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 | September 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 | $ | 241,137 | $ | 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 | 1,304,636 | 833,565 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,020,853 | 1,118,132 | Cash and cash equivalents | 1,545,773 | 1,118,132 | ||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $82 and $75 | 1,496,836 | 1,500,060 | ||||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $116,093 and $114,538) | 134,175 | 134,864 | ||||||||||||||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $80 and $75 | Debt securities available-for-sale, at fair value, net of allowance for credit losses of $80 and $75 | 1,424,081 | 1,500,060 | |||||||||||||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $115,689 and $114,538) | Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $115,689 and $114,538) | 141,859 | 134,864 | |||||||||||||||||||
Other investments | Other investments | 146,715 | 110,992 | Other investments | 104,957 | 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 | 381,466 | 392,078 | ||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | 19,997,871 | 19,855,253 | Loans, net of unearned income | 20,201,079 | 19,855,253 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (242,658) | (205,677) | Allowance for credit losses | (290,104) | (205,677) | ||||||||||||||||
Loans, net | Loans, net | 19,755,213 | 19,649,576 | Loans, net | 19,910,975 | 19,649,576 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 1,502 | 843 | Other real estate owned, net | 3,397 | 843 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 218,878 | 220,283 | Premises and equipment, net | 217,564 | 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 | 92,375 | 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 | 393,769 | 388,405 | ||||||||||||||||
Other assets | Other assets | 412,781 | 416,213 | Other assets | 465,968 | 416,213 | ||||||||||||||||
Total assets | Total assets | $ | 26,088,384 | $ | 25,053,286 | Total assets | $ | 25,697,830 | $ | 25,053,286 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 7,297,893 | $ | 7,929,579 | Noninterest-bearing | $ | 6,589,610 | $ | 7,929,579 | ||||||||||||
Interest-bearing | Interest-bearing | 12,599,562 | 11,533,159 | Interest-bearing | 14,000,735 | 11,533,159 | ||||||||||||||||
Total deposits | Total deposits | 19,897,455 | 19,462,738 | Total deposits | 20,590,345 | 19,462,738 | ||||||||||||||||
Other borrowings | Other borrowings | 2,401,327 | 1,875,736 | Other borrowings | 1,209,553 | 1,875,736 | ||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,820 | 128,322 | Subordinated deferrable interest debentures | 129,817 | 128,322 | ||||||||||||||||
Other liabilities | Other liabilities | 407,587 | 389,090 | Other liabilities | 421,046 | 389,090 | ||||||||||||||||
Total liabilities | Total liabilities | 22,835,189 | 21,855,886 | Total liabilities | 22,350,761 | 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; 72,514,047 and 72,263,727 shares issued | Common stock, par value $1; 200,000,000 shares authorized; 72,514,047 and 72,263,727 shares issued | 72,514 | 72,264 | |||||||||||||||||||
Capital surplus | Capital surplus | 1,937,664 | 1,935,211 | Capital surplus | 1,942,852 | 1,935,211 | ||||||||||||||||
Retained earnings | Retained earnings | 1,362,512 | 1,311,258 | Retained earnings | 1,484,424 | 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 | (60,818) | (46,507) | |||||||||||||||||||
Treasury stock, at cost, 3,375,586 and 2,894,677 shares | Treasury stock, at cost, 3,375,586 and 2,894,677 shares | (91,903) | (74,826) | |||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 3,253,195 | 3,197,400 | Total shareholders’ equity | 3,347,069 | 3,197,400 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 26,088,384 | $ | 25,053,286 | Total liabilities and shareholders’ equity | $ | 25,697,830 | $ | 25,053,286 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 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 | $ | 304,699 | $ | 216,400 | $ | 868,675 | $ | 584,706 | ||||||||||||||||||||||||||||||||
Interest on taxable securities | Interest on taxable securities | 14,300 | 4,239 | Interest on taxable securities | 14,754 | 10,324 | 44,969 | 21,627 | ||||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities | Interest on nontaxable securities | 339 | 186 | Interest on nontaxable securities | 331 | 363 | 1,009 | 818 | ||||||||||||||||||||||||||||||||||||||
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 | 10,769 | 7,215 | 33,568 | 13,093 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 295,716 | 183,374 | Total interest income | 330,553 | 234,302 | 948,221 | 620,244 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 53,182 | 4,092 | Interest on deposits | 102,999 | 14,034 | 244,268 | 23,034 | ||||||||||||||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 30,882 | 6,738 | Interest on other borrowings | 19,803 | 7,287 | 75,010 | 20,321 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 84,064 | 10,830 | Total interest expense | 122,802 | 21,321 | 319,278 | 43,355 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 211,652 | 172,544 | Net interest income | 207,751 | 212,981 | 628,943 | 576,889 | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 49,376 | (2,734) | Provision for loan losses | 30,095 | 17,469 | 123,114 | 27,962 | ||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 346 | 9,009 | Provision for unfunded commitments | (5,634) | 192 | (3,415) | 10,980 | ||||||||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | 7 | (44) | Provision for other credit losses | (2) | (9) | 5 | (135) | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 49,729 | 6,231 | Provision for credit losses | 24,459 | 17,652 | 119,704 | 38,807 | ||||||||||||||||||||||||||||||||||||||
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 | 183,292 | 195,329 | 509,239 | 538,082 | ||||||||||||||||||||||||||||||||||||||
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 | 12,092 | 11,168 | 34,323 | 33,374 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 31,392 | 62,938 | Mortgage banking activity | 36,290 | 40,350 | 108,424 | 162,049 | ||||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees | Other service charges, commissions and fees | 971 | 939 | Other service charges, commissions and fees | 1,221 | 970 | 3,167 | 2,907 | ||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | 6 | (27) | Net gain (loss) on securities | (16) | (21) | (16) | 200 | ||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 12,745 | 12,003 | Other noninterest income | 13,594 | 12,857 | 40,682 | 37,546 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 56,050 | 86,911 | Total noninterest income | 63,181 | 65,324 | 186,580 | 236,076 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 80,910 | 84,281 | Salaries and employee benefits | 81,898 | 78,697 | 244,144 | 244,523 | ||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 12,986 | 12,727 | Occupancy and equipment | 12,745 | 12,983 | 38,253 | 38,456 | ||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 13,034 | 12,572 | Data processing and communications expenses | 12,973 | 12,015 | 39,458 | 36,742 | ||||||||||||||||||||||||||||||||||||||
Credit resolution-related expenses | Credit resolution-related expenses | 435 | (965) | Credit resolution-related expenses | (1,360) | 126 | (77) | (343) | ||||||||||||||||||||||||||||||||||||||
Advertising and marketing | Advertising and marketing | 3,532 | 1,988 | Advertising and marketing | 2,723 | 3,553 | 8,882 | 8,663 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,706 | 5,181 | Amortization of intangible assets | 4,425 | 4,710 | 13,819 | 15,035 | ||||||||||||||||||||||||||||||||||||||
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 | 9,290 | 9,613 | 26,392 | 28,452 | ||||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 15,487 | 18,140 | Other noninterest expenses | 18,752 | 17,881 | 58,399 | 53,089 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 139,421 | 143,820 | Total noninterest expense | 141,446 | 139,578 | 429,270 | 425,594 | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 78,552 | 109,404 | Income before income tax expense | 105,027 | 121,075 | 266,549 | 348,564 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 18,131 | 27,706 | Income tax expense | 24,912 | 28,520 | 63,378 | 84,245 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 60,421 | 81,698 | Net income | 80,115 | 92,555 | 203,171 | 264,319 | ||||||||||||||||||||||||||||||||||||||
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 $(3,472), $(10,128), $(4,871) and $(17,631) | Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(3,472), $(10,128), $(4,871) and $(17,631) | (10,200) | (38,099) | (14,311) | (66,324) | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | 10,926 | (17,431) | Total other comprehensive loss | (10,200) | (38,099) | (14,311) | (66,324) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 71,347 | $ | 64,267 | Comprehensive income | $ | 69,915 | $ | 54,456 | $ | 188,860 | $ | 197,995 | ||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.87 | $ | 1.18 | Basic earnings per common share | $ | 1.16 | $ | 1.34 | $ | 2.94 | $ | 3.82 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.87 | $ | 1.17 | Diluted earnings per common share | $ | 1.16 | $ | 1.34 | $ | 2.94 | $ | 3.81 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 69,172 | 69,346 | Basic | 68,879 | 69,125 | 69,023 | 69,213 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 69,323 | 69,661 | Diluted | 68,994 | 69,327 | 69,130 | 69,428 |
Three Months Ended September 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, 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | Issuance of restricted shares | 1,500 | 2 | (2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | Forfeitures of restricted shares | (2,083) | (3) | (30) | — | — | — | — | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 3,019 | — | — | — | — | 3,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 739 | (29) | (29) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 80,115 | — | — | — | 80,115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | Dividends on common shares ($0.15 per share) | — | — | — | (10,433) | — | — | — | (10,433) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | Other comprehensive loss during the period | — | — | — | — | (10,200) | — | — | (10,200) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 72,514,047 | $ | 72,514 | $ | 1,942,852 | $ | 1,484,424 | $ | (60,818) | 3,375,586 | $ | (91,903) | $ | 3,347,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Nine Months Ended September 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 | 133,430 | 134 | (134) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | Forfeitures of restricted shares | (2,083) | (3) | (30) | — | — | — | — | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 7,448 | — | — | — | — | 7,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | — | — | — | — | — | 215,670 | (9,058) | (9,058) | Purchase of treasury shares | — | — | — | — | — | 480,909 | (17,077) | (17,077) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 60,421 | — | — | — | 60,421 | Net income | — | — | — | 203,171 | — | — | — | 203,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,444) | — | — | — | (10,444) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.45 per share) | Dividends on common shares ($0.45 per share) | — | — | — | (31,282) | — | — | — | (31,282) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (14,311) | — | — | (14,311) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 72,514,047 | $ | 72,514 | $ | 1,942,852 | $ | 1,484,424 | $ | (60,818) | 3,375,586 | $ | (91,903) | $ | 3,347,069 |
