☒ | 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 |
Mississippi | 64-0676974 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
209 Troy Street, | Tupelo, | Mississippi | 38804-4827 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $5.00 par value per share | RNST | The |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Consolidated Balance Sheets | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 193,818 | $ | 193,513 | Cash and due from banks | $ | 179,111 | $ | 193,513 | ||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 653,879 | 382,479 | Interest-bearing balances with banks | 562,045 | 382,479 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 847,697 | 575,992 | Cash and cash equivalents | 741,156 | 575,992 | ||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of March 31, 2023 and December 31, 2022) (fair value of $1,204,079 and $1,206,540, respectively) | 1,300,240 | 1,324,040 | ||||||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2023 and December 31, 2022) (fair value of $1,079,123 and $1,206,540, respectively) | Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2023 and December 31, 2022) (fair value of $1,079,123 and $1,206,540, respectively) | 1,245,595 | 1,324,040 | |||||||||||||||||||
Securities available for sale, at fair value | Securities available for sale, at fair value | 1,507,907 | 1,533,942 | Securities available for sale, at fair value | 909,108 | 1,533,942 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 159,318 | 110,105 | Loans held for sale, at fair value | 241,613 | 110,105 | ||||||||||||||||
Loans held for investment, net of unearned income | Loans held for investment, net of unearned income | 11,766,425 | 11,578,304 | Loans held for investment, net of unearned income | 12,168,023 | 11,578,304 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (195,292) | (192,090) | Allowance for credit losses on loans | (197,773) | (192,090) | ||||||||||||||||
Loans, net | Loans, net | 11,571,133 | 11,386,214 | Loans, net | 11,970,250 | 11,386,214 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 287,006 | 283,595 | Premises and equipment, net | 284,368 | 283,595 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 4,818 | 1,763 | Other real estate owned, net | 9,258 | 1,763 | ||||||||||||||||
Goodwill | Goodwill | 991,665 | 991,708 | Goodwill | 991,665 | 991,708 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 22,750 | 24,176 | Other intangible assets, net | 20,070 | 24,176 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 375,572 | 373,808 | Bank-owned life insurance | 379,945 | 373,808 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 85,039 | 84,448 | Mortgage servicing rights | 90,241 | 84,448 | ||||||||||||||||
Other assets | Other assets | 320,938 | 298,385 | Other assets | 298,352 | 298,385 | ||||||||||||||||
Total assets | Total assets | $ | 17,474,083 | $ | 16,988,176 | Total assets | $ | 17,181,621 | $ | 16,988,176 | ||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 4,244,877 | $ | 4,558,756 | Noninterest-bearing | $ | 3,734,197 | $ | 4,558,756 | ||||||||||||
Interest-bearing | Interest-bearing | 9,667,142 | 8,928,210 | Interest-bearing | 10,422,913 | 8,928,210 | ||||||||||||||||
Total deposits | Total deposits | 13,912,019 | 13,486,966 | Total deposits | 14,157,110 | 13,486,966 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 732,057 | 712,232 | Short-term borrowings | 107,662 | 712,232 | ||||||||||||||||
Long-term debt | Long-term debt | 431,111 | 428,133 | Long-term debt | 427,399 | 428,133 | ||||||||||||||||
Other liabilities | Other liabilities | 211,596 | 224,829 | Other liabilities | 256,127 | 224,829 | ||||||||||||||||
Total liabilities | Total liabilities | 15,286,783 | 14,852,160 | Total liabilities | 14,948,298 | 14,852,160 | ||||||||||||||||
Shareholders’ equity | Shareholders’ equity | Shareholders’ equity | ||||||||||||||||||||
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||||||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,073,658 and 55,953,104 shares outstanding, respectively | 296,483 | 296,483 | ||||||||||||||||||||
Treasury stock, at cost – 3,223,067 and 3,343,621 shares, respectively | (107,559) | (111,577) | ||||||||||||||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,140,713 and 55,953,104 shares outstanding, respectively | Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,140,713 and 55,953,104 shares outstanding, respectively | 296,483 | 296,483 | |||||||||||||||||||
Treasury stock, at cost – 3,156,012 and 3,343,621 shares, respectively | Treasury stock, at cost – 3,156,012 and 3,343,621 shares, respectively | (105,300) | (111,577) | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,299,458 | 1,302,422 | Additional paid-in capital | 1,304,891 | 1,302,422 | ||||||||||||||||
