversal of) credit losses | |||||||||||
Non-interest income: | |||||||||||
Payment services revenues | |||||||||||
Mortgage banking revenues | |||||||||||
Wealth management revenues | |||||||||||
Service charges on deposit accounts | |||||||||||
Other service charges, commissions, and fees | |||||||||||
Investment securities gains (losses), net | |||||||||||
Other income | |||||||||||
Total non-interest income | |||||||||||
Non-interest expense: | |||||||||||
Salaries and wages | |||||||||||
Employee benefits | |||||||||||
Outsourced technology services | |||||||||||
Occupancy, net | |||||||||||
Furniture and equipment | |||||||||||
OREO expense, net of income | ( | ( | |||||||||
Professional fees | |||||||||||
FDIC insurance premiums | |||||||||||
Core deposit intangibles amortization | |||||||||||
Other expenses | |||||||||||
Total non-interest expense | |||||||||||
Income before income tax expense | |||||||||||
Income tax expense | |||||||||||
Net income | $ | $ | |||||||||
Earnings per common share (Basic) | $ | $ | |||||||||
Earnings per common share (Diluted) | |||||||||||
Weighted average common shares outstanding (Basic) | |||||||||||
Weighted average common shares outstanding (Diluted) |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income | $ | $ | ||||||
Other comprehensive (loss) income, before tax: | ||||||||
Investment securities available-for sale: | ||||||||
Change in net unrealized (losses) gains during period | ( | |||||||
Unrealized gain on derivatives | ( | |||||||
Defined benefit post-retirement benefits plans: | ||||||||
Change in net actuarial loss | ( | |||||||
Other comprehensive (loss) income, before tax | ( | |||||||
Changes in deferred taxes related to other comprehensive loss (income) | ( | |||||||
Other comprehensive (loss) income, net of tax | ( | |||||||
Comprehensive income, net of tax | $ | $ |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (In millions, except share and per share data) (Unaudited) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive loss, net of tax expense | ( | ( | |||||||||||||||||||||
Common stock transactions: | |||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||
Common cash dividends declared ($ | ( | ( | |||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||
( | ( | ||||||||||||||||||||||
Adjusted balance at January 1, 2020 | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income, net of tax expense | |||||||||||||||||||||||
Common stock transactions: | |||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||
Common cash dividends declared ($ | ( | ( | |||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for (reversal of) credit losses | ( | ||||||||||
Net gain on disposal of premises and equipment | ( | ( | |||||||||
Depreciation and amortization | |||||||||||
Net premium amortization on investment securities | |||||||||||
Realized and unrealized net gains on mortgage banking activities | ( | ( | |||||||||
Net gain on sale of investments in unrelated entities | ( | ||||||||||
Net gain on sale of OREO | ( | ( | |||||||||
Mortgage servicing rights (recovery) impairment | ( | ||||||||||
Deferred taxes | ( | ||||||||||
Net increase in cash surrender value of company-owned life insurance | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Originations of mortgage loans held for sale | ( | ( | |||||||||
Proceeds from sales of mortgage loans held for sale | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease in interest receivable | |||||||||||
Increase in other assets | ( | ( | |||||||||
Increase (decrease) in accrued interest payable | ( | ||||||||||
(Decrease) increase in accounts payable and accrued expenses | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of investment securities: | |||||||||||
Held-to-maturity | ( | ||||||||||
Available-for-sale | ( | ( | |||||||||
Proceeds from sales, maturities, and pay-downs of investment securities: | |||||||||||
Held-to-maturity | |||||||||||
Available-for-sale | |||||||||||
Extensions of credit to clients, net of repayments | ( | ||||||||||
Recoveries of loans charged-off | |||||||||||
Proceeds from sale of OREO | |||||||||||
Proceeds from sale of investments in unrelated entities | |||||||||||
Capital expenditures, net of sales | ( | ( | |||||||||
Net cash (used in) provided by investing activities | $ | ( | $ | ||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In millions) (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
Net increase (decrease) in deposits | $ | $ | ( | ||||||||
Net decrease in securities sold under repurchase agreements | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Purchase and retirement of common stock | ( | ( | |||||||||
Dividends paid to common stockholders | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for income taxes | $ | $ | |||||||||
Cash paid during the period for interest expense | |||||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | |||||||||||
Transfer of loans to other real estate owned | |||||||||||
Capitalization of internally originated mortgage servicing rights | |||||||||||
March 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||
Available-for-Sale: | ||||||||||||||
U.S. Treasury notes | $ | $ | $ | $ | ||||||||||
State, county, and municipal securities | ( | |||||||||||||
Obligations of U.S. government agencies | ( | |||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ( | |||||||||||||
Private mortgage-backed securities | ||||||||||||||
Corporate securities | ( | |||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||
Held-to-Maturity: | ||||||||||||||
State, county, and municipal securities | $ | $ | $ | ( | $ | |||||||||
U.S agency residential mortgage-backed securities & collateralized mortgage obligations | ( | |||||||||||||
Corporate securities | ||||||||||||||
Other investments | ||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||
Available-for-Sale: | ||||||||||||||
State, county, and municipal securities | $ | $ | $ | ( | $ | |||||||||
Obligations of U.S. government agencies | ( | |||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ( | |||||||||||||
Private mortgage-backed securities | ( | |||||||||||||
Corporate securities | ( | |||||||||||||
Other investments | ||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||
Held-to-Maturity: | ||||||||||||||
State, county, and municipal securities | $ | $ | $ | $ | ||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ||||||||||||||
Corporate securities | ||||||||||||||
Other investments | ||||||||||||||
Total | $ | $ | $ | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
March 31, 2021 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
State, county, and municipal securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||
Obligations of U.S. government agencies | ( | ( | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||
Corporate securities | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
March 31, 2021 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||
State, county, and municipal securities | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
December 31, 2020 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Available-for-Sale: | ||||||||||||||||||||||||||
State, county, and municipal securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||
Obligations of U.S. government agencies | ( | ( | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||
Private mortgage-backed securities | ( | ( | ||||||||||||||||||||||||
Corporate securities | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Available-for-Sale | Held-to-Maturity | ||||||||||||||||
March 31, 2021 | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
Within one year | $ | $ | $ | $ | |||||||||||||
After one year but within five years | |||||||||||||||||
After five years but within ten years | |||||||||||||||||
After ten years | |||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Real estate loans: | |||||||||||
Commercial | $ | $ | |||||||||
Construction loans: | |||||||||||
Land acquisition & development | |||||||||||
Residential | |||||||||||
Commercial | |||||||||||
Total construction loans | |||||||||||
Residential | |||||||||||
Agricultural | |||||||||||
Total real estate loans | |||||||||||
Consumer loans: | |||||||||||
Indirect | |||||||||||
Direct and advance lines | |||||||||||
Credit card | |||||||||||
Total consumer loans | |||||||||||
Commercial | |||||||||||
Agricultural | |||||||||||
Other, including overdrafts | |||||||||||
Loans held for investment | |||||||||||
Deferred loan fees and costs | ( | ( | |||||||||
Loans held for investment, net of deferred fees and costs | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Net loans held for investment | $ | $ | |||||||||
Three Months Ended March 31, 2021 | Beginning Balance | Provision for (reversal of) Credit Loss | Loans Charged-Off | Recoveries Collected | Ending Balance | ||||||||||||
Allowance for credit losses (1) | |||||||||||||||||
