FORM | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: | 001-13901 |
AMERIS BANCORP | ||
(Exact name of registrant as specified in its charter) |
Georgia | 58-1456434 | ||||
(State of incorporation) | (IRS Employer ID No.) |
3490 Piedmont Rd N.E., Suite 1550 | ||||||||
Atlanta | Georgia | 30305 | ||||||
(Address of principal executive offices) |
(404) | 639-6500 | ||||
(Registrant’s telephone number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1 per share | ABCB | Nasdaq Global Select Market |
Large accelerated filer | ý | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 (unaudited) | December 31, 2020 | September 30, 2021 (unaudited) | December 31, 2020 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 259,729 | $ | 203,349 | Cash and due from banks | $ | 239,028 | $ | 203,349 | ||||||||||||
Federal funds sold and interest-bearing deposits in banks | Federal funds sold and interest-bearing deposits in banks | 3,044,795 | 1,913,957 | Federal funds sold and interest-bearing deposits in banks | 3,513,412 | 1,913,957 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 3,304,524 | 2,117,306 | Cash and cash equivalents | 3,752,440 | 2,117,306 | ||||||||||||||||
Time deposits in other banks | Time deposits in other banks | 0 | 249 | Time deposits in other banks | — | 249 | ||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $81 and $112 | 778,167 | 982,879 | ||||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $29,008 and $0) | 29,055 | 0 | ||||||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $— and $112 | Debt securities available-for-sale, at fair value, net of allowance for credit losses of $— and $112 | 684,504 | 982,879 | |||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $63,304 and $—) | Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $63,304 and $—) | 64,451 | — | |||||||||||||||||||
Other investments | Other investments | 27,621 | 28,202 | Other investments | 27,619 | 28,202 | ||||||||||||||||
Loans held for sale (includes loans at fair value of $1,210,589 and $1,001,807) | 1,210,589 | 1,167,659 | ||||||||||||||||||||
Loans held for sale (includes loans at fair value of $1,435,805 and $1,001,807) | Loans held for sale (includes loans at fair value of $1,435,805 and $1,001,807) | 1,435,805 | 1,167,659 | |||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | 14,780,791 | 14,480,925 | Loans, net of unearned income | 14,824,539 | 14,480,925 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (175,070) | (199,422) | Allowance for credit losses | (171,213) | (199,422) | ||||||||||||||||
Loans, net | Loans, net | 14,605,721 | 14,281,503 | Loans, net | 14,653,326 | 14,281,503 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 5,775 | 11,880 | Other real estate owned, net | 4,594 | 11,880 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 229,994 | 222,890 | Premises and equipment, net | 226,430 | 222,890 | ||||||||||||||||
Goodwill | Goodwill | 928,005 | 928,005 | Goodwill | 928,005 | 928,005 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 63,783 | 71,974 | Other intangible assets, net | 60,396 | 71,974 | ||||||||||||||||
Cash value of bank owned life insurance | Cash value of bank owned life insurance | 277,839 | 176,467 | Cash value of bank owned life insurance | 279,389 | 176,467 | ||||||||||||||||
Deferred income taxes, net | Deferred income taxes, net | 9,081 | 33,314 | Deferred income taxes, net | 4,329 | 33,314 | ||||||||||||||||
Other assets | Other assets | 416,777 | 416,310 | Other assets | 411,853 | 416,310 | ||||||||||||||||
Total assets | Total assets | $ | 21,886,931 | $ | 20,438,638 | Total assets | $ | 22,533,141 | $ | 20,438,638 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 6,983,761 | $ | 6,151,070 | Noninterest-bearing | $ | 7,616,728 | $ | 6,151,070 | ||||||||||||
Interest-bearing | Interest-bearing | 11,274,236 | 10,806,753 | Interest-bearing | 11,216,761 | 10,806,753 | ||||||||||||||||
Total deposits | Total deposits | 18,257,997 | 16,957,823 | Total deposits | 18,833,489 | 16,957,823 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 5,544 | 11,641 | Securities sold under agreements to repurchase | 4,502 | 11,641 | ||||||||||||||||
Other borrowings | Other borrowings | 425,303 | 425,155 | Other borrowings | 425,375 | 425,155 | ||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 125,331 | 124,345 | Subordinated deferrable interest debentures | 125,830 | 124,345 | ||||||||||||||||
Other liabilities | Other liabilities | 235,752 | 272,586 | Other liabilities | 243,175 | 272,586 | ||||||||||||||||
Total liabilities | Total liabilities | 19,049,927 | 17,791,550 | Total liabilities | 19,632,371 | 17,791,550 | ||||||||||||||||
Commitments and Contingencies (Note 9) | Commitments and Contingencies (Note 9) | 0 | 0 | Commitments and Contingencies (Note 9) | 0 | 0 | ||||||||||||||||
Shareholders’ Equity | Shareholders’ Equity | Shareholders’ Equity | ||||||||||||||||||||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | — | ||||||||||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,007,871 and 71,753,705 shares issued | 72,008 | 71,754 | ||||||||||||||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,015,926 and 71,753,705 shares issued | Common stock, par value $1; 200,000,000 shares authorized; 72,015,926 and 71,753,705 shares issued | 72,016 | 71,754 | |||||||||||||||||||
Capital surplus | Capital surplus | 1,920,566 | 1,913,285 | Capital surplus | 1,922,964 | 1,913,285 | ||||||||||||||||
Retained earnings | Retained earnings | 863,828 | 671,510 | Retained earnings | 934,979 | 671,510 | ||||||||||||||||
Accumulated other comprehensive income, net of tax | Accumulated other comprehensive income, net of tax | 25,024 | 33,505 | Accumulated other comprehensive income, net of tax | 21,885 | 33,505 | ||||||||||||||||
Treasury stock, at cost, 2,240,662 and 2,212,224 shares | (44,422) | (42,966) | ||||||||||||||||||||
Treasury stock, at cost, 2,380,491 and 2,212,224 shares | Treasury stock, at cost, 2,380,491 and 2,212,224 shares | (51,074) | (42,966) | |||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 2,837,004 | 2,647,088 | Total shareholders’ equity | 2,900,770 | 2,647,088 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 21,886,931 | $ | 20,438,638 | Total liabilities and shareholders’ equity | $ | 22,533,141 | $ | 20,438,638 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 167,761 | $ | 175,345 | $ | 338,918 | $ | 346,587 | Interest and fees on loans | $ | 166,358 | $ | 172,351 | $ | 505,276 | $ | 518,938 | ||||||||||||||||||||||||||||
Interest on taxable securities | Interest on taxable securities | 5,244 | 9,347 | 11,362 | 19,429 | Interest on taxable securities | 5,296 | 7,259 | 16,658 | 26,688 | ||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities | Interest on nontaxable securities | 139 | 157 | 280 | 314 | Interest on nontaxable securities | 139 | 159 | 419 | 473 | ||||||||||||||||||||||||||||||||||||
Interest on deposits in other banks and federal funds sold | Interest on deposits in other banks and federal funds sold | 607 | 169 | 1,141 | 1,456 | Interest on deposits in other banks and federal funds sold | 1,253 | 165 | 2,394 | 1,621 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 173,751 | 185,018 | 351,701 | 367,786 | Total interest income | 173,046 | 179,934 | 524,747 | 547,720 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 5,775 | 14,273 | 12,573 | 38,375 | Interest on deposits | 5,106 | 11,822 | 17,679 | 50,197 | ||||||||||||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 6,124 | 6,931 | 12,299 | 17,652 | Interest on other borrowings | 6,279 | 5,574 | 18,578 | 23,226 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 11,899 | 21,204 | 24,872 | 56,027 | Total interest expense | 11,385 | 17,396 | 36,257 | 73,423 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 161,852 | 163,814 | 326,829 | 311,759 | Net interest income | 161,661 | 162,538 | 488,490 | 474,297 | ||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (899) | 68,449 | (17,478) | 105,496 | Provision for loan losses | (3,984) | 26,692 | (21,462) | 132,188 | ||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 1,299 | 19,712 | (10,540) | 23,712 | Provision for unfunded commitments | (5,516) | (10,131) | (16,056) | 13,581 | ||||||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | (258) | 0 | (431) | 0 | Provision for other credit losses | (175) | 1,121 | (606) | 1,121 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 142 | 88,161 | (28,449) | 129,208 | Provision for credit losses | (9,675) | 17,682 | (38,124) | 146,890 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 161,710 | 75,653 | 355,278 | 182,551 | Net interest income after provision for credit losses | 171,336 | 144,856 | 526,614 | 327,407 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 11,007 | 9,922 | 21,836 | 21,766 | Service charges on deposit accounts | 11,486 | 10,914 | 33,322 | 32,680 | ||||||||||||||||||||||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 70,231 | 104,925 | 168,717 | 140,258 | Mortgage banking activity | 56,460 | 138,627 | 225,177 | 278,885 | ||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees | Other service charges, commissions and fees | 1,056 | 949 | 2,072 | 1,910 | Other service charges, commissions and fees | 1,154 | 1,039 | 3,226 | 2,949 | ||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | 1 | 14 | (11) | 5 | ||||||||||||||||||||||||||||||||||||||||||
Net gain on securities | Net gain on securities | 530 | — | 519 | 5 | |||||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 6,945 | 5,150 | 14,599 | 11,400 | Other noninterest income | 6,932 | 8,438 | 21,531 | 19,838 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 89,240 | 120,960 | 207,213 | 175,339 | Total noninterest income | 76,562 | 159,018 | 283,775 | 334,357 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 85,505 | 95,168 | 181,490 | 171,114 | Salaries and employee benefits | 79,671 | 96,698 | 261,161 | 267,812 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 10,812 | 13,807 | 22,593 | 25,835 | Occupancy and equipment | 11,979 | 13,805 | 34,572 | 39,640 | ||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,877 | 10,514 | 23,761 | 22,468 | Data processing and communications expenses | 10,681 | 12,226 | 34,442 | 34,694 | ||||||||||||||||||||||||||||||||||||
Credit resolution-related expenses | Credit resolution-related expenses | 622 | 950 | 1,169 | 3,148 | Credit resolution-related expenses | 377 | 802 | 1,546 | 3,950 | ||||||||||||||||||||||||||||||||||||
Advertising and marketing | Advertising and marketing | 1,946 | 1,455 | 3,377 | 3,813 | Advertising and marketing | 2,676 | 966 | 6,053 | 4,779 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,065 | 5,601 | 8,191 | 11,232 | Amortization of intangible assets | 3,387 | 4,190 | 11,578 | 15,422 | ||||||||||||||||||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | 0 | 895 | 0 | 1,435 | Merger and conversion charges | 183 | (44) | 183 | 1,391 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 20,934 | 27,378 | 43,978 | 54,776 | Other noninterest expenses | 28,242 | 25,049 | 72,220 | 79,825 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 135,761 | 155,768 | 284,559 | 293,821 | Total noninterest expense | 137,196 | 153,692 | 421,755 | 447,513 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 115,189 | 40,845 | 277,932 | 64,069 | Income before income tax expense | 110,702 | 150,182 | 388,634 | 214,251 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 26,862 | 8,609 | 64,643 | 12,511 | Income tax expense | 29,022 | 34,037 | 93,665 | 46,548 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 88,327 | 32,236 | 213,289 | 51,558 | Net income | 81,680 | 116,145 | 294,969 | 167,703 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of $(283), $(13), $(2,255) and $5,743 | (1,066) | (49) | (8,481) | 21,604 | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of $(834), $(663), $(3,089) and $5,080 | Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of $(834), $(663), $(3,089) and $5,080 | (3,139) | (2,494) | (11,620) | 19,110 | |||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge during the period, net of tax benefit of $0, $30, $0 and $4 | 0 | 111 | 0 | 14 | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on cash flow hedge during the period, net of tax benefit of $0, $35, $0 and $39 | Net unrealized gains on cash flow hedge during the period, net of tax benefit of $0, $35, $0 and $39 | — | 133 | — | 147 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (1,066) | 62 | (8,481) | 21,618 | Total other comprehensive income (loss) | (3,139) | (2,361) | (11,620) | 19,257 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 87,261 | $ | 32,298 | $ | 204,808 | $ | 73,176 | Comprehensive income | $ | 78,541 | $ | 113,784 | $ | 283,349 | $ | 186,960 | ||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.27 | $ | 0.47 | $ | 3.07 | $ | 0.74 | Basic earnings per common share | $ | 1.18 | $ | 1.68 | $ | 4.25 | $ | 2.42 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.27 | $ | 0.47 | $ | 3.06 | $ | 0.74 | Diluted earnings per common share | $ | 1.17 | $ | 1.67 | $ | 4.23 | $ | 2.42 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 69,497 | 69,192 | 69,448 | 69,235 | Basic | 69,440 | 69,231 | 69,445 | 69,243 | ||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 69,792 | 69,293 | 69,765 | 69,413 | Diluted | 69,756 | 69,346 | 69,772 | 69,403 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 71,954,088 | $ | 71,954 | $ | 1,917,990 | $ | 785,984 | $ | 26,090 | 2,240,662 | $ | (44,422) | $ | 2,757,596 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 13,233 | 13 | (13) | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (750) | (1) | (19) | — | — | — | — | (20) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 41,300 | 42 | 1,167 | — | — | — | — | 1,209 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,441 | — | — | — | — | 1,441 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 88,327 | — | — | — | 88,327 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,483) | — | — | — | (10,483) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (1,066) | — | — | (1,066) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 72,007,871 | $ | 72,008 | $ | 1,920,566 | $ | 863,828 | $ | 25,024 | 2,240,662 | $ | (44,422) | $ | 2,837,004 | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 71,753,705 | $ | 71,754 | $ | 1,913,285 | $ | 671,510 | $ | 33,505 | 2,212,224 | $ | (42,966) | $ | 2,647,088 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 99,308 | 99 | 500 | — | — | — | — | 599 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (750) | (1) | (19) | — | — | — | — | (20) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 155,608 | 156 | 4,055 | — | — | — | — | 4,211 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,745 | — | — | — | — | 2,745 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 28,438 | (1,456) | (1,456) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 213,289 | — | — | — | 213,289 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.30 per share) | — | — | — | (20,971) | — | — | — | (20,971) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (8,481) | — | — | (8,481) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 72,007,871 | $ | 72,008 | $ | 1,920,566 | $ | 863,828 | $ | 25,024 | 2,240,662 | $ | (44,422) | $ | 2,837,004 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 72,007,871 | $ | 72,008 | $ | 1,920,566 | $ | 863,828 | $ | 25,024 | 2,240,662 | $ | (44,422) | $ | 2,837,004 | |||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (1,945) | (2) | (31) | — | — | — | — | (33) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 10,000 | 10 | 278 | — | — | — | — | 288 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,151 | — | — | — | — | 2,151 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 139,829 | (6,652) | (6,652) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 81,680 | — | — | — | 81,680 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,529) | — | — | — | (10,529) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (3,139) | — | — | (3,139) | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 72,015,926 | $ | 72,016 | $ | 1,922,964 | $ | 934,979 | $ | 21,885 | 2,380,491 | $ | (51,074) | $ | 2,900,770 | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 71,753,705 | $ | 71,754 | $ | 1,913,285 | $ | 671,510 | $ | 33,505 | 2,212,224 | $ | (42,966) | $ | 2,647,088 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 99,308 | 99 | 500 | — | — | — | — | 599 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (2,695) | (3) | (50) | — | — | — | — | (53) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 165,608 | 166 | 4,333 | — | — | — | — | 4,499 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 4,896 | — | — | — | — | 4,896 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 168,267 | (8,108) | (8,108) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 294,969 | — | — | — | 294,969 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.45 per share) | — | — | — | (31,500) | — | — | — | (31,500) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (11,620) | — | — | (11,620) | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 72,015,926 | $ | 72,016 | $ | 1,922,964 | $ | 934,979 | $ | 21,885 | 2,380,491 | $ | (51,074) | $ | 2,900,770 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 71,651,986 | $ | 71,652 | $ | 1,908,721 | $ | 460,153 | $ | 39,551 | 2,210,712 | $ | (42,927) | $ | 2,437,150 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 33,351 | 33 | (33) | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (11,250) | (11) | (159) | — | — | — | — | (170) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,310 | — | — | — | — | 1,310 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 593 | (17) | (17) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 32,236 | — | — | — | 32,236 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,441) | — | — | — | (10,441) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income during the period | — | — | — | — | 62 | — | — | 62 | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 71,674,087 | $ | 71,674 | $ | 1,909,839 | $ | 481,948 | $ | 39,613 | 2,211,305 | $ | (42,944) | $ | 2,460,130 | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 71,499,829 | $ | 71,500 | $ | 1,907,108 | $ | 507,950 | $ | 17,995 | 1,995,996 | $ | (34,971) | $ | 2,469,582 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 151,976 | 152 | 137 | — | — | — | — | 289 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (11,250) | (11) | (159) | — | — | — | — | (170) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 33,532 | 33 | 668 | — | — | — | — | 701 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,085 | — | — | — | — | 2,085 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 215,309 | (7,973) | (7,973) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 51,558 | — | — | — | 51,558 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.30 per share) | — | — | — | (20,856) | — | — | — | (20,856) | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting for credit losses | — | — | — | (56,704) | — | — | — | (56,704) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income during the period | — | — | — | — | 21,618 | — | — | 21,618 | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 71,674,087 | $ | 71,674 | $ | 1,909,839 | $ | 481,948 | $ | 39,613 | 2,211,305 | $ | (42,944) | $ | 2,460,130 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 71,674,087 | $ | 71,674 | $ | 1,909,839 | $ | 481,948 | $ | 39,613 | 2,211,305 | $ | (42,944) | $ | 2,460,130 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 12,500 | 13 | (13) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 16,000 | 16 | 264 | — | — | — | — | 280 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 941 | — | — | — | — | 941 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 736 | (16) | (16) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 116,145 | — | — | — | 116,145 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,436) | — | — | — | (10,436) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (2,361) | — | — | (2,361) | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 71,702,587 | $ | 71,703 | $ | 1,911,031 | $ | 587,657 | $ | 37,252 | 2,212,041 | $ | (42,960) | $ | 2,564,683 | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 71,499,829 | $ | 71,500 | $ | 1,907,108 | $ | 507,950 | $ | 17,995 | 1,995,996 | $ | (34,971) | $ | 2,469,582 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 164,476 | 164 | 125 | — | — | — | — | 289 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (11,250) | (11) | (159) | — | — | — | — | (170) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 49,532 | 50 | 931 | — | — | — | — | 981 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 3,026 | — | — | — | — | 3,026 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 216,045 | (7,989) | (7,989) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 167,703 | — | — | — | 167,703 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.45 per share) | — | — | — | (31,292) | — | — | — | (31,292) | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting for credit losses | — | — | — | (56,704) | — | — | — | (56,704) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income during the period | — | — | — | — | 19,257 | — | — | 19,257 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 71,702,587 | $ | 71,703 | $ | 1,911,031 | $ | 587,657 | $ | 37,252 | 2,212,041 | $ | (42,960) | $ | 2,564,683 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Operating Activities | Operating Activities | Operating Activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 213,289 | $ | 51,558 | Net income | $ | 294,969 | $ | 167,703 | ||||||||||||||||||
