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. | ||||||||
September 30, 2022 (unaudited) | December 31, 2021 | March 31, 2023 (unaudited) | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 269,193 | $ | 307,813 | Cash and due from banks | $ | 266,400 | $ | 284,567 | ||||||||||||
Federal funds sold and interest-bearing deposits in banks | Federal funds sold and interest-bearing deposits in banks | 1,061,975 | 3,756,844 | Federal funds sold and interest-bearing deposits in banks | 1,754,453 | 833,565 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 1,331,168 | 4,064,657 | Cash and cash equivalents | 2,020,853 | 1,118,132 | ||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $79 and $— | 1,255,149 | 592,621 | ||||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $107,814 and $78,206) | 130,214 | 79,850 | ||||||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $82 and $75 | Debt securities available-for-sale, at fair value, net of allowance for credit losses of $82 and $75 | 1,496,836 | 1,500,060 | |||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $116,093 and $114,538) | Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $116,093 and $114,538) | 134,175 | 134,864 | |||||||||||||||||||
Other investments | Other investments | 60,560 | 47,552 | Other investments | 146,715 | 110,992 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 297,987 | 1,254,632 | Loans held for sale, at fair value | 395,096 | 392,078 | ||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | 18,806,856 | 15,874,258 | Loans, net of unearned income | 19,997,871 | 19,855,253 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (184,891) | (167,582) | Allowance for credit losses | (242,658) | (205,677) | ||||||||||||||||
Loans, net | Loans, net | 18,621,965 | 15,706,676 | Loans, net | 19,755,213 | 19,649,576 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 843 | 3,810 | Other real estate owned, net | 1,502 | 843 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 222,694 | 225,400 | Premises and equipment, net | 218,878 | 220,283 | ||||||||||||||||
Goodwill | Goodwill | 1,023,071 | 1,012,620 | Goodwill | 1,015,646 | 1,015,646 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 110,903 | 125,938 | Other intangible assets, net | 101,488 | 106,194 | ||||||||||||||||
Cash value of bank owned life insurance | Cash value of bank owned life insurance | 386,533 | 331,146 | Cash value of bank owned life insurance | 389,201 | 388,405 | ||||||||||||||||
Other assets | Other assets | 372,570 | 413,419 | Other assets | 412,781 | 416,213 | ||||||||||||||||
Total assets | Total assets | $ | 23,813,657 | $ | 23,858,321 | Total assets | $ | 26,088,384 | $ | 25,053,286 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 8,343,200 | $ | 7,774,823 | Noninterest-bearing | $ | 7,297,893 | $ | 7,929,579 | ||||||||||||
Interest-bearing | Interest-bearing | 11,123,719 | 11,890,730 | Interest-bearing | 12,599,562 | 11,533,159 | ||||||||||||||||
Total deposits | Total deposits | 19,466,919 | 19,665,553 | Total deposits | 19,897,455 | 19,462,738 | ||||||||||||||||
Securities sold under agreements to repurchase | — | 5,845 | ||||||||||||||||||||
Other borrowings | Other borrowings | 725,664 | 739,879 | Other borrowings | 2,401,327 | 1,875,736 | ||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 127,823 | 126,328 | Subordinated deferrable interest debentures | 128,820 | 128,322 | ||||||||||||||||
Other liabilities | Other liabilities | 374,181 | 354,265 | Other liabilities | 407,587 | 389,090 | ||||||||||||||||
Total liabilities | Total liabilities | 20,694,587 | 20,891,870 | Total liabilities | 22,835,189 | 21,855,886 | ||||||||||||||||
Commitments and Contingencies (Note 8) | Commitments and Contingencies (Note 8) | Commitments and Contingencies (Note 8) | ||||||||||||||||||||
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 | — | — | 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; 72,247,386 and 72,017,126 shares issued | 72,247 | 72,017 | ||||||||||||||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,484,210 and 72,263,727 shares issued | Common stock, par value $1; 200,000,000 shares authorized; 72,484,210 and 72,263,727 shares issued | 72,484 | 72,264 | |||||||||||||||||||
Capital surplus | Capital surplus | 1,932,906 | 1,924,813 | Capital surplus | 1,937,664 | 1,935,211 | ||||||||||||||||
Retained earnings | Retained earnings | 1,239,477 | 1,006,436 | Retained earnings | 1,362,512 | 1,311,258 | ||||||||||||||||
Accumulated other comprehensive income, net of tax | Accumulated other comprehensive income, net of tax | (50,734) | 15,590 | Accumulated other comprehensive income, net of tax | (35,581) | (46,507) | ||||||||||||||||
Treasury stock, at cost, 2,894,677 and 2,407,898 shares | (74,826) | (52,405) | ||||||||||||||||||||
Treasury stock, at cost, 3,110,347 and 2,894,677 shares | Treasury stock, at cost, 3,110,347 and 2,894,677 shares | (83,884) | (74,826) | |||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 3,119,070 | 2,966,451 | Total shareholders’ equity | 3,253,195 | 3,197,400 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 23,813,657 | $ | 23,858,321 | Total liabilities and shareholders’ equity | $ | 26,088,384 | $ | 25,053,286 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 216,400 | $ | 166,358 | $ | 584,706 | $ | 505,276 | Interest and fees on loans | $ | 271,964 | $ | 177,566 | ||||||||||||||||||||||||||||||||
Interest on taxable securities | Interest on taxable securities | 10,324 | 5,296 | 21,627 | 16,658 | Interest on taxable securities | 14,300 | 4,239 | ||||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities | Interest on nontaxable securities | 363 | 139 | 818 | 419 | Interest on nontaxable securities | 339 | 186 | ||||||||||||||||||||||||||||||||||||||
Interest on deposits in other banks and federal funds sold | Interest on deposits in other banks and federal funds sold | 7,215 | 1,253 | 13,093 | 2,394 | Interest on deposits in other banks and federal funds sold | 9,113 | 1,383 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 234,302 | 173,046 | 620,244 | 524,747 | Total interest income | 295,716 | 183,374 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 14,034 | 5,106 | 23,034 | 17,679 | Interest on deposits | 53,182 | 4,092 | ||||||||||||||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 7,287 | 6,279 | 20,321 | 18,578 | Interest on other borrowings | 30,882 | 6,738 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 21,321 | 11,385 | 43,355 | 36,257 | Total interest expense | 84,064 | 10,830 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 212,981 | 161,661 | 576,889 | 488,490 | Net interest income | 211,652 | 172,544 | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 17,469 | (3,984) | 27,962 | (21,462) | Provision for loan losses | 49,376 | (2,734) | ||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 192 | (5,516) | 10,980 | (16,056) | Provision for unfunded commitments | 346 | 9,009 | ||||||||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | (9) | (175) | (135) | (606) | Provision for other credit losses | 7 | (44) | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 17,652 | (9,675) | 38,807 | (38,124) | Provision for credit losses | 49,729 | 6,231 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 195,329 | 171,336 | 538,082 | 526,614 | Net interest income after provision for credit losses | 161,923 | 166,313 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 11,168 | 11,486 | 33,374 | 33,322 | Service charges on deposit accounts | 10,936 | 11,058 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 40,350 | 56,460 | 162,049 | 225,177 | Mortgage banking activity | 31,392 | 62,938 | ||||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees | Other service charges, commissions and fees | 970 | 1,154 | 2,907 | 3,226 | Other service charges, commissions and fees | 971 | 939 | ||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | (21) | 530 | 200 | 519 | Net gain (loss) on securities | 6 | (27) | ||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 12,857 | 6,932 | 37,546 | 21,531 | Other noninterest income | 12,745 | 12,003 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 65,324 | 76,562 | 236,076 | 283,775 | Total noninterest income | 56,050 | 86,911 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 78,697 | 79,671 | 244,523 | 261,161 | Salaries and employee benefits | 80,910 | 84,281 | ||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 12,983 | 11,979 | 38,456 | 34,572 | Occupancy and equipment | 12,986 | 12,727 | ||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 12,015 | 10,681 | 36,742 | 34,442 | Data processing and communications expenses | 13,034 | 12,572 | ||||||||||||||||||||||||||||||||||||||
Credit resolution-related expenses | Credit resolution-related expenses | 126 | 377 | (343) | 1,546 | Credit resolution-related expenses | 435 | (965) | ||||||||||||||||||||||||||||||||||||||
Advertising and marketing | Advertising and marketing | 3,553 | 2,676 | 8,663 | 6,053 | Advertising and marketing | 3,532 | 1,988 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,710 | 3,387 | 15,035 | 11,578 | Amortization of intangible assets | 4,706 | 5,181 | ||||||||||||||||||||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | — | 183 | 977 | 183 | Merger and conversion charges | — | 977 | ||||||||||||||||||||||||||||||||||||||
Loan servicing expense | Loan servicing expense | 9,613 | 7,400 | 28,452 | 18,214 | Loan servicing expense | 8,331 | 8,919 | ||||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 17,881 | 20,842 | 53,089 | 54,006 | Other noninterest expenses | 15,487 | 18,140 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 139,578 | 137,196 | 425,594 | 421,755 | Total noninterest expense | 139,421 | 143,820 | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 121,075 | 110,702 | 348,564 | 388,634 | Income before income tax expense | 78,552 | 109,404 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 28,520 | 29,022 | 84,245 | 93,665 | Income tax expense | 18,131 | 27,706 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 92,555 | 81,680 | 264,319 | 294,969 | Net income | 60,421 | 81,698 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(10,128), $(834), $(17,631) and $(3,089) | (38,099) | (3,139) | (66,324) | (11,620) | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $3,719 and $(4,633) | Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $3,719 and $(4,633) | 10,926 | (17,431) | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | (38,099) | (3,139) | (66,324) | (11,620) | Total other comprehensive loss | 10,926 | (17,431) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 54,456 | $ | 78,541 | $ | 197,995 | $ | 283,349 | Comprehensive income | $ | 71,347 | $ | 64,267 | ||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.34 | $ | 1.18 | $ | 3.82 | $ | 4.25 | Basic earnings per common share | $ | 0.87 | $ | 1.18 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.34 | $ | 1.17 | $ | 3.81 | $ | 4.23 | Diluted earnings per common share | $ | 0.87 | $ | 1.17 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 69,125 | 69,440 | 69,213 | 69,445 | Basic | 69,172 | 69,346 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 69,327 | 69,756 | 69,428 | 69,772 | Diluted | 69,323 | 69,661 |
Three Months Ended September 30, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 72,251,856 | $ | 72,251 | $ | 1,931,088 | $ | 1,157,359 | $ | (12,635) | 2,891,395 | $ | (74,687) | $ | 3,073,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | 72,263,727 | $ | 72,264 | $ | 1,935,211 | $ | 1,311,258 | $ | (46,507) | 2,894,677 | $ | (74,826) | $ | 3,197,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | Issuance of restricted shares | 101,510 | 101 | (101) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (4,470) | (4) | (38) | — | — | — | — | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares pursuant to PSU agreements | Issuance of common shares pursuant to PSU agreements | 102,973 | 103 | (103) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 16,000 | 16 | 460 | — | — | — | — | 476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 1,856 | — | — | — | — | 1,856 | Share-based compensation | — | — | 2,197 | — | — | — | — | 2,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 3,282 | (139) | (139) | Purchase of treasury shares | — | — | — | — | — | 215,670 | (9,058) | (9,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 92,555 | — | — | — | 92,555 | Net income | — | — | — | 60,421 | — | — | — | 60,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | Dividends on common shares ($0.15 per share) | — | — | — | (10,437) | — | — | — | (10,437) | Dividends on common shares ($0.15 per share) | — | — | — | (10,444) | — | — | — | (10,444) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (38,099) | — | — | (38,099) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 72,247,386 | $ | 72,247 | $ | 1,932,906 | $ | 1,239,477 | $ | (50,734) | 2,894,677 | $ | (74,826) | $ | 3,119,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle for ASU 2022-02 | Cumulative effect of change in accounting principle for ASU 2022-02 | — | — | — | 1,277 | — | — | — | 1,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income during the period | Other comprehensive income during the period | — | — | — | — | 10,926 | — | — | 10,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | 72,484,210 | $ | 72,484 | $ | 1,937,664 | $ | 1,362,512 | $ | (35,581) | 3,110,347 | $ | (83,884) | $ | 3,253,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 72,017,126 | $ | 72,017 | $ | 1,924,813 | $ | 1,006,436 | $ | 15,590 | 2,407,898 | $ | (52,405) | $ | 2,966,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | 164,346 | 164 | 1,177 | — | — | — | — | 1,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (13,889) | (14) | (119) | — | — | — | — | (133) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 79,803 | 80 | 2,244 | — | — | — | — | 2,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 4,791 | — | — | — | — | 4,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 486,779 | (22,421) | (22,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 264,319 | — | — | — | 264,319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.45 per share) | — | — | — | (31,278) | — | — | — | (31,278) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (66,324) | — | — | (66,324) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 72,247,386 | $ | 72,247 | $ | 1,932,906 | $ | 1,239,477 | $ | (50,734) | 2,894,677 | $ | (74,826) | $ | 3,119,070 |
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | 72,017,126 | $ | 72,017 | $ | 1,924,813 | $ | 1,006,436 | $ | 15,590 | 2,407,898 | $ | (52,405) | $ | 2,966,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | Issuance of restricted shares | 145,393 | 145 | 1,196 | — | — | — | — | 1,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 10,000 | 10 | 278 | — | — | — | — | 288 | Proceeds from exercise of stock options | 49,803 | 50 | 1,395 | — | — | — | — | 1,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 2,151 | — | — | — | — | 2,151 | Share-based compensation | — | — | 1,298 | — | — | — | — | 1,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 139,829 | (6,652) | (6,652) | Purchase of treasury shares | — | — | — | — | — | 365,340 | (17,234) | (17,234) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 81,680 | — | — | — | 81,680 | Net income | — | — | — | 81,698 | — | — | — | 81,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | Dividends on common shares ($0.15 per share) | — | — | — | (10,529) | — | — | — | (10,529) | Dividends on common shares ($0.15 per share) | — | — | — | (10,409) | — | — | — | (10,409) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | Other comprehensive loss during the period | — | — | — | — | (3,139) | — | — | (3,139) | Other comprehensive loss during the period | — | — | — | — | (17,431) | — | — | (17,431) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | Balance, March 31, 2022 | 72,212,322 | $ | 72,212 | $ | 1,928,702 | $ | 1,077,725 | $ | (1,841) | 2,773,238 | $ | (69,639) | $ | 3,007,159 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||
Operating Activities | Operating Activities | Operating Activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 264,319 | $ | 294,969 | Net income | $ | 60,421 | $ | 81,698 | ||||||||||||||||||
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 | 13,808 | 12,864 | Depreciation | 4,648 | 4,553 | ||||||||||||||||||||||
Net losses on sale or disposal of premises and equipment | Net losses on sale or disposal of premises and equipment | 92 | 3,200 | Net losses on sale or disposal of premises and equipment | 15 | 37 | ||||||||||||||||||||||
Net write-downs on other assets | — | 260 | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 38,807 | (38,124) | Provision for credit losses | 49,729 | 6,231 | ||||||||||||||||||||||
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 | (1,773) | (581) | Net write-downs and (gains) losses on sale of other real estate owned | (49) | (1,459) | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 4,859 | 5,884 | Share-based compensation expense | 2,197 | 1,499 | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 15,035 | 11,578 | Amortization of intangible assets | 4,706 | 5,181 | ||||||||||||||||||||||
Amortization of operating lease right of use assets | Amortization of operating lease right of use assets | 8,783 | 12,389 | Amortization of operating lease right of use assets | 2,872 | 2,904 | ||||||||||||||||||||||