Retained earnings | Retained earnings | 891,242 | 857,725 | Retained earnings | 936,573 | 857,725 | ||||||||||||||||
Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes | (192,324) | (209,037) | Accumulated other comprehensive loss, net of taxes | (199,324) | (209,037) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 2,187,300 | 2,136,016 | Total shareholders’ equity | 2,233,323 | 2,136,016 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 17,474,083 | $ | 16,988,176 | Total liabilities and shareholders’ equity | $ | 17,181,621 | $ | 16,988,176 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 163,524 | $ | 98,692 | Loans | $ | 184,880 | $ | 125,175 | $ | 524,592 | $ | 332,862 | ||||||||||||||||||||||||||||||||
Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 13,253 | 8,934 | Taxable | 9,439 | 12,636 | 34,992 | 32,137 | ||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,838 | 1,901 | Tax-exempt | 1,230 | 1,864 | 4,768 | 5,669 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 5,430 | 664 | Other | 10,128 | 3,458 | 22,536 | 6,076 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 184,045 | 110,191 | Total interest income | 205,677 | 143,133 | 586,888 | 376,744 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 32,866 | 5,637 | Deposits | 70,906 | 7,241 | 155,163 | 17,896 | ||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 15,404 | 4,925 | Borrowings | 7,388 | 5,574 | 38,351 | 15,386 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 48,270 | 10,562 | Total interest expense | 78,294 | 12,815 | 193,514 | 33,282 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 135,775 | 99,629 | Net interest income | 127,383 | 130,318 | 393,374 | 343,462 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 7,960 | 1,500 | Provision for credit losses on loans | 5,315 | 9,800 | 16,275 | 13,300 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 127,815 | 98,129 | Net interest income after provision for credit losses | 122,068 | 120,518 | 377,099 | 330,162 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 9,120 | 9,562 | Service charges on deposit accounts | 9,743 | 10,216 | 28,596 | 29,512 | ||||||||||||||||||||||||||||||||||||||
Fees and commissions | Fees and commissions | 4,676 | 3,982 | Fees and commissions | 4,108 | 4,148 | 13,771 | 12,798 | ||||||||||||||||||||||||||||||||||||||
Insurance commissions | Insurance commissions | 2,446 | 2,554 | Insurance commissions | 3,264 | 3,108 | 8,519 | 8,253 | ||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 5,140 | 5,924 | Wealth management revenue | 5,986 | 5,467 | 16,464 | 17,102 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 8,517 | 9,633 | Mortgage banking income | 7,533 | 12,675 | 25,821 | 30,624 | ||||||||||||||||||||||||||||||||||||||
Net loss on sales of securities | Net loss on sales of securities | — | — | (22,438) | — | |||||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 3,003 | 2,153 | BOLI income | 2,469 | 2,296 | 7,874 | 6,780 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 4,391 | 3,650 | Other | 5,097 | 3,276 | 14,112 | 10,789 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 37,293 | 37,458 | Total noninterest income | 38,200 | 41,186 | 92,719 | 115,858 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 69,832 | 62,239 | Salaries and employee benefits | 69,458 | 66,463 | 209,927 | 194,282 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,633 | 4,263 | Data processing | 3,907 | 3,526 | 11,224 | 11,379 | ||||||||||||||||||||||||||||||||||||||
Net occupancy and equipment | Net occupancy and equipment | 11,405 | 11,276 | Net occupancy and equipment | 11,548 | 11,266 | 34,818 | 33,697 | ||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 30 | (241) | Other real estate owned | (120) | 34 | (39) | (394) | ||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 3,467 | 3,151 | Professional fees | 3,338 | 3,087 | 10,817 | 9,016 | ||||||||||||||||||||||||||||||||||||||
Advertising and public relations | Advertising and public relations | 4,686 | 4,059 | Advertising and public relations | 3,474 | 3,229 | 11,642 | 10,694 | ||||||||||||||||||||||||||||||||||||||
Intangible amortization | Intangible amortization | 1,426 | 1,366 | Intangible amortization | 1,311 | 1,251 | 4,106 | 3,927 | ||||||||||||||||||||||||||||||||||||||
Communications | Communications | 1,980 | 2,027 | Communications | 2,006 | 1,999 | 6,212 | 5,930 | ||||||||||||||||||||||||||||||||||||||