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 September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 72,251,856 | $ | 72,251 | $ | 1,931,088 | $ | 1,157,359 | $ | (12,635) | 2,891,395 | $ | (74,687) | $ | 3,073,376 | |||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (4,470) | (4) | (38) | — | — | — | — | (42) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,856 | — | — | — | — | 1,856 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 3,282 | (139) | (139) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 92,555 | — | — | — | 92,555 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.15 per share) | — | — | — | (10,437) | — | — | — | (10,437) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (38,099) | — | — | (38,099) | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 72,247,386 | $ | 72,247 | $ | 1,932,906 | $ | 1,239,477 | $ | (50,734) | 2,894,677 | $ | (74,826) | $ | 3,119,070 | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 72,017,126 | $ | 72,017 | $ | 1,924,813 | $ | 1,006,436 | $ | 15,590 | 2,407,898 | $ | (52,405) | $ | 2,966,451 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 164,346 | 164 | 1,177 | — | — | — | — | 1,341 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (13,889) | (14) | (119) | — | — | — | — | (133) | |||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 79,803 | 80 | 2,244 | — | — | — | — | 2,324 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 4,791 | — | — | — | — | 4,791 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 486,779 | (22,421) | (22,421) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 264,319 | — | — | — | 264,319 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.45 per share) | — | — | — | (31,278) | — | — | — | (31,278) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss during the period | — | — | — | — | (66,324) | — | — | (66,324) | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 72,247,386 | $ | 72,247 | $ | 1,932,906 | $ | 1,239,477 | $ | (50,734) | 2,894,677 | $ | (74,826) | $ | 3,119,070 |
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Operating Activities | Operating Activities | Operating Activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 60,421 | $ | 81,698 | Net income | $ | 203,171 | $ | 264,319 | ||||||||||||||||||
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 | 14,260 | 13,808 | ||||||||||||||||||||||
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 | 97 | 92 | ||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 49,729 | 6,231 | Provision for credit losses | 119,704 | 38,807 | ||||||||||||||||||||||
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 | (1,597) | (1,773) | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 2,197 | 1,499 | Share-based compensation expense | 7,415 | 4,859 | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 4,706 | 5,181 | Amortization of intangible assets | 13,819 | 15,035 | ||||||||||||||||||||||
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 | 8,440 | 8,783 | ||||||||||||||||||||||
Provision for deferred taxes | Provision for deferred taxes | (2,807) | 6,435 | Provision for deferred taxes | (13,382) | (21,699) | ||||||||||||||||||||||
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 | (4,316) | 407 | |||||||||||||||||||||||||
Net (accretion) amortization of debt securities held-to-maturity | Net (accretion) amortization of debt securities held-to-maturity | (136) | 71 | |||||||||||||||||||||||||
Net amortization of other investments | Net amortization of other investments | 388 | 252 | Net amortization of other investments | 1,108 | 556 | ||||||||||||||||||||||
Net (gain) loss on securities | Net (gain) loss on securities | (6) | 27 | Net (gain) loss on securities | 16 | (200) | ||||||||||||||||||||||
Accretion of discount on purchased loans, net | Accretion of discount on purchased loans, net | (420) | (1,006) | Accretion of discount on purchased loans, net | (1,361) | (30) | ||||||||||||||||||||||
Net amortization on other borrowings | Net amortization on other borrowings | 627 | 108 | Net amortization on other borrowings | 774 | 324 | ||||||||||||||||||||||
Amortization of subordinated deferrable interest debentures | Amortization of subordinated deferrable interest debentures | 498 | 499 | Amortization of subordinated deferrable interest debentures | 1,495 | 1,495 | ||||||||||||||||||||||
Loan servicing asset recovery | Loan servicing asset recovery | — | (9,654) | Loan servicing asset recovery | — | (21,824) | ||||||||||||||||||||||
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 | (2,818,898) | (3,265,190) | ||||||||||||||||||||||
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 | 11,806 | 21,657 | ||||||||||||||||||||||
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 | 2,802,956 | 3,919,672 | ||||||||||||||||||||||
Net (gains) losses on sale of mortgage loans held for sale | (2,919) | 22,792 | ||||||||||||||||||||||||||
Net losses on sale of mortgage loans held for sale | Net losses on sale of mortgage loans held for sale | 4,447 | 83,975 | |||||||||||||||||||||||||
Originations of SBA loans | Originations of SBA loans | (8,873) | (14,042) | Originations of SBA loans | (24,252) | (44,664) | ||||||||||||||||||||||
Proceeds from sales of SBA loans | Proceeds from sales of SBA loans | 5,648 | 20,461 | Proceeds from sales of SBA loans | 27,129 | 53,961 | ||||||||||||||||||||||
Net gains on sale of SBA loans | Net gains on sale of SBA loans | (175) | (2,325) | Net gains on sale of SBA loans | (1,382) | (5,191) | ||||||||||||||||||||||
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 | (6,768) | (5,433) | ||||||||||||||||||||||
Gain on bank owned life insurance proceeds | Gain on bank owned life insurance proceeds | (486) | — | Gain on bank owned life insurance proceeds | (486) | (55) | ||||||||||||||||||||||
Loss on sale of mortgage servicing rights | Loss on sale of mortgage servicing rights | — | 316 | |||||||||||||||||||||||||
Gain on debt redemption | Gain on debt redemption | (1,148) | — | |||||||||||||||||||||||||
Change attributable to other operating activities | Change attributable to other operating activities | 21,776 | (16,887) | Change attributable to other operating activities | 13,157 | 711 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 131,701 | 360,423 | Net cash provided by operating activities | 356,068 | 1,062,789 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Proceeds from maturities and paydowns of securities held-to-maturity | 728 | 406 | ||||||||||||||||||||||||||
Net increase in other investments | (36,105) | (2,122) | ||||||||||||||||||||||||||
Purchases of debt securities available-for-sale | Purchases of debt securities available-for-sale | (500) | (894,260) | |||||||||||||||||||||||||
Purchases of debt securities held-to-maturity | Purchases of debt securities held-to-maturity | (8,543) | (52,111) | |||||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities available-for-sale | Proceeds from maturities and paydowns of debt securities available-for-sale | 61,394 | 147,291 | |||||||||||||||||||||||||
Proceeds from sales of debt securities available-for-sale | Proceeds from sales of debt securities available-for-sale | 216 | — | |||||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities held-to-maturity | Proceeds from maturities and paydowns of debt securities held-to-maturity | 1,684 | 1,676 | |||||||||||||||||||||||||
Net (increase) decrease in other investments | Net (increase) decrease in other investments | 4,911 | (13,364) | |||||||||||||||||||||||||
Net increase in loans | Net increase in loans | (153,072) | (205,189) | Net increase in loans | (400,486) | (2,764,936) | ||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (3,258) | (3,550) | Purchases of premises and equipment | (11,680) | (11,307) | ||||||||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 42 | 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 | 8,756 | 5,086 | ||||||||||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | — | 119,845 | |||||||||||||||||||||||||
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 | 101 | ||||||||||||||||||||||
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 | (342,316) | (3,525,936) | ||||||||||||||||||||||
(Continued) | (Continued) |
Three Months Ended March 31, | Nine Months Ended September 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 | Net increase (decrease) in deposits | $ | 434,717 | $ | (77,112) | Net increase (decrease) in deposits | $ | 1,127,607 | $ | (198,634) | ||||||||||||||||||
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 | — | (5,845) | ||||||||||||||||||||||
Proceeds from other borrowings | Proceeds from other borrowings | 6,655,000 | — | Proceeds from other borrowings | 13,837,000 | 350,000 | ||||||||||||||||||||||
Repayment of other borrowings | Repayment of other borrowings | (6,130,036) | (314,467) | Repayment of other borrowings | (14,502,809) | (364,539) | ||||||||||||||||||||||
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 | (31,308) | (31,227) | ||||||||||||||||||||||
Purchase of treasury shares | Purchase of treasury shares | (9,058) | (17,234) | Purchase of treasury shares | (17,077) | (22,421) | ||||||||||||||||||||||
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 | 413,889 | (270,342) | ||||||||||||||||||||||
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 | 427,641 | (2,733,489) | ||||||||||||||||||||||
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 | $ | 1,545,773 | $ | 1,331,168 | ||||||||||||||||||
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 | $ | 290,972 | $ | 42,040 | ||||||||||||||||||
Income taxes | Income taxes | (1) | 204 | Income taxes | 88,353 | 82,551 | ||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | 1,652 | 165 | Loans transferred to other real estate owned | 9,713 | 346 | ||||||||||||||||||||||
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 | 8,806 | 192,425 | ||||||||||||||||||||||
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 | 2,678 | 1,537 | ||||||||||||||||||||||
Assets acquired in business acquisitions | Assets acquired in business acquisitions | — | 10,023 | Assets acquired in business acquisitions | — | 10,641 | ||||||||||||||||||||||
Liabilities assumed in business acquisitions | Liabilities assumed in business acquisitions | — | (3,214) | Liabilities assumed in business acquisitions | — | (3,362) | ||||||||||||||||||||||
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 | (14,311) | (66,324) | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 776,583 | $ | — | $ | 911 | $ | (11,365) | $ | 766,129 | U.S. Treasuries | $ | 781,154 | $ | — | $ | — | $ | (20,558) | $ | 760,596 | ||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | 1,032 | — | — | (45) | 987 | U.S. government-sponsored agencies | 1,026 | — | — | (57) | 969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 33,965 | — | 21 | (773) | 33,213 | State, county and municipal securities | 29,492 | — | — | (1,789) | 27,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,397 | (82) | — | (705) | 15,610 | Corporate debt securities | 16,171 | (80) | — | (1,055) | 15,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 26,942 | — | 3 | (1,603) | 25,342 | SBA pool securities | 23,834 | — | 2 | (2,085) | 21,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | — | 317 | (30,985) | 655,555 | Mortgage-backed securities | 650,535 | — | 16 | (52,525) | 598,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,502,212 | $ | (80) | $ | 18 | $ | (78,069) | $ | 1,424,081 | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | $ | — | $ | (7,350) | $ | 24,555 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 102,270 | — | (13,507) | 88,763 | Mortgage-backed securities | 109,954 | — | (18,820) | 91,134 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | Total debt securities held-to-maturity | $ | 134,175 | $ | — | $ | (18,082) | $ | 116,093 | Total debt securities held-to-maturity | $ | 141,859 | $ | — | $ | (26,170) | $ | 115,689 | ||||||||||||||||||||||||||||||||||
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 | $ | 380,435 | $ | 375,844 | $ | — | $ | — | ||||||||||||||||||||||||||||
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 | 439,956 | 422,385 | — | — | ||||||||||||||||||||||||||||||||||||
Due from five to ten years | Due from five to ten years | 23,108 | 22,363 | — | — | Due from five to ten years | 10,753 | 9,897 | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 22,758 | 20,997 | 31,905 | 27,330 | Due after ten years | 20,533 | 17,929 | 31,905 | 24,555 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | 655,555 | 102,270 | 88,763 | Mortgage-backed securities | 650,535 | 598,026 | 109,954 | 91,134 | ||||||||||||||||||||||||||||||||||||