Provision for deferred taxes | Provision for deferred taxes | (21,699) | 32,074 | Provision for deferred taxes | (2,807) | 6,435 | ||||||||||||||||||||||
Net amortization of investment securities available-for-sale | 407 | 2,534 | ||||||||||||||||||||||||||
Net amortization of investment securities held-to-maturity | 71 | 14 | ||||||||||||||||||||||||||
Net (accretion) amortization of investment securities available-for-sale | Net (accretion) amortization of investment securities available-for-sale | (1,417) | 392 | |||||||||||||||||||||||||
Net (accretion) amortization of investment securities held-to-maturity | Net (accretion) amortization of investment securities held-to-maturity | (39) | 26 | |||||||||||||||||||||||||
Net amortization of other investments | Net amortization of other investments | 556 | — | Net amortization of other investments | 388 | 252 | ||||||||||||||||||||||
Net gain on securities | (200) | (519) | ||||||||||||||||||||||||||
Net (gain) loss on securities | Net (gain) loss on securities | (6) | 27 | |||||||||||||||||||||||||
Accretion of discount on purchased loans, net | Accretion of discount on purchased loans, net | (30) | (13,537) | Accretion of discount on purchased loans, net | (420) | (1,006) | ||||||||||||||||||||||
Net amortization on other borrowings | Net amortization on other borrowings | 324 | 330 | Net amortization on other borrowings | 627 | 108 | ||||||||||||||||||||||
Amortization of subordinated deferrable interest debentures | Amortization of subordinated deferrable interest debentures | 1,495 | 1,485 | Amortization of subordinated deferrable interest debentures | 498 | 499 | ||||||||||||||||||||||
Loan servicing asset recovery | Loan servicing asset recovery | (21,824) | (9,990) | Loan servicing asset recovery | — | (9,654) | ||||||||||||||||||||||
Originations of mortgage loans held for sale | Originations of mortgage loans held for sale | (3,265,190) | (6,231,286) | Originations of mortgage loans held for sale | (754,727) | (1,220,771) | ||||||||||||||||||||||
Payments received on mortgage loans held for sale | Payments received on mortgage loans held for sale | 21,657 | 38,178 | Payments received on mortgage loans held for sale | 3,661 | 10,505 | ||||||||||||||||||||||
Proceeds from sales of mortgage loans held for sale | Proceeds from sales of mortgage loans held for sale | 3,919,672 | 5,752,055 | Proceeds from sales of mortgage loans held for sale | 748,633 | 1,464,735 | ||||||||||||||||||||||
Net (gains) losses on sale of mortgage loans held for sale | Net (gains) losses on sale of mortgage loans held for sale | 83,975 | (126,533) | Net (gains) losses on sale of mortgage loans held for sale | (2,919) | 22,792 | ||||||||||||||||||||||
Originations of SBA loans | Originations of SBA loans | (44,664) | (51,155) | Originations of SBA loans | (8,873) | (14,042) | ||||||||||||||||||||||
Proceeds from sales of SBA loans | Proceeds from sales of SBA loans | 53,961 | 54,861 | Proceeds from sales of SBA loans | 5,648 | 20,461 | ||||||||||||||||||||||
Net gains on sale of SBA loans | Net gains on sale of SBA loans | (5,191) | (5,059) | Net gains on sale of SBA loans | (175) | (2,325) | ||||||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | Increase in cash surrender value of bank owned life insurance | (5,433) | (3,628) | Increase in cash surrender value of bank owned life insurance | (2,200) | (1,768) | ||||||||||||||||||||||
Gain on bank owned life insurance proceeds | Gain on bank owned life insurance proceeds | (55) | (603) | Gain on bank owned life insurance proceeds | (486) | — | ||||||||||||||||||||||
Net gains on other loans held for sale | — | (457) | ||||||||||||||||||||||||||
Loss on sale of mortgage servicing rights | 316 | — | ||||||||||||||||||||||||||
Change attributable to other operating activities | Change attributable to other operating activities | 711 | 1,244 | Change attributable to other operating activities | 21,776 | (16,887) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 1,062,789 | (257,553) | ||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 131,701 | 360,423 | |||||||||||||||||||||||||
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 | — | 249 | ||||||||||||||||||||||||||
Purchases of securities available-for-sale | Purchases of securities available-for-sale | (894,260) | — | Purchases of securities available-for-sale | — | (15,667) | ||||||||||||||||||||||
Purchases of investment securities held-to-maturity | Purchases of investment securities held-to-maturity | (52,111) | (64,517) | Purchases of investment securities held-to-maturity | — | (12,036) | ||||||||||||||||||||||
Proceeds from maturities and paydowns of securities available-for-sale | Proceeds from maturities and paydowns of securities available-for-sale | 147,291 | 281,244 | Proceeds from maturities and paydowns of securities available-for-sale | 19,280 | 42,844 | ||||||||||||||||||||||
Proceeds from maturities and paydowns of securities held-to-maturity | Proceeds from maturities and paydowns of securities held-to-maturity | 1,676 | 52 | Proceeds from maturities and paydowns of securities held-to-maturity | 728 | 406 | ||||||||||||||||||||||
Net (increase) decrease in other investments | (13,364) | 1,102 | ||||||||||||||||||||||||||
Net increase in other investments | Net increase in other investments | (36,105) | (2,122) | |||||||||||||||||||||||||
Net increase in loans | Net increase in loans | (2,764,936) | (215,289) | Net increase in loans | (153,072) | (205,189) | ||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (11,307) | (21,990) | Purchases of premises and equipment | (3,258) | (3,550) | ||||||||||||||||||||||
Proceeds from sale of premises and equipment | 46 | 993 | ||||||||||||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 5,086 | 10,141 | Proceeds from sales of other real estate owned | 1,042 | 3,524 | ||||||||||||||||||||||
Proceeds from sale of mortgage servicing rights | 119,845 | — | ||||||||||||||||||||||||||
Purchases of bank owned life insurance | (50,000) | (100,000) | ||||||||||||||||||||||||||
Proceeds from bank owned life insurance | 101 | 1,309 | ||||||||||||||||||||||||||
Payments received on other loans held for sale | — | 9,136 | ||||||||||||||||||||||||||
Proceeds from sales of other loans held for sale | — | 156,803 | ||||||||||||||||||||||||||
Net cash and cash equivalents paid in acquisitions | (14,003) | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (3,525,936) | 59,233 | ||||||||||||||||||||||||||
(Continued) | ||||||||||||||||||||||||||||
Proceeds from bank owned life insurance | Proceeds from bank owned life insurance | 1,890 | — | |||||||||||||||||||||||||
Net cash and cash equivalents paid in acquisitions | Net cash and cash equivalents paid in acquisitions | — | (13,237) | |||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (169,495) | (205,027) | |||||||||||||||||||||||||
(Continued) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||
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 (decrease) in deposits | Net increase (decrease) in deposits | $ | (198,634) | $ | 1,875,666 | Net increase (decrease) in deposits | $ | 434,717 | $ | (77,112) | ||||||||||||||||||
Net decrease in securities sold under agreements to repurchase | Net decrease in securities sold under agreements to repurchase | (5,845) | (7,139) | Net decrease in securities sold under agreements to repurchase | — | (3,780) | ||||||||||||||||||||||
Proceeds from other borrowings | Proceeds from other borrowings | 350,000 | — | Proceeds from other borrowings | 6,655,000 | — | ||||||||||||||||||||||
Repayment of other borrowings | Repayment of other borrowings | (364,539) | (110) | Repayment of other borrowings | (6,130,036) | (314,467) | ||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 2,324 | 4,499 | Proceeds from exercise of stock options | 476 | 1,445 | ||||||||||||||||||||||
Dividends paid - common stock | Dividends paid - common stock | (31,227) | (31,354) | Dividends paid - common stock | (10,584) | (10,445) | ||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | (22,421) | (8,108) | Purchase of treasury shares | (9,058) | (17,234) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (270,342) | 1,833,454 | Net cash provided by (used in) financing activities | 940,515 | (421,593) | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | (2,733,489) | 1,635,134 | Net increase (decrease) in cash, cash equivalents and restricted cash | 902,721 | (266,197) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 4,064,657 | 2,117,306 | Cash, cash equivalents and restricted cash at beginning of period | 1,118,132 | 4,064,657 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 1,331,168 | $ | 3,752,440 | Cash, cash equivalents and restricted cash at end of period | $ | 2,020,853 | $ | 3,798,460 | ||||||||||||||||||
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 (received) during the period for: | Cash paid (received) during the period for: | |||||||||||||||||||||||||||
Interest | Interest | $ | 42,040 | $ | 35,389 | Interest | $ | 76,589 | $ | 9,022 | ||||||||||||||||||
Income taxes | Income taxes | 82,551 | 55,651 | Income taxes | (1) | 204 | ||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | 346 | 2,274 | Loans transferred to other real estate owned | 1,652 | 165 | ||||||||||||||||||||||
Loans transferred from loans held for sale to loans held for investment | Loans transferred from loans held for sale to loans held for investment | 192,425 | 134,941 | Loans transferred from loans held for sale to loans held for investment | 5,734 | 71,727 | ||||||||||||||||||||||
Loans provided for the sales of other real estate owned | 2,288 | 1,052 | ||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | Right-of-use assets obtained in exchange for new operating lease liabilities | 1,537 | 10,270 | Right-of-use assets obtained in exchange for new operating lease liabilities | 1,942 | 1,537 | ||||||||||||||||||||||
Assets acquired in business acquisitions | Assets acquired in business acquisitions | 10,641 | — | Assets acquired in business acquisitions | — | 10,023 | ||||||||||||||||||||||
Liabilities assumed in business acquisitions | Liabilities assumed in business acquisitions | (3,362) | — | Liabilities assumed in business acquisitions | — | (3,214) | ||||||||||||||||||||||
Change in unrealized loss on securities available-for-sale, net of tax | Change in unrealized loss on securities available-for-sale, net of tax | (66,324) | (11,620) | Change in unrealized loss on securities available-for-sale, net of tax | 10,926 | (17,431) | ||||||||||||||||||||||
Security purchases settled in a subsequent period | Security purchases settled in a subsequent period | — | (36,216) | |||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 520,085 | $ | — | $ | — | $ | (16,275) | $ | 503,810 | U.S. Treasuries | $ | 776,583 | $ | — | $ | 911 | $ | (11,365) | $ | 766,129 | ||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,039 | — | — | (62) | 977 | U.S. government-sponsored agencies | 1,032 | — | — | (45) | 987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 40,842 | — | 10 | (1,584) | 39,268 | State, county and municipal securities | 33,965 | — | 21 | (773) | 33,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 15,897 | (79) | — | (522) | 15,296 | Corporate debt securities | 16,397 | (82) | — | (705) | 15,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 31,063 | — | 4 | (2,216) | 28,851 | SBA pool securities | 26,942 | — | 3 | (1,603) | 25,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 710,523 | — | 12 | (43,588) | 666,947 | Mortgage-backed securities | 686,223 | — | 317 | (30,985) | 655,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,319,449 | $ | (79) | $ | 26 | $ | (64,247) | $ | 1,255,149 | Total debt securities available-for-sale | $ | 1,541,142 | $ | (82) | $ | 1,252 | $ | (45,476) | $ | 1,496,836 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 775,784 | $ | — | $ | 131 | $ | (16,381) | $ | 759,534 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | $ | 7,084 | $ | — | $ | 88 | $ | — | $ | 7,172 | U.S. government-sponsored agencies | 1,036 | — | — | (57) | 979 | |||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 45,470 | — | 2,342 | — | 47,812 | State, county and municipal securities | 35,358 | — | 17 | (1,180) | 34,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 27,897 | — | 719 | (120) | 28,496 | Corporate debt securities | 16,397 | (75) | — | (396) | 15,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 44,312 | — | 958 | (69) | 45,201 | SBA pool securities | 29,422 | — | 3 | (2,027) | 27,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 448,124 | — | 15,822 | (6) | 463,940 | Mortgage-backed securities | 701,008 | — | 113 | (39,093) | 662,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 572,887 | $ | — | $ | 19,929 | $ | (195) | $ | 592,621 | Total debt securities available-for-sale | $ | 1,559,005 | $ | (75) | $ | 264 | $ | (59,134) | $ | 1,500,060 |
(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 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 31,905 | $ | — | $ | (6,832) | $ | 25,073 | State, county and municipal securities | $ | 31,905 | $ | — | $ | (4,575) | $ | 27,330 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 98,309 | — | (15,568) | 82,741 | Mortgage-backed securities | 102,270 | — | (13,507) | 88,763 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 130,214 | $ | — | $ | (22,400) | $ | 107,814 | Total debt securities held-to-maturity | $ | 134,175 | $ | — | $ | (18,082) | $ | 116,093 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 8,905 | $ | 4 | $ | (198) | $ | 8,711 | State, county and municipal securities | $ | 31,905 | $ | — | $ | (5,380) | $ | 26,525 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 70,945 | — | (1,450) | 69,495 | Mortgage-backed securities | 102,959 | — | (14,946) | 88,013 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 79,850 | $ | 4 | $ | (1,648) | $ | 78,206 | Total debt securities held-to-maturity | $ | 134,864 | $ | — | $ | (20,326) | $ | 114,538 |
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 | $ | 5,874 | $ | 5,861 | $ | — | $ | — | Due in one year or less | $ | 76,191 | $ | 75,649 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due from one year to five years | Due from one year to five years | 548,134 | 530,891 | — | — | Due from one year to five years | 732,862 | 722,272 | — | — | ||||||||||||||||||||||||||||||||||||
Due from five to ten years | Due from five to ten years | 25,568 | 24,709 | — | — | Due from five to ten years | 23,108 | 22,363 | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 29,350 | 26,741 | 31,905 | 25,073 | Due after ten years | 22,758 | 20,997 | 31,905 | 27,330 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 710,523 | 666,947 | 98,309 | 82,741 | Mortgage-backed securities | 686,223 | 655,555 | 102,270 | 88,763 | ||||||||||||||||||||||||||||||||||||
$ | 1,319,449 | $ | 1,255,149 | $ | 130,214 | $ | 107,814 | $ | 1,541,142 | $ | 1,496,836 | $ | 134,175 | $ | 116,093 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 503,810 | $ | (16,275) | $ | — | $ | — | $ | 503,810 | $ | (16,275) | U.S. Treasuries | $ | 509,696 | $ | (9,501) | $ | 73,070 | $ | (1,864) | $ | 582,766 | $ | (11,365) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 977 | (62) | — | — | 977 | (62) | U.S. government-sponsored agencies | — | — | 987 | (45) | 987 | (45) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 30,049 | (1,584) | — | — | 30,049 | (1,584) | State, county and municipal securities | 11,374 | (174) | 12,223 | (599) | 23,597 | (773) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 12,596 | (301) | 1,200 | (221) | 13,796 | (522) | Corporate debt securities | 888 | (10) | 13,223 | (695) | 14,111 | (705) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 26,326 | (2,170) | 2,191 | (46) | 28,517 | (2,216) | SBA pool securities | 472 | (20) | 24,660 | (1,583) | 25,132 | (1,603) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 664,877 | (43,588) | 1 | — | 664,878 | (43,588) | Mortgage-backed securities | 369,445 | (14,305) | 261,152 | (16,680) | 630,597 | (30,985) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,238,635 | $ | (63,980) | $ | 3,392 | $ | (267) | $ | 1,242,027 | $ | (64,247) | Total debt securities available-for-sale | $ | 891,875 | $ | (24,010) | $ | 385,315 | $ | (21,466) | $ | 1,277,190 | $ | (45,476) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 725,250 | $ | (16,381) | $ | — | $ | — | $ | 725,250 | $ | (16,381) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | 979 | (57) | — | — | 979 | (57) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 27,438 | (1,180) | — | — | 27,438 | (1,180) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | — | $ | — | $ | 1,380 | $ | (120) | $ | 1,380 | $ | (120) | Corporate debt securities | 13,271 | (126) | 1,155 | (270) | 14,426 | (396) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 1,312 | (6) | 2,572 | (63) | 3,884 | (69) | SBA pool securities | 17,806 | (1,298) | 9,329 | (729) | 27,135 | (2,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 5,514 | (6) | 1 | — | 5,515 | (6) | Mortgage-backed securities | 620,544 | (37,774) | 16,847 | (1,319) | 637,391 | (39,093) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 6,826 | $ | (12) | $ | 3,953 | $ | (183) | $ | 10,779 | $ | (195) | Total debt securities available-for-sale | $ | 1,405,288 | $ | (56,816) | $ | 27,331 | $ | (2,318) | $ | 1,432,619 | $ | (59,134) |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 24,323 | $ | (6,382) | $ | 750 | $ | (450) | $ | 25,073 | $ | (6,832) | State, county and municipal securities | $ | 7,746 | $ | (254) | $ | 19,584 | $ | (4,321) | $ | 27,330 | $ | (4,575) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 36,036 | (3,065) | 46,705 | (12,503) | 82,741 | (15,568) | Mortgage-backed securities | 32,750 | (1,650) | 56,013 | (11,857) | 88,763 | (13,507) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 60,359 | $ | (9,447) | $ | 47,455 | $ | (12,953) | $ | 107,814 | $ | (22,400) | Total debt securities held-to-maturity | $ | 40,496 | $ | (1,904) | $ | 75,597 | $ | (16,178) | $ | 116,093 | $ | (18,082) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 3,707 | $ | (198) | $ | — | $ | — | $ | 3,707 | $ | (198) | State, county and municipal securities | $ | 16,512 | $ | (1,488) | $ | 10,013 | $ | (3,892) | $ | 26,525 | $ | (5,380) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 69,495 | (1,450) | — | — | 69,495 | (1,450) | Mortgage-backed securities | 32,471 | (1,925) | 55,542 | (13,021) | 88,013 | (14,946) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 73,202 | $ | (1,648) | $ | — | $ | — | $ | 73,202 | $ | (1,648) | Total debt securities held-to-maturity | $ | 48,983 | $ | (3,413) | $ | 65,555 | $ | (16,913) | $ | 114,538 | $ | (20,326) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | (dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 2022 | 2021 | 2022 | 2021 | Allowance for credit losses | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 88 | $ | 81 | $ | — | $ | 112 | Beginning balance | $ | 75 | $ | — | ||||||||||||||||||||||||||||||||
