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. | ||||||||
March 31, 2023 (unaudited) | December 31, 2022 | June 30, 2023 (unaudited) | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 266,400 | $ | 284,567 | Cash and due from banks | $ | 284,552 | $ | 284,567 | ||||||||||||
Federal funds sold and interest-bearing deposits in banks | Federal funds sold and interest-bearing deposits in banks | 1,754,453 | 833,565 | Federal funds sold and interest-bearing deposits in banks | 1,034,578 | 833,565 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,020,853 | 1,118,132 | Cash and cash equivalents | 1,319,130 | 1,118,132 | ||||||||||||||||
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 available-for-sale, at fair value, net of allowance for credit losses of $82 and $75 | 1,460,356 | 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) | 134,175 | 134,864 | ||||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $121,891 and $114,538) | Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $121,891 and $114,538) | 142,513 | 134,864 | |||||||||||||||||||
Other investments | Other investments | 146,715 | 110,992 | Other investments | 109,656 | 110,992 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 395,096 | 392,078 | Loans held for sale, at fair value | 391,472 | 392,078 | ||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | 19,997,871 | 19,855,253 | Loans, net of unearned income | 20,471,759 | 19,855,253 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (242,658) | (205,677) | Allowance for credit losses | (272,071) | (205,677) | ||||||||||||||||
Loans, net | Loans, net | 19,755,213 | 19,649,576 | Loans, net | 20,199,688 | 19,649,576 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 1,502 | 843 | Other real estate owned, net | 6,170 | 843 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 218,878 | 220,283 | Premises and equipment, net | 218,662 | 220,283 | ||||||||||||||||
Goodwill | Goodwill | 1,015,646 | 1,015,646 | Goodwill | 1,015,646 | 1,015,646 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 101,488 | 106,194 | Other intangible assets, net | 96,800 | 106,194 | ||||||||||||||||
Cash value of bank owned life insurance | Cash value of bank owned life insurance | 389,201 | 388,405 | Cash value of bank owned life insurance | 391,483 | 388,405 | ||||||||||||||||
Other assets | Other assets | 412,781 | 416,213 | Other assets | 449,042 | 416,213 | ||||||||||||||||
Total assets | Total assets | $ | 26,088,384 | $ | 25,053,286 | Total assets | $ | 25,800,618 | $ | 25,053,286 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 7,297,893 | $ | 7,929,579 | Noninterest-bearing | $ | 6,706,897 | $ | 7,929,579 | ||||||||||||
Interest-bearing | Interest-bearing | 12,599,562 | 11,533,159 | Interest-bearing | 13,736,228 | 11,533,159 | ||||||||||||||||
Total deposits | Total deposits | 19,897,455 | 19,462,738 | Total deposits | 20,443,125 | 19,462,738 | ||||||||||||||||
Other borrowings | Other borrowings | 2,401,327 | 1,875,736 | Other borrowings | 1,536,989 | 1,875,736 | ||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,820 | 128,322 | Subordinated deferrable interest debentures | 129,319 | 128,322 | ||||||||||||||||
Other liabilities | Other liabilities | 407,587 | 389,090 | Other liabilities | 406,555 | 389,090 | ||||||||||||||||
Total liabilities | Total liabilities | 22,835,189 | 21,855,886 | Total liabilities | 22,515,988 | 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; 72,484,210 and 72,263,727 shares issued | 72,484 | 72,264 | ||||||||||||||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,514,630 and 72,263,727 shares issued | Common stock, par value $1; 200,000,000 shares authorized; 72,514,630 and 72,263,727 shares issued | 72,515 | 72,264 | |||||||||||||||||||
Capital surplus | Capital surplus | 1,937,664 | 1,935,211 | Capital surplus | 1,939,865 | 1,935,211 | ||||||||||||||||
Retained earnings | Retained earnings | 1,362,512 | 1,311,258 | Retained earnings | 1,414,742 | 1,311,258 | ||||||||||||||||
Accumulated other comprehensive income, net of tax | (35,581) | (46,507) | ||||||||||||||||||||
Treasury stock, at cost, 3,110,347 and 2,894,677 shares | (83,884) | (74,826) | ||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss, net of tax | (50,618) | (46,507) | |||||||||||||||||||
Treasury stock, at cost, 3,374,847 and 2,894,677 shares | Treasury stock, at cost, 3,374,847 and 2,894,677 shares | (91,874) | (74,826) | |||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 3,253,195 | 3,197,400 | Total shareholders’ equity | 3,284,630 | 3,197,400 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 26,088,384 | $ | 25,053,286 | Total liabilities and shareholders’ equity | $ | 25,800,618 | $ | 25,053,286 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 271,964 | $ | 177,566 | Interest and fees on loans | $ | 292,012 | $ | 190,740 | $ | 563,976 | $ | 368,306 | ||||||||||||||||||||||||||||||||
Interest on taxable securities | Interest on taxable securities | 14,300 | 4,239 | Interest on taxable securities | 15,915 | 7,064 | 30,215 | 11,303 | ||||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities | Interest on nontaxable securities | 339 | 186 | Interest on nontaxable securities | 339 | 269 | 678 | 455 | ||||||||||||||||||||||||||||||||||||||
Interest on deposits in other banks and federal funds sold | Interest on deposits in other banks and federal funds sold | 9,113 | 1,383 | Interest on deposits in other banks and federal funds sold | 13,686 | 4,495 | 22,799 | 5,878 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 295,716 | 183,374 | Total interest income | 321,952 | 202,568 | 617,668 | 385,942 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 53,182 | 4,092 | Interest on deposits | 88,087 | 4,908 | 141,269 | 9,000 | ||||||||||||||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 30,882 | 6,738 | Interest on other borrowings | 24,325 | 6,296 | 55,207 | 13,034 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 84,064 | 10,830 | Total interest expense | 112,412 | 11,204 | 196,476 | 22,034 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 211,652 | 172,544 | Net interest income | 209,540 | 191,364 | 421,192 | 363,908 | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 49,376 | (2,734) | Provision for loan losses | 43,643 | 13,227 | 93,019 | 10,493 | ||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 346 | 9,009 | Provision for unfunded commitments | 1,873 | 1,779 | 2,219 | 10,788 | ||||||||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | 7 | (44) | Provision for other credit losses | — | (82) | 7 | (126) | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 49,729 | 6,231 | Provision for credit losses | 45,516 | 14,924 | 95,245 | 21,155 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 161,923 | 166,313 | Net interest income after provision for credit losses | 164,024 | 176,440 | 325,947 | 342,753 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 10,936 | 11,058 | Service charges on deposit accounts | 11,295 | 11,148 | 22,231 | 22,206 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 31,392 | 62,938 | Mortgage banking activity | 40,742 | 58,761 | 72,134 | 121,699 | ||||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees | Other service charges, commissions and fees | 971 | 939 | Other service charges, commissions and fees | 975 | 998 | 1,946 | 1,937 | ||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | 6 | (27) | Net gain (loss) on securities | (6) | 248 | — | 221 | ||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 12,745 | 12,003 | Other noninterest income | 14,343 | 12,686 | 27,088 | 24,689 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 56,050 | 86,911 | Total noninterest income | 67,349 | 83,841 | 123,399 | 170,752 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 80,910 | 84,281 | Salaries and employee benefits | 81,336 | 81,545 | 162,246 | 165,826 | ||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 12,986 | 12,727 | Occupancy and equipment | 12,522 | 12,746 | 25,508 | 25,473 | ||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 13,034 | 12,572 | Data processing and communications expenses | 13,451 | 12,155 | 26,485 | 24,727 | ||||||||||||||||||||||||||||||||||||||
Credit resolution-related expenses | Credit resolution-related expenses | 435 | (965) | Credit resolution-related expenses | 848 | 496 | 1,283 | (469) | ||||||||||||||||||||||||||||||||||||||
Advertising and marketing | Advertising and marketing | 3,532 | 1,988 | Advertising and marketing | 2,627 | 3,122 | 6,159 | 5,110 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,706 | 5,181 | Amortization of intangible assets | 4,688 | 5,144 | 9,394 | 10,325 | ||||||||||||||||||||||||||||||||||||||
Merger and conversion charges | Merger and conversion charges | — | 977 | Merger and conversion charges | — | — | — | 977 | ||||||||||||||||||||||||||||||||||||||
Loan servicing expense | Loan servicing expense | 8,331 | 8,919 | Loan servicing expense | 8,771 | 9,920 | 17,102 | 18,839 | ||||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 15,487 | 18,140 | Other noninterest expenses | 24,160 | 17,068 | 39,647 | 35,208 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 139,421 | 143,820 | Total noninterest expense | 148,403 | 142,196 | 287,824 | 286,016 | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 78,552 | 109,404 | Income before income tax expense | 82,970 | 118,085 | 161,522 | 227,489 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 18,131 | 27,706 | Income tax expense | 20,335 | 28,019 | 38,466 | 55,725 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 60,421 | 81,698 | Net income | 62,635 | 90,066 | 123,056 | 171,764 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(5,118), $(2,870), $(1,399) and $(7,503) | Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(5,118), $(2,870), $(1,399) and $(7,503) | (15,037) | (10,794) | (4,111) | (28,225) | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | 10,926 | (17,431) | Total other comprehensive loss | (15,037) | (10,794) | (4,111) | (28,225) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 71,347 | $ | 64,267 | Comprehensive income | $ | 47,598 | $ | 79,272 | $ | 118,945 | $ | 143,539 | ||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.87 | $ | 1.18 | Basic earnings per common share | $ | 0.91 | $ | 1.30 | $ | 1.78 | $ | 2.48 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.87 | $ | 1.17 | Diluted earnings per common share | $ | 0.91 | $ | 1.30 | $ | 1.78 | $ | 2.47 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 69,172 | 69,346 | Basic | 68,990 | 69,136 | 69,085 | 69,246 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 69,323 | 69,661 | Diluted | 69,035 | 69,316 | 69,192 | 69,485 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | Issuance of restricted shares | 30,420 | 31 | (31) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 2,232 | — | — | — | — | 2,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 264,500 | (7,990) | (7,990) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 62,635 | — | — | — | 62,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | Dividends on common shares ($0.15 per share) | — | — | — | (10,405) | — | — | — | (10,405) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | Other comprehensive loss during the period | — | — | — | — | (15,037) | — | — | (15,037) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | 72,514,630 | $ | 72,515 | $ | 1,939,865 | $ | 1,414,742 | $ | (50,618) | 3,374,847 | $ | (91,874) | $ | 3,284,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Six Months Ended June 30, 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, 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 | 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) | — | — | — | — | — | Issuance of restricted shares | 131,930 | 132 | (132) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares pursuant to PSU agreements | Issuance of common shares pursuant to PSU agreements | 102,973 | 103 | (103) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Proceeds from exercise of stock options | 16,000 | 16 | 460 | — | — | — | — | 476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 2,197 | — | — | — | — | 2,197 | Share-based compensation | — | — | 4,429 | — | — | — | — | 4,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 215,670 | (9,058) | (9,058) | Purchase of treasury shares | — | — | — | — | — | 480,170 | (17,048) | (17,048) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 60,421 | — | — | — | 60,421 | Net income | — | — | — | 123,056 | — | — | — | 123,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,444) | — | — | — | (10,444) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.30 per share) | Dividends on common shares ($0.30 per share) | — | — | — | (20,849) | — | — | — | (20,849) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Cumulative effect of change in accounting principle for ASU 2022-02 | — | — | — | 1,277 | — | — | — | 1,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income during the period | — | — | — | — | 10,926 | — | — | 10,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | Other comprehensive loss during the period | — | — | — | — | (4,111) | — | — | (4,111) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | 72,514,630 | $ | 72,515 | $ | 1,939,865 | $ | 1,414,742 | $ | (50,618) | 3,374,847 | $ | (91,874) | $ | 3,284,630 |
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 | 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 | 145,393 | 145 | 1,196 | — | — | — | — | 1,341 | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 49,803 | 50 | 1,395 | — | — | — | — | 1,445 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,298 | — | — | — | — | 1,298 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 365,340 | (17,234) | (17,234) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 81,698 | — | — | — | 81,698 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,409) | — | — | — | (10,409) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (17,431) | — | — | (17,431) | |||||||||||||||||||||||||||||||||||||||
