Borrowings |
9 Months Ended |
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Sep. 30, 2024 | |
Disclosure Text Block [Abstract] | |
Borrowings | 6. BORROWINGS
Customer Repurchase Agreements
The Bank offers a repurchase agreement product to its customers. This product, known as Citizens Sweep Manager, sells our investment securities overnight to our customers under an agreement to repurchase them the next day at a price which reflects the market value of the use of funds by the Bank for the period concerned. These repurchase agreements are signed with customers who want to invest their excess deposits, above a pre-determined balance in a demand deposit account, in order to earn interest. As of September 30, 2024, total funds borrowed under these agreements were $394.5 million with a weighted average interest rate of 2.24%, compared to $271.6 million with a weighted average interest rate of 0.29% at December 31, 2023.
Federal Home Loan Bank Advances and Other Borrowings
As of September 30, 2024, borrowings consisted of $500.0 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. During the third quarter of 2024, we repaid $1.3 billion of borrowings from the Federal Reserve's Bank Term Funding Program ("BTFP"), with a cost of 4.76%, that were scheduled to mature in January of 2025.
As of December 31, 2023, total short-term borrowings of $2.07 billion, consisted of $1.91 billion of one-year advances from the Federal Reserve's BTFP at a cost of 4.78% and $160 million of short-term FHLB advances, at an average cost of approximately 5.7%. The BTFP advances included maturities of $695 million in May and $1.2 billion in December of 2024.
At September 30, 2024, loans with a carrying value of $4.32 billion were pledged to secure available lines of credit from the FHLB and the Federal Reserve Bank. At September 30, 2024 investment securities with carrying values of $1.88 billion were pledged to secure $469 million for repurchase agreements, $1.35 billion for unused borrowing capacity and approximately $58 million for other purposes as required or permitted by law. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Accounting policies (Policies) |
9 Months Ended |
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Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Earnings per common share: | ||||
Net Income (Loss) | $ 51,224 | $ 57,887 | $ 149,858 | $ 172,927 |
Less: Net earnings allocated to restricted stock | 377 | 410 | 1,075 | 1,208 |
Net earnings allocated to common shareholders | $ 50,847 | $ 57,477 | $ 148,783 | $ 171,719 |
Weighted average shares outstanding | 138,650 | 138,345 | 138,415 | 138,361 |
Basic earnings per common share | $ 0.37 | $ 0.42 | $ 1.07 | $ 1.24 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 50,847 | $ 57,477 | $ 148,783 | $ 171,719 |
Weighted average shares outstanding | 138,650 | 138,345 | 138,415 | 138,361 |
Incremental shares from assumed exercise of outstanding options | 189 | 136 | 134 | 120 |
Diluted weighted average shares outstanding | 138,839 | 138,481 | 138,549 | 138,481 |
Diluted earnings per common share | $ 0.37 | $ 0.42 | $ 1.07 | $ 1.24 |
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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.2 | $ 0.2 | $ 0.6 | $ 0.6 |
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Leases |
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Leases | 12. LEASES
The Company’s operating leases, where the Company is a lessee, include real estate, such as office space and banking centers. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is reflected in the consolidated statement of earnings. Right-of-use (“ROU”) assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s condensed consolidated balance sheet.
While the Company has, as a lessor, certain equipment finance leases, such leases are not material to the Company’s consolidated financial statements.
The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented.
(1) Includes short-term leases and variable lease costs, which are immaterial.
During the third quarter of 2024, the Bank executed sale-leaseback transactions with the sale of two properties for an aggregate sale price of $17 million. The Bank simultaneously entered into lease agreements with the respective purchasers for initial terms of 15 and 18 years with specified renewal options for each respective lease. These sale-leaseback transactions resulted in a pre-tax net gain of $9.1 million for the third quarter of 2024. The Bank also recorded ROU assets and corresponding operating lease liabilities each totaling $11.2 million.
The Company’s lease arrangements that have not yet commenced as of September 30, 2024 and the Company’s short-term lease costs and variable lease costs, for the nine months ended September 30, 2024 and 2023 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2024, excluding property taxes and insurance, are as follows:
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Fair value of financial and nonfinancial obligations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Business - Additional Information (Detail) $ in Thousands |
Sep. 30, 2024
USD ($)
Location
Subsidiary
Center
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Dec. 31, 2023
USD ($)
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Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated banking centers | Center | 62 | |
Bank operated trust office locations, number | Location | 3 | |
Assets | $ 15,403,216 | $ 16,020,993 |
Bank Owned Life Insurance | 316,553 | 308,706 |
Goodwill | $ 765,822 | $ 765,822 |
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- Definition Bank operated banking centers number. No definition available.
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- Definition Bank operated wealth management offices, number. No definition available.
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- Definition Schedule Of Description Of Company [Line Items] No definition available.
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- Definition The carrying amount of a life insurance policy on an officer, executive or employee for which the reporting entity (a bank) is entitled to proceeds from the policy upon death of the insured or surrender of the insurance policy. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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14. SUBSEQUENT EVENTS (Additional Information) (Details) - Subsequent Event [Member] $ in Millions |
Oct. 31, 2024
USD ($)
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Subsequent Event [Line Items] | |
Aggregate Sale Price of Buildings | $ 30.0 |
Combined pre-tax net gain | $ 16.8 |
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- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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LEASES (Additional Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Leases [Abstract] | ||||
Sale Lease back Transaction Net Proceed Investing Activities | $ 17,000 | $ 16,175 | $ 0 | |
Gain on sale leaseback transactions | $ (9,106) | $ 0 | $ (9,106) | $ 0 |
Operating Lease, Term of Property 1 | 15 years | 15 years | ||
Operating Lease, Term of Property 2 | 18 years | 18 years | ||
Operating Lease, Liability, Current | $ 11,200 | $ 11,200 | ||
Operating Lease Right Of Use Assets, Current | $ 11,200 | $ 11,200 |
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- Definition Operating Lease Right Of Use Assets, Current No definition available.
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- Definition Operating Lease, Term of Contract 1 No definition available.
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- Definition Sale Lease back Transaction Net Proceed Investing Activities No definition available.
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale and leaseback transaction from transfer of asset accounted for as sale. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives Not Designated as Hedging Instruments
The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of September 30, 2024, the Bank has entered into 115 interest-rate swap agreements with customers with a notional amount totaling $364.5 million. The Bank then entered into identical offsetting swaps with counterparties. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings.
The structure of the swaps is as follows. The Bank enters into an interest rate swap with its customers in which the Bank pays the customer a variable rate and the customer pays the Bank a fixed rate, therefore allowing customers to convert variable rate loans to fixed rate loans. At the same time, the Bank enters into a swap with a counterparty bank in which the Bank pays the counterparty a fixed rate and the counterparty in return pays the Bank a variable rate. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on SOFR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. Our interest rate swap derivatives are subject to a master netting arrangement with our counterparties. None of our derivative assets and liabilities are offset in the Company’s condensed consolidated balance sheet.
We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk.
Derivatives Designated as Hedging Instruments
Fair Value Hedges
To manage interest rate risk on our AFS securities portfolio, we have entered into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of such securities resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging. We elected to account for the fair value hedges using the portfolio layer method in accordance with ASU 2022-01. We record the interest rate swaps in the line items "accrued interest receivable and other assets" and "other liabilities" on our consolidated balance sheet. For qualifying fair value hedges, both the changes in the fair value of the derivative and the portion of the fair value adjustments associated with the portfolio layer attributable to the hedged risk are recognized into earnings as they occur. Derivative amounts impacting earnings are recognized consistent with the classification of the hedged item in the line item "investment securities available for sale" as part of interest income, a component of consolidated net income.
In June 2023, fair value hedging transactions were executed in which $1 billion notional pay-fixed interest rate swaps were consummated with maturities ranging from four to five years, wherein the Company pays a weighted average fixed rate of approximately 3.8% and receives daily SOFR. The fair value of these instruments totaled $15.0 million and were reflected as a liability at September 30, 2024.
Cash Flow Hedges
To manage our interest rate risk associated with brokered CDs, FHLB advances or other fixed rate advances for specified periods, the Company enters into interest rate derivative contracts that are designated as qualifying cash flow hedges to hedge the exposure to variability in expected future cash flows attributable to changes in a contractually specified interest rates. During the first quarter of 2024, $300 million of 3-month term brokered CDs were issued and cash flow hedging transactions were also executed in which $300 million notional pay-fixed interest rate swaps were consummated with maturities of three years, wherein the Company pays a weighted average fixed rate of approximately 4.2% and receives daily SOFR.
To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the hedge if a cash flow hedge. At inception a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to determine hedge effectiveness. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax. All related cash flows are reported in the operating activities section of the consolidated statement of cash flows. Amounts recorded to AOCI are reclassified into earnings in the same period in which the hedged asset or liability affects earnings and are presented in the same income statement line item as the earnings effect of the hedged asset or liability.
Balance Sheet Classification of Derivative Financial Instruments
As of September 30, 2024 and December 31, 2023, the notional amount, the location of the asset and liability, and their respective fair values, are summarized in the tables below.
The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings
The following table summarizes the effect of derivative financial instruments on the condensed consolidated statements of earnings for the periods presented.
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Provision for unfunded commitments during the period, representing either increases or decreases. No definition available.
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- Definition Loan Pledged As Collateral No definition available.
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- Definition Loans receivable percentage of portfolio. No definition available.
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- Definition Reserve for undisbursed commitments. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of increase (decrease) in allowance for credit loss on financing receivable. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of writeoff of financing receivable, charged against allowance for credit loss. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount, before valuation allowance, of financing receivable classified as held-for-sale. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Leases - Components of lease costs and supplemental information related to leases (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
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Lease Assets and Liabilities | |||||||
ROU assets | $ 32,516 | $ 32,516 | $ 21,655 | ||||
Total lease liabilities | 34,943 | 34,943 | $ 24,056 | ||||
Lease Cost | |||||||
Operating lease expense | [1] | 1,965 | $ 1,832 | 5,650 | $ 5,513 | ||
Sublease income | 0 | 0 | 0 | 0 | |||
Total lease expense | 1,965 | 1,832 | 5,650 | 5,513 | |||
Other Information | |||||||
Operating cash outflows from operating leases, net | $ 1,948 | $ 1,682 | $ 5,726 | $ 4,951 | |||
Lease Term and Discount Rate | |||||||
Weighted average remaining lease term (years) | 7 years 9 months 29 days | 7 years 9 months 29 days | 3 years 11 months 8 days | ||||
Weighted average discount rate | 5.26% | 5.26% | 3.48% | ||||
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- Definition Amount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Weighted average discount rate for operating lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Loans and Lease Finance Receivables and Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Lease Finance Receivables and Allowance for Credit Losses | 5. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
The following table provides a summary of total loans and lease finance receivables by type.