Provision for expected credit losses | (9) | (81) | 79 | (112) | ||||||||||||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | 7 | — | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 79 | $ | — | $ | 79 | $ | — | Ending balance | $ | 82 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on equity securities | Unrealized holding gains (losses) on equity securities | $ | (21) | $ | (2) | $ | (70) | $ | (13) | Unrealized holding gains (losses) on equity securities | $ | 6 | $ | (27) | ||||||||||||||||||||||||||||||||
Net realized gains on sales of other investments | — | 532 | 270 | 532 | ||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | $ | (21) | $ | 530 | $ | 200 | $ | 519 | Net gain (loss) on securities | $ | 6 | $ | (27) |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,245,287 | $ | 1,875,993 | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | ||||||||||||
Consumer installment | 162,345 | 191,298 | ||||||||||||||||||||
Consumer | Consumer | 349,775 | 384,037 | |||||||||||||||||||
Indirect automobile | Indirect automobile | 137,183 | 265,779 | Indirect automobile | 83,466 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 980,342 | 787,837 | Mortgage warehouse | 958,418 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 516,797 | 572,701 | Municipal | 505,515 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 1,062,724 | 798,409 | Premium finance | 947,257 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,009,726 | 1,452,339 | Real estate – construction and development | 2,144,605 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,516,309 | 6,834,917 | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,176,143 | 3,094,985 | Real estate – residential | 4,564,923 | 4,420,306 | ||||||||||||||||
$ | 18,806,856 | $ | 15,874,258 | $ | 19,997,871 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 10,344 | $ | 14,214 | Commercial, financial and agricultural | $ | 11,583 | $ | 11,094 | ||||||||||||
Consumer installment | 412 | 476 | ||||||||||||||||||||
Consumer | Consumer | 400 | 420 | |||||||||||||||||||
Indirect automobile | Indirect automobile | 393 | 947 | Indirect automobile | 285 | 346 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 168 | 492 | Real estate – construction and development | 548 | 523 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 14,172 | 15,365 | Real estate – commercial and farmland | 14,416 | 13,203 | ||||||||||||||||
Real estate – residential | Real estate – residential | 93,187 | 53,772 | Real estate – residential | 115,795 | 109,222 | ||||||||||||||||
$ | 118,676 | $ | 85,266 | $ | 143,027 | $ | 134,808 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | — | $ | 164 | Commercial, financial and agricultural | $ | 1,452 | $ | 33 | ||||||||||||
Real estate – construction and development | — | 209 | ||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 2,715 | 2,061 | Real estate – commercial and farmland | 2,510 | 1,464 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,142 | 7,942 | Real estate – residential | 67,535 | 58,734 | ||||||||||||||||
$ | 6,857 | $ | 10,376 | $ | 71,497 | $ | 60,231 |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 7,515 | $ | 2,494 | $ | 10,382 | $ | 20,391 | $ | 2,224,896 | $ | 2,245,287 | $ | 2,075 | Commercial, financial and agricultural | $ | 12,302 | $ | 5,307 | $ | 13,381 | $ | 30,990 | $ | 2,691,190 | $ | 2,722,180 | $ | 3,969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 1,379 | 763 | 706 | 2,848 | 159,497 | 162,345 | 519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 5,314 | 2,835 | 632 | 8,781 | 340,994 | 349,775 | 409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 422 | 169 | 230 | 821 | 136,362 | 137,183 | Indirect automobile | 190 | 122 | 157 | 469 | 82,997 | 83,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | — | — | — | — | 980,342 | 980,342 | — | Mortgage warehouse | — | — | — | — | 958,418 | 958,418 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | — | — | — | — | 516,797 | 516,797 | — | Municipal | — | — | — | — | 505,515 | 505,515 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 12,432 | 7,499 | 9,340 | 29,271 | 1,033,453 | 1,062,724 | 9,340 | Premium finance | 9,922 | 6,102 | 11,414 | 27,438 | 919,819 | 947,257 | 11,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 20,430 | 2,003 | 492 | 22,925 | 1,986,801 | 2,009,726 | 444 | Real estate – construction and development | 1,727 | — | 463 | 2,190 | 2,142,415 | 2,144,605 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 2,465 | 372 | 11,441 | 14,278 | 7,502,031 | 7,516,309 | — | Real estate – commercial and farmland | 6,723 | 5,801 | 10,887 | 23,411 | 7,698,321 | 7,721,732 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 26,599 | 8,256 | 90,488 | 125,343 | 4,050,800 | 4,176,143 | — | Real estate – residential | 33,775 | 9,199 | 111,706 | 154,680 | 4,410,243 | 4,564,923 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 71,242 | $ | 21,556 | $ | 123,079 | $ | 215,877 | $ | 18,590,979 | $ | 18,806,856 | $ | 12,378 | Total | $ | 69,953 | $ | 29,366 | $ | 148,640 | $ | 247,959 | $ | 19,749,912 | $ | 19,997,871 | $ | 15,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 3,431 | $ | 2,005 | $ | 12,017 | $ | 17,453 | $ | 1,858,540 | $ | 1,875,993 | $ | 1,165 | Commercial, financial and agricultural | $ | 16,219 | $ | 5,451 | $ | 11,632 | $ | 33,302 | $ | 2,646,101 | $ | 2,679,403 | $ | 3,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 1,786 | 871 | 891 | 3,548 | 187,750 | 191,298 | 584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,539 | 3,163 | 741 | 6,443 | 377,594 | 384,037 | 472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 772 | 185 | 473 | 1,430 | 264,349 | 265,779 | — | Indirect automobile | 466 | 77 | 267 | 810 | 107,838 | 108,648 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | — | — | — | — | 787,837 | 787,837 | — | Mortgage warehouse | — | — | — | — | 1,038,924 | 1,038,924 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | — | — | — | — | 572,701 | 572,701 | — | Municipal | — | — | — | — | 509,151 | 509,151 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 6,992 | 4,340 | 9,134 | 20,466 | 777,943 | 798,409 | 9,134 | Premium finance | 13,859 | 10,620 | 13,626 | 38,105 | 985,374 | 1,023,479 | 13,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 16,601 | 1,398 | 2,190 | 20,189 | 1,432,150 | 1,452,339 | 1,758 | Real estate – construction and development | 25,367 | 3,829 | 966 | 30,162 | 2,056,276 | 2,086,438 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 6,713 | 1,150 | 5,924 | 13,787 | 6,821,130 | 6,834,917 | 7 | Real estate – commercial and farmland | 1,738 | 168 | 10,223 | 12,129 | 7,592,738 | 7,604,867 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 17,729 | 4,266 | 49,839 | 71,834 | 3,023,151 | 3,094,985 | — | Real estate – residential | 35,015 | 11,329 | 106,170 | 152,514 | 4,267,792 | 4,420,306 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 54,024 | $ | 14,215 | $ | 80,468 | $ | 148,707 | $ | 15,725,551 | $ | 15,874,258 | $ | 12,648 | Total | $ | 95,203 | $ | 34,637 | $ | 143,625 | $ | 273,465 | $ | 19,581,788 | $ | 19,855,253 | $ | 17,865 |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 7,365 | $ | 6,646 | $ | 2,613 | $ | 723 | Commercial, financial and agricultural | $ | 8,451 | $ | 5,740 | $ | 7,128 | $ | 6,294 | ||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 16,500 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | — | — | 2,989 | 30 | Premium finance | 694 | — | 3,233 | — | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 280 | — | 1,432 | 45 | Real estate – construction and development | 280 | 23 | 780 | 13 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 16,186 | 1,207 | 33,332 | 6,646 | Real estate – commercial and farmland | 12,554 | 1,104 | 15,168 | 1,428 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 16,146 | 2,110 | 11,712 | 453 | Real estate – residential | 18,683 | 2,093 | 15,464 | 2,066 | ||||||||||||||||||||||||||||||||||||
$ | 39,977 | $ | 9,963 | $ | 52,078 | $ | 7,897 | $ | 57,162 | $ | 8,960 | $ | 41,773 | $ | 9,801 |
As of March 31, 2023 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 334,129 | $ | 988,365 | $ | 485,629 | $ | 154,912 | $ | 95,530 | $ | 84,470 | $ | 556,049 | $ | 2,699,084 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 89 | 67 | 194 | 173 | 2,145 | 363 | 3,031 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 5,683 | 1,736 | 2,806 | 1,196 | 3,576 | 2,973 | 2,095 | 20,065 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 339,812 | $ | 990,190 | $ | 488,502 | $ | 156,302 | $ | 99,279 | $ | 89,588 | $ | 558,507 | $ | 2,722,180 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 150 | 7,226 | 3,457 | 597 | 368 | 410 | 25 | 12,233 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,767 | $ | 27,439 | $ | 10,479 | $ | 34,256 | $ | 21,350 | $ | 28,171 | $ | 202,965 | $ | 348,427 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 25 | — | 2 | — | 95 | 197 | 319 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 83 | 30 | 203 | 152 | 439 | 122 | 1,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 23,767 | $ | 27,547 | $ | 10,509 | $ | 34,461 | $ | 21,502 | $ | 28,705 | $ | 203,284 | $ | 349,775 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | 71 | 44 | 416 | 147 | 405 | 57 | 1,140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | 10,128 | $ | 72,628 | $ | — | $ | 82,756 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | 38 | 664 | — | 702 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | — | $ | 10,166 | $ | 73,300 | $ | — | $ | 83,466 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 882,183 | $ | 882,183 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 57,578 | 57,578 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | 18,657 | 18,657 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 958,418 | $ | 958,418 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,544 | $ | 18,003 | $ | 53,717 | $ | 186,274 | $ | 8,749 | $ | 236,228 | $ | — | $ | 505,515 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 2,544 | $ | 18,003 | $ | 53,717 | $ | 186,274 | $ | 8,749 | $ | 236,228 | $ | — | $ | 505,515 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 423,901 | $ | 505,791 | $ | 6,145 | $ | 6 | $ | — | $ | — | $ | — | $ | 935,843 | ||||||||||||||||||||||||||||||||||||||||
7 | 20 | 11,336 | 58 | — | — | — | — | 11,414 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 423,921 | $ | 517,127 | $ | 6,203 | $ | 6 | $ | — | $ | — | $ | — | $ | 947,257 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | 1,154 | 267 | — | — | — | — | 1,421 |
As of March 31, 2023 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 81,481 | $ | 900,977 | $ | 757,046 | $ | 263,122 | $ | 67,158 | $ | 37,665 | $ | 24,214 | $ | 2,131,663 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 632 | — | 632 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 274 | 285 | 164 | 5 | 11,582 | — | 12,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 81,481 | $ | 901,251 | $ | 757,331 | $ | 263,286 | $ | 67,163 | $ | 49,879 | $ | 24,214 | $ | 2,144,605 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 172,639 | $ | 1,812,054 | $ | 1,967,480 | $ | 1,073,741 | $ | 858,980 | $ | 1,649,014 | $ | 95,182 | $ | 7,629,090 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | 30,335 | 20,073 | — | 50,408 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 423 | 2,423 | 3,056 | 11,758 | 24,574 | — | 42,234 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 172,639 | $ | 1,812,477 | $ | 1,969,903 | $ | 1,076,797 | $ | 901,073 | $ | 1,693,661 | $ | 95,182 | $ | 7,721,732 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 208,784 | $ | 1,498,532 | $ | 1,198,924 | $ | 539,228 | $ | 262,709 | $ | 491,267 | $ | 240,227 | $ | 4,439,671 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 235 | 144 | 268 | 745 | 2,597 | 378 | 4,367 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 109 | 10,186 | 24,809 | 28,094 | 26,597 | 29,405 | 1,685 | 120,885 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 208,893 | $ | 1,508,953 | $ | 1,223,877 | $ | 567,590 | $ | 290,051 | $ | 523,269 | $ | 242,290 | $ | 4,564,923 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 24 | — | — | — | — | 100 | 4 | 128 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,247,245 | $ | 5,751,161 | $ | 4,479,420 | $ | 2,251,539 | $ | 1,324,604 | $ | 2,599,443 | $ | 2,000,820 | $ | 19,654,232 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 349 | 211 | 464 | 31,253 | 25,550 | 58,516 | 116,343 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 5,812 | 24,038 | 30,411 | 32,713 | 42,126 | 69,637 | 22,559 | 227,296 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,253,057 | $ | 5,775,548 | $ | 4,510,042 | $ | 2,284,716 | $ | 1,397,983 | $ | 2,694,630 | $ | 2,081,895 | $ | 19,997,871 | ||||||||||||||||||||||||||||||||||||||||
Total current-period gross charge offs | 174 | 8,451 | 3,768 | 1,013 | 515 | 949 | 86 | 14,956 |
As of September 30, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | As of December 31, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial, Financial and Agricultural | Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 818,365 | $ | 585,385 | $ | 193,526 | $ | 122,965 | $ | 69,367 | $ | 50,153 | $ | 382,953 | $ | 2,222,714 | Pass | $ | 1,127,120 | $ | 526,043 | $ | 174,120 | $ | 109,091 | $ | 56,657 | $ | 41,612 | $ | 621,784 | $ | 2,656,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | — | — | 105 | 576 | 55 | 2,895 | 760 | 4,391 | 6 | — | 13 | 94 | 183 | 895 | 1,774 | 317 | 3,276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 6,407 | 1,026 | 714 | 3,480 | 1,308 | 3,079 | 2,168 | 18,182 | 7 | 8,565 | 1,214 | 1,182 | 3,314 | 545 | 2,759 | 2,121 | 19,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | Total commercial, financial and agricultural | $ | 824,772 | $ | 586,411 | $ | 194,345 | $ | 127,021 | $ | 70,730 | $ | 56,127 | $ | 385,881 | $ | 2,245,287 | Total commercial, financial and agricultural | $ | 1,135,685 | $ | 527,270 | $ | 175,396 | $ | 112,588 | $ | 58,097 | $ | 46,145 | $ | 624,222 | $ | 2,679,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 34,089 | $ | 15,217 | $ | 41,532 | $ | 25,909 | $ | 19,219 | $ | 15,083 | $ | 9,875 | $ | 160,924 | Pass | $ | 41,487 | $ | 12,692 | $ | 37,906 | $ | 23,454 | $ | 17,144 | $ | 13,825 | $ | 236,113 | $ | 382,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 38 | — | — | — | — | 128 | 5 | 171 | 6 | 38 | — | — | — | — | 98 | 196 | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 72 | 148 | 290 | 114 | 189 | 399 | 38 | 1,250 | 7 | 68 | 62 | 216 | 106 | 118 | 431 | 83 | 1,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 34,199 | $ | 15,365 | $ | 41,822 | $ | 26,023 | $ | 19,408 | $ | 15,610 | $ | 9,918 | $ | 162,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | $ | 41,593 | $ | 12,754 | $ | 38,122 | $ | 23,560 | $ | 17,262 | $ | 14,354 | $ | 236,392 | $ | 384,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | Indirect Automobile | Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | — | $ | 13,565 | $ | 60,812 | $ | 61,749 | $ | — | $ | 136,126 | Pass | $ | — | $ | — | $ | — | $ | 11,900 | $ | 50,749 | $ | 45,120 | $ | — | $ | 107,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | — | — | — | — | — | 15 | — | 15 | 6 | — | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | — | — | — | 43 | 194 | 805 | — | 1,042 | 7 | — | — | — | 41 | 149 | 678 | — | 868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | Total indirect automobile | $ | — | $ | — | $ | — | $ | 13,608 | $ | 61,006 | $ | 62,569 | $ | — | $ | 137,183 | Total indirect automobile | $ | — | $ | — | $ | — | $ | 11,941 | $ | 50,898 | $ | 45,809 | $ | — | $ | 108,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | Mortgage Warehouse | Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 942,279 | $ | 942,279 | Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 990,106 | $ | 990,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | — | — | — | — | — | — | 18,895 | 18,895 | 6 | — | — | — | — | — | — | 22,831 | 22,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | — | — | — | — | — | — | 19,168 | 19,168 | 7 | — | — | — | — | — | — | 25,987 | 25,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 980,342 | $ | 980,342 | Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,038,924 | $ | 1,038,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 17,385 | $ | 46,009 | $ | 188,438 | $ | 9,820 | $ | 4,605 | $ | 250,540 | $ | — | $ | 516,797 | Pass | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total municipal | Total municipal | $ | 17,385 | $ | 46,009 | $ | 188,438 | $ | 9,820 | $ | 4,605 | $ | 250,540 | $ | — | $ | 516,797 | Total municipal | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | Premium Finance | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 1,028,078 | $ | 25,252 | $ | 54 | $ | — | $ | — | $ | — | $ | — | $ | 1,053,384 | Pass | $ | 1,000,214 | $ | 9,667 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 1,009,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 7,692 | 1,647 | 1 | — | — | — | — | 9,340 | 7 | 13,051 | 535 | — | — | — | — | — | 13,586 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | Total premium finance | $ | 1,035,770 | $ | 26,899 | $ | 55 | $ | — | $ | — | $ | — | $ | — | $ | 1,062,724 | Total premium finance | $ | 1,013,265 | $ | 10,202 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 1,023,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Construction and Development | Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | Risk Grade: | Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 666,198 | $ | 798,554 | $ | 307,586 | $ | 128,258 | $ | 8,973 | $ | 26,111 | $ | 30,577 | $ | 1,966,257 | Pass | $ | 834,831 | $ | 793,723 | $ | 306,084 | $ | 69,596 | $ | 7,934 | $ | 31,490 | $ | 27,474 | $ | 2,071,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 6 | 8,341 | 19,987 | 432 | — | 174 | 189 | — | 29,123 | 6 | 277 | — | — | — | 173 | 165 | — | 615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 7 | 20 | 286 | 164 | 5 | 13,236 | 635 | — | 14,346 | 7 | — | 783 | 164 | 5 | 13,159 | 580 | — | 14,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | Total real estate – construction and development | $ | 674,559 | $ | 818,827 | $ | 308,182 | $ | 128,263 | $ | 22,383 | $ | 26,935 | $ | 30,577 | $ | 2,009,726 | Total real estate – construction and development | $ | 835,108 | $ | 794,506 | $ | 306,248 | $ | 69,601 | $ | 21,266 | $ | 32,235 | $ | 27,474 | $ | 2,086,438 |