Adjustments reconciling net income to net cash provided by (used in) operating activities: | Adjustments reconciling net income to net cash provided by (used in) operating activities: | Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation | Depreciation | 8,226 | 7,923 | Depreciation | 12,864 | 11,843 | ||||||||||||||||||||||
Net losses on sale or disposal of premises and equipment | 920 | 8 | ||||||||||||||||||||||||||
Net (gains) losses on sale or disposal of premises and equipment | Net (gains) losses on sale or disposal of premises and equipment | 3,200 | (125) | |||||||||||||||||||||||||
Net write-downs on other assets | Net write-downs on other assets | 149 | 1,090 | Net write-downs on other assets | 260 | 1,366 | ||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (28,449) | 129,208 | Provision for credit losses | (38,124) | 146,890 | ||||||||||||||||||||||
Net write-downs and (gains) losses on sale of other real estate owned | Net write-downs and (gains) losses on sale of other real estate owned | (558) | 873 | Net write-downs and (gains) losses on sale of other real estate owned | (581) | 715 | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 3,454 | 1,700 | Share-based compensation expense | 5,884 | 2,708 | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 8,191 | 11,232 | Amortization of intangible assets | 11,578 | 15,422 | ||||||||||||||||||||||
Amortization of operating lease right of use assets | Amortization of operating lease right of use assets | 5,866 | 6,599 | Amortization of operating lease right of use assets | 12,389 | 12,408 | ||||||||||||||||||||||
Provision for deferred taxes | Provision for deferred taxes | 26,488 | (32,544) | Provision for deferred taxes | 32,074 | (28,652) | ||||||||||||||||||||||
Net amortization of investment securities available-for-sale | Net amortization of investment securities available-for-sale | 1,985 | 2,932 | Net amortization of investment securities available-for-sale | 2,534 | 4,702 | ||||||||||||||||||||||
Net amortization of investment securities held-to-maturity | Net amortization of investment securities held-to-maturity | 1 | 0 | Net amortization of investment securities held-to-maturity | 14 | — | ||||||||||||||||||||||
Net (gain) loss on securities | 11 | (5) | ||||||||||||||||||||||||||
Net gain on securities | Net gain on securities | (519) | (5) | |||||||||||||||||||||||||
Accretion of discount on purchased loans, net | Accretion of discount on purchased loans, net | (10,589) | (16,138) | Accretion of discount on purchased loans, net | (13,537) | (22,663) | ||||||||||||||||||||||
Net amortization on other borrowings | Net amortization on other borrowings | 222 | 94 | Net amortization on other borrowings | 330 | 152 | ||||||||||||||||||||||
Amortization of subordinated deferrable interest debentures | Amortization of subordinated deferrable interest debentures | 986 | 970 | Amortization of subordinated deferrable interest debentures | 1,485 | 1,455 | ||||||||||||||||||||||
Loan servicing asset impairment (recovery) | Loan servicing asset impairment (recovery) | (11,388) | 30,239 | Loan servicing asset impairment (recovery) | (9,990) | 30,566 | ||||||||||||||||||||||
Originations of mortgage loans held for sale | Originations of mortgage loans held for sale | (4,425,420) | (3,799,622) | Originations of mortgage loans held for sale | (6,231,286) | (6,492,434) | ||||||||||||||||||||||
Payments received on mortgage loans held for sale | Payments received on mortgage loans held for sale | 24,477 | 34,849 | Payments received on mortgage loans held for sale | 38,178 | 38,919 | ||||||||||||||||||||||
Proceeds from sales of mortgage loans held for sale | Proceeds from sales of mortgage loans held for sale | 4,198,098 | 3,724,287 | Proceeds from sales of mortgage loans held for sale | 5,752,055 | 6,888,287 | ||||||||||||||||||||||
Net gains on mortgage loans held for sale | Net gains on mortgage loans held for sale | (84,992) | (129,450) | Net gains on mortgage loans held for sale | (126,533) | (270,503) | ||||||||||||||||||||||
Originations of SBA loans | Originations of SBA loans | (44,257) | (28,595) | Originations of SBA loans | (51,155) | (104,160) | ||||||||||||||||||||||
Proceeds from sales of SBA loans | Proceeds from sales of SBA loans | 41,017 | 35,152 | Proceeds from sales of SBA loans | 54,861 | 99,369 | ||||||||||||||||||||||
Net gains on sale of SBA loans | Net gains on sale of SBA loans | (3,453) | (2,614) | Net gains on sale of SBA loans | (5,059) | (6,250) | ||||||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | Increase in cash surrender value of bank owned life insurance | (2,078) | (1,876) | Increase in cash surrender value of bank owned life insurance | (3,628) | (2,768) | ||||||||||||||||||||||
Gain on bank owned life insurance proceeds | Gain on bank owned life insurance proceeds | (603) | (845) | Gain on bank owned life insurance proceeds | (603) | (948) | ||||||||||||||||||||||
Net gains on other loans held for sale | Net gains on other loans held for sale | (457) | 0 | Net gains on other loans held for sale | (457) | — | ||||||||||||||||||||||
Changes in FDIC loss-share payable, net of cash payments | Changes in FDIC loss-share payable, net of cash payments | 0 | (562) | Changes in FDIC loss-share payable, net of cash payments | — | 223 | ||||||||||||||||||||||
Change attributable to other operating activities | Change attributable to other operating activities | (13,363) | (52,715) | Change attributable to other operating activities | 1,244 | (114,858) | ||||||||||||||||||||||
Net cash used in operating activities | (92,227) | (26,252) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | (257,553) | 379,362 | |||||||||||||||||||||||||
Investing Activities, net of effects of business combinations | Investing Activities, net of effects of business combinations | Investing Activities, net of effects of business combinations | ||||||||||||||||||||||||||
Proceeds from maturities of time deposits in other banks | Proceeds from maturities of time deposits in other banks | 249 | 0 | Proceeds from maturities of time deposits in other banks | 249 | — | ||||||||||||||||||||||
Purchases of investment securities held-to-maturity | Purchases of investment securities held-to-maturity | (29,056) | 0 | Purchases of investment securities held-to-maturity | (64,517) | — | ||||||||||||||||||||||
Proceeds from prepayments and maturities of securities available-for-sale | 192,022 | 188,920 | ||||||||||||||||||||||||||
Proceeds from maturities and paydowns of securities available-for-sale | Proceeds from maturities and paydowns of securities available-for-sale | 281,244 | 306,886 | |||||||||||||||||||||||||
Net (increase) decrease in other investments | 570 | (9,529) | ||||||||||||||||||||||||||
Proceeds from maturities and paydowns of securities held-to-maturity | Proceeds from maturities and paydowns of securities held-to-maturity | 52 | — | |||||||||||||||||||||||||
Net decrease in other investments | Net decrease in other investments | 1,102 | 18,095 | |||||||||||||||||||||||||
Net increase in loans | Net increase in loans | (219,110) | (1,591,894) | Net increase in loans | (215,289) | (2,029,595) | ||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (17,196) | (9,267) | Purchases of premises and equipment | (21,990) | (14,164) | ||||||||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 946 | 409 | Proceeds from sale of premises and equipment | 993 | 421 | ||||||||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 7,902 | 3,169 | Proceeds from sales of other real estate owned | 10,141 | 7,777 | ||||||||||||||||||||||
Payments paid to FDIC under loss-share agreements | Payments paid to FDIC under loss-share agreements | 0 | (177) | Payments paid to FDIC under loss-share agreements | — | (389) | ||||||||||||||||||||||
Purchases of bank owned life insurance | Purchases of bank owned life insurance | (100,000) | 0 | Purchases of bank owned life insurance | (100,000) | — | ||||||||||||||||||||||
Proceeds from bank owned life insurance | Proceeds from bank owned life insurance | 1,309 | 2,980 | Proceeds from bank owned life insurance | 1,309 | 3,381 | ||||||||||||||||||||||
Payments received on other loans held for sale | Payments received on other loans held for sale | 9,136 | 0 | Payments received on other loans held for sale | 9,136 | — | ||||||||||||||||||||||
Proceeds from sales of other loans held for sale | Proceeds from sales of other loans held for sale | 156,803 | 0 | Proceeds from sales of other loans held for sale | 156,803 | — | ||||||||||||||||||||||
Net cash and cash equivalents received from acquisitions | Net cash and cash equivalents received from acquisitions | 0 | (2,417) | Net cash and cash equivalents received from acquisitions | — | (2,417) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 3,575 | (1,417,806) | Net cash provided by (used in) investing activities | 59,233 | (1,710,005) | ||||||||||||||||||||||
(Continued) | (Continued) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Financing Activities, net of effects of business combinations | Financing Activities, net of effects of business combinations | Financing Activities, net of effects of business combinations | ||||||||||||||||||||||||||
Net increase in deposits | Net increase in deposits | $ | 1,300,174 | $ | 1,564,859 | Net increase in deposits | $ | 1,875,666 | $ | 2,038,847 | ||||||||||||||||||
Net decrease in securities sold under agreements to repurchase | Net decrease in securities sold under agreements to repurchase | (6,097) | (7,756) | Net decrease in securities sold under agreements to repurchase | (7,139) | (11,532) | ||||||||||||||||||||||
Proceeds from other borrowings | Proceeds from other borrowings | 0 | 4,745,000 | Proceeds from other borrowings | — | 7,053,149 | ||||||||||||||||||||||
Repayment of other borrowings | Repayment of other borrowings | (74) | (4,725,167) | Repayment of other borrowings | (110) | (7,576,455) | ||||||||||||||||||||||
Repayment of subordinated deferrable interest debentures | Repayment of subordinated deferrable interest debentures | 0 | (5,155) | Repayment of subordinated deferrable interest debentures | — | (5,155) | ||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 4,211 | 701 | Proceeds from exercise of stock options | 4,499 | 981 | ||||||||||||||||||||||
Dividends paid - common stock | Dividends paid - common stock | (20,888) | (20,841) | Dividends paid - common stock | (31,354) | (31,262) | ||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | (1,456) | (7,973) | Purchase of treasury shares | (8,108) | (7,988) | ||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 1,275,870 | 1,543,668 | Net cash provided by financing activities | 1,833,454 | 1,460,585 | ||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 1,187,218 | 99,610 | Net increase in cash and cash equivalents | 1,635,134 | 129,942 | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 2,117,306 | 621,849 | Cash and cash equivalents at beginning of period | 2,117,306 | 621,849 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 3,304,524 | $ | 721,459 | Cash and cash equivalents at end of period | $ | 3,752,440 | $ | 751,791 | ||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||||||||
Interest | Interest | $ | 25,985 | $ | 60,725 | Interest | $ | 35,389 | $ | 78,705 | ||||||||||||||||||
Income taxes | Income taxes | 30,924 | 7,934 | Income taxes | 55,651 | 56,371 | ||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | 1,239 | 8,165 | Loans transferred to other real estate owned | 2,274 | 6,871 | ||||||||||||||||||||||
Loans transferred from loans held for sale to loans held for investment | Loans transferred from loans held for sale to loans held for investment | 85,748 | 86,557 | Loans transferred from loans held for sale to loans held for investment | 134,941 | 135,689 | ||||||||||||||||||||||
Loans transferred from loans held for investment to loans held for sale | Loans transferred from loans held for investment to loans held for sale | — | 46,845 | |||||||||||||||||||||||||
Loans provided for the sales of other real estate owned | Loans provided for the sales of other real estate owned | 1,052 | 299 | Loans provided for the sales of other real estate owned | 1,052 | 592 | ||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | Right-of-use assets obtained in exchange for new operating lease liabilities | 2,932 | 8,844 | Right-of-use assets obtained in exchange for new operating lease liabilities | 10,270 | 11,040 | ||||||||||||||||||||||
Change in unrealized gain (loss) on securities available-for-sale, net of tax | Change in unrealized gain (loss) on securities available-for-sale, net of tax | (8,481) | 21,603 | Change in unrealized gain (loss) on securities available-for-sale, net of tax | (11,620) | 19,109 | ||||||||||||||||||||||
Change in unrealized gain (loss) on cash flow hedge, net of tax | 0 | 14 | ||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedge, net of tax | Change in unrealized gain on cash flow hedge, net of tax | — | 147 | |||||||||||||||||||||||||
(Concluded) | (Concluded) |
(dollars in thousands) Securities available-for-sale | (dollars in thousands) Securities available-for-sale | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | (dollars in thousands) Securities available-for-sale | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 12,120 | $ | 0 | $ | 207 | $ | 0 | $ | 12,327 | U.S. government sponsored agencies | $ | 12,102 | $ | — | $ | 150 | $ | — | $ | 12,252 | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 58,016 | 0 | 2,820 | 0 | 60,836 | State, county and municipal securities | 51,541 | — | 2,675 | — | 54,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 43,132 | (81) | 810 | (249) | 43,612 | Corporate debt securities | 33,397 | — | 722 | (121) | 33,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 52,283 | 0 | 2,071 | (73) | 54,281 | SBA pool securities | 46,354 | — | 1,629 | (66) | 47,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 581,021 | 0 | 26,100 | (10) | 607,111 | Mortgage-backed securities | 513,408 | — | 22,718 | (5) | 536,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 746,572 | $ | (81) | $ | 32,008 | $ | (332) | $ | 778,167 | Total debt securities available-for-sale | $ | 656,802 | $ | — | $ | 27,894 | $ | (192) | $ | 684,504 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 17,161 | $ | 0 | $ | 343 | $ | 0 | $ | 17,504 | U.S. government sponsored agencies | $ | 17,161 | $ | — | $ | 343 | $ | — | $ | 17,504 | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 63,286 | 0 | 3,492 | 0 | 66,778 | State, county and municipal securities | 63,286 | — | 3,492 | — | 66,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 51,639 | (112) | 602 | (233) | 51,896 | Corporate debt securities | 51,639 | (112) | 602 | (233) | 51,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 59,973 | 0 | 2,620 | (96) | 62,497 | SBA pool securities | 59,973 | — | 2,620 | (96) | 62,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 748,521 | 0 | 35,797 | (114) | 784,204 | Mortgage-backed securities | 748,521 | — | 35,797 | (114) | 784,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 940,580 | $ | (112) | $ | 42,854 | $ | (443) | $ | 982,879 | Total debt securities available-for-sale | $ | 940,580 | $ | (112) | $ | 42,854 | $ | (443) | $ | 982,879 |
(dollars in thousands) Securities held-to-maturity | (dollars in thousands) Securities held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | (dollars in thousands) Securities held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 3,905 | $ | — | $ | (121) | $ | 3,784 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 29,055 | $ | 10 | $ | (57) | $ | 29,008 | Mortgage-backed securities | 60,546 | — | (1,026) | 59,520 | ||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 29,055 | $ | 10 | $ | (57) | $ | 29,008 | Total debt securities held-to-maturity | $ | 64,451 | $ | — | $ | (1,147) | $ | 63,304 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | (dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 21,699 | $ | 21,889 | $ | 0 | $ | 0 | Due in one year or less | $ | 17,228 | $ | 17,357 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due from one year to five years | Due from one year to five years | 43,270 | 44,969 | 0 | 0 | Due from one year to five years | 34,212 | 35,780 | — | — | ||||||||||||||||||||||||||||||||||||
Due from five to ten years | Due from five to ten years | 58,019 | 60,100 | 0 | 0 | Due from five to ten years | 52,456 | 54,242 | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 42,563 | 44,098 | 0 | 0 | Due after ten years | 39,498 | 41,004 | 3,905 | 3,784 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 581,021 | 607,111 | 29,055 | 29,008 | Mortgage-backed securities | 513,408 | 536,121 | 60,546 | 59,520 | ||||||||||||||||||||||||||||||||||||
$ | 746,572 | $ | 778,167 | $ | 29,055 | $ | 29,008 | $ | 656,802 | $ | 684,504 | $ | 64,451 | $ | 63,304 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale | (dollars in thousands) Securities available-for-sale | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | (dollars in thousands) Securities available-for-sale | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 2,920 | $ | (249) | $ | 0 | $ | 0 | $ | 2,920 | $ | (249) | Corporate debt securities | $ | — | $ | — | $ | 1,380 | $ | (121) | $ | 1,380 | $ | (121) | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 0 | 0 | 2,983 | (73) | 2,983 | (73) | SBA pool securities | — | — | 2,754 | (66) | 2,754 | (66) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 3,214 | (7) | 424 | (3) | 3,638 | (10) | Mortgage-backed securities | 3,034 | (5) | 137 | — | 3,171 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 6,134 | $ | (256) | $ | 3,407 | $ | (76) | $ | 9,541 | $ | (332) | Total debt securities available-for-sale | $ | 3,034 | $ | (5) | $ | 4,271 | $ | (187) | $ | 7,305 | $ | (192) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 10,159 | $ | (233) | $ | 0 | $ | 0 | $ | 10,159 | $ | (233) | Corporate debt securities | $ | 10,159 | $ | (233) | $ | — | $ | — | $ | 10,159 | $ | (233) | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 0 | 0 | 3,948 | (96) | 3,948 | (96) | SBA pool securities | — | — | 3,948 | (96) | 3,948 | (96) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 24,120 | (114) | 2 | 0 | 24,122 | (114) | Mortgage-backed securities | 24,120 | (114) | 2 | — | 24,122 | (114) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 34,279 | $ | (347) | $ | 3,950 | $ | (96) | $ | 38,229 | $ | (443) | Total debt securities available-for-sale | $ | 34,279 | $ | (347) | $ | 3,950 | $ | (96) | $ | 38,229 | $ | (443) |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities held-to-maturity | (dollars in thousands) Securities held-to-maturity | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | (dollars in thousands) Securities held-to-maturity | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 3,784 | $ | (121) | $ | — | $ | — | $ | 3,784 | $ | (121) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 9,583 | $ | (57) | $ | 0 | $ | 0 | $ | 9,583 | $ | (57) | Mortgage-backed securities | 59,520 | (1,026) | — | — | 59,520 | (1,026) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 9,583 | $ | (57) | $ | 0 | $ | 0 | $ | 9,583 | $ | (57) | Total debt securities held-to-maturity | $ | 63,304 | $ | (1,147) | $ | — | $ | — | $ | 63,304 | $ | (1,147) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 2021 | 2020 | 2021 | 2020 | Allowance for credit losses | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 101 | $ | 0 | $ | 112 | $ | 0 | Beginning balance | $ | 81 | $ | — | $ | 112 | $ | — | ||||||||||||||||||||||||||||
Provision for expected credit losses | Provision for expected credit losses | (20) | 0 | (31) | 0 | Provision for expected credit losses | (81) | 68 | (112) | 68 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 81 | $ | 0 | $ | 81 | $ | 0 | Ending balance | $ | — | $ | 68 | $ | — | $ | 68 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on equity securities | Unrealized holding gains (losses) on equity securities | $ | 1 | $ | 14 | $ | (11) | $ | 5 | Unrealized holding gains (losses) on equity securities | $ | (2) | $ | — | $ | (13) | $ | 5 | ||||||||||||||||||||||||||||
Total gain (loss) on securities | $ | 1 | $ | 14 | $ | (11) | $ | 5 | ||||||||||||||||||||||||||||||||||||||
Net realized gains on sales of other investments | Net realized gains on sales of other investments | 532 | — | 532 | — | |||||||||||||||||||||||||||||||||||||||||
Total gain on securities | Total gain on securities | $ | 530 | $ | — | $ | 519 | $ | 5 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 1,406,421 | $ | 1,627,477 | Commercial, financial and agricultural | $ | 1,217,575 | $ | 1,627,477 | ||||||||||||
Consumer installment | Consumer installment | 229,411 | 306,995 | Consumer installment | 207,111 | 306,995 | ||||||||||||||||
Indirect automobile | Indirect automobile | 397,373 | 580,083 | Indirect automobile | 325,057 | 580,083 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 841,347 | 916,353 | Mortgage warehouse | 768,577 | 916,353 | ||||||||||||||||
Municipal | Municipal | 647,578 | 659,403 | Municipal | 624,430 | 659,403 | ||||||||||||||||
Premium finance | Premium finance | 780,328 | 687,841 | Premium finance | 840,737 | 687,841 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 1,527,883 | 1,606,710 | Real estate – construction and development | 1,454,824 | 1,606,710 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 6,051,472 | 5,300,006 | Real estate – commercial and farmland | 6,409,704 | 5,300,006 | ||||||||||||||||