$ | 1,541,142 | $ | 1,496,836 | $ | 134,175 | $ | 116,093 | $ | 1,502,212 | $ | 1,424,081 | $ | 141,859 | $ | 115,689 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 509,696 | $ | (9,501) | $ | 73,070 | $ | (1,864) | $ | 582,766 | $ | (11,365) | U.S. Treasuries | $ | 230,519 | $ | (2,956) | $ | 530,077 | $ | (17,602) | $ | 760,596 | $ | (20,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | U.S. government-sponsored agencies | — | — | 987 | (45) | 987 | (45) | U.S. government-sponsored agencies | — | — | 969 | (57) | 969 | (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 | 6,739 | (135) | 19,549 | (1,654) | 26,288 | (1,789) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 888 | (10) | 13,223 | (695) | 14,111 | (705) | Corporate debt securities | 491 | (9) | 13,045 | (1,046) | 13,536 | (1,055) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 472 | (20) | 24,660 | (1,583) | 25,132 | (1,603) | SBA pool securities | 43 | — | 21,547 | (2,085) | 21,590 | (2,085) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 369,445 | (14,305) | 261,152 | (16,680) | 630,597 | (30,985) | Mortgage-backed securities | 22,744 | (834) | 573,996 | (51,691) | 596,740 | (52,525) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 260,536 | $ | (3,934) | $ | 1,159,183 | $ | (74,135) | $ | 1,419,719 | $ | (78,069) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | $ | — | $ | — | $ | 24,555 | $ | (7,350) | $ | 24,555 | $ | (7,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 32,750 | (1,650) | 56,013 | (11,857) | 88,763 | (13,507) | Mortgage-backed securities | 12,794 | (1,046) | 78,340 | (17,774) | 91,134 | (18,820) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 12,794 | $ | (1,046) | $ | 102,895 | $ | (25,124) | $ | 115,689 | $ | (26,170) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, | Nine Months Ended September 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 | $ | 88 | $ | 75 | $ | — | ||||||||||||||||||||||||||||||||
Provision for other credit losses | Provision for other credit losses | 7 | — | Provision for other credit losses | (2) | (9) | 5 | 79 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 82 | $ | — | Ending balance | $ | 80 | $ | 79 | $ | 80 | $ | 79 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross gains on sales of securities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Gross losses on sales of securities | — | — | — | — | |||||||||||||||||||
Net realized gains (losses) on sales of debt securities available for sale | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Sales proceeds | $ | 216 | $ | — | $ | 216 | $ | — |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 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 | $ | (16) | $ | (21) | $ | (16) | $ | (70) | ||||||||||||||||||||||||||||||||
Net realized gains on sales of other investments | Net realized gains on sales of other investments | — | — | — | 270 | |||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on securities | Net gain (loss) on securities | $ | 6 | $ | (27) | Net gain (loss) on securities | $ | (16) | $ | (21) | $ | (16) | $ | 200 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | Commercial, financial and agricultural | $ | 2,632,836 | $ | 2,679,403 | ||||||||||||
Consumer | Consumer | 349,775 | 384,037 | Consumer | 259,797 | 384,037 | ||||||||||||||||
Indirect automobile | Indirect automobile | 83,466 | 108,648 | Indirect automobile | 47,108 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 958,418 | 1,038,924 | Mortgage warehouse | 852,823 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 505,515 | 509,151 | Municipal | 497,093 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 947,257 | 1,023,479 | Premium finance | 1,007,334 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,144,605 | 2,086,438 | Real estate – construction and development | 2,236,686 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | Real estate – commercial and farmland | 7,865,389 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,564,923 | 4,420,306 | Real estate – residential | 4,802,013 | 4,420,306 | ||||||||||||||||
$ | 19,997,871 | $ | 19,855,253 | $ | 20,201,079 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 11,583 | $ | 11,094 | Commercial, financial and agricultural | $ | 7,558 | $ | 11,094 | ||||||||||||
Consumer | Consumer | 400 | 420 | Consumer | 888 | 420 | ||||||||||||||||
Indirect automobile | Indirect automobile | 285 | 346 | Indirect automobile | 290 | 346 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 548 | 523 | Real estate – construction and development | 282 | 523 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 14,416 | 13,203 | Real estate – commercial and farmland | 8,063 | 13,203 | ||||||||||||||||
Real estate – residential(1) | Real estate – residential(1) | 115,795 | 109,222 | Real estate – residential(1) | 117,477 | 109,222 | ||||||||||||||||
$ | 143,027 | $ | 134,808 | $ | 134,558 | $ | 134,808 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 1,452 | $ | 33 | Commercial, financial and agricultural | $ | 677 | $ | 33 | ||||||||||||
Consumer | Consumer | 285 | — | |||||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 2,510 | 1,464 | Real estate – commercial and farmland | 4,133 | 1,464 | ||||||||||||||||
Real estate – residential | Real estate – residential | 67,535 | 58,734 | Real estate – residential | 69,178 | 58,734 | ||||||||||||||||
$ | 71,497 | $ | 60,231 | $ | 74,273 | $ | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | $ | 12,774 | $ | 5,438 | $ | 7,064 | $ | 25,276 | $ | 2,607,560 | $ | 2,632,836 | $ | 4,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 5,314 | 2,835 | 632 | 8,781 | 340,994 | 349,775 | 409 | Consumer | 2,290 | 804 | 625 | 3,719 | 256,078 | 259,797 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | Indirect automobile | 190 | 122 | 157 | 469 | 82,997 | 83,466 | Indirect automobile | 131 | 41 | 97 | 269 | 46,839 | 47,108 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | Mortgage warehouse | — | — | — | — | 958,418 | 958,418 | — | Mortgage warehouse | — | — | — | — | 852,823 | 852,823 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | — | — | — | — | 505,515 | 505,515 | — | Municipal | — | — | — | — | 497,093 | 497,093 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 9,922 | 6,102 | 11,414 | 27,438 | 919,819 | 947,257 | 11,414 | Premium finance | 9,648 | 5,260 | 7,126 | 22,034 | 985,300 | 1,007,334 | 7,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 892 | 370 | 280 | 1,542 | 2,235,144 | 2,236,686 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 5,358 | 7,128 | 931 | 13,417 | 7,851,972 | 7,865,389 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 33,775 | 9,199 | 111,706 | 154,680 | 4,410,243 | 4,564,923 | — | Real estate – residential | 39,413 | 16,926 | 114,039 | 170,378 | 4,631,635 | 4,802,013 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 69,953 | $ | 29,366 | $ | 148,640 | $ | 247,959 | $ | 19,749,912 | $ | 19,997,871 | $ | 15,792 | Total | $ | 70,506 | $ | 35,967 | $ | 130,162 | $ | 236,635 | $ | 19,964,444 | $ | 20,201,079 | $ | 11,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | September 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 | $ | 7,398 | $ | 2,160 | $ | 7,128 | $ | 6,294 | ||||||||||||||||||||||||||||
Mortgage warehouse | 16,500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Premium finance | Premium finance | 694 | — | 3,233 | — | Premium finance | — | — | 3,233 | — | ||||||||||||||||||||||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 280 | 23 | 780 | 13 | Real estate – construction and development | 559 | 122 | 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 | 7,894 | 876 | 15,168 | 1,428 | ||||||||||||||||||||||||||||||||||||
Real estate – residential | Real estate – residential | 18,683 | 2,093 | 15,464 | 2,066 | Real estate – residential | 15,963 | 2,000 | 15,464 | 2,066 | ||||||||||||||||||||||||||||||||||||
$ | 57,162 | $ | 8,960 | $ | 41,773 | $ | 9,801 | $ | 31,814 | $ | 5,158 | $ | 41,773 | $ | 9,801 |
As of March 31, 2023 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 334,129 | $ | 988,365 | $ | 485,629 | $ | 154,912 | $ | 95,530 | $ | 84,470 | $ | 556,049 | $ | 2,699,084 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 89 | 67 | 194 | 173 | 2,145 | 363 | 3,031 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 5,683 | 1,736 | 2,806 | 1,196 | 3,576 | 2,973 | 2,095 | 20,065 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 339,812 | $ | 990,190 | $ | 488,502 | $ | 156,302 | $ | 99,279 | $ | 89,588 | $ | 558,507 | $ | 2,722,180 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 150 | 7,226 | 3,457 | 597 | 368 | 410 | 25 | 12,233 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,767 | $ | 27,439 | $ | 10,479 | $ | 34,256 | $ | 21,350 | $ | 28,171 | $ | 202,965 | $ | 348,427 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 25 | — | 2 | — | 95 | 197 | 319 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 83 | 30 | 203 | 152 | 439 | 122 | 1,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 23,767 | $ | 27,547 | $ | 10,509 | $ | 34,461 | $ | 21,502 | $ | 28,705 | $ | 203,284 | $ | 349,775 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | 71 | 44 | 416 | 147 | 405 | 57 | 1,140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | 10,128 | $ | 72,628 | $ | — | $ | 82,756 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | 38 | 664 | — | 702 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | — | $ | 10,166 | $ | 73,300 | $ | — | $ | 83,466 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 882,183 | $ | 882,183 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 57,578 | 57,578 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | 18,657 | 18,657 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 958,418 | $ | 958,418 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,544 | $ | 18,003 | $ | 53,717 | $ | 186,274 | $ | 8,749 | $ | 236,228 | $ | — | $ | 505,515 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 2,544 | $ | 18,003 | $ | 53,717 | $ | 186,274 | $ | 8,749 | $ | 236,228 | $ | — | $ | 505,515 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 423,901 | $ | 505,791 | $ | 6,145 | $ | 6 | $ | — | $ | — | $ | — | $ | 935,843 | ||||||||||||||||||||||||||||||||||||||||
7 | 20 | 11,336 | 58 | — | — | �� | — | 11,414 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 423,921 | $ | 517,127 | $ | 6,203 | $ | 6 | $ | — | $ | — | $ | — | $ | 947,257 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | 1,154 | 267 | — | — | — | — | 1,421 |
As of March 31, 2023 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 81,481 | $ | 900,977 | $ | 757,046 | $ | 263,122 | $ | 67,158 | $ | 37,665 | $ | 24,214 | $ | 2,131,663 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 632 | — | 632 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 274 | 285 | 164 | 5 | 11,582 | — | 12,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 81,481 | $ | 901,251 | $ | 757,331 | $ | 263,286 | $ | 67,163 | $ | 49,879 | $ | 24,214 | $ | 2,144,605 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 172,639 | $ | 1,812,054 | $ | 1,967,480 | $ | 1,073,741 | $ | 858,980 | $ | 1,649,014 | $ | 95,182 | $ | 7,629,090 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | 30,335 | 20,073 | — | 50,408 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 423 | 2,423 | 3,056 | 11,758 | 24,574 | — | 42,234 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 172,639 | $ | 1,812,477 | $ | 1,969,903 | $ | 1,076,797 | $ | 901,073 | $ | 1,693,661 | $ | 95,182 | $ | 7,721,732 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 208,784 | $ | 1,498,532 | $ | 1,198,924 | $ | 539,228 | $ | 262,709 | $ | 491,267 | $ | 240,227 | $ | 4,439,671 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 235 | 144 | 268 | 745 | 2,597 | 378 | 4,367 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 109 | 10,186 | 24,809 | 28,094 | 26,597 | 29,405 | 1,685 | 120,885 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 208,893 | $ | 1,508,953 | $ | 1,223,877 | $ | 567,590 | $ | 290,051 | $ | 523,269 | $ | 242,290 | $ | 4,564,923 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 24 | — | — | — | — | 100 | 4 | 128 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,247,245 | $ | 5,751,161 | $ | 4,479,420 | $ | 2,251,539 | $ | 1,324,604 | $ | 2,599,443 | $ | 2,000,820 | $ | 19,654,232 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 349 | 211 | 464 | 31,253 | 25,550 | 58,516 | 116,343 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 5,812 | 24,038 | 30,411 | 32,713 | 42,126 | 69,637 | 22,559 | 227,296 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,253,057 | $ | 5,775,548 | $ | 4,510,042 | $ | 2,284,716 | $ | 1,397,983 | $ | 2,694,630 | $ | 2,081,895 | $ | 19,997,871 | ||||||||||||||||||||||||||||||||||||||||