As of September 30, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,535,883 | $ | 2,039,201 | $ | 1,091,901 | $ | 868,208 | $ | 469,560 | $ | 1,312,867 | $ | 96,329 | $ | 7,413,949 | ||||||||||||||||||||||||||||||||||||||||
6 | 607 | 119 | — | 31,118 | 1,125 | 19,252 | — | 52,221 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 361 | 5,235 | 2,905 | 11,859 | 6,734 | 23,028 | 17 | 50,139 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 1,536,851 | $ | 2,044,555 | $ | 1,094,806 | $ | 911,185 | $ | 477,419 | $ | 1,355,147 | $ | 96,346 | $ | 7,516,309 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,249,401 | $ | 1,226,383 | $ | 559,613 | $ | 277,910 | $ | 120,863 | $ | 407,922 | $ | 228,525 | $ | 4,070,617 | ||||||||||||||||||||||||||||||||||||||||
6 | 447 | 147 | 94 | 693 | 369 | 3,419 | 422 | 5,591 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 1,824 | 15,915 | 20,652 | 26,903 | 11,772 | 20,911 | 1,958 | 99,935 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,251,672 | $ | 1,242,445 | $ | 580,359 | $ | 305,506 | $ | 133,004 | $ | 432,252 | $ | 230,905 | $ | 4,176,143 | ||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,349,399 | $ | 4,736,001 | $ | 2,382,650 | $ | 1,446,635 | $ | 753,399 | $ | 2,124,425 | $ | 1,690,538 | $ | 18,483,047 | ||||||||||||||||||||||||||||||||||||||||
6 | 9,433 | 20,253 | 631 | 32,387 | 1,723 | 25,898 | 20,082 | 110,407 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 16,376 | 24,257 | 24,726 | 42,404 | 33,433 | 48,857 | 23,349 | 213,402 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 5,375,208 | $ | 4,780,511 | $ | 2,408,007 | $ | 1,521,426 | $ | 788,555 | $ | 2,199,180 | $ | 1,733,969 | $ | 18,806,856 |
As of December 31, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 903,630 | $ | 279,037 | $ | 188,810 | $ | 118,613 | $ | 50,737 | $ | 40,376 | $ | 262,951 | $ | 1,844,154 | ||||||||||||||||||||||||||||||||||||||||
6 | 190 | — | 393 | 427 | 368 | 1,832 | 1,961 | 5,171 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 9,216 | 1,268 | 4,098 | 1,472 | 2,566 | 6,019 | 2,029 | 26,668 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 913,036 | $ | 280,305 | $ | 193,301 | $ | 120,512 | $ | 53,671 | $ | 48,227 | $ | 266,941 | $ | 1,875,993 | ||||||||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 35,781 | $ | 59,221 | $ | 37,195 | $ | 27,266 | $ | 9,787 | $ | 11,021 | $ | 9,437 | $ | 189,708 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 135 | 5 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 59 | 283 | 290 | 216 | 103 | 405 | 94 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 35,840 | $ | 59,504 | $ | 37,485 | $ | 27,482 | $ | 9,890 | $ | 11,561 | $ | 9,536 | $ | 191,298 | ||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 20,276 | $ | 101,969 | $ | 90,294 | $ | 51,468 | $ | — | $ | 264,007 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | 24 | 10 | 19 | — | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | 55 | 234 | 384 | 1,046 | — | 1,719 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | 20,331 | $ | 102,227 | $ | 90,688 | $ | 52,533 | $ | — | $ | 265,779 |
As of December 31, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 787,884 | $ | 1,059 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 789,275 | ||||||||||||||||||||||||||||||||||||||||
7 | 9,039 | 95 | — | — | — | — | — | 9,134 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 796,923 | $ | 1,154 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 798,409 | ||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 826,094 | $ | 290,814 | $ | 176,476 | $ | 35,773 | $ | 24,533 | $ | 44,514 | $ | 21,267 | $ | 1,419,471 | ||||||||||||||||||||||||||||||||||||||||
6 | 6,527 | 549 | — | 15,260 | — | 2,101 | — | 24,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 1,143 | 678 | 7 | 2,476 | 57 | 1,011 | 3,059 | 8,431 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 833,764 | $ | 292,041 | $ | 176,483 | $ | 53,509 | $ | 24,590 | $ | 47,626 | $ | 24,326 | $ | 1,452,339 | ||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,186,291 | $ | 1,205,578 | $ | 1,119,239 | $ | 542,295 | $ | 486,477 | $ | 1,103,675 | $ | 80,379 | $ | 6,723,934 | ||||||||||||||||||||||||||||||||||||||||
6 | 416 | — | 1,036 | 14,760 | 5,334 | 21,665 | — | 43,211 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 4,709 | 2,682 | 11,109 | 9,076 | 4,861 | 35,315 | 20 | 67,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 2,191,416 | $ | 1,208,260 | $ | 1,131,384 | $ | 566,131 | $ | 496,672 | $ | 1,160,655 | $ | 80,399 | $ | 6,834,917 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,171,008 | $ | 638,232 | $ | 329,247 | $ | 149,990 | $ | 108,538 | $ | 408,240 | $ | 217,982 | $ | 3,023,237 | ||||||||||||||||||||||||||||||||||||||||
6 | 145 | 66 | 1,106 | 505 | 356 | 3,717 | 49 | 5,944 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 2,405 | 10,167 | 21,239 | 11,376 | 4,597 | 13,970 | 2,050 | 65,804 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,173,558 | $ | 648,465 | $ | 351,592 | $ | 161,871 | $ | 113,491 | $ | 425,927 | $ | 220,081 | $ | 3,094,985 | ||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,955,415 | $ | 2,693,326 | $ | 1,886,100 | $ | 981,400 | $ | 879,708 | $ | 1,838,522 | $ | 1,379,853 | $ | 15,614,324 | ||||||||||||||||||||||||||||||||||||||||
6 | 7,278 | 615 | 2,535 | 30,976 | 6,068 | 29,469 | 2,015 | 78,956 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 26,571 | 15,173 | 36,798 | 24,850 | 12,568 | 57,766 | 7,252 | 180,978 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 5,989,264 | $ | 2,709,114 | $ | 1,925,433 | $ | 1,037,226 | $ | 898,344 | $ | 1,925,757 | $ | 1,389,120 | $ | 15,874,258 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 1 | $ | 450 | — | $ | — | 3 | $ | 916 | 6 | $ | 532 | |||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | 2 | 7 | |||||||||||||||||||||||||||||||||||||||
Premium finance | — | — | — | — | 5 | 456 | — | — | |||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | 1 | 24 | — | — | 1 | 24 | — | — | |||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 1 | 17 | — | — | 2 | 99 | 5 | 16,257 | |||||||||||||||||||||||||||||||||||||||
Real estate – residential | 2 | 268 | 9 | 1,818 | 6 | 1,335 | 21 | 3,270 | |||||||||||||||||||||||||||||||||||||||
Total | 5 | $ | 759 | 9 | $ | 1,818 | 17 | $ | 2,830 | 34 | $ | 20,066 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 1 | 1 | $ | 348 | 1 | $ | 1 | |||||||||||||||||||||||||||||||||||
Consumer installment | — | — | 1 | 1 | 2 | 2 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Indirect automobile | 3 | 20 | 4 | 23 | 9 | 27 | 16 | 76 | |||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | 1 | 24 | — | — | 1 | 24 | — | — | |||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | — | — | — | — | 1 | 8 | — | — | |||||||||||||||||||||||||||||||||||||||
Real estate – residential | 14 | 1,398 | 4 | 489 | 23 | 2,801 | 15 | 1,111 | |||||||||||||||||||||||||||||||||||||||
Total | 18 | $ | 1,442 | 10 | $ | 514 | 37 | $ | 3,210 | 33 | $ | 1,189 |
September 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 8 | $ | 1,342 | 3 | $ | 353 | |||||||||||||||||
Consumer installment | 4 | 6 | 10 | 12 | |||||||||||||||||||
Indirect automobile | 170 | 595 | 25 | 101 | |||||||||||||||||||
Premium finance | 5 | 456 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 698 | 1 | 24 | |||||||||||||||||||
Real estate – commercial and farmland | 17 | 8,091 | 3 | 66 | |||||||||||||||||||
Real estate – residential | 206 | 24,515 | 29 | 3,494 | |||||||||||||||||||
Total | 412 | $ | 35,703 | 71 | $ | 4,050 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | |||||||||||||||||
Consumer installment | 7 | 16 | 17 | 35 | |||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 25 | 35,575 | 5 | 5,924 | |||||||||||||||||||
Real estate – residential | 213 | 26,879 | 39 | 4,678 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
As of December 31, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,739,021 | $ | 1,975,003 | $ | 1,085,086 | $ | 869,116 | $ | 447,311 | $ | 1,259,763 | $ | 110,848 | $ | 7,486,148 | ||||||||||||||||||||||||||||||||||||||||
6 | 607 | 17,974 | — | 30,841 | 4,801 | 18,289 | — | 72,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 387 | 2,810 | 3,078 | 12,007 | 6,527 | 21,398 | — | 46,207 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 1,740,015 | $ | 1,995,787 | $ | 1,088,164 | $ | 911,964 | $ | 458,639 | $ | 1,299,450 | $ | 110,848 | $ | 7,604,867 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,524,021 | $ | 1,214,724 | $ | 548,968 | $ | 268,821 | $ | 115,693 | $ | 393,570 | $ | 234,684 | $ | 4,300,481 | ||||||||||||||||||||||||||||||||||||||||
6 | 236 | 145 | 94 | 688 | 364 | 2,910 | 600 | 5,037 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 6,735 | 21,283 | 25,860 | 27,173 | 14,396 | 17,665 | 1,676 | 114,788 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,530,992 | $ | 1,236,152 | $ | 574,922 | $ | 296,682 | $ | 130,453 | $ | 414,145 | $ | 236,960 | $ | 4,420,306 | ||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 6,284,768 | $ | 4,578,661 | $ | 2,340,683 | $ | 1,361,730 | $ | 699,846 | $ | 2,027,031 | $ | 2,221,009 | $ | 19,513,728 | ||||||||||||||||||||||||||||||||||||||||
6 | 1,158 | 18,132 | 188 | 31,712 | 6,233 | 23,247 | 23,944 | 104,614 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 28,806 | 26,687 | 30,500 | 42,646 | 34,894 | 43,511 | 29,867 | 236,911 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,314,732 | $ | 4,623,480 | $ | 2,371,371 | $ | 1,436,088 | $ | 740,973 | $ | 2,093,789 | $ | 2,274,820 | $ | 19,855,253 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | 39,455 | $ | 5,413 | $ | 174 | $ | 2,118 | $ | 357 | $ | 1,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to allowance for adoption of ASU 2022-02 | Adjustment to allowance for adoption of ASU 2022-02 | (105) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 9,568 | (244) | (288) | (1,884) | (9) | (638) | Provision for loan losses | 16,078 | 323 | (219) | (194) | (3) | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (4,722) | (1,228) | (50) | — | — | (1,205) | Loans charged off | (12,233) | (1,140) | (34) | — | — | (1,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 2,201 | 277 | 276 | — | — | 1,023 | Recoveries of loans previously charged off | 2,043 | 297 | 216 | — | — | 1,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 32,705 | $ | 4,074 | $ | 229 | $ | 2,001 | $ | 362 | $ | 1,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 45,238 | $ | 4,893 | $ | 137 | $ | 1,924 | $ | 354 | $ | 893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | 32,659 | $ | 67,433 | $ | 57,043 | $ | 205,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to allowance for adoption of ASU 2022-02 | Adjustment to allowance for adoption of ASU 2022-02 | (37) | (722) | (847) | (1,711) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 3,227 | (1,200) | 8,937 | 17,469 | Provision for loan losses | 10,119 | 20,369 | 2,996 | 49,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | — | (2,014) | (53) | (9,272) | Loans charged off | — | — | (128) | (14,956) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 96 | 96 | 83 | 4,052 | Recoveries of loans previously charged off | 100 | 44 | 190 | 4,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 26,555 | $ | 56,231 | $ | 60,792 | $ | 184,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 42,841 | $ | 87,124 | $ | 59,254 | $ | 242,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 11,521 | 1,102 | (884) | (1,230) | (39) | (530) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (13,527) | (3,790) | (179) | — | — | (3,640) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 7,882 | 665 | 816 | — | — | 3,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 32,705 | $ | 4,074 | $ | 229 | $ | 2,001 | $ | 362 | $ | 1,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 3,841 | (18,399) | 32,580 | 27,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | — | (3,378) | (190) | (24,704) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 669 | 177 | 459 | 14,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 26,555 | $ | 56,231 | $ | 60,792 | $ | 184,891 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Provision for loan losses | 215 | 789 | (290) | (221) | (17) | (92) | |||||||||||||||||||||||||||||
Loans charged off | (4,414) | (1,425) | (88) | — | — | (1,369) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,896 | 158 | 275 | — | — | 1,247 | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 25,526 | $ | 5,619 | $ | 373 | $ | 3,010 | $ | 384 | $ | 2,515 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | |||||||||||||||||||||||||||
Provision for loan losses | 4,568 | (9,552) | 1,866 | (2,734) | |||||||||||||||||||||||||||||||
Loans charged off | — | (1,283) | — | (8,579) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 218 | 37 | 151 | 4,982 | |||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 26,831 | $ | 67,033 | $ | 29,960 | $ | 161,251 | |||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | |||||||||||||||||||||||
Provision for loan losses | (1,471) | 3,063 | (268) | (287) | (27) | (456) | |||||||||||||||||||||||||||||
Loans charged off | (858) | (1,647) | (178) | — | — | (605) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,986 | 199 | 278 | — | — | 649 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | |||||||||||||||||||||||||||
Provision for loan losses | (6,423) | 87 | 1,798 | (3,984) | |||||||||||||||||||||||||||||||
Loans charged off | — | (210) | (39) | (3,537) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 45 | 266 | 241 | 3,664 | |||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 12,621 | $ | 88,481 | $ | 45,259 | $ | 171,213 | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | |||||||||||||||||||||||
Provision for loan losses | 2,606 | 9,360 | (1,219) | (588) | (41) | (847) | |||||||||||||||||||||||||||||
Loans charged off | (6,757) | (4,764) | (1,148) | — | — | (3,142) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,338 | 767 | 1,350 | — | — | 4,237 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | |||||||||||||||||||||||||||
Provision for loan losses | (32,767) | 727 | 1,307 | (21,462) | |||||||||||||||||||||||||||||||
Loans charged off | (212) | (1,632) | (594) | (18,249) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 296 | 492 | 1,022 | 11,502 | |||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 12,621 | $ | 88,481 | $ | 45,259 | $ | 171,213 | |||||||||||||||||||||||||||
(dollars in thousands) | Payment Deferral | Total | Percentage of Total Class of Financial Receivable | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 843 | $ | 843 | — | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 843 | $ | 843 | — | % |
Payment Deferral | ||||||||
Loan Type | Financial Effect | |||||||
Commercial, financial and agricultural | Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter. | |||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 843 | $ | — | $ | — | $ | — | ||||||||||||||||||
Total | $ | 843 | $ | — | $ | — | $ | — |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