Real estate – residential | Real estate – residential | 2,898,978 | 2,796,057 | Real estate – residential | 2,976,524 | 2,796,057 | ||||||||||||||||
$ | 14,780,791 | $ | 14,480,925 | $ | 14,824,539 | $ | 14,480,925 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 7,284 | $ | 9,836 | Commercial, financial and agricultural | $ | 5,709 | $ | 9,836 | ||||||||||||
Consumer installment | Consumer installment | 503 | 709 | Consumer installment | 462 | 709 | ||||||||||||||||
Indirect automobile | Indirect automobile | 1,393 | 2,831 | Indirect automobile | 1,002 | 2,831 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 1,746 | 5,407 | Real estate – construction and development | 1,564 | 5,407 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 17,385 | 18,517 | Real estate – commercial and farmland | 17,459 | 18,517 | ||||||||||||||||
Real estate – residential | Real estate – residential | 31,610 | 39,157 | Real estate – residential | 32,736 | 39,157 | ||||||||||||||||
$ | 59,921 | $ | 76,457 | $ | 58,932 | $ | 76,457 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 966 | $ | 764 | Commercial, financial and agricultural | $ | 221 | $ | 764 | ||||||||||||
Real estate – construction and development | Real estate – construction and development | 66 | 416 | Real estate – construction and development | 323 | 416 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 3,621 | 7,015 | Real estate – commercial and farmland | 2,815 | 7,015 | ||||||||||||||||
Real estate – residential | Real estate – residential | 6,842 | 5,299 | Real estate – residential | 3,765 | 5,299 | ||||||||||||||||
$ | 11,495 | $ | 13,494 | $ | 7,124 | $ | 13,494 |
(dollars in thousands) | (dollars in thousands) | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans 90 or More Days Past Due | Total Loans Past Due | Current Loans | Total Loans | Loans 90 Days or More Past Due and Still Accruing | (dollars in thousands) | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans 90 or More Days Past Due | Total Loans Past Due | Current Loans | Total Loans | Loans 90 Days or More Past Due and Still Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 3,070 | $ | 1,012 | $ | 3,176 | $ | 7,258 | $ | 1,399,163 | $ | 1,406,421 | $ | 0 | Commercial, financial and agricultural | $ | 2,271 | $ | 1,569 | $ | 2,060 | $ | 5,900 | $ | 1,211,675 | $ | 1,217,575 | $ | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 1,575 | 1,027 | 869 | 3,471 | 225,940 | 229,411 | 556 | Consumer installment | 1,549 | 804 | 910 | 3,263 | 203,848 | 207,111 | 569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 699 | 345 | 895 | 1,939 | 395,434 | 397,373 | 0 | Indirect automobile | 699 | 284 | 515 | 1,498 | 323,559 | 325,057 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 0 | 0 | 0 | 0 | 841,347 | 841,347 | 0 | Mortgage warehouse | — | — | — | — | 768,577 | 768,577 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 0 | 0 | 0 | 0 | 647,578 | 647,578 | 0 | Municipal | — | — | — | — | 624,430 | 624,430 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 3,866 | 3,853 | 2,668 | 10,387 | 769,941 | 780,328 | 2,669 | Premium finance | 7,264 | 4,967 | 5,881 | 18,112 | 822,625 | 840,737 | 5,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 18,562 | 1,037 | 2,764 | 22,363 | 1,505,520 | 1,527,883 | 1,649 | Real estate – construction and development | 22,290 | 3,181 | 1,899 | 27,370 | 1,427,454 | 1,454,824 | 1,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 1,160 | 618 | 6,412 | 8,190 | 6,043,282 | 6,051,472 | 0 | Real estate – commercial and farmland | 9,373 | 1,166 | 6,410 | 16,949 | 6,392,755 | 6,409,704 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 10,093 | 4,608 | 27,883 | 42,584 | 2,856,394 | 2,898,978 | 0 | Real estate – residential | 3,357 | 5,209 | 28,394 | 36,960 | 2,939,564 | 2,976,524 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 39,025 | $ | 12,500 | $ | 44,667 | $ | 96,192 | $ | 14,684,599 | $ | 14,780,791 | $ | 4,874 | Total | $ | 46,803 | $ | 17,180 | $ | 46,069 | $ | 110,052 | $ | 14,714,487 | $ | 14,824,539 | $ | 7,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 4,576 | $ | 2,018 | $ | 5,652 | $ | 12,246 | $ | 1,615,231 | $ | 1,627,477 | $ | 0 | Commercial, financial and agricultural | $ | 4,576 | $ | 2,018 | $ | 5,652 | $ | 12,246 | $ | 1,615,231 | $ | 1,627,477 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 2,189 | 1,114 | 2,318 | 5,621 | 301,374 | 306,995 | 1,755 | Consumer installment | 2,189 | 1,114 | 2,318 | 5,621 | 301,374 | 306,995 | 1,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 3,293 | 1,006 | 2,171 | 6,470 | 573,613 | 580,083 | 0 | Indirect automobile | 3,293 | 1,006 | 2,171 | 6,470 | 573,613 | 580,083 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 0 | 0 | 0 | 0 | 916,353 | 916,353 | 0 | Mortgage warehouse | — | — | — | — | 916,353 | 916,353 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 0 | 0 | 0 | 0 | 659,403 | 659,403 | 0 | Municipal | — | — | — | — | 659,403 | 659,403 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 7,188 | 3,895 | 6,571 | 17,654 | 670,187 | 687,841 | 6,571 | Premium finance | 7,188 | 3,895 | 6,571 | 17,654 | 670,187 | 687,841 | 6,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 13,348 | 723 | 5,150 | 19,221 | 1,587,489 | 1,606,710 | 0 | Real estate – construction and development | 13,348 | 723 | 5,150 | 19,221 | 1,587,489 | 1,606,710 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 5,370 | 1,701 | 8,651 | 15,722 | 5,284,284 | 5,300,006 | 0 | Real estate – commercial and farmland | 5,370 | 1,701 | 8,651 | 15,722 | 5,284,284 | 5,300,006 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 20,519 | 3,125 | 34,081 | 57,725 | 2,738,332 | 2,796,057 | 0 | Real estate – residential | 20,519 | 3,125 | 34,081 | 57,725 | 2,738,332 | 2,796,057 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 56,483 | $ | 13,582 | $ | 64,594 | $ | 134,659 | $ | 14,346,266 | $ | 14,480,925 | $ | 8,326 | Total | $ | 56,483 | $ | 13,582 | $ | 64,594 | $ | 134,659 | $ | 14,346,266 | $ | 14,480,925 | $ | 8,326 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Balance | Allowance for Credit Losses | Balance | Allowance for Credit Losses | (dollars in thousands) | Balance | Allowance for Credit Losses | Balance | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 3,246 | $ | 889 | $ | 5,490 | $ | 2,252 | Commercial, financial and agricultural | $ | 2,870 | $ | 704 | $ | 5,490 | $ | 2,252 | ||||||||||||||||||||||||||||
Premium finance | Premium finance | 258 | 0 | 3,523 | 0 | Premium finance | 2,315 | 97 | 3,523 | — | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,244 | 693 | 4,173 | 512 | Real estate – construction and development | 1,316 | 212 | 4,173 | 512 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 83,000 | 18,494 | 100,180 | 21,001 | Real estate – commercial and farmland | 50,744 | 10,161 | 100,180 | 21,001 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 10,928 | 1,070 | 9,716 | 891 | Real estate – residential | 14,633 | 2,124 | 9,716 | 891 | ||||||||||||||||||||||||||||||||||||
$ | 99,676 | $ | 21,146 | $ | 123,082 | $ | 24,656 | $ | 71,878 | $ | 13,298 | $ | 123,082 | $ | 24,656 |
As of June 30, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | As of September 30, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial, Financial and Agricultural | Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 376,496 | $ | 140,359 | $ | 2,340 | $ | 918 | $ | 219 | $ | 4,915 | $ | 125,123 | $ | 650,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 228 | 446 | 8,778 | 453 | 766 | 879 | 3,789 | 15,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 101,165 | 63,440 | 41,678 | 12,311 | 15,782 | 8,307 | 51,509 | 294,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 62,535 | 67,264 | 53,086 | 67,882 | 26,090 | 29,502 | 88,234 | 394,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 181 | 3,946 | 3,882 | 3,713 | 5,470 | 4,130 | 6,821 | 28,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 527,587 | $ | 158,865 | $ | 99,010 | $ | 75,973 | $ | 42,009 | $ | 40,557 | $ | 244,459 | $ | 1,188,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 0 | 6 | 461 | 406 | 507 | 4,742 | 497 | 6,619 | 6 | 36 | 776 | 527 | 445 | 439 | 3,381 | 1,439 | 7,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 375 | 658 | 3,940 | 2,602 | 3,712 | 5,096 | 782 | 17,165 | 7 | 722 | 510 | 3,851 | 2,151 | 2,644 | 5,051 | 7,143 | 22,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | Total commercial, financial and agricultural | $ | 540,980 | $ | 276,119 | $ | 114,165 | $ | 88,285 | $ | 52,546 | $ | 57,571 | $ | 276,755 | $ | 1,406,421 | Total commercial, financial and agricultural | $ | 528,345 | $ | 160,151 | $ | 103,388 | $ | 78,569 | $ | 45,092 | $ | 48,989 | $ | 253,041 | $ | 1,217,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Installment | Consumer Installment | Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 3,954 | $ | 4,203 | $ | 2,252 | $ | 1,119 | $ | 393 | $ | 13 | $ | 3,099 | $ | 15,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 0 | 0 | 0 | 24 | 1 | 55 | 36 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 11,379 | 9,354 | 3,932 | 1,488 | 497 | 1,595 | 2,943 | 31,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 10,160 | 71,425 | 41,168 | 32,182 | 12,267 | 10,878 | 3,130 | 181,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 0 | 32 | 75 | 8 | 21 | 160 | 0 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 32,105 | $ | 69,866 | $ | 42,133 | $ | 30,626 | $ | 11,439 | $ | 11,851 | $ | 7,532 | $ | 205,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 0 | 0 | 5 | 8 | 0 | 141 | 6 | 160 | 6 | — | — | — | — | — | 138 | 6 | 144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 10 | 217 | 345 | 166 | 66 | 536 | 66 | 1,406 | 7 | 5 | 253 | 329 | 219 | 53 | 473 | 83 | 1,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | Total consumer installment | $ | 25,503 | $ | 85,231 | $ | 47,777 | $ | 34,995 | $ | 13,245 | $ | 13,378 | $ | 9,282 | $ | 229,411 | Total consumer installment | $ | 32,110 | $ | 70,119 | $ | 42,462 | $ | 30,845 | $ | 11,492 | $ | 12,462 | $ | 7,621 | $ | 207,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | Indirect Automobile | Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | $ | 0 | $ | 0 | $ | 0 | $ | 68 | $ | 26 | $ | 4,862 | $ | 0 | $ | 4,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0 | 0 | 27,695 | 139,757 | 132,451 | 90,484 | 0 | 390,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | 23,803 | $ | 118,811 | $ | 110,168 | $ | 70,808 | $ | — | $ | 323,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 0 | 0 | 0 | 29 | 31 | 85 | 0 | 145 | 6 | — | — | — | 27 | 28 | 66 | — | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 0 | 0 | 37 | 296 | 327 | 1,225 | 0 | 1,885 | 7 | — | — | 36 | 159 | 264 | 887 | — | 1,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | Total indirect automobile | $ | 0 | $ | 0 | $ | 27,732 | $ | 140,150 | $ | 132,835 | $ | 96,656 | $ | 0 | $ | 397,373 | Total indirect automobile | $ | — | $ | — | $ | 23,839 | $ | 118,997 | $ | 110,460 | $ | 71,761 | $ | — | $ | 325,057 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | Mortgage Warehouse | Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 841,347 | $ | 841,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 768,577 | $ | 768,577 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | Total mortgage warehouse | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 841,347 | $ | 841,347 | Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 768,577 | $ | 768,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 42,565 | $ | 227,256 | $ | 14,911 | $ | 5,753 | $ | 141,822 | $ | 192,123 | $ | — | $ | 624,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total municipal | Total municipal | $ | 42,565 | $ | 227,256 | $ | 14,911 | $ | 5,753 | $ | 141,822 | $ | 192,123 | $ | — | $ | 624,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | Premium Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 820,843 | $ | 13,411 | $ | 175 | $ | — | $ | 414 | $ | 13 | $ | — | $ | 834,856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 3,582 | 2,298 | 1 | — | — | — | — | 5,881 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | Total premium finance | $ | 824,425 | $ | 15,709 | $ | 176 | $ | — | $ | 414 | $ | 13 | $ | — | $ | 840,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Construction and Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 629,733 | $ | 411,682 | $ | 234,740 | $ | 55,995 | $ | 39,464 | $ | 49,180 | $ | 27,024 | $ | 1,447,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | — | — | — | — | — | 1,853 | — | 1,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 774 | 142 | 169 | 2,203 | 631 | 1,234 | — | 5,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | Total real estate – construction and development | $ | 630,507 | $ | 411,824 | $ | 234,909 | $ | 58,198 | $ | 40,095 | $ | 52,267 | $ | 27,024 | $ | 1,454,824 |
As of June 30, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 36,781 | $ | 93,621 | $ | 13,555 | $ | 7,227 | $ | 138,378 | $ | 192,462 | $ | 0 | $ | 482,024 | ||||||||||||||||||||||||||||||||||||||||
2 | 1,842 | 72,018 | 0 | 0 | 0 | 12,968 | 0 | 86,828 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0 | 60,812 | 650 | 0 | 5,453 | 2,989 | 0 | 69,904 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0 | 6,140 | 0 | 0 | 0 | 2,682 | 0 | 8,822 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 38,623 | $ | 232,591 | $ | 14,205 | $ | 7,227 | $ | 143,831 | $ | 211,101 | $ | 0 | $ | 647,578 | ||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | $ | 654,607 | $ | 119,382 | $ | 2,973 | $ | 109 | $ | 528 | $ | 60 | $ | 0 | $ | 777,659 | ||||||||||||||||||||||||||||||||||||||||
7 | 593 | 2,076 | 0 | 0 | 0 | 0 | 0 | 2,669 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 655,200 | $ | 121,458 | $ | 2,973 | $ | 109 | $ | 528 | $ | 60 | $ | 0 | $ | 780,328 | ||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | $ | 0 | $ | 62 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 62 | ||||||||||||||||||||||||||||||||||||||||
3 | 7,884 | 37,592 | 6,222 | 3,962 | 2,633 | 8,030 | 1,038 | 67,361 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 426,409 | 451,515 | 295,524 | 67,692 | 42,799 | 27,869 | 37,595 | 1,349,403 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | 0 | 528 | 16,913 | 44,673 | 13,946 | 27,151 | 105 | 103,316 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0 | 0 | 21 | 2,126 | 0 | 646 | 0 | 2,793 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 1,546 | 13 | 170 | 295 | 624 | 2,300 | 0 | 4,948 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 435,839 | $ | 489,710 | $ | 318,850 | $ | 118,748 | $ | 60,002 | $ | 65,996 | $ | 38,738 | $ | 1,527,883 | ||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 0 | $ | 0 | $ | 0 | $ | 146 | $ | 0 | $ | 0 | $ | 0 | $ | 146 | ||||||||||||||||||||||||||||||||||||||||
2 | 56,737 | 7,332 | 354 | 448 | 2,058 | 12,776 | 0 | 79,705 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 566,934 | 853,282 | 410,581 | 171,064 | 169,835 | 485,822 | 43,381 | 2,700,899 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 227,946 | 424,926 | 580,795 | 432,688 | 241,782 | 631,786 | 31,889 | 2,571,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1,679 | 17,197 | 112,473 | 72,218 | 133,334 | 149,037 | 4,053 | 489,991 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 462 | 0 | 10,369 | 14,008 | 29,841 | 28,571 | 884 | 84,135 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 2,184 | 6,791 | 36,428 | 16,648 | 6,430 | 56,298 | 5 | 124,784 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 855,942 | $ | 1,309,528 | $ | 1,151,000 | $ | 707,220 | $ | 583,280 | $ | 1,364,290 | $ | 80,212 | $ | 6,051,472 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 15 | $ | 0 | $ | 15 | ||||||||||||||||||||||||||||||||||||||||
2 | 0 | 36 | 378 | 0 | 96 | 36,139 | 1,150 | 37,799 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 611,704 | 681,564 | 352,543 | 157,688 | 115,923 | 390,335 | 186,520 | 2,496,277 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 16,340 | 12,494 | 16,410 | 12,529 | 8,699 | 49,078 | 35,969 | 151,519 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | 532 | 19,488 | 43,677 | 22,071 | 13,844 | 54,793 | 2,787 | 157,192 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 618 | 417 | 933 | 870 | 399 | 3,556 | 107 | 6,900 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 408 | 4,042 | 12,503 | 11,053 | 4,215 | 14,001 | 3,054 | 49,276 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 629,602 | $ | 718,041 | $ | 426,444 | $ | 204,211 | $ | 143,176 | $ | 547,917 | $ | 229,587 | $ | 2,898,978 |
As of September 30, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,471,281 | $ | 1,254,639 | $ | 1,118,208 | $ | 592,121 | $ | 522,226 | $ | 1,208,209 | $ | 85,462 | $ | 6,252,146 | ||||||||||||||||||||||||||||||||||||||||
6 | 462 | — | 6,317 | 14,835 | 21,200 | 26,354 | 1,640 | 70,808 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 1,977 | 2,679 | 10,915 | 18,769 | 5,540 | 46,847 | 23 | 86,750 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 1,473,720 | $ | 1,257,318 | $ | 1,135,440 | $ | 625,725 | $ | 548,966 | $ | 1,281,410 | $ | 87,125 | $ | 6,409,704 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 891,155 | $ | 691,763 | $ | 367,862 | $ | 169,881 | $ | 121,410 | $ | 456,393 | $ | 218,163 | $ | 2,916,627 | ||||||||||||||||||||||||||||||||||||||||
6 | 806 | 67 | 1,156 | 586 | 445 | 4,590 | 139 | 7,789 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 791 | 7,313 | 14,296 | 8,787 | 4,089 | 14,742 | 2,090 | 52,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 892,752 | $ | 699,143 | $ | 383,314 | $ | 179,254 | $ | 125,944 | $ | 475,725 | $ | 220,392 | $ | 2,976,524 |
As of December 31, 2020 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,031,173 | $ | 134,604 | $ | 97,815 | $ | 64,573 | $ | 23,852 | $ | 38,744 | $ | 209,214 | $ | 1,599,975 | ||||||||||||||||||||||||||||||||||||||||
6 | 21 | 72 | 506 | 193 | 3,509 | 1,232 | 632 | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 3,312 | 3,460 | 2,579 | 3,573 | 1,294 | 5,214 | 1,886 | 21,318 | ||||||||||||||||||||||||||||||||||||||||||||||||
8 | — | — | — | — | — | — | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 1,034,506 | $ | 138,136 | $ | 100,900 | $ | 68,339 | $ | 28,655 | $ | 45,190 | $ | 211,751 | $ | 1,627,477 | ||||||||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 142,803 | $ | 63,681 | $ | 57,644 | $ | 17,831 | $ | 4,674 | $ | 10,344 | $ | 8,662 | $ | 305,639 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 2 | 9 | — | — | 145 | — | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 30 | 209 | 72 | 105 | 134 | 553 | 97 | 1,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 142,833 | $ | 63,892 | $ | 57,725 | $ | 17,936 | $ | 4,808 | $ | 11,042 | $ | 8,759 | $ | 306,995 | ||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 35,432 | $ | 187,737 | $ | 188,333 | $ | 108,926 | $ | 55,835 | $ | — | $ | 576,263 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | 57 | 70 | 62 | 85 | — | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 163 | 519 | 561 | 1,078 | 1,225 | — | 3,546 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | 35,595 | $ | 188,313 | $ | 188,964 | $ | 110,066 | $ | 57,145 | $ | — | $ | 580,083 | ||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 916,353 | $ | 916,353 | ||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 916,353 | $ | 916,353 |
As of December 31, 2020 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 829,710 | $ | 2,912 | $ | 1,055 | $ | 387 | $ | 490 | $ | 4,961 | $ | 36,373 | $ | 875,888 | ||||||||||||||||||||||||||||||||||||||||
2 | 1,213 | 1,512 | 668 | 996 | 172 | 967 | 14,317 | 19,845 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 109,352 | 54,266 | 16,932 | 17,968 | 7,027 | 3,905 | 68,806 | 278,256 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 86,837 | 71,645 | 74,388 | 37,779 | 15,359 | 23,069 | 85,366 | 394,443 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | 4,061 | 4,269 | 4,772 | 7,443 | 804 | 5,842 | 4,352 | 31,543 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 21 | 72 | 506 | 193 | 3,509 | 1,232 | 632 | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 3,312 | 3,460 | 2,579 | 3,573 | 1,294 | 5,214 | 1,886 | 21,318 | ||||||||||||||||||||||||||||||||||||||||||||||||
8 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 1,034,506 | $ | 138,136 | $ | 100,900 | $ | 68,339 | $ | 28,655 | $ | 45,190 | $ | 211,751 | $ | 1,627,477 | ||||||||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 6,782 | $ | 3,001 | $ | 1,550 | $ | 583 | $ | 95 | $ | 1 | $ | 667 | $ | 12,679 | ||||||||||||||||||||||||||||||||||||||||
2 | 0 | 0 | 46 | 2 | 0 | 63 | 42 | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 15,172 | 6,960 | 2,838 | 887 | 1,455 | 601 | 4,389 | 32,302 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 120,800 | 53,593 | 53,182 | 16,329 | 3,121 | 9,437 | 3,556 | 260,018 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | 49 | 127 | 28 | 30 | 3 | 242 | 8 | 487 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0 | 2 | 9 | 0 | 0 | 145 | 0 | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 30 | 209 | 72 | 105 | 134 | 553 | 97 | 1,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 142,833 | $ | 63,892 | $ | 57,725 | $ | 17,936 | $ | 4,808 | $ | 11,042 | $ | 8,759 | $ | 306,995 | ||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | $ | 0 | $ | 0 | $ | 81 | $ | 31 | $ | 5,356 | $ | 3,054 | $ | 0 | $ | 8,522 | ||||||||||||||||||||||||||||||||||||||||