Total current-period gross charge offs | 174 | 8,451 | 3,768 | 1,013 | 515 | 949 | 86 | 14,956 |
As of September 30, 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 | $ | 668,738 | $ | 817,646 | $ | 417,329 | $ | 112,503 | $ | 67,547 | $ | 51,702 | $ | 475,435 | $ | 2,610,900 | ||||||||||||||||||||||||||||||||||||||||
6 | 17 | 315 | 53 | 113 | 153 | 426 | 1,171 | 2,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 2,387 | 2,661 | 3,536 | 1,448 | 2,912 | 3,368 | 3,376 | 19,688 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 671,142 | $ | 820,622 | $ | 420,918 | $ | 114,064 | $ | 70,612 | $ | 55,496 | $ | 479,982 | $ | 2,632,836 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 2,920 | 20,026 | 13,793 | 1,316 | 1,228 | 2,760 | 25 | 42,068 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 42,436 | $ | 20,734 | $ | 7,289 | $ | 28,346 | $ | 17,662 | $ | 25,477 | $ | 116,578 | $ | 258,522 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 6 | — | — | — | 26 | 4 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 52 | 83 | 47 | 183 | 195 | 519 | 160 | 1,239 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 42,488 | $ | 20,823 | $ | 7,336 | $ | 28,529 | $ | 17,857 | $ | 26,022 | $ | 116,742 | $ | 259,797 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 50 | 311 | 74 | 1,359 | 892 | 1,203 | 251 | 4,140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | 7,341 | $ | 39,182 | $ | — | $ | 46,523 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | 33 | 551 | — | 584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | — | $ | 7,374 | $ | 39,734 | $ | — | $ | 47,108 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | 135 | — | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 817,919 | $ | 817,919 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 34,904 | 34,904 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 852,823 | $ | 852,823 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7,630 | $ | 22,886 | $ | 54,558 | $ | 178,659 | $ | 14,961 | $ | 218,399 | $ | — | $ | 497,093 | ||||||||||||||||||||||||||||||||||||||||
Total municipal | $ | 7,630 | $ | 22,886 | $ | 54,558 | $ | 178,659 | $ | 14,961 | $ | 218,399 | $ | — | $ | 497,093 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 970,328 | $ | 27,170 | $ | 2,710 | $ | — | $ | — | $ | — | $ | — | $ | 1,000,208 | ||||||||||||||||||||||||||||||||||||||||
7 | 4,361 | 2,765 | — | — | — | — | — | 7,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 974,689 | $ | 29,935 | $ | 2,710 | $ | — | $ | — | $ | — | $ | — | $ | 1,007,334 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 310 | 4,600 | 310 | — | — | — | — | 5,220 |
As of September 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 | $ | 381,311 | $ | 861,269 | $ | 696,969 | $ | 131,329 | $ | 53,581 | $ | 31,230 | $ | 68,218 | $ | 2,223,907 | ||||||||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 507 | — | 507 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 269 | 303 | — | — | 11,700 | — | 12,272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 381,311 | $ | 861,538 | $ | 697,272 | $ | 131,329 | $ | 53,581 | $ | 43,437 | $ | 68,218 | $ | 2,236,686 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 363,104 | $ | 1,820,072 | $ | 1,975,533 | $ | 1,134,332 | $ | 798,673 | $ | 1,488,013 | $ | 106,312 | $ | 7,686,039 | ||||||||||||||||||||||||||||||||||||||||
6 | 427 | 344 | 60,040 | — | 38,259 | 44,074 | 40 | 143,184 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | — | 305 | 449 | 3,604 | 1,490 | 30,318 | — | 36,166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 363,531 | $ | 1,820,721 | $ | 2,036,022 | $ | 1,137,936 | $ | 838,422 | $ | 1,562,405 | $ | 106,352 | $ | 7,865,389 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | — | — | — | — | 3,151 | 169 | — | 3,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 628,618 | $ | 1,429,936 | $ | 1,157,750 | $ | 515,637 | $ | 246,347 | $ | 444,992 | $ | 248,504 | $ | 4,671,784 | ||||||||||||||||||||||||||||||||||||||||
6 | — | 187 | 1,115 | 173 | 622 | 2,980 | 1,492 | 6,569 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 2,201 | 23,423 | 24,660 | 24,254 | 21,471 | 25,558 | 2,093 | 123,660 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 630,819 | $ | 1,453,546 | $ | 1,183,525 | $ | 540,064 | $ | 268,440 | $ | 473,530 | $ | 252,089 | $ | 4,802,013 | ||||||||||||||||||||||||||||||||||||||||
Current-period gross charge offs | 24 | — | 9 | — | — | 109 | 89 | 231 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,062,165 | $ | 4,999,713 | $ | 4,312,138 | $ | 2,100,806 | $ | 1,206,112 | $ | 2,298,995 | $ | 1,832,966 | $ | 19,812,895 | ||||||||||||||||||||||||||||||||||||||||
6 | 444 | 852 | 61,208 | 286 | 39,034 | 48,014 | 37,611 | 187,449 | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | 9,001 | 29,506 | 28,995 | 29,489 | 26,101 | 72,014 | 5,629 | 200,735 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 3,071,610 | $ | 5,030,071 | $ | 4,402,341 | $ | 2,130,581 | $ | 1,271,247 | $ | 2,419,023 | $ | 1,876,206 | $ | 20,201,079 | ||||||||||||||||||||||||||||||||||||||||
Total current-period gross charge offs | 3,304 | 24,937 | 14,186 | 2,675 | 5,271 | 4,376 | 365 | 55,114 |
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 September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 50,789 | $ | 4,548 | $ | 98 | $ | 2,335 | $ | 357 | $ | 776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 14,650 | 310 | (149) | (589) | (9) | 183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (16,519) | (948) | (36) | — | — | (1,951) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 4,745 | 203 | 158 | — | — | 1,639 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | 53,665 | $ | 4,113 | $ | 71 | $ | 1,746 | $ | 348 | $ | 647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 54,589 | $ | 96,140 | $ | 62,439 | $ | 272,071 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 8,525 | 5,453 | 1,721 | 30,095 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | — | — | (34) | (19,488) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 74 | 371 | 236 | 7,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | 63,188 | $ | 101,964 | $ | 64,362 | $ | 290,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 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 | 46,050 | 2,146 | (567) | (372) | (9) | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (12,233) | (1,140) | (34) | — | — | (1,421) | Loans charged off | (42,068) | (4,140) | (135) | — | — | (5,220) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 2,043 | 297 | 216 | — | — | 1,382 | Recoveries of loans previously charged off | 10,333 | 694 | 599 | — | — | 4,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 45,238 | $ | 4,893 | $ | 137 | $ | 1,924 | $ | 354 | $ | 893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | 53,665 | $ | 4,113 | $ | 71 | $ | 1,746 | $ | 348 | $ | 647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 29,920 | 38,097 | 7,708 | 123,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | — | — | (128) | (14,956) | Loans charged off | — | (3,320) | (231) | (55,114) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | 100 | 44 | 190 | 4,272 | Recoveries of loans previously charged off | 646 | 476 | 689 | 18,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 42,841 | $ | 87,124 | $ | 59,254 | $ | 242,658 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | 63,188 | $ | 101,964 | $ | 64,362 | $ | 290,104 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Provision for loan losses | 215 | 789 | (290) | (221) | (17) | (92) | |||||||||||||||||||||||||||||
Loans charged off | (4,414) | (1,425) | (88) | — | — | (1,369) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,896 | 158 | 275 | — | — | 1,247 | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 25,526 | $ | 5,619 | $ | 373 | $ | 3,010 | $ | 384 | $ | 2,515 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | |||||||||||||||||||||||||||
Provision for loan losses | 4,568 | (9,552) | 1,866 | (2,734) | |||||||||||||||||||||||||||||||
Loans charged off | — | (1,283) | — | (8,579) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 218 | 37 | 151 | 4,982 | |||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 26,831 | $ | 67,033 | $ | 29,960 | $ | 161,251 | |||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | |||||||||||||||||||||||
Provision for loan losses | 9,568 | (244) | (288) | (1,884) | (9) | (638) | |||||||||||||||||||||||||||||
Loans charged off | (4,722) | (1,228) | (50) | — | — | (1,205) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,201 | 277 | 276 | — | — | 1,023 | |||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 32,705 | $ | 4,074 | $ | 229 | $ | 2,001 | $ | 362 | $ | 1,942 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 | |||||||||||||||||||||||||||
Provision for loan losses | 3,227 | (1,200) | 8,937 | 17,469 | |||||||||||||||||||||||||||||||
Loans charged off | — | (2,014) | (53) | (9,272) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 96 | 96 | 83 | 4,052 | |||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 26,555 | $ | 56,231 | $ | 60,792 | $ | 184,891 | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Provision for loan losses | 11,521 | 1,102 | (884) | (1,230) | (39) | (530) | |||||||||||||||||||||||||||||
Loans charged off | (13,527) | (3,790) | (179) | — | — | (3,640) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 7,882 | 665 | 816 | — | — | 3,383 | |||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 32,705 | $ | 4,074 | $ | 229 | $ | 2,001 | $ | 362 | $ | 1,942 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | |||||||||||||||||||||||||||
Provision for loan losses | 3,841 | (18,399) | 32,580 | 27,962 | |||||||||||||||||||||||||||||||
Loans charged off | — | (3,378) | (190) | (24,704) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 669 | 177 | 459 | 14,051 | |||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 26,555 | $ | 56,231 | $ | 60,792 | $ | 184,891 | |||||||||||||||||||||||||||
(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 | Interest Rate Reduction | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable | ||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,180 | $ | 2,502 | $ | — | $ | — | $ | 3,682 | 0.1 | % | ||||||||||||||||||||||||||||||||
Real estate – construction and development | — | 278 | — | — | 278 | — | % | |||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | — | 1,197 | 832 | — | 2,029 | — | % | |||||||||||||||||||||||||||||||||||||
Real estate – residential | 1,033 | 3,165 | — | 348 | 4,546 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
Total | $ | 2,213 | $ | 7,142 | $ | 832 | $ | 348 | $ | 10,535 | 0.1 | % |
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. | |||||||
Real estate – residential | Payments were deferred for a weighted average of four months |
Term Extension | ||||||||
Loan Type | Financial Effect | |||||||
Commercial, financial and agricultural | Maturity dates were extended for a weighted average of 10 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 12 months. | |||||||
Real estate - residential | Maturity dates were extended for a weighted average of 92 months |
Interest Rate Reduction | ||||||||
Loan Type | Financial Effect | |||||||
Real estate – commercial and farmland | Interest rate was reduced by 4.75% |
Combination of Term Extension and Rate Reduction | ||||||||
Loan Type | Financial Effect | |||||||
Real estate - residential | Maturity date was extended 58 months and rate was reduced by 1.375% |
| Days Past Due | Days Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Term Extension | Payment Deferral | ||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 482 | $ | 815 | ||||||||||||||||||||||
Real estate – construction and development | 278 | — | ||||||||||||||||||||||||
Real estate – commercial and farmland | 500 | — | ||||||||||||||||||||||||
Real estate – residential | 1,090 | 194 | ||||||||||||||||||||||||
Total | $ | 2,350 | $ | 1,009 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 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 October 16, 2023; fixed interest rate of 5.460% | Fixed Rate Advance due October 16, 2023; fixed interest rate of 5.460% | 75,000 | — | |||||||||||||||||||