FHLB borrowings: | |||||||||||
Fixed Rate Advance due October 20, 2022; fixed interest rate of 3.15% | $ | 100,000 | $ | — | |||||||
Fixed Rate Advance due October 24, 2022; fixed interest rate of 3.10% | 100,000 | — | |||||||||
Fixed Rate Advance due October 24, 2022; fixed interest rate of 3.10% | 100,000 | — | |||||||||
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% | 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% | 1,391 | 1,400 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 963 | 969 | |||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,312 | 1,421 | |||||||||
Subordinated notes payable: | |||||||||||
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% | — | 50,500 | |||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $583 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | 74,417 | 74,319 | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,740 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 118,260 | 118,077 | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $936 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 75,936 | 76,028 | |||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,615 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,385 | 108,234 | |||||||||
Securitization Facilities: | |||||||||||
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% | — | 19,199 | |||||||||
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% | — | 139,329 | |||||||||
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% | — | 105,403 | |||||||||
$ | 725,664 | $ | 739,879 |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
FHLB borrowings: | |||||||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% | $ | — | $ | 300,000 | |||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | — | 50,000 | |||||||||
Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% | — | 50,000 | |||||||||
Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% | — | 50,000 | |||||||||
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% | — | 350,000 | |||||||||
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | — | 150,000 | |||||||||
Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% | — | 200,000 | |||||||||
Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% | — | 50,000 | |||||||||
Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% | — | 150,000 | |||||||||
Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% | — | 100,000 | |||||||||
Fixed Rate Advance due April 5, 2023; fixed interest rate of 4.790% | 350,000 | — | |||||||||
Fixed Rate Advance due April 10, 2023; fixed interest rate of 4.780% | 50,000 | — | |||||||||
Fixed Rate Advance due April 12, 2023; fixed interest rate of 4.880% | 375,000 | — | |||||||||
Fixed Rate Advance due April 12, 2023; fixed interest rate of 4.880% | 75,000 | — | |||||||||
Fixed Rate Advance due April 13, 2023; fixed interest rate of 4.930% | 100,000 | — | |||||||||
Fixed Rate Advance due April 14, 2023; fixed interest rate of 4.960% | 50,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.960% | 25,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.960% | 125,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.960% | 100,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.930% | 100,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.930% | 100,000 | — | |||||||||
Fixed Rate Advance due April 17, 2023; fixed interest rate of 4.930% | 50,000 | — | |||||||||
Fixed Rate Advance due April 19, 2023; fixed interest rate of 4.880% | 300,000 | — | |||||||||
Fixed Rate Advance due April 19, 2023; fixed interest rate of 4.880% | 50,000 | — | |||||||||
Fixed Rate Advance due April 20, 2023; fixed interest rate of 4.860% | 200,000 | — | |||||||||
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% | 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% | 1,386 | 1,389 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 959 | 961 | |||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,239 | 1,275 | |||||||||
Subordinated notes payable: | |||||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | — | 74,449 | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,618 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 118,382 | 118,320 | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $875 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 75,875 | 75,906 | |||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,514 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,486 | 108,436 | |||||||||
$ | 2,401,327 | $ | 1,875,736 |
(dollars in thousands) | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Balance, June 30, 2022 | $ | (12,635) | $ | (12,635) | ||||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||||||||
Current year changes, net of tax | (38,099) | (38,099) | ||||||||||||||||||
Balance, September 30, 2022 | $ | (50,734) | $ | (50,734) | ||||||||||||||||
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 | ||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
Balance, December 31, 2021 | $ | 15,590 | $ | 15,590 | ||||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||||||||
Current year changes, net of tax | (66,324) | (66,324) | ||||||||||||||||||
Balance, September 30, 2022 | $ | (50,734) | $ | (50,734) | ||||||||||||||||
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 |
(dollars in thousands) | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
Balance, December 31, 2022 | $ | (46,507) | $ | (46,507) | ||||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||||||||
Current year changes, net of tax | 10,926 | 10,926 | ||||||||||||||||||
Balance, March 31, 2023 | $ | (35,581) | $ | (35,581) | ||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Balance, December 31, 2021 | $ | 15,590 | $ | 15,590 | ||||||||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||||||||
Current year changes, net of tax | (17,431) | (17,431) | ||||||||||||||||||
Balance, March 31, 2022 | $ | (1,841) | $ | (1,841) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(share data in thousands) | (share data in thousands) | 2022 | 2021 | 2022 | 2021 | (share data in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | 69,125 | 69,440 | 69,213 | 69,445 | Average common shares outstanding | 69,172 | 69,346 | ||||||||||||||||||||||||||||||||||||||
Common share equivalents: | Common share equivalents: | Common share equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | 11 | 49 | 20 | 65 | Stock options | — | 31 | ||||||||||||||||||||||||||||||||||||||
Nonvested restricted share grants | Nonvested restricted share grants | 59 | 142 | 73 | 143 | Nonvested restricted share grants | 98 | 167 | ||||||||||||||||||||||||||||||||||||||
Performance stock units | Performance stock units | 132 | 125 | 122 | 119 | Performance stock units | 53 | 117 | ||||||||||||||||||||||||||||||||||||||
Average common shares outstanding, assuming dilution | Average common shares outstanding, assuming dilution | 69,327 | 69,756 | 69,428 | 69,772 | Average common shares outstanding, assuming dilution | 69,323 | 69,661 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | $ | 295,458 | $ | 1,247,997 | Mortgage loans held for sale | $ | 390,201 | $ | 390,583 | ||||||||||||
SBA loans held for sale | SBA loans held for sale | 2,529 | 6,635 | SBA loans held for sale | 4,895 | 1,495 | ||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 297,987 | $ | 1,254,632 | Total loans held for sale | $ | 395,096 | $ | 392,078 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Aggregate fair value of mortgage loans held for sale | Aggregate fair value of mortgage loans held for sale | $ | 295,458 | $ | 1,247,997 | Aggregate fair value of mortgage loans held for sale | $ | 390,201 | $ | 390,583 | ||||||||||||
Aggregate unpaid principal balance of mortgage loans held for sale | Aggregate unpaid principal balance of mortgage loans held for sale | 303,786 | 1,211,646 | Aggregate unpaid principal balance of mortgage loans held for sale | 383,629 | 389,610 | ||||||||||||||||
Past-due loans of 90 days or more | Past-due loans of 90 days or more | 464 | 746 | Past-due loans of 90 days or more | 624 | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 464 | 746 | Nonaccrual loans | 624 | — | ||||||||||||||||
Unpaid principal balance of nonaccrual loans | Unpaid principal balance of nonaccrual loans | 464 | 718 | Unpaid principal balance of nonaccrual loans | 608 | — |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Aggregate fair value of SBA loans held for sale | Aggregate fair value of SBA loans held for sale | $ | 2,529 | $ | 6,635 | Aggregate fair value of SBA loans held for sale | $ | 4,895 | $ | 1,495 | ||||||||||||
Aggregate unpaid principal balance of SBA loans held for sale | Aggregate unpaid principal balance of SBA loans held for sale | 2,177 | 5,825 | Aggregate unpaid principal balance of SBA loans held for sale | 4,779 | 1,350 | ||||||||||||||||
Past-due loans of 90 days or more | Past-due loans of 90 days or more | — | — | Past-due loans of 90 days or more | — | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | — | — | Nonaccrual loans | — | — |
Recurring Basis Fair Value Measurements | Recurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(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. Treasuries | U.S. Treasuries | $ | 503,810 | $ | 503,810 | $ | — | $ | — | U.S. Treasuries | $ | 766,129 | $ | 766,129 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | 977 | — | 977 | — | U.S. government sponsored agencies | 987 | — | 987 | — | ||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 39,268 | — | 39,268 | — | State, county and municipal securities | 33,213 | — | 33,213 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 15,296 | — | 14,096 | 1,200 | Corporate debt securities | 15,610 | — | 14,710 | 900 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 28,851 | — | 28,851 | — | SBA pool securities | 25,342 | — | 25,342 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 666,947 | — | 666,947 | — | Mortgage-backed securities | 655,555 | — | 655,555 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 297,987 | — | 297,987 | — | Loans held for sale | 395,096 | — | 395,096 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | 4,109 | — | 4,109 | — | |||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 23,446 | — | 23,446 | — | Mortgage banking derivative instruments | 6,447 | — | 6,447 | — | ||||||||||||||||||||||||||||||||||||
Total recurring assets at fair value | Total recurring assets at fair value | $ | 1,576,582 | $ | 503,810 | $ | 1,071,572 | $ | 1,200 | Total recurring assets at fair value | $ | 1,902,488 | $ | 766,129 | $ | 1,135,459 | $ | 900 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | $ | 4,429 | $ | — | $ | 4,429 | $ | — | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | $ | 1,681 | $ | — | $ | 1,681 | $ | — | Mortgage banking derivative instruments | 5,377 | — | 5,377 | — | ||||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | Total recurring liabilities at fair value | $ | 1,681 | $ | — | $ | 1,681 | $ | — | Total recurring liabilities at fair value | $ | 9,806 | $ | — | $ | 9,806 | $ | — |
Recurring Basis Fair Value Measurements | Recurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(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. Treasuries | U.S. Treasuries | $ | 759,534 | $ | 759,534 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | $ | 7,172 | $ | — | $ | 7,172 | $ | — | U.S. government sponsored agencies | 979 | — | 979 | — | ||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 47,812 | — | 47,812 | — | State, county and municipal securities | 34,195 | — | 34,195 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 28,496 | — | 27,116 | 1,380 | Corporate debt securities | 15,926 | — | 14,771 | 1,155 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 45,201 | — | 45,201 | — | SBA pool securities | 27,398 | — | 27,398 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 463,940 | — | 463,940 | — | Mortgage-backed securities | 662,028 | — | 662,028 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,254,632 | — | 1,254,632 | — | Loans held for sale | 392,078 | — | 392,078 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | 4,580 | — | 4,580 | — | |||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 11,940 | — | 11,940 | — | Mortgage banking derivative instruments | 3,933 | — | 3,933 | — | ||||||||||||||||||||||||||||||||||||
Total recurring assets at fair value | Total recurring assets at fair value | $ | 1,859,193 | $ | — | $ | 1,857,813 | $ | 1,380 | Total recurring assets at fair value | $ | 1,900,651 | $ | 759,534 | $ | 1,139,962 | $ | 1,155 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | $ | 710 | $ | — | $ | 710 | $ | — | ||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | $ | 4,574 | $ | — | $ | 4,574 | $ | — | |||||||||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | Total recurring liabilities at fair value | $ | 710 | $ | — | $ | 710 | $ | — | Total recurring liabilities at fair value | $ | 4,574 | $ | — | $ | 4,574 | $ | — |
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 | ||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 30,014 | $ | — | $ | — | $ | 30,014 | Collateral-dependent loans | $ | 48,202 | $ | — | $ | — | $ | 48,202 | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 92 | — | — | 92 | Other real estate owned | 755 | — | — | 755 | ||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 30,106 | $ | — | $ | — | $ | 30,106 | Total nonrecurring assets at fair value | $ | 48,957 | $ | — | $ | — | $ | 48,957 | ||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 44,181 | $ | — | $ | — | $ | 44,181 | Collateral-dependent loans | $ | 31,972 | $ | — | $ | — | $ | 31,972 | ||||||||||||||||||||||||||||
Mortgage servicing rights | 206,944 | — | — | 206,944 | ||||||||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 251,125 | $ | — | $ | — | $ | 251,125 | Total nonrecurring assets at fair value | $ | 31,972 | $ | — | $ | — | $ | 31,972 |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | Recurring: | Recurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | Debt securities available-for-sale | $ | 1,200 | Discounted par values | Probability of Default | 12% | 12% | Debt securities available-for-sale | $ | 900 | Discounted cash flows | Probability of Default | 12.8% | 12.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Given Default | 43% | 43% | Loss Given Default | 43% | 43% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 30,014 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 31% | Collateral-dependent loans | $ | 48,202 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 21% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | $ | 92 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 24% | 24% | Other real estate owned | $ | 755 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 25% - 40% | 29% | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | Recurring: | Recurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | Debt securities available-for-sale | $ | 1,155 | Discounted cash flows | Probability of Default | 12.1% | 12.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | $ | 1,380 | Discounted par values | Discount Rate | 8% | 8% | Loss Given Default | 41% | 41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 44,181 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 39% | Collateral-dependent loans | $ | 31,972 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 48% | 27% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 206,944 | Discounted cash flows | Discount rate | 9% - 10% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | 10% - 40% | 13% |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 269,193 | $ | 269,193 | $ | — | $ | — | $ | 269,193 | Cash and due from banks | $ | 266,400 | $ | 266,400 | $ | — | $ | — | $ | 266,400 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing accounts | Federal funds sold and interest-bearing accounts | 1,061,975 | 1,061,975 | — | — | 1,061,975 | Federal funds sold and interest-bearing accounts | 1,754,453 | 1,754,453 | — | — | 1,754,453 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | Debt securities held-to-maturity | 130,214 | — | 107,814 | — | 107,814 | Debt securities held-to-maturity | 134,175 | — | 116,093 | — | 116,093 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 18,591,951 | — | — | 18,289,190 | 18,289,190 | Loans, net | 19,707,011 | — | — | 19,076,408 | 19,076,408 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 61,828 | — | 6,436 | 55,392 | 61,828 | Accrued interest receivable | 74,698 | — | 6,736 | 67,962 | 74,698 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 19,466,919 | — | 19,463,748 | — | 19,463,748 | Deposits | 19,897,455 | — | 19,855,914 | — | 19,855,914 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 725,664 | — | 712,395 | — | 712,395 | Other borrowings | 2,401,327 | — | 2,371,530 | — | 2,371,530 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 127,823 | — | 120,121 | — | 120,121 | Subordinated deferrable interest debentures | 128,820 | — | 124,309 | — | 124,309 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 5,628 | — | 5,628 | — | 5,628 | Accrued interest payable | 18,005 | — | 18,005 | — | 18,005 |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 307,813 | $ | 307,813 | $ | — | $ | — | $ | 307,813 | Cash and due from banks | $ | 284,567 | $ | 284,567 | $ | — | $ | — | $ | 284,567 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing accounts | Federal funds sold and interest-bearing accounts | 3,756,844 | 3,756,844 | — | — | 3,756,844 | Federal funds sold and interest-bearing accounts | 833,565 | 833,565 | — | — | 833,565 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | Debt securities held-to-maturity | 79,850 | — | 78,206 | — | 78,206 | Debt securities held-to-maturity | 134,864 | — | 114,538 | 114,538 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 15,662,495 | — | — | 15,509,410 | 15,509,410 | Loans, net | 19,617,604 | — | — | 19,067,612 | 19,067,612 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 56,917 | — | 2,373 | 54,544 | 56,917 | Accrued interest receivable | 77,042 | — | 7,694 | 69,348 | 77,042 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 19,665,553 | — | 19,667,612 | — | 19,667,612 | Deposits | 19,462,738 | — | 19,455,187 | — | 19,455,187 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 5,845 | 5,845 | — | — | 5,845 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 739,879 | — | 760,829 | — | 760,829 | Other borrowings | 1,875,736 | — | 1,861,850 | — | 1,861,850 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 126,328 | — | 117,764 | — | 117,764 | Subordinated deferrable interest debentures | 128,322 | — | 125,988 | — | 125,988 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,313 | — | 4,313 | — | 4,313 | Accrued interest payable | 10,530 | — | 10,530 | — | 10,530 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 5,861,437 | $ | 4,328,749 | Commitments to extend credit | $ | 5,915,387 | $ | 6,318,039 | ||||||||||||