3 | 0 | 35,432 | 187,656 | 188,302 | 103,570 | 52,781 | 0 | 567,741 | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0 | 0 | 57 | 70 | 62 | 85 | 0 | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 0 | 163 | 519 | 561 | 1,078 | 1,225 | 0 | 3,546 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | 0 | $ | 35,595 | $ | 188,313 | $ | 188,964 | $ | 110,066 | $ | 57,145 | $ | 0 | $ | 580,083 | ||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 916,353 | $ | 916,353 | ||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 916,353 | $ | 916,353 | ||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 91,692 | $ | 12,685 | $ | 8,944 | $ | 143,741 | $ | 124,929 | $ | 97,923 | $ | 0 | $ | 479,914 | ||||||||||||||||||||||||||||||||||||||||
2 | 73,000 | 0 | 0 | 0 | 9,410 | 0 | 0 | 82,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | 39,990 | 713 | 0 | 5,453 | 7,204 | 5,489 | 0 | 58,849 | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | 31,394 | 0 | 0 | 0 | 0 | 6,836 | 0 | 38,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 236,076 | $ | 13,398 | $ | 8,944 | $ | 149,194 | $ | 141,543 | $ | 110,248 | $ | 0 | $ | 659,403 |
As of December 31, 2020 | As of December 31, 2020 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | As of December 31, 2020 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | As of December 31, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | $ | 661,614 | $ | 18,236 | $ | 515 | $ | 746 | $ | 121 | $ | 38 | $ | 0 | $ | 681,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 236,076 | $ | 13,398 | $ | 8,944 | $ | 149,194 | $ | 141,543 | $ | 110,248 | $ | — | $ | 659,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total municipal | Total municipal | $ | 236,076 | $ | 13,398 | $ | 8,944 | $ | 149,194 | $ | 141,543 | $ | 110,248 | $ | — | $ | 659,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | Premium Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 661,614 | $ | 18,236 | $ | 515 | $ | 746 | $ | 121 | $ | 38 | $ | — | $ | 681,270 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 5,811 | 760 | 0 | 0 | 0 | 0 | 0 | 6,571 | 7 | 5,811 | 760 | — | — | — | — | — | 6,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | Total premium finance | $ | 667,425 | $ | 18,996 | $ | 515 | $ | 746 | $ | 121 | $ | 38 | $ | 0 | $ | 687,841 | Total premium finance | $ | 667,425 | $ | 18,996 | $ | 515 | $ | 746 | $ | 121 | $ | 38 | $ | — | $ | 687,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Construction and Development | Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | $ | 59,325 | $ | 7,035 | $ | 6,870 | $ | 8,046 | $ | 3,415 | $ | 6,916 | $ | 1,293 | $ | 92,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 605,254 | 445,496 | 205,444 | 50,181 | 14,672 | 26,915 | 68,574 | 1,416,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1,614 | 26,720 | 9,612 | 13,261 | 17,712 | 10,127 | 107 | 79,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 666,193 | $ | 479,251 | $ | 221,926 | $ | 71,488 | $ | 35,799 | $ | 43,958 | $ | 69,974 | $ | 1,588,589 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 685 | 1,036 | 3,646 | 1,302 | 0 | 4,564 | 0 | 11,233 | 6 | 685 | 1,036 | 3,646 | 1,302 | — | 4,564 | — | 11,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 15 | 2,858 | 566 | 271 | 42 | 3,136 | 0 | 6,888 | 7 | 15 | 2,858 | 566 | 271 | 42 | 3,136 | — | 6,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | Total real estate – construction and development | $ | 666,893 | $ | 483,145 | $ | 226,138 | $ | 73,061 | $ | 35,841 | $ | 51,658 | $ | 69,974 | $ | 1,606,710 | Total real estate – construction and development | $ | 666,893 | $ | 483,145 | $ | 226,138 | $ | 73,061 | $ | 35,841 | $ | 51,658 | $ | 69,974 | $ | 1,606,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | Real Estate – Commercial and Farmland | Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 0 | $ | 0 | $ | 161 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 7,482 | 540 | 521 | 2,131 | 4,375 | 10,663 | 1,138 | 26,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 918,939 | 370,703 | 143,591 | 197,942 | 224,712 | 274,665 | 67,067 | 2,197,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 344,777 | 584,814 | 423,241 | 331,024 | 242,573 | 545,745 | 34,326 | 2,506,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 4,027 | 39,216 | 69,173 | 80,726 | 25,561 | 94,461 | 1,274 | 314,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 1,275,225 | $ | 995,273 | $ | 636,687 | $ | 611,823 | $ | 497,221 | $ | 925,534 | $ | 103,805 | $ | 5,045,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 0 | 10,680 | 4,895 | 28,139 | 7,670 | 31,224 | 0 | 82,608 | 6 | — | 10,680 | 4,895 | 28,139 | 7,670 | 31,224 | — | 82,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 250 | 54,439 | 18,574 | 15,489 | 27,044 | 55,763 | 271 | 171,830 | 7 | 250 | 54,439 | 18,574 | 15,489 | 27,044 | 55,763 | 271 | 171,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | Total real estate – commercial and farmland | $ | 1,275,475 | $ | 1,060,392 | $ | 660,156 | $ | 655,451 | $ | 531,935 | $ | 1,012,521 | $ | 104,076 | $ | 5,300,006 | Total real estate – commercial and farmland | $ | 1,275,475 | $ | 1,060,392 | $ | 660,156 | $ | 655,451 | $ | 531,935 | $ | 1,012,521 | $ | 104,076 | $ | 5,300,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | Real Estate - Residential | Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 19 | $ | 0 | $ | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 37 | 398 | 12 | 121 | 1,275 | 47,286 | 1,402 | 50,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 763,101 | 529,268 | 254,632 | 186,531 | 154,285 | 388,825 | 203,491 | 2,480,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 19,296 | 19,874 | 15,784 | 11,607 | 14,240 | 53,869 | 44,276 | 178,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 400 | 1,768 | 3,489 | 3,479 | 1,151 | 12,824 | 3,618 | 26,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 782,834 | $ | 551,308 | $ | 273,917 | $ | 201,738 | $ | 170,951 | $ | 502,823 | $ | 252,787 | $ | 2,736,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 527 | 1,843 | 1,030 | 334 | 724 | 3,391 | 255 | 8,104 | 6 | 527 | 1,843 | 1,030 | 334 | 724 | 3,391 | 255 | 8,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 3,442 | 9,387 | 12,339 | 4,667 | 2,157 | 16,659 | 2,944 | 51,595 | 7 | 3,442 | 9,387 | 12,339 | 4,667 | 2,157 | 16,659 | 2,944 | 51,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | Total real estate - residential | $ | 786,803 | $ | 562,538 | $ | 287,286 | $ | 206,739 | $ | 173,832 | $ | 522,873 | $ | 255,986 | $ | 2,796,057 | Total real estate - residential | $ | 786,803 | $ | 562,538 | $ | 287,286 | $ | 206,739 | $ | 173,832 | $ | 522,873 | $ | 255,986 | $ | 2,796,057 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 2 | $ | 165 | 1 | $ | 731 | 6 | $ | 591 | 1 | $ | 731 | Commercial, financial and agricultural | — | $ | — | 1 | $ | 9 | 6 | $ | 532 | 2 | $ | 725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 2 | 8 | 3 | 7 | 2 | 8 | 4 | 15 | Consumer installment | — | — | — | — | 2 | 7 | 4 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | — | — | 530 | 3,171 | — | — | 530 | 3,170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 20 | Real estate – construction and development | — | — | — | — | — | — | 1 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 3 | 8,653 | 0 | 0 | 5 | 16,312 | 1 | 16 | Real estate – commercial and farmland | — | — | 20 | 86,773 | 5 | 16,257 | 21 | 86,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 2 | 472 | 5 | 839 | 12 | 1,457 | 76 | 10,496 | Real estate – residential | 9 | 1,818 | 14 | 2,609 | 21 | 3,270 | 91 | 12,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 9 | $ | 9,298 | 9 | $ | 1,577 | 25 | $ | 18,368 | 83 | $ | 11,278 | Total | 9 | $ | 1,818 | 565 | $ | 92,562 | 34 | $ | 20,066 | 649 | $ | 103,409 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 0 | $ | 0 | 0 | $ | 0 | 3 | $ | 49 | 1 | $ | 200 | Commercial, financial and agricultural | 1 | $ | 1 | — | $ | — | 1 | $ | 1 | 1 | $ | 198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 0 | 0 | 3 | 4 | 4 | 5 | 3 | 4 | Consumer installment | 1 | 1 | — | — | 1 | 1 | 4 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 7 | 27 | 0 | 0 | 22 | 112 | 0 | 0 | Indirect automobile | 4 | 23 | — | — | 16 | 76 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 285 | Real estate – construction and development | — | — | 1 | 403 | — | — | 3 | 689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 1 | 202 | 0 | 0 | 3 | 5,382 | 2 | 676 | Real estate – commercial and farmland | — | — | 1 | 50 | — | — | 3 | 726 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 17 | 940 | 4 | 164 | 27 | 1,646 | 8 | 567 | Real estate – residential | 4 | 489 | 12 | 957 | 15 | 1,111 | 16 | 1,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 25 | $ | 1,169 | 7 | $ | 168 | 60 | $ | 7,195 | 16 | $ | 1,732 | Total | 10 | $ | 514 | 14 | $ | 1,410 | 33 | $ | 1,189 | 27 | $ | 2,758 |
June 30, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||||||||||||||
Loan Class | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 12 | $ | 1,038 | 10 | $ | 805 | Commercial, financial and agricultural | 14 | $ | 1,683 | 7 | $ | 112 | ||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 9 | 28 | 19 | 43 | Consumer installment | 8 | 22 | 19 | 38 | ||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 336 | 1,647 | 47 | 301 | Indirect automobile | 282 | 1,284 | 52 | 297 | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 5 | 898 | 4 | 301 | Real estate – construction and development | 5 | 887 | 3 | 271 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 28 | 46,025 | 11 | 7,103 | Real estate – commercial and farmland | 27 | 43,895 | 7 | 6,715 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 238 | 31,570 | 31 | 2,515 | Real estate – residential | 227 | 29,521 | 30 | 2,687 | ||||||||||||||||||||||||||||||||||||
Total | Total | 628 | $ | 81,206 | 122 | $ | 11,068 | Total | 563 | $ | 77,292 | 118 | $ | 10,120 |
December 31, 2020 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 521 | 11 | $ | 849 | |||||||||||||||||
Consumer installment | 10 | 32 | 20 | 56 | |||||||||||||||||||
Indirect automobile | 437 | 2,277 | 51 | 461 | |||||||||||||||||||
Real estate – construction and development | 4 | 506 | 5 | 707 | |||||||||||||||||||
Real estate – commercial and farmland | 28 | 36,707 | 7 | 1,401 | |||||||||||||||||||
Real estate – residential | 264 | 38,800 | 34 | 2,671 | |||||||||||||||||||
Total | 752 | $ | 78,843 | 128 | $ | 6,145 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | COVID-19 Deferrals | Deferrals as a % of total loans | COVID-19 Deferrals | Deferrals as a % of total loans | (dollars in thousands) | COVID-19 Deferrals | Deferrals as a % of total loans | COVID-19 Deferrals | Deferrals as a % of total loans | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,539 | 0.2 | % | $ | 12,471 | 0.8 | % | Commercial, financial and agricultural | $ | 755 | 0.1 | % | $ | 12,471 | 0.8 | % | ||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 29 | 0 | % | 1,418 | 0.5 | % | Consumer installment | — | — | % | 1,418 | 0.5 | % | ||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 1,126 | 0.3 | % | 8,936 | 1.5 | % | Indirect automobile | 1,302 | 0.4 | % | 8,936 | 1.5 | % | ||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 873 | 0.1 | % | 11,049 | 0.7 | % | Real estate – construction and development | — | — | % | 11,049 | 0.7 | % | ||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 63,827 | 1.1 | % | 179,183 | 3.4 | % | Real estate – commercial and farmland | 26,128 | 0.4 | % | 179,183 | 3.4 | % | ||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 59,331 | 2.0 | % | 119,722 | 4.3 | % | Real estate – residential | 48,340 | 1.6 | % | 119,722 | 4.3 | % | ||||||||||||||||||||||||||||||||
$ | 127,725 | 0.9 | % | $ | 332,779 | 2.3 | % | $ | 76,525 | 0.5 | % | $ | 332,779 | 2.3 | % |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 8,291 | $ | 8,790 | $ | 1,272 | $ | 3,521 | $ | 790 | $ | 4,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 1,502 | 491 | (423) | (156) | (13) | (833) | Provision for loan losses | (1,471) | 3,063 | (268) | (287) | (27) | (456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (3,529) | (1,669) | (141) | 0 | 0 | (1,194) | Loans charged off | (858) | (1,647) | (178) | — | — | (605) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 625 | 212 | 372 | 0 | 0 | 2,466 | Recoveries of loans previously charged off | 1,986 | 199 | 278 | — | — | 649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 6,546 | $ | 9,439 | $ | 912 | $ | 3,078 | $ | 750 | $ | 4,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 22,858 | $ | 91,211 | $ | 37,737 | $ | 178,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,757) | (3,031) | 5,321 | (899) | Provision for loan losses | (6,423) | 87 | 1,798 | (3,984) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (186) | (27) | (392) | (7,138) | Loans charged off | — | (210) | (39) | (3,537) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 84 | 185 | 593 | 4,537 | Recoveries of loans previously charged off | 45 | 266 | 241 | 3,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 12,621 | $ | 88,481 | $ | 45,259 | $ | 171,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | Balance, December 31, 2020 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 4,077 | 6,297 | (951) | (301) | (14) | (391) | Provision for loan losses | 2,606 | 9,360 | (1,219) | (588) | (41) | (847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (5,899) | (3,117) | (970) | 0 | 0 | (2,537) | Loans charged off | (6,757) | (4,764) | (1,148) | — | — | (3,142) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 1,352 | 568 | 1,072 | 0 | 0 | 3,588 | Recoveries of loans previously charged off | 3,338 | 767 | 1,350 | — | — | 4,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 6,546 | $ | 9,439 | $ | 912 | $ | 3,078 | $ | 750 | $ | 4,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | Balance, December 31, 2020 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (26,344) | 640 | (491) | (17,478) | Provision for loan losses | (32,767) | 727 | 1,307 | (21,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (212) | (1,422) | (555) | (14,712) | Loans charged off | (212) | (1,632) | (594) | (18,249) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 251 | 226 | 781 | 7,838 | Recoveries of loans previously charged off | 296 | 492 | 1,022 | 11,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 12,621 | $ | 88,481 | $ | 45,259 | $ | 171,213 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 8,110 | $ | 15,446 | $ | 3,464 | $ | 1,102 | $ | 522 | $ | 11,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | Balance, June 30, 2020 | $ | 7,938 | $ | 20,085 | $ | 3,381 | $ | 1,498 | $ | 507 | $ | 8,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 11 | 5,165 | 574 | 396 | (15) | (2,083) | Provision for loan losses | 5,533 | (3,693) | 322 | 498 | 365 | (2,316) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (486) | (962) | (1,016) | 0 | 0 | (1,903) | Loans charged off | (1,715) | (677) | (697) | — | — | (1,159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 303 | 436 | 359 | 0 | 0 | 676 | Recoveries of loans previously charged off | 470 | 516 | 317 | — | — | 1,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 7,938 | $ | 20,085 | $ | 3,381 | $ | 1,498 | $ | 507 | $ | 8,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | $ | 12,226 | $ | 16,231 | $ | 3,323 | $ | 1,996 | $ | 872 | $ | 5,947 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 25,319 | $ | 51,754 | $ | 32,299 | $ | 149,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | Balance, June 30, 2020 | $ | 54,266 | $ | 83,593 | $ | 29,327 | $ | 208,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 28,853 | 38,133 | (2,585) | 68,449 | Provision for loan losses | (10,208) | 18,419 | 17,772 | 26,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (74) | (6,315) | (525) | (11,281) | Loans charged off | (9) | (2,977) | (137) | (7,371) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 168 | 21 | 138 | 2,101 | Recoveries of loans previously charged off | 182 | 904 | 197 | 3,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 54,266 | $ | 83,593 | $ | 29,327 | $ | 208,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | $ | 44,231 | $ | 99,939 | $ | 47,159 | $ | 231,924 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | $ | 4,567 | $ | 3,784 | $ | 0 | $ | 640 | $ | 484 | $ | 2,550 | Balance, December 31, 2019 | $ | 4,567 | $ | 3,784 | $ | — | $ | 640 | $ | 484 | $ | 2,550 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to allowance for adoption of ASC 326 | Adjustment to allowance for adoption of ASC 326 | 2,587 | 8,012 | 4,109 | 463 | (92) | 4,471 | Adjustment to allowance for adoption of ASC 326 | 2,587 | 8,012 | 4,109 | 463 | (92) | 4,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 3,091 | 9,636 | 816 | 395 | 115 | 2,551 | Provision for loan losses | 8,624 | 5,943 | 1,138 | 893 | 480 | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (2,972) | (2,104) | (2,247) | 0 | 0 | (2,734) | Loans charged off | (4,687) | (2,781) | (2,944) | — | — | (3,893) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 665 | 757 | 703 | 0 | 0 | 1,360 | Recoveries of loans previously charged off | 1,135 | 1,273 | 1,020 | — | — | 2,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 7,938 | $ | 20,085 | $ | 3,381 | $ | 1,498 | $ | 507 | $ | 8,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | $ | 12,226 | $ | 16,231 | $ | 3,323 | $ | 1,996 | $ | 872 | $ | 5,947 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | $ | 5,995 | $ | 9,666 | $ | 10,503 | $ | 38,189 | Balance, December 31, 2019 | $ | 5,995 | $ | 9,666 | $ | 10,503 | $ | 38,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to allowance for adoption of ASC 326 | Adjustment to allowance for adoption of ASC 326 | 12,248 | 27,073 | 19,790 | 78,661 | Adjustment to allowance for adoption of ASC 326 | 12,248 | 27,073 | 19,790 | 78,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 35,587 | 53,991 | (686) | 105,496 | Provision for loan losses | 25,379 | 72,410 | 17,086 | 132,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (74) | (7,243) | (625) | (17,999) | Loans charged off | (83) | (10,220) | (762) | (25,370) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 510 | 106 | 345 | 4,446 | Recoveries of loans previously charged off | 692 | 1,010 | 542 | 8,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 54,266 | $ | 83,593 | $ | 29,327 | $ | 208,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | $ | 44,231 | $ | 99,939 | $ | 47,159 | $ | 231,924 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 5,544 | $ | 11,641 | Securities sold under agreements to repurchase | $ | 4,502 | $ | 11,641 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
FHLB borrowings: | FHLB borrowings: | FHLB borrowings: | ||||||||||||||||||||
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | $ | 15,000 | $ | 15,000 | Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | $ | 15,000 | $ | 15,000 | ||||||||||||
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | ||||||||||||||||
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | ||||||||||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,406 | 1,411 | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,403 | 1,411 | ||||||||||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 973 | 977 | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 971 | 977 | ||||||||||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,493 | 1,567 | Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,457 | 1,567 | ||||||||||||||||
Subordinated notes payable: | Subordinated notes payable: | Subordinated notes payable: | ||||||||||||||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $747 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | 74,253 | 74,188 | ||||||||||||||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $2,044 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 117,956 | 117,835 | ||||||||||||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,089 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 76,089 | 76,150 | ||||||||||||||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,867 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,133 | 108,027 | ||||||||||||||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $714 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $714 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | 74,286 | 74,188 | |||||||||||||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,983 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,983 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 118,017 | 117,835 | |||||||||||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,058 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,058 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 76,058 | 76,150 | |||||||||||||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,817 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,817 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,183 | 108,027 | |||||||||||||||||||
$ | 425,303 | $ | 425,155 | $ | 425,375 | $ | 425,155 |
(dollars in thousands) | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income | |||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 0 | $ | 26,090 | $ | 26,090 | ||||||||||||||
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | |||||||||||||||||
Current year changes, net of tax | 0 | (1,066) | (1,066) | |||||||||||||||||
Balance, June 30, 2021 | $ | 0 | $ | 25,024 | $ | 25,024 | ||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | (244) | $ | 39,795 | $ | 39,551 | ||||||||||||||