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 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 72,212,322 | $ | 72,212 | $ | 1,928,702 | $ | 1,077,725 | $ | (1,841) | 2,773,238 | $ | (69,639) | $ | 3,007,159 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 18,953 | 19 | (19) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (10,751) | (11) | (81) | — | — | — | — | (92) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 31,332 | 31 | 849 | — | — | — | — | 880 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,637 | — | — | — | — | 1,637 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 118,157 | (5,048) | (5,048) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 90,066 | — | — | — | 90,066 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,432) | — | — | — | (10,432) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (10,794) | — | — | (10,794) | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Six Months Ended June 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 | (10,751) | (10) | (81) | — | — | — | — | (91) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 81,135 | 80 | 2,244 | — | — | — | — | 2,324 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,935 | — | — | — | — | 2,935 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 483,497 | (22,282) | (22,282) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 171,764 | — | — | — | 171,764 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.30 per share) | — | — | — | (20,841) | — | — | — | (20,841) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (28,225) | — | — | (28,225) | |||||||||||||||||||||||||||||||||||||||
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 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Operating Activities | Operating Activities | Operating Activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 60,421 | $ | 81,698 | Net income | $ | 123,056 | $ | 171,764 | ||||||||||||||||||
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 | 4,648 | 4,553 | Depreciation | 9,409 | 9,191 | ||||||||||||||||||||||
Net losses on sale or disposal of premises and equipment | Net losses on sale or disposal of premises and equipment | 15 | 37 | Net losses on sale or disposal of premises and equipment | 74 | 39 | ||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 49,729 | 6,231 | Provision for credit losses | 95,245 | 21,155 | ||||||||||||||||||||||
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 | (49) | (1,459) | Net write-downs and (gains) losses on sale of other real estate owned | 37 | (1,758) | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 2,197 | 1,499 | Share-based compensation expense | 4,429 | 3,045 | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,706 | 5,181 | Amortization of intangible assets | 9,394 | 10,325 | ||||||||||||||||||||||
Amortization of operating lease right of use assets | Amortization of operating lease right of use assets | 2,872 | 2,904 | Amortization of operating lease right of use assets | 5,672 | 5,750 | ||||||||||||||||||||||
Provision for deferred taxes | Provision for deferred taxes | (2,807) | 6,435 | Provision for deferred taxes | (10,507) | 10,505 | ||||||||||||||||||||||
Net (accretion) amortization of investment securities available-for-sale | (1,417) | 392 | ||||||||||||||||||||||||||
Net (accretion) amortization of investment securities held-to-maturity | (39) | 26 | ||||||||||||||||||||||||||
Net (accretion) amortization of debt securities available-for-sale | Net (accretion) amortization of debt securities available-for-sale | (2,834) | 588 | |||||||||||||||||||||||||
Net (accretion) amortization of debt securities held-to-maturity | Net (accretion) amortization of debt securities held-to-maturity | (88) | 51 | |||||||||||||||||||||||||
Net amortization of other investments | Net amortization of other investments | 388 | 252 | Net amortization of other investments | 753 | 396 | ||||||||||||||||||||||
Net (gain) loss on securities | (6) | 27 | ||||||||||||||||||||||||||
Net gain on securities | Net gain on securities | — | (221) | |||||||||||||||||||||||||
Accretion of discount on purchased loans, net | Accretion of discount on purchased loans, net | (420) | (1,006) | Accretion of discount on purchased loans, net | (464) | (627) | ||||||||||||||||||||||
Net amortization on other borrowings | Net amortization on other borrowings | 627 | 108 | Net amortization on other borrowings | 703 | 216 | ||||||||||||||||||||||
Amortization of subordinated deferrable interest debentures | Amortization of subordinated deferrable interest debentures | 498 | 499 | Amortization of subordinated deferrable interest debentures | 997 | 997 | ||||||||||||||||||||||
Loan servicing asset recovery | Loan servicing asset recovery | — | (9,654) | Loan servicing asset recovery | — | (20,492) | ||||||||||||||||||||||
Originations of mortgage loans held for sale | Originations of mortgage loans held for sale | (754,727) | (1,220,771) | Originations of mortgage loans held for sale | (1,839,990) | (2,406,310) | ||||||||||||||||||||||
Payments received on mortgage loans held for sale | Payments received on mortgage loans held for sale | 3,661 | 10,505 | Payments received on mortgage loans held for sale | 8,629 | 19,746 | ||||||||||||||||||||||
Proceeds from sales of mortgage loans held for sale | Proceeds from sales of mortgage loans held for sale | 748,633 | 1,464,735 | Proceeds from sales of mortgage loans held for sale | 1,826,177 | 2,833,622 | ||||||||||||||||||||||
Net (gains) losses on sale of mortgage loans held for sale | Net (gains) losses on sale of mortgage loans held for sale | (2,919) | 22,792 | Net (gains) losses on sale of mortgage loans held for sale | (819) | 78,173 | ||||||||||||||||||||||
Originations of SBA loans | Originations of SBA loans | (8,873) | (14,042) | Originations of SBA loans | (22,506) | (30,793) | ||||||||||||||||||||||
Proceeds from sales of SBA loans | Proceeds from sales of SBA loans | 5,648 | 20,461 | Proceeds from sales of SBA loans | 24,972 | 40,286 | ||||||||||||||||||||||
Net gains on sale of SBA loans | Net gains on sale of SBA loans | (175) | (2,325) | Net gains on sale of SBA loans | (1,231) | (3,484) | ||||||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | Increase in cash surrender value of bank owned life insurance | (2,200) | (1,768) | Increase in cash surrender value of bank owned life insurance | (4,482) | (3,716) | ||||||||||||||||||||||
Gain on bank owned life insurance proceeds | Gain on bank owned life insurance proceeds | (486) | — | Gain on bank owned life insurance proceeds | (486) | — | ||||||||||||||||||||||
Gain on debt redemption | Gain on debt redemption | (1,027) | — | |||||||||||||||||||||||||
Change attributable to other operating activities | Change attributable to other operating activities | 21,776 | (16,887) | Change attributable to other operating activities | (949) | (24,580) | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 131,701 | 360,423 | Net cash provided by operating activities | 224,164 | 713,868 | ||||||||||||||||||||||
Investing Activities, net of effects of business combinations | Investing Activities, net of effects of business combinations | Investing Activities, net of effects of business combinations | ||||||||||||||||||||||||||
Purchases of securities available-for-sale | — | (15,667) | ||||||||||||||||||||||||||
Purchases of investment securities held-to-maturity | — | (12,036) | ||||||||||||||||||||||||||
Proceeds from maturities and paydowns of securities available-for-sale | 19,280 | 42,844 | ||||||||||||||||||||||||||
Purchases of debt securities available-for-sale | Purchases of debt securities available-for-sale | — | (613,715) | |||||||||||||||||||||||||
Purchases of debt securities held-to-maturity | Purchases of debt securities held-to-maturity | (8,543) | (33,217) | |||||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities available-for-sale | Proceeds from maturities and paydowns of debt securities available-for-sale | 37,021 | 117,664 | |||||||||||||||||||||||||
Proceeds from maturities and paydowns of securities held-to-maturity | 728 | 406 | ||||||||||||||||||||||||||
Net increase in other investments | (36,105) | (2,122) | ||||||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities held-to-maturity | Proceeds from maturities and paydowns of debt securities held-to-maturity | 982 | 1,362 | |||||||||||||||||||||||||
Net (increase) decrease in other investments | Net (increase) decrease in other investments | 583 | (2,123) | |||||||||||||||||||||||||
Net increase in loans | Net increase in loans | (153,072) | (205,189) | Net increase in loans | (653,613) | (1,533,706) | ||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (3,258) | (3,550) | Purchases of premises and equipment | (7,881) | (8,192) | ||||||||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 19 | 46 | |||||||||||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 1,042 | 3,524 | Proceeds from sales of other real estate owned | 1,955 | 4,962 | ||||||||||||||||||||||
Purchases of bank owned life insurance | Purchases of bank owned life insurance | — | (50,000) | |||||||||||||||||||||||||
Proceeds from bank owned life insurance | Proceeds from bank owned life insurance | 1,890 | — | 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 and cash equivalents paid in acquisitions | — | (14,003) | ||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (169,495) | (205,027) | Net cash used in investing activities | (627,587) | (2,130,922) | ||||||||||||||||||||||
(Continued) | (Continued) |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2023 | 2022 | 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 | $ | 434,717 | $ | (77,112) | ||||||||||||||||||||||||
Net increase in deposits | Net increase in deposits | $ | 980,387 | $ | 19,429 | |||||||||||||||||||||||
Net decrease in securities sold under agreements to repurchase | Net decrease in securities sold under agreements to repurchase | — | (3,780) | Net decrease in securities sold under agreements to repurchase | — | (4,892) | ||||||||||||||||||||||
Proceeds from other borrowings | Proceeds from other borrowings | 6,655,000 | — | Proceeds from other borrowings | 10,625,000 | — | ||||||||||||||||||||||
Repayment of other borrowings | Repayment of other borrowings | (6,130,036) | (314,467) | Repayment of other borrowings | (10,963,423) | (314,503) | ||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 476 | 1,445 | Proceeds from exercise of stock options | 476 | 2,324 | ||||||||||||||||||||||
Dividends paid - common stock | Dividends paid - common stock | (10,584) | (10,445) | Dividends paid - common stock | (20,971) | (20,843) | ||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | (9,058) | (17,234) | Purchase of treasury shares | (17,048) | (22,282) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 940,515 | (421,593) | Net cash provided by (used in) financing activities | 604,421 | (340,767) | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | 902,721 | (266,197) | Net increase (decrease) in cash, cash equivalents and restricted cash | 200,998 | (1,757,821) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 1,118,132 | 4,064,657 | 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 | $ | 2,020,853 | $ | 3,798,460 | Cash, cash equivalents and restricted cash at end of period | $ | 1,319,130 | $ | 2,306,836 | ||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||
Cash paid (received) during the period for: | Cash paid (received) during the period for: | Cash paid (received) during the period for: | ||||||||||||||||||||||||||
Interest | Interest | $ | 76,589 | $ | 9,022 | Interest | $ | 182,077 | $ | 23,472 | ||||||||||||||||||
Income taxes | Income taxes | (1) | 204 | Income taxes | 62,186 | 51,851 | ||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | 1,652 | 165 | Loans transferred to other real estate owned | 7,319 | 229 | ||||||||||||||||||||||
Loans transferred from loans held for sale to loans held for investment | Loans transferred from loans held for sale to loans held for investment | 5,734 | 71,727 | Loans transferred from loans held for sale to loans held for investment | 5,374 | 167,727 | ||||||||||||||||||||||
Loans provided for the sales of other real estate owned | Loans provided for the sales of other real estate owned | — | 2,288 | |||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | Right-of-use assets obtained in exchange for new operating lease liabilities | 1,942 | 1,537 | Right-of-use assets obtained in exchange for new operating lease liabilities | 2,022 | 1,537 | ||||||||||||||||||||||
Assets acquired in business acquisitions | Assets acquired in business acquisitions | — | 10,023 | Assets acquired in business acquisitions | — | 10,734 | ||||||||||||||||||||||
Liabilities assumed in business acquisitions | Liabilities assumed in business acquisitions | — | (3,214) | Liabilities assumed in business acquisitions | — | (3,269) | ||||||||||||||||||||||
Change in unrealized loss on securities available-for-sale, net of tax | Change in unrealized loss on securities available-for-sale, net of tax | 10,926 | (17,431) | Change in unrealized loss on securities available-for-sale, net of tax | (4,111) | (28,225) | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 776,583 | $ | — | $ | 911 | $ | (11,365) | $ | 766,129 | U.S. Treasuries | $ | 779,382 | $ | — | $ | — | $ | (20,716) | $ | 758,666 | ||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,032 | — | — | (45) | 987 | U.S. government-sponsored agencies | 1,029 | — | — | (57) | 972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 33,965 | — | 21 | (773) | 33,213 | State, county and municipal securities | 33,340 | — | 1 | (1,113) | 32,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,397 | (82) | — | (705) | 15,610 | Corporate debt securities | 15,897 | (82) | — | (760) | 15,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 26,942 | — | 3 | (1,603) | 25,342 | SBA pool securities | 25,799 | — | 3 | (1,976) | 23,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | — | 317 | (30,985) | 655,555 | Mortgage-backed securities | 669,371 | — | 16 | (39,778) | 629,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,541,142 | $ | (82) | $ | 1,252 | $ | (45,476) | $ | 1,496,836 | Total debt securities available-for-sale | $ | 1,524,818 | $ | (82) | $ | 20 | $ | (64,400) | $ | 1,460,356 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 775,784 | $ | — | $ | 131 | $ | (16,381) | $ | 759,534 | U.S. Treasuries | $ | 775,784 | $ | — | $ | 131 | $ | (16,381) | $ | 759,534 | ||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,036 | — | — | (57) | 979 | U.S. government-sponsored agencies | 1,036 | — | — | (57) | 979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 35,358 | — | 17 | (1,180) | 34,195 | State, county and municipal securities | 35,358 | — | 17 | (1,180) | 34,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,397 | (75) | — | (396) | 15,926 | Corporate debt securities | 16,397 | (75) | — | (396) | 15,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 29,422 | — | 3 | (2,027) | 27,398 | SBA pool securities | 29,422 | — | 3 | (2,027) | 27,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 701,008 | — | 113 | (39,093) | 662,028 | Mortgage-backed securities | 701,008 | — | 113 | (39,093) | 662,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,559,005 | $ | (75) | $ | 264 | $ | (59,134) | $ | 1,500,060 | 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 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 31,905 | $ | — | $ | (4,575) | $ | 27,330 | State, county and municipal securities | $ | 31,905 | $ | — | $ | (5,297) | $ | 26,608 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 102,270 | — | (13,507) | 88,763 | Mortgage-backed securities | 110,608 | — | (15,325) | 95,283 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 134,175 | $ | — | $ | (18,082) | $ | 116,093 | Total debt securities held-to-maturity | $ | 142,513 | $ | — | $ | (20,622) | $ | 121,891 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 31,905 | $ | — | $ | (5,380) | $ | 26,525 | State, county and municipal securities | $ | 31,905 | $ | — | $ | (5,380) | $ | 26,525 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 102,959 | — | (14,946) | 88,013 | Mortgage-backed securities | 102,959 | — | (14,946) | 88,013 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 134,864 | $ | — | $ | (20,326) | $ | 114,538 | 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 | $ | 76,191 | $ | 75,649 | $ | — | $ | — | Due in one year or less | $ | 95,908 | $ | 94,723 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due from one year to five years | Due from one year to five years | 732,862 | 722,272 | — | — | Due from one year to five years | 724,844 | 704,037 | — | — | ||||||||||||||||||||||||||||||||||||