Unused home equity lines of credit | Unused home equity lines of credit | 327,974 | 272,029 | Unused home equity lines of credit | 364,479 | 345,001 | ||||||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 30,236 | 36,184 | Financial standby letters of credit | 30,926 | 33,557 | ||||||||||||||||
Mortgage interest rate lock commitments | Mortgage interest rate lock commitments | 245,168 | 417,126 | Mortgage interest rate lock commitments | 357,980 | 148,148 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 43,973 | $ | 22,314 | $ | 33,185 | $ | 32,854 | Balance at beginning of period | $ | 52,411 | $ | 33,185 | ||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 192 | (5,516) | 10,980 | (16,056) | Provision for unfunded commitments | 346 | 9,009 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 44,165 | $ | 16,798 | $ | 44,165 | $ | 16,798 | Balance at end of period | $ | 52,757 | $ | 42,194 |
Three Months Ended September 30, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 164,095 | $ | 40,389 | $ | 12,490 | $ | 3,919 | $ | 13,409 | $ | 234,302 | Interest income | $ | 208,215 | $ | 48,589 | $ | 16,614 | $ | 4,375 | $ | 17,923 | $ | 295,716 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (10,412) | 21,106 | 5,511 | 1,495 | 3,621 | 21,321 | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 174,507 | 19,283 | 6,979 | 2,424 | 9,788 | 212,981 | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 10,551 | 9,043 | (1,836) | 52 | (158) | 17,652 | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,269 | 38,584 | 1,516 | 1,946 | 9 | 65,324 | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 48,599 | 25,813 | 1,055 | 1,412 | 1,818 | 78,697 | Salaries and employee benefits | 56,442 | 20,160 | 802 | 1,309 | 2,197 | 80,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,357 | 1,460 | 1 | 82 | 83 | 12,983 | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 10,779 | 1,082 | 43 | 29 | 82 | 12,015 | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 22,974 | 11,641 | 209 | 100 | 959 | 35,883 | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 93,709 | 39,996 | 1,308 | 1,623 | 2,942 | 139,578 | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 93,516 | 8,828 | 9,023 | 2,695 | 7,013 | 121,075 | Income before income tax expense | 53,218 | 13,973 | 5,323 | 861 | 5,177 | 78,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 22,706 | 1,854 | 1,895 | 566 | 1,499 | 28,520 | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 70,810 | $ | 6,974 | $ | 7,128 | $ | 2,129 | $ | 5,514 | $ | 92,555 | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,980,520 | $ | 4,402,221 | $ | 955,711 | $ | 259,427 | $ | 1,215,778 | $ | 23,813,657 | Total assets | $ | 18,870,145 | $ | 4,879,135 | $ | 936,169 | $ | 272,844 | $ | 1,130,091 | $ | 26,088,384 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 958,573 | — | — | — | 64,498 | 1,023,071 | Goodwill | 951,148 | — | — | — | 64,498 | 1,015,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 101,225 | — | — | — | 9,678 | 110,903 | Other intangible assets, net | 93,285 | — | — | — | 8,203 | 101,488 |
Three Months Ended September 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 110,708 | $ | 33,390 | $ | 9,093 | $ | 11,986 | $ | 7,869 | $ | 173,046 | Interest income | $ | 129,290 | $ | 32,832 | $ | 6,813 | $ | 6,780 | $ | 7,659 | $ | 183,374 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (2,816) | 12,101 | 381 | 1,287 | 432 | 11,385 | Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 113,524 | 21,289 | 8,712 | 10,699 | 7,437 | 161,661 | Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (9,578) | 1,678 | (291) | (1,104) | (380) | (9,675) | Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 17,896 | 55,555 | 1,037 | 2,070 | 4 | 76,562 | Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 40,020 | 36,373 | 264 | 1,320 | 1,694 | 79,671 | Salaries and employee benefits | 49,195 | 31,614 | 283 | 1,271 | 1,918 | 84,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 10,196 | 1,590 | — | 116 | 77 | 11,979 | Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 9,159 | 1,357 | 59 | 18 | 88 | 10,681 | Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 21,723 | 11,675 | 200 | 370 | 897 | 34,865 | Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 81,098 | 50,995 | 523 | 1,824 | 2,756 | 137,196 | Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 59,900 | 24,171 | 9,517 | 12,049 | 5,065 | 110,702 | Income before income tax expense | 58,339 | 32,455 | 7,521 | 6,867 | 4,222 | 109,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 17,784 | 5,076 | 1,999 | 2,530 | 1,633 | 29,022 | Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 42,116 | $ | 19,095 | $ | 7,518 | $ | 9,519 | $ | 3,432 | $ | 81,680 | Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,070,583 | $ | 4,247,967 | $ | 740,809 | $ | 529,044 | $ | 944,738 | $ | 22,533,141 | Total assets | $ | 17,409,973 | $ | 4,197,613 | $ | 703,558 | $ | 313,219 | $ | 935,929 | $ | 23,560,292 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 863,507 | — | — | — | 64,498 | 928,005 | Goodwill | 957,847 | — | — | — | 64,498 | 1,022,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 47,768 | — | — | — | 12,628 | 60,396 | Other intangible assets, net | 109,604 | — | — | — | 11,153 | 120,757 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 435,229 | $ | 111,276 | $ | 27,779 | $ | 15,456 | $ | 30,504 | $ | 620,244 | |||||||||||||||||||||||
Interest expense | (25,145) | 51,919 | 7,653 | 3,223 | 5,705 | 43,355 | |||||||||||||||||||||||||||||
Net interest income | 460,374 | 59,357 | 20,126 | 12,233 | 24,799 | 576,889 | |||||||||||||||||||||||||||||
Provision for credit losses | 25,952 | 15,129 | (1,191) | (614) | (469) | 38,807 | |||||||||||||||||||||||||||||
Noninterest income | 68,102 | 158,028 | 3,958 | 5,963 | 25 | 236,076 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 144,527 | 88,646 | 1,546 | 3,999 | 5,805 | 244,523 | |||||||||||||||||||||||||||||
Occupancy and equipment | 33,599 | 4,337 | 3 | 262 | 255 | 38,456 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 32,872 | 3,377 | 138 | 86 | 269 | 36,742 | |||||||||||||||||||||||||||||
Other expenses | 64,142 | 37,098 | 639 | 1,019 | 2,975 | 105,873 | |||||||||||||||||||||||||||||
Total noninterest expense | 275,140 | 133,458 | 2,326 | 5,366 | 9,304 | 425,594 | |||||||||||||||||||||||||||||
Income before income tax expense | 227,384 | 68,798 | 22,949 | 13,444 | 15,989 | 348,564 | |||||||||||||||||||||||||||||
Income tax expense | 58,822 | 14,448 | 4,820 | 2,823 | 3,332 | 84,245 | |||||||||||||||||||||||||||||
Net income | $ | 168,562 | $ | 54,350 | $ | 18,129 | $ | 10,621 | $ | 12,657 | $ | 264,319 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 332,347 | $ | 97,674 | $ | 28,408 | $ | 44,070 | $ | 22,248 | $ | 524,747 | |||||||||||||||||||||||
Interest expense | (4,663) | 34,868 | 1,070 | 3,854 | 1,128 | 36,257 | |||||||||||||||||||||||||||||
Net interest income | 337,010 | 62,806 | 27,338 | 40,216 | 21,120 | 488,490 | |||||||||||||||||||||||||||||
Provision for credit losses | (37,431) | 2,772 | (591) | (2,258) | (616) | (38,124) | |||||||||||||||||||||||||||||
Noninterest income | 50,805 | 222,250 | 3,350 | 7,358 | 12 | 283,775 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 120,557 | 131,009 | 872 | 3,639 | 5,084 | 261,161 | |||||||||||||||||||||||||||||
Occupancy and equipment | 29,366 | 4,619 | 2 | 354 | 231 | 34,572 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 29,640 | 4,338 | 176 | 19 | 269 | 34,442 | |||||||||||||||||||||||||||||
Other expenses | 60,196 | 27,502 | 263 | 949 | 2,670 | 91,580 | |||||||||||||||||||||||||||||
Total noninterest expense | 239,759 | 167,468 | 1,313 | 4,961 | 8,254 | 421,755 | |||||||||||||||||||||||||||||
Income before income tax expense | 185,487 | 114,816 | 29,966 | 44,871 | 13,494 | 388,634 | |||||||||||||||||||||||||||||
Income tax expense | 50,436 | 24,111 | 6,293 | 9,423 | 3,402 | 93,665 | |||||||||||||||||||||||||||||
Net income | $ | 135,051 | $ | 90,705 | $ | 23,673 | $ | 35,448 | $ | 10,092 | $ | 294,969 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Loan Servicing Rights | Loan Servicing Rights | Loan Servicing Rights | ||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 144,764 | $ | 206,944 | Residential mortgage | $ | 149,986 | $ | 147,014 | ||||||||||||
SBA | SBA | 4,318 | 5,556 | SBA | 3,166 | 3,443 | ||||||||||||||||
Total loan servicing rights | Total loan servicing rights | $ | 149,082 | $ | 212,500 | Total loan servicing rights | $ | 153,152 | $ | 150,457 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | (dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | Residential mortgage servicing rights | 2022 | 2021 | 2022 | 2021 | Residential mortgage servicing rights | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 257,112 | $ | 191,675 | $ | 206,944 | $ | 130,630 | Beginning carrying value, net | $ | 147,014 | $ | 206,944 | ||||||||||||||||||||||||||||||||
Additions | Additions | 14,893 | 6,195 | 58,145 | 71,439 | Additions | 7,730 | 21,701 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (6,939) | (7,967) | (20,515) | (22,648) | Amortization | (4,758) | (6,062) | ||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,332 | (1,397) | 21,824 | 9,085 | Recoveries | — | 9,653 | ||||||||||||||||||||||||||||||||||||||
Disposals | (121,634) | — | (121,634) | — | ||||||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 144,764 | $ | 188,506 | $ | 144,764 | $ | 188,506 | Ending carrying value, net | $ | 149,986 | $ | 232,236 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | (dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing valuation allowance | Residential mortgage servicing valuation allowance | 2022 | 2021 | 2022 | 2021 | Residential mortgage servicing valuation allowance | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 5,290 | $ | 28,925 | $ | 25,782 | $ | 39,407 | Beginning balance | $ | — | $ | 25,782 | ||||||||||||||||||||||||||||||||
Additions | — | 1,397 | — | 1,397 | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | (1,332) | — | (21,824) | (10,482) | Recoveries | — | (9,653) | ||||||||||||||||||||||||||||||||||||||
Reduction due to disposal | (3,958) | — | (3,958) | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | 30,322 | $ | — | $ | 30,322 | Ending balance | $ | — | $ | 16,129 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
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 | $ | 9,708,757 | $ | 16,786,442 | Unpaid principal balance of loans serviced for others | $ | 10,581,669 | $ | 10,046,052 | ||||||||||||
Composition of residential loans serviced for others: | Composition of residential loans serviced for others: | Composition of residential loans serviced for others: | ||||||||||||||||||||
FHLMC | FHLMC | 16.55 | % | 21.88 | % | FHLMC | 16.82 | % | 16.80 | % | ||||||||||||
FNMA | FNMA | 48.85 | % | 60.26 | % | FNMA | 50.19 | % | 50.09 | % | ||||||||||||
GNMA | GNMA | 34.60 | % | 17.86 | % | GNMA | 32.99 | % | 33.11 | % | ||||||||||||
Total | Total | 100.00 | % | 100.00 | % | Total | 100.00 | % | 100.00 | % | ||||||||||||
Weighted average term (months) | Weighted average term (months) | 353 | 341 | Weighted average term (months) | 354 | 353 | ||||||||||||||||
Weighted average age (months) | Weighted average age (months) | 21 | 20 | Weighted average age (months) | 24 | 22 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 7.20 | % | 12.96 | % | Modeled prepayment speed | 8.55 | % | 8.22 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (5,103) | (8,368) | Decline in fair value due to a 10% adverse change | (3,940) | (5,800) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (10,248) | (16,157) | Decline in fair value due to a 20% adverse change | (8,283) | (11,184) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 10.02 | % | 8.77 | % | Weighted average discount rate | 10.73 | % | 10.00 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (6,316) | (6,984) | Decline in fair value due to a 10% adverse change | (4,840) | (6,413) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (12,501) | (13,504) | Decline in fair value due to a 20% adverse change | (10,361) | (12,330) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | (dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
SBA servicing rights | SBA servicing rights | 2022 | 2021 | 2022 | 2021 | SBA servicing rights | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 4,954 | $ | 6,123 | $ | 5,556 | $ | 5,839 | Beginning carrying value, net | $ | 3,443 | $ | 5,556 | ||||||||||||||||||||||||||||||||
Additions | Additions | 99 | 265 | 873 | 736 | Additions | 44 | 538 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (735) | (555) | (2,111) | (1,647) | Amortization | (321) | (710) | ||||||||||||||||||||||||||||||||||||||
Recoveries | — | — | — | 905 | ||||||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 4,318 | $ | 5,833 | $ | 4,318 | $ | 5,833 | Ending carrying value, net | $ | 3,166 | $ | 5,384 |
(dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
SBA servicing valuation allowance | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 905 | |||||||||||||||
Recoveries | — | — | — | (905) | |||||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
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 | $ | 364,548 | $ | 410,167 | Unpaid principal balance of loans serviced for others | $ | 311,532 | $ | 326,418 | ||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 3.66 | 3.65 | Weighted average life (in years) | 3.69 | 3.69 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 18.12 | % | 17.68 | % | Modeled prepayment speed | 18.37 | % | 18.24 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (233) | (291) | Decline in fair value due to a 10% adverse change | (187) | (177) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (446) | (557) | Decline in fair value due to a 20% adverse change | (359) | (340) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 14.62 | % | 11.92 | % | Weighted average discount rate | 15.98 | % | 19.57 | % | ||||||||||||
Decline in fair value due to a 100 basis point adverse change | Decline in fair value due to a 100 basis point adverse change | (112) | (144) | Decline in fair value due to a 100 basis point adverse change | (88) | (83) | ||||||||||||||||
Decline in fair value due to a 200 basis point adverse change | Decline in fair value due to a 200 basis point adverse change | (220) | (282) | Decline in fair value due to a 200 basis point adverse change | (173) | (163) |
(dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
Indirect automobile servicing rights | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning carrying value, net | $ | — | $ | — | $ | — | $ | 73 | |||||||||||||||
Amortization | — | — | — | (73) | |||||||||||||||||||
Ending carrying value, net | $ | — | $ | — | $ | — | $ | — |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | 2022 | 2021 | (in thousands, except share and per share data) | 2023 | 2022 | ||||||||||||||||
Net income | Net income | $ | 92,555 | $ | 81,680 | Net income | $ | 60,421 | $ | 81,698 | ||||||||||||
Adjustment items: | Adjustment items: | Adjustment items: | ||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | — | 183 | Merger and conversion charges | — | 977 | ||||||||||||||||
Loss on sale of mortgage servicing rights | 316 | — | ||||||||||||||||||||
Servicing right impairment (recovery) | Servicing right impairment (recovery) | (1,332) | 1,398 | Servicing right impairment (recovery) | — | (9,654) | ||||||||||||||||
Gain on BOLI proceeds | Gain on BOLI proceeds | (55) | — | Gain on BOLI proceeds | (486) | — | ||||||||||||||||
Natural disaster and pandemic expenses | 151 | — | ||||||||||||||||||||
Loss on bank premises | — | 1,136 | ||||||||||||||||||||
Gain on bank premises | Gain on bank premises | — | (6) | |||||||||||||||||||
Tax effect of adjustment items (Note 1) | Tax effect of adjustment items (Note 1) | 182 | (536) | Tax effect of adjustment items (Note 1) | — | 2,024 | ||||||||||||||||
After tax adjustment items | After tax adjustment items | (738) | 2,181 | After tax adjustment items | (486) | (6,659) | ||||||||||||||||