Fixed Rate Advance due October 16, 2023; fixed interest rate of 5.470% | Fixed Rate Advance due October 16, 2023; fixed interest rate of 5.470% | 200,000 | — | |||||||||||||||||||
Fixed Rate Advance due October 18, 2023; fixed interest rate of 5.470% | Fixed Rate Advance due October 18, 2023; fixed interest rate of 5.470% | 150,000 | — | |||||||||||||||||||
Fixed Rate Advance due October 18, 2023; fixed interest rate of 5.470% | Fixed Rate Advance due October 18, 2023; fixed interest rate of 5.470% | 100,000 | — | |||||||||||||||||||
Fixed Rate Advance due October 19, 2023; fixed interest rate of 5.470% | Fixed Rate Advance due October 19, 2023; fixed interest rate of 5.470% | 75,000 | — | |||||||||||||||||||
Fixed Rate Advance due October 20, 2023; fixed interest rate of 5.460% | Fixed Rate Advance due October 20, 2023; fixed interest rate of 5.460% | 250,000 | — | |||||||||||||||||||
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% | 1,380 | 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% | 956 | 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% | 1,166 | 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 $1,350 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 $1,350 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% | 106,650 | 118,320 | |||||||||||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $814 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 $814 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 75,814 | 75,906 | |||||||||||||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,413 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 $1,413 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% | 108,587 | 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 | — | |||||||||||||||||||
$ | 1,209,553 | $ | 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 September 30, 2023 | ||||||||||||||||||||
Balance, June 30, 2023 | $ | (50,618) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (10,200) | |||||||||||||||||||
Balance, September 30, 2023 | $ | (60,818) | ||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Balance, June 30, 2022 | $ | (12,635) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (38,099) | |||||||||||||||||||
Balance, September 30, 2022 | $ | (50,734) | ||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||
Balance, December 31, 2022 | $ | (46,507) | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (14,311) | |||||||||||||||||||
Balance, September 30, 2023 | $ | (60,818) | ||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
Balance, December 31, 2021 | $ | 15,590 | ||||||||||||||||||
Unrealized loss on debt securities available-for-sales, net of tax | (66,324) | |||||||||||||||||||
Balance, September 30, 2022 | $ | (50,734) |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 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 | 68,879 | 69,125 | 69,023 | 69,213 | ||||||||||||||||||||||||||||||||||||||
Common share equivalents: | Common share equivalents: | Common share equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | — | 31 | Stock options | — | 11 | — | 20 | ||||||||||||||||||||||||||||||||||||||
Nonvested restricted share grants | Nonvested restricted share grants | 98 | 167 | Nonvested restricted share grants | 47 | 59 | 52 | 73 | ||||||||||||||||||||||||||||||||||||||
Performance stock units | Performance stock units | 53 | 117 | Performance stock units | 68 | 132 | 55 | 122 | ||||||||||||||||||||||||||||||||||||||
Average common shares outstanding, assuming dilution | Average common shares outstanding, assuming dilution | 69,323 | 69,661 | Average common shares outstanding, assuming dilution | 68,994 | 69,327 | 69,130 | 69,428 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | $ | 390,201 | $ | 390,583 | Mortgage loans held for sale | $ | 381,466 | $ | 390,583 | ||||||||||||
SBA loans held for sale | SBA loans held for sale | 4,895 | 1,495 | SBA loans held for sale | — | 1,495 | ||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 395,096 | $ | 392,078 | Total loans held for sale | $ | 381,466 | $ | 392,078 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 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 | $ | 381,466 | $ | 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 | 381,350 | 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 | 475 | — | ||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 624 | — | Nonaccrual loans | 475 | — | ||||||||||||||||
Unpaid principal balance of nonaccrual loans | Unpaid principal balance of nonaccrual loans | 608 | — | Unpaid principal balance of nonaccrual loans | 470 | — |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Aggregate fair value of SBA loans held for sale | $ | 4,895 | $ | 1,495 | |||||||
Aggregate unpaid principal balance of SBA loans held for sale | 4,779 | 1,350 | |||||||||
Past-due loans of 90 days or more | — | — | |||||||||
Nonaccrual loans | — | — |
(dollars in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Aggregate fair value of SBA loans held for sale | $ | — | $ | 1,495 | |||||||
Aggregate unpaid principal balance of SBA loans held for sale | — | 1,350 | |||||||||
Past-due loans of 90 days or more | — | — | |||||||||
Nonaccrual loans | — | — |
Recurring Basis Fair Value Measurements | Recurring Basis Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | September 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 | $ | 760,596 | $ | 760,596 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored agencies | U.S. government sponsored agencies | 987 | — | 987 | — | U.S. government sponsored agencies | 969 | — | 969 | — | ||||||||||||||||||||||||||||||||||||
State, county and municipal securities | State, county and municipal securities | 33,213 | — | 33,213 | — | State, county and municipal securities | 27,703 | — | 27,703 | — | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 15,610 | — | 14,710 | 900 | Corporate debt securities | 15,036 | — | 14,061 | 975 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 25,342 | — | 25,342 | — | SBA pool securities | 21,751 | — | 21,751 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 655,555 | — | 655,555 | — | Mortgage-backed securities | 598,026 | — | 598,026 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 395,096 | — | 395,096 | — | Loans held for sale | 381,466 | — | 381,466 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | 4,109 | — | 4,109 | — | Derivative financial instruments | 13,199 | — | 13,199 | — | ||||||||||||||||||||||||||||||||||||
Mortgage banking derivative instruments | Mortgage banking derivative instruments | 6,447 | — | 6,447 | — | Mortgage banking derivative instruments | 8,809 | — | 8,809 | — | ||||||||||||||||||||||||||||||||||||
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 | $ | 1,827,555 | $ | 760,596 | $ | 1,065,984 | $ | 975 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | $ | 4,429 | $ | — | $ | 4,429 | $ | — | Derivative financial instruments | $ | 12,988 | $ | — | $ | 12,988 | $ | — | ||||||||||||||||||||||||||||
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 | $ | 12,988 | $ | — | $ | 12,988 | $ | — |
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 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | 48,202 | $ | — | $ | — | $ | 48,202 | Collateral-dependent loans | $ | 26,656 | $ | — | $ | — | $ | 26,656 | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 755 | — | — | 755 | Other real estate owned | 1,606 | — | — | 1,606 | ||||||||||||||||||||||||||||||||||||
Total nonrecurring assets at fair value | Total nonrecurring assets at fair value | $ | 48,957 | $ | — | $ | — | $ | 48,957 | Total nonrecurring assets at fair value | $ | 28,262 | $ | — | $ | — | $ | 28,262 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | 12.2% | 12.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 26,656 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 5% - 50% | 30% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | $ | 755 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 25% - 40% | 29% | Other real estate owned | $ | 1,606 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 46% | 26% | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | September 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 | $ | 241,137 | $ | 241,137 | $ | — | $ | — | $ | 241,137 | ||||||||||||||||||||||||||||||||||||
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 | 1,304,636 | 1,304,636 | — | — | 1,304,636 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | Debt securities held-to-maturity | 134,175 | — | 116,093 | — | 116,093 | Debt securities held-to-maturity | 141,859 | — | 115,689 | — | 115,689 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 19,707,011 | — | — | 19,076,408 | 19,076,408 | Loans, net | 19,884,319 | — | — | 19,247,521 | 19,247,521 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 74,698 | — | 6,736 | 67,962 | 74,698 | Accrued interest receivable | 83,574 | — | 9,264 | 74,311 | 83,575 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 19,897,455 | — | 19,855,914 | — | 19,855,914 | Deposits | 20,590,345 | — | 20,579,194 | — | 20,579,194 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 2,401,327 | — | 2,371,530 | — | 2,371,530 | Other borrowings | 1,209,553 | — | 1,189,399 | — | 1,189,399 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,820 | — | 124,309 | — | 124,309 | Subordinated deferrable interest debentures | 129,817 | — | 141,206 | — | 141,206 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 18,005 | — | 18,005 | — | 18,005 | Accrued interest payable | 38,836 | — | 38,836 | — | 38,836 |
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) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 5,915,387 | $ | 6,318,039 | Commitments to extend credit | $ | 4,915,246 | $ | 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 | 388,405 | 345,001 | ||||||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 30,926 | 33,557 | Financial standby letters of credit | 41,034 | 33,557 | ||||||||||||||||
Mortgage interest rate lock commitments | Mortgage interest rate lock commitments | 357,980 | 148,148 | Mortgage interest rate lock commitments | 275,759 | 148,148 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 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 | $ | 54,630 | $ | 43,973 | $ | 52,411 | $ | 33,185 | ||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 346 | 9,009 | Provision for unfunded commitments | (5,634) | 192 | (3,415) | 10,980 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 52,757 | $ | 42,194 | Balance at end of period | $ | 48,996 | $ | 44,165 | $ | 48,996 | $ | 44,165 |
Three Months Ended March 31, 2023 | Three Months Ended September 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 | $ | 228,448 | $ | 54,532 | $ | 19,357 | $ | 4,766 | $ | 23,450 | $ | 330,553 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | Interest expense | 60,853 | 31,727 | 13,349 | 2,804 | 14,069 | 122,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | Net interest income | 167,595 | 22,805 | 6,008 | 1,962 | 9,381 | 207,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | Provision for credit losses | 20,833 | 2,399 | (589) | 1,677 | 139 | 24,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | Noninterest income | 26,245 | 35,691 | 662 | 579 | 4 | 63,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 56,226 | 21,231 | 924 | 1,209 | 2,308 | 81,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | Occupancy and equipment | 11,437 | 1,182 | 1 | 36 | 89 | 12,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | Data processing and communications expenses | 11,786 | 1,052 | 30 | 32 | 73 | 12,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | Other expenses | 20,274 | 12,153 | 219 | 157 | 1,027 | 33,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | Total noninterest expense | 99,723 | 35,618 | 1,174 | 1,434 | 3,497 | 141,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 73,284 | 20,479 | 6,085 | (570) | 5,749 | 105,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | Income tax expense | 18,283 | 4,301 | 1,278 | (120) | 1,170 | 24,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 | Net income | $ | 55,001 | $ | 16,178 | $ | 4,807 | $ | (450) | $ | 4,579 | $ | 80,115 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 18,870,145 | $ | 4,879,135 | $ | 936,169 | $ | 272,844 | $ | 1,130,091 | $ | 26,088,384 | Total assets | $ | 18,369,102 | $ | 4,980,246 | $ | 859,517 | $ | 264,953 | $ | 1,224,012 | $ | 25,697,830 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 85,648 | — | — | — | 6,727 | 92,375 |