Due from five to ten years | Due from five to ten years | 23,108 | 22,363 | — | — | Due from five to ten years | 12,849 | 12,129 | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 22,758 | 20,997 | 31,905 | 27,330 | Due after ten years | 21,846 | 19,858 | 31,905 | 26,608 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | 655,555 | 102,270 | 88,763 | Mortgage-backed securities | 669,371 | 629,609 | 110,608 | 95,283 | ||||||||||||||||||||||||||||||||||||
$ | 1,541,142 | $ | 1,496,836 | $ | 134,175 | $ | 116,093 | $ | 1,524,818 | $ | 1,460,356 | $ | 142,513 | $ | 121,891 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 509,696 | $ | (9,501) | $ | 73,070 | $ | (1,864) | $ | 582,766 | $ | (11,365) | U.S. Treasuries | $ | 522,853 | $ | (11,833) | $ | 235,813 | $ | (8,883) | $ | 758,666 | $ | (20,716) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | — | — | 987 | (45) | 987 | (45) | U.S. government-sponsored agencies | — | — | 972 | (57) | 972 | (57) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 11,374 | (174) | 12,223 | (599) | 23,597 | (773) | State, county and municipal securities | 19,141 | (337) | 12,002 | (776) | 31,143 | (1,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 888 | (10) | 13,223 | (695) | 14,111 | (705) | Corporate debt securities | 867 | (30) | 13,188 | (730) | 14,055 | (760) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 472 | (20) | 24,660 | (1,583) | 25,132 | (1,603) | SBA pool securities | 465 | (28) | 23,198 | (1,948) | 23,663 | (1,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 369,445 | (14,305) | 261,152 | (16,680) | 630,597 | (30,985) | Mortgage-backed securities | 328,380 | (16,691) | 299,788 | (23,087) | 628,168 | (39,778) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 891,875 | $ | (24,010) | $ | 385,315 | $ | (21,466) | $ | 1,277,190 | $ | (45,476) | Total debt securities available-for-sale | $ | 871,706 | $ | (28,919) | $ | 584,961 | $ | (35,481) | $ | 1,456,667 | $ | (64,400) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 725,250 | $ | (16,381) | $ | — | $ | — | $ | 725,250 | $ | (16,381) | 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) | 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) | State, county and municipal securities | 27,438 | (1,180) | — | — | 27,438 | (1,180) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 13,271 | (126) | 1,155 | (270) | 14,426 | (396) | Corporate debt securities | 13,271 | (126) | 1,155 | (270) | 14,426 | (396) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 17,806 | (1,298) | 9,329 | (729) | 27,135 | (2,027) | SBA pool securities | 17,806 | (1,298) | 9,329 | (729) | 27,135 | (2,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 620,544 | (37,774) | 16,847 | (1,319) | 637,391 | (39,093) | 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 | $ | 1,405,288 | $ | (56,816) | $ | 27,331 | $ | (2,318) | $ | 1,432,619 | $ | (59,134) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 7,746 | $ | (254) | $ | 19,584 | $ | (4,321) | $ | 27,330 | $ | (4,575) | State, county and municipal securities | $ | 7,486 | $ | (514) | $ | 19,122 | $ | (4,783) | $ | 26,608 | $ | (5,297) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 32,750 | (1,650) | 56,013 | (11,857) | 88,763 | (13,507) | Mortgage-backed securities | 31,528 | (1,270) | 63,755 | (14,055) | 95,283 | (15,325) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 40,496 | $ | (1,904) | $ | 75,597 | $ | (16,178) | $ | 116,093 | $ | (18,082) | Total debt securities held-to-maturity | $ | 39,014 | $ | (1,784) | $ | 82,877 | $ | (18,838) | $ | 121,891 | $ | (20,622) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | $ | 16,512 | $ | (1,488) | $ | 10,013 | $ | (3,892) | $ | 26,525 | $ | (5,380) | State, county and municipal securities | $ | 16,512 | $ | (1,488) | $ | 10,013 | $ | (3,892) | $ | 26,525 | $ | (5,380) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 32,471 | (1,925) | 55,542 | (13,021) | 88,013 | (14,946) | 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 | $ | 48,983 | $ | (3,413) | $ | 65,555 | $ | (16,913) | $ | 114,538 | $ | (20,326) | 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 March 31, | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 2023 | 2022 | Allowance for credit losses | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 75 | $ | — | Beginning balance | $ | 82 | $ | — | $ | 75 | $ | — | ||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | 7 | — | Provision for other credit losses | — | 88 | 7 | 88 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 82 | $ | — | Ending balance | $ | 82 | $ | 88 | $ | 82 | $ | 88 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on equity securities | Unrealized holding gains (losses) on equity securities | $ | 6 | $ | (27) | Unrealized holding gains (losses) on equity securities | $ | (6) | $ | (22) | $ | — | $ | (49) | ||||||||||||||||||||||||||||||||
Net realized gains on sales of other investments | Net realized gains on sales of other investments | — | 270 | — | 270 | |||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | $ | 6 | $ | (27) | Net gain (loss) on securities | $ | (6) | $ | 248 | $ | — | $ | 221 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | Commercial, financial and agricultural | $ | 2,718,831 | $ | 2,679,403 | ||||||||||||
Consumer | Consumer | 349,775 | 384,037 | Consumer | 307,486 | 384,037 | ||||||||||||||||
Indirect automobile | Indirect automobile | 83,466 | 108,648 | Indirect automobile | 63,231 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 958,418 | 1,038,924 | Mortgage warehouse | 1,147,413 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 505,515 | 509,151 | Municipal | 510,410 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 947,257 | 1,023,479 | Premium finance | 988,731 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,144,605 | 2,086,438 | Real estate – construction and development | 2,217,744 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | Real estate – commercial and farmland | 7,815,779 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,564,923 | 4,420,306 | Real estate – residential | 4,702,134 | 4,420,306 | ||||||||||||||||
$ | 19,997,871 | $ | 19,855,253 | $ | 20,471,759 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 11,583 | $ | 11,094 | Commercial, financial and agricultural | $ | 8,774 | $ | 11,094 | ||||||||||||
Consumer | Consumer | 400 | 420 | Consumer | 235 | 420 | ||||||||||||||||
Indirect automobile | Indirect automobile | 285 | 346 | Indirect automobile | 318 | 346 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 548 | 523 | Real estate – construction and development | 447 | 523 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 14,416 | 13,203 | Real estate – commercial and farmland | 10,657 | 13,203 | ||||||||||||||||
Real estate – residential(1) | Real estate – residential(1) | 115,795 | 109,222 | Real estate – residential(1) | 106,249 | 109,222 | ||||||||||||||||
$ | 143,027 | $ | 134,808 | $ | 126,680 | $ | 134,808 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 1,452 | $ | 33 | Commercial, financial and agricultural | $ | 1,344 | $ | 33 | ||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 2,510 | 1,464 | Real estate – commercial and farmland | 7,997 | 1,464 | ||||||||||||||||
Real estate – residential | Real estate – residential | 67,535 | 58,734 | Real estate – residential | 61,573 | 58,734 | ||||||||||||||||
$ | 71,497 | $ | 60,231 | $ | 70,914 | $ | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 12,302 | $ | 5,307 | $ | 13,381 | $ | 30,990 | $ | 2,691,190 | $ | 2,722,180 | $ | 3,969 | Commercial, financial and agricultural | $ | 12,380 | $ | 5,976 | $ | 10,370 | $ | 28,726 | $ | 2,690,105 | $ | 2,718,831 | $ | 4,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 5,314 | 2,835 | 632 | 8,781 | 340,994 | 349,775 | 409 | Consumer | 5,111 | 815 | 435 | 6,361 | 301,125 | 307,486 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 190 | 122 | 157 | 469 | 82,997 | 83,466 | Indirect automobile | 138 | 49 | 136 | 323 | 62,908 | 63,231 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | — | — | — | — | 958,418 | 958,418 | — | Mortgage warehouse | — | — | — | — | 1,147,413 | 1,147,413 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | — | — | — | — | 505,515 | 505,515 | — | Municipal | — | — | — | — | 510,410 | 510,410 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 9,922 | 6,102 | 11,414 | 27,438 | 919,819 | 947,257 | 11,414 | Premium finance | 6,795 | 9,087 | 8,387 | 24,269 | 964,462 | 988,731 | 8,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 1,727 | — | 463 | 2,190 | 2,142,415 | 2,144,605 | — | Real estate – construction and development | 1,061 | 19 | 764 | 1,844 | 2,215,900 | 2,217,744 | 321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 6,723 | 5,801 | 10,887 | 23,411 | 7,698,321 | 7,721,732 | — | Real estate – commercial and farmland | 2,782 | 2,883 | 7,755 | 13,420 | 7,802,359 | 7,815,779 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 33,775 | 9,199 | 111,706 | 154,680 | 4,410,243 | 4,564,923 | — | Real estate – residential | 31,604 | 12,691 | 102,664 | 146,959 | 4,555,175 | 4,702,134 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 69,953 | $ | 29,366 | $ | 148,640 | $ | 247,959 | $ | 19,749,912 | $ | 19,997,871 | $ | 15,792 | Total | $ | 59,871 | $ | 31,520 | $ | 130,511 | $ | 221,902 | $ | 20,249,857 | $ | 20,471,759 | $ | 13,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 16,219 | $ | 5,451 | $ | 11,632 | $ | 33,302 | $ | 2,646,101 | $ | 2,679,403 | $ | 3,267 | Commercial, financial and agricultural | $ | 16,219 | $ | 5,451 | $ | 11,632 | $ | 33,302 | $ | 2,646,101 | $ | 2,679,403 | $ | 3,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,539 | 3,163 | 741 | 6,443 | 377,594 | 384,037 | 472 | Consumer | 2,539 | 3,163 | 741 | 6,443 | 377,594 | 384,037 | 472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 466 | 77 | 267 | 810 | 107,838 | 108,648 | — | Indirect automobile | 466 | 77 | 267 | 810 | 107,838 | 108,648 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | — | — | — | — | 1,038,924 | 1,038,924 | — | Mortgage warehouse | — | — | — | — | 1,038,924 | 1,038,924 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | — | — | — | — | 509,151 | 509,151 | — | Municipal | — | — | — | — | 509,151 | 509,151 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 13,859 | 10,620 | 13,626 | 38,105 | 985,374 | 1,023,479 | 13,626 | 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 | 25,367 | 3,829 | 966 | 30,162 | 2,056,276 | 2,086,438 | 500 | 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 | 1,738 | 168 | 10,223 | 12,129 | 7,592,738 | 7,604,867 | — | Real estate – commercial and farmland | 1,738 | 168 | 10,223 | 12,129 | 7,592,738 | 7,604,867 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 35,015 | 11,329 | 106,170 | 152,514 | 4,267,792 | 4,420,306 | — | Real estate – residential | 35,015 | 11,329 | 106,170 | 152,514 | 4,267,792 | 4,420,306 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 95,203 | $ | 34,637 | $ | 143,625 | $ | 273,465 | $ | 19,581,788 | $ | 19,855,253 | $ | 17,865 | Total | $ | 95,203 | $ | 34,637 | $ | 143,625 | $ | 273,465 | $ | 19,581,788 | $ | 19,855,253 | $ | 17,865 |
March 31, 2023 | December 31, 2022 | June 30, 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 | $ | 8,451 | $ | 5,740 | $ | 7,128 | $ | 6,294 | Commercial, financial and agricultural | $ | 3,941 | $ | 670 | $ | 7,128 | $ | 6,294 | ||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 16,500 | — | — | — | Mortgage warehouse | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 694 | — | 3,233 | — | Premium finance | 736 | — | 3,233 | — | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 280 | 23 | 780 | 13 | Real estate – construction and development | 601 | 94 | 780 | 13 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 12,554 | 1,104 | 15,168 | 1,428 | Real estate – commercial and farmland | 9,139 | 286 | 15,168 | 1,428 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 18,683 | 2,093 | 15,464 | 2,066 | Real estate – residential | 18,437 | 4,902 | 15,464 | 2,066 | ||||||||||||||||||||||||||||||||||||
$ | 57,162 | $ | 8,960 | $ | 41,773 | $ | 9,801 | $ | 32,854 | $ | 5,952 | $ | 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 June 30, 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 | $ | 546,295 | $ | 919,283 | $ | 454,312 | $ | 133,061 | $ | 79,731 | $ | 67,945 | $ | 496,253 | $ | 2,696,880 | ||||||||||||||||||||||||||||||||||||||||
6 | 25 | 608 | 75 | 118 | 163 | 2,301 | 913 | 4,203 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 3,548 | 2,233 | 2,561 | 1,185 | 3,079 | 2,895 | 2,247 | 17,748 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 549,868 | $ | 922,124 | $ | 456,948 | $ | 134,364 | $ | 82,973 | $ | 73,141 | $ | 499,413 | $ | 2,718,831 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 978 | 12,715 | 7,700 | 961 | 610 | 2,560 | 25 | 25,549 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 29,695 | $ | 23,736 | $ | 8,734 | $ | 31,252 | $ | 19,417 | $ | 25,483 | $ | 167,962 | $ | 306,279 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 7 | — | 1 | — | 93 | 198 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 12 | 111 | 39 | 99 | 98 | 463 | 86 | 908 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 29,707 | $ | 23,854 | $ | 8,773 | $ | 31,352 | $ | 19,515 | $ | 26,039 | $ | 168,246 | $ | 307,486 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 2 | 222 | 50 | 1,076 | 671 | 968 | 203 | 3,192 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | 8,614 | $ | 54,028 | $ | — | $ | 62,642 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | 35 | 552 | — | 587 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | — | $ | 8,649 | $ | 54,582 | $ | — | $ | 63,231 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | 99 | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,064,769 | $ | 1,064,769 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 82,644 | 82,644 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,147,413 | $ | 1,147,413 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,569 | $ | 25,452 | $ | 54,458 | $ | 184,799 | $ | 15,112 | $ | 228,020 | $ | — | $ | 510,410 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 2,569 | $ | 25,452 | $ | 54,458 | $ | 184,799 | $ | 15,112 | $ | 228,020 | $ | — | $ | 510,410 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 797,510 | $ | 178,702 | $ | 4,132 | $ | — | $ | — | $ | — | $ | — | $ | 980,344 | ||||||||||||||||||||||||||||||||||||||||