Merger and conversion related expenses | Merger and conversion related expenses | — | 687 | Merger and conversion related expenses | — | — | — | 687 | ||||||||||||||||||||||||||||||||||||||
Restructuring charges | Restructuring charges | — | (455) | Restructuring charges | — | — | — | 732 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 11,249 | 5,733 | Other | 12,747 | 10,719 | 35,835 | 23,923 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 107,708 | 94,105 | Total noninterest expense | 107,669 | 101,574 | 324,542 | 293,873 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 57,400 | 41,482 | Income before income taxes | 52,599 | 60,130 | 145,276 | 152,147 | ||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 11,322 | 7,935 | Income taxes | 10,766 | 13,563 | 28,722 | 32,355 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 46,078 | $ | 33,547 | Net income | $ | 41,833 | $ | 46,567 | $ | 116,554 | $ | 119,792 | ||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.82 | $ | 0.60 | Basic earnings per share | $ | 0.75 | $ | 0.83 | $ | 2.08 | $ | 2.14 | ||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.82 | $ | 0.60 | Diluted earnings per share | $ | 0.74 | $ | 0.83 | $ | 2.07 | $ | 2.13 | ||||||||||||||||||||||||||||||||
Cash dividends per common share | Cash dividends per common share | $ | 0.22 | $ | 0.22 | Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 46,078 | $ | 33,547 | Net income | $ | 41,833 | $ | 46,567 | $ | 116,554 | $ | 119,792 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on securities | 15,531 | (100,462) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | (12,883) | (63,579) | (13,282) | (220,999) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses realized in net income | Reclassification adjustment for losses realized in net income | — | — | 16,816 | — | |||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category | 2,328 | (74) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 2,947 | 1,207 | 7,527 | 969 | |||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 17,859 | (100,536) | Total securities available for sale | (9,936) | (62,372) | 11,061 | (220,030) | ||||||||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding (losses) gains on derivative instruments | (1,232) | 6,379 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on derivative instruments | Unrealized holding gains (losses) on derivative instruments | 1,987 | 1,687 | (1,606) | 14,328 | |||||||||||||||||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | (1,232) | 6,379 | Total derivative instruments | 1,987 | 1,687 | (1,606) | 14,328 | ||||||||||||||||||||||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | Amortization of net actuarial loss recognized in net periodic pension cost | 86 | 31 | Amortization of net actuarial loss recognized in net periodic pension cost | 86 | 31 | 258 | 93 | ||||||||||||||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 86 | 31 | Total defined benefit pension and post-retirement benefit plans | 86 | 31 | 258 | 93 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 16,713 | (94,126) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Other comprehensive (loss) income, net of tax | (7,863) | (60,654) | 9,713 | (205,609) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 62,791 | $ | (60,579) | Comprehensive income (loss) | $ | 33,970 | $ | (14,087) | $ | 126,267 | $ | (85,817) |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,302,422 | $ | 857,725 | $ | (209,037) | $ | 2,136,016 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,078 | — | 46,078 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16,713 | 16,713 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 62,791 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,561) | — | (12,561) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 120,554 | — | 4,018 | (6,409) | — | — | (2,391) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,445 | — | — | 3,445 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 56,073,658 | $ | 296,483 | $ | (107,559) | $ | 1,299,458 | $ | 891,242 | $ | (192,324) | $ | 2,187,300 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 55,756,233 | $ | 296,483 | $ | (118,027) | $ | 1,300,192 | $ | 741,648 | $ | (10,443) | $ | 2,209,853 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 33,547 | — | 33,547 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (94,126) | (94,126) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (60,579) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,505) | — | (12,505) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 124,433 | — | 3,977 | (6,442) | — | — | (2,465) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,338 | — | — | 3,338 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 55,880,666 | $ | 296,483 | $ | (114,050) | $ | 1,297,088 | $ | 762,690 | $ | (104,569) | $ | 2,137,642 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,302,422 | $ | 857,725 | $ | (209,037) | $ | 2,136,016 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,078 | — | 46,078 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16,713 | 16,713 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 62,791 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,561) | — | (12,561) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 120,554 | — | 4,018 | (6,409) | — | — | (2,391) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,445 | — | — | 3,445 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 56,073,658 | $ | 296,483 | $ | (107,559) | $ | 1,299,458 | $ | 891,242 | $ | (192,324) | $ | 2,187,300 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 28,643 | $ | — | $ | 28,643 | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 863 | 863 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 29,506 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,573) | — | (12,573) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 58,820 | — | 1,970 | (970) | — | — | 1,000 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,395 | — | — | 3,395 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 56,132,478 | $ | 296,483 | $ | (105,589) | $ | 1,301,883 | $ | 907,312 | $ | (191,461) | $ | 2,208,628 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | $ | 41,833 | $ | 41,833 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (7,863) | (7,863) | ||||||||||||||||||||||||||||||||||
Comprehensive income | 33,970 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,572) | — | (12,572) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 8,235 | — | 289 | (416) | — | — | (127) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,424 | — | — | 3,424 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 56,140,713 | $ | 296,483 | $ | (105,300) | $ | 1,304,891 | $ | 936,573 | $ | (199,324) | $ | 2,233,323 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 46,078 | $ | 33,547 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 7,960 | 1,500 | |||||||||
Depreciation, amortization and accretion | 9,237 | 12,804 | |||||||||
Deferred income tax expense | 2,667 | 4,649 | |||||||||
Funding of mortgage loans held for sale | (258,946) | (595,046) | |||||||||
Proceeds from sales of mortgage loans held for sale | 212,755 | 769,797 | |||||||||
Gains on sales of mortgage loans held for sale | (4,769) | (6,047) | |||||||||
Losses (gains) on sales of premises and equipment | 2 | (3) | |||||||||
Stock-based compensation expense | 3,445 | 3,338 | |||||||||
(Increase) decrease in other assets | (10,945) | 5,746 | |||||||||
Decrease in other liabilities | (14,866) | (24,469) | |||||||||
Net cash (used in) provided by operating activities | (7,382) | 205,816 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | — | (285,635) | |||||||||
Proceeds from call/maturities of securities available for sale | 45,342 | 128,155 | |||||||||
Purchases of securities held to maturity | — | (79,434) | |||||||||
Proceeds from call/maturities of securities held to maturity | 25,424 | 7,620 | |||||||||
Net increase in loans | (195,617) | (264,251) | |||||||||
Purchases of premises and equipment | (8,237) | (2,030) | |||||||||
Proceeds from sales of premises and equipment | — | 100 | |||||||||
Purchase of bank-owned life insurance | — | (80,000) | |||||||||
Net change in FHLB stock | (22,130) | (422) | |||||||||
Proceeds from sales of other assets | 647 | 956 | |||||||||
Net cash paid in acquisition of businesses | — | (10,066) | |||||||||
Other, net | 1,340 | 207 | |||||||||
Net cash used in investing activities | (153,231) | (584,800) | |||||||||
Financing activities | |||||||||||
Net decrease in noninterest-bearing deposits | (313,879) | (11,868) | |||||||||
Net increase in interest-bearing deposits | 738,933 | 97,041 | |||||||||
Net increase in short-term borrowings | 19,825 | 67,852 | |||||||||
Repayment of long-term debt | — | (32,008) | |||||||||
Cash paid for dividends | (12,561) | (12,505) | |||||||||
Net cash provided by financing activities | 432,318 | 108,512 | |||||||||
Net increase (decrease) in cash and cash equivalents | 271,705 | (270,472) | |||||||||
Cash and cash equivalents at beginning of period | 575,992 | 1,877,965 | |||||||||
Cash and cash equivalents at end of period | $ | 847,697 | $ | 1,607,493 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 41,239 | $ | 10,324 | |||||||