Three Months Ended March 31, 2022 | Three Months Ended September 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 | $ | 164,095 | $ | 40,389 | $ | 12,490 | $ | 3,919 | $ | 13,409 | $ | 234,302 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | Interest expense | (10,412) | 21,106 | 5,511 | 1,495 | 3,621 | 21,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | Net interest income | 174,507 | 19,283 | 6,979 | 2,424 | 9,788 | 212,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | Provision for credit losses | 10,551 | 9,043 | (1,836) | 52 | (158) | 17,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | Noninterest income | 23,269 | 38,584 | 1,516 | 1,946 | 9 | 65,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 48,599 | 25,813 | 1,055 | 1,412 | 1,818 | 78,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | Occupancy and equipment | 11,357 | 1,460 | 1 | 82 | 83 | 12,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | Data processing and communications expenses | 10,779 | 1,082 | 43 | 29 | 82 | 12,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | Other expenses | 22,974 | 11,641 | 209 | 100 | 959 | 35,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | Total noninterest expense | 93,709 | 39,996 | 1,308 | 1,623 | 2,942 | 139,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 93,516 | 8,828 | 9,023 | 2,695 | 7,013 | 121,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | Income tax expense | 22,706 | 1,854 | 1,895 | 566 | 1,499 | 28,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 | Net income | $ | 70,810 | $ | 6,974 | $ | 7,128 | $ | 2,129 | $ | 5,514 | $ | 92,555 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,409,973 | $ | 4,197,613 | $ | 703,558 | $ | 313,219 | $ | 935,929 | $ | 23,560,292 | Total assets | $ | 16,980,520 | $ | 4,402,221 | $ | 955,711 | $ | 259,427 | $ | 1,215,778 | $ | 23,813,657 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 957,847 | — | — | — | 64,498 | 1,022,345 | Goodwill | 958,573 | — | — | — | 64,498 | 1,023,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 109,604 | — | — | — | 11,153 | 120,757 | Other intangible assets, net | 101,225 | — | — | — | 9,678 | 110,903 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 661,947 | $ | 155,988 | $ | 54,931 | $ | 14,056 | $ | 61,299 | $ | 948,221 | |||||||||||||||||||||||
Interest expense | 147,583 | 91,739 | 37,057 | 7,806 | 35,093 | 319,278 | |||||||||||||||||||||||||||||
Net interest income | 514,364 | 64,249 | 17,874 | 6,250 | 26,206 | 628,943 | |||||||||||||||||||||||||||||
Provision for credit losses | 108,804 | 8,530 | (372) | 1,997 | 745 | 119,704 | |||||||||||||||||||||||||||||
Noninterest income | 74,795 | 106,557 | 2,546 | 2,660 | 22 | 186,580 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 167,864 | 63,321 | 2,498 | 3,834 | 6,627 | 244,144 | |||||||||||||||||||||||||||||
Occupancy and equipment | 34,218 | 3,689 | 2 | 113 | 231 | 38,253 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 35,481 | 3,518 | 120 | 115 | 224 | 39,458 | |||||||||||||||||||||||||||||
Other expenses | 66,940 | 35,759 | 644 | 912 | 3,160 | 107,415 | |||||||||||||||||||||||||||||
Total noninterest expense | 304,503 | 106,287 | 3,264 | 4,974 | 10,242 | 429,270 | |||||||||||||||||||||||||||||
Income before income tax expense | 175,852 | 55,989 | 17,528 | 1,939 | 15,241 | 266,549 | |||||||||||||||||||||||||||||
Income tax expense | 44,443 | 11,758 | 3,681 | 407 | 3,089 | 63,378 | |||||||||||||||||||||||||||||
Net income | $ | 131,409 | $ | 44,231 | $ | 13,847 | $ | 1,532 | $ | 12,152 | $ | 203,171 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 435,229 | $ | 111,276 | $ | 27,779 | $ | 15,456 | $ | 30,504 | $ | 620,244 | |||||||||||||||||||||||
Interest expense | (25,145) | 51,919 | 7,653 | 3,223 | 5,705 | 43,355 | |||||||||||||||||||||||||||||
Net interest income | 460,374 | 59,357 | 20,126 | 12,233 | 24,799 | 576,889 | |||||||||||||||||||||||||||||
Provision for credit losses | 25,952 | 15,129 | (1,191) | (614) | (469) | 38,807 | |||||||||||||||||||||||||||||
Noninterest income | 68,102 | 158,028 | 3,958 | 5,963 | 25 | 236,076 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 144,527 | 88,646 | 1,546 | 3,999 | 5,805 | 244,523 | |||||||||||||||||||||||||||||
Occupancy and equipment | 33,599 | 4,337 | 3 | 262 | 255 | 38,456 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 32,872 | 3,377 | 138 | 86 | 269 | 36,742 | |||||||||||||||||||||||||||||
Other expenses | 64,142 | 37,098 | 639 | 1,019 | 2,975 | 105,873 | |||||||||||||||||||||||||||||
Total noninterest expense | 275,140 | 133,458 | 2,326 | 5,366 | 9,304 | 425,594 | |||||||||||||||||||||||||||||
Income before income tax expense | 227,384 | 68,798 | 22,949 | 13,444 | 15,989 | 348,564 | |||||||||||||||||||||||||||||
Income tax expense | 58,822 | 14,448 | 4,820 | 2,823 | 3,332 | 84,245 | |||||||||||||||||||||||||||||
Net income | $ | 168,562 | $ | 54,350 | $ | 18,129 | $ | 10,621 | $ | 12,657 | $ | 264,319 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Loan Servicing Rights | Loan Servicing Rights | Loan Servicing Rights | ||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 149,986 | $ | 147,014 | Residential mortgage | $ | 168,379 | $ | 147,014 | ||||||||||||
SBA | SBA | 3,166 | 3,443 | SBA | 2,822 | 3,443 | ||||||||||||||||
Total loan servicing rights | Total loan servicing rights | $ | 153,152 | $ | 150,457 | Total loan servicing rights | $ | 171,201 | $ | 150,457 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 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 | $ | 160,021 | $ | 257,112 | $ | 147,014 | $ | 206,944 | ||||||||||||||||||||||||||||||||
Additions | Additions | 7,730 | 21,701 | Additions | 13,265 | 14,893 | 35,726 | 58,145 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (4,758) | (6,062) | Amortization | (4,907) | (6,939) | (14,361) | (20,515) | ||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | — | 9,653 | Recoveries | — | 1,332 | — | 21,824 | ||||||||||||||||||||||||||||||||||||||
Disposals | Disposals | — | (121,634) | — | (121,634) | |||||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 149,986 | $ | 232,236 | Ending carrying value, net | $ | 168,379 | $ | 144,764 | $ | 168,379 | $ | 144,764 |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 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 | $ | — | $ | 5,290 | $ | — | $ | 25,782 | ||||||||||||||||||||||||||||||||
Recoveries | Recoveries | — | (9,653) | Recoveries | — | (1,332) | — | (21,824) | ||||||||||||||||||||||||||||||||||||||
Reduction due to disposal | Reduction due to disposal | — | (3,958) | — | (3,958) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | 16,129 | Ending balance | $ | — | $ | — | $ | — | $ | — |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 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 | $ | 12,013,844 | $ | 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 | 17.41 | % | 16.80 | % | ||||||||||||
FNMA | FNMA | 50.19 | % | 50.09 | % | FNMA | 50.44 | % | 50.09 | % | ||||||||||||
GNMA | GNMA | 32.99 | % | 33.11 | % | GNMA | 32.15 | % | 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) | 26 | 22 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 8.55 | % | 8.22 | % | Modeled prepayment speed | 7.79 | % | 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 | (2,900) | (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 | (6,483) | (11,184) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 10.73 | % | 10.00 | % | Weighted average discount rate | 11.66 | % | 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 | (3,843) | (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 | (8,989) | (12,330) |
(dollars in thousands) | (dollars in thousands) | Three Months Ended March 31, | (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 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 | $ | 3,097 | $ | 4,954 | $ | 3,443 | $ | 5,556 | ||||||||||||||||||||||||||||||||
Additions | Additions | 44 | 538 | Additions | 33 | 99 | 348 | 873 | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (321) | (710) | Amortization | (308) | (735) | (969) | (2,111) | ||||||||||||||||||||||||||||||||||||||
Ending carrying value, net | Ending carrying value, net | $ | 3,166 | $ | 5,384 | Ending carrying value, net | $ | 2,822 | $ | 4,318 | $ | 2,822 | $ | 4,318 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 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 | $ | 299,910 | $ | 326,418 | ||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 3.69 | 3.69 | Weighted average life (in years) | 3.49 | 3.69 | ||||||||||||||||
Modeled prepayment speed | Modeled prepayment speed | 18.37 | % | 18.24 | % | Modeled prepayment speed | 19.68 | % | 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 | (265) | (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 | (415) | (340) | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 15.98 | % | 19.57 | % | Weighted average discount rate | 16.97 | % | 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 | (170) | (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 | (236) | (163) |
Three Months Ended March 31, | Three Months Ended September 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 | $ | 80,115 | $ | 92,555 | ||||||||||||
Adjustment items: | Adjustment items: | Adjustment items: | ||||||||||||||||||||
Merger and conversion charges | — | 977 | ||||||||||||||||||||
Loss on sale of mortgage servicing rights | Loss on sale of mortgage servicing rights | — | 316 | |||||||||||||||||||
Servicing right impairment (recovery) | Servicing right impairment (recovery) | — | (9,654) | Servicing right impairment (recovery) | — | (1,332) | ||||||||||||||||
Gain on BOLI proceeds | Gain on BOLI proceeds | (486) | — | Gain on BOLI proceeds | — | (55) | ||||||||||||||||
Natural disaster expenses | Natural disaster expenses | — | 151 | |||||||||||||||||||
Gain on bank premises | — | (6) | ||||||||||||||||||||
Tax effect of adjustment items (Note 1) | Tax effect of adjustment items (Note 1) | — | 2,024 | Tax effect of adjustment items (Note 1) | — | 182 | ||||||||||||||||
After tax adjustment items | After tax adjustment items | (486) | (6,659) | After tax adjustment items | — | (738) | ||||||||||||||||
Adjusted net income | Adjusted net income | $ | 59,935 | $ | 75,039 | Adjusted net income | $ | 80,115 | $ | 91,817 | ||||||||||||
Weighted average common shares outstanding - diluted | Weighted average common shares outstanding - diluted | 69,322,664 | 69,660,990 | Weighted average common shares outstanding - diluted | 68,994,247 | 69,327,414 | ||||||||||||||||
Net income per diluted share | Net income per diluted share | $ | 0.87 | $ | 1.17 | Net income per diluted share | $ | 1.16 | $ | 1.34 | ||||||||||||
Adjusted net income per diluted share | Adjusted net income per diluted share | $ | 0.86 | $ | 1.08 | Adjusted net income per diluted share | $ | 1.16 | $ | 1.32 | ||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the three months ended March 31, 2022 is nondeductible for tax purposes. | ||||||||||||||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. | 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. |