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | |||||||||||||||||
Current year changes, net of tax | 111 | (49) | 62 | |||||||||||||||||
Balance, June 30, 2020 | $ | (133) | $ | 39,746 | $ | 39,613 | ||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 0 | $ | 33,505 | $ | 33,505 | ||||||||||||||
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | |||||||||||||||||
Current year changes, net of tax | 0 | (8,481) | (8,481) | |||||||||||||||||
Balance, June 30, 2021 | $ | 0 | $ | 25,024 | $ | 25,024 | ||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||
Balance, December 31, 2019 | $ | (147) | $ | 18,142 | $ | 17,995 | ||||||||||||||
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | |||||||||||||||||
Current year changes, net of tax | 14 | 21,604 | 21,618 | |||||||||||||||||
Balance, June 30, 2020 | $ | (133) | $ | 39,746 | $ | 39,613 |
(dollars in thousands) | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income | |||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Balance, June 30, 2021 | $ | — | $ | 25,024 | $ | 25,024 | ||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | — | |||||||||||||||||
Current year changes, net of tax | — | (3,139) | (3,139) | |||||||||||||||||
Balance, September 30, 2021 | $ | — | $ | 21,885 | $ | 21,885 | ||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||
Balance, June 30, 2020 | $ | (133) | $ | 39,746 | $ | 39,613 | ||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | — | |||||||||||||||||
Current year changes, net of tax | 133 | (2,494) | (2,361) | |||||||||||||||||
Balance, September 30, 2020 | $ | — | $ | 37,252 | $ | 37,252 | ||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 33,505 | $ | 33,505 | ||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | — | |||||||||||||||||
Current year changes, net of tax | — | (11,620) | (11,620) | |||||||||||||||||
Balance, September 30, 2021 | $ | — | $ | 21,885 | $ | 21,885 | ||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
Balance, December 31, 2019 | $ | (147) | $ | 18,142 | $ | 17,995 | ||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | — | |||||||||||||||||
Current year changes, net of tax | 147 | 19,110 | 19,257 | |||||||||||||||||
Balance, September 30, 2020 | $ | — | $ | 37,252 | $ | 37,252 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(share data in thousands) | (share data in thousands) | 2021 | 2020 | 2021 | 2020 | (share data in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | 69,497 | 69,192 | 69,448 | 69,235 | Average common shares outstanding | 69,440 | 69,231 | 69,445 | 69,243 | ||||||||||||||||||||||||||||||||||||
Common share equivalents: | Common share equivalents: | Common share equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | 64 | 9 | 74 | 33 | Stock options | 49 | 5 | 65 | 22 | ||||||||||||||||||||||||||||||||||||
Nonvested restricted share grants | Nonvested restricted share grants | 151 | 75 | 153 | 130 | Nonvested restricted share grants | 142 | 85 | 143 | 122 | ||||||||||||||||||||||||||||||||||||
Performance stock units | Performance stock units | 80 | 17 | 90 | 15 | Performance stock units | 125 | 25 | 119 | 16 | ||||||||||||||||||||||||||||||||||||
Average common shares outstanding, assuming dilution | Average common shares outstanding, assuming dilution | 69,792 | 69,293 | 69,765 | 69,413 | Average common shares outstanding, assuming dilution | 69,756 | 69,346 | 69,772 | 69,403 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | $ | 1,200,139 | $ | 998,050 | Mortgage loans held for sale | $ | 1,430,695 | $ | 998,050 | ||||||||||||
SBA loans held for sale | SBA loans held for sale | 10,450 | 3,757 | SBA loans held for sale | 5,110 | 3,757 | ||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 1,210,589 | $ | 1,001,807 | Total loans held for sale | $ | 1,435,805 | $ | 1,001,807 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Aggregate fair value of mortgage loans held for sale | Aggregate fair value of mortgage loans held for sale | $ | 1,200,139 | $ | 998,050 | Aggregate fair value of mortgage loans held for sale | $ | 1,430,695 | $ | 998,050 | ||||||||||||
Aggregate unpaid principal balance of mortgage loans held for sale | Aggregate unpaid principal balance of mortgage loans held for sale | 1,164,671 | 947,460 | Aggregate unpaid principal balance of mortgage loans held for sale | 1,389,380 | 947,460 | ||||||||||||||||
Past-due loans of 90 days or more | Past-due loans of 90 days or more | 361 | 0 | Past-due loans of 90 days or more | 152 | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 361 | 0 | Nonaccrual loans | 152 | — | ||||||||||||||||
Unpaid principal balance of nonaccrual loans | Unpaid principal balance of nonaccrual loans | 352 | 0 | Unpaid principal balance of nonaccrual loans | 149 | — |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Aggregate fair value of SBA loans held for sale | Aggregate fair value of SBA loans held for sale | $ | 10,450 | $ | 3,757 | Aggregate fair value of SBA loans held for sale | $ | 5,110 | $ | 3,757 | ||||||||||||
Aggregate unpaid principal balance of SBA loans held for sale | Aggregate unpaid principal balance of SBA loans held for sale | 9,423 | 3,393 | Aggregate unpaid principal balance of SBA loans held for sale | 4,446 | 3,393 | ||||||||||||||||
Past-due loans of 90 days or more | Past-due loans of 90 days or more | 0 | 0 | Past-due loans of 90 days or more | — | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 0 | 0 | Nonaccrual loans | — | — |
Recurring Basis Fair Value Measurements | Recurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 12,327 | $ | 0 | $ | 12,327 | $ | 0 | U.S. government sponsored agencies | $ | 12,252 | $ | — | $ | 12,252 | $ | — | ||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 60,836 | 0 | 60,836 | 0 | State, county and municipal securities | 54,216 | — | 54,216 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 43,612 | 0 | 42,442 | 1,170 | Corporate debt securities | 33,998 | — | 32,618 | 1,380 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 54,281 | 0 | 54,281 | 0 | SBA pool securities | 47,917 | — | 47,917 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 607,111 | 0 | 607,111 | 0 | Mortgage-backed securities | 536,121 | — | 536,121 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,210,589 | 0 | 1,210,589 | 0 | Loans held for sale | 1,435,805 | — | 1,435,805 | — | ||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 20,314 | 0 | 20,314 | 0 | Mortgage banking derivative instruments | 25,063 | — | 25,063 | — | ||||||||||||||||||||||||||||||||||||
Total recurring assets at fair value | Total recurring assets at fair value | $ | 2,009,070 | $ | 0 | $ | 2,007,900 | $ | 1,170 | Total recurring assets at fair value | $ | 2,145,372 | $ | — | $ | 2,143,992 | $ | 1,380 | ||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | $ | 2,546 | $ | 0 | $ | 2,546 | $ | 0 | ||||||||||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | $ | 2,546 | $ | 0 | $ | 2,546 | $ | 0 |
Recurring Basis Fair Value Measurements | Recurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 17,504 | $ | 0 | $ | 17,504 | $ | 0 | U.S. government sponsored agencies | $ | 17,504 | $ | — | $ | 17,504 | $ | — | ||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 66,778 | 0 | 66,778 | 0 | State, county and municipal securities | 66,778 | — | 66,778 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 51,896 | 0 | 50,726 | 1,170 | Corporate debt securities | 51,896 | — | 50,726 | 1,170 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 62,497 | 0 | 62,497 | 0 | SBA pool securities | 62,497 | — | 62,497 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 784,204 | 0 | 784,204 | 0 | Mortgage-backed securities | 784,204 | — | 784,204 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,001,807 | 0 | 1,001,807 | 0 | Loans held for sale | 1,001,807 | — | 1,001,807 | — | ||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 51,756 | 0 | 51,756 | 0 | Mortgage banking derivative instruments | 51,756 | — | 51,756 | — | ||||||||||||||||||||||||||||||||||||
Total recurring assets at fair value | Total recurring assets at fair value | $ | 2,036,442 | $ | 0 | $ | 2,035,272 | $ | 1,170 | Total recurring assets at fair value | $ | 2,036,442 | $ | — | $ | 2,035,272 | $ | 1,170 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | $ | 16,415 | $ | 0 | $ | 16,415 | $ | 0 | Mortgage banking derivative instruments | $ | 16,415 | $ | — | $ | 16,415 | $ | — | ||||||||||||||||||||||||||||
Total recurring liabilities at fair value | Total recurring liabilities at fair value | $ | 16,415 | $ | 0 | $ | 16,415 | $ | 0 | Total recurring liabilities at fair value | $ | 16,415 | $ | — | $ | 16,415 | $ | — |
Nonrecurring Basis Fair Value Measurements | Nonrecurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 78,530 | $ | 0 | $ | 0 | $ | 78,530 | Collateral-dependent loans | $ | 58,580 | $ | — | $ | — | $ | 58,580 | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 1,979 | 0 | 0 | 1,979 | Other real estate owned | 81 | — | — | 81 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 191,675 | 0 | 0 | 191,675 | Mortgage servicing rights | 188,506 | — | — | 188,506 | ||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 272,184 | $ | 0 | $ | 0 | $ | 272,184 | Total nonrecurring assets at fair value | $ | 247,167 | $ | — | $ | — | $ | 247,167 | ||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 98,426 | $ | 0 | $ | 0 | $ | 98,426 | Collateral-dependent loans | $ | 98,426 | $ | — | $ | — | $ | 98,426 | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 4,964 | 0 | 0 | 4,964 | Other real estate owned | 4,964 | — | — | 4,964 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 130,630 | 0 | 0 | 130,630 | Mortgage servicing rights | 130,630 | — | — | 130,630 | ||||||||||||||||||||||||||||||||||||
SBA servicing rights | SBA servicing rights | 5,839 | 0 | 5,839 | 0 | SBA servicing rights | 5,839 | — | 5,839 | — | ||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 239,859 | $ | 0 | $ | 5,839 | $ | 234,020 | Total nonrecurring assets at fair value | $ | 239,859 | $ | — | $ | 5,839 | $ | 234,020 |
(dollars in thousands) | (dollars in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | (dollars in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | Recurring: | Recurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | $ | 1,170 | Discounted par values | Probability of default | 13.6% | 13.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss given default | 39% | Investment securities available-for-sale | $ | 1,380 | Discounted par values | Discount rate | 8.0% | 8.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 78,530 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 20% - 57% | 44% | Collateral-dependent loans | $ | 58,580 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 20% - 90% | 44% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | $ | 1,979 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 38% | 23% | Other real estate owned | $ | 81 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 76% | 76% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | $ | 191,675 | Discounted cash flows | Discount rate | 9% - 10% | 9% | Mortgage servicing rights | $ | 188,506 | Discounted cash flows | Discount rate | 9% - 10% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | 13% - 42% | 15% | Prepayment speed | 10% - 38% | 12% |
(dollars in thousands) | (dollars in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | Recurring: | Recurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | Investment securities available-for-sale | $ | 1,170 | Discounted par values | Probability of default | 18.8% | 18.8% | Investment securities available-for-sale | $ | 1,170 | Discounted par values | Probability of default | 18.8% | 18.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss given default | 40% | 40% | Loss given default | 40% | 40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 98,426 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 20% - 90% | 44% | Collateral-dependent loans | $ | 98,426 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 20% - 90% | 44% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | $ | 4,964 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 59% | 28% | Other real estate owned | $ | 4,964 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 59% | 28% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | $ | 130,630 | Discounted cash flows | Discount rate | 9% - 12% | 10% | Mortgage servicing rights | $ | 130,630 | Discounted cash flows | Discount rate | 9% - 12% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | 14% - 37% | 19% | Prepayment speed | 14% - 37% | 19% |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 259,729 | $ | 259,729 | $ | 0 | $ | 0 | $ | 259,729 | Cash and due from banks | $ | 239,028 | $ | 239,028 | $ | — | $ | — | $ | 239,028 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing accounts | Federal funds sold and interest-bearing accounts | 3,044,795 | 3,044,795 | 0 | 0 | 3,044,795 | Federal funds sold and interest-bearing accounts | 3,513,412 | 3,513,412 | — | — | 3,513,412 | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits in other banks | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held-to-maturity | Investment securities held-to-maturity | 29,055 | 0 | 29,008 | 0 | 29,008 | Investment securities held-to-maturity | 64,451 | — | 63,304 | — | 63,304 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 14,527,191 | 0 | 0 | 14,407,763 | 14,407,763 | Loans, net | 14,594,746 | — | — | 14,574,784 | 14,574,784 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 64,906 | 0 | 2,919 | 61,987 | 64,906 | Accrued interest receivable | 59,957 | — | 2,991 | 56,966 | 59,957 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 18,257,997 | 0 | 18,262,653 | 0 | 18,262,653 | Deposits | 18,833,489 | — | 18,836,507 | — | 18,836,507 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 5,544 | 5,544 | 0 | 0 | 5,544 | Securities sold under agreements to repurchase | 4,502 | 4,502 | — | — | 4,502 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 425,303 | 0 | 430,674 | 0 | 430,674 | Other borrowings | 425,375 | — | 430,037 | — | 430,037 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 125,331 | 0 | 117,735 | 0 | 117,735 | Subordinated deferrable interest debentures | 125,830 | — | 117,283 | — | 117,283 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,375 | 0 | 4,375 | 0 | 4,375 | Accrued interest payable | 6,356 | — | 6,356 | — | 6,356 |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 203,349 | $ | 203,349 | $ | 0 | $ | 0 | $ | 203,349 | Cash and due from banks | $ | 203,349 | $ | 203,349 | $ | — | $ | — | $ | 203,349 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing accounts | Federal funds sold and interest-bearing accounts | 1,913,957 | 1,913,957 | 0 | 0 | 1,913,957 | Federal funds sold and interest-bearing accounts | 1,913,957 | 1,913,957 | — | — | 1,913,957 | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits in other banks | Time deposits in other banks | 249 | 0 | 249 | 0 | 249 | Time deposits in other banks | 249 | — | 249 | — | 249 | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held-to-maturity | Investment securities held-to-maturity | 0 | 0 | 0 | 0 | 0 | Investment securities held-to-maturity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 14,183,077 | 0 | 0 | 14,096,711 | 14,096,711 | Loans, net | 14,183,077 | — | — | 14,096,711 | 14,096,711 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 76,254 | 0 | 3,567 | 72,687 | 76,254 | Accrued interest receivable | 76,254 | — | 3,567 | 72,687 | 76,254 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 16,957,823 | 0 | 16,968,606 | 0 | 16,968,606 | Deposits | 16,957,823 | — | 16,968,606 | — | 16,968,606 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 11,641 | 11,641 | 0 | 0 | 11,641 | Securities sold under agreements to repurchase | 11,641 | 11,641 | — | — | 11,641 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 425,155 | 0 | 431,783 | 0 | 431,783 | Other borrowings | 425,155 | — | 431,783 | — | 431,783 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 124,345 | 0 | 116,280 | 0 | 116,280 | Subordinated deferrable interest debentures | 124,345 | — | 116,280 | — | 116,280 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 5,487 | 0 | 5,487 | 0 | 5,487 | Accrued interest payable | 5,487 | — | 5,487 | — | 5,487 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 3,550,269 | $ | 2,826,719 | Commitments to extend credit | $ | 3,783,300 | $ | 2,826,719 | ||||||||||||
Unused home equity lines of credit | Unused home equity lines of credit | 262,576 | 259,015 | Unused home equity lines of credit | 265,963 | 259,015 | ||||||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 32,291 | 33,613 | Financial standby letters of credit | 33,259 | 33,613 | ||||||||||||||||
Mortgage interest rate lock commitments | Mortgage interest rate lock commitments | 674,525 | 1,199,939 | Mortgage interest rate lock commitments | 592,061 | 1,199,939 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 21,015 | $ | 17,791 | $ | 32,854 | $ | 1,077 | Balance at beginning of period | $ | 22,314 | $ | 37,503 | $ | 32,854 | $ | 1,077 | ||||||||||||||||||||||||||||
Adjustment to reflect adoption of ASC 326 | Adjustment to reflect adoption of ASC 326 | 0 | 0 | 0 | 12,714 | Adjustment to reflect adoption of ASC 326 | — | — | — | 12,714 | ||||||||||||||||||||||||||||||||||||
Addition due to acquisition | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 1,299 | 19,712 | (10,540) | 23,712 | Provision for unfunded commitments | (5,516) | (10,131) | (16,056) | 13,581 | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 22,314 | $ | 37,503 | $ | 22,314 | $ | 37,503 | Balance at end of period | $ | 16,798 | $ | 27,372 | $ | 16,798 | $ | 27,372 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 109,260 | $ | 34,085 | $ | 8,988 | $ | 14,050 | $ | 7,368 | $ | 173,751 | Interest income | $ | 110,708 | $ | 33,390 | $ | 9,093 | $ | 11,986 | $ | 7,869 | $ | 173,046 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (1,410) | 11,552 | 268 | 1,168 | 321 | 11,899 | Interest expense | (2,816) | 12,101 | 381 | 1,287 | 432 | 11,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 110,670 | 22,533 | 8,720 | 12,882 | 7,047 | 161,852 | Net interest income | 113,524 | 21,289 | 8,712 | 10,699 | 7,437 | 161,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (3,949) | 5,647 | (155) | (607) | (794) | 142 | Provision for credit losses | (9,578) | 1,678 | (291) | (1,104) | (380) | (9,675) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,171 | 69,055 | 1,333 | 2,677 | 4 | 89,240 | Noninterest income | 17,896 | 55,555 | 1,037 | 2,070 | 4 | 76,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 37,814 | 44,798 | 278 | 937 | 1,678 | 85,505 | Salaries and employee benefits | 40,020 | 36,373 | 264 | 1,320 | 1,694 | 79,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 9,050 | 1,553 | 1 | 132 | 76 | 10,812 | Occupancy and equipment | 10,196 | 1,590 | — | 116 | 77 | 11,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 10,280 | 1,435 | 68 | 0 | 94 | 11,877 | Data processing and communications expenses | 9,159 | 1,357 | 59 | 18 | 88 | 10,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 18,763 | 7,638 | 30 | 284 | 852 | 27,567 | Other expenses | 21,723 | 11,675 | 200 | 370 | 897 | 34,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 75,907 | 55,424 | 377 | 1,353 | 2,700 | 135,761 | Total noninterest expense | 81,098 | 50,995 | 523 | 1,824 | 2,756 | 137,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 54,883 | 30,517 | 9,831 | 14,813 | 5,145 | 115,189 | Income before income tax expense | 59,900 | 24,171 | 9,517 | 12,049 | 5,065 | 110,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 14,196 | 6,408 | 2,064 | 3,111 | 1,083 | 26,862 | Income tax expense | 17,784 | 5,076 | 1,999 | 2,530 | 1,633 | 29,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,687 | $ | 24,109 | $ | 7,767 | $ | 11,702 | $ | 4,062 | $ | 88,327 | Net income | $ | 42,116 | $ | 19,095 | $ | 7,518 | $ | 9,519 | $ | 3,432 | $ | 81,680 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 15,561,628 | $ | 3,917,275 | $ | 779,234 | $ | 748,234 | $ | 880,560 | $ | 21,886,931 | Total assets | $ | 16,070,583 | $ | 4,247,967 | $ | 740,809 | $ | 529,044 | $ | 944,738 | $ | 22,533,141 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 863,507 | 0 | 0 | 0 | 64,498 | 928,005 | Goodwill | 863,507 | — | — | — | 64,498 | 928,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 50,418 | 0 | 0 | 0 | 13,365 | 63,783 | Other intangible assets, net | 47,768 | — | — | — | 12,628 | 60,396 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 128,653 | $ | 34,714 | $ | 5,285 | $ | 8,757 | $ | 7,609 | $ | 185,018 | Interest income | $ | 123,593 | $ | 31,040 | $ | 6,844 | $ | 10,958 | $ | 7,499 | $ | 179,934 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 8,323 | 10,412 | 259 | 1,723 | 487 | 21,204 | Interest expense | 4,031 | 10,647 | 298 | 1,992 | 428 | 17,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 120,330 | 24,302 | 5,026 | 7,034 | 7,122 | 163,814 | Net interest income | 119,562 | 20,393 | 6,546 | 8,966 | 7,071 | 162,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 86,805 | 423 | 403 | 2,322 | (1,792) | 88,161 | Provision for credit losses | 487 | 15,051 | 495 | 4,297 | (2,648) | 17,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,468 | 104,195 | 727 | 1,570 | 0 | 120,960 | Noninterest income | 15,265 | 137,583 | 1,064 | 5,106 | — | 159,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 40,423 | 50,003 | 209 | 2,612 | 1,921 | 95,168 | Salaries and employee benefits | 39,718 | 53,500 | 266 | 1,572 | 1,642 | 