As of September 30, 2024, 80.50% of the Company’s total loan portfolio consisted of real estate loans, with commercial real estate loans representing 77.21% of total loans. The Company’s real estate loans and construction loans are secured by real properties primarily located in California. As of September 30, 2024, $460.7 million, or 6.96% of the total commercial real estate loans included loans secured by farmland, compared to $497.7 million, or 7.34%, at December 31, 2023. The loans secured by farmland included $121.9 million for loans secured by dairy & livestock land and $338.8 million for loans secured by agricultural land at September 30, 2024, compared to $122.4 million for loans secured by dairy & livestock land and $375.3 million for loans secured by agricultural land at December 31, 2023. As of September 30, 2024, dairy & livestock and agribusiness loans of $342.4 million were comprised of $298.3 million for dairy & livestock loans and $44.1 million for agribusiness loans, compared to $412.9 million comprised of $374.9 million of dairy & livestock loans and $38.0 million of agribusiness loans December 31, 2023.
At September 30, 2024 and December 31, 2023, loans totaling $4.32 billion and $4.04 billion, respectively, were pledged to secure available lines of credit from the FHLB and the Federal Reserve Bank.
There were no outstanding loans held-for-sale as of September 30, 2024 and December 31, 2023. Credit Quality Indicators We monitor credit quality by evaluating various risk attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. Internal credit risk ratings, within our loan risk rating system, are the credit quality indicators that we most closely monitor.
An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary.
Loans are risk rated into the following categories: Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows:
Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent.
Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.
Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected.
Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.
Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future. The following table summarizes loans by type and origination year, according to our internal risk ratings as of the dates presented.
Allowance for Credit Losses ("ACL")
The Company's allowance models calculate reserves over the average life of the loan, which includes the remaining time to maturity, adjusted for estimated prepayments applied as an adjustment to our commercial real estate and commercial and industrial loans. Our allowance for credit losses is based upon lifetime loss rate models developed from an estimation framework that uses historical lifetime loss experiences to derive loss rates at a collective pool level. We measure the expected credit losses on a collective (pooled) basis for those loans that share similar risk characteristics. We have three collective loan pools: Commercial Real Estate, Commercial and Industrial, and Consumer. A substantial portion of the ACL relates to loans within the Commercial Real Estate and Commercial and Industrial methodologies, each evaluated on a collective basis. Our ACL amounts are largely driven by portfolio characteristics, including loss history, internal risk grading, various risk attributes, and the economic outlook for certain macroeconomic variables. Risk attributes for commercial real estate loans include Original Loan to Value ratios ("OLTV"), origination year, loan seasoning, and macroeconomic variables that include Real GDP growth, commercial real estate price index and unemployment rate. Risk attributes for commercial and industrial loans include internal risk ratings, borrower industry sector, loan credit spreads and macroeconomic variables that include unemployment rate and BBB spread. The macroeconomic variables for Consumer include unemployment rate and GDP. The Commercial Real Estate methodology is applied over commercial real estate loans, a portion of construction loans, and a portion of SBA loans. The Commercial and Industrial methodology is applied over a substantial portion of the Company’s commercial and industrial loans, all dairy & livestock and agribusiness loans, municipal lease receivables, as well as the remaining portion of SBA loans (excluding Paycheck Protection Program loans). The Consumer methodology is applied to SFR mortgage loans, consumer loans, as well as the remaining construction loans. In addition to determining the quantitative life of loan loss rate to be applied against the amortized cost basis of the portfolio segments, management reviews current conditions and forecasts to determine whether adjustments are needed to ensure that the life of loan loss rates reflect both the current state of the portfolio, and expectations for macroeconomic changes. The Company’s ACL estimate incorporates a reasonable and supportable forecast of various macroeconomic variables over the remaining average life of our loans. This forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation, starting in years two through three, of the reasonable and supportable forecast period, with the reversion largely completed within the first five years of the forecast. The economic forecast is based on probability weighted scenarios to address macroeconomic uncertainty. Our methodology for assessing the appropriateness of the allowance is reviewed on a regular basis and considers overall risks in the Bank’s loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies included in our Annual Report on Form 10-K for the year ended December 31, 2023 for a more detailed discussion concerning the allowance for credit losses.
The ACL totaled $82.9 million at September 30, 2024, compared to $86.8 million at December 31, 2023. The $3.9 million decrease in the ACL from December 31, 2023 to September 30, 2024 was comprised of $3.9 million in net charge-offs. At September 30, 2024, the ACL as a percentage of total loans and leases, at amortized cost, was 0.97%. This compares to 0.98% at December 31, 2023.The majority of the net charge-offs in 2024 were related to loans in which specific loan loss reserves had been established prior to December 31, 2023. Our economic forecast continues to be a blend of multiple forecasts produced by Moody’s. These U.S. economic forecasts include a baseline forecast, as well as downside forecasts. The baseline forecast continues to represent the largest weighting in our multi-weighted forecast scenario, with downside risks weighted among multiple forecasts. As of September 30, 2024, the resulting weighted forecast resulted in Real GDP declining slightly in the fourth quarter of 2024 and continuing to be negative in the first quarter of 2025. GDP growth is forecasted to be less than 1% for all of 2025, before increasing to 1.4% in 2026, and then growth of 1.9% in 2027. Unemployment is forecasted to increase, with unemployment averaging 5.5% for all of 2025. The unemployment rate is forecasted to stay higher than 5.5% until late 2027.
Management believes that the ACL was appropriate at September 30, 2024 and December 31, 2023. Due to inflationary pressures, high interest rates, lower commercial real estate values, and geopolitical events, no assurance can be given that economic conditions that adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for credit losses in the future. The following tables present the balance and activity related to the allowance for credit losses for held-for-investment loans by type for the periods presented.
Past Due and Nonperforming Loans
We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is responsible for monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for credit losses, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated credit losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2023, for additional discussion concerning the Bank’s policy for past due and nonperforming loans.
The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the dates presented.
(1) Speculative construction loans are generally for properties where there is no identified buyer or renter.
(1) Speculative construction loans are generally for properties where there is no identified buyer or renter.
Amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance are presented as of September 30, 2024 and December 31, 2023 by type of loan.
(1) As of September 30, 2024, $206,000 of nonaccruing loans were current, $8.0 million were 30-59 days past due, $60,000 were 60-89 days past due, and $13.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $165,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection.
(1) As of December 31, 2023, $13.0 million of nonaccruing loans were current, $16,000 were 30-59 days past due, and $8.3 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the recorded investment in collateral-dependent loans by type of loans as of the dates presented.
Reserve for Unfunded Loan Commitments The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet loan commitments in the same manner as it evaluates credit risk associated with the loan and lease portfolio. The Bank's ACL methodology produced an allowance of $6.3 million for the off-balance sheet credit exposures as of September 30, 2024. There was a $1.3 million recapture of provision for unfunded loan commitments for the nine months ended September 30, 2024, compared to no recapture or provision for the nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, the balance in this reserve was $6.3 million and $7.5 million, respectively, and was included in other liabilities. Modifications of Loans to Borrowers Experiencing Financial Difficulty
The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2024. The amendments in ASU 2022-02 eliminated the recognition and measurement of TDRs and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.
As of September 30, 2024, total modified loans to borrowers experiencing financial difficulty of $15.8 million included 10 loans with an amortized cost totaling $8.0 million modified during the nine months ended September 30, 2024, including two dairy & livestock and agribusiness loans of $5.2 million, and eight commercial and industrial loans totaling $2.8 million.
The tables below reflect the amortized cost of loans by type made to borrowers experiencing financial difficulty that were modified as of September 30, 2024 and September 30, 2023.
The following table describes the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2024 and September 30, 2023.
As of September 30, 2024, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the first nine months of 2024 that subsequently defaulted. Payment default is defined as movement to nonaccrual (nonperforming) status, foreclosure or charge-off, whichever occurs first.
The following table presents the recorded investment in, and the aging of, past due loans at amortized cost (including nonaccrual loans), by type of loans, made to borrowers experiencing financial difficulty as of September 30, 2024.
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- Definition The entire disclosure for financing receivable. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Earnings Per Share Reconciliation - Additional Information (Detail) - shares shares in Thousands |
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Sep. 30, 2024 |
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Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 778,000 | 1,096,000 | 1,210,000 | 1,100,000 |
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- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Other Comprehensive Income (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Other Comprehensive Income | The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented.
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- References No definition available.
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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share Reconciliation (Tables) |
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Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.
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- References No definition available.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
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- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Allowance For Loans And Lease Loss Recovery Of Bad Debts No definition available.
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- Definition Allowance For Loans And Lease Losses Write Offs No definition available.
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- Definition Loan And Leases Receivable Allowance No definition available.
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- Definition Provision For Loans And Lease Losses No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Other comprehensive income (loss) amortization of unrealized gain (loss) on securities transferred from available for sale to held to maturity before tax. No definition available.
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- Definition Other comprehensive income (loss) amortization of unrealized gain (loss) on securities transferred from available for sale to held to maturity net of tax. No definition available.
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- Definition Other comprehensive income (loss) amortization of unrealized gain (loss) on securities transferred from available for sale to held to maturity tax. No definition available.
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- Definition Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax1 No definition available.
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- Definition Other Comprehensive Income (Loss), Fair Value Hedge, Gain (Loss), after Tax No definition available.
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- Definition Other Comprehensive Income (Loss), Fair Value Hedge, Gain (Loss), before Tax No definition available.