7 | 1,621 | 6,766 | — | — | — | — | — | 8,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 799,131 | $ | 185,468 | $ | 4,132 | $ | — | $ | — | $ | — | $ | — | $ | 988,731 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 4 | 2,955 | 310 | — | — | — | — | 3,269 |
As of June 30, 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 | $ | 218,089 | $ | 841,086 | $ | 792,121 | $ | 191,193 | $ | 48,648 | $ | 35,502 | $ | 75,878 | $ | 2,202,517 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 517 | — | 517 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 592 | 304 | 164 | — | 13,650 | — | 14,710 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 218,089 | $ | 841,678 | $ | 792,425 | $ | 191,357 | $ | 48,648 | $ | 49,669 | $ | 75,878 | $ | 2,217,744 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 351,788 | $ | 1,807,366 | $ | 1,926,491 | $ | 1,148,117 | $ | 813,499 | $ | 1,556,760 | $ | 99,724 | $ | 7,703,745 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 348 | — | 1,232 | 30,476 | 46,854 | 500 | 79,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 198 | 449 | 2,651 | 4,398 | 24,928 | — | 32,624 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 351,788 | $ | 1,807,912 | $ | 1,926,940 | $ | 1,152,000 | $ | 848,373 | $ | 1,628,542 | $ | 100,224 | $ | 7,815,779 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | 3,151 | 169 | — | 3,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 451,392 | $ | 1,462,604 | $ | 1,181,824 | $ | 525,870 | $ | 253,419 | $ | 466,163 | $ | 245,958 | $ | 4,587,230 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 233 | 142 | 266 | 676 | 2,406 | 237 | 3,960 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 809 | 14,196 | 21,021 | 25,900 | 20,687 | 26,533 | 1,798 | 110,944 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 452,201 | $ | 1,477,033 | $ | 1,202,987 | $ | 552,036 | $ | 274,782 | $ | 495,102 | $ | 247,993 | $ | 4,702,134 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 24 | — | 9 | — | — | 105 | 59 | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,397,338 | $ | 5,258,229 | $ | 4,422,072 | $ | 2,214,292 | $ | 1,238,440 | $ | 2,433,901 | $ | 2,150,544 | $ | 20,114,816 | ||||||||||||||||||||||||||||||||||||||||
6 | 25 | 1,196 | 217 | 1,617 | 31,315 | 52,173 | 84,492 | 171,035 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 5,990 | 24,096 | 24,374 | 29,999 | 28,297 | 69,021 | 4,131 | 185,908 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,403,353 | $ | 5,283,521 | $ | 4,446,663 | $ | 2,245,908 | $ | 1,298,052 | $ | 2,555,095 | $ | 2,239,167 | $ | 20,471,759 | ||||||||||||||||||||||||||||||||||||||||
Total current-period gross charge offs | 1,008 | 15,892 | 8,069 | 2,037 | 4,432 | 3,901 | 287 | 35,626 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,127,120 | $ | 526,043 | $ | 174,120 | $ | 109,091 | $ | 56,657 | $ | 41,612 | $ | 621,784 | $ | 2,656,427 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 13 | 94 | 183 | 895 | 1,774 | 317 | 3,276 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 8,565 | 1,214 | 1,182 | 3,314 | 545 | 2,759 | 2,121 | 19,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 1,135,685 | $ | 527,270 | $ | 175,396 | $ | 112,588 | $ | 58,097 | $ | 46,145 | $ | 624,222 | $ | 2,679,403 | ||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 41,487 | $ | 12,692 | $ | 37,906 | $ | 23,454 | $ | 17,144 | $ | 13,825 | $ | 236,113 | $ | 382,621 | ||||||||||||||||||||||||||||||||||||||||
6 | 38 | — | — | — | — | 98 | 196 | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 68 | 62 | 216 | 106 | 118 | 431 | 83 | 1,084 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 41,593 | $ | 12,754 | $ | 38,122 | $ | 23,560 | $ | 17,262 | $ | 14,354 | $ | 236,392 | $ | 384,037 | ||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 11,900 | $ | 50,749 | $ | 45,120 | $ | — | $ | 107,769 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | 41 | 149 | 678 | — | 868 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | 11,941 | $ | 50,898 | $ | 45,809 | $ | — | $ | 108,648 | ||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 990,106 | $ | 990,106 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 22,831 | 22,831 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | 25,987 | 25,987 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,038,924 | $ | 1,038,924 | ||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,000,214 | $ | 9,667 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 1,009,893 | ||||||||||||||||||||||||||||||||||||||||
7 | 13,051 | 535 | — | — | — | — | — | 13,586 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 1,013,265 | $ | 10,202 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 1,023,479 | ||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 834,831 | $ | 793,723 | $ | 306,084 | $ | 69,596 | $ | 7,934 | $ | 31,490 | $ | 27,474 | $ | 2,071,132 | ||||||||||||||||||||||||||||||||||||||||
6 | 277 | — | — | — | 173 | 165 | — | 615 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 783 | 164 | 5 | 13,159 | 580 | — | 14,691 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 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 March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 45,238 | $ | 4,893 | $ | 137 | $ | 1,924 | $ | 354 | $ | 893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 15,322 | 1,513 | (199) | 411 | 3 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (13,316) | (2,052) | (65) | — | — | (1,848) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 3,545 | 194 | 225 | — | — | 1,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 50,789 | $ | 4,548 | $ | 98 | $ | 2,335 | $ | 357 | $ | 776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 42,841 | $ | 87,124 | $ | 59,254 | $ | 242,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 11,276 | 12,275 | 2,991 | 43,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | — | (3,320) | (69) | (20,670) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 472 | 61 | 263 | 6,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 54,589 | $ | 96,140 | $ | 62,439 | $ | 272,071 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | 39,455 | $ | 5,413 | $ | 174 | $ | 2,118 | $ | 357 | $ | 1,025 | 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) | — | — | — | — | — | Adjustment to allowance for adoption of ASU 2022-02 | (105) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 16,078 | 323 | (219) | (194) | (3) | (93) | Provision for loan losses | 31,400 | 1,836 | (418) | 217 | — | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (12,233) | (1,140) | (34) | — | — | (1,421) | Loans charged off | (25,549) | (3,192) | (99) | — | — | (3,269) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 2,043 | 297 | 216 | — | — | 1,382 | Recoveries of loans previously charged off | 5,588 | 491 | 441 | — | — | 3,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 45,238 | $ | 4,893 | $ | 137 | $ | 1,924 | $ | 354 | $ | 893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 50,789 | $ | 4,548 | $ | 98 | $ | 2,335 | $ | 357 | $ | 776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | 32,659 | $ | 67,433 | $ | 57,043 | $ | 205,677 | 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) | Adjustment to allowance for adoption of ASU 2022-02 | (37) | (722) | (847) | (1,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 10,119 | 20,369 | 2,996 | 49,376 | Provision for loan losses | 21,395 | 32,644 | 5,987 | 93,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | — | — | (128) | (14,956) | Loans charged off | — | (3,320) | (197) | (35,626) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 100 | 44 | 190 | 4,272 | Recoveries of loans previously charged off | 572 | 105 | 453 | 10,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 42,841 | $ | 87,124 | $ | 59,254 | $ | 242,658 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 54,589 | $ | 96,140 | $ | 62,439 | $ | 272,071 |
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 June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 25,526 | $ | 5,619 | $ | 373 | $ | 3,010 | $ | 384 | $ | 2,515 | |||||||||||||||||||||||
Provision for loan losses | 1,738 | 557 | (306) | 875 | (13) | 200 | |||||||||||||||||||||||||||||
Loans charged off | (4,391) | (1,137) | (41) | — | — | (1,066) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,785 | 230 | 265 | — | — | 1,113 | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 26,831 | $ | 67,033 | $ | 29,960 | $ | 161,251 | |||||||||||||||||||||||||||
Provision for loan losses | (3,954) | (7,647) | 21,777 | 13,227 | |||||||||||||||||||||||||||||||
Loans charged off | — | (81) | (137) | (6,853) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 355 | 44 | 225 | 5,017 | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 | |||||||||||||||||||||||||||
Six Months Ended June 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 | |||||||||||||||||||||||
Provision for loan losses | 1,953 | 1,346 | (596) | 654 | (30) | 108 | |||||||||||||||||||||||||||||
Loans charged off | (8,805) | (2,562) | (129) | — | — | (2,435) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 5,681 | 388 | 540 | — | — | 2,360 | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | |||||||||||||||||||||||
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 | 614 | (17,199) | 23,643 | 10,493 | |||||||||||||||||||||||||||||||
Loans charged off | — | (1,364) | (137) | (15,432) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 573 | 81 | 376 | 9,999 | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 | |||||||||||||||||||||||||||
(dollars in thousands) | Payment Deferral | Total | Percentage of Total Class of Financial Receivable | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 843 | $ | 843 | — | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 843 | $ | 843 | — | % |
(dollars in thousands) | Payment Deferral | Term Extension | Total | Percentage of Total Class of Financial Receivable | ||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,207 | $ | 1,997 | $ | 3,204 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | — | 286 | 286 | — | % | |||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | — | 1,206 | 1,206 | — | % | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,207 | $ | 3,489 | $ | 4,696 | — | % |
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. | |||||||
Commercial, financial and agricultural | Payments were reduced approximately 73% for four months before requiring full repayment. | |||||||
Term Extension | ||||||||
Loan Type | Financial Effect | |||||||
Commercial, financial and agricultural | Maturity dates were extended for an average of 10.5 months. | |||||||
Real estate – construction and development | Maturity date was extended for 11 months. | |||||||
Real estate – commercial and farmland | Maturity dates were extended for an average of 10.5 months. |
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,707 | $ | 497 | $ | — | $ | — | $ | 3,204 | ||||||||||||||||||||||
Real estate – construction and development | 286 | — | — | — | 286 | |||||||||||||||||||||||||||
Real estate – commercial and farmland | 706 | 500 | — | — | 1,206 | |||||||||||||||||||||||||||
Total | $ | 3,699 | $ | 997 | $ | — | $ | — | $ | 4,696 |
(dollars in thousands) | Days Past Due | Days Past Due | ||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | |||||||||||||||||||||||||||||||||||
$ |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
FHLB borrowings: | FHLB borrowings: | FHLB borrowings: | ||||||||||||||||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% | 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 4.150% | $ | — | $ | 300,000 | ||||||||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | — | 50,000 | 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% | Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% | — | 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% | Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% | — | 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% | 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 4.170% | — | 350,000 | ||||||||||||||||
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | — | 150,000 | 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% | Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% | — | 200,000 | 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% | Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% | — | 50,000 | 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% | Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% | — | 150,000 | 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% | Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% | — | 100,000 | 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 July 19, 2023; fixed interest rate of 5.210% | Fixed Rate Advance due July 19, 2023; fixed interest rate of 5.210% | 500,000 | — | |||||||||||||||||||
Fixed Rate Advance due July 20, 2023; fixed interest rate of 5.210% | Fixed Rate Advance due July 20, 2023; fixed interest rate of 5.210% | 100,000 | — | |||||||||||||||||||
Fixed Rate Advance due July 21, 2023; fixed interest rate of 5.200% | Fixed Rate Advance due July 21, 2023; fixed interest rate of 5.200% | 100,000 | — | |||||||||||||||||||
Fixed Rate Advance due July 24, 2023; fixed interest rate of 5.200% | Fixed Rate Advance due July 24, 2023; fixed interest rate of 5.200% | 175,000 | — | |||||||||||||||||||
Fixed Rate Advance due July 31, 2023; fixed interest rate of 5.240% | Fixed Rate Advance due July 31, 2023; fixed interest rate of 5.240% | 200,000 | — | |||||||||||||||||||
Daily Rate Credit due December 5, 2023, fixed interest rate of 5.320% | Daily Rate Credit due December 5, 2023, fixed interest rate of 5.320% | 100,000 | — | |||||||||||||||||||
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | 15,000 | 15,000 | Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | 15,000 | 15,000 | ||||||||||||||||
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | ||||||||||||||||