Adjusted net income | Adjusted net income | $ | 91,817 | $ | 83,861 | Adjusted net income | $ | 59,935 | $ | 75,039 | ||||||||||||
Weighted average common shares outstanding - diluted | Weighted average common shares outstanding - diluted | 69,327,414 | 69,756,135 | Weighted average common shares outstanding - diluted | 69,322,664 | 69,660,990 | ||||||||||||||||
Net income per diluted share | Net income per diluted share | $ | 1.34 | $ | 1.17 | Net income per diluted share | $ | 0.87 | $ | 1.17 | ||||||||||||
Adjusted net income per diluted share | Adjusted net income per diluted share | $ | 1.32 | $ | 1.20 | Adjusted net income per diluted share | $ | 0.86 | $ | 1.08 | ||||||||||||
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 March 31, 2022 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 March 31, 2022 is nondeductible for tax purposes. |
Three Months Ended September 30, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 164,095 | $ | 40,389 | $ | 12,490 | $ | 3,919 | $ | 13,409 | $ | 234,302 | Interest income | $ | 208,215 | $ | 48,589 | $ | 16,614 | $ | 4,375 | $ | 17,923 | $ | 295,716 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (10,412) | 21,106 | 5,511 | 1,495 | 3,621 | 21,321 | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 174,507 | 19,283 | 6,979 | 2,424 | 9,788 | 212,981 | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 10,551 | 9,043 | (1,836) | 52 | (158) | 17,652 | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,269 | 38,584 | 1,516 | 1,946 | 9 | 65,324 | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 48,599 | 25,813 | 1,055 | 1,412 | 1,818 | 78,697 | Salaries and employee benefits | 56,442 | 20,160 | 802 | 1,309 | 2,197 | 80,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,357 | 1,460 | 1 | 82 | 83 | 12,983 | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 10,779 | 1,082 | 43 | 29 | 82 | 12,015 | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 22,974 | 11,641 | 209 | 100 | 959 | 35,883 | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 93,709 | 39,996 | 1,308 | 1,623 | 2,942 | 139,578 | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 93,516 | 8,828 | 9,023 | 2,695 | 7,013 | 121,075 | Income before income tax expense | 53,218 | 13,973 | 5,323 | 861 | 5,177 | 78,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 22,706 | 1,854 | 1,895 | 566 | 1,499 | 28,520 | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 70,810 | $ | 6,974 | $ | 7,128 | $ | 2,129 | $ | 5,514 | $ | 92,555 | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 |
Three Months Ended September 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 110,708 | $ | 33,390 | $ | 9,093 | $ | 11,986 | $ | 7,869 | $ | 173,046 | Interest income | $ | 129,290 | $ | 32,832 | $ | 6,813 | $ | 6,780 | $ | 7,659 | $ | 183,374 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (2,816) | 12,101 | 381 | 1,287 | 432 | 11,385 | Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 113,524 | 21,289 | 8,712 | 10,699 | 7,437 | 161,661 | Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (9,578) | 1,678 | (291) | (1,104) | (380) | (9,675) | Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 17,896 | 55,555 | 1,037 | 2,070 | 4 | 76,562 | Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 40,020 | 36,373 | 264 | 1,320 | 1,694 | 79,671 | Salaries and employee benefits | 49,195 | 31,614 | 283 | 1,271 | 1,918 | 84,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 10,196 | 1,590 | — | 116 | 77 | 11,979 | Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 9,159 | 1,357 | 59 | 18 | 88 | 10,681 | Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 21,723 | 11,675 | 200 | 370 | 897 | 34,865 | Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 81,098 | 50,995 | 523 | 1,824 | 2,756 | 137,196 | Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 59,900 | 24,171 | 9,517 | 12,049 | 5,065 | 110,702 | Income before income tax expense | 58,339 | 32,455 | 7,521 | 6,867 | 4,222 | 109,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 17,784 | 5,076 | 1,999 | 2,530 | 1,633 | 29,022 | Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 42,116 | $ | 19,095 | $ | 7,518 | $ | 9,519 | $ | 3,432 | $ | 81,680 | Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 |
Quarter Ended September 30, | Quarter Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 1,399,529 | $ | 7,215 | 2.05% | $ | 3,102,413 | $ | 1,253 | 0.16% | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 859,614 | $ | 9,113 | 4.30% | $ | 3,413,238 | $ | 1,383 | 0.16% | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 1,339,750 | 10,783 | 3.19% | 803,953 | 5,472 | 2.70% | Investment securities | 1,760,500 | 14,729 | 3.39% | 700,975 | 4,474 | 2.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 471,070 | 6,012 | 5.06% | 1,497,320 | 10,618 | 2.81% | Loans held for sale | 490,295 | 7,007 | 5.80% | 1,097,098 | 8,132 | 3.01% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 18,146,083 | 211,223 | 4.62% | 14,685,878 | 156,861 | 4.24% | Loans | 19,820,749 | 265,802 | 5.44% | 15,821,397 | 170,398 | 4.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 21,356,432 | 235,233 | 4.37% | 20,089,564 | 174,204 | 3.44% | Total interest-earning assets | 22,931,158 | 296,651 | 5.25% | 21,032,708 | 184,387 | 3.56% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 2,242,033 | 1,998,078 | Noninterest-earning assets | 2,184,769 | 2,242,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 23,598,465 | $ | 22,087,642 | Total assets | $ | 25,115,927 | $ | 23,275,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 9,758,158 | $ | 12,706 | 0.52% | $ | 9,322,590 | $ | 2,907 | 0.12% | Savings and interest-bearing demand deposits | $ | 10,145,800 | $ | 44,130 | 1.76% | $ | 9,899,418 | $ | 2,600 | 0.11% | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,506,761 | 1,328 | 0.35% | 1,919,695 | 2,199 | 0.45% | Time deposits | 1,737,458 | 9,052 | 2.11% | 1,774,016 | 1,492 | 0.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 92 | — | —% | 5,133 | 4 | 0.31% | Securities sold under agreements to repurchase | — | — | —% | 4,020 | 3 | 0.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 94,357 | 527 | 2.22% | 48,866 | 195 | 1.58% | FHLB advances | 1,968,811 | 22,448 | 4.62% | 48,786 | 190 | 1.58% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 376,942 | 4,655 | 4.90% | 376,489 | 4,640 | 4.89% | Other borrowings | 361,445 | 5,349 | 6.00% | 443,657 | 5,164 | 4.72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 127,560 | 2,105 | 6.55% | 125,567 | 1,440 | 4.55% | Subordinated deferrable interest debentures | 128,557 | 3,085 | 9.73% | 126,563 | 1,381 | 4.43% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 11,863,870 | 21,321 | 0.71% | 11,798,340 | 11,385 | 0.38% | Total interest-bearing liabilities | 14,342,071 | 84,064 | 2.38% | 12,296,460 | 10,830 | 0.36% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 8,259,625 | 7,168,717 | Demand deposits | 7,136,373 | 7,658,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 351,252 | 245,894 | Other liabilities | 387,194 | 326,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 3,123,718 | 2,874,691 | Shareholders’ equity | 3,250,289 | 2,994,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 23,598,465 | $ | 22,087,642 | Total liabilities and shareholders’ equity | $ | 25,115,927 | $ | 23,275,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 3.66% | 3.06% | Interest rate spread | 2.87% | 3.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 213,912 | $ | 162,819 | Net interest income | $ | 212,587 | $ | 173,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.97% | 3.22% | Net interest margin | 3.76% | 3.35% |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 3,701,045 | 0.40% | $ | 3,447,909 | 0.09% | NOW | $ | 4,145,991 | 1.47% | $ | 3,684,772 | 0.09% | ||||||||||||||||||||||||||||||||
MMDA | MMDA | 5,026,815 | 0.68% | 4,966,492 | 0.16% | MMDA | 4,994,195 | 2.26% | 5,240,922 | 0.13% | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,030,298 | 0.14% | 908,189 | 0.06% | Savings | 1,005,614 | 0.52% | 973,724 | 0.06% | ||||||||||||||||||||||||||||||||||||
Retail CDs | Retail CDs | 1,506,761 | 0.35% | 1,919,184 | 0.45% | Retail CDs | 1,612,325 | 1.92% | 1,774,016 | 0.34% | ||||||||||||||||||||||||||||||||||||
Brokered CDs | Brokered CDs | — | —% | 511 | 3.11% | Brokered CDs | 125,133 | 4.61% | — | —% | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 11,264,919 | 0.49% | $ | 11,242,285 | 0.18% | Interest-bearing deposits | $ | 11,883,258 | 1.82% | $ | 11,673,434 | 0.14% |
Nine Months Ended September 30, | |||||||||||
(in thousands, except share and per share data) | 2022 | 2021 | |||||||||
Net income available to common shareholders | $ | 264,319 | $ | 294,969 | |||||||
Adjustment items: | |||||||||||
Merger and conversion charges | 977 | 183 | |||||||||
Loss on sale of mortgage servicing rights | 316 | — | |||||||||
Servicing right recovery | (21,824) | (9,990) | |||||||||
Gain on BOLI proceeds | (55) | (603) | |||||||||
Natural disaster and pandemic charges | 151 | — | |||||||||
(Gain) loss on bank premises | (45) | 636 | |||||||||
Tax effect of adjustment items (Note 1) | 4,490 | 1,960 | |||||||||
After tax adjustment items | (15,990) | (7,814) | |||||||||
Adjusted net income | $ | 248,329 | $ | 287,155 | |||||||
Weighted average common shares outstanding - diluted | 69,427,522 | 69,772,084 | |||||||||
Net income per diluted share | $ | 3.81 | $ | 4.23 | |||||||
Adjusted net income per diluted share | $ | 3.58 | $ | 4.12 | |||||||
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 nine months ended September 30, 2022 and 2021 is nondeductible for tax purposes. |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 435,229 | $ | 111,276 | $ | 27,779 | $ | 15,456 | $ | 30,504 | $ | 620,244 | |||||||||||||||||||||||
Interest expense | (25,145) | 51,919 | 7,653 | 3,223 | 5,705 | 43,355 | |||||||||||||||||||||||||||||
Net interest income | 460,374 | 59,357 | 20,126 | 12,233 | 24,799 | 576,889 | |||||||||||||||||||||||||||||
Provision for loan losses | 25,952 | 15,129 | (1,191) | (614) | (469) | 38,807 | |||||||||||||||||||||||||||||
Noninterest income | 68,102 | 158,028 | 3,958 | 5,963 | 25 | 236,076 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 144,527 | 88,646 | 1,546 | 3,999 | 5,805 | 244,523 | |||||||||||||||||||||||||||||
Occupancy and equipment | 33,599 | 4,337 | 3 | 262 | 255 | 38,456 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 32,872 | 3,377 | 138 | 86 | 269 | 36,742 | |||||||||||||||||||||||||||||
Other expenses | 64,142 | 37,098 | 639 | 1,019 | 2,975 | 105,873 | |||||||||||||||||||||||||||||
Total noninterest expense | 275,140 | 133,458 | 2,326 | 5,366 | 9,304 | 425,594 | |||||||||||||||||||||||||||||
Income before income tax expense | 227,384 | 68,798 | 22,949 | 13,444 | 15,989 | 348,564 | |||||||||||||||||||||||||||||
Income tax expense | 58,822 | 14,448 | 4,820 | 2,823 | 3,332 | 84,245 | |||||||||||||||||||||||||||||
Net income | $ | 168,562 | $ | 54,350 | $ | 18,129 | $ | 10,621 | $ | 12,657 | $ | 264,319 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 332,347 | $ | 97,674 | $ | 28,408 | $ | 44,070 | $ | 22,248 | $ | 524,747 | |||||||||||||||||||||||
Interest expense | (4,663) | 34,868 | 1,070 | 3,854 | 1,128 | 36,257 | |||||||||||||||||||||||||||||
Net interest income | 337,010 | 62,806 | 27,338 | 40,216 | 21,120 | 488,490 | |||||||||||||||||||||||||||||
Provision for loan losses | (37,431) | 2,772 | (591) | (2,258) | (616) | (38,124) | |||||||||||||||||||||||||||||
Noninterest income | 50,805 | 222,250 | 3,350 | 7,358 | 12 | 283,775 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 120,557 | 131,009 | 872 | 3,639 | 5,084 | 261,161 | |||||||||||||||||||||||||||||
Occupancy and equipment | 29,366 | 4,619 | 2 | 354 | 231 | 34,572 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 29,640 | 4,338 | 176 | 19 | 269 | 34,442 | |||||||||||||||||||||||||||||
Other expenses | 60,196 | 27,502 | 263 | 949 | 2,670 | 91,580 | |||||||||||||||||||||||||||||
Total noninterest expense | 239,759 | 167,468 | 1,313 | 4,961 | 8,254 | 421,755 | |||||||||||||||||||||||||||||
Income before income tax expense | 185,487 | 114,816 | 29,966 | 44,871 | 13,494 | 388,634 | |||||||||||||||||||||||||||||
Income tax expense | 50,436 | 24,111 | 6,293 | 9,423 | 3,402 | 93,665 | |||||||||||||||||||||||||||||
Net income | $ | 135,051 | $ | 90,705 | $ | 23,673 | $ | 35,448 | $ | 10,092 | $ | 294,969 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,339,364 | $ | 13,093 | 0.75% | $ | 2,586,564 | $ | 2,394 | 0.12% | |||||||||||||||||||||||||
Investment securities | 1,023,118 | 22,662 | 2.96% | 872,306 | 17,188 | 2.63% | |||||||||||||||||||||||||||||
Loans held for sale | 835,418 | 24,180 | 3.87% | 1,496,548 | 33,218 | 2.97% | |||||||||||||||||||||||||||||
Loans | 16,951,566 | 563,223 | 4.44% | 14,563,835 | 475,446 | 4.36% | |||||||||||||||||||||||||||||
Total interest-earning assets | 21,149,466 | 623,158 | 3.94% | 19,519,253 | 528,246 | 3.62% | |||||||||||||||||||||||||||||
Noninterest-earning assets | 2,255,945 | 1,943,248 | |||||||||||||||||||||||||||||||||
Total assets | $ | 23,405,411 | $ | 21,462,501 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 9,815,352 | $ | 18,896 | 0.26% | $ | 9,052,996 | $ | 8,801 | 0.13% | |||||||||||||||||||||||||
Time deposits | 1,657,193 | 4,138 | 0.33% | 1,997,248 | 8,878 | 0.59% | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,974 | 4 | 0.27% | 7,085 | 16 | 0.30% | |||||||||||||||||||||||||||||
FHLB advances | 64,130 | 909 | 1.90% | 48,909 | 580 | 1.59% | |||||||||||||||||||||||||||||
Other borrowings | 398,898 | 14,256 | 4.78% | 376,376 | 13,961 | 4.96% | |||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 127,066 | 5,152 | 5.42% | 125,073 | 4,021 | 4.30% | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 12,064,613 | 43,355 | 0.48% | 11,607,687 | 36,257 | 0.42% | |||||||||||||||||||||||||||||
Demand deposits | 7,960,149 | 6,821,256 | |||||||||||||||||||||||||||||||||
Other liabilities | 326,293 | 243,579 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,054,356 | 2,789,979 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 23,405,411 | $ | 21,462,501 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.46% | 3.20% | |||||||||||||||||||||||||||||||||
Net interest income | $ | 579,803 | $ | 491,989 | |||||||||||||||||||||||||||||||
Net interest margin | 3.67% | 3.37% |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | |||||||||||||||||||
NOW | $ | 3,693,829 | 0.21% | $ | 3,315,803 | 0.10% | |||||||||||||||||
MMDA | 5,117,528 | 0.33% | 4,867,509 | 0.16% | |||||||||||||||||||
Savings | 1,003,995 | 0.08% | 869,684 | 0.06% | |||||||||||||||||||
Retail CDs | 1,657,193 | 0.33% | 1,996,413 | 0.59% | |||||||||||||||||||
Brokered CDs | — | —% | 835 | 2.88% | |||||||||||||||||||
Interest-bearing deposits | $ | 11,472,545 | 0.27% | $ | 11,050,244 | 0.21% |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(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. Treasuries | U.S. Treasuries | $ | 520,085 | $ | 503,810 | $ | — | $ | — | U.S. Treasuries | $ | 776,583 | $ | 766,129 | $ | 775,784 | $ | 759,534 | ||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,039 | 977 | 7,084 | 7,172 | U.S. government-sponsored agencies | 1,032 | 987 | 1,036 | 979 | ||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 40,842 | 39,268 | 45,470 | 47,812 | State, county and municipal securities | 33,965 | 33,213 | 35,358 | 34,195 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 15,897 | 15,296 | 27,897 | 28,496 | Corporate debt securities | 16,397 | 15,610 | 16,397 | 15,926 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 31,063 | 28,851 | 44,312 | 45,201 | SBA pool securities | 26,942 | 25,342 | 29,422 | 27,398 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 710,523 | 666,947 | 448,124 | 463,940 | Mortgage-backed securities | 686,223 | 655,555 | 701,008 | 662,028 | ||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,319,449 | $ | 1,255,149 | $ | 572,887 | $ | 592,621 | Total debt securities available-for-sale | $ | 1,541,142 | $ | 1,496,836 | $ | 1,559,005 | $ | 1,500,060 | ||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 31,905 | $ | 25,073 | $ | 8,905 | $ | 8,711 | State, county and municipal securities | $ | 31,905 | $ | 27,330 | $ | 31,905 | $ | 26,525 | ||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 98,309 | 82,741 | 70,945 | 69,495 | Mortgage-backed securities | 102,270 | 88,763 | 102,959 | 88,013 | ||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 130,214 | $ | 107,814 | $ | 79,850 | $ | 78,206 | Total debt securities held-to-maturity | $ | 134,175 | $ | 116,093 | $ | 134,864 | $ | 114,538 |