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- Definition Other Comprehensive Income (Loss), Fair Value Hedge, Gain (Loss), Tax No definition available.
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- Definition OtherComprehensiveIncomeLoss Net realized loss on investment securities reclassified into earnings BeforeTax No definition available.
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- Definition OtherComprehensiveIncomeLoss Net realized loss on investment securities reclassified into earnings Net Of Tax No definition available.
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- Definition OtherComprehensiveIncomeLoss Net realized loss on investment securities reclassified into earnings Tax No definition available.
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- References No definition available.
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- Definition Amount, before tax and after adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after adjustment, of tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and reclassification, of gain (loss) from derivative instrument designated and qualifying cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before adjustment, of tax expense (benefit) for unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Combinations (Additional Information) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
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Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
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Asset Acquisition [Line Items] | |||
Total assets | $ 15,403,216 | $ 16,020,993 | |
Cash and cash equivalents | 453,460 | 281,285 | |
Premises and equipment, net | 36,275 | 44,709 | |
Bank owned life insurance (BOLI) | 316,553 | 308,706 | |
Other assets | 216,236 | 127,187 | |
Goodwill | 765,822 | 765,822 | |
Fair value of liabilities assumed | 55,960 | $ 0 | |
Noninterest-bearing deposits | 7,136,824 | 7,206,175 | |
Interest-bearing | $ 4,935,665 | $ 4,227,467 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The carrying amount of a life insurance policy on an officer, executive or employee for which the reporting entity (a bank) is entitled to proceeds from the policy upon death of the insured or surrender of the insurance policy. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate of all domestic and foreign interest-bearing deposit liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The fair value of liabilities assumed in noncash investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of all domestic and foreign noninterest-bearing deposits liabilities held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Loan And Leases Receivable Allowance No definition available.
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- Definition Loan And Leases Receivable Gross Carrying Amount No definition available.
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- Definition Loans And Leases Receivables Net Reported Amount No definition available.
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- Definition Loans receivable construction. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value Information (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.
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Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.
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Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as discussed below, our accounting policies are described in Note 3 – Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC (“Form 10-K”).
Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Balance Sheet Offsetting (Tables) |
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balance Sheet Offsetting |
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- Definition Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. No definition available.
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- References No definition available.
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Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Financial Effect of the Loan Activity (Details) |
9 Months Ended | |
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Sep. 30, 2024 |
Sep. 30, 2023 |
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Term Extension [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term | 1 year 10 months 24 days | 1 year |
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.9 years to the life of loans, which reduced monthly payment amounts for the borrowers. | Added a weighted-average 1.0 years to the life of loans, which reduced monthly payment amounts for the borrowers. |
Term Extension [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term | 1 year 1 month 6 days | |
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers. | |
Term Extension [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term | 1 year 3 months 18 days | 6 months |
Financing receivable, modified, weighted average term, description | Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. | Added a weighted-average 0.5 years to the life of loans, which reduced monthly payment amounts for the borrowers. |
Combination-Term Extension and Interest Rate Reduction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term | 7 years 7 months 6 days | 7 years 7 months 6 days |
Financing receivable, modified, weighted average term, description | Added a weighted-average 7.6 years to the life of loans, which reduced monthly payment amounts for the borrowers; reduced weighted-average contractual interest rate from 10% to 7.25%. | Added a weighted-average 7.6 years to the life of loans, which reduced monthly payment amounts for the borrowers; reduced weighted-average contractual interest rate from 10% to 7.25%. |
Combination-Term Extension and Interest Rate Reduction [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modified, weighted average term | 2 years | |
Financing receivable, modified, weighted average term, description | Added a weighted-average 2.0 years to the life of loans, which reduced monthly payment amounts for the borrowers; reduced weighted-average contractual interest rate from 8.75% to 7.75%. |
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- Definition financing receivable, modified, weighted average term increase from modification, description No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Period of increase in weighted average maturity of financing receivable modified for debtor experiencing financial difficulty, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Nominal or face amount used to calculate payments on the derivative asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Nominal or face amount used to calculate payments on the derivative liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Revenue Recognition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 13. REVENUE RECOGNITION
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated.
Refer to Note 3 – Summary of Significant Accounting Policies and Note 23 – Revenue Recognition, included in our Annual Report on Form 10-K for the year ended December 31, 2023 for a more detailed discussion about noninterest revenue streams that are in-scope of Topic 606. |
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- References No definition available.
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
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Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,818,313 | $ 3,398,942 |
Fair Value, Held-to-maturity | $ 2,063,694 | $ 2,082,881 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 139,678,314 | 139,344,981 |
Common stock, shares outstanding | 139,678,314 | 139,344,981 |
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- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Total financing receivable, past due No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Computer software expense. No definition available.
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- Definition Interest-earning deposits with other institutions and federal funds sold. No definition available.
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- Definition Interest expense borrowings and customer repurchase agreements. No definition available.
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- Definition Interest income from available for sale securities. No definition available.
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- Definition Net change in Fair Value for available-for-sale-securities, Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Net of change in the Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity. No definition available.
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- Definition Provision For Unfunded Loan Commitments No definition available.
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- Definition Recapture of provision for loan and lease losses. No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized and realized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of operating dividend income on securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on held-to-maturity securities. No definition available.
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- Definition Interest and fee income generated by loans the Entity intends and has the ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (1) industrial and agricultural; (2) real estate; and (3) real estate construction loans; (4) trade financing; (5) lease financing; (6) home equity lines-of-credit; (7) automobile and other vehicle loans; and (8) credit card and other revolving-type loans. Also includes interest income for leases held by the Entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income, amortization of premium and accretion of discount, on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), investment in debt security measured at amortized cost (held-to-maturity) and investment in debt security measured at fair value with change in fair value recognized in net income (trading); classified as operating. No definition available.
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of tax expense (benefit) allocated to other comprehensive income (loss) attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale and leaseback transaction from transfer of asset accounted for as sale. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Number Of Instruments Dependent On Collateral. No definition available.
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- Definition Pledged Assets Not Separately Reported On Statement Of Financial Position [LineItems]. No definition available.
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- Definition Recorded investment in collateral dependent loans on business assets. No definition available.
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- Definition Recorded investment in collateral dependent loans on other financial instruments. No definition available.
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- Definition Recorded investment in collateral dependent loans on real estate. No definition available.
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of lease costs and supplemental information related to leases | The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented.
(1) Includes short-term leases and variable lease costs, which are immaterial.
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Future lease payments required for leases that have initial or remaining non-cancelable lease terms | The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2024, excluding property taxes and insurance, are as follows:
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- Definition The tabular disclosure of lease cost and supplemental information related to leases. No definition available.
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- References No definition available.
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Offsetting Assets Liabilities [Line Items] No definition available.
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- Definition Amount of obligation to return cash collateral under master netting arrangements offset against derivative assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of obligation to return cash collateral under master netting arrangements that have not been offset against derivative assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of obligation to return securities collateral under master netting arrangements that have not been offset against derivative assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of right to receive securities collateral under master netting arrangements that have not been offset against derivative liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after offset of derivative liability, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, before offset against an obligation to return collateral under a master netting arrangement. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after offset of derivative asset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, elected not to be and before offset against a right to receive collateral under a master netting arrangement. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of right to receive cash collateral under master netting arrangements offset against derivative liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 20,178 | $ 22,441 | $ 62,849 | $ 61,393 |
Total interest income from held-to-maturity securities | 13,284 | 13,576 | 40,131 | 41,272 |
Total interest income from investment securities | 33,462 | 36,017 | 102,980 | 102,665 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 20,010 | 22,272 | 62,347 | 60,887 |
Tax-advantaged | 168 | 169 | 502 | 506 |
Total interest income from available-for-sale securities | 20,178 | 22,441 | 62,849 | 61,393 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 10,896 | 11,139 | 32,930 | 33,939 |
Tax-advantaged | 2,388 | 2,437 | 7,201 | 7,333 |
Total interest income from held-to-maturity securities | $ 13,284 | $ 13,576 | $ 40,131 | $ 41,272 |
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- Definition Interest income from available for sale securities. No definition available.
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- Definition Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on held-to-maturity securities. No definition available.
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to tax benefits. Excludes operating interest income on securities exempt from state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Percentage of financing receivable modified during period for debtor experiencing financial difficulty to total financing receivables. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Accumulated amortized cost of financing receivable modified for debtor experiencing financial difficulty. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. No definition available.
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- Definition Area code of city No definition available.
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- Definition Cover page. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY. No definition available.
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- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. No definition available.
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- Definition Boolean flag that is true only for a form used as an quarterly report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Boolean flag that is true only for a form used as a transition report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition Address Line 1 such as Attn, Building Name, Street Name No definition available.
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- Definition Address Line 2 such as Street or Suite number No definition available.
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- Definition Name of the City or Town No definition available.
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- Definition Code for the postal or zip code No definition available.
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- Definition Name of the state or province. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
|
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
|
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. No definition available.
|
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- Definition Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Two-character EDGAR code representing the state or country of incorporation. No definition available.
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- Definition Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicates that the company is a Smaller Reporting Company (SRC). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Local phone number for entity. No definition available.
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- Definition Title of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Name of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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Balance Sheet Offsetting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Offsetting | 11. BALANCE SHEET OFFSETTING
Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to master netting arrangements. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to counterparties continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the Company’s condensed consolidated balances.
In June 2023, fair value hedging transactions were executed in which $1 billion notional pay-fixed interest rate swaps were consummated with original maturities ranging from four to five years, wherein the Company pays a weighted average fixed rate of approximately 3.8% and receives daily SOFR. The fair value of these instruments totaled $15.0 million and were reflected as a liability on September 30, 2024.
During the first quarter of 2024, cash flow hedging transactions were executed in which $300 million notional pay-fixed interest rate swaps were consummated with maturities of three years, wherein the Company pays a weighted average fixed rate of approximately 4.2% and receives daily SOFR. The fair value of these instruments totaled $5.3 million and were reflected as a liability on September 30, 2024.
Refer to Note 9 - Derivative Financial Instruments of the notes to the unaudited condensed consolidated financial statements of this report for additional information.