Real estate: | |||||||||||||||||
Commercial real estate: | |||||||||||||||||
Non-owner occupied | $ | $ | ( | $ | $ | $ | |||||||||||
Owner occupied | ( | ( | |||||||||||||||
Multi-family | |||||||||||||||||
Total commercial real estate | ( | ( | |||||||||||||||
Construction: | |||||||||||||||||
Land acquisition & development | ( | ||||||||||||||||
Residential construction | ( | ||||||||||||||||
Commercial construction | ( | ||||||||||||||||
Total construction | ( | ||||||||||||||||
Residential real estate: | |||||||||||||||||
Residential 1-4 family | |||||||||||||||||
Home equity and HELOC | ( | ||||||||||||||||
Total residential real estate | ( | ||||||||||||||||
Agricultural real estate | |||||||||||||||||
Total real estate | ( | ( | |||||||||||||||
Consumer: | |||||||||||||||||
Indirect | ( | ||||||||||||||||
Direct and advance lines | ( | ||||||||||||||||
Credit card | ( | ( | |||||||||||||||
Total consumer | ( | ||||||||||||||||
Commercial: | |||||||||||||||||
Commercial and floor plans | ( | ( | |||||||||||||||
Commercial purpose secured by 1-4 family | ( | ||||||||||||||||
Credit card | ( | ||||||||||||||||
Total commercial | ( | ( | |||||||||||||||
Agricultural: | |||||||||||||||||
Agricultural | ( | ||||||||||||||||
Total agricultural | ( | ||||||||||||||||
Total allowance for credit losses | $ | $ | ( | $ | ( | $ | $ | ||||||||||
(1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. |
Three Months Ended March 31, 2020 | Beginning Balance, Prior to Adoption of ASC 326 | Impact of Adopting ASC 326 | Provision for (reversal of) Credit Loss | Loans Charged-Off | Recoveries Collected | Ending Balance | ||||||||||||||
Allowance for credit losses (1) | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Non-owner occupied | $ | $ | $ | $ | $ | $ | ||||||||||||||
Owner occupied | ||||||||||||||||||||
Multi-family | ||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||
Construction: | ||||||||||||||||||||
Land acquisition & development | ( | ( | ||||||||||||||||||
Residential construction | ( | |||||||||||||||||||
Commercial construction | ||||||||||||||||||||
Total construction | ( | |||||||||||||||||||
Residential real estate: | ||||||||||||||||||||
Residential 1-4 family | ||||||||||||||||||||
Home equity and HELOC | ( | |||||||||||||||||||
Total residential real estate | ||||||||||||||||||||
Agricultural real estate | ||||||||||||||||||||
Total real estate | ( | |||||||||||||||||||
Consumer: | ||||||||||||||||||||
Indirect | ( | |||||||||||||||||||
Direct and advance lines | ( | |||||||||||||||||||
Credit card | ( | |||||||||||||||||||
Total consumer | ( | |||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and floor plans | ( | ( | ||||||||||||||||||
Commercial purpose secured by 1-4 family | ( | ( | ||||||||||||||||||
Credit card | ( | ( | ||||||||||||||||||
Total commercial | ( | ( | ||||||||||||||||||
Agricultural: | ||||||||||||||||||||
Agricultural | ( | |||||||||||||||||||
Total agricultural | ( | |||||||||||||||||||
Total allowance for credit losses | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
(1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in Note “Financial Instruments with Off-Balance Sheet Risk” included in this report. |
Collateral Type | ||||||||||||||
As of March 31, 2021 | Business Assets | Real Property | Other | Total | ||||||||||
Real estate | $ | $ | $ | $ | ||||||||||
Commercial | ||||||||||||||
Agricultural | ||||||||||||||
Total collateral-dependent | $ | $ | $ | $ |
Collateral Type | ||||||||||||||
As of December 31, 2020 | Business Assets | Real Property | Other | Total | ||||||||||
Real estate | $ | $ | $ | $ | ||||||||||
Commercial | ||||||||||||||
Agricultural | ||||||||||||||
Total collateral-dependent | $ | $ | $ | $ |
Total Loans | |||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | ||||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | |||||||||||||||||
As of March 31, 2021 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1) | Loans | ||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction: | |||||||||||||||||||||||
Land acquisition & development | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Total construction loans | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Indirect consumer | |||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||
Credit card | |||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Other, including overdrafts | |||||||||||||||||||||||
Loans held for investment | $ | $ | $ | $ | $ | $ | $ |
Total Loans | |||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | ||||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | |||||||||||||||||
As of December 31, 2020 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1) | Loans | ||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction: | |||||||||||||||||||||||
Land acquisition & development | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Total construction loans | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Indirect consumer | |||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||
Credit card | |||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Other, including overdrafts | |||||||||||||||||||||||
Loans held for investment | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
Risk by Collateral | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Commercial real estate non-owner occupied: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial real estate owner occupied: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial multi-family: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Land, acquisition and development: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial construction: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
Risk by Collateral | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Agricultural real estate: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial and floor plans: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial purpose secured by 1-4 family: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Agricultural: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
Risk by Collateral | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Residential 1-4 family: | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer home equity and HELOC: | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer indirect: | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
Risk by Collateral | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Consumer direct and advance line: | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
As of March 31, 2021 | Consumer | Commercial | Agricultural | Total | ||||||||||
Credit Card: | ||||||||||||||
Performing | $ | $ | $ | $ | ||||||||||
Nonperforming | ||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Additions | |||||||||||
Dispositions | ( | ( | |||||||||
Ending balance | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||||||||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||||||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | |||||||||||||
Interest rate lock commitments | |||||||||||||||||
Forward loan sales contracts | |||||||||||||||||
Total derivative assets | $ | $ | $ | $ | |||||||||||||
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | |||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||||||
Interest rate swap contracts | |||||||||||||||||
Forward loan sales contracts | |||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts in the Balance Sheet | Financial Instruments | Fair Value of Financial Collateral in the Balance Sheet | Net Amount | ||||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage related derivatives | |||||||||||||||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts in the Balance Sheet | Financial Instruments | Fair Value of Financial Collateral in the Balance Sheet | Net Amount | ||||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage related derivatives | |||||||||||||||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage related derivatives | |||||||||||||||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Non-hedging interest rate derivatives: | ||||||||
Amount of net fee income recognized in other non-interest income | $ | $ | ||||||
Amount of net gains recognized in mortgage banking revenues |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income | $ | $ | ||||||
Weighted average common shares outstanding for basic earnings per share computation | ||||||||
Dilutive effects of stock-based compensation | ||||||||
Weighted average common shares outstanding for diluted earnings per common share computation | ||||||||
Basic earnings per common share | $ | $ | ||||||
Diluted earnings per common share | $ | $ | ||||||
Anti-dilutive unvested time restricted stock |
Actual | Minimum Required for Capital Adequacy Purposes | For Capital Adequacy Purposes Plus Capital Conservation Buffer | Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) | ||||||||||||||||||||||||||||||||