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | ||||||||||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,386 | 1,389 | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,383 | 1,389 | ||||||||||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 959 | 961 | Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 958 | 961 | ||||||||||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,239 | 1,275 | Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,202 | 1,275 | ||||||||||||||||
Subordinated notes payable: | Subordinated notes payable: | 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% | 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 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 | ||||||||||||||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,436 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% | Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,436 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% | 109,064 | 118,320 | |||||||||||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $845 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $845 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 75,845 | 75,906 | |||||||||||||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,463 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% | Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,463 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% | 108,537 | 108,436 | |||||||||||||||||||
$ | 2,401,327 | $ | 1,875,736 | |||||||||||||||||||
Other Debt: | Other Debt: | |||||||||||||||||||||
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% | Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% | 10,000 | — | |||||||||||||||||||
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | 10,000 | — | |||||||||||||||||||
$ | 1,536,989 | $ | 1,875,736 |
(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) | ||||||||||||||||
(dollars in thousands) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||
Balance, March 31, 2023 | $ | (35,581) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (15,037) | |||||||||||||||||||
Balance, June 30, 2023 | $ | (50,618) | ||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||
Balance, June 30, 2022 | $ | (1,841) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (10,794) | |||||||||||||||||||
Balance, June 30, 2022 | $ | (12,635) | ||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||
Balance, December 31, 2022 | $ | (46,507) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (4,111) | |||||||||||||||||||
Balance, June 30, 2023 | $ | (50,618) | ||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Balance, December 31, 2021 | $ | 15,590 | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (28,225) | |||||||||||||||||||
Balance, June 30, 2022 | $ | (12,635) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(share data in thousands) | (share data in thousands) | 2023 | 2022 | (share data in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | 69,172 | 69,346 | Average common shares outstanding | 68,990 | 69,136 | 69,085 | 69,246 | ||||||||||||||||||||||||||||||||||||||
Common share equivalents: | Common share equivalents: | Common share equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | — | 31 | Stock options | — | 16 | — | 24 | ||||||||||||||||||||||||||||||||||||||
Nonvested restricted share grants | Nonvested restricted share grants | 98 | 167 | Nonvested restricted share grants | — | 46 | 57 | 97 | ||||||||||||||||||||||||||||||||||||||
Performance stock units | Performance stock units | 53 | 117 | Performance stock units | 45 | 118 | 50 | 118 | ||||||||||||||||||||||||||||||||||||||
Average common shares outstanding, assuming dilution | Average common shares outstanding, assuming dilution | 69,323 | 69,661 | Average common shares outstanding, assuming dilution | 69,035 | 69,316 | 69,192 | 69,485 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | $ | 390,201 | $ | 390,583 | Mortgage loans held for sale | $ | 391,212 | $ | 390,583 | ||||||||||||
SBA loans held for sale | SBA loans held for sale | 4,895 | 1,495 | SBA loans held for sale | 260 | 1,495 | ||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 395,096 | $ | 392,078 | Total loans held for sale | $ | 391,472 | $ | 392,078 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Aggregate fair value of mortgage loans held for sale | Aggregate fair value of mortgage loans held for sale | $ | 390,201 | $ | 390,583 | Aggregate fair value of mortgage loans held for sale | $ | 391,212 | $ | 390,583 | ||||||||||||
Aggregate unpaid principal balance of mortgage loans held for sale | Aggregate unpaid principal balance of mortgage loans held for sale | 383,629 | 389,610 | Aggregate unpaid principal balance of mortgage loans held for sale | 387,893 | 389,610 | ||||||||||||||||
Past-due loans of 90 days or more | Past-due loans of 90 days or more | 624 | — | Past-due loans of 90 days or more | 2,018 | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 624 | — | Nonaccrual loans | 2,018 | — | ||||||||||||||||
Unpaid principal balance of nonaccrual loans | Unpaid principal balance of nonaccrual loans | 608 | — | Unpaid principal balance of nonaccrual loans | 1,980 | — |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Aggregate fair value of SBA loans held for sale | Aggregate fair value of SBA loans held for sale | $ | 4,895 | $ | 1,495 | Aggregate fair value of SBA loans held for sale | $ | 260 | $ | 1,495 | ||||||||||||
Aggregate unpaid principal balance of SBA loans held for sale | Aggregate unpaid principal balance of SBA loans held for sale | 4,779 | 1,350 | Aggregate unpaid principal balance of SBA loans held for sale | 240 | 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 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | June 30, 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 | $ | 766,129 | $ | 766,129 | $ | — | $ | — | U.S. Treasuries | $ | 758,666 | $ | 758,666 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | 987 | — | 987 | — | U.S. government sponsored agencies | 972 | — | 972 | — | ||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 33,213 | — | 33,213 | — | State, county and municipal securities | 32,228 | — | 32,228 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 15,610 | — | 14,710 | 900 | Corporate debt securities | 15,055 | — | 14,080 | 975 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 25,342 | — | 25,342 | — | SBA pool securities | 23,826 | — | 23,826 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 655,555 | — | 655,555 | — | Mortgage-backed securities | 629,609 | — | 629,609 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 395,096 | — | 395,096 | — | Loans held for sale | 391,472 | — | 391,472 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | 4,109 | — | 4,109 | — | Derivative financial instruments | 7,186 | — | 7,186 | — | ||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 6,447 | — | 6,447 | — | Mortgage banking derivative instruments | 9,016 | — | 9,016 | — | ||||||||||||||||||||||||||||||||||||
Total recurring assets at fair value | Total recurring assets at fair value | $ | 1,902,488 | $ | 766,129 | $ | 1,135,459 | $ | 900 | Total recurring assets at fair value | $ | 1,868,030 | $ | 758,666 | $ | 1,108,389 | $ | 975 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | $ | 4,429 | $ | — | $ | 4,429 | $ | — | Derivative financial instruments | $ | 7,400 | $ | — | $ | 7,400 | $ | — | ||||||||||||||||||||||||||||
Mortgage banking derivative instruments | 5,377 | — | 5,377 | — | ||||||||||||||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | Total recurring liabilities at fair value | $ | 9,806 | $ | — | $ | 9,806 | $ | — | Total recurring liabilities at fair value | $ | 7,400 | $ | — | $ | 7,400 | $ | — |
Recurring Basis Fair Value Measurements | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasuries | $ | 759,534 | $ | 759,534 | $ | — | $ | — | |||||||||||||||
U.S. government sponsored agencies | 979 | — | 979 | — | |||||||||||||||||||
State, county and municipal securities | 34,195 | — | 34,195 | — | |||||||||||||||||||
Corporate debt securities | 15,926 | — | 14,771 | 1,155 | |||||||||||||||||||
SBA pool securities | 27,398 | — | 27,398 | — | |||||||||||||||||||
Mortgage-backed securities | 662,028 | — | 662,028 | — | |||||||||||||||||||
Loans held for sale | 392,078 | — | 392,078 | — | |||||||||||||||||||
Derivative financial instruments | 4,580 | — | 4,580 | — | |||||||||||||||||||
Mortgage banking derivative instruments | 3,933 | — | 3,933 | — | |||||||||||||||||||
Total recurring assets at fair value | $ | 1,900,651 | $ | 759,534 | $ | 1,139,962 | $ | 1,155 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative financial instruments | $ | 4,574 | $ | — | $ | 4,574 | $ | — | |||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 48,202 | $ | — | $ | — | $ | 48,202 | Collateral-dependent loans | $ | 26,902 | $ | — | $ | — | $ | 26,902 | ||||||||||||||||||||||||||||
Other real estate owned | 755 | — | — | 755 | ||||||||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 48,957 | $ | — | $ | — | $ | 48,957 | Total nonrecurring assets at fair value | $ | 26,902 | $ | — | $ | — | $ | 26,902 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 31,972 | $ | — | $ | — | $ | 31,972 | Collateral-dependent loans | $ | 31,972 | $ | — | $ | — | $ | 31,972 | ||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 31,972 | $ | — | $ | — | $ | 31,972 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | Recurring: | Recurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | Debt securities available-for-sale | $ | 900 | Discounted cash flows | Probability of Default | 12.8% | 12.8% | Debt securities available-for-sale | $ | 975 | Discounted cash flows | Probability of Default | 13.2% | 13.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Given Default | 43% | 43% | Loss Given Default | 44% | 44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 48,202 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 21% | Collateral-dependent loans | $ | 26,902 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 75% | 29% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 755 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 25% - 40% | 29% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 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 | $ | 1,155 | Discounted cash flows | Probability of Default | 12.1% | 12.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Given Default | 41% | 41% | Loss Given Default | 41% | 41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring: | Nonrecurring: | Nonrecurring: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 31,972 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 48% | 27% | Collateral-dependent loans | $ | 31,972 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 48% | 27% |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | June 30, 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 | $ | 266,400 | $ | 266,400 | $ | — | $ | — | $ | 266,400 | Cash and due from banks | $ | 284,552 | $ | 284,552 | $ | — | $ | — | $ | 284,552 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing accounts | Federal funds sold and interest-bearing accounts | 1,754,453 | 1,754,453 | — | — | 1,754,453 | Federal funds sold and interest-bearing accounts | 1,034,578 | 1,034,578 | — | — | 1,034,578 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | Debt securities held-to-maturity | 134,175 | — | 116,093 | — | 116,093 | Debt securities held-to-maturity | 142,513 | — | 121,891 | — | 121,891 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 19,707,011 | — | — | 19,076,408 | 19,076,408 | Loans, net | 20,172,786 | — | — | 19,515,996 | 19,515,996 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 74,698 | — | 6,736 | 67,962 | 74,698 | Accrued interest receivable | 77,360 | — | 7,537 | 69,823 | 77,360 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 19,897,455 | — | 19,855,914 | — | 19,855,914 | Deposits | 20,443,125 | — | 20,452,110 | — | 20,452,110 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 2,401,327 | — | 2,371,530 | — | 2,371,530 | Other borrowings | 1,536,989 | — | 1,522,335 | — | 1,522,335 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,820 | — | 124,309 | — | 124,309 | Subordinated deferrable interest debentures | 129,319 | — | 141,225 | — | 141,225 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 18,005 | — | 18,005 | — | 18,005 | Accrued interest payable | 24,929 | — | 24,929 | — | 24,929 |
Fair Value Measurements | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 284,567 | $ | 284,567 | $ | — | $ | — | $ | 284,567 | |||||||||||||||||||
Federal funds sold and interest-bearing accounts | 833,565 | 833,565 | — | — | 833,565 | ||||||||||||||||||||||||
Debt securities held-to-maturity | 134,864 | — | 114,538 | 114,538 | |||||||||||||||||||||||||
Loans, net | 19,617,604 | — | — | 19,067,612 | 19,067,612 | ||||||||||||||||||||||||
Accrued interest receivable | 77,042 | — | 7,694 | 69,348 | 77,042 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 19,462,738 | — | 19,455,187 | — | 19,455,187 | ||||||||||||||||||||||||
Other borrowings | 1,875,736 | — | 1,861,850 | — | 1,861,850 | ||||||||||||||||||||||||
Subordinated deferrable interest debentures | 128,322 | — | 125,988 | — | 125,988 | ||||||||||||||||||||||||
Accrued interest payable | 10,530 | — | 10,530 | — | 10,530 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 5,915,387 | $ | 6,318,039 | Commitments to extend credit | $ | 5,398,013 | $ | 6,318,039 | ||||||||||||
Unused home equity lines of credit | Unused home equity lines of credit | 364,479 | 345,001 | Unused home equity lines of credit | 376,944 | 345,001 | ||||||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 30,926 | 33,557 | Financial standby letters of credit | 39,096 | 33,557 | ||||||||||||||||
Mortgage interest rate lock commitments | Mortgage interest rate lock commitments | 357,980 | 148,148 | Mortgage interest rate lock commitments | 302,208 | 148,148 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 52,411 | $ | 33,185 | Balance at beginning of period | $ | 52,757 | $ | 42,194 | $ | 52,411 | $ | 33,185 | ||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 346 | 9,009 | Provision for unfunded commitments | 1,873 | 1,779 | 2,219 | 10,788 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 52,757 | $ | 42,194 | Balance at end of period | $ | 54,630 | $ | 43,973 | $ | 54,630 | $ | 43,973 |