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- Definition The entire disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. No definition available.
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- References No definition available.
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Earnings Per Share Reconciliation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Reconciliation | 7. EARNINGS PER SHARE RECONCILIATION
Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2024 shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 778,000 and 1,210,000, respectively. For the three and nine months ended September 30, 2023 shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1,096,000 and 1,100,000, respectively.
The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.
|
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- References No definition available.
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS
Subsequent to September 30, 2024, the Bank executed sale-leaseback transactions during October of 2024, with the sale of two buildings for an aggregate sale price of approximately $30 million. These building sales resulted in a combined pre-tax net gain of $16.8 million. |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Fair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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Leases - Future lease payments required for leases that have initial or remaining non-cancelable lease terms (Detail) $ in Thousands |
Sep. 30, 2024
USD ($)
|
---|---|
2024 (excluding the nine months ended September 30, 2024) | $ 2,064 |
2025 | 8,524 |
2026 | 7,438 |
2027 | 6,003 |
2028 | 4,180 |
Thereafter | 16,988 |
Total future lease payments | 45,197 |
Less: Imputed interest | (10,254) |
Present value of lease liabilities | $ 34,943 |
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease due after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payment for operating lease having initial or remaining lease term in excess of one year to be paid in remainder of current fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Accretion of Discount for Acquired Loans, Net No definition available.
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- Definition Income taxes. No definition available.
|
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- Definition Increase Decrease In Equity Investment No definition available.
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- Definition Payments for proceeds from interest earning assets. No definition available.
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- Definition Period changes in bank owned life insurance. No definition available.
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X | ||||||||||
- Definition Proceeds from repayment of available-for-sale investment securities. No definition available.
|
X | ||||||||||
- Definition Provision For Unfunded Loan Commitments No definition available.
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X | ||||||||||
- Definition Reconciliation Of Net Earnings To Net Cash Provided By Operating Activities [Abstract] No definition available.
|
X | ||||||||||
- Definition Sale Lease back Transaction Net Proceed Investing Activities No definition available.
|
X | ||||||||||
- Definition Valuation allowance on other real estate owned No definition available.
|
X | ||||||||||
- Definition The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; excluding effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of unrealized and realized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of increase (decrease) in deposit liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of increase (decrease) in operating assets after deduction of operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Net cash inflow (outflow) of time deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash paid for interest, including, but not limited to, capitalized interest and payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount; classified as operating and investing activities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The fair value of liabilities assumed in noncash investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- References No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of periodic reduction over lease term of carrying amount of right-of-use asset from operating lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash outflow (inflow) from acquisition (sale) of Federal Home Loan Bank (FHLBank) stock. No definition available.
|
X | ||||||||||
- Definition The net cash outflow or inflow for the increase (decrease) in the beginning and end of period of loan and lease balances which are not originated or purchased specifically for resale. Includes cash payments and proceeds associated with (a) loans held-for-investment, (b) leases held-for-investment, and (c) both. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Cash payments to suppliers for goods and services provided and to employees for services provided. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Cash received for fees during the current period. This element excludes cash proceeds from license fees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Cash received for dividends and interest on the entity's equity and debt investments during the current period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash inflow for proceeds from settlement of corporate-owned life insurance policy, classified as investing activities. Includes, but is not limited to, bank-owned life insurance policy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash inflow from maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The cash flow from investments sold under the agreement to repurchase such investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) for debt classified as other. No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash inflow from exercise of option under share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of expense related to credit loss from transactions other than loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of gain (loss) on sale and leaseback transaction from transfer of asset accounted for as sale. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Value transferred out of real estate owned (REO) in noncash transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) $ in Thousands |
Sep. 30, 2024
USD ($)
|
---|---|
Financing Receivable, Modifications [Line Items] | |
Beginning balance | $ 7,304 |
Ending balance | $ 15,769 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Accumulated amortized cost of financing receivable modified for debtor experiencing financial difficulty. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Loans And Lease Finance Receivables No definition available.
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount, before allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition The aggregate of all domestic and foreign interest-bearing deposit liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition For banks and other depository institutions (including Federal Reserve Banks, if applicable): Interest-bearing deposits in other financial institutions for relatively short periods of time including, for example, certificates of deposits, which are presented separately from cash on the balance sheet. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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X | ||||||||||
- Definition Financing Receivable Recorded Investment Non Accrual With No Allowance For Credit Losses. No definition available.
|
X | ||||||||||
- Definition Amount of financing receivable past due and accruing. No definition available.
|
X | ||||||||||
- Definition Loan And Leases Receivable Gross Carrying Amount No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amortized cost of financing receivable 90 days or more past due and still accruing. Excludes net investment in lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amortized cost of financing receivable on nonaccrual status. Excludes net investment in lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||
---|---|---|---|---|---|---|---|---|---|
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 2,818,313 | $ 3,398,942 | $ 2,818,313 | $ 3,398,942 | |||||
Gross Unrealized Holding Gain, Available-for-sale | 15,256 | 7,050 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | (367,984) | (449,867) | |||||||
Investment securities available-for-sale | $ 2,465,585 | $ 2,956,125 | |||||||
Total Percent, Available-for-sale | 100.00% | 100.00% | |||||||
Amortized Cost, Held-to-maturity | $ 2,405,254 | $ 2,464,610 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 2,999 | 3,438 | |||||||
Gross Unrealized Holding Loss, Held-to-maturity | (344,559) | (385,167) | |||||||
Fair Value, Held-to-maturity | $ 2,063,694 | $ 2,082,881 | $ 2,063,694 | $ 2,082,881 | |||||
Total Percent, Held-to-maturity | 100.00% | 100.00% | |||||||
Government Agency/GSE [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 33,921 | $ 32,229 | |||||||
Gross Unrealized Holding Gain, Available-for-sale | 208 | 24 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 | |||||||
Investment securities available-for-sale | $ 34,129 | $ 32,253 | |||||||
Total Percent, Available-for-sale | 1.38% | 1.09% | |||||||
Amortized Cost, Held-to-maturity | $ 518,446 | $ 530,656 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 0 | ||||||||
Gross Unrealized Holding Loss, Held-to-maturity | (84,898) | (97,972) | |||||||
Fair Value, Held-to-maturity | $ 433,548 | $ 432,684 | |||||||
Total Percent, Held-to-maturity | 21.55% | 21.53% | |||||||
Mortgage-backed Securities [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 2,295,381 | $ 2,843,744 | |||||||
Gross Unrealized Holding Gain, Available-for-sale | 43 | 42 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | (261,825) | (336,107) | |||||||
Investment securities available-for-sale | $ 2,033,599 | $ 2,507,679 | |||||||
Total Percent, Available-for-sale | 82.48% | 84.83% | |||||||
Amortized Cost, Held-to-maturity | $ 626,474 | $ 663,090 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 5 | 0 | |||||||
Gross Unrealized Holding Loss, Held-to-maturity | (85,320) | (97,436) | |||||||
Fair Value, Held-to-maturity | $ 541,159 | $ 565,654 | |||||||
Total Percent, Held-to-maturity | 26.05% | 26.90% | |||||||
CMO/REMIC | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 476,051 | $ 502,234 | |||||||
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | (105,044) | (112,872) | |||||||
Investment securities available-for-sale | $ 371,007 | $ 389,362 | |||||||
Total Percent, Available-for-sale | 15.05% | 13.17% | |||||||
Amortized Cost, Held-to-maturity | $ 788,622 | $ 802,892 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 0 | ||||||||
Gross Unrealized Holding Loss, Held-to-maturity | (144,801) | (156,155) | |||||||
Fair Value, Held-to-maturity | $ 643,821 | $ 646,737 | |||||||
Total Percent, Held-to-maturity | 32.79% | 32.58% | |||||||
Municipal Bonds [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 26,489 | $ 26,477 | |||||||
Gross Unrealized Holding Gain, Available-for-sale | 46 | 46 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | (1,115) | (888) | |||||||
Investment securities available-for-sale | $ 25,420 | $ 25,635 | |||||||
Total Percent, Available-for-sale | 1.03% | 0.87% | |||||||
Amortized Cost, Held-to-maturity | $ 460,257 | $ 467,972 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 2,994 | 3,438 | |||||||
Gross Unrealized Holding Loss, Held-to-maturity | (29,540) | (33,604) | |||||||
Fair Value, Held-to-maturity | $ 433,711 | $ 437,806 | |||||||
Total Percent, Held-to-maturity | 19.14% | 18.99% | |||||||
Other Securities [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ 1,430 | $ 1,196 | |||||||
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 | |||||||
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 | |||||||
Investment securities available-for-sale | $ 1,430 | $ 1,196 | |||||||
Total Percent, Available-for-sale | 0.06% | 0.04% | |||||||
Amortized Cost, Held-to-maturity | [1] | $ 11,455 | |||||||
Gross Unrealized Holding Gain, Held-to-maturity | 0 | ||||||||
Gross Unrealized Holding Loss, Held-to-maturity | 0 | ||||||||
Fair Value, Held-to-maturity | [1] | $ 11,455 | |||||||
Total Percent, Held-to-maturity | [1] | 0.47% | |||||||
Unallocated Portfolio Layer Fair Value [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost, Available-for-sale | $ (14,959) | [2] | $ (6,938) | ||||||
Gross Unrealized Holding Gain, Available-for-sale | 14,959 | [2] | 6,938 | ||||||
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 | |||||||
Investment securities available-for-sale | $ 0 | $ 0 | |||||||
Total Percent, Available-for-sale | 0.00% | 0.00% | |||||||
|
X | ||||||||||
- Definition Available for sale securities portfolio, percentage. No definition available.
|
X | ||||||||||
- Definition Held to maturity securities portfolio percentage. No definition available.
|
X | ||||||||||
- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount, before allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amount of accumulated unrecognized gain on investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amount of accumulated unrealized loss on investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated.
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X | ||||||||||
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- References No definition available.