March 31, 2021 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Leverage capital ratio: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Actual | Minimum Required for Capital Adequacy Purposes | For Capital Adequacy Purposes Plus Capital Conservation Buffer | Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) | ||||||||||||||||||||||||||||||||
December 31, 2020 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB | |||||||||||||||||||||||||||||||||||
Leverage capital ratio: | |||||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||||
FIB |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Initial impact of adopting ASC 326 | ||||||||||||||
Provision for (reversal of) credit loss expense | ( | ( | ||||||||||||
Ending balance of allowance for off-balance sheet credit losses | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Unused credit card lines | $ | $ | ||||||||||||
Commitments to extend credit | ||||||||||||||
Standby letter of credit |
Pre-tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Investment securities available-for sale: | |||||||||||||||||||||||||||||||||||
Change in net unrealized (loss) gain during period | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Unrealized gain on derivatives | ( | ( | |||||||||||||||||||||||||||||||||
Defined benefits post-retirement benefit plan: | |||||||||||||||||||||||||||||||||||
Change in net actuarial gains | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | ( | $ | $ | ( | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Net unrealized gains on investment securities available-for-sale | $ | $ | |||||||||
Net unrealized loss on derivatives | ( | ( | |||||||||
Net accumulated other comprehensive gains | $ | $ |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
As of March 31, 2021 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Investment debt securities available-for-sale: | ||||||||||||||||||||
U.S. Treasury Notes | $ | $ | $ | $ | ||||||||||||||||
State, county, and municipal securities | ||||||||||||||||||||
Obligations of U.S. government agencies | ||||||||||||||||||||
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | ||||||||||||||||||||
Private mortgage-backed securities | ||||||||||||||||||||
Corporate securities | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||
Forward loan sale contracts | ||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Deferred compensation plan assets | ||||||||||||||||||||
Deferred compensation plan liabilities |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
As of December 31, 2020 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Investment debt securities available-for-sale: | ||||||||||||||||||||
State, county and municipal securities | $ | $ | $ | |||||||||||||||||
Obligations of U.S. government agencies | ||||||||||||||||||||
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | ||||||||||||||||||||
Private mortgage-backed securities | ||||||||||||||||||||
Corporate securities | ||||||||||||||||||||
Other investments | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Forward loan sales contracts | ||||||||||||||||||||
Deferred compensation plan assets | ||||||||||||||||||||
Deferred compensation plan liabilities |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
As of March 31, 2021 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | ||||||||||||||||
Long-lived assets to be disposed of by sale | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
As of December 31, 2020 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | ||||||||||||||||
Long-lived assets to be disposed of by sale | ||||||||||||||||||||
Fair Value As of | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Collateral dependent loans | $ | $ | Appraisal | Appraisal adjustment | - | ( | ||||||||||||||||||||
Long-lived assets to be disposed of by sale | Appraisal | Appraisal adjustment | - | |||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
As of March 31, 2021 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Investment debt securities available-for-sale | |||||||||||||||||
Investment debt securities held-to-maturity | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Mortgage servicing rights, net | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Net loans held for investment | |||||||||||||||||
Derivative assets | |||||||||||||||||
Deferred compensation plan assets | |||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||
Financial liabilities: | |||||||||||||||||
Total deposits, excluding time deposits | $ | $ | $ | $ | $ | ||||||||||||
Time deposits | |||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||
Accrued interest payable | |||||||||||||||||
Long-term debt | |||||||||||||||||
Subordinated debentures held by subsidiary trusts | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Deferred compensation plan liabilities | |||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
As of December 31, 2020 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Investment debt securities available-for-sale | |||||||||||||||||
Investment debt securities held-to-maturity | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Mortgage servicing rights, net | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Net loans held for investment | |||||||||||||||||
Derivative assets | |||||||||||||||||
Deferred compensation plan assets | |||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||
Financial liabilities: | |||||||||||||||||
Total deposits, excluding time deposits | $ | $ | $ | $ | $ | ||||||||||||
Time deposits | |||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||
Accrued interest payable | |||||||||||||||||
Long-term debt | |||||||||||||||||
Subordinated debentures held by subsidiary trusts | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Deferred compensation plan liabilities | |||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ |
•Agriculture | •Healthcare | •Real Estate Development | |||||||||||||||
•Construction | •Hospitality | •Retail | |||||||||||||||
•Education | •Housing | •Technology | |||||||||||||||
•Energy | •Mining | •Tourism | |||||||||||||||
•Governmental services | •Professional services | •Wholesale trade |
Average Balance Sheets, Yields and Rates | Three Months Ended | ||||||||||||||||||||||
(Dollars in millions) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||
Loans (1) (2) | $ | 9,873.1 | $ | 108.1 | 4.44 | % | $ | 8,995.6 | $ | 112.4 | 5.03 | % | |||||||||||
Investment securities (2) | 4,445.2 | 17.6 | 1.61 | 3,061.3 | 17.8 | 2.34 | |||||||||||||||||
Interest bearing deposits in banks | 1,880.5 | 0.3 | 0.06 | 705.0 | 2.5 | 1.43 | |||||||||||||||||
Federal funds sold | 0.1 | — | — | 0.3 | — | — | |||||||||||||||||
Total interest earning assets | $ | 16,198.9 | $ | 126.0 | 3.15 | % | $ | 12,762.2 | $ | 132.7 | 4.18 | % | |||||||||||
Non-earning assets | 1,681.8 | 1,698.3 | |||||||||||||||||||||
Total assets | $ | 17,880.7 | $ | 14,460.5 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 4,177.7 | $ | 0.5 | 0.05 | % | $ | 3,241.9 | $ | 0.9 | 0.11 | % | |||||||||||
Savings deposits | 4,531.3 | 0.3 | 0.03 | 3,628.0 | 1.4 | 0.16 | |||||||||||||||||
Time deposits | 1,039.3 | 1.5 | 0.59 | 1,384.3 | 5.0 | 1.45 | |||||||||||||||||
Repurchase agreements | 1,067.7 | 0.1 | 0.04 | 639.4 | 0.5 | 0.31 | |||||||||||||||||
Other borrowed funds | — | — | — | 0.5 | — | — | |||||||||||||||||
Long-term debt | 112.4 | 1.5 | 5.41 | 13.9 | 0.3 | 8.68 | |||||||||||||||||
Subordinated debentures held by subsidiary trusts | 87.0 | 0.7 | 3.26 | 86.9 | 1.0 | 4.63 | |||||||||||||||||
Total interest-bearing liabilities | $ | 11,015.4 | $ | 4.6 | 0.17 | % | $ | 8,994.9 | $ | 9.1 | 0.41 | % | |||||||||||
Non-interest-bearing deposits | 4,704.2 | 3,284.0 | |||||||||||||||||||||
Other non-interest-bearing liabilities | 194.6 | 188.0 | |||||||||||||||||||||
Stockholders’ equity | 1,966.5 | 1,993.6 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 17,880.7 | $ | 14,460.5 | |||||||||||||||||||
Net FTE interest income | $ | 121.4 | $ | 123.6 | |||||||||||||||||||
Less FTE adjustments (2) | (0.7) | (0.5) | |||||||||||||||||||||
Net interest income from consolidated statements of income | $ | 120.7 | $ | 123.1 | |||||||||||||||||||
Interest rate spread | 2.98 | % | 3.77 | % | |||||||||||||||||||
Net FTE interest margin (3) | 3.04 | 3.90 | |||||||||||||||||||||
Cost of funds, including non-interest-bearing demand deposits (4) | 0.12 | 0.30 | |||||||||||||||||||||
(1) Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $10.7 million at March 31, 2021 and $1.8 million at March 31, 2020. | |||||||||||||||||||||||
(2) Interest income and average rates for tax exempt loans and securities are presented on a fully taxable equivalent, or FTE, basis utilizing the 21% federal income tax rate. | |||||||||||||||||||||||
(3) Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | |||||||||||||||||||||||
(4) Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. |