Three Months Ended March 31, 2023 | Three Months Ended June 30, 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 | $ | 208,215 | $ | 48,589 | $ | 16,614 | $ | 4,375 | $ | 17,923 | $ | 295,716 | Interest income | $ | 225,284 | $ | 52,867 | $ | 18,960 | $ | 4,915 | $ | 19,926 | $ | 321,952 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | Interest expense | 53,843 | 31,450 | 12,794 | 2,584 | 11,741 | 112,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | Net interest income | 171,441 | 21,417 | 6,166 | 2,331 | 8,185 | 209,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | Provision for credit losses | 40,831 | 3,278 | 411 | 424 | 572 | 45,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | Noninterest income | 24,652 | 39,808 | 1,404 | 1,476 | 9 | 67,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 56,442 | 20,160 | 802 | 1,309 | 2,197 | 80,910 | Salaries and employee benefits | 55,196 | 21,930 | 772 | 1,316 | 2,122 | 81,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | Occupancy and equipment | 11,175 | 1,224 | — | 40 | 83 | 12,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | Data processing and communications expenses | 11,898 | 1,397 | 44 | 46 | 66 | 13,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | Other expenses | 27,643 | 11,859 | 223 | 333 | 1,036 | 41,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | Total noninterest expense | 105,912 | 36,410 | 1,039 | 1,735 | 3,307 | 148,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 53,218 | 13,973 | 5,323 | 861 | 5,177 | 78,552 | Income before income tax expense | 49,350 | 21,537 | 6,120 | 1,648 | 4,315 | 82,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | Income tax expense | 13,312 | 4,523 | 1,285 | 346 | 869 | 20,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 | Net income | $ | 36,038 | $ | 17,014 | $ | 4,835 | $ | 1,302 | $ | 3,446 | $ | 62,635 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 18,870,145 | $ | 4,879,135 | $ | 936,169 | $ | 272,844 | $ | 1,130,091 | $ | 26,088,384 | Total assets | $ | 18,274,738 | $ | 4,921,354 | $ | 1,152,690 | $ | 257,350 | $ | 1,194,486 | $ | 25,800,618 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 951,148 | — | — | — | 64,498 | 1,015,646 | Goodwill | 951,148 | — | — | — | 64,498 | 1,015,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 93,285 | — | — | — | 8,203 | 101,488 | Other intangible assets, net | 89,335 | — | — | — | 7,465 | 96,800 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 129,290 | $ | 32,832 | $ | 6,813 | $ | 6,780 | $ | 7,659 | $ | 183,374 | |||||||||||||||||||||||
Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | |||||||||||||||||||||||||||||
Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | |||||||||||||||||||||||||||||
Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | |||||||||||||||||||||||||||||
Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 49,195 | 31,614 | 283 | 1,271 | 1,918 | 84,281 | |||||||||||||||||||||||||||||
Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | |||||||||||||||||||||||||||||
Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | |||||||||||||||||||||||||||||
Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | |||||||||||||||||||||||||||||
Income before income tax expense | 58,339 | 32,455 | 7,521 | 6,867 | 4,222 | 109,404 | |||||||||||||||||||||||||||||
Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | |||||||||||||||||||||||||||||
Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 | |||||||||||||||||||||||
Total assets | $ | 17,409,973 | $ | 4,197,613 | $ | 703,558 | $ | 313,219 | $ | 935,929 | $ | 23,560,292 | |||||||||||||||||||||||
Goodwill | 957,847 | — | — | — | 64,498 | 1,022,345 | |||||||||||||||||||||||||||||
Other intangible assets, net | 109,604 | — | — | — | 11,153 | 120,757 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 141,844 | $ | 38,055 | $ | 8,476 | $ | 4,757 | $ | 9,436 | $ | 202,568 | |||||||||||||||||||||||
Interest expense | (10,278) | 17,276 | 1,776 | 959 | 1,471 | 11,204 | |||||||||||||||||||||||||||||
Net interest income | 152,122 | 20,779 | 6,700 | 3,798 | 7,965 | 191,364 | |||||||||||||||||||||||||||||
Provision for credit losses | 10,175 | 4,499 | 867 | (523) | (94) | 14,924 | |||||||||||||||||||||||||||||
Noninterest income | 23,469 | 57,795 | 1,041 | 1,526 | 10 | 83,841 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 46,733 | 31,219 | 208 | 1,316 | 2,069 | 81,545 | |||||||||||||||||||||||||||||
Occupancy and equipment | 11,168 | 1,406 | 1 | 81 | 90 | 12,746 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 10,863 | 1,123 | 48 | 29 | 92 | 12,155 | |||||||||||||||||||||||||||||
Other expenses | 21,123 | 12,812 | 212 | 539 | 1,064 | 35,750 | |||||||||||||||||||||||||||||
Total noninterest expense | 89,887 | 46,560 | 469 | 1,965 | 3,315 | 142,196 | |||||||||||||||||||||||||||||
Income before income tax expense | 75,529 | 27,515 | 6,405 | 3,882 | 4,754 | 118,085 | |||||||||||||||||||||||||||||
Income tax expense | 19,120 | 5,779 | 1,346 | 815 | 959 | 28,019 | |||||||||||||||||||||||||||||
Net income | $ | 56,409 | $ | 21,736 | $ | 5,059 | $ | 3,067 | $ | 3,795 | $ | 90,066 | |||||||||||||||||||||||
Total assets | $ | 17,009,855 | $ | 4,418,211 | $ | 923,829 | $ | 264,227 | $ | 1,071,348 | $ | 23,687,470 | |||||||||||||||||||||||
Goodwill | 958,558 | — | — | — | 64,498 | 1,023,056 | |||||||||||||||||||||||||||||
Other intangible assets, net | 105,198 | — | — | — | 10,415 | 115,613 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 433,499 | $ | 101,456 | $ | 35,574 | $ | 9,290 | $ | 37,849 | $ | 617,668 | |||||||||||||||||||||||
Interest expense | 86,730 | 60,012 | 23,708 | 5,002 | 21,024 | 196,476 | |||||||||||||||||||||||||||||
Net interest income | 346,769 | 41,444 | 11,866 | 4,288 | 16,825 | 421,192 | |||||||||||||||||||||||||||||
Provision for credit losses | 87,971 | 6,131 | 217 | 320 | 606 | 95,245 | |||||||||||||||||||||||||||||
Noninterest income | 48,550 | 70,866 | 1,884 | 2,081 | 18 | 123,399 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 111,638 | 42,090 | 1,574 | 2,625 | 4,319 | 162,246 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,781 | 2,507 | 1 | 77 | 142 | 25,508 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 23,695 | 2,466 | 90 | 83 | 151 | 26,485 | |||||||||||||||||||||||||||||
Other expenses | 46,666 | 23,606 | 425 | 755 | 2,133 | 73,585 | |||||||||||||||||||||||||||||
Total noninterest expense | 204,780 | 70,669 | 2,090 | 3,540 | 6,745 | 287,824 | |||||||||||||||||||||||||||||
Income before income tax expense | 102,568 | 35,510 | 11,443 | 2,509 | 9,492 | 161,522 | |||||||||||||||||||||||||||||
Income tax expense | 26,160 | 7,457 | 2,403 | 527 | 1,919 | 38,466 | |||||||||||||||||||||||||||||
Net income | $ | 76,408 | $ | 28,053 | $ | 9,040 | $ | 1,982 | $ | 7,573 | $ | 123,056 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 271,134 | $ | 70,887 | $ | 15,289 | $ | 11,537 | $ | 17,095 | $ | 385,942 | |||||||||||||||||||||||
Interest expense | (14,733) | 30,813 | 2,142 | 1,728 | 2,084 | 22,034 | |||||||||||||||||||||||||||||
Net interest income | 285,867 | 40,074 | 13,147 | 9,809 | 15,011 | 363,908 | |||||||||||||||||||||||||||||
Provision for credit losses | 15,401 | 6,086 | 645 | (666) | (311) | 21,155 | |||||||||||||||||||||||||||||
Noninterest income | 44,833 | 119,444 | 2,442 | 4,017 | 16 | 170,752 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 95,928 | 62,833 | 491 | 2,587 | 3,987 | 165,826 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,242 | 2,877 | 2 | 180 | 172 | 25,473 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 22,093 | 2,295 | 95 | 57 | 187 | 24,727 | |||||||||||||||||||||||||||||
Other expenses | 41,168 | 25,457 | 430 | 919 | 2,016 | 69,990 | |||||||||||||||||||||||||||||
Total noninterest expense | 181,431 | 93,462 | 1,018 | 3,743 | 6,362 | 286,016 | |||||||||||||||||||||||||||||
Income before income tax expense | 133,868 | 59,970 | 13,926 | 10,749 | 8,976 | 227,489 | |||||||||||||||||||||||||||||
Income tax expense | 36,116 | 12,594 | 2,925 | 2,257 | 1,833 | 55,725 | |||||||||||||||||||||||||||||
Net income | $ | 97,752 | $ | 47,376 | $ | 11,001 | $ | 8,492 | $ | 7,143 | $ | 171,764 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Loan Servicing Rights | Loan Servicing Rights | Loan Servicing Rights | ||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 149,986 | $ | 147,014 | Residential mortgage | $ | 160,021 | $ | 147,014 | ||||||||||||
SBA | SBA | 3,166 | 3,443 | SBA | 3,097 | 3,443 | ||||||||||||||||
Total loan servicing rights | Total loan servicing rights | $ | 153,152 | $ | 150,457 | Total loan servicing rights | $ | 163,118 | $ | 150,457 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | Residential mortgage servicing rights | 2023 | 2022 | Residential mortgage servicing rights | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 147,014 | $ | 206,944 | Beginning carrying value, net | $ | 149,986 | $ | 232,236 | $ | 147,014 | $ | 206,944 | ||||||||||||||||||||||||||||||||
Additions | Additions | 7,730 | 21,701 | Additions | 14,731 | 21,551 | 22,461 | 43,252 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (4,758) | (6,062) | Amortization | (4,696) | (7,514) | (9,454) | (13,576) | ||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | — | 9,653 | Recoveries | — | 10,839 | — | 20,492 | ||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 149,986 | $ | 232,236 | Ending carrying value, net | $ | 160,021 | $ | 257,112 | $ | 160,021 | $ | 257,112 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage servicing valuation allowance | Residential mortgage servicing valuation allowance | 2023 | 2022 | Residential mortgage servicing valuation allowance | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | 25,782 | Beginning balance | $ | — | $ | 16,129 | $ | — | $ | 25,782 | ||||||||||||||||||||||||||||||||
Recoveries | Recoveries | — | (9,653) | Recoveries | — | (10,839) | — | (20,492) | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | 16,129 | Ending balance | $ | — | $ | 5,290 | $ | — | $ | 5,290 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 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 | $ | 10,581,669 | $ | 10,046,052 | Unpaid principal balance of loans serviced for others | $ | 11,373,015 | $ | 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 | 16.82 | % | 16.80 | % | FHLMC | 17.21 | % | 16.80 | % | ||||||||||||
FNMA | FNMA | 50.19 | % | 50.09 | % | FNMA | 50.32 | % | 50.09 | % | ||||||||||||
GNMA | GNMA | 32.99 | % | 33.11 | % | GNMA | 32.47 | % | 33.11 | % | ||||||||||||
Total | Total | 100.00 | % | 100.00 | % | Total | 100.00 | % | 100.00 | % | ||||||||||||
Weighted average term (months) | Weighted average term (months) | 354 | 353 | Weighted average term (months) | 354 | 353 | ||||||||||||||||
Weighted average age (months) | Weighted average age (months) | 24 | 22 | Weighted average age (months) | 25 | 22 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 8.55 | % | 8.22 | % | Modeled prepayment speed | 8.47 | % | 8.22 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (3,940) | (5,800) | Decline in fair value due to a 10% adverse change | (3,682) | (5,800) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (8,283) | (11,184) | Decline in fair value due to a 20% adverse change | (7,839) | (11,184) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 10.73 | % | 10.00 | % | Weighted average discount rate | 11.13 | % | 10.00 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (4,840) | (6,413) | Decline in fair value due to a 10% adverse change | (4,584) | (6,413) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (10,361) | (12,330) | Decline in fair value due to a 20% adverse change | (10,070) | (12,330) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
SBA servicing rights | SBA servicing rights | 2023 | 2022 | SBA servicing rights | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Beginning carrying value, net | Beginning carrying value, net | $ | 3,443 | $ | 5,556 | Beginning carrying value, net | $ | 3,166 | $ | 5,384 | $ | 3,443 | $ | 5,556 | ||||||||||||||||||||||||||||||||
Additions | Additions | 44 | 538 | Additions | 271 | 236 | 315 | 774 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (321) | (710) | Amortization | (340) | (666) | (661) | (1,376) | ||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 3,166 | $ | 5,384 | Ending carrying value, net | $ | 3,097 | $ | 4,954 | $ | 3,097 | $ | 4,954 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 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 | $ | 311,532 | $ | 326,418 | Unpaid principal balance of loans serviced for others | $ | 318,994 | $ | 326,418 | ||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 3.69 | 3.69 | Weighted average life (in years) | 3.64 | 3.69 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 18.37 | % | 18.24 | % | Modeled prepayment speed | 18.78 | % | 18.24 | % | ||||||||||||
Decline in fair value due to a 10% adverse change | Decline in fair value due to a 10% adverse change | (187) | (177) | Decline in fair value due to a 10% adverse change | (201) | (177) | ||||||||||||||||
Decline in fair value due to a 20% adverse change | Decline in fair value due to a 20% adverse change | (359) | (340) | Decline in fair value due to a 20% adverse change | (385) | (340) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 15.98 | % | 19.57 | % | Weighted average discount rate | 14.84 | % | 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 | (88) | (83) | Decline in fair value due to a 100 basis point adverse change | (92) | (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 | (173) | (163) | Decline in fair value due to a 200 basis point adverse change | (181) | (163) |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | 2023 | 2022 | (in thousands, except share and per share data) | 2023 | 2022 | ||||||||||||||||
Net income | Net income | $ | 60,421 | $ | 81,698 | Net income | $ | 62,635 | $ | 90,066 | ||||||||||||
Adjustment items: | Adjustment items: | Adjustment items: | ||||||||||||||||||||
Merger and conversion charges | — | 977 | ||||||||||||||||||||
Servicing right impairment (recovery) | Servicing right impairment (recovery) | — | (9,654) | Servicing right impairment (recovery) | — | (10,838) | ||||||||||||||||
Gain on BOLI proceeds | (486) | — | ||||||||||||||||||||
Gain on bank premises | Gain on bank premises | — | (6) | Gain on bank premises | — | (39) | ||||||||||||||||
Tax effect of adjustment items (Note 1) | Tax effect of adjustment items (Note 1) | — | 2,024 | Tax effect of adjustment items (Note 1) | — | 2,284 | ||||||||||||||||
After tax adjustment items | After tax adjustment items | (486) | (6,659) | After tax adjustment items | — | (8,593) | ||||||||||||||||
Adjusted net income | Adjusted net income | $ | 59,935 | $ | 75,039 | Adjusted net income | $ | 62,635 | $ | 81,473 | ||||||||||||
Weighted average common shares outstanding - diluted | Weighted average common shares outstanding - diluted | 69,322,664 | 69,660,990 | Weighted average common shares outstanding - diluted | 69,034,763 | 69,316,258 | ||||||||||||||||
Net income per diluted share | Net income per diluted share | $ | 0.87 | $ | 1.17 | Net income per diluted share | $ | 0.91 | $ | 1.30 | ||||||||||||