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets | ||
Cash and due from banks | $ 200,651 | $ 171,396 |
Interest-earning balances due from Federal Reserve | 252,809 | 109,889 |
Total cash and cash equivalents | 453,460 | 281,285 |
Interest-earning balances due from depository institutions | 24,338 | 8,216 |
Investment securities available-for-sale, at fair value (with amortized cost of $ 2,818,313 at September 30, 2024, and $3,398,942 at December 31, 2023) | 2,465,585 | 2,956,125 |
Investment securities held-to-maturity (with fair value of $2,063,694 at September 30, 2024, and $2,082,881 at December 31, 2023) | 2,405,254 | 2,464,610 |
Total investment securities | 4,870,839 | 5,420,735 |
Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 |
Loans And Lease Finance Receivables | 8,572,565 | 8,904,910 |
Allowance for credit losses | (82,942) | (86,842) |
Total loans and lease finance receivables, net | 8,489,623 | 8,818,068 |
Premises and equipment, net | 36,275 | 44,709 |
Bank owned life insurance (BOLI) | 316,553 | 308,706 |
Accrued interest receivable | 45,450 | 48,994 |
Intangibles | 11,130 | 15,291 |
Goodwill | 765,822 | 765,822 |
Income taxes | 155,478 | 163,968 |
Other assets | 216,236 | 127,187 |
Total assets | 15,403,216 | 16,020,993 |
Deposits: | ||
Noninterest-bearing | 7,136,824 | 7,206,175 |
Interest-bearing | 4,935,665 | 4,227,467 |
Total deposits | 12,072,489 | 11,433,642 |
Customer repurchase agreements | 394,515 | 271,642 |
Other borrowings | 500,000 | 2,070,000 |
Deferred compensation | 22,633 | 22,335 |
Accrued interest payable | 6,675 | 23,268 |
Other liabilities | 209,073 | 122,134 |
Total liabilities | 13,205,385 | 13,943,021 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,678,314 at September 30, 2024, and 139,344,981 at December 31, 2023 | 1,294,041 | 1,288,899 |
Retained earnings | 1,178,619 | 1,112,642 |
Accumulated other comprehensive loss, net of tax | (274,829) | (323,569) |
Total stockholders' equity | 2,197,831 | 2,077,972 |
Total liabilities and stockholders' equity | $ 15,403,216 | $ 16,020,993 |
X | ||||||||||
- Definition Income tax asset net No definition available.
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X | ||||||||||
- Definition Interest earning balances due from depository institutions. No definition available.
|
X | ||||||||||
- Definition Interest-earning balances due from Federal Reserve. No definition available.
|
X | ||||||||||
- Definition Loan And Leases Receivable Allowance No definition available.
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X | ||||||||||
- Definition Loans And Lease Finance Receivables No definition available.
|
X | ||||||||||
- Definition Loans And Leases Receivables Net Reported Amount No definition available.
|
X | ||||||||||
- Definition Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition The carrying amount of a life insurance policy on an officer, executive or employee for which the reporting entity (a bank) is entitled to proceeds from the policy upon death of the insured or surrender of the insurance policy. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition For banks and other depository institutions: Includes cash on hand (currency and coin), cash items in process of collection, noninterest bearing deposits due from other financial institutions (including corporate credit unions), and noninterest bearing balances with the Federal Reserve Banks, Federal Home Loan Banks and central banks. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of par value plus amounts in excess of par value or issuance value for common stock issued. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. No definition available.
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X | ||||||||||
- Definition The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Federal Home Loan Bank (FHLB) stock represents an equity interest in a FHLB. It does not have a readily determinable fair value because its ownership is restricted and it lacks a market (liquidity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount, before allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition The aggregate of all domestic and foreign interest-bearing deposit liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of investment in marketable security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The aggregate amount of all domestic and foreign noninterest-bearing deposits liabilities held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition The carrying amount as of the balance sheet date for the aggregate of other miscellaneous borrowings owed by the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of accumulated undistributed earnings (deficit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of loans by type and origination year, according to our internal risk ratings (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | $ 363,232 | $ 651,552 |
2023 | 604,143 | 1,608,241 |
2022 | 1,539,662 | 1,402,964 |
2021 | 1,308,597 | 1,124,447 |
2020 | 1,030,474 | 668,632 |
Prior | 2,783,099 | 2,453,629 |
Revolving loans amortized cost basis | 886,302 | 943,285 |
Revolving loans converted to term loans | 57,056 | 52,160 |
Total | 8,572,565 | 8,904,910 |
Financing Receivable Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff | 300 | |
Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff | 3,609 | |
Gross Charge Offs Revolving Loans Amortized Term Loans | 1 | |
Gross charge-offs Revolving loans converted to term loans | 434 | 113 |
Gross charge-off prior | 292 | |
Gross charge-off total | 4,344 | 405 |
Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 235,472 | 451,976 |
2023 | 432,368 | 1,327,587 |
2022 | 1,295,115 | 1,152,090 |
2021 | 1,112,187 | 938,359 |
2020 | 880,908 | 554,351 |
Prior | 2,432,661 | 2,146,639 |
Revolving loans amortized cost basis | 192,020 | 174,935 |
Revolving loans converted to term loans | 37,906 | 38,568 |
Total | 6,618,637 | 6,784,505 |
Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff | 2,258 | |
Gross charge-off total | 2,258 | |
Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 2,977 | 1,274 |
2023 | 1,986 | 15,046 |
2022 | 7,730 | 24,418 |
2021 | 2,062 | 8,058 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 17,938 |
Revolving loans converted to term loans | 0 | 0 |
Total | 14,755 | 66,734 |
SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 25,973 | 20,701 |
2023 | 17,213 | 49,839 |
2022 | 48,734 | 51,038 |
2021 | 49,661 | 34,090 |
2020 | 28,741 | 8,117 |
Prior | 101,679 | 106,834 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 272,001 | 270,619 |
Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff | 165 | 288 |
Gross charge-off total | 165 | 288 |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 699 |
2021 | 366 | 2,037 |
2020 | 889 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,255 | 2,736 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 77,701 | 148,909 |
2023 | 128,081 | 144,842 |
2022 | 120,498 | 100,804 |
2021 | 74,600 | 89,295 |
2020 | 73,048 | 72,555 |
Prior | 128,957 | 99,309 |
Revolving loans amortized cost basis | 319,325 | 302,555 |
Revolving loans converted to term loans | 14,279 | 11,626 |
Total | 936,489 | 969,895 |
Financing Receivable Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff | 300 | |
Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff | 1,186 | |
Gross charge-offs Revolving loans converted to term loans | 431 | 109 |
Gross charge-off total | 1,917 | 109 |
Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 427 | 744 |
2023 | 0 | 0 |
2022 | 0 | 1,586 |
2021 | 642 | 931 |
2020 | 889 | 105 |
Prior | 270 | 268 |
Revolving loans amortized cost basis | 337,752 | 409,257 |
Revolving loans converted to term loans | 2,465 | 0 |
Total | 342,445 | 412,891 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 1,711 | 0 |
2023 | 0 | 5,735 |
2022 | 5,345 | 25,803 |
2021 | 25,008 | 5,981 |
2020 | 5,354 | 4,267 |
Prior | 30,167 | 31,804 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 67,585 | 73,590 |
SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 14,861 | 23,037 |
2023 | 21,171 | 61,070 |
2022 | 60,051 | 43,573 |
2021 | 41,849 | 44,994 |
2020 | 40,286 | 28,593 |
Prior | 88,669 | 68,277 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 294 | 324 |
Total | 267,181 | 269,868 |
Consumer and Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 4,110 | 4,911 |
2023 | 3,324 | 4,122 |
2022 | 2,189 | 2,953 |
2021 | 2,222 | 702 |
2020 | 359 | 644 |
Prior | 696 | 498 |
Revolving loans amortized cost basis | 37,205 | 38,600 |
Revolving loans converted to term loans | 2,112 | 1,642 |
Total | 52,217 | 54,072 |
Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff | 4 | |
Gross Charge Offs Revolving Loans Amortized Term Loans | 1 | |
Gross charge-offs Revolving loans converted to term loans | 3 | 4 |
Gross charge-off total | 4 | 8 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 361,887 | 638,501 |
2023 | 594,512 | 1,593,595 |
2022 | 1,504,134 | 1,381,084 |
2021 | 1,272,459 | 1,065,424 |
2020 | 982,061 | 605,169 |
Prior | 2,609,074 | 2,337,278 |
Revolving loans amortized cost basis | 819,284 | 854,820 |
Revolving loans converted to term loans | 43,556 | 44,899 |
Total | 8,186,967 | 8,520,770 |
Pass [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 234,801 | 447,991 |
2023 | 427,623 | 1,315,563 |
2022 | 1,262,430 | 1,133,331 |
2021 | 1,080,704 | 885,590 |
2020 | 838,577 | 497,541 |
Prior | 2,270,791 | 2,041,329 |
Revolving loans amortized cost basis | 187,981 | 171,223 |
Revolving loans converted to term loans | 36,610 | 38,568 |
Total | 6,339,517 | 6,531,136 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 2,977 | 1,274 |
2023 | 1,986 | 15,046 |
2022 | 7,730 | 22,288 |
2021 | 0 | 8,058 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 17,938 |
Revolving loans converted to term loans | 0 | 0 |
Total | 12,693 | 64,604 |
Pass [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 25,973 | 20,701 |
2023 | 17,213 | 48,212 |
2022 | 47,143 | 51,038 |
2021 | 49,661 | 29,306 |
2020 | 24,005 | 6,236 |
Prior | 95,298 | 101,856 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 259,293 | 257,349 |
Pass [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 699 |
2021 | 366 | 2,037 |
2020 | 889 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,255 | 2,736 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 77,027 | 141,080 |
2023 | 123,195 | 143,847 |
2022 | 119,246 | 100,059 |
2021 | 72,164 | 88,743 |
2020 | 72,604 | 68,352 |
Prior | 124,580 | 94,027 |
Revolving loans amortized cost basis | 307,261 | 289,539 |
Revolving loans converted to term loans | 5,131 | 5,460 |
Total | 901,208 | 931,107 |
Pass [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 427 | 296 |
2023 | 0 | 0 |
2022 | 0 | 1,586 |
2021 | 642 | 931 |
2020 | 889 | 80 |
Prior | 210 | 208 |
Revolving loans amortized cost basis | 286,841 | 337,525 |
Revolving loans converted to term loans | 0 | 0 |
Total | 289,009 | 340,626 |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 1,711 | 0 |
2023 | 0 | 5,735 |
2022 | 5,345 | 25,803 |
2021 | 25,008 | 5,981 |
2020 | 5,354 | 4,267 |
Prior | 30,026 | 31,622 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 67,444 | 73,408 |
Pass [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 14,861 | 22,248 |
2023 | 21,171 | 61,070 |
2022 | 60,051 | 43,573 |
2021 | 41,849 | 44,076 |
2020 | 39,384 | 28,049 |
Prior | 87,473 | 67,750 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 264,789 | 266,766 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 4,110 | 4,911 |
2023 | 3,324 | 4,122 |
2022 | 2,189 | 2,707 |
2021 | 2,065 | 702 |
2020 | 359 | 644 |
Prior | 696 | 486 |
Revolving loans amortized cost basis | 37,201 | 38,595 |
Revolving loans converted to term loans | 1,815 | 871 |
Total | 51,759 | 53,038 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 1,345 | 12,307 |
2023 | 7,915 | 6,262 |
2022 | 24,794 | 18,989 |
2021 | 27,773 | 25,622 |
2020 | 23,104 | 49,639 |
Prior | 114,798 | 80,928 |
Revolving loans amortized cost basis | 54,092 | 82,676 |
Revolving loans converted to term loans | 7,171 | 5,520 |
Total | 260,992 | 281,943 |