Three Months Ended March 31, 2023 | Three Months Ended September 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 | $ | 228,448 | $ | 54,532 | $ | 19,357 | $ | 4,766 | $ | 23,450 | $ | 330,553 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 32,887 | 28,562 | 10,914 | 2,418 | 9,283 | 84,064 | Interest expense | 60,853 | 31,727 | 13,349 | 2,804 | 14,069 | 122,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 175,328 | 20,027 | 5,700 | 1,957 | 8,640 | 211,652 | Net interest income | 167,595 | 22,805 | 6,008 | 1,962 | 9,381 | 207,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 47,140 | 2,853 | (194) | (104) | 34 | 49,729 | Provision for credit losses | 20,833 | 2,399 | (589) | 1,677 | 139 | 24,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 23,898 | 31,058 | 480 | 605 | 9 | 56,050 | Noninterest income | 26,245 | 35,691 | 662 | 579 | 4 | 63,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 56,226 | 21,231 | 924 | 1,209 | 2,308 | 81,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,606 | 1,283 | 1 | 37 | 59 | 12,986 | Occupancy and equipment | 11,437 | 1,182 | 1 | 36 | 89 | 12,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,797 | 1,069 | 46 | 37 | 85 | 13,034 | Data processing and communications expenses | 11,786 | 1,052 | 30 | 32 | 73 | 12,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 19,023 | 11,747 | 202 | 422 | 1,097 | 32,491 | Other expenses | 20,274 | 12,153 | 219 | 157 | 1,027 | 33,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 98,868 | 34,259 | 1,051 | 1,805 | 3,438 | 139,421 | Total noninterest expense | 99,723 | 35,618 | 1,174 | 1,434 | 3,497 | 141,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 73,284 | 20,479 | 6,085 | (570) | 5,749 | 105,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,848 | 2,934 | 1,118 | 181 | 1,050 | 18,131 | Income tax expense | 18,283 | 4,301 | 1,278 | (120) | 1,170 | 24,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,370 | $ | 11,039 | $ | 4,205 | $ | 680 | $ | 4,127 | $ | 60,421 | Net income | $ | 55,001 | $ | 16,178 | $ | 4,807 | $ | (450) | $ | 4,579 | $ | 80,115 |
Three Months Ended March 31, 2022 | Three Months Ended September 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 | $ | 164,095 | $ | 40,389 | $ | 12,490 | $ | 3,919 | $ | 13,409 | $ | 234,302 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (4,455) | 13,537 | 366 | 769 | 613 | 10,830 | Interest expense | (10,412) | 21,106 | 5,511 | 1,495 | 3,621 | 21,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 133,745 | 19,295 | 6,447 | 6,011 | 7,046 | 172,544 | Net interest income | 174,507 | 19,283 | 6,979 | 2,424 | 9,788 | 212,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,226 | 1,587 | (222) | (143) | (217) | 6,231 | Provision for credit losses | 10,551 | 9,043 | (1,836) | 52 | (158) | 17,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 21,364 | 61,649 | 1,401 | 2,491 | 6 | 86,911 | Noninterest income | 23,269 | 38,584 | 1,516 | 1,946 | 9 | 65,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 48,599 | 25,813 | 1,055 | 1,412 | 1,818 | 78,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 11,074 | 1,471 | 1 | 99 | 82 | 12,727 | Occupancy and equipment | 11,357 | 1,460 | 1 | 82 | 83 | 12,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and communications expenses | Data processing and communications expenses | 11,230 | 1,172 | 47 | 28 | 95 | 12,572 | Data processing and communications expenses | 10,779 | 1,082 | 43 | 29 | 82 | 12,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 20,045 | 12,645 | 218 | 380 | 952 | 34,240 | Other expenses | 22,974 | 11,641 | 209 | 100 | 959 | 35,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 91,544 | 46,902 | 549 | 1,778 | 3,047 | 143,820 | Total noninterest expense | 93,709 | 39,996 | 1,308 | 1,623 | 2,942 | 139,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 93,516 | 8,828 | 9,023 | 2,695 | 7,013 | 121,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 16,996 | 6,815 | 1,579 | 1,442 | 874 | 27,706 | Income tax expense | 22,706 | 1,854 | 1,895 | 566 | 1,499 | 28,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 41,343 | $ | 25,640 | $ | 5,942 | $ | 5,425 | $ | 3,348 | $ | 81,698 | Net income | $ | 70,810 | $ | 6,974 | $ | 7,128 | $ | 2,129 | $ | 5,514 | $ | 92,555 |
Quarter Ended March 31, | Quarter Ended September 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 | $ | 864,028 | $ | 10,769 | 4.94% | $ | 1,399,529 | $ | 7,215 | 2.05% | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 1,760,500 | 14,729 | 3.39% | 700,975 | 4,474 | 2.59% | Investment securities | 1,691,060 | 15,172 | 3.56% | 1,339,750 | 10,783 | 3.19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 464,452 | 7,460 | 6.37% | 471,070 | 6,012 | 5.06% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 19,820,749 | 265,802 | 5.44% | 15,821,397 | 170,398 | 4.37% | Loans | 20,371,689 | 298,102 | 5.81% | 18,146,083 | 211,223 | 4.62% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 23,391,229 | 331,503 | 5.62% | 21,356,432 | 235,233 | 4.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 2,184,769 | 2,242,946 | Noninterest-earning assets | 2,134,684 | 2,242,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 25,115,927 | $ | 23,275,654 | Total assets | $ | 25,525,913 | $ | 23,598,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 10,105,110 | $ | 64,729 | 2.54% | $ | 9,758,158 | $ | 12,706 | 0.52% | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,737,458 | 9,052 | 2.11% | 1,774,016 | 1,492 | 0.34% | Time deposits | 3,642,267 | 38,270 | 4.17% | 1,506,761 | 1,328 | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | — | — | —% | 4,020 | 3 | 0.30% | Securities sold under agreements to repurchase | — | — | —% | 92 | — | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 1,968,811 | 22,448 | 4.62% | 48,786 | 190 | 1.58% | FHLB advances | 943,855 | 12,543 | 5.27% | 94,357 | 527 | 2.22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 361,445 | 5,349 | 6.00% | 443,657 | 5,164 | 4.72% | Other borrowings | 312,572 | 3,821 | 4.85% | 376,942 | 4,655 | 4.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | Subordinated deferrable interest debentures | 128,557 | 3,085 | 9.73% | 126,563 | 1,381 | 4.43% | Subordinated deferrable interest debentures | 129,554 | 3,439 | 10.53% | 127,560 | 2,105 | 6.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 15,133,358 | 122,802 | 3.22% | 11,863,870 | 21,321 | 0.71% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 7,136,373 | 7,658,451 | Demand deposits | 6,655,191 | 8,259,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 387,194 | 326,091 | Other liabilities | 412,404 | 351,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 3,250,289 | 2,994,652 | Shareholders’ equity | 3,324,960 | 3,123,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 25,115,927 | $ | 23,275,654 | Total liabilities and shareholders’ equity | $ | 25,525,913 | $ | 23,598,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.87% | 3.20% | Interest rate spread | 2.40% | 3.66% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 212,587 | $ | 173,557 | Net interest income | $ | 208,701 | $ | 213,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.76% | 3.35% | Net interest margin | 3.54% | 3.97% |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 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 | $ | 3,661,701 | 1.87% | $ | 3,701,045 | 0.40% | ||||||||||||||||||||||||||||||||
MMDA | MMDA | 4,994,195 | 2.26% | 5,240,922 | 0.13% | MMDA | 5,527,731 | 3.28% | 5,026,815 | 0.68% | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,005,614 | 0.52% | 973,724 | 0.06% | Savings | 915,678 | 0.78% | 1,030,298 | 0.14% | ||||||||||||||||||||||||||||||||||||
Retail CDs | Retail CDs | 1,612,325 | 1.92% | 1,774,016 | 0.34% | Retail CDs | 2,200,413 | 3.43% | 1,506,761 | 0.35% | ||||||||||||||||||||||||||||||||||||
Brokered CDs | Brokered CDs | 125,133 | 4.61% | — | —% | Brokered CDs | 1,441,854 | 5.30% | — | —% | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 11,883,258 | 1.82% | $ | 11,673,434 | 0.14% | Interest-bearing deposits | $ | 13,747,377 | 2.97% | $ | 11,264,919 | 0.49% |
Nine Months Ended September 30, | |||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | |||||||||
Net income available to common shareholders | $ | 203,171 | $ | 264,319 | |||||||
Adjustment items: | |||||||||||
Merger and conversion charges | — | 977 | |||||||||
Loss on sale of mortgage servicing rights | — | 316 | |||||||||
Servicing right recovery | — | (21,824) | |||||||||
Gain on BOLI proceeds | (486) | (55) | |||||||||
Natural disaster expenses | — | 151 | |||||||||
Gain on bank premises | — | (45) | |||||||||
Tax effect of adjustment items (Note 1) | — | 4,490 | |||||||||
After tax adjustment items | (486) | (15,990) | |||||||||
Adjusted net income | $ | 202,685 | $ | 248,329 | |||||||
Weighted average common shares outstanding - diluted | 69,129,921 | 69,427,522 | |||||||||
Net income per diluted share | $ | 2.94 | $ | 3.81 | |||||||
Adjusted net income per diluted share | $ | 2.93 | $ | 3.58 | |||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the nine months ended September 30, 2022 is nondeductible for tax purposes. |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 661,947 | $ | 155,988 | $ | 54,931 | $ | 14,056 | $ | 61,299 | $ | 948,221 | |||||||||||||||||||||||
Interest expense | 147,583 | 91,739 | 37,057 | 7,806 | 35,093 | 319,278 | |||||||||||||||||||||||||||||
Net interest income | 514,364 | 64,249 | 17,874 | 6,250 | 26,206 | 628,943 | |||||||||||||||||||||||||||||
Provision for loan losses | 108,804 | 8,530 | (372) | 1,997 | 745 | 119,704 | |||||||||||||||||||||||||||||
Noninterest income | 74,795 | 106,557 | 2,546 | 2,660 | 22 | 186,580 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 167,864 | 63,321 | 2,498 | 3,834 | 6,627 | 244,144 | |||||||||||||||||||||||||||||
Occupancy and equipment | 34,218 | 3,689 | 2 | 113 | 231 | 38,253 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 35,481 | 3,518 | 120 | 115 | 224 | 39,458 | |||||||||||||||||||||||||||||
Other expenses | 66,940 | 35,759 | 644 | 912 | 3,160 | 107,415 | |||||||||||||||||||||||||||||
Total noninterest expense | 304,503 | 106,287 | 3,264 | 4,974 | 10,242 | 429,270 | |||||||||||||||||||||||||||||
Income before income tax expense | 175,852 | 55,989 | 17,528 | 1,939 | 15,241 | 266,549 | |||||||||||||||||||||||||||||
Income tax expense | 44,443 | 11,758 | 3,681 | 407 | 3,089 | 63,378 | |||||||||||||||||||||||||||||
Net income | $ | 131,409 | $ | 44,231 | $ | 13,847 | $ | 1,532 | $ | 12,152 | $ | 203,171 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 435,229 | $ | 111,276 | $ | 27,779 | $ | 15,456 | $ | 30,504 | $ | 620,244 | |||||||||||||||||||||||
Interest expense | (25,145) | 51,919 | 7,653 | 3,223 | 5,705 | 43,355 | |||||||||||||||||||||||||||||
Net interest income | 460,374 | 59,357 | 20,126 | 12,233 | 24,799 | 576,889 | |||||||||||||||||||||||||||||
Provision for loan losses | 25,952 | 15,129 | (1,191) | (614) | (469) | 38,807 | |||||||||||||||||||||||||||||
Noninterest income | 68,102 | 158,028 | 3,958 | 5,963 | 25 | 236,076 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 144,527 | 88,646 | 1,546 | 3,999 | 5,805 | 244,523 | |||||||||||||||||||||||||||||
Occupancy and equipment | 33,599 | 4,337 | 3 | 262 | 255 | 38,456 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 32,872 | 3,377 | 138 | 86 | 269 | 36,742 | |||||||||||||||||||||||||||||
Other expenses | 64,142 | 37,098 | 639 | 1,019 | 2,975 | 105,873 | |||||||||||||||||||||||||||||
Total noninterest expense | 275,140 | 133,458 | 2,326 | 5,366 | 9,304 | 425,594 | |||||||||||||||||||||||||||||
Income before income tax expense | 227,384 | 68,798 | 22,949 | 13,444 | 15,989 | 348,564 | |||||||||||||||||||||||||||||
Income tax expense | 58,822 | 14,448 | 4,820 | 2,823 | 3,332 | 84,245 | |||||||||||||||||||||||||||||
Net income | $ | 168,562 | $ | 54,350 | $ | 18,129 | $ | 10,621 | $ | 12,657 | $ | 264,319 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
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 | $ | 907,433 | $ | 33,568 | 4.95% | $ | 2,339,364 | $ | 13,093 | 0.75% | |||||||||||||||||||||||||
Investment securities | 1,730,824 | 46,246 | 3.57% | 1,023,118 | 22,662 | 2.96% | |||||||||||||||||||||||||||||
Loans held for sale | 510,690 | 22,865 | 5.99% | 835,418 | 24,180 | 3.87% | |||||||||||||||||||||||||||||
Loans | 20,121,143 | 848,375 | 5.64% | 16,951,566 | 563,223 | 4.44% | |||||||||||||||||||||||||||||
Total interest-earning assets | 23,270,090 | 951,054 | 5.46% | 21,149,466 | 623,158 | 3.94% | |||||||||||||||||||||||||||||
Noninterest-earning assets | 2,155,974 | 2,255,945 | |||||||||||||||||||||||||||||||||
Total assets | $ | 25,426,064 | $ | 23,405,411 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 10,070,954 | $ | 164,382 | 2.18% | $ | 9,815,352 | $ | 18,896 | 0.26% | |||||||||||||||||||||||||
Time deposits | 2,939,293 | 79,886 | 3.63% | 1,657,193 | 4,138 | 0.33% | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | —% | 1,974 | 4 | 0.27% | |||||||||||||||||||||||||||||
FHLB advances | 1,436,753 | 52,213 | 4.86% | 64,130 | 909 | 1.90% | |||||||||||||||||||||||||||||