Adjusted net income per diluted share | Adjusted net income per diluted share | $ | 0.86 | $ | 1.08 | Adjusted net income per diluted share | $ | 0.91 | $ | 1.18 | ||||||||||||
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. | Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. |
Three Months Ended March 31, 2023 | Three Months Ended June 30, 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 | $ | 208,215 | $ | 48,589 | $ | 16,614 | $ | 4,375 | $ | 17,923 | $ | 295,716 | Interest income | $ | 225,284 | $ | 52,867 | $ | 18,960 | $ | 4,915 | $ | 19,926 | $ | 321,952 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | Interest expense | 53,843 | 31,450 | 12,794 | 2,584 | 11,741 | 112,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | Net interest income | 171,441 | 21,417 | 6,166 | 2,331 | 8,185 | 209,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | Provision for credit losses | 40,831 | 3,278 | 411 | 424 | 572 | 45,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | Noninterest income | 24,652 | 39,808 | 1,404 | 1,476 | 9 | 67,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 56,442 | 20,160 | 802 | 1,309 | 2,197 | 80,910 | Salaries and employee benefits | 55,196 | 21,930 | 772 | 1,316 | 2,122 | 81,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | Occupancy and equipment | 11,175 | 1,224 | — | 40 | 83 | 12,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | Data processing and communications expenses | 11,898 | 1,397 | 44 | 46 | 66 | 13,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | Other expenses | 27,643 | 11,859 | 223 | 333 | 1,036 | 41,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | Total noninterest expense | 105,912 | 36,410 | 1,039 | 1,735 | 3,307 | 148,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 53,218 | 13,973 | 5,323 | 861 | 5,177 | 78,552 | Income before income tax expense | 49,350 | 21,537 | 6,120 | 1,648 | 4,315 | 82,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | Income tax expense | 13,312 | 4,523 | 1,285 | 346 | 869 | 20,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 | Net income | $ | 36,038 | $ | 17,014 | $ | 4,835 | $ | 1,302 | $ | 3,446 | $ | 62,635 |
Three Months Ended March 31, 2022 | Three Months Ended June 30, 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 | $ | 129,290 | $ | 32,832 | $ | 6,813 | $ | 6,780 | $ | 7,659 | $ | 183,374 | Interest income | $ | 141,844 | $ | 38,055 | $ | 8,476 | $ | 4,757 | $ | 9,436 | $ | 202,568 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | Interest expense | (10,278) | 17,276 | 1,776 | 959 | 1,471 | 11,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | Net interest income | 152,122 | 20,779 | 6,700 | 3,798 | 7,965 | 191,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | Provision for credit losses | 10,175 | 4,499 | 867 | (523) | (94) | 14,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | Noninterest income | 23,469 | 57,795 | 1,041 | 1,526 | 10 | 83,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 49,195 | 31,614 | 283 | 1,271 | 1,918 | 84,281 | Salaries and employee benefits | 46,733 | 31,219 | 208 | 1,316 | 2,069 | 81,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | Occupancy and equipment | 11,168 | 1,406 | 1 | 81 | 90 | 12,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | Data processing and communications expenses | 10,863 | 1,123 | 48 | 29 | 92 | 12,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | Other expenses | 21,123 | 12,812 | 212 | 539 | 1,064 | 35,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | Total noninterest expense | 89,887 | 46,560 | 469 | 1,965 | 3,315 | 142,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 58,339 | 32,455 | 7,521 | 6,867 | 4,222 | 109,404 | Income before income tax expense | 75,529 | 27,515 | 6,405 | 3,882 | 4,754 | 118,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | Income tax expense | 19,120 | 5,779 | 1,346 | 815 | 959 | 28,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 | Net income | $ | 56,409 | $ | 21,736 | $ | 5,059 | $ | 3,067 | $ | 3,795 | $ | 90,066 |
Quarter Ended March 31, | Quarter Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 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 | $ | 859,614 | $ | 9,113 | 4.30% | $ | 3,413,238 | $ | 1,383 | 0.16% | Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 998,609 | $ | 13,686 | 5.50% | $ | 2,227,453 | $ | 4,495 | 0.81% | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 1,760,500 | 14,729 | 3.39% | 700,975 | 4,474 | 2.59% | Investment securities | 1,741,676 | 16,345 | 3.76% | 1,021,610 | 7,405 | 2.91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 490,295 | 7,007 | 5.80% | 1,097,098 | 8,132 | 3.01% | Loans held for sale | 577,606 | 8,398 | 5.83% | 944,964 | 10,036 | 4.26% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 19,820,749 | 265,802 | 5.44% | 15,821,397 | 170,398 | 4.37% | Loans | 20,164,938 | 284,471 | 5.66% | 16,861,674 | 181,602 | 4.32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 22,931,158 | 296,651 | 5.25% | 21,032,708 | 184,387 | 3.56% | Total interest-earning assets | 23,482,829 | 322,900 | 5.52% | 21,055,701 | 203,538 | 3.88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 2,184,769 | 2,242,946 | Noninterest-earning assets | 2,149,017 | 2,349,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 25,115,927 | $ | 23,275,654 | Total assets | $ | 25,631,846 | $ | 23,405,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 10,145,800 | $ | 44,130 | 1.76% | $ | 9,899,418 | $ | 2,600 | 0.11% | Savings and interest-bearing demand deposits | $ | 9,962,189 | $ | 55,523 | 2.24% | $ | 9,790,029 | $ | 3,590 | 0.15% | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,737,458 | 9,052 | 2.11% | 1,774,016 | 1,492 | 0.34% | Time deposits | 3,417,220 | 32,564 | 3.82% | 1,693,740 | 1,318 | 0.31% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | — | — | —% | 4,020 | 3 | 0.30% | Securities sold under agreements to repurchase | — | — | —% | 1,854 | 1 | 0.22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 1,968,811 | 22,448 | 4.62% | 48,786 | 190 | 1.58% | FHLB advances | 1,408,855 | 17,222 | 4.90% | 48,746 | 192 | 1.58% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 361,445 | 5,349 | 6.00% | 443,657 | 5,164 | 4.72% | Other borrowings | 316,626 | 3,902 | 4.94% | 376,829 | 4,437 | 4.72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,557 | 3,085 | 9.73% | 126,563 | 1,381 | 4.43% | Subordinated deferrable interest debentures | 129,056 | 3,201 | 9.95% | 127,063 | 1,666 | 5.26% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 14,342,071 | 84,064 | 2.38% | 12,296,460 | 10,830 | 0.36% | Total interest-bearing liabilities | 15,233,946 | 112,412 | 2.96% | 12,038,261 | 11,204 | 0.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 7,136,373 | 7,658,451 | Demand deposits | 6,729,789 | 7,955,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 387,194 | 326,091 | Other liabilities | 375,062 | 367,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 3,250,289 | 2,994,652 | Shareholders’ equity | 3,293,049 | 3,043,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 25,115,927 | $ | 23,275,654 | Total liabilities and shareholders’ equity | $ | 25,631,846 | $ | 23,405,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.87% | 3.20% | Interest rate spread | 2.56% | 3.51% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 212,587 | $ | 173,557 | Net interest income | $ | 210,488 | $ | 192,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.76% | 3.35% | Net interest margin | 3.60% | 3.66% |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Three Months Ended June 30, 2023 | Three Months Ended June 30, 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 | $ | 4,145,991 | 1.47% | $ | 3,684,772 | 0.09% | NOW | $ | 3,949,850 | 1.83% | $ | 3,695,490 | 0.14% | ||||||||||||||||||||||||||||||||
MMDA | MMDA | 4,994,195 | 2.26% | 5,240,922 | 0.13% | MMDA | 5,002,590 | 2.82% | 5,087,199 | 0.17% | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,005,614 | 0.52% | 973,724 | 0.06% | Savings | 1,009,749 | 0.91% | 1,007,340 | 0.06% | ||||||||||||||||||||||||||||||||||||
Retail CDs | Retail CDs | 1,612,325 | 1.92% | 1,774,016 | 0.34% | Retail CDs | 2,024,014 | 2.92% | 1,693,740 | 0.31% | ||||||||||||||||||||||||||||||||||||
Brokered CDs | Brokered CDs | 125,133 | 4.61% | — | —% | Brokered CDs | 1,393,206 | 5.13% | — | —% | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 11,883,258 | 1.82% | $ | 11,673,434 | 0.14% | Interest-bearing deposits | $ | 13,379,409 | 2.64% | $ | 11,483,769 | 0.17% |
Six Months Ended June 30, | |||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | |||||||||
Net income available to common shareholders | $ | 123,056 | $ | 171,764 | |||||||
Adjustment items: | |||||||||||
Merger and conversion charges | — | 977 | |||||||||
Servicing right recovery | — | (20,492) | |||||||||
Gain on BOLI proceeds | (486) | — | |||||||||
(Gain) loss on bank premises | — | (45) | |||||||||
Tax effect of adjustment items (Note 1) | — | 4,308 | |||||||||
After tax adjustment items | (486) | (15,252) | |||||||||
Adjusted net income | $ | 122,570 | $ | 156,512 | |||||||
Weighted average common shares outstanding - diluted | 69,191,512 | 69,484,508 | |||||||||
Net income per diluted share | $ | 1.78 | $ | 2.47 | |||||||
Adjusted net income per diluted share | $ | 1.77 | $ | 2.25 | |||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the six months ended June 30, 2022 is nondeductible for tax purposes. |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 433,499 | $ | 101,456 | $ | 35,574 | $ | 9,290 | $ | 37,849 | $ | 617,668 | |||||||||||||||||||||||
Interest expense | 86,730 | 60,012 | 23,708 | 5,002 | 21,024 | 196,476 | |||||||||||||||||||||||||||||
Net interest income | 346,769 | 41,444 | 11,866 | 4,288 | 16,825 | 421,192 | |||||||||||||||||||||||||||||
Provision for loan losses | 87,971 | 6,131 | 217 | 320 | 606 | 95,245 | |||||||||||||||||||||||||||||
Noninterest income | 48,550 | 70,866 | 1,884 | 2,081 | 18 | 123,399 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 111,638 | 42,090 | 1,574 | 2,625 | 4,319 | 162,246 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,781 | 2,507 | 1 | 77 | 142 | 25,508 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 23,695 | 2,466 | 90 | 83 | 151 | 26,485 | |||||||||||||||||||||||||||||
Other expenses | 46,666 | 23,606 | 425 | 755 | 2,133 | 73,585 | |||||||||||||||||||||||||||||
Total noninterest expense | 204,780 | 70,669 | 2,090 | 3,540 | 6,745 | 287,824 | |||||||||||||||||||||||||||||
Income before income tax expense | 102,568 | 35,510 | 11,443 | 2,509 | 9,492 | 161,522 | |||||||||||||||||||||||||||||
Income tax expense | 26,160 | 7,457 | 2,403 | 527 | 1,919 | 38,466 | |||||||||||||||||||||||||||||
Net income | $ | 76,408 | $ | 28,053 | $ | 9,040 | $ | 1,982 | $ | 7,573 | $ | 123,056 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 271,134 | $ | 70,887 | $ | 15,289 | $ | 11,537 | $ | 17,095 | $ | 385,942 | |||||||||||||||||||||||
Interest expense | (14,733) | 30,813 | 2,142 | 1,728 | 2,084 | 22,034 | |||||||||||||||||||||||||||||
Net interest income | 285,867 | 40,074 | 13,147 | 9,809 | 15,011 | 363,908 | |||||||||||||||||||||||||||||
Provision for loan losses | 15,401 | 6,086 | 645 | (666) | (311) | 21,155 | |||||||||||||||||||||||||||||
Noninterest income | 44,833 | 119,444 | 2,442 | 4,017 | 16 | 170,752 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 95,928 | 62,833 | 491 | 2,587 | 3,987 | 165,826 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,242 | 2,877 | 2 | 180 | 172 | 25,473 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 22,093 | 2,295 | 95 | 57 | 187 | 24,727 | |||||||||||||||||||||||||||||
Other expenses | 41,168 | 25,457 | 430 | 919 | 2,016 | 69,990 | |||||||||||||||||||||||||||||
Total noninterest expense | 181,431 | 93,462 | 1,018 | 3,743 | 6,362 | 286,016 | |||||||||||||||||||||||||||||
Income before income tax expense | 133,868 | 59,970 | 13,926 | 10,749 | 8,976 | 227,489 | |||||||||||||||||||||||||||||
Income tax expense | 36,116 | 12,594 | 2,925 | 2,257 | 1,833 | 55,725 | |||||||||||||||||||||||||||||
Net income | $ | 97,752 | $ | 47,376 | $ | 11,001 | $ | 8,492 | $ | 7,143 | $ | 171,764 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(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 | $ | 929,496 | $ | 22,799 | 4.95% | $ | 2,817,071 | $ | 5,878 | 0.42% | |||||||||||||||||||||||||
Investment securities | 1,751,036 | 31,074 | 3.58% | 862,178 | 11,879 | 2.78% | |||||||||||||||||||||||||||||
Loans held for sale | 534,192 | 15,405 | 5.82% | 1,020,611 | 18,168 | 3.59% | |||||||||||||||||||||||||||||
Loans | 19,993,794 | 550,273 | 5.55% | 16,344,409 | 352,000 | 4.34% | |||||||||||||||||||||||||||||
Total interest-earning assets | 23,208,518 | 619,551 | 5.38% | 21,044,269 | 387,925 | 3.72% | |||||||||||||||||||||||||||||
Noninterest-earning assets | 2,166,794 | 2,296,516 | |||||||||||||||||||||||||||||||||
Total assets | $ | 25,375,312 | $ | 23,340,785 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 10,053,594 | $ | 99,653 | 2.00% | $ | 9,844,422 | $ | 6,190 | 0.13% | |||||||||||||||||||||||||
Time deposits | 2,581,979 | 41,616 | 3.25% | 1,733,656 | 2,810 | 0.33% | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | —% | 2,931 | 4 | 0.28% | |||||||||||||||||||||||||||||
FHLB advances | 1,687,286 | 39,670 | 4.74% | 48,766 | 382 | 1.58% | |||||||||||||||||||||||||||||
Other borrowings | 338,912 | 9,251 | 5.50% | 410,058 | 9,601 | 4.72% | |||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 128,808 | 6,286 | 9.84% | 126,814 | 3,047 | 4.85% | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,790,579 | 196,476 | 2.68% | 12,166,647 | 22,034 | 0.37% | |||||||||||||||||||||||||||||
Demand deposits | 6,931,852 | 7,807,929 | |||||||||||||||||||||||||||||||||
Other liabilities | 381,094 | 347,109 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,271,787 | 3,019,100 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 25,375,312 | $ | 23,340,785 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.70% | 3.35% | |||||||||||||||||||||||||||||||||
Net interest income | $ | 423,075 | $ | 365,891 | |||||||||||||||||||||||||||||||
Net interest margin | 3.68% | 3.51% |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | |||||||||||||||||||
NOW | $ | 4,047,484 | 1.65% | $ | 3,690,161 | 0.11% | |||||||||||||||||
MMDA | 4,998,417 | 2.54% | 5,163,636 | 0.15% | |||||||||||||||||||
Savings | 1,007,693 | 0.72% | 990,625 | 0.06% | |||||||||||||||||||
Retail CDs | 1,819,307 | 2.48% | 1,733,656 | 0.33% | |||||||||||||||||||
Brokered CDs | 762,672 | 5.09% | — | —% | |||||||||||||||||||
Interest-bearing deposits | $ | 12,635,573 | 2.25% | $ | 11,578,078 | 0.16% |