Special Mention [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 671 | 3,241 |
2023 | 4,501 | 3,897 |
2022 | 23,795 | 15,868 |
2021 | 25,259 | 19,368 |
2020 | 17,022 | 43,824 |
Prior | 106,569 | 74,673 |
Revolving loans amortized cost basis | 3,075 | 2,911 |
Revolving loans converted to term loans | 1,296 | 0 |
Total | 182,188 | 163,782 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 2,130 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 2,130 |
Special Mention [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 1,627 |
2022 | 0 | 0 |
2021 | 0 | 4,784 |
2020 | 4,736 | 1,132 |
Prior | 2,895 | 1,760 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 7,631 | 9,303 |
Special Mention [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 674 | 7,829 |
2023 | 3,414 | 738 |
2022 | 999 | 745 |
2021 | 2,357 | 552 |
2020 | 444 | 4,114 |
Prior | 4,370 | 3,986 |
Revolving loans amortized cost basis | 9,664 | 10,529 |
Revolving loans converted to term loans | 5,173 | 5,347 |
Total | 27,095 | 33,840 |
Special Mention [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 448 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 25 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 41,349 | 69,232 |
Revolving loans converted to term loans | 408 | 0 |
Total | 41,757 | 69,705 |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 141 | 182 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 141 | 182 |
Special Mention [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 789 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 918 |
2020 | 902 | 544 |
Prior | 823 | 327 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 294 | 0 |
Total | 2,019 | 2,578 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 246 |
2021 | 157 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 4 | 4 |
Revolving loans converted to term loans | 0 | 173 |
Total | 161 | 423 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 744 |
2023 | 1,716 | 8,384 |
2022 | 10,734 | 2,891 |
2021 | 8,365 | 33,401 |
2020 | 25,309 | 13,824 |
Prior | 59,227 | 35,423 |
Revolving loans amortized cost basis | 12,926 | 5,789 |
Revolving loans converted to term loans | 6,329 | 1,741 |
Total | 124,606 | 102,197 |
Substandard [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 744 |
2023 | 244 | 8,127 |
2022 | 8,890 | 2,891 |
2021 | 6,224 | 33,401 |
2020 | 25,309 | 12,986 |
Prior | 55,301 | 30,637 |
Revolving loans amortized cost basis | 964 | 801 |
Revolving loans converted to term loans | 0 | |
Total | 96,932 | 89,587 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 2,062 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,062 | 0 |
Substandard [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 1,591 | 0 |
2021 | 0 | |
2020 | 749 | |
Prior | 3,486 | 3,218 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 5,077 | 3,967 |
Substandard [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 1,472 | 257 |
2022 | 253 | 0 |
2021 | 79 | 0 |
2020 | 0 | 89 |
Prior | 7 | 1,296 |
Revolving loans amortized cost basis | 2,400 | 2,487 |
Revolving loans converted to term loans | 3,975 | 819 |
Total | 8,186 | 4,948 |
Substandard [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 60 | 60 |
Revolving loans amortized cost basis | 9,562 | 2,500 |
Revolving loans converted to term loans | 2,057 | 0 |
Total | 11,679 | 2,560 |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Substandard [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 373 | 200 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 324 |
Total | 373 | 524 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 12 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans | 297 | 598 |
Total | 297 | 611 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | |
Doubtful [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | SFR mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Consumer and Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | $ 0 | $ 0 |
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- Definition Financing Receivable Accrued Interest Originated More than Five Years before Current Fiscal Year Writeoff No definition available.
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- Definition Financing Receivable Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff No definition available.
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- Definition Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, Total No definition available.
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- Definition Financing Receivable Revolving Loans Converted To Term Loans No definition available.
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- Definition Gross Charge Offs Revolving Loans Amortized Term Loans No definition available.
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- Definition Gross charge-offs Revolving loans converted to term loans No definition available.
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- Definition Loan And Leases Receivable Gross Carrying Amount No definition available.
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- Definition Amount, excluding accrued interest, of writeoff of financing receivable originated more than five years before current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amortized cost of financing receivable originated more than five years prior to current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amortized cost of financing receivable originated four years prior to current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amortized cost of financing receivable originated in current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amortized cost of financing receivable originated in fiscal year prior to current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amortized cost of financing receivable originated three years prior to current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amortized cost of financing receivable originated two years prior to current fiscal year. Excludes net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amortized cost of financing receivable that can be withdrawn, repaid, and redrawn. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Investment Securities - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
|
Debt Securities, Available-for-sale [Line Items] | |||
Total deposits | $ 12,072,489,000 | $ 12,072,489,000 | $ 11,433,642,000 |
Investment securities available-for-sale | 2,465,585,000 | 2,465,585,000 | 2,956,125,000 |
Total deposits | 12,072,489,000 | 12,072,489,000 | 11,433,642,000 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | 0 |
Investment in FHLB stock, impairment losses | 0 | $ 0 | |
Debt securities weighted average remaining contractual maturity term | 23 years | ||
Investment Securities-AFS [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Pledged to secure amount | 2,740,000,000 | $ 2,740,000,000 | 2,260,000,000 |
Total deposits | 1,340,000,000 | 1,340,000,000 | 1,380,000,000 |
Secure public funds | 469,000,000 | 469,000,000 | 372,500,000 |
Investment securities available-for-sale | 312,000,000 | 312,000,000 | |
Securities Available For Sale Realized Loss | 11,600,000 | ||
Total deposits | 1,340,000,000 | 1,340,000,000 | 1,380,000,000 |
Outstanding borrowings | 1,800,000,000 | ||
Other purposes | 58,000,000 | 58,000,000 | 51,000,000 |
Pledged to secure unused borrowing capacity | 1,880,000,000 | 1,880,000,000 | 3,020,000,000.00 |
Secured unused borrowing capacity | $ 1,350,000,000 | $ 1,350,000,000 | $ 796,000,000 |
United States [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities issued by U.S. government percentage | 90.00% | 90.00% |
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- Definition Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-Sale, Debt Securitie No definition available.
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- Definition Debt securities weighted average remaining contractual maturity term. No definition available.
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- Definition Investment securities for other purposes No definition available.
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- Definition Outstanding Borrowings No definition available.
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- Definition Pledged to secure No definition available.
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- Definition Pledged To Secure Unused Borrowing Capacity No definition available.
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- Definition Secure Public Funds No definition available.
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- Definition Securities issued by government or government sponsored agencies and enterprises percentage. No definition available.
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of unused borrowing capacity under the long-term financing arrangement that is available to the entity as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of realized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of allowance for credit loss for debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Noninterest income: | ||||
Gain on sale leaseback transactions | $ 9,106 | $ 0 | $ 9,106 | $ 0 |
Other | 2,771 | 4,099 | 7,213 | 9,393 |
Total noninterest income | 12,834 | 14,309 | 41,371 | 40,167 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 5,120 | 5,062 | 15,273 | 15,244 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 3,565 | 3,246 | 10,217 | 9,475 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 355 | 354 | 1,110 | 1,221 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 3,499 | 1,548 | 10,034 | 4,834 |
Accounting Standard Update201409 Member | ||||
Noninterest income: | ||||
Loss on sale of investment securities | (11,582) | 0 | (11,582) | 0 |
Gain on sale leaseback transactions | 9,106 | 0 | 9,106 | 0 |
Gain/(loss) on sale of other investments | 0 | 2,575 | 0 | 2,575 |
Other | 2,771 | 1,524 | 7,213 | 6,818 |
Total noninterest income | 9,335 | 12,761 | 31,337 | 35,333 |
Accounting Standard Update201409 Member | Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 5,120 | 5,062 | 15,273 | 15,244 |
Accounting Standard Update201409 Member | Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 3,565 | 3,246 | 10,217 | 9,475 |
Accounting Standard Update201409 Member | Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | $ 355 | $ 354 | $ 1,110 | $ 1,221 |
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- Definition The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net gain (loss) resulting from sales and other disposals of other real estate owned, increases (decreases) in the valuation allowance for foreclosed real estate, and write-downs of other real estate owned after acquisition or physical possession. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale and leaseback transaction from transfer of asset accounted for as sale. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccruing loans, current | $ 206,000 | $ 13,000,000 | ||||||||
Nonaccrual | 21,913,000 | [1],[2] | 21,302,000 | [3] | ||||||
Small Business Administration Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccrual | 151,000 | [1],[2] | 969,000 | [3] | ||||||
Small Business Administration Loans [Member] | Financial Guarantee [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccrual | 165,000,000 | |||||||||
30-59 Days Past Due [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccrual | 8,000,000 | 16,000,000,000 | ||||||||
60-89 Days Past Due [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccrual | 60,000 | |||||||||
90+ Days Past Due [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Nonaccrual | $ 13,600,000 | $ 8,300,000 | ||||||||
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- Definition Nonaccrual financing receivables that are current. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amortized cost of financing receivable on nonaccrual status. Excludes net investment in lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | 4. INVESTMENT SECURITIES
The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes.