Analysis of Interest Changes Due to Volume and Rates | |||||||||||||||||
(Dollars in millions) | Three Months Ended March 31, 2021 compared with Three Months Ended March 31, 2020 | ||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest earning assets: | |||||||||||||||||
Loans (1) | $ | 10.9 | $ | (15.2) | $ | (4.3) | |||||||||||
Investment securities (1) | 8.0 | (8.2) | (0.2) | ||||||||||||||
Interest bearing deposits in banks | 4.1 | (6.3) | (2.2) | ||||||||||||||
Total change | 23.0 | (29.7) | (6.7) | ||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Demand deposits | 0.3 | (0.7) | (0.4) | ||||||||||||||
Savings deposits | 0.3 | (1.4) | (1.1) | ||||||||||||||
Time deposits | (1.2) | (2.3) | (3.5) | ||||||||||||||
Repurchase agreements | 0.3 | (0.7) | (0.4) | ||||||||||||||
Long-term debt | 2.1 | (0.9) | 1.2 | ||||||||||||||
Subordinated debentures held by subsidiary trusts | — | (0.3) | (0.3) | ||||||||||||||
Total change | 1.8 | (6.3) | (4.5) | ||||||||||||||
Increase (decrease) in FTE net interest income (1) | $ | 21.2 | $ | (23.4) | $ | (2.2) |
Non-interest income | Three Months Ended March 31, | $ Change | % Change | |||||||||||||||||
(Dollars in millions) | 2021 | 2020 | ||||||||||||||||||
Payment services revenues | $ | 10.2 | $ | 10.2 | $ | — | — | % | ||||||||||||
Mortgage banking revenues | 11.6 | 10.9 | 0.7 | 6.4 | ||||||||||||||||
Wealth management revenues | 6.3 | 6.2 | 0.1 | 1.6 | ||||||||||||||||
Service charges on deposit accounts | 3.8 | 5.4 | (1.6) | (29.6) | ||||||||||||||||
Other service charges, commissions and fees | 2.1 | 2.1 | — | — | ||||||||||||||||
Other income | 4.1 | 3.6 | 0.5 | 13.9 | ||||||||||||||||
Total non-interest income | $ | 38.1 | $ | 38.4 | $ | (0.3) | (0.8) | % |
Non-interest expense | Three Months Ended March 31, | $ Change | % Change | |||||||||||||||||
(Dollars in millions) | 2021 | 2020 | ||||||||||||||||||
Salaries and wages | $ | 39.0 | $ | 39.9 | $ | (0.9) | (2.3) | % | ||||||||||||
Employee benefits | 16.1 | 14.2 | 1.9 | 13.4 | ||||||||||||||||
Outsourced technology services | 8.1 | 7.8 | 0.3 | 3.8 | ||||||||||||||||
Occupancy, net | 7.3 | 7.3 | — | — | ||||||||||||||||
Furniture and equipment | 4.4 | 2.8 | 1.6 | 57.1 | ||||||||||||||||
OREO expense, net of income | (0.1) | (0.5) | 0.4 | — | ||||||||||||||||
Professional fees | 3.4 | 2.7 | 0.7 | 25.9 | ||||||||||||||||
FDIC insurance premiums | 1.6 | 1.6 | — | — | ||||||||||||||||
Core deposit intangibles amortization | 2.5 | 2.9 | (0.4) | (13.8) | ||||||||||||||||
Other expenses | 16.1 | 16.3 | (0.2) | (1.2) | ||||||||||||||||
Total non-interest expense | $ | 98.4 | $ | 95.0 | $ | 3.4 | 3.6 | % |
Non-Performing Loans by Loan Type | |||||||||||||||||||||||
(Dollars in millions) | March 31, 2021 | Percent of Total | December 31, 2020 | Percent of Total | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial | $ | 12.6 | 30.4 | % | $ | 13.6 | 28.3 | % | |||||||||||||||
Construction: | |||||||||||||||||||||||
Land acquisition and development | 0.7 | 1.7 | 0.8 | 1.7 | |||||||||||||||||||
Residential | 0.2 | 0.5 | 1.1 | 2.3 | |||||||||||||||||||
Commercial | — | — | 0.1 | 0.2 | |||||||||||||||||||
Total construction | 0.9 | 2.2 | 2.0 | 4.2 | |||||||||||||||||||
Residential | 4.9 | 11.8 | 5.1 | 10.6 | |||||||||||||||||||
Agricultural | 5.7 | 13.8 | 6.2 | 12.9 | |||||||||||||||||||
Total real estate | 24.1 | 58.2 | 26.9 | 56.0 | |||||||||||||||||||
Consumer | 2.9 | 7.0 | 3.6 | 7.5 | |||||||||||||||||||
Commercial | 11.0 | 26.6 | 13.0 | 27.1 | |||||||||||||||||||
Agricultural | 3.4 | 8.2 | 4.5 | 9.4 | |||||||||||||||||||
Total non-performing loans | $ | 41.4 | 100.0 | % | $ | 48.0 | 100.0 | % |
Non-Performing Assets and Troubled Debt Restructurings | |||||||||||||||||||||||||||||
(Dollars in millions) | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 37.0 | $ | 39.5 | $ | 44.8 | $ | 49.9 | $ | 51.1 | |||||||||||||||||||
Accruing loans past due 90 days or more | 4.4 | 8.5 | 9.6 | 7.7 | 12.0 | ||||||||||||||||||||||||
Total non-performing loans | 41.4 | 48.0 | 54.4 | 57.6 | 63.1 | ||||||||||||||||||||||||
OREO | 2.2 | 2.5 | 5.7 | 6.5 | 8.2 | ||||||||||||||||||||||||
Total non-performing assets | $ | 43.6 | $ | 50.5 | $ | 60.1 | $ | 64.1 | $ | 71.3 | |||||||||||||||||||
Troubled debt restructurings not included above (1) | $ | 3.1 | $ | 3.2 | $ | 3.2 | $ | 3.4 | $ | 5.0 | |||||||||||||||||||
Non-accrual loans to loans held for investment | 0.38 | % | 0.40 | % | 0.44 | % | 0.50 | % | 0.57 | % | |||||||||||||||||||
Non-performing loans to loans held for investment | 0.42 | 0.49 | 0.54 | 0.57 | 0.71 | ||||||||||||||||||||||||
Non-performing assets to loans held for investment and OREO | 0.44 | 0.51 | 0.59 | 0.64 | 0.80 | ||||||||||||||||||||||||
Non-performing assets to total assets | 0.24 | 0.29 | 0.35 | 0.39 | 0.49 |
Allowance for Credit Losses | Three Months Ended | ||||||||||||||||||||||||||||
(Dollars in millions) | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
Beginning balance | $ | 144.3 | $ | 145.5 | $ | 146.1 | $ | 129.1 | $ | 73.0 | |||||||||||||||||||
Initial impact of adopting ASC 326 | — | — | — | — | 30.0 | ||||||||||||||||||||||||
Provision (reversal) charged to operating expense | (4.8) | 3.0 | 4.0 | 19.3 | 29.2 | ||||||||||||||||||||||||
Charge offs: | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||
Commercial | 0.1 | 0.1 | 0.2 | 0.1 | — | ||||||||||||||||||||||||
Construction | — | — | — | — | 0.5 | ||||||||||||||||||||||||
Residential | 0.1 | — | — | — | — | ||||||||||||||||||||||||
Consumer | 2.7 | 2.3 | 2.5 | 3.0 | 3.0 | ||||||||||||||||||||||||
Commercial | 2.0 | 3.4 | 3.7 | 0.9 | 1.1 | ||||||||||||||||||||||||
Agricultural | — | — | — | 0.1 | — | ||||||||||||||||||||||||
Total charge-offs | 4.9 | 5.8 | 6.4 | 4.1 | 4.6 | ||||||||||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||
Commercial | — | — | 0.2 | 0.1 | — | ||||||||||||||||||||||||
Construction | 0.2 | 0.2 | 0.2 | — | — | ||||||||||||||||||||||||
Residential | 0.1 | 0.2 | — | 0.2 | — | ||||||||||||||||||||||||
Consumer | 1.1 | 0.8 | 1.1 | 0.9 | 1.1 | ||||||||||||||||||||||||
Commercial | 0.6 | 0.4 | 0.3 | 0.6 | 0.4 | ||||||||||||||||||||||||
Total recoveries | 2.0 | 1.6 | 1.8 | 1.8 | 1.5 | ||||||||||||||||||||||||
Net charge-offs | 2.9 | 4.2 | 4.6 | 2.3 | 3.1 | ||||||||||||||||||||||||
Ending balance | $ | 136.6 | $ | 144.3 | $ | 145.5 | $ | 146.1 | $ | 129.1 | |||||||||||||||||||
Allowance for off-balance sheet credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 3.7 | $ | 3.5 | $ | 2.3 | $ | 2.1 | $ | — | |||||||||||||||||||
Initial impact of adopting ASC 326 | — | — | — | — | 2.3 | ||||||||||||||||||||||||
Provision for (reversal of) credit losses | (0.3) | 0.2 | 1.2 | 0.2 | (0.2) | ||||||||||||||||||||||||
Ending balance | $ | 3.4 | $ | 3.7 | $ | 3.5 | $ | 2.3 | $ | 2.1 | |||||||||||||||||||
Total allowance for credit losses | $ | 140.0 | $ | 148.0 | $ | 149.0 | $ | 148.4 | $ | 131.2 | |||||||||||||||||||
Total provision for (reversal of) credit losses | (5.1) | 3.2 | 5.2 | 19.5 | 29.0 | ||||||||||||||||||||||||
Loans held for investment | 9,863.2 | 9,807.5 | 10,152.2 | 10,032.5 | 8,918.0 | ||||||||||||||||||||||||
Average loans | 9,873.1 | 10,127.9 | 10,219.2 | 9,949.6 | 8,995.6 | ||||||||||||||||||||||||
Net loans charged-off to average loans, annualized | 0.12 | % | 0.16 | % | 0.18 | % | 0.09 | % | 0.14 | % | |||||||||||||||||||
Allowance to non-accrual loans | 369.19 | 365.32 | 324.78 | 292.79 | 252.64 | ||||||||||||||||||||||||
Allowance to loans held for investment | 1.38 | 1.47 | 1.43 | 1.46 | 1.45 | ||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
(Dollars in millions) | March 31, 2021 | Percent of Total | December 31, 2020 | Percent of Total | |||||||||||||||||||
Non-interest-bearing demand | $ | 5,004.0 | 33.2 | % | $ | 4,633.5 | 32.6 | % | |||||||||||||||
Interest bearing: | |||||||||||||||||||||||
Demand | 4,327.0 | 28.7 | 4,118.9 | 29.0 | |||||||||||||||||||
Savings | 4,726.7 | 31.3 | 4,405.9 | 31.0 | |||||||||||||||||||
Time, $250 and over | 185.5 | 1.2 | 192.9 | 1.3 | |||||||||||||||||||
Time, other (1) | 850.8 | 5.6 | 865.8 | 6.1 | |||||||||||||||||||
Total interest bearing | 10,090.0 | 66.8 | 9,583.5 | 67.4 | |||||||||||||||||||
Total deposits | $ | 15,094.0 | 100.0 | % | $ | 14,217.0 | 100.0 | % |
Total Number of | Maximum Number | |||||||||||||||||||||||||
Shares Purchased as Part | of Shares That May | |||||||||||||||||||||||||
Total Number of | Average Price | of Publicly Announced | Yet Be Purchased Under | |||||||||||||||||||||||
Period | Shares Purchased (1) | Paid Per Share | Plans or Programs | the Plans or Programs | ||||||||||||||||||||||
January 2021 | 42,700 | $ | 39.82 | 42,700 | 1,919,158 | |||||||||||||||||||||
February 2021 | 65,822 | 41.98 | 30,000 | 1,889,158 | ||||||||||||||||||||||
March 2021 | 18,658 | 49.58 | — | 1,889,158 | ||||||||||||||||||||||
Total | 127,180 | $ | 42.37 | 72,700 | 1,889,158 |
Exhibit Number | Description | |||||||