March 31, 2023 | December 31, 2022 | June 30, 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 | $ | 776,583 | $ | 766,129 | $ | 775,784 | $ | 759,534 | U.S. Treasuries | $ | 779,382 | $ | 758,666 | $ | 775,784 | $ | 759,534 | ||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,032 | 987 | 1,036 | 979 | U.S. government-sponsored agencies | 1,029 | 972 | 1,036 | 979 | ||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 33,965 | 33,213 | 35,358 | 34,195 | State, county and municipal securities | 33,340 | 32,228 | 35,358 | 34,195 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,397 | 15,610 | 16,397 | 15,926 | Corporate debt securities | 15,897 | 15,055 | 16,397 | 15,926 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 26,942 | 25,342 | 29,422 | 27,398 | SBA pool securities | 25,799 | 23,826 | 29,422 | 27,398 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | 655,555 | 701,008 | 662,028 | Mortgage-backed securities | 669,371 | 629,609 | 701,008 | 662,028 | ||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,541,142 | $ | 1,496,836 | $ | 1,559,005 | $ | 1,500,060 | Total debt securities available-for-sale | $ | 1,524,818 | $ | 1,460,356 | $ | 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 | $ | 27,330 | $ | 31,905 | $ | 26,525 | State, county and municipal securities | $ | 31,905 | $ | 26,608 | $ | 31,905 | $ | 26,525 | ||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 102,270 | 88,763 | 102,959 | 88,013 | Mortgage-backed securities | 110,608 | 95,283 | 102,959 | 88,013 | ||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 134,175 | $ | 116,093 | $ | 134,864 | $ | 114,538 | Total debt securities held-to-maturity | $ | 142,513 | $ | 121,891 | $ | 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 | $ | 72,894 | 3.93 | % | $ | — | — | % | $ | 2,243 | 3.93 | % | One year or less | $ | 92,834 | 3.67 | % | $ | — | — | % | $ | 1,889 | 4.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 693,235 | 3.15 | 987 | 2.16 | 18,054 | 3.89 | After one year through five years | 665,832 | 3.16 | 972 | 2.16 | 17,653 | 3.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | — | — | 6,631 | 4.44 | After five years through ten years | — | — | — | — | 6,554 | 4.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | — | — | — | — | 6,285 | 3.63 | After ten years | — | — | — | — | 6,132 | 3.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 766,129 | 3.23 | % | $ | 987 | 2.16 | % | $ | 33,213 | 3.95 | % | $ | 758,666 | 3.22 | % | $ | 972 | 2.16 | % | $ | 32,228 | 3.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | $ | 11 | 6.62 | % | $ | 20,578 | 2.67 | % | One year or less | $ | — | — | % | $ | — | — | % | $ | 19,709 | 2.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | After one year through five years | 3,994 | 5.47 | 6,004 | 2.11 | 233,349 | 3.13 | After one year through five years | 13,703 | 6.88 | 5,876 | 2.08 | 259,447 | 3.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | 9,825 | 5.00 | 5,907 | 2.58 | 150,168 | 3.12 | After five years through ten years | — | — | 5,575 | 2.57 | 119,940 | 2.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 1,291 | 8.00 | 13,420 | 3.13 | 251,460 | 3.24 | After ten years | 1,352 | 8.00 | 12,375 | 3.19 | 230,513 | 3.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 15,610 | 5.43 | % | $ | 25,342 | 2.76 | % | $ | 655,555 | 3.15 | % | $ | 15,055 | 7.02 | % | $ | 23,826 | 2.77 | % | $ | 629,609 | 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 | — | — | 10,901 | 1.01 | After one year through five years | — | — | 11,997 | 1.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | 38,669 | 2.66 | After five years through ten years | — | — | 46,034 | 2.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 31,905 | 3.93 | 52,700 | 2.22 | After ten years | 31,905 | 3.93 | 52,577 | 2.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 31,905 | 3.93 | % | $ | 102,270 | 2.26 | % | $ | 31,905 | 3.93 | % | $ | 110,608 | 2.45 | % |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (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 | $ | 205,677 | $ | 167,582 | 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) | — | Adjustment to allowance for adoption of ASU 2022-02 | (1,711) | — | ||||||||||||||||
Provision charged to operating expense | Provision charged to operating expense | 49,376 | (2,734) | Provision charged to operating expense | 93,019 | 10,493 | ||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 12,233 | 4,414 | Commercial, financial and agricultural | 25,549 | 8,805 | ||||||||||||||||
Consumer | Consumer | 1,140 | 1,425 | Consumer | 3,192 | 2,562 | ||||||||||||||||
Indirect automobile | Indirect automobile | 34 | 88 | Indirect automobile | 99 | 129 | ||||||||||||||||
Premium finance | Premium finance | 1,421 | 1,369 | Premium finance | 3,269 | 2,435 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | — | 1,283 | Real estate – commercial and farmland | 3,320 | 1,364 | ||||||||||||||||
Real estate – residential | Real estate – residential | 128 | — | Real estate – residential | 197 | 137 | ||||||||||||||||
Total charge-offs | Total charge-offs | 14,956 | 8,579 | Total charge-offs | 35,626 | 15,432 | ||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 2,043 | 2,896 | Commercial, financial and agricultural | 5,588 | 5,681 | ||||||||||||||||
Consumer | Consumer | 297 | 158 | Consumer | 491 | 388 | ||||||||||||||||
Indirect automobile | Indirect automobile | 216 | 275 | Indirect automobile | 441 | 540 | ||||||||||||||||
Premium finance | Premium finance | 1,382 | 1,247 | Premium finance | 3,062 | 2,360 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 100 | 218 | Real estate – construction and development | 572 | 573 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 44 | 37 | Real estate – commercial and farmland | 105 | 81 | ||||||||||||||||
Real estate – residential | Real estate – residential | 190 | 151 | Real estate – residential | 453 | 376 | ||||||||||||||||
Total recoveries | Total recoveries | 4,272 | 4,982 | Total recoveries | 10,712 | 9,999 | ||||||||||||||||
Net charge-offs | Net charge-offs | 10,684 | 3,597 | Net charge-offs | 24,914 | 5,433 | ||||||||||||||||
Balance of allowance for credit losses on loans at end of period | Balance of allowance for credit losses on loans at end of period | $ | 242,658 | $ | 161,251 | Balance of allowance for credit losses on loans at end of period | $ | 272,071 | $ | 172,642 |
As of and for the Three Months Ended | As of and for the Six Months Ended | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | March 31, 2022 | (dollars in thousands) | June 30, 2023 | June 30, 2022 | ||||||||||||||||
Allowance for credit losses on loans at end of period | Allowance for credit losses on loans at end of period | $ | 242,658 | $ | 161,251 | Allowance for credit losses on loans at end of period | $ | 272,071 | $ | 172,642 | ||||||||||||
Net charge-offs for the period | Net charge-offs for the period | 10,684 | 3,597 | Net charge-offs for the period | 24,914 | 5,433 | ||||||||||||||||
Loan balances: | Loan balances: | Loan balances: | ||||||||||||||||||||
End of period | End of period | 19,997,871 | 16,143,801 | End of period | 20,471,759 | 17,561,022 | ||||||||||||||||
Average for the period | Average for the period | 19,820,749 | 15,821,397 | Average for the period | 19,993,794 | 16,344,409 | ||||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | Net charge-offs as a percentage of average loans (annualized) | 0.22 | % | 0.09 | % | Net charge-offs as a percentage of average loans (annualized) | 0.25 | % | 0.07 | % | ||||||||||||
Allowance for credit losses on loans as a percentage of end of period loans | Allowance for credit losses on loans as a percentage of end of period loans | 1.21 | % | 1.00 | % | Allowance for credit losses on loans as a percentage of end of period loans | 1.33 | % | 0.98 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | Commercial, financial and agricultural | $ | 2,718,831 | $ | 2,679,403 | ||||||||||||
Consumer | Consumer | 349,775 | 384,037 | Consumer | 307,486 | 384,037 | ||||||||||||||||
Indirect automobile | Indirect automobile | 83,466 | 108,648 | Indirect automobile | 63,231 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 958,418 | 1,038,924 | Mortgage warehouse | 1,147,413 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 505,515 | 509,151 | Municipal | 510,410 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 947,257 | 1,023,479 | Premium finance | 988,731 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,144,605 | 2,086,438 | Real estate – construction and development | 2,217,744 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | Real estate – commercial and farmland | 7,815,779 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,564,923 | 4,420,306 | Real estate – residential | 4,702,134 | 4,420,306 | ||||||||||||||||
$ | 19,997,871 | $ | 19,855,253 | $ | 20,471,759 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Nonaccrual loans(1) | Nonaccrual loans(1) | $ | 143,027 | $ | 134,808 | Nonaccrual loans(1) | $ | 126,680 | $ | 134,808 | ||||||||||||
Accruing loans delinquent 90 days or more | Accruing loans delinquent 90 days or more | 15,792 | 17,865 | Accruing loans delinquent 90 days or more | 13,424 | 17,865 | ||||||||||||||||
Repossessed assets | Repossessed assets | 25 | 28 | Repossessed assets | 9 | 28 | ||||||||||||||||
Other real estate owned | Other real estate owned | 1,502 | 843 | Other real estate owned | 6,170 | 843 | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 160,346 | $ | 153,544 | Total non-performing assets | $ | 146,283 | $ | 153,544 |
March 31, 2023 | December 31, 2022 | June 30, 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 | $ | 2,144,605 | 11% | $ | 2,086,438 | 11% | Construction and development loans | $ | 2,217,744 | 11% | $ | 2,086,438 | 11% | ||||||||||||||||||||||||||||||||
Multi-family loans | Multi-family loans | 787,701 | 4% | 779,027 | 4% | Multi-family loans | 814,461 | 4% | 779,027 | 4% | ||||||||||||||||||||||||||||||||||||
Nonfarm non-residential loans (excluding owner-occupied) | Nonfarm non-residential loans (excluding owner-occupied) | 4,737,191 | 24% | 4,796,358 | 24% | Nonfarm non-residential loans (excluding owner-occupied) | 4,812,547 | 24% | 4,796,358 | 24% | ||||||||||||||||||||||||||||||||||||
Total CRE Loans (excluding owner-occupied) | Total CRE Loans (excluding owner-occupied) | 7,669,497 | 38% | 7,661,823 | 39% | Total CRE Loans (excluding owner-occupied) | 7,844,752 | 38% | 7,661,823 | 39% | ||||||||||||||||||||||||||||||||||||
All other loan types | All other loan types | 12,328,374 | 62% | 12,193,430 | 61% | All other loan types | 12,627,007 | 62% | 12,193,430 | 61% | ||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 19,997,871 | 100% | $ | 19,855,253 | 100% | Total Loans | $ | 20,471,759 | 100% | $ | 19,855,253 | 100% |
Internal Limit | Actual | Internal Limit | Actual | |||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Construction and development loans | Construction and development loans | 100% | 80% | 79% | Construction and development loans | 100% | 80% | 79% | ||||||||||||||||||||||||||
Total CRE loans (excluding owner-occupied) | Total CRE loans (excluding owner-occupied) | 300% | 287% | 292% | Total CRE loans (excluding owner-occupied) | 300% | 283% | 292% |
March 31, 2023 | December 31, 2022 | June 30, 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 | 9.26% | 9.36% | Consolidated | 9.27% | 9.36% | ||||||||||||||||
Ameris Bank | Ameris Bank | 10.21% | 10.56% | Ameris Bank | 10.30% | 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 | 10.10% | 9.86% | Consolidated | 10.25% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.14% | 11.12% | Ameris Bank | 11.38% | 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 | 10.10% | 9.86% | Consolidated | 10.25% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.14% | 11.12% | Ameris Bank | 11.38% | 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 | 13.16% | 12.90% | Consolidated | 13.40% | 12.90% | ||||||||||||||||
Ameris Bank | Ameris Bank | 12.57% | 12.28% | Ameris Bank | 12.96% | 12.28% |
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale to total deposits | Investment securities available-for-sale to total deposits | 7.52% | 7.71% | 6.45% | 5.35% | 2.96% | Investment securities available-for-sale to total deposits | 7.14% | 7.52% | 7.71% | 6.45% | 5.35% | ||||||||||||||||||||||||||||||||||||||||||||||
Loans (net of unearned income) to total deposits | Loans (net of unearned income) to total deposits | 100.50% | 102.02% | 96.61% | 89.21% | 82.41% | Loans (net of unearned income) to total deposits | 100.14% | 100.50% | 102.02% | 96.61% | 89.21% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets to total assets | Interest-earning assets to total assets | 91.71% | 91.11% | 90.76% | 89.88% | 90.43% | Interest-earning assets to total assets | 91.51% | 91.71% | 91.11% | 90.76% | 89.88% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits to total deposits | Interest-bearing deposits to total deposits | 61.60% | 59.26% | 57.14% | 58.02% | 59.82% | Interest-bearing deposits to total deposits | 67.19% | 61.60% | 59.26% | 57.14% | 58.02% |
Earnings Simulation Model Results | Earnings Simulation Model Results | Earnings Simulation Model Results | ||||||||||||||||||||||||||
Change in | Change in | % Change in Projected Baseline | Change in | % Change in Projected Baseline | ||||||||||||||||||||||||
Interest Rates | Interest Rates | Net Interest Income | Interest Rates | Net Interest Income | ||||||||||||||||||||||||
(in bps) | (in bps) | 12 Months | 24 Months | (in bps) | 12 Months | 24 Months | ||||||||||||||||||||||
400 | 400 | 0.7% | 11.0% | 400 | (3.9)% | 6.3% | ||||||||||||||||||||||
300 | 300 | 2.5% | 9.5% | 300 | (0.7)% | 6.2% | ||||||||||||||||||||||
200 | 200 | 2.6% | 6.8% | 200 | 1.2% | 5.0% | ||||||||||||||||||||||
100 | 100 | 1.5% | 3.6% | 100 | 0.9% | 2.7% | ||||||||||||||||||||||
(100) | (100) | (1.8)% | (4.2)% | (100) | (1.1)% | (2.9)% | ||||||||||||||||||||||
(200) | (200) | (3.8)% | (8.8)% | (200) | (2.3)% | (6.3)% | ||||||||||||||||||||||
(300) | (300) | (6.1)% | (14.3)% | (300) | (3.5)% | (9.8)% | ||||||||||||||||||||||
(400) | (400) | (8.3)% | (18.8)% | (400) | (4.3)% | (12.9)% |
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 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(1 | ||||||||||||||||||||||
April 1, 2023 through April 30, 2023 | — | $ | — | — | $ | 94,479,288 | ||||||||||||||||||||
May 1, 2023 through May 31, 2023 | 264,500 | $ | 30.18 | 264,500 | $ | 86,496,795 | ||||||||||||||||||||
June 1, 2023 through June 30, 2023 | — | $ | — | — | $ | 86,496,795 | ||||||||||||||||||||
Total | 264,500 | $ | 30.18 | 264,500 | $ | 86,496,795 |
Exhibit Number | Description | |||||||
Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023). | ||||||||
Bylaws of Ameris Bancorp, as amended and restated through February 23, | ||||||||
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) |