96,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,679 | 1,953 | 1 | 97 | 77 | 13,807 | Occupancy and equipment | 11,955 | 1,676 | 1 | 97 | 76 | 13,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 8,919 | 1,406 | 55 | 15 | 119 | 10,514 | Data processing and communications expenses | 9,716 | 2,349 | 73 | 4 | 84 | 12,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 27,997 | 6,949 | 88 | 359 | 886 | 36,279 | Other expenses | 21,517 | 7,889 | 28 | 595 | 934 | 30,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 89,018 | 60,311 | 353 | 3,083 | 3,003 | 155,768 | Total noninterest expense | 82,906 | 65,414 | 368 | 2,268 | 2,736 | 153,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | Income (loss) before income tax expense | (41,025) | 67,763 | 4,997 | 3,199 | 5,911 | 40,845 | Income (loss) before income tax expense | 51,434 | 77,511 | 6,747 | 7,507 | 6,983 | 150,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (8,582) | 14,231 | 1,049 | 671 | 1,240 | 8,609 | Income tax expense (benefit) | 13,453 | 16,112 | 1,431 | 1,577 | 1,464 | 34,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (32,443) | $ | 53,532 | $ | 3,948 | $ | 2,528 | $ | 4,671 | $ | 32,236 | Net income (loss) | $ | 37,981 | $ | 61,399 | $ | 5,316 | $ | 5,930 | $ | 5,519 | $ | 116,145 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 13,121,679 | $ | 3,905,683 | $ | 753,668 | $ | 1,310,077 | $ | 781,522 | $ | 19,872,629 | Total assets | $ | 13,098,562 | $ | 3,632,999 | $ | 1,002,027 | $ | 1,338,794 | $ | 801,469 | $ | 19,873,851 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 863,507 | 0 | 0 | 0 | 64,498 | 928,005 | Goodwill | 863,507 | — | — | — | 64,498 | 928,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 64,007 | 0 | 0 | 0 | 16,347 | 80,354 | Other intangible assets, net | 60,568 | — | — | — | 15,596 | 76,164 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 221,639 | $ | 64,284 | $ | 19,315 | $ | 32,084 | $ | 14,379 | $ | 351,701 | Interest income | $ | 332,347 | $ | 97,674 | $ | 28,408 | $ | 44,070 | $ | 22,248 | $ | 524,747 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (1,847) | 22,767 | 689 | 2,567 | 696 | 24,872 | Interest expense | (4,663) | 34,868 | 1,070 | 3,854 | 1,128 | 36,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 223,486 | 41,517 | 18,626 | 29,517 | 13,683 | 326,829 | Net interest income | 337,010 | 62,806 | 27,338 | 40,216 | 21,120 | 488,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (27,853) | 1,094 | (300) | (1,154) | (236) | (28,449) | Provision for credit losses | (37,431) | 2,772 | (591) | (2,258) | (616) | (38,124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 32,909 | 166,695 | 2,313 | 5,288 | 8 | 207,213 | Noninterest income | 50,805 | 222,250 | 3,350 | 7,358 | 12 | 283,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 80,537 | 94,636 | 608 | 2,319 | 3,390 | 181,490 | Salaries and employee benefits | 120,557 | 131,009 | 872 | 3,639 | 5,084 | 261,161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 19,170 | 3,029 | 2 | 238 | 154 | 22,593 | Occupancy and equipment | 29,366 | 4,619 | 2 | 354 | 231 | 34,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 20,481 | 2,981 | 117 | 1 | 181 | 23,761 | Data processing and communications expenses | 29,640 | 4,338 | 176 | 19 | 269 | 34,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 38,473 | 15,827 | 63 | 579 | 1,773 | 56,715 | Other expenses | 60,196 | 27,502 | 263 | 949 | 2,670 | 91,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 158,661 | 116,473 | 790 | 3,137 | 5,498 | 284,559 | Total noninterest expense | 239,759 | 167,468 | 1,313 | 4,961 | 8,254 | 421,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 125,587 | 90,645 | 20,449 | 32,822 | 8,429 | 277,932 | Income before income tax expense | 185,487 | 114,816 | 29,966 | 44,871 | 13,494 | 388,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 32,652 | 19,035 | 4,294 | 6,893 | 1,769 | 64,643 | Income tax expense | 50,436 | 24,111 | 6,293 | 9,423 | 3,402 | 93,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 92,935 | $ | 71,610 | $ | 16,155 | $ | 25,929 | $ | 6,660 | $ | 213,289 | Net income | $ | 135,051 | $ | 90,705 | $ | 23,673 | $ | 35,448 | $ | 10,092 | $ | 294,969 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 260,954 | $ | 68,125 | $ | 10,135 | $ | 12,485 | $ | 16,087 | $ | 367,786 | Interest income | $ | 384,547 | $ | 99,165 | $ | 16,979 | $ | 23,443 | $ | 23,586 | $ | 547,720 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 22,249 | 26,067 | 1,807 | 3,270 | 2,634 | 56,027 | Interest expense | 26,280 | 36,714 | 2,105 | 5,262 | 3,062 | 73,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 238,705 | 42,058 | 8,328 | 9,215 | 13,453 | 311,759 | Net interest income | 358,267 | 62,451 | 14,874 | 18,181 | 20,524 | 474,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 122,802 | 2,420 | 394 | 1,419 | 2,173 | 129,208 | Provision for credit losses | 123,289 | 17,471 | 889 | 5,716 | (475) | 146,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 32,241 | 138,564 | 1,687 | 2,847 | 0 | 175,339 | Noninterest income | 47,506 | 276,147 | 2,751 | 7,953 | — | 334,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 82,044 | 81,100 | 419 | 4,088 | 3,463 | 171,114 | Salaries and employee benefits | 121,762 | 134,600 | 685 | 5,660 | 5,105 | 267,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 22,026 | 3,457 | 2 | 194 | 156 | 25,835 | Occupancy and equipment | 33,981 | 5,133 | 3 | 291 | 232 | 39,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 19,716 | 2,392 | 96 | 28 | 236 | 22,468 | Data processing and communications expenses | 29,432 | 4,741 | 169 | 32 | 320 | 34,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 58,642 | 12,824 | 122 | 874 | 1,942 | 74,404 | Other expenses | 80,159 | 20,713 | 150 | 1,469 | 2,876 | 105,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 182,428 | 99,773 | 639 | 5,184 | 5,797 | 293,821 | Total noninterest expense | 265,334 | 165,187 | 1,007 | 7,452 | 8,533 | 447,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | Income (loss) before income tax expense | (34,284) | 78,429 | 8,982 | 5,459 | 5,483 | 64,069 | Income (loss) before income tax expense | 17,150 | 155,940 | 15,729 | 12,966 | 12,466 | 214,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (8,307) | 16,639 | 1,886 | 1,146 | 1,147 | 12,511 | Income tax expense (benefit) | 5,146 | 32,751 | 3,317 | 2,723 | 2,611 | 46,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (25,977) | $ | 61,790 | $ | 7,096 | $ | 4,313 | $ | 4,336 | $ | 51,558 | Net income (loss) | $ | 12,004 | $ | 123,189 | $ | 12,412 | $ | 10,243 | $ | 9,855 | $ | 167,703 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Loan Servicing Rights | Loan Servicing Rights | Loan Servicing Rights | ||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 191,675 | $ | 130,630 | Residential mortgage | $ | 188,506 | $ | 130,630 | ||||||||||||
SBA | SBA | 6,123 | 5,839 | SBA | 5,833 | 5,839 | ||||||||||||||||
Indirect automobile | Indirect automobile | 0 | 73 | Indirect automobile | — | 73 | ||||||||||||||||
Total loan servicing rights | Total loan servicing rights | $ | 197,798 | $ | 136,542 | Total loan servicing rights | $ | 194,339 | $ | 136,542 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | Residential mortgage servicing rights | 2021 | 2020 | 2021 | 2020 | Residential mortgage servicing rights | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 154,746 | $ | 85,922 | $ | 130,630 | $ | 94,902 | Beginning carrying value, net | $ | 191,675 | $ | 91,381 | $ | 130,630 | $ | 94,902 | ||||||||||||||||||||||||||||
Additions | Additions | 43,377 | 19,298 | 65,244 | 35,359 | Additions | 6,195 | 30,376 | 71,439 | 65,735 | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (7,197) | (5,687) | (14,681) | (9,853) | Amortization | (7,967) | (6,231) | (22,648) | (16,084) | ||||||||||||||||||||||||||||||||||||
Recoveries/(impairment) | Recoveries/(impairment) | 749 | (8,152) | 10,482 | (29,027) | Recoveries/(impairment) | (1,397) | (1,130) | 9,085 | (30,157) | ||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 191,675 | $ | 91,381 | $ | 191,675 | $ | 91,381 | Ending carrying value, net | $ | 188,506 | $ | 114,396 | $ | 188,506 | $ | 114,396 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing valuation allowance | Residential mortgage servicing valuation allowance | 2021 | 2020 | 2021 | 2020 | Residential mortgage servicing valuation allowance | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 29,674 | $ | 20,979 | $ | 39,407 | $ | 104 | Beginning balance | $ | 28,925 | $ | 29,131 | $ | 39,407 | $ | 104 | ||||||||||||||||||||||||||||
Additions | Additions | 0 | 8,152 | 0 | 29,027 | Additions | 1,397 | 1,130 | 1,397 | 30,157 | ||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | (749) | 0 | (10,482) | 0 | Recoveries | — | — | (10,482) | — | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 28,925 | $ | 29,131 | $ | 28,925 | $ | 29,131 | Ending balance | $ | 30,322 | $ | 30,261 | $ | 30,322 | $ | 30,261 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Residential mortgage servicing rights | Residential mortgage servicing rights | Residential mortgage servicing rights | ||||||||||||||||||||
Unpaid principal balance of loans serviced for others | Unpaid principal balance of loans serviced for others | $ | 15,486,442 | $ | 13,764,529 | Unpaid principal balance of loans serviced for others | $ | 15,994,406 | $ | 13,764,529 | ||||||||||||
Composition of residential loans serviced for others: | Composition of residential loans serviced for others: | Composition of residential loans serviced for others: | ||||||||||||||||||||
FHLMC | FHLMC | 21.35 | % | 21.55 | % | FHLMC | 21.86 | % | 21.55 | % | ||||||||||||
FNMA | FNMA | 61.30 | % | 61.75 | % | FNMA | 60.05 | % | 61.75 | % | ||||||||||||
GNMA | GNMA | 17.35 | % | 16.70 | % | GNMA | 18.09 | % | 16.70 | % | ||||||||||||
Total | Total | 100.00 | % | 100.00 | % | Total | 100.00 | % | 100.00 | % | ||||||||||||
Weighted average term (months) | Weighted average term (months) | 340 | 340 | Weighted average term (months) | 341 | 340 | ||||||||||||||||
Weighted average age (months) | Weighted average age (months) | 19 | 20 | Weighted average age (months) | 20 | 20 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 14.67 | % | 18.82 | % | Modeled prepayment speed | 12.46 | % | 18.82 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (8,237) | (7,154) | Decline in fair value due to a 10% adverse change | (8,334) | (7,154) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (15,818) | (13,664) | Decline in fair value due to a 20% adverse change | (16,035) | (13,664) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 8.76 | % | 9.50 | % | Weighted average discount rate | 8.77 | % | 9.50 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (6,866) | (4,304) | Decline in fair value due to a 10% adverse change | (6,503) | (4,304) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (13,193) | (8,321) | Decline in fair value due to a 20% adverse change | (12,565) | (8,321) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
SBA servicing rights | SBA servicing rights | 2021 | 2020 | 2021 | 2020 | SBA servicing rights | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 6,445 | $ | 5,394 | $ | 5,839 | $ | 7,886 | Beginning carrying value, net | $ | 6,123 | $ | 5,241 | $ | 5,839 | $ | 7,886 | ||||||||||||||||||||||||||||
Additions | Additions | 241 | 100 | 471 | 475 | Additions | 265 | 499 | 736 | 974 | ||||||||||||||||||||||||||||||||||||
Purchase accounting adjustment | Purchase accounting adjustment | 0 | 0 | 0 | (1,214) | Purchase accounting adjustment | — | — | — | (1,214) | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (563) | (416) | (1,092) | (779) | Amortization | (555) | (396) | (1,647) | (1,175) | ||||||||||||||||||||||||||||||||||||
Recoveries/(impairment) | Recoveries/(impairment) | 0 | 163 | 905 | (1,127) | Recoveries/(impairment) | — | 718 | 905 | (409) | ||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 6,123 | $ | 5,241 | $ | 6,123 | $ | 5,241 | Ending carrying value, net | $ | 5,833 | $ | 6,062 | $ | 5,833 | $ | 6,062 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
SBA servicing valuation allowance | SBA servicing valuation allowance | 2021 | 2020 | 2021 | 2020 | SBA servicing valuation allowance | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 0 | $ | 1,431 | $ | 905 | $ | 141 | Beginning balance | $ | — | $ | 1,268 | $ | 905 | $ | 141 | ||||||||||||||||||||||||||||
Additions | Additions | 0 | 0 | 0 | 1,127 | Additions | — | — | — | 409 | ||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 0 | (163) | (905) | 0 | Recoveries | — | (718) | (905) | — | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 0 | $ | 1,268 | $ | 0 | $ | 1,268 | Ending balance | $ | — | $ | 550 | $ | — | $ | 550 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
SBA servicing rights | SBA servicing rights | SBA servicing rights | ||||||||||||||||||||
Unpaid principal balance of loans serviced for others | Unpaid principal balance of loans serviced for others | $ | 431,185 | $ | 351,325 | Unpaid principal balance of loans serviced for others | $ | 418,377 | $ | 351,325 | ||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 3.59 | 3.46 | Weighted average life (in years) | 3.60 | 3.46 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 18.37 | % | 19.14 | % | Modeled prepayment speed | 18.10 | % | 19.14 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (393) | (335) | Decline in fair value due to a 10% adverse change | (318) | (335) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (747) | (636) | Decline in fair value due to a 20% adverse change | (606) | (636) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 7.77 | % | 9.55 | % | Weighted average discount rate | 10.62 | % | 9.55 | % | ||||||||||||
Decline in fair value due to a 100 basis point adverse change | Decline in fair value due to a 100 basis point adverse change | (187) | (151) | Decline in fair value due to a 100 basis point adverse change | (153) | (151) | ||||||||||||||||
Decline in fair value due to a 200 basis point adverse change | Decline in fair value due to a 200 basis point adverse change | (365) | (295) | Decline in fair value due to a 200 basis point adverse change | (299) | (295) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
Indirect automobile servicing rights | Indirect automobile servicing rights | 2021 | 2020 | 2021 | 2020 | Indirect automobile servicing rights | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 29 | $ | 204 | $ | 73 | $ | 247 | Beginning carrying value, net | $ | — | $ | 162 | $ | 73 | $ | 247 | ||||||||||||||||||||||||||||
Amortization | Amortization | (29) | (42) | (73) | (85) | Amortization | — | (45) | (73) | (130) | ||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 0 | $ | 162 | $ | 0 | $ | 162 | Ending carrying value, net | $ | — | $ | 117 | $ | — | $ | 117 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | 2021 | 2020 | (in thousands, except share and per share data) | 2021 | 2020 | ||||||||||||||||
Net income | Net income | $ | 88,327 | $ | 32,236 | Net income | $ | 81,680 | $ | 116,145 | ||||||||||||
Adjustment items: | Adjustment items: | Adjustment items: | ||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | — | 895 | Merger and conversion charges | 183 | (44) | ||||||||||||||||
Restructuring charge | Restructuring charge | — | 1,463 | Restructuring charge | — | 50 | ||||||||||||||||
Servicing right impairment (recovery) | Servicing right impairment (recovery) | (749) | 7,989 | Servicing right impairment (recovery) | 1,398 | 412 | ||||||||||||||||
Gain on BOLI proceeds | Gain on BOLI proceeds | — | (845) | Gain on BOLI proceeds | — | (103) | ||||||||||||||||
Expenses related to SEC and DOJ investigation | Expenses related to SEC and DOJ investigation | — | 1,294 | Expenses related to SEC and DOJ investigation | — | 268 | ||||||||||||||||
Natural disaster and pandemic expenses | Natural disaster and pandemic expenses | — | 2,043 | Natural disaster and pandemic expenses | — | 470 | ||||||||||||||||
(Gain) loss on the sale of premises | (236) | 281 | ||||||||||||||||||||
(Gain) loss on bank premises | (Gain) loss on bank premises | 1,136 | (97) | |||||||||||||||||||
Tax effect of adjustment items (Note 1) | Tax effect of adjustment items (Note 1) | 206 | (2,933) | Tax effect of adjustment items (Note 1) | (536) | (222) | ||||||||||||||||
After tax adjustment items | After tax adjustment items | (779) | 10,187 | After tax adjustment items | 2,181 | 734 | ||||||||||||||||
Adjusted net income | Adjusted net income | $ | 87,548 | $ | 42,423 | Adjusted net income | $ | 83,861 | $ | 116,879 | ||||||||||||
Weighted average common shares outstanding - diluted | Weighted average common shares outstanding - diluted | 69,791,670 | 69,292,972 | Weighted average common shares outstanding - diluted | 69,756,135 | 69,346,141 | ||||||||||||||||
Net income per diluted share | Net income per diluted share | $ | 1.27 | $ | 0.47 | Net income per diluted share | $ | 1.17 | $ | 1.67 | ||||||||||||
Adjusted net income per diluted share | Adjusted net income per diluted share | $ | 1.25 | $ | 0.61 | Adjusted net income per diluted share | $ | 1.20 | $ | 1.69 | ||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. | ||||||||||||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the three months ended September 30, 2021 is nondeductible for tax purposes. | Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the three months ended September 30, 2021 is nondeductible for tax purposes. |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 109,260 | $ | 34,085 | $ | 8,988 | $ | 14,050 | $ | 7,368 | $ | 173,751 | Interest income | $ | 110,708 | $ | 33,390 | $ | 9,093 | $ | 11,986 | $ | 7,869 | $ | 173,046 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (1,410) | 11,552 | 268 | 1,168 | 321 | 11,899 | Interest expense | (2,816) | 12,101 | 381 | 1,287 | 432 | 11,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 110,670 | 22,533 | 8,720 | 12,882 | 7,047 | 161,852 | Net interest income | 113,524 | 21,289 | 8,712 | 10,699 | 7,437 | 161,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (3,949) | 5,647 | (155) | (607) | (794) | 142 | Provision for credit losses | (9,578) | 1,678 | (291) | (1,104) | (380) | (9,675) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,171 | 69,055 | 1,333 | 2,677 | 4 | 89,240 | Noninterest income | 17,896 | 55,555 | 1,037 | 2,070 | 4 | 76,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 37,814 | 44,798 | 278 | 937 | 1,678 | 85,505 | Salaries and employee benefits | 40,020 | 36,373 | 264 | 1,320 | 1,694 | 79,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 9,050 | 1,553 | 1 | 132 | 76 | 10,812 | Occupancy and equipment | 10,196 | 1,590 | — | 116 | 77 | 11,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 10,280 | 1,435 | 68 | — | 94 | 11,877 | Data processing and communications expenses | 9,159 | 1,357 | 59 | 18 | 88 | 10,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 18,763 | 7,638 | 30 | 284 | 852 | 27,567 | Other expenses | 21,723 | 11,675 | 200 | 370 | 897 | 34,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 75,907 | 55,424 | 377 | 1,353 | 2,700 | 135,761 | Total noninterest expense | 81,098 | 50,995 | 523 | 1,824 | 2,756 | 137,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 54,883 | 30,517 | 9,831 | 14,813 | 5,145 | 115,189 | Income before income tax expense | 59,900 | 24,171 | 9,517 | 12,049 | 5,065 | 110,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 14,196 | 6,408 | 2,064 | 3,111 | 1,083 | 26,862 | Income tax expense | 17,784 | 5,076 | 1,999 | 2,530 | 1,633 | 29,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,687 | $ | 24,109 | $ | 7,767 | $ | 11,702 | $ | 4,062 | $ | 88,327 | Net income | $ | 42,116 | $ | 19,095 | $ | 7,518 | $ | 9,519 | $ | 3,432 | $ | 81,680 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 128,653 | $ | 34,714 | $ | 5,285 | $ | 8,757 | $ | 7,609 | $ | 185,018 | Interest income | $ | 123,593 | $ | 31,040 | $ | 6,844 | $ | 10,958 | $ | 7,499 | $ | 179,934 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 8,323 | 10,412 | 259 | 1,723 | 487 | 21,204 | Interest expense | 4,031 | 10,647 | 298 | 1,992 | 428 | 17,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 120,330 | 24,302 | 5,026 | 7,034 | 7,122 | 163,814 | Net interest income | 119,562 | 20,393 | 6,546 | 8,966 | 7,071 | 162,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 86,805 | 423 | 403 | 2,322 | (1,792) | 88,161 | Provision for credit losses | 487 | 15,051 | 495 | 4,297 | (2,648) | 17,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,468 | 104,195 | 727 | 1,570 | — | 120,960 | Noninterest income | 15,265 | 137,583 | 1,064 | 5,106 | — | 159,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 40,423 | 50,003 | 209 | 2,612 | 1,921 | 95,168 | Salaries and employee benefits | 39,718 | 53,500 | 266 | 1,572 | 1,642 | 96,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,679 | 1,953 | 1 | 97 | 77 | 13,807 | Occupancy and equipment | 11,955 | 1,676 | 1 | 97 | 76 | 13,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 8,919 | 1,406 | 55 | 15 | 119 | 10,514 | Data processing and communications expenses | 9,716 | 2,349 | 73 | 4 | 84 | 12,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 27,997 | 6,949 | 88 | 359 | 886 | 36,279 | Other expenses | 21,517 | 7,889 | 28 | 595 | 934 | 30,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 89,018 | 60,311 | 353 | 3,083 | 3,003 | 155,768 | Total noninterest expense | 82,906 | 65,414 | 368 | 2,268 | 2,736 | 153,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | (41,025) | 67,763 | 4,997 | 3,199 | 5,911 | 40,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (8,582) | 14,231 | 1,049 | 671 | 1,240 | 8,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (32,443) | $ | 53,532 | $ | 3,948 | $ | 2,528 | $ | 4,671 | $ | 32,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 51,434 | 77,511 | 6,747 | 7,507 | 6,983 | 150,182 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 13,453 | 16,112 | 1,431 | 1,577 | 1,464 | 34,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 37,981 | $ | 61,399 | $ | 5,316 | $ | 5,930 | $ | 5,519 | $ | 116,145 |