Cash paid for income taxes | $ | 17,443 | $ | 6,195 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 3,623 | $ | 200 | |||||||
Recognition of operating right-of-use assets | $ | 531 | $ | 30 | |||||||
Recognition of operating lease liabilities | $ | 531 | $ | 30 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 55,756,233 | $ | 296,483 | $ | (118,027) | $ | 1,300,192 | $ | 741,648 | $ | (10,443) | $ | 2,209,853 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 33,547 | — | 33,547 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (94,126) | (94,126) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (60,579) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,505) | — | (12,505) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 124,433 | — | 3,977 | (6,442) | — | — | (2,465) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,338 | — | — | 3,338 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 55,880,666 | $ | 296,483 | $ | (114,050) | $ | 1,297,088 | $ | 762,690 | $ | (104,569) | $ | 2,137,642 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 39,678 | $ | — | $ | 39,678 | ||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (50,829) | (50,829) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (11,151) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,488) | — | (12,488) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 51,351 | — | 1,755 | (1,833) | — | — | (78) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,952 | — | — | 2,952 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 55,932,017 | $ | 296,483 | $ | (112,295) | $ | 1,298,207 | $ | 789,880 | $ | (155,398) | $ | 2,116,877 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | $ | 46,567 | — | $ | 46,567 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (60,654) | (60,654) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (14,087) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,496) | — | (12,496) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 21,087 | — | 718 | (1,000) | — | — | (282) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,269 | — | — | 2,269 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,299,476 | $ | 823,951 | $ | (216,052) | $ | 2,092,281 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 116,554 | $ | 119,792 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 16,275 | 13,300 | |||||||||
Depreciation, amortization and accretion | 26,723 | 33,590 | |||||||||
Deferred income tax (benefit) expense | (1,231) | 3,600 | |||||||||
Proceeds from sale of MSR | — | 18,525 | |||||||||
Gain on sale of MSR | — | (2,960) | |||||||||
Funding of mortgage loans held for sale | (1,057,277) | (1,436,158) | |||||||||
Proceeds from sales of mortgage loans held for sale | 934,761 | 1,757,353 | |||||||||
Gains on sales of mortgage loans held for sale | (12,639) | (9,808) | |||||||||
Losses on sales of securities | 22,438 | — | |||||||||
Losses (gains) on sales of premises and equipment | 8 | (245) | |||||||||
Stock-based compensation expense | 10,264 | 8,558 | |||||||||
Increase in other assets | (30,741) | (32,187) | |||||||||
Increase (decrease) in other liabilities | 22,989 | (10,253) | |||||||||
Net cash provided by operating activities | 48,124 | 463,107 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | (9,646) | (708,457) | |||||||||
Proceeds from sales of securities available for sale | 488,981 | — | |||||||||
Proceeds from call/maturities of securities available for sale | 124,150 | 336,504 | |||||||||
Purchases of securities held to maturity | — | (91,803) | |||||||||
Proceeds from call/maturities of securities held to maturity | 83,945 | 35,980 | |||||||||
Net increase in loans | (607,335) | (1,057,998) | |||||||||
Purchases of premises and equipment | (16,394) | (10,374) | |||||||||
Proceeds from sales of premises and equipment | — | 1,230 | |||||||||
Purchase of bank-owned life insurance | — | (80,000) | |||||||||
Net change in FHLB stock | 20,794 | (7,538) | |||||||||
Proceeds from sales of other assets | 2,833 | 2,458 | |||||||||
Net cash paid in acquisition of businesses | — | (10,066) | |||||||||
Other, net | 1,844 | 2,607 | |||||||||
Net cash provided by (used in) investing activities | 89,172 | (1,587,457) | |||||||||
Financing activities | |||||||||||
Net (decrease) increase in noninterest-bearing deposits | (824,559) | 109,096 | |||||||||
Net increase (decrease) in interest-bearing deposits | 1,494,703 | (582,696) | |||||||||
Net (decrease) increase in short-term borrowings | (604,570) | 269,391 | |||||||||
Repayment of long-term debt | — | (32,417) | |||||||||
Cash paid for dividends | (37,706) | (37,489) | |||||||||