(1) Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and Note 10 for additional information. (2) Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds.
During the third quarter of 2024, the Bank sold AFS securities with a book value of $312 million, resulting in a net pre-tax loss of $11.6 million.
The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax.
Approximately 90% of the total investment securities portfolio at September 30, 2024 represents securities issued by the U.S. government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The remaining securities are predominately AA or better general-obligation municipal bonds. The allowance for credit losses for held-to-maturity investment securities under the CECL model was zero at September 30, 2024 and December 31, 2023.
The following table presents the Company’s available-for-sale and held-to-maturity investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2024 and December 31, 2023.
At September 30, 2024, investment securities with carrying values of $2.74 billion were pledged to secure various types of deposits, including $1.34 billion of public funds. In addition, investment securities with carrying values of $1.88 billion were pledged to secure $469 million for repurchase agreements, $1.35 billion for unused borrowing capacity and approximately $58 million for other purposes as required or permitted by law.
At December 31, 2023, investment securities with carrying values of $2.26 billion were pledged to secure various types of deposits, including $1.38 billion of public funds. In addition, investment securities, with carrying values of $3.02 billion were pledged to secure $372.5 million for repurchase agreements, $1.8 billion for outstanding borrowings, $796 million for unused borrowing capacity and approximately $51 million for other purposes as required or permitted by law.
The amortized cost and fair value of debt securities at September 30, 2024, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities have weighted average remaining contractual maturities of approximately 23 years, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.
The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through September 30, 2024. |
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- References No definition available.
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- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Borrowings (Additional Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
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May 31, 2027 |
Dec. 31, 2024 |
May 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
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Debt Instrument [Line Items] | ||||||
Weighted average interest rates | 2.24% | 2.24% | 0.29% | |||
Customer repurchase agreements | $ 394,515 | $ 394,515 | $ 271,642 | |||
Federal Home Loan Bank Advances [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated Borrowing, Interest Rate | 4.78% | |||||
Maturities of Subordinated Debt | $ 1,200,000 | $ 695,000 | ||||
Other Loans Payable, Long-Term, Noncurrent | 500,000 | 500,000 | ||||
Short term borrowings | $ 2,070,000 | |||||
Loans pledged as collaterals | $ 4,320,000 | 4,320,000 | ||||
Short Term Advances | 1,910,000 | |||||
Other Short-Term Borrowings | $ 160,000 | |||||
Weighted average interest rates | 5.70% | |||||
FHLB May 2026 Member | ||||||
Debt Instrument [Line Items] | ||||||
Maturities of Subordinated Debt | $ 300,000 | |||||
Borrowed funds cost percentage | 4.73% | 4.73% | ||||
FHLB May 2027 Member | ||||||
Debt Instrument [Line Items] | ||||||
Maturities of Subordinated Debt | $ 200,000 | |||||
Borrowed funds cost percentage | 4.27% | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Investment securities with carrying value | $ 1,880,000 | $ 1,880,000 | ||||
Unused lines of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Investment securities with carrying value | 1,350,000 | 1,350,000 | ||||
Repurchase Agreements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Investment securities with carrying value | 469,000 | 469,000 | ||||
Other Purposes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Investment securities with carrying value | $ 58,000 | $ 58,000 | ||||
Federal Reserves Bank Term Funding Program [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowed funds cost percentage | 4.76% | 4.76% | ||||
Repaid borrowings | $ 1,300,000 |
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- Definition Loans Pledged As Collaterals No definition available.
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- Definition Weighted average interest rate. No definition available.
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of principal of debt repaid. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for a long-term borrowing where lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets as it matures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of long-term loans classified as other, payable after one year or the operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of borrowings classified as other, maturing within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of borrowings from a bank classified as other, maturing within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Stated interest rate of the subordinated debt. No definition available.
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- Definition Debt securities issued by a United States government agency such as Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal National Mortgage Association (Fannie Mae), which are short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three-years ago does not become a cash equivalent when its remaining maturity is three months. No definition available.
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Derivative Financial Instruments - Additional Information (Detail) $ in Thousands |
9 Months Ended | |
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Jun. 30, 2023
USD ($)
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Sep. 30, 2024
USD ($)
Agreement
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Description of Conditions Relating to Clearing of Interest rate Swaps | These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. | |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total notional amount of the Company's swaps | $ 1,000,000 | |
Remaining Maturity Year | 4 years | |
Remaining Maturity | 5 years | |
Weighted average fixed rate | 3.80% | |
Derivative, Notional Amount | $ 15,000 | |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 115 | |
Total notional amount of the Company's swaps | $ 364,500 | |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total notional amount of the Company's swaps | $ 300,000 | |
Weighted average fixed rate | 4.20% | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 300,000 |
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- Definition Derivative assets liabilities net amount offset in balance sheet. No definition available.
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- Definition Represents Description of Conditions Relating to Clearing of Interest rate Swaps. No definition available.
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- Definition Fair value of all liability derivatives designated as cash flow hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Nominal or face amount used to calculate payments on the derivative asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Average remaining period until maturity of the derivative contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Average fixed interest rate that will be received or paid upon exercise of a group of interest rate swaption contracts. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Nominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Period remaining until the derivative contract matures, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Number of interest rate derivative instruments held by the entity at the reporting date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Loans and Lease Finance Receivables and Allowance for Credit Losses (Tables) |
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Sep. 30, 2023 |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables by type.
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Summary of loans by type and origination year, according to our internal risk ratings |
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Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for credit losses for held-for-investment loans by type for the periods presented.
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Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the dates presented.
(1) Speculative construction loans are generally for properties where there is no identified buyer or renter.
(1) Speculative construction loans are generally for properties where there is no identified buyer or renter.
Amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance are presented as of September 30, 2024 and December 31, 2023 by type of loan.
(1) As of September 30, 2024, $206,000 of nonaccruing loans were current, $8.0 million were 30-59 days past due, $60,000 were 60-89 days past due, and $13.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $165,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection.
(1) As of December 31, 2023, $13.0 million of nonaccruing loans were current, $16,000 were 30-59 days past due, and $8.3 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. |
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Summary of pledged assets not separately reported on statement of financial position | The following table presents the recorded investment in collateral-dependent loans by type of loans as of the dates presented.
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Summary of Amortized Cost of Loans Activity | September 30, 2024 and September 30, 2023.
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Summary of Financial Effect of the Loan Activity | The following table describes the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2024 and September 30, 2023.
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Summary of Recorded Investments or Past Due Loans At Amortized Cost | The following table presents the recorded investment in, and the aging of, past due loans at amortized cost (including nonaccrual loans), by type of loans, made to borrowers experiencing financial difficulty as of September 30, 2024.
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- Definition Disclosure Of Pledged Assets Not Separately Reported On Statement Of Financial Position. No definition available.
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- Definition Loans By Type And Origination Year According To Our Internal Risk Ratings No definition available.
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- Definition Schedule Of Allowance For Loan Losses For Loans By Loan Portfolio [Table Text Block] No definition available.
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- Definition Schedule of Amortized Cost of Loans Activity [Table Text Block] No definition available.
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- Definition Schedule of Financial Effect of the Loan Activity [Table Text Block] No definition available.
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- Definition Schedule of recorded investment in held-for-investment and held-for-sale, non-accrual loans and past due by class of loans. No definition available.
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- Definition Schedule of Recorded Investments for Past Due Loans at Amortized Cost [Table Text Block] No definition available.
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- References No definition available.
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
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Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 3,332 | $ 3,334 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (48) | (17) |
Fair Value, 12 Months or Longer, Available-for-sale | 2,424,410 | 2,913,626 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (367,936) | (449,850) |
Fair Value, Available-for-sale | 2,427,742 | 2,916,960 |
Gross Unrealized Holding Losses, Available-for-sale | (367,984) | (449,867) |
Fair Value, Less Than 12 Months, Held-to-maturity | 12,760 | 20,609 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (101) | (200) |
Fair Value, 12 Months or Longer, Held-to-maturity | 1,917,373 | 1,938,543 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (344,458) | (384,967) |
Fair Value, Held-to-maturity | 1,930,134 | 1,959,152 |
Gross Unrealized Holding Losses, Held-to-maturity | (344,558) | (385,167) |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 371,006 | 389,359 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (105,044) | (112,872) |
Fair Value, Available-for-sale | 371,006 | 389,359 |
Gross Unrealized Holding Losses, Available-for-sale | (105,044) | (112,872) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 643,821 | 646,737 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (144,801) | (156,155) |
Fair Value, Held-to-maturity | 643,821 | 646,737 |
Gross Unrealized Holding Losses, Held-to-maturity | (144,801) | (156,155) |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 9 | 48 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 2,032,214 | 2,506,162 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (261,824) | (336,107) |
Fair Value, Available-for-sale | 2,032,223 | 2,506,210 |
Gross Unrealized Holding Losses, Available-for-sale | (261,825) | (336,107) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 538,947 | 565,655 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (85,320) | (97,436) |
Fair Value, Held-to-maturity | 538,947 | 565,655 |
Gross Unrealized Holding Losses, Held-to-maturity | (85,320) | (97,436) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 3,323 | 3,286 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (48) | (17) |
Fair Value, 12 Months or Longer, Available-for-sale | 21,190 | 18,105 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1,068) | (871) |
Fair Value, Available-for-sale | 24,513 | 21,391 |
Gross Unrealized Holding Losses, Available-for-sale | (1,115) | (888) |
Fair Value, Less Than 12 Months, Held-to-maturity | 12,760 | 20,609 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | (101) | (200) |
Fair Value, 12 Months or Longer, Held-to-maturity | 301,057 | 293,467 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (29,439) | (33,404) |
Fair Value, Held-to-maturity | 313,817 | 314,076 |
Gross Unrealized Holding Losses, Held-to-maturity | (29,539) | (33,604) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | |
Fair Value, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, Available-for-sale | 0 | |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Less than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 433,548 | 432,684 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (84,898) | (97,972) |
Fair Value, Held-to-maturity | 433,548 | 432,684 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (84,898) | $ (97,972) |
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- Definition Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Accumulated Loss No definition available.