Other borrowings | 330,035 | 13,072 | 5.30% | 398,898 | 14,256 | 4.78% | |||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 129,059 | 9,725 | 10.07% | 127,066 | 5,152 | 5.42% | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,906,094 | 319,278 | 2.86% | 12,064,613 | 43,355 | 0.48% | |||||||||||||||||||||||||||||
Demand deposits | 6,838,618 | 7,960,149 | |||||||||||||||||||||||||||||||||
Other liabilities | 391,646 | 326,293 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,289,706 | 3,054,356 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 25,426,064 | $ | 23,405,411 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.60% | 3.46% | |||||||||||||||||||||||||||||||||
Net interest income | $ | 631,776 | $ | 579,803 | |||||||||||||||||||||||||||||||
Net interest margin | 3.63% | 3.67% |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | |||||||||||||||||||
NOW | $ | 3,917,476 | 1.72% | $ | 3,693,829 | 0.21% | |||||||||||||||||
MMDA | 5,176,794 | 2.81% | 5,117,528 | 0.33% | |||||||||||||||||||
Savings | 976,684 | 0.74% | 1,003,995 | 0.08% | |||||||||||||||||||
Retail CDs | 1,947,739 | 2.84% | 1,657,193 | 0.33% | |||||||||||||||||||
Brokered CDs | 991,554 | 5.19% | — | —% | |||||||||||||||||||
Interest-bearing deposits | $ | 13,010,247 | 2.51% | $ | 11,472,545 | 0.27% |
March 31, 2023 | December 31, 2022 | September 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 | $ | 781,154 | $ | 760,596 | $ | 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 | 1,026 | 969 | 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 | 29,492 | 27,703 | 35,358 | 34,195 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,397 | 15,610 | 16,397 | 15,926 | Corporate debt securities | 16,171 | 15,036 | 16,397 | 15,926 | ||||||||||||||||||||||||||||||||||||
SBA pool securities | SBA pool securities | 26,942 | 25,342 | 29,422 | 27,398 | SBA pool securities | 23,834 | 21,751 | 29,422 | 27,398 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 686,223 | 655,555 | 701,008 | 662,028 | Mortgage-backed securities | 650,535 | 598,026 | 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 | $ | 1,502,212 | $ | 1,424,081 | $ | 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 | $ | 24,555 | $ | 31,905 | $ | 26,525 | ||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 102,270 | 88,763 | 102,959 | 88,013 | Mortgage-backed securities | 109,954 | 91,134 | 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 | $ | 141,859 | $ | 115,689 | $ | 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 | $ | 373,910 | 3.91 | % | $ | — | — | % | $ | 1,934 | 3.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 386,686 | 2.57 | 969 | 2.16 | 16,151 | 3.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | — | — | 6,631 | 4.44 | After five years through ten years | — | — | — | — | 4,031 | 4.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | — | — | — | — | 6,285 | 3.63 | After ten years | — | — | — | — | 5,587 | 3.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 766,129 | 3.23 | % | $ | 987 | 2.16 | % | $ | 33,213 | 3.95 | % | $ | 760,596 | 3.22 | % | $ | 969 | 2.16 | % | $ | 27,703 | 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 | $ | — | — | % | $ | — | — | % | $ | 15,255 | 1.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 13,697 | 7.12 | 4,881 | 2.12 | 281,553 | 3.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 5,866 | 2.64 | 91,745 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 1,291 | 8.00 | 13,420 | 3.13 | 251,460 | 3.24 | After ten years | 1,339 | 8.63 | 11,004 | 3.21 | 209,473 | 3.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 15,610 | 5.43 | % | $ | 25,342 | 2.76 | % | $ | 655,555 | 3.15 | % | $ | 15,036 | 7.30 | % | $ | 21,751 | 2.81 | % | $ | 598,026 | 3.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 11,882 | 1.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | After five years through ten years | — | — | 38,669 | 2.66 | After five years through ten years | — | — | 66,008 | 2.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 31,905 | 3.93 | 52,700 | 2.22 | After ten years | 31,905 | 3.93 | 32,064 | 2.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 31,905 | 3.93 | % | $ | 102,270 | 2.26 | % | $ | 31,905 | 3.93 | % | $ | 109,954 | 2.44 | % |
Three Months Ended March 31, | Nine Months Ended September 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 | 123,114 | 27,962 | ||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 12,233 | 4,414 | Commercial, financial and agricultural | 42,068 | 13,527 | ||||||||||||||||
Consumer | Consumer | 1,140 | 1,425 | Consumer | 4,140 | 3,790 | ||||||||||||||||
Indirect automobile | Indirect automobile | 34 | 88 | Indirect automobile | 135 | 179 | ||||||||||||||||
Premium finance | Premium finance | 1,421 | 1,369 | Premium finance | 5,220 | 3,640 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | — | 1,283 | Real estate – commercial and farmland | 3,320 | 3,378 | ||||||||||||||||
Real estate – residential | Real estate – residential | 128 | — | Real estate – residential | 231 | 190 | ||||||||||||||||
Total charge-offs | Total charge-offs | 14,956 | 8,579 | Total charge-offs | 55,114 | 24,704 | ||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | 2,043 | 2,896 | Commercial, financial and agricultural | 10,333 | 7,882 | ||||||||||||||||
Consumer | Consumer | 297 | 158 | Consumer | 694 | 665 | ||||||||||||||||
Indirect automobile | Indirect automobile | 216 | 275 | Indirect automobile | 599 | 816 | ||||||||||||||||
Premium finance | Premium finance | 1,382 | 1,247 | Premium finance | 4,701 | 3,383 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 100 | 218 | Real estate – construction and development | 646 | 669 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 44 | 37 | Real estate – commercial and farmland | 476 | 177 | ||||||||||||||||
Real estate – residential | Real estate – residential | 190 | 151 | Real estate – residential | 689 | 459 | ||||||||||||||||
Total recoveries | Total recoveries | 4,272 | 4,982 | Total recoveries | 18,138 | 14,051 | ||||||||||||||||
Net charge-offs | Net charge-offs | 10,684 | 3,597 | Net charge-offs | 36,976 | 10,653 | ||||||||||||||||
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 | $ | 290,104 | $ | 184,891 |
As of and for the Three Months Ended | As of and for the Nine Months Ended | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | March 31, 2022 | (dollars in thousands) | September 30, 2023 | September 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 | $ | 290,104 | $ | 184,891 | ||||||||||||
Net charge-offs for the period | Net charge-offs for the period | 10,684 | 3,597 | Net charge-offs for the period | 36,976 | 10,653 | ||||||||||||||||
Loan balances: | Loan balances: | Loan balances: | ||||||||||||||||||||
End of period | End of period | 19,997,871 | 16,143,801 | End of period | 20,201,079 | 18,806,856 | ||||||||||||||||
Average for the period | Average for the period | 19,820,749 | 15,821,397 | Average for the period | 20,121,143 | 16,951,566 | ||||||||||||||||
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 | % | 0.08 | % | ||||||||||||
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 | 1.44 | % | 0.98 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial, financial and agricultural | Commercial, financial and agricultural | $ | 2,722,180 | $ | 2,679,403 | Commercial, financial and agricultural | $ | 2,632,836 | $ | 2,679,403 | ||||||||||||
Consumer | Consumer | 349,775 | 384,037 | Consumer | 259,797 | 384,037 | ||||||||||||||||
Indirect automobile | Indirect automobile | 83,466 | 108,648 | Indirect automobile | 47,108 | 108,648 | ||||||||||||||||
Mortgage warehouse | Mortgage warehouse | 958,418 | 1,038,924 | Mortgage warehouse | 852,823 | 1,038,924 | ||||||||||||||||
Municipal | Municipal | 505,515 | 509,151 | Municipal | 497,093 | 509,151 | ||||||||||||||||
Premium finance | Premium finance | 947,257 | 1,023,479 | Premium finance | 1,007,334 | 1,023,479 | ||||||||||||||||
Real estate – construction and development | Real estate – construction and development | 2,144,605 | 2,086,438 | Real estate – construction and development | 2,236,686 | 2,086,438 | ||||||||||||||||
Real estate – commercial and farmland | Real estate – commercial and farmland | 7,721,732 | 7,604,867 | Real estate – commercial and farmland | 7,865,389 | 7,604,867 | ||||||||||||||||
Real estate – residential | Real estate – residential | 4,564,923 | 4,420,306 | Real estate – residential | 4,802,013 | 4,420,306 | ||||||||||||||||
$ | 19,997,871 | $ | 19,855,253 | $ | 20,201,079 | $ | 19,855,253 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Nonaccrual loans(1) | Nonaccrual loans(1) | $ | 143,027 | $ | 134,808 | Nonaccrual loans(1) | $ | 134,558 | $ | 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 | 11,891 | 17,865 | ||||||||||||||||
Repossessed assets | Repossessed assets | 25 | 28 | Repossessed assets | 22 | 28 | ||||||||||||||||
Other real estate owned | Other real estate owned | 1,502 | 843 | Other real estate owned | 3,397 | 843 | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 160,346 | $ | 153,544 | Total non-performing assets | $ | 149,868 | $ | 153,544 |
March 31, 2023 | December 31, 2022 | September 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 | $ | 2,236,686 | 11% | $ | 2,086,438 | 11% | ||||||||||||||||||||||||||||||||
Multi-family loans | Multi-family loans | 787,701 | 4% | 779,027 | 4% | Multi-family loans | 900,675 | 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) | 4,875,580 | 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) | 8,012,941 | 40% | 7,661,823 | 39% | ||||||||||||||||||||||||||||||||||||
All other loan types | All other loan types | 12,328,374 | 62% | 12,193,430 | 61% | All other loan types | 12,188,138 | 60% | 12,193,430 | 61% | ||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 19,997,871 | 100% | $ | 19,855,253 | 100% | Total Loans | $ | 20,201,079 | 100% | $ | 19,855,253 | 100% |
Internal Limit | Actual | Internal Limit | Actual | |||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Construction and development loans | Construction and development loans | 100% | 80% | 79% | Construction and development loans | 100% | 79% | 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 | September 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 | 9.62% | 9.36% | ||||||||||||||||
Ameris Bank | Ameris Bank | 10.21% | 10.56% | Ameris Bank | 10.51% | 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 | 10.82% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.14% | 11.12% | Ameris Bank | 11.81% | 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 | 10.82% | 9.86% | ||||||||||||||||
Ameris Bank | Ameris Bank | 11.14% | 11.12% | Ameris Bank | 11.81% | 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 | 14.01% | 12.90% | ||||||||||||||||
Ameris Bank | Ameris Bank | 12.57% | 12.28% | Ameris Bank | 13.41% | 12.28% |
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 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 | 6.92% | 7.14% | 7.52% | 7.71% | 6.45% | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 98.11% | 100.14% | 100.50% | 102.02% | 96.61% | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 91.67% | 91.51% | 91.71% | 91.11% | 90.76% | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 68.00% | 67.19% | 61.60% | 59.26% | 57.14% |
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 | (5.5)% | 5.9% | ||||||||||||||||||||||
300 | 300 | 2.5% | 9.5% | 300 | (2.4)% | 6.1% | ||||||||||||||||||||||
200 | 200 | 2.6% | 6.8% | 200 | (0.1)% | 5.3% | ||||||||||||||||||||||
100 | 100 | 1.5% | 3.6% | 100 | 0.2% | 2.9% | ||||||||||||||||||||||
(100) | (100) | (1.8)% | (4.2)% | (100) | (0.3)% | (2.3)% | ||||||||||||||||||||||
(200) | (200) | (3.8)% | (8.8)% | (200) | (0.7)% | (5.1)% | ||||||||||||||||||||||
(300) | (300) | (6.1)% | (14.3)% | (300) | (1.3)% | (8.4)% | ||||||||||||||||||||||
(400) | (400) | (8.3)% | (18.8)% | (400) | (1.9)% | (11.7)% |
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(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
July 1, 2023 through July 31, 2023 | 495 | $ | 37.02 | — | $ | 86,496,795 | ||||||||||||||||||||
August 1, 2023 through August 31, 2023 | 244 | $ | 43.58 | — | $ | 86,496,795 | ||||||||||||||||||||
September 1, 2023 through September 30, 2023 | — | $ | — | — | $ | 86,496,795 | ||||||||||||||||||||
Total | 739 | $ | 39.19 | — | $ | 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) |