First Amendment to the First Interstate BancSystem, Inc. Deferred Compensation Plan. | ||||||||
First Interstate BancSystem, Inc. 2015 Equity and Incentive Plan Performance Restricted Stock Grant Agreement. | ||||||||
First Interstate BancSystem, Inc. 2015 Equity and Incentive Plan Performance Time Vested Restricted Stock Grant Agreement. | ||||||||
31.1* | Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |||||||
31.2* | Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |||||||
32** | 18 U.S.C. Section 1350 Certifications. | |||||||
101* | Interactive Data File - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
104* | Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document (included in Exhibit 101) | |||||||
* | Filed herewith. | |||||||
** | Furnished herewith. |
FIRST INTERSTATE BANCSYSTEM, INC. | |||||||||||||||||
Date: | May 7, 2021 | By: | /S/ KEVIN P. RILEY | ||||||||||||||
Kevin P. Riley President and Chief Executive Officer | |||||||||||||||||
Date: | May 7, 2021 | By: | /S/ MARCY D. MUTCH | ||||||||||||||
Marcy D. Mutch Executive Vice President and Chief Financial Officer | |||||||||||||||||
/s/ KEVIN P. RILEY | October 28, 2016 | ||||||||||
Kevin Riley | Date | ||||||||||
/s/ MARIA VALANDRA | November 1, 2016 | ||||||||||
Maria Valandra | Date | ||||||||||
/s/ STEVE MAASCH | October 21, 2016 | ||||||||||
Steve Maasch | Date | ||||||||||
/s/ LARRY JOHNS | October 24, 2016 | ||||||||||
Larry Johns | Date | ||||||||||
/s/ PHIL GAGLIA | November 2, 2016 | ||||||||||
Phil Gaglia | Date | ||||||||||
/s/ MARCY D. MUTCH | October 24, 2016 | ||||||||||
Marcy Mutch | Date |
By: | |||||||||||
Title: | President and CEO | Participant Signature | |||||||||
Address: | 401 North 31st Street | ||||||||||
Billings, MT 59116 | |||||||||||
Participant Name | |||||||||||
Participant ID | |||||||||||
Plan Name | First Interstate BancSystem Inc. 2015 Equity and Incentive Plan | ||||||||||
Shares Awarded | |||||||||||
Additional Shares | |||||||||||
Grant Date | |||||||||||
Fair Market Value | |||||||||||
Performance Period | January 1, 202_ to December 31, 202_ | ||||||||||
Vesting Date | March 15, 202_ | ||||||||||
Weighted Percentages | Total Shareholder Return (TSR) weighted at 50% | ||||||||||
Adjusted Return on Equity (ROAE) weighted at 50% | |||||||||||
Signature: | ||||||||
Print Name: | ||||||||
Date: | ||||||||
By: | |||||||||||
Title: | President and CEO | Participant Signature | |||||||||
Address: | 401 North 31st | ||||||||||
Billings, MT 59116 |
Participant Name | |||||||||||
Participant ID | |||||||||||
Plan Name | First Interstate BancSystem, Inc. 2015 Equity and Incentive Plan | ||||||||||
Number of Shares Awarded | |||||||||||
Grant Date | |||||||||||
Grant Date Fair Market Value | |||||||||||
Vesting schedule | Please refer to Appendix: Vesting Schedule | ||||||||||
Signature: | ||||||||
Print Name: | ||||||||
Date: | ||||||||
Date | Quantity | ||||||||||
March 15, 20xx | 1/3 Shares Granted | ||||||||||
March 15, 20xx | 1/3 Shares Granted | ||||||||||
March 15, 20xx | 1/3 Shares Granted | ||||||||||
/s/ KEVIN P. RILEY | ||
Kevin P. Riley | ||
President and Chief Executive Officer |
/s/ MARCY D. MUTCH | ||
Marcy D. Mutch | ||
Executive Vice President and Chief Financial Officer |
/s/ KEVIN P. RILEY | ||
Kevin P. Riley | ||
President and Chief Executive Officer | ||
/s/ MARCY D. MUTCH | ||
Marcy D. Mutch | ||
Executive Vice President and Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Investment securities: | ||
Estimated fair value | $ 855.6 | $ 55.0 |
Stockholders' equity: | ||
Nonvoting, noncumulative preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Nonvoting, noncumulative preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 51.4 | $ 29.3 |
Other comprehensive (loss) income, before tax: | ||
Change in net unrealized (losses) gains during period | (66.8) | 39.2 |
Unrealized gain on derivatives | (0.1) | 0.0 |
Change in net actuarial loss | 0.0 | 0.2 |
Other comprehensive (loss) income, before tax | (66.9) | 39.0 |
Changes in deferred taxes related to other comprehensive loss (income) | 17.0 | (10.2) |
Other comprehensive (loss) income, net of tax | (49.9) | 28.8 |
Comprehensive income, net of tax | $ 1.5 | $ 58.1 |
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions |
Total |
Director [Member] |
Cumulative change related to the adoption of ASU 2016-13 |
Cumulative effect, period of adoption, adjusted balance |
Common stock |
Common stock
Cumulative change related to the adoption of ASU 2016-13
|
Common stock
Cumulative effect, period of adoption, adjusted balance
|
Retained earnings |
Retained earnings
Cumulative change related to the adoption of ASU 2016-13
|
Retained earnings
Cumulative effect, period of adoption, adjusted balance
|
Accumulated other comprehensive income (loss) |
Accumulated other comprehensive income (loss)
Cumulative change related to the adoption of ASU 2016-13
|
Accumulated other comprehensive income (loss)
Cumulative effect, period of adoption, adjusted balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity, beginning balance at Dec. 31, 2019 | $ 2,013.9 | $ (24.1) | $ 1,989.8 | $ 1,049.3 | $ 0.0 | $ 1,049.3 | $ 953.6 | $ (24.1) | $ 929.5 | $ 11.0 | $ 0.0 | $ 11.0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 29.3 | 0.0 | 29.3 | 0.0 | |||||||||
Other comprehensive income (loss), net of tax expense | 28.8 | 0.0 | 0.0 | 28.8 | |||||||||
Common stock transactions: | |||||||||||||
Common shares purchased and retired | (32.6) | (32.6) | 0.0 | 0.0 | |||||||||
Common shares issued | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Non-vested common shares issued | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Non-vested common shares forfeited or canceled | 0.6 | (0.6) | 0.0 | 0.0 | |||||||||
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 1.4 | 1.4 | 0.0 | 0.0 | |||||||||
Stock-based compensation expense | (61.2) | 0.0 | (61.2) | 0.0 | |||||||||
Equity, ending balance at Mar. 31, 2020 | 1,956.1 | 1,018.7 | 897.6 | 39.8 | |||||||||
Equity, beginning balance at Dec. 31, 2020 | 1,959.8 | 941.1 | 962.1 | 56.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 51.4 | 0.0 | 51.4 | 0.0 | |||||||||
Other comprehensive income (loss), net of tax expense | (49.9) | 0.0 | 0.0 | (49.9) | |||||||||
Common stock transactions: | |||||||||||||
Common shares purchased and retired | (5.4) | (5.4) | 0.0 | 0.0 | |||||||||
Common shares issued (in shares) | 604 | ||||||||||||
Common shares issued | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Non-vested common shares issued | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Non-vested common shares forfeited or canceled | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.4 | 0.4 | 0.0 | 0.0 | |||||||||
Stock-based compensation expense | 2.4 | 2.4 | 0.0 | 0.0 | |||||||||
Common cash dividend declared | (25.3) | 0.0 | (25.3) | 0.0 | |||||||||
Equity, ending balance at Mar. 31, 2021 | $ 1,933.4 | $ 938.5 | $ 988.2 | $ 6.7 |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Stock repurchased and retired (in shares) | 127,180 | 1,093,259 | |
Non-vested common shares issued (in shares) | 239,525 | 327,367 | |
Non-vested common shares forfeited (in shares) | 19,068 | 2,570 | |
stock options exercised (in shares) | 40,663 | 73,351 | |
Shares tendered (in shares) | 6,177 | 23,175 | |
Common dividends (in dollars per share) | $ 0.41 | $ 0.94 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc., First Interstate Bank (“FIB”), and its other subsidiaries (collectively, the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at March 31, 2021 and December 31, 2020, the results of operations, changes in stockholders’ equity, and cash flows for each of the three month period ended March 31, 2021 and 2020, in conformity with U.S. generally accepted accounting principles (“GAAP”). The balance sheet information at December 31, 2020 is derived from audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform prior year financial statements to the March 31, 2021 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which includes a description of significant accounting policies. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
|
Investment Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and the approximate fair values of investment securities are summarized as follows:
There were no material gross realized gains and no material gross losses on the disposition of available-for-sale investment securities during the three month periods ended March 31, 2021 and 2020. As of March 31, 2021, the Company had general obligation securities with amortized costs of $60.9 million included in state, county, and municipal securities, of which $25.6 million, or 42.0%, were issued by political subdivisions or agencies within the states of Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020. There were no held-to-maturity securities in a continuous unrealized loss position at December 31, 2020.