Net cash provided by (used in) financing activities | 27,868 | (274,115) | |||||||||
Net increase (decrease) in cash and cash equivalents | 165,164 | (1,398,465) | |||||||||
Cash and cash equivalents at beginning of period | 575,992 | 1,877,965 | |||||||||
Cash and cash equivalents at end of period | $ | 741,156 | $ | 479,500 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 153,732 | $ | 32,506 | |||||||
Cash paid for income taxes | $ | 30,922 | $ | 19,245 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 10,073 | $ | 1,828 | |||||||
Recognition of operating right-of-use assets | $ | 3,077 | $ | 3,045 | |||||||
Recognition of operating lease liabilities | $ | 3,077 | $ | 3,045 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (4,110) | $ | 165,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 149,646 | 377 | (6,866) | 143,157 | Obligations of states and political subdivisions | $ | 38,200 | $ | 71 | $ | (4,732) | $ | 33,539 | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 487,834 | 77 | (45,812) | 442,099 | Government agency mortgage backed securities | 321,245 | 2 | (49,799) | 271,448 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 589,560 | — | (95,044) | 494,516 | Government agency collateralized mortgage obligations | 501,793 | — | (108,896) | 392,897 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 11,128 | — | (900) | 10,228 | Government agency mortgage backed securities | 6,036 | — | (908) | 5,128 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 207,032 | — | (24,236) | 182,796 | Government agency collateralized mortgage obligations | 165,812 | — | (27,071) | 138,741 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 73,051 | 15 | (3,845) | 69,221 | Other debt securities | 72,386 | 207 | (5,238) | 67,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,688,251 | $ | 469 | $ | (180,813) | $ | 1,507,907 | $ | 1,105,472 | $ | 280 | $ | (196,644) | $ | 909,108 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (5,340) | $ | 164,660 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 154,066 | 204 | (9,368) | 144,902 | |||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 508,415 | 37 | (52,036) | 456,416 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 605,033 | — | (103,864) | 501,169 | |||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 11,166 | — | (1,053) | 10,113 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 211,435 | — | (25,589) | 185,846 | |||||||||||||||||||||||||||||||
Other debt securities | 74,885 | — | (4,049) | 70,836 | |||||||||||||||||||||||||||||||
$ | 1,735,000 | $ | 241 | $ | (201,299) | $ | 1,533,942 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 290,983 | $ | 91 | $ | (38,774) | $ | 252,300 | Obligations of states and political subdivisions | $ | 289,053 | $ | — | $ | (57,660) | $ | 231,393 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities | Residential mortgage backed securities | Residential mortgage backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 470,833 | — | (19,656) | 451,177 | Government agency mortgage backed securities | 440,227 | — | (41,350) | 398,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 415,243 | — | (25,330) | 389,913 | Government agency collateralized mortgage obligations | 395,441 | — | (49,030) | 346,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 17,001 | — | (2,931) | 14,070 | Government agency mortgage backed securities | 16,989 | — | (3,800) | 13,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 45,144 | — | (6,321) | 38,823 | Government agency collateralized mortgage obligations | 44,725 | — | (8,235) | 36,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 61,068 | — | (3,272) | 57,796 | Other debt securities | 59,192 | — | (6,429) | 52,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,300,272 | $ | 91 | $ | (96,284) | $ | 1,204,079 | $ | 1,245,627 | $ | — | $ | (166,504) | $ | 1,079,123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | Allowance for credit losses - held to maturity securities | (32) | Allowance for credit losses - held to maturity securities | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities, net of allowance for credit losses | Held to maturity securities, net of allowance for credit losses | $ | 1,300,240 | Held to maturity securities, net of allowance for credit losses | $ | 1,245,595 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 291,886 | $ | 17 | $ | (48,325) | $ | 243,578 | |||||||||||||||||||||||||||