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- Definition Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss No definition available.
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- Definition Held To Maturity Securities Continuous Unrealized Losses Position Accumulated Loss No definition available.
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- Definition Held To Maturity Securities Continuous Unrealized Losses Position Twelve Months Or Longer Fair Value No definition available.
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- Definition HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValues No definition available.
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- Definition HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValues No definition available.
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for more than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for 12 months or longer, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position without allowance for credit loss. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 10,211 | |||
Due after one year through five years, Amortized Cost, Held-to-maturity | 48,525 | |||
Due after five years through ten years, Amortized Cost, Held-to-maturity | 322,507 | |||
Due after ten years, Amortized Cost, Held-to-maturity | 2,024,011 | |||
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 2,405,254 | |||
Due in one year or less, Fair Value, Held-to-maturity | 10,049 | |||
Due after one year through five years, Fair Value, Held-to-maturity | 47,616 | |||
Due after five years through ten years, Fair Value, Held-to-maturity | 291,783 | |||
Due after ten years, Fair Value, Held-to-maturity | 1,714,246 | |||
Total, Held-to-maturity, Fair Value | 2,063,694 | |||
Due in one year or less, Amortized Cost, Available-for-sale | 43,249 | |||
Due after one year through five years, Amortized Cost, Available-for-sale | 110,874 | |||
Due after five years through ten years, Amortized Cost, Available-for-sale | 2,180,665 | |||
Due after ten years, Amortized Cost, Available-for-sale | 483,525 | |||
Amortized Cost, Available-for-sale | 2,818,313 | $ 3,398,942 | $ 2,818,313 | $ 3,398,942 |
Due in one year or less, Fair Value, Available-for-sale | 43,327 | |||
Due after one year through five years, Fair Value, Available-for-sale | 116,476 | |||
Due after five years through ten years, Fair Value, Available-for-sale | 1,928,902 | |||
Due after ten years, Fair Value, Available-for-sale | 376,880 | |||
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,465,585 | $ 2,956,125 |
X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing after tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing after tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), with single maturity date and allocated without single maturity date, maturing after tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity) with single maturity date and allocated without single maturity date. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), with single maturity date and allocated without single maturity date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity) with single maturity date and allocated without single maturity date, maturing in next rolling fiscal year following current statement of financial position date. For interim and annual periods when interim period is reported on rolling approach. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity) with single maturity date and allocated without single maturity date, maturing after rolling tenth fiscal year following current statement of financial position date. For interim and annual periods when interim period is reported on rolling approach. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity) with single maturity date and allocated without single maturity date, maturing in sixth through tenth rolling fiscal year following current statement of financial position date. For interim and annual periods when interim period is reported on rolling approach. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity) with single maturity date and allocated without single maturity date, maturing in second through fifth rolling fiscal year following current statement of financial position date. For interim and annual periods when interim period is reported on rolling approach. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- References No definition available.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 51,224 | $ 57,887 | $ 149,858 | $ 172,927 |
X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Balance Sheet Offsetting (Additional Information) (Details) - Interest Rate Swap [Member] - USD ($) |
1 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
|
Offsetting Assets [Line Items] | ||||
Total notional amount of the Company's swaps | $ 1,000,000,000 | $ 300,000,000 | ||
Remaining Maturity Year | 4 years | |||
Remaining Maturity | 5 years | 3 years | ||
Derivative instruments totaled | $ 5,300,000 | $ 15,000 | ||
Average Interest Rate | 3.80% | 4.20% |
X | ||||||||||
- Definition Nominal or face amount used to calculate payments on the derivative asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Average remaining period until maturity of the derivative contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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X | ||||||||||
- Definition Average fixed interest rate that will be received or paid upon exercise of a group of interest rate swaption contracts. No definition available.
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X | ||||||||||
- Definition Nominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Period remaining until the derivative contract matures, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Details
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
(1) Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and Note 10 for additional information. (2) Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds.
During the third quarter of 2024, the Bank sold AFS securities with a book value of $312 million, resulting in a net pre-tax loss of $11.6 million.
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Summary of Interest Income Earned on Investment Securities |
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Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s available-for-sale and held-to-maturity investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2024 and December 31, 2023.
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Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.
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X | ||||||||||
- Definition Schedule Of Available For Sale Securities And Held To Maturity [Table Text Block] No definition available.
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X | ||||||||||
- Definition Summary of Continuous Unrealized Loss Position of Securities Table Text Block No definition available.
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X | ||||||||||
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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X | ||||||||||
- References No definition available.
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Other Comprehensive Income |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 10. OTHER COMPREHENSIVE INCOME
The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented.
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | As of September 30, 2024 and December 31, 2023, the notional amount, the location of the asset and liability, and their respective fair values, are summarized in the tables below.
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Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statements of earnings for the periods presented.
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- References No definition available.
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
---|---|---|---|---|
Beginning balance at Dec. 31, 2022 | $ 1,948,517 | $ 1,300,466 | $ 1,002,847 | $ (354,796) |
Beginning balance, shares at Dec. 31, 2022 | 139,819,000 | |||
Repurchase of common stock | (21,186) | $ (21,186) | ||
Repurchase of common stock, shares | (927,000) | |||
Exercise of stock options | 125 | $ 125 | ||
Exercise of stock options, shares | 7,000 | |||
Shares issued pursuant to stock-based compensation plan | 7,055 | $ 7,055 | ||
Shares issued pursuant to stock-based compensation plan, shares | 439,000 | |||
Cash dividends declared on common stock ($0.20 per share) | (83,695) | (83,695) | ||
Net Income (Loss) | 172,927 | 172,927 | ||
Other comprehensive income (loss) | (72,342) | (72,342) | ||
Ending balance at Sep. 30, 2023 | 1,951,401 | $ 1,286,460 | 1,092,079 | (427,138) |
Ending balance, shares at Sep. 30, 2023 | 139,338,000 | |||
Beginning balance at Jun. 30, 2023 | 2,001,367 | $ 1,284,150 | 1,062,093 | (344,876) |
Beginning balance, shares at Jun. 30, 2023 | 139,343,000 | |||
Repurchase of common stock | (135) | $ (135) | ||
Repurchase of common stock, shares | (8,000) | |||
Exercise of stock options | 52 | $ 52 | ||
Exercise of stock options, shares | 3,000 | |||
Shares issued pursuant to stock-based compensation plan | 2,393 | $ 2,393 | ||
Cash dividends declared on common stock ($0.20 per share) | (27,901) | (27,901) | ||
Net Income (Loss) | 57,887 | 57,887 | ||
Other comprehensive income (loss) | (82,262) | (82,262) | ||
Ending balance at Sep. 30, 2023 | 1,951,401 | $ 1,286,460 | 1,092,079 | (427,138) |
Ending balance, shares at Sep. 30, 2023 | 139,338,000 | |||
Beginning balance at Dec. 31, 2023 | 2,077,972 | $ 1,288,899 | 1,112,642 | (323,569) |
Beginning balance, shares at Dec. 31, 2023 | 139,345,000 | |||
Repurchase of common stock | (2,624) | $ (2,624) | ||
Repurchase of common stock, shares | (149,000) | |||
Exercise of stock options | 129 | $ 129 | ||
Exercise of stock options, shares | 7,000 | |||
Shares issued pursuant to stock-based compensation plan | 7,637 | $ 7,637 | ||
Shares issued pursuant to stock-based compensation plan, shares | 475,000 | |||
Cash dividends declared on common stock ($0.20 per share) | (83,881) | (83,881) | ||
Net Income (Loss) | 149,858 | 149,858 | ||
Other comprehensive income (loss) | 48,740 | 48,740 | ||
Ending balance at Sep. 30, 2024 | 2,197,831 | $ 1,294,041 | 1,178,619 | (274,829) |
Ending balance, shares at Sep. 30, 2024 | 139,678,000 | |||
Beginning balance at Jun. 30, 2024 | 2,112,427 | $ 1,291,383 | 1,155,372 | (334,328) |
Beginning balance, shares at Jun. 30, 2024 | 139,677,000 | |||
Repurchase of common stock | (30) | $ (30) | ||
Repurchase of common stock, shares | (2,000) | |||
Exercise of stock options | 86 | $ 86 | ||
Exercise of stock options, shares | 4,000 | |||
Shares issued pursuant to stock-based compensation plan | 2,602 | $ 2,602 | ||
Shares issued pursuant to stock-based compensation plan, shares | (1,000) | |||
Cash dividends declared on common stock ($0.20 per share) | (27,977) | (27,977) | ||
Net Income (Loss) | 51,224 | 51,224 | ||
Other comprehensive income (loss) | 59,499 | 59,499 | ||
Ending balance at Sep. 30, 2024 | $ 2,197,831 | $ 1,294,041 | $ 1,178,619 | $ (274,829) |
Ending balance, shares at Sep. 30, 2024 | 139,678,000 |
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- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value of stock issued as a result of the exercise of stock options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business |
9 Months Ended |
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Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS
The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we”, “our” or the “Company”) and its wholly owned subsidiary: Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp.
The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located throughout California. As of September 30, 2024, the Bank operated 62 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California. |
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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Fair Value Information |
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Fair Value Information | . FAIR VALUE INFORMATION
Fair Value Hierarchy
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The valuation methodologies for financial assets and liabilities measured at fair value on a recurring and non-recurring basis are described in Note 18 — Fair Value Information, included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
We may be required to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value accounting or impairment write-downs of individual assets.
For assets measured at fair value on a non-recurring basis that were held on the balance sheet at September 30, 2024 and December 31, 2023, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.
Fair Value of Financial Instruments
The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of September 30, 2024 and December 31, 2023, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2024 and December 31, 2023. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows.
Reclassification — Certain amounts in the prior periods’ unaudited condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. |
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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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