The available-for-sale securities portfolio contains securities that are guaranteed by a sovereign entity or are generally considered to have non-credit related risks, such as interest rate risk or prepayment and liquidity factors. The Company considers whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred. The unrealized losses are due to changes in interest rates and other market conditions. The Company had 292 and 181 individual available-for-sale investment securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, respectively, related primarily to fluctuations in current interest rates. As of March 31, 2021, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. There were no material allowances for credit loss as of March 31, 2021 or December 31, 2020 for available-for-sale or held-to-maturity securities. Maturities of securities do not reflect rate repricing opportunities present in adjustable-rate mortgage-backed securities. As of March 31, 2021, the Company had variable rate mortgage-backed securities with an amortized cost of $235.8 million classified as available-for-sale in the table below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
As of March 31, 2021, the Company held investment securities callable within one year with amortized costs and estimated fair values of $265.1 million and $258.6 million, respectively. These investment securities are primarily included in the “after five years but within ten years” category in the table above. As of March 31, 2021, the Company held no callable structured notes. As of March 31, 2021 and December 31, 2020, the Company recorded amortized costs of $2,257.0 million and $2,323.0 million, respectively, for investment securities pledged to secure public deposits and securities sold under repurchase agreements and had approximate fair values as of March 31, 2021 and December 31, 2020 of $2,290.8 million and $2,383.6 million, respectively. All securities sold under repurchase agreements are with clients and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements.
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Loans Held for Investment |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Held for Investment The following table presents loans by segment as of the dates indicated:
Allowance for Credit Losses The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment:
Collateral-Dependent Financial Loans A collateral-dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. The loan may become collateral-dependent where the borrower is experiencing financial difficulty and as sources of repayment become inadequate over time and that repayment is expected to be provided substantially through the operation or sale of the collateral. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due are still accruing interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated.
(1) As of March 31, 2021 and December 31, 2020, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three months ended March 31, 2021 and 2020, respectively. Additionally, no material accrued interest was reversed at March 31, 2021 and 2020. Troubled Debt Restructurings Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis as negotiated with the borrower in connection with the ongoing loan collection processes. Loan modifications typically include interest rate changes, interest only periods of less than twelve months, short-term payment deferrals and extension of amortization periods to provide payment relief. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not otherwise consider. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and may be returned to accrual status if the borrower has sustained repayment performance in accordance with the restructuring agreement for a period of at least six months and management is reasonably assured of the borrower’s future performance. If the troubled debt restructuring meets these performance criteria, and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status and the accrual of interest will resume. Loans that return to performing status will continue to be individually evaluated for credit deterioration. The 2020 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided financial institutions with options on the treatment of troubled debt restructurings, and the Company elected to apply these options at the individual loan level. Under the CARES Act, the Company can elect: (1) to suspend the requirements under GAAP for loan modifications related to the COVID–19 pandemic that would otherwise be categorized as a troubled debt restructuring; and/or (2) to suspend any determination of a loan modified as being a troubled debt restructuring as a result of the effects of the COVID–19 pandemic, including impairment for accounting purposes. If the Company elects a suspension noted above, the suspension (a) will be effective for the term of the loan modification, but solely with respect to any modification, including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays the payment of principal or interest, occurring for a loan that was not more than 30 days past due as of December 31, 2019; and (b) will not apply to any adverse impact on the credit of a borrower that is not related to the COVID–19 pandemic. These suspensions end the earlier of January 1, 2022 or the date that is 60 days after the termination of the national emergency. The Company renegotiated loans in troubled debt restructurings in the amount of $12.2 million as of March 31, 2021, of which $9.1 million were included in non-accrual loans and $3.1 million were on accrual status. As of March 31, 2021, the Company allocated $1.5 million of allowance for credit losses to those loans and the Company had no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. The Company renegotiated loans in troubled debt restructurings in the amount of $14.5 million as of December 31, 2020, of which $11.3 million were included in non-accrual loans and $3.2 million were on accrual status. As of December 31, 2020, the Company allocated $2.9 million of allowance for credit losses to those loans and the Company had no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. The Company had no material new troubled debt restructurings during the three months ended March 31, 2021. For troubled debt restructurings that were on non-accrual status or otherwise deemed collateral-dependent before the modification, a specific reserve may already be recorded. In periods subsequent to modification, the Company continues to evaluate all troubled debt restructurings for possible credit deterioration and recognizes credit loss through the allowance. Additionally, these loans continue to work through the credit cycle through charge-off, pay-off, or foreclosure. Financial effects of modifications of troubled debt restructurings may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to modifying troubled debt restructurings during the three months ended March 31, 2021 or 2020. The Company had no material troubled debt restructurings during the previous 12 months for which there was a payment default during the three months ended March 31, 2021. The Company considers a payment default to occur on troubled debt restructurings when the loan is 90 days or more past due or is placed on non-accrual status after the modification. The terms of certain other loans were modified during the quarter ended March 31, 2021 that did not meet the definition of a troubled debt restructuring. These loans have a total recorded investment of $94.4 million as of March 31, 2021. The modification of these loans involved either a modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant. In order to determine whether a borrower is experiencing financial difficulty, the Company evaluates the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Credit Quality Indicators As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans based on relevant information about the ability of borrowers to service their debt including, among other factors, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually to classify the credit risk of the loans. This analysis generally includes loans with an outstanding balance greater than $1.0 million, which are generally considered non-homogeneous loans, such as commercial loans and commercial real estate loans. This analysis is performed no less than on an annual basis, dependent upon the size of exposure and the financial reporting frequency to which the borrower is contractually obligated. Homogeneous loans, including small business loans, are typically managed by payment performance. The Company risk rates its loans internally in accordance with a Uniform Classification System developed jointly by the various bank regulatory agencies to internally risk rate loans. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators in addition to the 6 Pass ratings in its 10-point rating scale: Special Mention — includes loans that exhibit a potential weakness in financial condition, loan structure, or documentation that warrants management’s close attention. If not promptly corrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard — includes loans that are inadequately protected by the current net worth and paying capacity of the borrower which have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Although the primary source of repayment for a substandard loan may not currently be sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. Doubtful — includes loans that exhibit pronounced weaknesses on the basis of currently existing facts, conditions, and values to a point where collection or liquidation for full repayment is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale:
The Company evaluates the credit quality, loan performance, and the allowance for credit loan losses of its residential and consumer loan portfolios, based primarily on the aging status of the loan and payment activity. Accordingly, loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans modified under troubled debt restructurings are considered to be nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated:
The Company considers the performance of the loan portfolio and its impact on the allowance for credit loan losses. For certain credit card loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit card loans based on payment activity:
There were no material purchases of portfolio loans and no material sales of loans held for investment during the three months ended March 31, 2021 or 2020.