Quarter Ended June 30, | Quarter Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,481,336 | $ | 607 | 0.10% | $ | 422,798 | $ | 168 | 0.16% | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 3,102,413 | $ | 1,253 | 0.16% | $ | 487,441 | $ | 166 | 0.14% | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 857,079 | 5,420 | 2.54% | 1,382,699 | 9,544 | 2.78% | Investment securities | 803,953 | 5,472 | 2.70% | 1,246,860 | 7,462 | 2.38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,705,167 | 11,773 | 2.77% | 1,614,080 | 14,053 | 3.50% | Loans held for sale | 1,497,320 | 10,618 | 2.81% | 1,507,481 | 10,365 | 2.74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 14,549,104 | 157,112 | 4.33% | 13,915,406 | 162,617 | 4.70% | Loans | 14,685,878 | 156,861 | 4.24% | 14,688,317 | 163,352 | 4.42% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 19,592,686 | 174,912 | 3.58% | 17,334,983 | 186,382 | 4.32% | Total interest-earning assets | 20,089,564 | 174,204 | 3.44% | 17,930,099 | 181,345 | 4.02% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 1,946,208 | 1,887,198 | Noninterest-earning assets | 1,998,078 | 1,879,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 21,538,894 | $ | 19,222,181 | Total assets | $ | 22,087,642 | $ | 19,810,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | Savings and interest-bearing demand deposits | $ | 9,063,721 | $ | 2,846 | 0.13% | $ | 7,355,593 | $ | 5,123 | 0.28% | Savings and interest-bearing demand deposits | $ | 9,322,590 | $ | 2,907 | 0.12% | $ | 7,741,528 | $ | 4,329 | 0.22% | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 2,006,265 | 2,929 | 0.59% | 2,473,177 | 9,150 | 1.49% | Time deposits | 1,919,695 | 2,199 | 0.45% | 2,276,083 | 7,493 | 1.31% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 6,883 | 5 | 0.29% | 12,452 | 25 | 0.81% | Federal funds purchased and securities sold under agreements to repurchase | 5,133 | 4 | 0.31% | 10,483 | 9 | 0.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 48,910 | 193 | 1.58% | 1,212,537 | 1,686 | 0.56% | FHLB advances | 48,866 | 195 | 1.58% | 799,034 | 661 | 0.33% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 376,376 | 4,683 | 4.99% | 269,300 | 3,487 | 5.21% | Other borrowings | 376,489 | 4,640 | 4.89% | 272,443 | 3,558 | 5.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 125,068 | 1,243 | 3.99% | 123,120 | 1,733 | 5.66% | Subordinated deferrable interest debentures | 125,567 | 1,440 | 4.55% | 123,604 | 1,346 | 4.33% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 11,627,223 | 11,899 | 0.41% | 11,446,179 | 21,204 | 0.75% | Total interest-bearing liabilities | 11,798,340 | 11,385 | 0.38% | 11,223,175 | 17,396 | 0.62% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 6,874,471 | 5,061,578 | Demand deposits | 7,168,717 | 5,782,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 238,931 | 236,051 | Other liabilities | 245,894 | 275,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,798,269 | 2,478,373 | Shareholders’ equity | 2,874,691 | 2,529,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 21,538,894 | $ | 19,222,181 | Total liabilities and shareholders’ equity | $ | 22,087,642 | $ | 19,810,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 3.17% | 3.57% | Interest rate spread | 3.06% | 3.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 163,013 | $ | 165,178 | Net interest income | $ | 162,819 | $ | 163,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.34% | 3.83% | Net interest margin | 3.22% | 3.64% |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | (dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | ||||||||||||||||||||||||||||||||||||
NOW | NOW | $ | 3,314,334 | 0.10% | $ | 2,441,305 | 0.21% | NOW | $ | 3,447,909 | 0.09% | $ | 2,718,315 | 0.20% | ||||||||||||||||||||||||||||||||
MMDA | MMDA | 4,872,500 | 0.16% | 4,221,906 | 0.36% | MMDA | 4,966,492 | 0.16% | 4,273,899 | 0.26% | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 876,887 | 0.06% | 692,382 | 0.05% | Savings | 908,189 | 0.06% | 749,314 | 0.06% | ||||||||||||||||||||||||||||||||||||
Retail CDs | Retail CDs | 2,005,265 | 0.58% | 2,471,134 | 1.49% | Retail CDs | 1,919,184 | 0.45% | 2,274,150 | 1.31% | ||||||||||||||||||||||||||||||||||||
Brokered CDs | Brokered CDs | 1,000 | 3.21% | 2,043 | 2.76% | Brokered CDs | 511 | 3.11% | 1,933 | 1.85% | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 11,069,986 | 0.21% | $ | 9,828,770 | 0.58% | Interest-bearing deposits | $ | 11,242,285 | 0.18% | $ | 10,017,611 | 0.47% |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | 2021 | 2020 | (in thousands, except share and per share data) | 2021 | 2020 | ||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 213,289 | $ | 51,558 | Net income available to common shareholders | $ | 294,969 | $ | 167,703 | ||||||||||||
Adjustment items: | Adjustment items: | Adjustment items: | ||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | — | 1,435 | Merger and conversion charges | 183 | 1,391 | ||||||||||||||||
Restructuring charge | Restructuring charge | — | 1,463 | Restructuring charge | — | 1,513 | ||||||||||||||||
Servicing right impairment (recovery) | Servicing right impairment (recovery) | (11,388) | 30,154 | Servicing right impairment (recovery) | (9,990) | 30,566 | ||||||||||||||||
Gain on BOLI proceeds | Gain on BOLI proceeds | (603) | (845) | Gain on BOLI proceeds | (603) | (948) | ||||||||||||||||
Expenses related to SEC and DOJ investigation | Expenses related to SEC and DOJ investigation | — | 2,737 | Expenses related to SEC and DOJ investigation | — | 3,005 | ||||||||||||||||
Natural disaster and pandemic charges | Natural disaster and pandemic charges | — | 2,591 | Natural disaster and pandemic charges | — | 3,061 | ||||||||||||||||
(Gain) loss on the sale of premises | (500) | 751 | ||||||||||||||||||||
Loss on bank premises | Loss on bank premises | 636 | 654 | |||||||||||||||||||
Tax effect of adjustment items (Note 1) | Tax effect of adjustment items (Note 1) | 2,496 | (8,216) | Tax effect of adjustment items (Note 1) | 1,960 | (8,438) | ||||||||||||||||
After tax adjustment items | After tax adjustment items | (9,995) | 30,070 | After tax adjustment items | (7,814) | 30,804 | ||||||||||||||||
Adjusted net income | Adjusted net income | $ | 203,294 | $ | 81,628 | Adjusted net income | $ | 287,155 | $ | 198,507 | ||||||||||||
Weighted average common shares outstanding - diluted | Weighted average common shares outstanding - diluted | 69,764,923 | 69,413,027 | Weighted average common shares outstanding - diluted | 69,772,084 | 69,403,104 | ||||||||||||||||
Net income per diluted share | Net income per diluted share | $ | 3.06 | $ | 0.74 | Net income per diluted share | $ | 4.23 | $ | 2.42 | ||||||||||||
Adjusted net income per diluted share | Adjusted net income per diluted share | $ | 2.91 | $ | 1.18 | Adjusted net income per diluted share | $ | 4.12 | $ | 2.86 | ||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the six months ended June 30, 2020 are nondeductible for tax purposes. | ||||||||||||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for both periods is nondeductible for tax purposes. | Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for both periods is nondeductible for tax purposes. |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 221,639 | $ | 64,284 | $ | 19,315 | $ | 32,084 | $ | 14,379 | $ | 351,701 | Interest income | $ | 332,347 | $ | 97,674 | $ | 28,408 | $ | 44,070 | $ | 22,248 | $ | 524,747 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (1,847) | 22,767 | 689 | 2,567 | 696 | 24,872 | Interest expense | (4,663) | 34,868 | 1,070 | 3,854 | 1,128 | 36,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 223,486 | 41,517 | 18,626 | 29,517 | 13,683 | 326,829 | Net interest income | 337,010 | 62,806 | 27,338 | 40,216 | 21,120 | 488,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (27,853) | 1,094 | (300) | (1,154) | (236) | (28,449) | Provision for loan losses | (37,431) | 2,772 | (591) | (2,258) | (616) | (38,124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 32,909 | 166,695 | 2,313 | 5,288 | 8 | 207,213 | Noninterest income | 50,805 | 222,250 | 3,350 | 7,358 | 12 | 283,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 80,537 | 94,636 | 608 | 2,319 | 3,390 | 181,490 | Salaries and employee benefits | 120,557 | 131,009 | 872 | 3,639 | 5,084 | 261,161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 19,170 | 3,029 | 2 | 238 | 154 | 22,593 | Occupancy and equipment | 29,366 | 4,619 | 2 | 354 | 231 | 34,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 20,481 | 2,981 | 117 | 1 | 181 | 23,761 | Data processing and communications expenses | 29,640 | 4,338 | 176 | 19 | 269 | 34,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 38,473 | 15,827 | 63 | 579 | 1,773 | 56,715 | Other expenses | 60,196 | 27,502 | 263 | 949 | 2,670 | 91,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 158,661 | 116,473 | 790 | 3,137 | 5,498 | 284,559 | Total noninterest expense | 239,759 | 167,468 | 1,313 | 4,961 | 8,254 | 421,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 125,587 | 90,645 | 20,449 | 32,822 | 8,429 | 277,932 | Income before income tax expense | 185,487 | 114,816 | 29,966 | 44,871 | 13,494 | 388,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 32,652 | 19,035 | 4,294 | 6,893 | 1,769 | 64,643 | Income tax expense | 50,436 | 24,111 | 6,293 | 9,423 | 3,402 | 93,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 92,935 | $ | 71,610 | $ | 16,155 | $ | 25,929 | $ | 6,660 | $ | 213,289 | Net income | $ | 135,051 | $ | 90,705 | $ | 23,673 | $ | 35,448 | $ | 10,092 | $ | 294,969 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 260,954 | $ | 68,125 | $ | 10,135 | $ | 12,485 | $ | 16,087 | $ | 367,786 | Interest income | $ | 384,547 | $ | 99,165 | $ | 16,979 | $ | 23,443 | $ | 23,586 | $ | 547,720 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 22,249 | 26,067 | 1,807 | 3,270 | 2,634 | 56,027 | Interest expense | 26,280 | 36,714 | 2,105 | 5,262 | 3,062 | 73,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 238,705 | 42,058 | 8,328 | 9,215 | 13,453 | 311,759 | Net interest income | 358,267 | 62,451 | 14,874 | 18,181 | 20,524 | 474,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 122,802 | 2,420 | 394 | 1,419 | 2,173 | 129,208 | Provision for loan losses | 123,289 | 17,471 | 889 | 5,716 | (475) | 146,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 32,241 | 138,564 | 1,687 | 2,847 | — | 175,339 | Noninterest income | 47,506 | 276,147 | 2,751 | 7,953 | — | 334,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 82,044 | 81,100 | 419 | 4,088 | 3,463 | 171,114 | Salaries and employee benefits | 121,762 | 134,600 | 685 | 5,660 | 5,105 | 267,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 22,026 | 3,457 | 2 | 194 | 156 | 25,835 | Occupancy and equipment | 33,981 | 5,133 | 3 | 291 | 232 | 39,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 19,716 | 2,392 | 96 | 28 | 236 | 22,468 | Data processing and communications expenses | 29,432 | 4,741 | 169 | 32 | 320 | 34,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 58,642 | 12,824 | 122 | 874 | 1,942 | 74,404 | Other expenses | 80,159 | 20,713 | 150 | 1,469 | 2,876 | 105,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 182,428 | 99,773 | 639 | 5,184 | 5,797 | 293,821 | Total noninterest expense | 265,334 | 165,187 | 1,007 | 7,452 | 8,533 | 447,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | (34,284) | 78,429 | 8,982 | 5,459 | 5,483 | 64,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (8,307) | 16,639 | 1,886 | 1,146 | 1,147 | 12,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (25,977) | $ | 61,790 | $ | 7,096 | $ | 4,313 | $ | 4,336 | $ | 51,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 17,150 | 155,940 | 15,729 | 12,966 | 12,466 | 214,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 5,146 | 32,751 | 3,317 | 2,723 | 2,611 | 46,548 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 12,004 | $ | 123,189 | $ | 12,412 | $ | 10,243 | $ | 9,855 | $ | 167,703 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,324,365 | $ | 1,141 | 0.10% | $ | 434,843 | $ | 1,455 | 0.67% | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,586,564 | $ | 2,394 | 0.12% | $ | 452,503 | $ | 1,621 | 0.48% | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 907,049 | 11,716 | 2.60% | 1,419,580 | 19,825 | 2.81% | Investment securities | 872,306 | 17,188 | 2.63% | 1,361,586 | 27,287 | 2.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,496,155 | 22,600 | 3.05% | 1,600,606 | 27,690 | 3.48% | Loans held for sale | 1,496,548 | 33,218 | 2.97% | 1,569,337 | 38,055 | 3.24% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 14,501,802 | 318,585 | 4.43% | 13,308,960 | 321,253 | 4.85% | Loans | 14,563,835 | 475,446 | 4.36% | 13,772,102 | 484,605 | 4.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 19,229,371 | 354,042 | 3.71% | 16,763,989 | 370,223 | 4.44% | Total interest-earning assets | 19,519,253 | 528,246 | 3.62% | 17,155,528 | 551,568 | 4.29% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 1,915,380 | 1,885,757 | Noninterest-earning assets | 1,943,248 | 1,889,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 21,144,751 | $ | 18,649,746 | Total assets | $ | 21,462,501 | $ | 19,045,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | Savings and interest-bearing demand deposits | $ | 8,915,964 | $ | 5,894 | 0.13% | $ | 7,145,803 | $ | 17,855 | 0.50% | Savings and interest-bearing demand deposits | $ | 9,052,996 | $ | 8,801 | 0.13% | $ | 7,345,828 | $ | 22,184 | 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 2,036,668 | 6,679 | 0.66% | 2,579,288 | 20,520 | 1.60% | Time deposits | 1,997,248 | 8,878 | 0.59% | 2,477,483 | 28,013 | 1.51% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 8,077 | 12 | 0.30% | 14,045 | 65 | 0.93% | Federal funds purchased and securities sold under agreements to repurchase | 7,085 | 16 | 0.30% | 12,849 | 74 | 0.77% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 48,931 | 385 | 1.59% | 1,239,920 | 6,795 | 1.10% | FHLB advances | 48,909 | 580 | 1.59% | 1,091,885 | 7,456 | 0.91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 376,318 | 9,321 | 4.99% | 269,377 | 6,998 | 5.22% | Other borrowings | 376,376 | 13,961 | 4.96% | 270,407 | 10,556 | 5.21% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 124,823 | 2,581 | 4.17% | 125,426 | 3,794 | 6.08% | Subordinated deferrable interest debentures | 125,073 | 4,021 | 4.30% | 124,814 | 5,140 | 5.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 11,510,781 | 24,872 | 0.44% | 11,373,859 | 56,027 | 0.99% | Total interest-bearing liabilities | 11,607,687 | 36,257 | 0.42% | 11,323,266 | 73,423 | 0.87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 6,644,646 | 4,571,249 | Demand deposits | 6,821,256 | 4,977,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 242,402 | 218,498 | Other liabilities | 243,579 | 243,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,746,922 | 2,486,140 | Shareholders’ equity | 2,789,979 | 2,500,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 21,144,751 | $ | 18,649,746 | Total liabilities and shareholders’ equity | $ | 21,462,501 | $ | 19,045,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 3.27% | 3.45% | Interest rate spread | 3.20% | 3.42% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 329,170 | $ | 314,196 | Net interest income | $ | 491,989 | $ | 478,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.45% | 3.77% | Net interest margin | 3.37% | 3.72% |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | (dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | ||||||||||||||||||||||||||||||||||||
NOW | NOW | $ | 3,248,655 | 0.11% | $ | 2,364,626 | 0.34% | NOW | $ | 3,315,803 | 0.10% | $ | 2,483,383 | 0.29% | ||||||||||||||||||||||||||||||||
MMDA | MMDA | 4,817,197 | 0.16% | 4,113,275 | 0.66% | MMDA | 4,867,509 | 0.16% | 4,167,207 | 0.52% | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 850,112 | 0.06% | 667,902 | 0.09% | Savings | 869,684 | 0.06% | 695,238 | 0.08% | ||||||||||||||||||||||||||||||||||||
Retail CDs | Retail CDs | 2,035,668 | 0.66% | 2,547,671 | 1.59% | Retail CDs | 1,996,413 | 0.59% | 2,455,833 | 1.51% | ||||||||||||||||||||||||||||||||||||
Brokered CDs | Brokered CDs | 1,000 | 2.82% | 31,617 | 2.04% | Brokered CDs | 835 | 2.88% | 21,650 | 2.03% | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 10,952,632 | 0.23% | $ | 9,725,091 | 0.79% | Interest-bearing deposits | $ | 11,050,244 | 0.21% | $ | 9,823,311 | 0.68% |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 12,120 | $ | 12,327 | $ | 17,161 | $ | 17,504 | U.S. government sponsored agencies | $ | 12,102 | $ | 12,252 | $ | 17,161 | $ | 17,504 | ||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 58,016 | 60,836 | 63,286 | 66,778 | State, county and municipal securities | 51,541 | 54,216 | 63,286 | 66,778 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 43,132 | 43,612 | 51,639 | 51,896 | Corporate debt securities | 33,397 | 33,998 | 51,639 | 51,896 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 52,283 | 54,281 | 59,973 | 62,497 | SBA pool securities | 46,354 | 47,917 | 59,973 | 62,497 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 581,021 | 607,111 | 748,521 | 784,204 | Mortgage-backed securities | 513,408 | 536,121 | 748,521 | 784,204 | ||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 746,572 | $ | 778,167 | $ | 940,580 | $ | 982,879 | Total debt securities available-for-sale | $ | 656,802 | $ | 684,504 | $ | 940,580 | $ | 982,879 | ||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 3,905 | $ | 3,784 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 29,055 | $ | 29,008 | $ | — | $ | — | Mortgage-backed securities | 60,546 | 59,520 | — | — | ||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 29,055 | $ | 29,008 | $ | — | $ | — | Total debt securities held-to-maturity | $ | 64,451 | $ | 63,304 | $ | — | $ | — |
U.S. Government Sponsored Agencies | State, County and Municipal Securities | Corporate Debt Securities | U.S. Government Sponsored Agencies | State, County and Municipal Securities | Corporate Debt Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale (1) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2)(3) | Amount | Yield (2) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2)(3) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | 10,147 | 1.92 | % | $ | 11,242 | 3.38 | % | $ | 500 | 3.03 | % | One year or less | $ | 11,147 | 1.92 | % | $ | 5,711 | 3.20 | % | $ | 499 | 3.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 2,180 | 2.04 | 19,451 | 3.79 | 10,263 | 4.00 | After one year through five years | 1,105 | 2.16 | 18,814 | 3.81 | 500 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | 18,893 | 3.87 | 31,153 | 5.30 | After five years through ten years | — | — | 19,983 | 3.85 | 31,088 | 5.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | — | — | 11,250 | 3.88 | 1,696 | 4.24 | After ten years | — | — | 9,708 | 3.82 | 1,911 | 4.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 12,327 | 1.94 | % | $ | 60,836 | 3.75 | % | $ | 43,612 | 4.92 | % | $ | 12,252 | 1.94 | % | $ | 54,216 | 3.76 | % | $ | 33,998 | 5.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Pool Securities | Mortgage-Backed Securities | SBA Pool Securities | Mortgage-Backed Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale (1) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | — | — | % | $ | 3,567 | 2.11 | % | One year or less | $ | — | — | % | $ | 3,373 | 2.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 13,075 | 2.20 | 99,564 | 2.74 | After one year through five years | 15,361 | 2.12 | 102,059 | 2.71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | 10,054 | 2.27 | 173,392 | 2.79 | After five years through ten years | 3,171 | 3.08 | 145,684 | 2.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 31,152 | 2.47 | 330,588 | 2.31 | After ten years | 29,385 | 2.49 | 285,005 | 2.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 54,281 | 2.36 | % | $ | 607,111 | 2.52 | % | $ | 47,917 | 2.41 | % | $ | 536,121 | 2.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | State, County and Municipal Securities | Mortgage-Backed Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities held-to-maturity (1) | (dollars in thousands) Securities held-to-maturity (1) | Amount | Yield (2) | (dollars in thousands) Securities held-to-maturity (1) | Amount | Yield (2)(3) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | — | — | % | One year or less | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | — | — | After one year through five years | — | — | 2,261 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | 16,018 | 1.62 | After five years through ten years | — | — | 16,007 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 13,037 | 1.84 | After ten years | 3,905 | 2.39 | 42,278 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 29,055 | 1.72 | % | $ | 3,905 | 2.39 | % | $ | 60,546 | 1.63 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | ||||||||||||||||
Balance of allowance for credit losses on loans at beginning of period | Balance of allowance for credit losses on loans at beginning of period | $ | 199,422 | $ | 38,189 | Balance of allowance for credit losses on loans at beginning of period | $ | 199,422 | $ | 38,189 | ||||||||||||