U.S. Treasuries | U.S. Government-Sponsored Agencies | State, County and Municipal Securities | U.S. Treasuries | U.S. Government-Sponsored Agencies | State, County and Municipal Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale (1) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2)(3) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2)(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | — | — | % | $ | — | — | % | $ | 5,195 | 3.21 | % | One year or less | $ | 72,894 | 3.93 | % | $ | — | — | % | $ | 2,243 | 3.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 503,810 | 2.77 | 977 | 2.16 | 18,187 | 3.96 | After one year through five years | 693,235 | 3.15 | 987 | 2.16 | 18,054 | 3.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | — | — | 8,997 | 4.20 | After five years through ten years | — | — | — | — | 6,631 | 4.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | — | — | — | — | 6,889 | 3.70 | After ten years | — | — | — | — | 6,285 | 3.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 503,810 | 2.77 | % | $ | 977 | 2.16 | % | $ | 39,268 | 3.87 | % | $ | 766,129 | 3.23 | % | $ | 987 | 2.16 | % | $ | 33,213 | 3.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Debt Securities | SBA Pool Securities | Mortgage-Backed Securities | Corporate Debt 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) | Amount | Yield (2) | (dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | 500 | 3.88 | % | $ | 166 | 2.56 | % | $ | 7,527 | 3.07 | % | One year or less | $ | 500 | 3.88 | % | $ | 11 | 6.62 | % | $ | 20,578 | 2.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 1,000 | 2.40 | 6,916 | 2.11 | 172,943 | 3.15 | After one year through five years | 3,994 | 5.47 | 6,004 | 2.11 | 233,349 | 3.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | 12,233 | 4.90 | 3,479 | 2.67 | 209,568 | 2.95 | After five years through ten years | 9,825 | 5.00 | 5,907 | 2.58 | 150,168 | 3.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 1,563 | 6.75 | 18,290 | 2.70 | 276,909 | 3.14 | After ten years | 1,291 | 8.00 | 13,420 | 3.13 | 251,460 | 3.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 15,296 | 4.93 | % | $ | 28,851 | 2.56 | % | $ | 666,947 | 3.08 | % | $ | 15,610 | 5.43 | % | $ | 25,342 | 2.76 | % | $ | 655,555 | 3.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State, County and Municipal Securities | 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)(3) | 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 | — | — | 11,009 | 1.01 | After one year through five years | — | — | 10,901 | 1.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | 38,753 | 2.67 | After five years through ten years | — | — | 38,669 | 2.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 31,905 | 3.93 | 48,547 | 2.03 | After ten years | 31,905 | 3.93 | 52,700 | 2.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 31,905 | 3.93 | % | $ | 98,309 | 2.17 | % | $ | 31,905 | 3.93 | % | $ | 102,270 | 2.26 | % |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Balance of allowance for credit losses on loans at beginning of period | Balance of allowance for credit losses on loans at beginning of period | $ | 167,582 | $ | 199,422 | Balance of allowance for credit losses on loans at beginning of period | $ | 205,677 | $ | 167,582 | ||||||||||||
Adjustment to allowance for adoption of ASU 2022-02 | Adjustment to allowance for adoption of ASU 2022-02 | (1,711) | — | |||||||||||||||||||
Provision charged to operating expense | Provision charged to operating expense | 27,962 | (21,462) | Provision charged to operating expense | 49,376 | (2,734) | ||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 13,527 | 6,757 | Commercial, financial and agricultural | 12,233 | 4,414 | ||||||||||||||||
Consumer installment | 3,790 | 4,764 | ||||||||||||||||||||
Consumer | Consumer | 1,140 | 1,425 | |||||||||||||||||||
Indirect automobile | Indirect automobile | 179 | 1,148 | Indirect automobile | 34 | 88 | ||||||||||||||||
Premium finance | Premium finance | 3,640 | 3,142 | Premium finance | 1,421 | 1,369 | ||||||||||||||||
Real estate – construction and development | — | 212 | ||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 3,378 | 1,632 | Real estate – commercial and farmland | — | 1,283 | ||||||||||||||||
Real estate – residential | Real estate – residential | 190 | 594 | Real estate – residential | 128 | — | ||||||||||||||||
Total charge-offs | Total charge-offs | 24,704 | 18,249 | Total charge-offs | 14,956 | 8,579 | ||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 7,882 | 3,338 | Commercial, financial and agricultural | 2,043 | 2,896 | ||||||||||||||||
Consumer installment | 665 | 767 | ||||||||||||||||||||
Consumer | Consumer | 297 | 158 | |||||||||||||||||||
Indirect automobile | Indirect automobile | 816 | 1,350 | Indirect automobile | 216 | 275 | ||||||||||||||||
Premium finance | Premium finance | 3,383 | 4,237 | Premium finance | 1,382 | 1,247 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 669 | 296 | Real estate – construction and development | 100 | 218 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 177 | 492 | Real estate – commercial and farmland | 44 | 37 | ||||||||||||||||
Real estate – residential | Real estate – residential | 459 | 1,022 | Real estate – residential | 190 | 151 | ||||||||||||||||
Total recoveries | Total recoveries | 14,051 | 11,502 | Total recoveries | 4,272 | 4,982 | ||||||||||||||||
Net charge-offs | Net charge-offs | 10,653 | 6,747 | Net charge-offs | 10,684 | 3,597 | ||||||||||||||||
Balance of allowance for credit losses on loans at end of period | Balance of allowance for credit losses on loans at end of period | $ | 184,891 | $ | 171,213 | Balance of allowance for credit losses on loans at end of period | $ | 242,658 | $ | 161,251 |
As of and for the Nine Months Ended | As of and for the Three Months Ended | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | September 30, 2021 | (dollars in thousands) | March 31, 2023 | March 31, 2022 | ||||||||||||||||
Allowance for credit losses on loans at end of period | Allowance for credit losses on loans at end of period | $ | 184,891 | $ | 171,213 | Allowance for credit losses on loans at end of period | $ | 242,658 | $ | 161,251 | ||||||||||||
Net charge-offs for the period | Net charge-offs for the period | 10,653 | 6,747 | Net charge-offs for the period | 10,684 | 3,597 | ||||||||||||||||
Loan balances: | Loan balances: | Loan balances: | ||||||||||||||||||||
End of period | End of period | 18,806,856 | 14,824,539 | End of period | 19,997,871 | 16,143,801 | ||||||||||||||||
Average for the period | Average for the period | 16,951,566 | 14,563,835 | Average for the period | 19,820,749 | 15,821,397 | ||||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | Net charge-offs as a percentage of average loans (annualized) | 0.08 | % | 0.06 | % | Net charge-offs as a percentage of average loans (annualized) | 0.22 | % | 0.09 | % | ||||||||||||
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 | 0.98 | % | 1.15 | % | Allowance for credit losses on loans as a percentage of end of period loans | 1.21 | % | 1.00 | % |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,245,287 | $ | 1,875,993 | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | ||||||||||||
Consumer installment | 162,345 | 191,298 | ||||||||||||||||||||
Consumer | Consumer | 349,775 | 384,037 | |||||||||||||||||||
Indirect automobile | Indirect automobile | 137,183 | 265,779 | Indirect automobile | 83,466 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 980,342 | 787,837 | Mortgage warehouse | 958,418 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 516,797 | 572,701 | Municipal | 505,515 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 1,062,724 | 798,409 | Premium finance | 947,257 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,009,726 | 1,452,339 | Real estate – construction and development | 2,144,605 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,516,309 | 6,834,917 | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,176,143 | 3,094,985 | Real estate – residential | 4,564,923 | 4,420,306 | ||||||||||||||||
$ | 18,806,856 | $ | 15,874,258 | $ | 19,997,871 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | September 30, 2022 | December 31, 2021 | (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 118,676 | $ | 85,266 | Nonaccrual loans | $ | 143,027 | $ | 134,808 | ||||||||||||
Accruing loans delinquent 90 days or more | Accruing loans delinquent 90 days or more | 12,378 | 12,648 | Accruing loans delinquent 90 days or more | 15,792 | 17,865 | ||||||||||||||||
Repossessed assets | Repossessed assets | 60 | 84 | Repossessed assets | 25 | 28 | ||||||||||||||||
Other real estate owned | Other real estate owned | 843 | 3,810 | Other real estate owned | 1,502 | 843 | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 131,957 | $ | 101,808 | Total non-performing assets | $ | 160,346 | $ | 153,544 |
September 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 8 | $ | 1,342 | 3 | $ | 353 | |||||||||||||||||
Consumer installment | 4 | 6 | 10 | 12 | |||||||||||||||||||
Indirect automobile | 170 | 595 | 25 | 101 | |||||||||||||||||||
Premium finance | 5 | 456 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 698 | 1 | 24 | |||||||||||||||||||
Real estate – commercial and farmland | 17 | 8,091 | 3 | 66 | |||||||||||||||||||
Real estate – residential | 206 | 24,515 | 29 | 3,494 | |||||||||||||||||||
Total | 412 | $ | 35,703 | 71 | $ | 4,050 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | |||||||||||||||||
Consumer installment | 7 | 16 | 17 | 35 | |||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 25 | 35,575 | 5 | 5,924 | |||||||||||||||||||
Real estate – residential | 213 | 26,879 | 39 | 4,678 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
September 30, 2022 | 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 | 10 | $ | 1,347 | 1 | $ | 348 | |||||||||||||||||
Consumer installment | 7 | 6 | 7 | 12 | |||||||||||||||||||
Indirect automobile | 156 | 519 | 39 | 177 | |||||||||||||||||||
Premium finance | 5 | 456 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 698 | 1 | 24 | |||||||||||||||||||
Real estate – commercial and farmland | 19 | 8,149 | 1 | 8 | |||||||||||||||||||
Real estate – residential | 188 | 22,017 | 47 | 5,992 | |||||||||||||||||||
Total | 387 | $ | 33,192 | 96 | $ | 6,561 |
December 31, 2021 | 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 | $ | 1,269 | 7 | $ | 100 | |||||||||||||||||
Consumer installment | 10 | 17 | 14 | 34 | |||||||||||||||||||
Indirect automobile | 233 | 1,052 | 52 | 258 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 29 | 41,452 | 1 | 47 | |||||||||||||||||||
Real estate – residential | 215 | 26,956 | 37 | 4,601 | |||||||||||||||||||
Total | 502 | $ | 71,535 | 112 | $ | 5,053 |
September 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Forgiveness of interest | 3 | $ | 280 | 1 | $ | 55 | |||||||||||||||||
Forbearance of interest | 13 | 1,017 | 1 | 42 | |||||||||||||||||||
Forbearance of principal | 264 | 21,855 | 41 | 3,261 | |||||||||||||||||||
Rate reduction only | 52 | 5,038 | 3 | 257 | |||||||||||||||||||
Rate reduction, forbearance of interest | 31 | 2,345 | 1 | 2 | |||||||||||||||||||
Rate reduction, forbearance of principal | 14 | 2,530 | 21 | 302 | |||||||||||||||||||
Rate reduction, forgiveness of interest | 35 | 2,638 | 3 | 131 | |||||||||||||||||||
Total | 412 | $ | 35,703 | 71 | $ | 4,050 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Forgiveness of interest | 3 | $ | 287 | — | $ | — | |||||||||||||||||
Forbearance of interest | 16 | 1,218 | 1 | 15 | |||||||||||||||||||
Forbearance of principal | 332 | 49,778 | 73 | 9,783 | |||||||||||||||||||
Rate reduction only | 55 | 6,321 | 4 | 200 | |||||||||||||||||||
Rate reduction, maturity extension | — | — | 1 | 1 | |||||||||||||||||||
Rate reduction, forbearance of interest | 33 | 2,296 | 6 | 319 | |||||||||||||||||||
Rate reduction, forbearance of principal | 18 | 2,694 | 29 | 363 | |||||||||||||||||||
Rate reduction, forgiveness of interest | 37 | 2,988 | 6 | 325 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
September 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Warehouse | 3 | $ | 55 | 1 | $ | 8 | |||||||||||||||||
Raw land | 3 | 1,717 | 3 | 73 | |||||||||||||||||||
Hotel and motel | 1 | 129 | — | — | |||||||||||||||||||
Office | 3 | 521 | — | — | |||||||||||||||||||
Retail, including strip centers | 7 | 3,980 | 1 | 17 | |||||||||||||||||||
1-4 family residential | 206 | 24,515 | 28 | 3,486 | |||||||||||||||||||
Church | 2 | 2,388 | — | — | |||||||||||||||||||
Automobile/equipment/CD | 182 | 1,942 | 38 | 466 | |||||||||||||||||||
Unsecured | 5 | 456 | — | — | |||||||||||||||||||
Total | 412 | $ | 35,703 | 71 | $ | 4,050 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Warehouse | 3 | $ | 61 | 2 | $ | 272 | |||||||||||||||||
Raw land | 6 | 3,776 | 1 | 13 | |||||||||||||||||||
Hotel and motel | 4 | 22,069 | 1 | 4,798 | |||||||||||||||||||
Office | 5 | 710 | 1 | 485 | |||||||||||||||||||
Retail, including strip centers | 8 | 7,118 | 1 | 370 | |||||||||||||||||||
1-4 family residential | 215 | 27,129 | 39 | 4,678 | |||||||||||||||||||
Church | 2 | 2,393 | — | — | |||||||||||||||||||
Automobile/equipment/CD | 251 | 2,326 | 75 | 390 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 2,009,726 | 11% | $ | 1,452,339 | 9% | Construction and development loans | $ | 2,144,605 | 11% | $ | 2,086,438 | 11% | ||||||||||||||||||||||||||||||||
Multi-family loans | Multi-family loans | 714,833 | 4% | 596,000 | 4% | Multi-family loans | 787,701 | 4% | 779,027 | 4% | ||||||||||||||||||||||||||||||||||||
Nonfarm non-residential loans (excluding owner-occupied) | Nonfarm non-residential loans (excluding owner-occupied) | 4,815,415 | 26% | 4,341,436 | 27% | Nonfarm non-residential loans (excluding owner-occupied) | 4,737,191 | 24% | 4,796,358 | 24% | ||||||||||||||||||||||||||||||||||||
Total CRE Loans (excluding owner-occupied) | Total CRE Loans (excluding owner-occupied) | 7,539,974 | 40% | 6,389,775 | 40% | Total CRE Loans (excluding owner-occupied) | 7,669,497 | 38% | 7,661,823 | 39% | ||||||||||||||||||||||||||||||||||||
All other loan types | All other loan types | 11,266,882 | 60% | 9,484,483 | 60% | All other loan types | 12,328,374 | 62% | 12,193,430 | 61% | ||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 18,806,856 | 100% | $ | 15,874,258 | 100% | Total Loans | $ | 19,997,871 | 100% | $ | 19,855,253 | 100% |
Internal Limit | Actual | Internal Limit | Actual | |||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Construction and development loans | Construction and development loans | 100% | 79% | 66% | Construction and development loans | 100% | 80% | 79% | ||||||||||||||||||||||||||
Total CRE loans (excluding owner-occupied) | Total CRE loans (excluding owner-occupied) | 300% | 295% | 291% | Total CRE loans (excluding owner-occupied) | 300% | 287% | 292% |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
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 | 9.32% | 8.63% | Consolidated | 9.26% | 9.36% | ||||||||||||||||
Ameris Bank | Ameris Bank | 10.70% | 9.50% | Ameris Bank | 10.21% | 10.56% | ||||||||||||||||
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 | 10.06% | 10.46% | Consolidated | 10.10% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.56% | 11.50% | Ameris Bank | 11.14% | 11.12% | ||||||||||||||||
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 | 10.06% | 10.46% | Consolidated | 10.10% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.56% | 11.50% | Ameris Bank | 11.14% | 11.12% | ||||||||||||||||
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 | 13.15% | 13.78% | Consolidated | 13.16% | 12.90% | ||||||||||||||||
Ameris Bank | Ameris Bank | 12.64% | 12.45% | Ameris Bank | 12.57% | 12.28% |
September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale to total deposits | Investment securities available-for-sale to total deposits | 6.45% | 5.35% | 2.96% | 3.01% | 3.63% | Investment securities available-for-sale to total deposits | 7.52% | 7.71% | 6.45% | 5.35% | 2.96% | ||||||||||||||||||||||||||||||||||||||||||||||
Loans (net of unearned income) to total deposits | Loans (net of unearned income) to total deposits | 96.61% | 89.21% | 82.41% | 80.72% | 78.71% | Loans (net of unearned income) to total deposits | 100.50% | 102.02% | 96.61% | 89.21% | 82.41% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets to total assets | Interest-earning assets to total assets | 90.76% | 89.88% | 90.43% | 90.56% | 91.20% | Interest-earning assets to total assets | 91.71% | 91.11% | 90.76% | 89.88% | 90.43% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits to total deposits | Interest-bearing deposits to total deposits | 57.14% | 58.02% | 59.82% | 60.46% | 59.56% | Interest-bearing deposits to total deposits | 61.60% | 59.26% | 57.14% | 58.02% | 59.82% |
Earnings Simulation Model Results | ||||||||||||||
Change in | % Change in Projected Baseline | |||||||||||||
Interest Rates | Net Interest Income | |||||||||||||
(in bps) | 12 Months | 24 Months | ||||||||||||
400 | 0.7% | 11.0% | ||||||||||||
300 | 2.5% | 9.5% | ||||||||||||
200 | 2.6% | 6.8% | ||||||||||||
100 | 1.5% | 3.6% | ||||||||||||
(100) | (1.8)% | (4.2)% | ||||||||||||
(200) | (3.8)% | (8.8)% | ||||||||||||
(300) | (6.1)% | (14.3)% | ||||||||||||
(400) | (8.3)% | (18.8)% |
Period | Total Number of Shares Purchased(1) | 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(2) | ||||||||||||||||||||||
July 1, 2022 through July 31, 2022 | 3,038 | $ | 42.07 | — | $ | 58,262,530 | ||||||||||||||||||||
August 1, 2022 through August 31, 2022 | 244 | $ | 48.06 | — | $ | 58,262,530 | ||||||||||||||||||||
September 1, 2022 through September 30, 2022 | — | $ | — | — | $ | 58,262,530 | ||||||||||||||||||||
Total | 3,282 | $ | 42.52 | — | $ | 58,262,530 |
Period | Total Number of Shares Purchased(1) | 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(2) | ||||||||||||||||||||||
January 1, 2023 through January 31, 2023 | — | $ | — | — | $ | 100,000,000 | ||||||||||||||||||||
February 1, 2023 through February 28, 2023 | 60,652 | $ | 48.29 | — | $ | 100,000,000 | ||||||||||||||||||||
March 1, 2023 through March 31, 2023 | 155,018 | $ | 39.51 | 140,733 | $ | 94,479,288 | ||||||||||||||||||||
Total | 215,670 | $ | 41.98 | 140,733 | $ | 94,479,288 |
Exhibit Number | Description | |||||||
Bylaws of Ameris Bancorp, as amended and restated through | ||||||||
Split Dollar Termination Agreement by and among Ameris Bancorp, | ||||||||
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) |