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Other Real Estate Owned |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repossessed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is a category of real estate owned by the Company as a result of a default by the borrower. Information with respect to the Company’s other real estate owned follows:
There were no foreclosed residential real estate properties included in other real estate owned as of March 31, 2021 and December 31, 2020. The Company had recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure of zero and $0.2 million as of March 31, 2021 and December 31, 2020, respectively.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivatives and Hedging ActivitiesFor asset and liability management purposes, the Company enters into interest rate swap contracts to hedge against changes in forecasted cash flows due to interest rate exposures. Interest rate swaps are contracts in which a series of interest payments are exchanged over a prescribed period. The notional amount upon which the interest payments are based is not exchanged. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. The swap agreements are derivative instruments and convert a portion of the Company’s forecasted variable rate debt to a fixed rate (i.e., cash flow hedge) over the payment term of the interest rate swap. The gain or loss on cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period during which the transaction affects earnings. The Company does not enter into interest rate swap agreements for trading or speculative purposes. Changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. On May 1, 2020, the Company entered into three interest rate swap contracts that were designated as cash flow hedges. The contracts included a notional amount of $46.4 million, $36.1 million, and $5.1 million. The Company pays a fixed interest rate of 0.40%, 0.34%, and 0.40%, respectively, and the counterparty pays to the Company a variable interest rate equal to the three-month LIBOR under the terms of the interest rate swap contracts. No cash was exchanged until the effective date, which began on May 1, 2020 and ends on April 1, 2022, March 15, 2022, and March 30, 2022, respectively. The Company designated the interest payments related to the trust preferred securities as the cash flow hedge. The hedge was fully effective during the current period. The Company expects the hedge to remain highly effective during the remaining term of the interest rate swap. The Company also enters into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a client while at the same time entering into an offsetting interest rate swap with a third-party financial institution. Because the Company acts as an intermediary for the client, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee, provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are marked to market through earnings. In addition to the effects of the change in market interest rate, the fair value measurement of the derivative also contemplates the expected cash flows to be received from the counterparty from the future sale of the loan. The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. During the interest rate lock commitment period, these forward loan sales contracts are marked to market through earnings and are not designated as accounting hedges. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires, and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income. The notional amounts and estimated fair values of the Company’s derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models.
There were no material effects of derivative instruments in cash flow hedging relationships on the consolidated statements of income for the three months ended March 31, 2021. Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting arrangements. Master netting arrangements allow the Company to settle all contracts held with a single counterparty on a net basis and to offset net contract position with related collateral where applicable. The following table illustrates the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets for the periods indicated:
The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company’s statements of income:
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Capital Stock |
3 Months Ended |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The Company had 41,583,430 shares of Class A common stock and 20,646,913 shares of Class B common stock outstanding as of March 31, 2021. The Company had 40,335,113 shares of Class A common stock and 21,760,686 shares of Class B common stock outstanding as of December 31, 2020. On June 11, 2019, the Company’s board of directors adopted a stock repurchase program where the Company may repurchase up to 2.5 million of its outstanding shares of Class A common stock. On September 12, 2020, the Company’s board of directors increased the number of shares of Class A common stock authorized to be repurchased by the Company under the stock repurchase program by an additional 3.0 million shares for a total of 5.5 million shares. During the three months ended March 31, 2021, the Company repurchased and retired 72,700 shares of our Class A common stock at a total cost of $2.9 million, including costs and commissions, at an average cost of $39.69 per share. The shares of common stock repurchased under the program during the period represented 1.3% of the total 5.5 million shares authorized to be repurchased. As of March 31, 2021, there were 1.9 million shares remaining authorized under the repurchase program. All other stock repurchases during the three months ended March 31, 2021 and 2020, were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company’s equity compensation plans. During the three months ended March 31, 2021, the Company issued 604 shares of its Class A common stock to directors for their service on the Company's board of directors. The aggregate value of the shares issued to the directors was included in stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity.
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Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common ShareBasic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the periods presented:
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Regulatory Capital |
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Banking and Thrift, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital | Regulatory Capital As of March 31, 2021 and December 31, 2020, the Company exceeded all capital adequacy requirements to which it is subject. Actual capital amounts and ratios for the Company and its subsidiary Bank, as of March 31, 2021 and December 31, 2020 are presented in the following tables:
(1) The ratios for the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is involved in various other claims and litigation. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition thereof of all other claims and litigation is not expected to have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company. As of March 31, 2021, the Company had commitments under construction contracts of $5.0 million. Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially all the loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty, or covenant; untimely document delivery; false or misleading statements; failure to obtain certain certificates or insurance; or unmarketability. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days or months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements, the Company had $0.6 million of sold residential mortgage loans with recourse provisions still in effect as of March 31, 2021.
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Financial Instruments with Off-Balance Sheet Risk |
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Financial Instruments with Off-Balance Sheet Risk [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of amounts recorded in the consolidated balance sheets. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the commitment contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. The Company’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The estimated fair value of the obligation undertaken by the Company in issuing standby letters of credit is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets. The following table presents our financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments:
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Other Comprehensive Income/Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The gross amounts of each component of other comprehensive income and the related tax effects are as follows:
The components of accumulated other comprehensive income, net of related tax effects, are as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2021 and 2020. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2021 and 2020. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale. The Company obtains fair value measurements for investment securities from an independent pricing service. 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 investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. For purposes of potential valuation adjustments to our derivative positions, we evaluate the credit risk of our counterparties as well as ours. Accordingly, we have considered factors such as the likelihood of our default and the default of our counterparties, our net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. The change in value of derivative assets and derivative liabilities attributable to credit risk was not significant during the reported periods. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets and liabilities are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments. Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to credit deterioration. The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
Collateral-dependent Loans. Collateral-dependent loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The collateral-dependent loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of a collateral-dependent loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for credit losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of March 31, 2021, certain collateral-dependent loans with a carrying value of $20.0 million were reduced by specific valuation allowance allocations of $1.1 million and partial charge-offs of $1.7 million resulting in a reported fair value of $17.2 million. As of December 31, 2020, certain collateral-dependent loans with a carrying value of $17.5 million were reduced by specific valuation allowance allocations of $2.8 million resulting in a reported fair value of $14.7 million. OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset’s fair value at foreclosure are reported through charges to the allowance for credit losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. The Company had no material write downs on OREO properties during the three months ended March 31, 2021 and 2020, respectively. Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. As of March 31, 2021, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $5.2 million, which was reduced by write-downs of $0.2 million, resulting in a fair value of $5.0 million. As of December 31, 2020, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $5.5 million, reduced by write-downs of $0.2 million, resulting in a fair value of $5.3 million. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value. Financial Assets. Carrying values of cash, cash equivalents, and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers 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 investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality using an exit price notion. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments. Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements, and accrued interest payable are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates currently offered for deposits with similar remaining maturities. The fair values of derivative liabilities are obtained from an independent pricing service, which considers observable data that may include the three-month LIBOR forward curve, the federal funds effective swap rate and cash flows, among other things. The carrying values of the interest-bearing demand notes to the United States Treasury are deemed an approximation of fair values due to the frequent repayment and repricing at market rates. The fixed and floating rate subordinated debentures, floating rate subordinated term loan, notes payable to the FHLB, fixed rate subordinated term debt, and capital lease obligation are estimated by discounting future cash flows using current rates for advances with similar characteristics. Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant. The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
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Recent Authoritative Accounting Guidance |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the Board’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement. The amendments in this Update are effective for fiscal years ending after December 15, 2020, for public business entities. The amendments in this Update became effective for the Company on January 1, 2021 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. The Company is currently evaluating the impact the adoption of other expedients in the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs.” In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, that clarifies an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this Update became effective for the Company on January 1, 2021 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2021-01, “Reference Rate Reform (Topic 848)” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848, that clarifies certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events have been evaluated for potential recognition and disclosure through the date financial statements were filed with the SEC. On April 26, 2021, the Company declared a quarterly dividend to common shareholders of $0.41 per share, to be paid on May 21, 2021 to shareholders of record as of May 11, 2021. No other undisclosed events requiring recognition or disclosure were identified.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2021 and 2020. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2021 and 2020. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale. The Company obtains fair value measurements for investment securities from an independent pricing service. 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 investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. For purposes of potential valuation adjustments to our derivative positions, we evaluate the credit risk of our counterparties as well as ours. Accordingly, we have considered factors such as the likelihood of our default and the default of our counterparties, our net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. The change in value of derivative assets and derivative liabilities attributable to credit risk was not significant during the reported periods. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans.Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets and liabilities are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments.