Adjustment to allowance for adoption of ASC 326 | Adjustment to allowance for adoption of ASC 326 | — | 78,661 | Adjustment to allowance for adoption of ASC 326 | — | 78,661 | ||||||||||||||||
Provision charged to operating expense | Provision charged to operating expense | (17,478) | 105,496 | Provision charged to operating expense | (21,462) | 132,188 | ||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 5,899 | 2,972 | Commercial, financial and agricultural | 6,757 | 4,687 | ||||||||||||||||
Consumer installment | Consumer installment | 3,117 | 2,104 | Consumer installment | 4,764 | 2,781 | ||||||||||||||||
Indirect automobile | Indirect automobile | 970 | 2,247 | Indirect automobile | 1,148 | 2,944 | ||||||||||||||||
Premium finance | Premium finance | 2,537 | 2,734 | Premium finance | 3,142 | 3,893 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 212 | 74 | Real estate – construction and development | 212 | 83 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 1,422 | 7,243 | Real estate – commercial and farmland | 1,632 | 10,220 | ||||||||||||||||
Real estate – residential | Real estate – residential | 555 | 625 | Real estate – residential | 594 | 762 | ||||||||||||||||
Total charge-offs | Total charge-offs | 14,712 | 17,999 | Total charge-offs | 18,249 | 25,370 | ||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 1,352 | 665 | Commercial, financial and agricultural | 3,338 | 1,135 | ||||||||||||||||
Consumer installment | Consumer installment | 568 | 1,420 | Consumer installment | 767 | 1,273 | ||||||||||||||||
Indirect automobile | Indirect automobile | 1,072 | 40 | Indirect automobile | 1,350 | 1,020 | ||||||||||||||||
Premium finance | Premium finance | 3,588 | 1,360 | Premium finance | 4,237 | 2,584 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 251 | 510 | Real estate – construction and development | 296 | 692 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 226 | 106 | Real estate – commercial and farmland | 492 | 1,010 | ||||||||||||||||
Real estate – residential | Real estate – residential | 781 | 345 | Real estate – residential | 1,022 | 542 | ||||||||||||||||
Total recoveries | Total recoveries | 7,838 | 4,446 | Total recoveries | 11,502 | 8,256 | ||||||||||||||||
Net charge-offs | Net charge-offs | 6,874 | 13,553 | Net charge-offs | 6,747 | 17,114 | ||||||||||||||||
Balance of allowance for credit losses on loans at end of period | Balance of allowance for credit losses on loans at end of period | $ | 175,070 | $ | 208,793 | Balance of allowance for credit losses on loans at end of period | $ | 171,213 | $ | 231,924 |
As of and for the Six Months Ended | As of and for the Nine Months Ended | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | June 30, 2020 | (dollars in thousands) | September 30, 2021 | September 30, 2020 | ||||||||||||||||
Allowance for credit losses on loans at end of period | Allowance for credit losses on loans at end of period | $ | 175,070 | $ | 208,793 | Allowance for credit losses on loans at end of period | $ | 171,213 | $ | 231,924 | ||||||||||||
Net charge-offs for the period | Net charge-offs for the period | 6,874 | 13,553 | Net charge-offs for the period | 6,747 | 17,114 | ||||||||||||||||
Loan balances: | Loan balances: | Loan balances: | ||||||||||||||||||||
End of period | End of period | 14,780,791 | 14,503,157 | End of period | 14,824,539 | 14,943,593 | ||||||||||||||||
Average for the period | Average for the period | 14,501,802 | 13,308,960 | Average for the period | 14,563,835 | 13,772,102 | ||||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | Net charge-offs as a percentage of average loans (annualized) | 0.10 | % | 0.20 | % | Net charge-offs as a percentage of average loans (annualized) | 0.06 | % | 0.17 | % | ||||||||||||
Allowance for credit losses on loans as a percentage of end of period loans | Allowance for credit losses on loans as a percentage of end of period loans | 1.18 | % | 1.44 | % | Allowance for credit losses on loans as a percentage of end of period loans | 1.15 | % | 1.55 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 1,406,421 | $ | 1,627,477 | Commercial, financial and agricultural | $ | 1,217,575 | $ | 1,627,477 | ||||||||||||
Consumer installment | Consumer installment | 229,411 | 306,995 | Consumer installment | 207,111 | 306,995 | ||||||||||||||||
Indirect automobile | Indirect automobile | 397,373 | 580,083 | Indirect automobile | 325,057 | 580,083 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 841,347 | 916,353 | Mortgage warehouse | 768,577 | 916,353 | ||||||||||||||||
Municipal | Municipal | 647,578 | 659,403 | Municipal | 624,430 | 659,403 | ||||||||||||||||
Premium finance | Premium finance | 780,328 | 687,841 | Premium finance | 840,737 | 687,841 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 1,527,883 | 1,606,710 | Real estate – construction and development | 1,454,824 | 1,606,710 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 6,051,472 | 5,300,006 | Real estate – commercial and farmland | 6,409,704 | 5,300,006 | ||||||||||||||||
Real estate – residential | Real estate – residential | 2,898,978 | 2,796,057 | Real estate – residential | 2,976,524 | 2,796,057 | ||||||||||||||||
$ | 14,780,791 | $ | 14,480,925 | $ | 14,824,539 | $ | 14,480,925 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 59,921 | $ | 76,457 | Nonaccrual loans | $ | 58,932 | $ | 76,457 | ||||||||||||
Accruing loans delinquent 90 days or more | Accruing loans delinquent 90 days or more | 4,874 | 8,326 | Accruing loans delinquent 90 days or more | 7,472 | 8,326 | ||||||||||||||||
Repossessed assets | Repossessed assets | 226 | 544 | Repossessed assets | 152 | 544 | ||||||||||||||||
Other real estate owned | Other real estate owned | 5,775 | 11,880 | Other real estate owned | 4,594 | 11,880 | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 70,796 | $ | 97,207 | Total non-performing assets | $ | 71,150 | $ | 97,207 |
June 30, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||||||||||||||
Loan Class | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 12 | $ | 1,038 | 10 | $ | 805 | Commercial, financial and agricultural | 14 | $ | 1,683 | 7 | $ | 112 | ||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 9 | 28 | 19 | 43 | Consumer installment | 8 | 22 | 19 | 38 | ||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 336 | 1,647 | 47 | 301 | Indirect automobile | 282 | 1,284 | 52 | 297 | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 5 | 898 | 4 | 301 | Real estate – construction and development | 5 | 887 | 3 | 271 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 28 | 46,025 | 11 | 7,103 | Real estate – commercial and farmland | 27 | 43,895 | 7 | 6,715 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 238 | 31,570 | 31 | 2,515 | Real estate – residential | 227 | 29,521 | 30 | 2,687 | ||||||||||||||||||||||||||||||||||||
Total | Total | 628 | $ | 81,206 | 122 | $ | 11,068 | Total | 563 | $ | 77,292 | 118 | $ | 10,120 |
December 31, 2020 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 521 | 11 | $ | 849 | |||||||||||||||||
Consumer installment | 10 | 32 | 20 | 56 | |||||||||||||||||||
Indirect automobile | 437 | 2,277 | 51 | 461 | |||||||||||||||||||
Real estate – construction and development | 4 | 506 | 5 | 707 | |||||||||||||||||||
Real estate – commercial and farmland | 28 | 36,707 | 7 | 1,401 | |||||||||||||||||||
Real estate – residential | 264 | 38,800 | 34 | 2,671 | |||||||||||||||||||
Total | 752 | $ | 78,843 | 128 | $ | 6,145 |
June 30, 2021 | Loans Currently Paying Under Restructured Terms | Loans that have Defaulted Under Restructured Terms | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Loans Currently Paying Under Restructured Terms | Loans that have Defaulted Under Restructured Terms | |||||||||||||||||||||||||||||||||||||||||||
Loan Class | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 18 | $ | 1,746 | 4 | $ | 97 | Commercial, financial and agricultural | 18 | $ | 1,767 | 3 | $ | 28 | ||||||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 13 | 33 | 15 | 38 | Consumer installment | 10 | 21 | 17 | 39 | ||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 321 | 1,613 | 62 | 335 | Indirect automobile | 283 | 1,316 | 51 | 265 | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 8 | 1,184 | 1 | 15 | Real estate – construction and development | 7 | 1,144 | 1 | 14 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 37 | 52,275 | 2 | 853 | Real estate – commercial and farmland | 32 | 49,956 | 2 | 654 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 231 | 30,307 | 38 | 3,778 | Real estate – residential | 224 | 29,984 | 33 | 2,224 | ||||||||||||||||||||||||||||||||||||
Total | Total | 628 | $ | 87,158 | 122 | $ | 5,116 | Total | 574 | $ | 84,188 | 107 | $ | 3,224 |
December 31, 2020 | Loans Currently Paying Under Restructured Terms | Loans that have Defaulted Under Restructured Terms | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 11 | $ | 532 | 9 | $ | 839 | |||||||||||||||||
Consumer installment | 12 | 33 | 18 | 55 | |||||||||||||||||||
Indirect automobile | 411 | 2,138 | 77 | 600 | |||||||||||||||||||
Real estate – construction and development | 5 | 507 | 4 | 706 | |||||||||||||||||||
Real estate – commercial and farmland | 29 | 36,512 | 6 | 1,595 | |||||||||||||||||||
Real estate – residential | 249 | 35,348 | 49 | 6,123 | |||||||||||||||||||
Total | 717 | $ | 75,070 | 163 | $ | 9,918 |
June 30, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||||||||||||||
Type of Concession | Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||
Forgiveness of interest | Forgiveness of interest | 1 | $ | 72 | — | $ | — | Forgiveness of interest | 3 | $ | 289 | — | $ | — | ||||||||||||||||||||||||||||||||
Forbearance of interest | Forbearance of interest | 14 | 1,086 | 10 | 2,004 | Forbearance of interest | 16 | 1,248 | 4 | 911 | ||||||||||||||||||||||||||||||||||||
Forbearance of principal | Forbearance of principal | 453 | 63,098 | 63 | 7,733 | Forbearance of principal | 397 | 60,163 | 64 | 7,975 | ||||||||||||||||||||||||||||||||||||
Forbearance of principal, extended amortization | — | — | 1 | 178 | ||||||||||||||||||||||||||||||||||||||||||
Rate reduction only | Rate reduction only | 62 | 8,160 | 4 | 244 | Rate reduction only | 60 | 7,528 | 5 | 238 | ||||||||||||||||||||||||||||||||||||
Rate reduction, maturity extension | Rate reduction, maturity extension | — | — | 1 | 3 | Rate reduction, maturity extension | — | — | 1 | 2 | ||||||||||||||||||||||||||||||||||||
Rate reduction, forbearance of interest | Rate reduction, forbearance of interest | 39 | 2,969 | 7 | 349 | Rate reduction, forbearance of interest | 34 | 2,447 | 6 | 322 | ||||||||||||||||||||||||||||||||||||
Rate reduction, forbearance of principal | Rate reduction, forbearance of principal | 19 | 2,537 | 28 | 164 | Rate reduction, forbearance of principal | 18 | 2,673 | 30 | 288 | ||||||||||||||||||||||||||||||||||||
Rate reduction, forgiveness of interest | Rate reduction, forgiveness of interest | 40 | 3,284 | 8 | 393 | Rate reduction, forgiveness of interest | 35 | 2,944 | 8 | 384 | ||||||||||||||||||||||||||||||||||||
Total | Total | 628 | $ | 81,206 | 122 | $ | 11,068 | Total | 563 | $ | 77,292 | 118 | $ | 10,120 |
December 31, 2020 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Forgiveness of interest | 1 | $ | 73 | — | $ | — | |||||||||||||||||
Forbearance of interest | 19 | 2,255 | 7 | 1,044 | |||||||||||||||||||
Forbearance of principal | 563 | 58,131 | 72 | 3,372 | |||||||||||||||||||
Forbearance of principal, extended amortization | — | — | 1 | 204 | |||||||||||||||||||
Rate reduction only | 66 | 8,893 | 4 | 525 | |||||||||||||||||||
Rate reduction, maturity extension | — | — | 1 | 5 | |||||||||||||||||||
Rate reduction, forbearance of interest | 41 | 3,472 | 9 | 389 | |||||||||||||||||||
Rate reduction, forbearance of principal | 21 | 2,609 | 25 | 193 | |||||||||||||||||||
Rate reduction, forgiveness of interest | 41 | 3,410 | 8 | 412 | |||||||||||||||||||
Rate reduction, forgiveness of principal | — | — | 1 | 1 | |||||||||||||||||||
Total | 752 | $ | 78,843 | 128 | $ | 6,145 |
June 30, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||||||||||||||
Collateral Type | Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||||||||||||||||
Warehouse | Warehouse | 4 | $ | 233 | 2 | $ | 289 | Warehouse | 3 | $ | 63 | 2 | $ | 280 | ||||||||||||||||||||||||||||||||
Raw land | Raw land | 5 | 4,806 | 6 | 724 | Raw land | 6 | 3,820 | 4 | 642 | ||||||||||||||||||||||||||||||||||||
Hotel and motel | Hotel and motel | 7 | 29,728 | 1 | 4,903 | Hotel and motel | 7 | 29,483 | 1 | 4,902 | ||||||||||||||||||||||||||||||||||||
Office | Office | 6 | 1,245 | — | — | Office | 5 | 726 | 1 | 502 | ||||||||||||||||||||||||||||||||||||
Retail, including strip centers | Retail, including strip centers | 10 | 8,562 | 3 | 856 | Retail, including strip centers | 9 | 8,079 | 1 | 376 | ||||||||||||||||||||||||||||||||||||
1-4 family residential | 1-4 family residential | 242 | 31,930 | 33 | 2,991 | 1-4 family residential | 230 | 29,863 | 31 | 2,971 | ||||||||||||||||||||||||||||||||||||
Church | Church | 1 | 2,181 | 1 | 156 | Church | 2 | 2,394 | — | — | ||||||||||||||||||||||||||||||||||||
Automobile/equipment/CD | Automobile/equipment/CD | 353 | 2,521 | 76 | 1,149 | Automobile/equipment/CD | 301 | 2,864 | 78 | 447 | ||||||||||||||||||||||||||||||||||||
Total | Total | 628 | $ | 81,206 | 122 | $ | 11,068 | Total | 563 | $ | 77,292 | 118 | $ | 10,120 |
December 31, 2020 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Warehouse | 4 | $ | 248 | 2 | $ | 305 | |||||||||||||||||
Raw land | 5 | 4,611 | 7 | 1,135 | |||||||||||||||||||
Hotel and motel | 4 | 22,372 | — | — | |||||||||||||||||||
Office | 6 | 1,281 | — | — | |||||||||||||||||||
Retail, including strip centers | 13 | 8,627 | — | — | |||||||||||||||||||
1-4 family residential | 266 | 38,913 | 35 | 3,170 | |||||||||||||||||||
Church | — | — | 1 | 166 | |||||||||||||||||||
Automobile/equipment/CD | 454 | 2,791 | 82 | 1,368 | |||||||||||||||||||
Unsecured | — | — | 1 | 1 | |||||||||||||||||||
Total | 752 | $ | 78,843 | 128 | $ | 6,145 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands | (dollars in thousands | COVID-19 Deferrals | Deferrals as a % of total loans | COVID-19 Deferrals | Deferrals as a % of total loans | (dollars in thousands | COVID-19 Deferrals | Deferrals as a % of total loans | COVID-19 Deferrals | Deferrals as a % of total loans | ||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,539 | 0.2 | % | $ | 12,471 | 0.8 | % | Commercial, financial and agricultural | $ | 755 | 0.1 | % | $ | 12,471 | 0.8 | % | ||||||||||||||||||||||||||||
Consumer installment | Consumer installment | 29 | — | % | 1,418 | 0.5 | % | Consumer installment | — | — | % | 1,418 | 0.5 | % | ||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 1,126 | 0.3 | % | 8,936 | 1.5 | % | Indirect automobile | 1,302 | 0.4 | % | 8,936 | 1.5 | % | ||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 873 | 0.1 | % | 11,049 | 0.7 | % | Real estate – construction and development | — | — | % | 11,049 | 0.7 | % | ||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 63,827 | 1.1 | % | 179,183 | 3.4 | % | Real estate – commercial and farmland | 26,128 | 0.4 | % | 179,183 | 3.4 | % | ||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 59,331 | 2.0 | % | 119,722 | 4.3 | % | Real estate – residential | 48,340 | 1.6 | % | 119,722 | 4.3 | % | ||||||||||||||||||||||||||||||||
$ | 127,725 | 0.9 | % | $ | 332,779 | 2.3 | % | $ | 76,525 | 0.5 | % | $ | 332,779 | 2.3 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Balance | % of Total Loans | Balance | % of Total Loans | (dollars in thousands) | Balance | % of Total Loans | Balance | % of Total Loans | ||||||||||||||||||||||||||||||||||||
Construction and development loans | Construction and development loans | $ | 1,527,883 | 10% | $ | 1,606,710 | 11% | Construction and development loans | $ | 1,454,824 | 10% | $ | 1,606,710 | 11% | ||||||||||||||||||||||||||||||||
Multi-family loans | Multi-family loans | 536,386 | 4% | 347,951 | 2% | Multi-family loans | 511,431 | 3% | 347,951 | 2% | ||||||||||||||||||||||||||||||||||||
Nonfarm non-residential loans (excluding owner-occupied) | Nonfarm non-residential loans (excluding owner-occupied) | 3,742,159 | 25% | 3,260,389 | 23% | Nonfarm non-residential loans (excluding owner-occupied) | 4,057,309 | 27% | 3,260,389 | 23% | ||||||||||||||||||||||||||||||||||||
Total CRE Loans (excluding owner-occupied) | Total CRE Loans (excluding owner-occupied) | 5,806,428 | 39% | 5,215,050 | 36% | Total CRE Loans (excluding owner-occupied) | 6,023,564 | 41% | 5,215,050 | 36% | ||||||||||||||||||||||||||||||||||||
All other loan types | All other loan types | 8,974,363 | 61% | 9,265,875 | 64% | All other loan types | 8,800,975 | 59% | 9,265,875 | 64% | ||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 14,780,791 | 100% | $ | 14,480,925 | 100% | Total Loans | $ | 14,824,539 | 100% | $ | 14,480,925 | 100% |
Internal Limit | Actual | Internal Limit | Actual | |||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Construction and development loans | Construction and development loans | 100% | 65% | 74% | Construction and development loans | 100% | 59% | 74% | ||||||||||||||||||||||||||
Total CRE loans (excluding owner-occupied) | Total CRE loans (excluding owner-occupied) | 300% | 245% | 241% | Total CRE loans (excluding owner-occupied) | 300% | 246% | 241% |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets) | Tier 1 Leverage Ratio (tier 1 capital to average assets) | Tier 1 Leverage Ratio (tier 1 capital to average assets) | ||||||||||||||||||||
Consolidated | Consolidated | 9.23% | 8.99% | Consolidated | 9.32% | 8.99% | ||||||||||||||||
Ameris Bank | Ameris Bank | 10.65% | 10.39% | Ameris Bank | 10.80% | 10.39% | ||||||||||||||||
CET1 Ratio (common equity tier 1 capital to risk weighted assets) | CET1 Ratio (common equity tier 1 capital to risk weighted assets) | CET1 Ratio (common equity tier 1 capital to risk weighted assets) | ||||||||||||||||||||
Consolidated | Consolidated | 11.61% | 11.14% | Consolidated | 11.74% | 11.14% | ||||||||||||||||
Ameris Bank | Ameris Bank | 13.38% | 12.87% | Ameris Bank | 13.59% | 12.87% | ||||||||||||||||
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) | Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) | Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) | ||||||||||||||||||||
Consolidated | Consolidated | 11.61% | 11.14% | Consolidated | 11.74% | 11.14% | ||||||||||||||||
Ameris Bank | Ameris Bank | 13.38% | 12.87% | Ameris Bank | 13.59% | 12.87% | ||||||||||||||||
Total Capital Ratio (total capital to risk weighted assets) | Total Capital Ratio (total capital to risk weighted assets) | Total Capital Ratio (total capital to risk weighted assets) | ||||||||||||||||||||
Consolidated | Consolidated | 15.31% | 15.27% | Consolidated | 15.31% | 15.27% | ||||||||||||||||
Ameris Bank | Ameris Bank | 14.46% | 14.19% | Ameris Bank | 14.60% | 14.19% |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale to total deposits | Investment securities available-for-sale to total deposits | 4.26% | 4.81% | 5.80% | 6.96% | 7.95% | Investment securities available-for-sale to total deposits | 3.63% | 4.26% | 4.81% | 5.80% | 6.96% | ||||||||||||||||||||||||||||||||||||||||||||||
Loans (net of unearned income) to total deposits | Loans (net of unearned income) to total deposits | 80.96% | 81.67% | 85.39% | 93.03% | 93.03% | Loans (net of unearned income) to total deposits | 78.71% | 80.96% | 81.67% | 85.39% | 93.03% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets to total assets | Interest-earning assets to total assets | 90.79% | 91.15% | 90.88% | 90.66% | 90.51% | Interest-earning assets to total assets | 91.20% | 90.79% | 91.15% | 90.88% | 90.66% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits to total deposits | Interest-bearing deposits to total deposits | 61.75% | 61.93% | 63.73% | 63.21% | 64.11% | Interest-bearing deposits to total deposits | 59.56% | 61.75% | 61.93% | 63.73% | 63.21% |
Period | Total Number of Shares Purchased(2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
July 1, 2021 through July 31, 2021 | 85,091 | $ | 47.20 | 84,277 | $ | 81,747,656 | ||||||||||||||||||||
August 1, 2021 through August 31, 2021 | 53,093 | $ | 48.17 | 53,093 | $ | 79,190,199 | ||||||||||||||||||||
September 1, 2021 through September 30, 2021 | 1,645 | $ | 47.83 | — | $ | 79,190,199 | ||||||||||||||||||||
Total | 139,829 | $ | 47.58 | 137,370 | $ | 79,190,199 |
Exhibit Number | Description | |||||||
3.1 | Articles of Incorporation of Ameris Bancorp, as amended (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987). | |||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 26, 1999). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 31, 2003). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 1, 2005). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 21, 2008). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 1, 2011). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
Bylaws of Ameris Bancorp, as amended and restated through June 11, 2020 (incorporated by reference to Exhibit 3.8 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer. | ||||||||
Section 1350 Certification by the Company’s Chief Executive Officer. | ||||||||
Section 1350 Certification by the Company’s Chief Financial Officer. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
Dated: | AMERIS BANCORP | ||||
/s/ Nicole S. Stokes | |||||
Nicole S. Stokes | |||||
Chief Financial Officer (duly authorized signatory and principal accounting and financial officer) |