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Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the Board’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement. The amendments in this Update are effective for fiscal years ending after December 15, 2020, for public business entities. The amendments in this Update became effective for the Company on January 1, 2021 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. The Company is currently evaluating the impact the adoption of other expedients in the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs.” In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, that clarifies an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this Update became effective for the Company on January 1, 2021 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2021-01, “Reference Rate Reform (Topic 848)” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848, that clarifies certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized as follows:
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Gross Unrealized Losses and Fair Values of Investment Securities | The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020. There were no held-to-maturity securities in a continuous unrealized loss position at December 31, 2020.
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Maturities of Investment Securities | As of March 31, 2021, the Company had variable rate mortgage-backed securities with an amortized cost of $235.8 million classified as available-for-sale in the table below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
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Loans Held for Investment (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Class | The following table presents loans by segment as of the dates indicated:
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Schedule of Allowance for Loan Losses by Portfolio Segment | The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment:
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Schedule of Recorded Investment in Impaired Loans | The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:
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Schedule of Recorded Investment in Past Due Loans by Class | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due are still accruing interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated.
(1) As of March 31, 2021 and December 31, 2020, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three months ended March 31, 2021 and 2020, respectively. Additionally, no material accrued interest was reversed at March 31, 2021 and 2020.
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Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale:
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Other Real Estate Owned (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repossessed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned Roll Forward | Information with respect to the Company’s other real estate owned follows:
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Derivatives and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts and Estimated Fair Values of Derivatives | The notional amounts and estimated fair values of the Company’s derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models.
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Offsetting Assets and Liabilities | The following table illustrates the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets for the periods indicated:
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Derivative Instruments, Gain (Loss) | The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company’s statements of income:
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Earnings per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share for the periods presented:
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Regulatory Capital (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual capital amounts and ratios for the Company and its subsidiary Bank, as of March 31, 2021 and December 31, 2020 are presented in the following tables:
(1) The ratios for the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis.
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Other Comprehensive Income/Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Comprehensive Income and Related Tax Effects | The gross amounts of each component of other comprehensive income and the related tax effects are as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income, net of related tax effects, are as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
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Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
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Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
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Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
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Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2011 |
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Proceeds from Interest Received | $ (1.1) | $ (0.4) | |||
Accounts Receivable, Allowance for Credit Loss | 136.6 | 129.1 | $ 144.3 | $ 73.0 | $ 144.3 |
Off-Balance Sheet, Credit Loss, Liability | 3.4 | $ 2.1 | 3.7 | 0.0 | |
Deferred tax liability, net | (19.9) | (27.2) | |||
Retained Earnings (Accumulated Deficit) | $ 988.2 | 962.1 | |||
Cumulative effect, period of adoption, adjusted balance | |||||
Off-Balance Sheet, Credit Loss, Liability | $ 0.0 | $ 2.3 |
Loans Held for Investment - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Receivables [Abstract] | |||
Loans renegotiated in troubled debt restructurings | $ 12,200,000 | $ 14,500,000 | |
Troubled restructurings included in non-accrual loans | 9,100,000 | 11,300,000 | |
Loans renegotiated in troubled debt restructurings, accrual loans | 3,100,000 | 3,200,000 | |
Financing receivable, after allowance for credit loss, noncurrent | 1,500,000 | $ 2,900,000 | |
TDR commitment to lend | 0 | ||
Troubled debt restructurings | 0 | ||
Charge-offs directly related to modifying troubled debt restructurings | 0 | ||
Balance of defaulted loans under trouble debt restructurings | 0 | ||
Impaired financing receivable, recorded investment | 94,400,000 | ||
Commitments to purchase or sell | 0 | $ 0 | |
Proceeds from sale of loans held-for-investment | $ 0 | $ 0 |
Other Real Estate Owned (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Real Estate Acquired Through Foreclosure [Roll Forward] | |||
Beginning balance | $ 2.5 | $ 8.5 | |
Additions | 0.3 | 0.9 | |
Valuation adjustments | 0.0 | ||
Dispositions | (0.6) | (1.2) | |
Ending balance | 2.2 | $ 8.2 | |
Carrying values of foreclosed residential real estate properties | 0.0 | ||
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure | $ 0.0 | $ 0.2 |
Derivatives and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (0.1) | $ 0.0 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of net fee income recognized in other non-interest income | 1.1 | 1.0 |
Amount of net gains recognized in mortgage banking revenues | 0.3 | $ 4.5 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 0.0 |
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net income | $ 51.4 | $ 29.3 |
Weighted average common shares outstanding for basic earnings per share computation (in shares) | 61,591,877 | 64,790,186 |
Dilutive effects of stock-based compensation (in shares) | 122,186 | 146,921 |
Weighted average common shares outstanding for diluted earnings per common share computation (in shares) | 61,714,063 | 64,937,107 |
Basic earnings per common share (in dollars per share) | $ 0.83 | $ 0.45 |
Diluted earnings per common share (in dollars per share) | $ 0.83 | $ 0.45 |
Restricted Stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock (in shares) | 92,602 | 113,468 |
Unvested restricted stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock (in shares) | 368,793 | 309,410 |
Commitments and Contingencies (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Mortgage Loans Held For Sale [Member] | |
Loss Contingencies [Line Items] | |
Mortgage loans with recourse provision in effect | $ 0.6 |
Construction Contracts | |
Loss Contingencies [Line Items] | |
Commitments under construction contracts | $ 5.0 |
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Entity Information [Line Items] | ||||
Off-Balance Sheet, Credit Loss, Liability | $ 3.4 | $ 2.1 | $ 3.7 | $ 0.0 |
Provision for (reversal of) credit loss expense | 4.8 | (29.2) | ||
Credit Extension Commitments | 2,302.1 | 2,280.0 | ||
Unused Credit Card Lines | ||||
Entity Information [Line Items] | ||||
Credit Extension Commitments | 684.2 | 682.8 | ||
Standby Letter of Credit | ||||
Entity Information [Line Items] | ||||
Credit Extension Commitments | 61.9 | 59.0 | ||
Cumulative effect, period of adoption, adjusted balance | ||||
Entity Information [Line Items] | ||||
Off-Balance Sheet, Credit Loss, Liability | $ 0.0 | $ 2.3 | ||
Provision for (reversal of) credit loss expense | $ (0.3) | $ (0.2) |
Other Comprehensive Income/Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | $ 1,933.4 | $ 1,959.8 | $ 1,956.1 | $ 2,013.9 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.2) | |||
Net unrealized gains on investment securities available-for-sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | 6.8 | 56.8 | ||
Net unrealized loss on derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.1) | |||
Net accumulated other comprehensive gains | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | $ 6.7 | $ 56.6 | $ 39.8 | $ 11.0 |
Recent Authoritative Accounting Guidance (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total stockholders’ equity | $ 1,933.4 | $ 1,959.8 | $ 1,956.1 | $ 2,013.9 |
Off-Balance Sheet, Credit Loss, Liability | 3.4 | 3.7 | 2.1 | 0.0 |
Retained earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total stockholders’ equity | $ 988.2 | $ 962.1 | $ 897.6 | $ 953.6 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions |
Apr. 26, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment, Non Accrual | $ 9.1 | $ 11.3 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividend amount per share (in dollars) | $ 0.41 |
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