Residential mortgage backed securities | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 483,560 | — | (24,432) | 459,128 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 423,315 | — | (30,706) | 392,609 | |||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 17,006 | — | (3,261) | 13,745 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 45,430 | — | (6,559) | 38,871 | |||||||||||||||||||||||||||||||
Other debt securities | 62,875 | — | (4,266) | 58,609 | |||||||||||||||||||||||||||||||
$ | 1,324,072 | $ | 17 | $ | (117,549) | $ | 1,206,540 | ||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | (32) | ||||||||||||||||||||||||||||||||||
Held to maturity securities, net of allowance for credit losses | $ | 1,324,040 |
Carrying Value | Net Proceeds | (Loss) | |||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | 164,915 | $ | (5,085) | |||||||||||
Obligations of states and political subdivisions | 104,950 | 99,439 | (5,511) | ||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 137,196 | 130,602 | (6,594) | ||||||||||||||
Government agency collateralized mortgage obligations | 54,028 | 51,101 | (2,927) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 5,048 | 4,825 | (223) | ||||||||||||||
Government agency collateralized mortgage obligations | 40,197 | 38,099 | (2,098) | ||||||||||||||
$ | 511,419 | $ | 488,981 | $ | (22,438) |
Held to Maturity | Available for Sale | Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Due within one year | Due within one year | $ | 150 | $ | 150 | $ | 10,205 | $ | 10,201 | Due within one year | $ | — | $ | — | $ | 6,482 | $ | 6,402 | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 3,323 | 3,174 | 231,194 | 226,806 | Due after one year through five years | 3,265 | 3,044 | 36,332 | 36,386 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 63,319 | 56,205 | 90,554 | 85,065 | Due after five years through ten years | 75,045 | 62,072 | 42,481 | 36,784 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 224,191 | 192,771 | 51,463 | 47,748 | Due after ten years | 210,743 | 166,277 | 16,688 | 13,887 | ||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 470,833 | 451,177 | 487,834 | 442,099 | Government agency mortgage backed securities | 440,227 | 398,877 | 321,245 | 271,448 | ||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 415,243 | 389,913 | 589,560 | 494,516 | Government agency collateralized mortgage obligations | 395,441 | 346,411 | 501,793 | 392,897 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 17,001 | 14,070 | 11,128 | 10,228 | Government agency mortgage backed securities | 16,989 | 13,189 | 6,036 | 5,128 | ||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 45,144 | 38,823 | 207,032 | 182,796 | Government agency collateralized mortgage obligations | 44,725 | 36,490 | 165,812 | 138,741 | ||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 61,068 | 57,796 | 9,281 | 8,448 | Other debt securities | 59,192 | 52,763 | 8,603 | 7,435 | ||||||||||||||||||||||||||||||||||||
$ | 1,300,272 | $ | 1,204,079 | $ | 1,688,251 | $ | 1,507,907 | $ | 1,245,627 | $ | 1,079,123 | $ | 1,105,472 | $ | 909,108 |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | Available for Sale: | Available for Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 5 | $ | 165,890 | $ | (4,110) | — | $ | — | $ | — | 5 | $ | 165,890 | $ | (4,110) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 39 | 38,653 | (248) | 41 | 81,072 | (6,618) | 80 | 119,725 | (6,866) | Obligations of states and political subdivisions | 6 | 5,196 | (27) | 16 | 23,814 | (4,705) | 22 | 29,010 | (4,732) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 63 | 128,869 | (4,799) | 62 | 309,322 | (41,013) | 125 | 438,191 | (45,812) | Government agency mortgage backed securities | — | — | — | 53 | 267,412 | (49,799) | 53 | 267,412 | (49,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 4 | 30,958 | (728) | 48 | 463,558 | (94,316) | 52 | 494,516 | (95,044) | Government agency collateralized mortgage obligations | — | — | — | 41 | 392,897 | (108,896) | 41 | 392,897 | (108,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 1 | 395 | (1) | 3 | 9,833 | (899) | 4 | 10,228 | (900) | Government agency mortgage backed securities | — | — | — | 2 | 5,128 | (908) | 2 | 5,128 | (908) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 7 | 33,579 | (836) | 28 | 149,217 | (23,400) | 35 | 182,796 | (24,236) | Government agency collateralized mortgage obligations | — | — | — | 28 | 138,742 | (27,071) | 28 | 138,742 | (27,071) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 15 | 35,768 | (1,177) | 9 | 23,608 | (2,668) | 24 | 59,376 | (3,845) | Other debt securities | 1 | 957 | (53) | 20 | 36,456 | (5,185) | 21 | 37,413 | (5,238) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 134 | $ | 434,112 | $ | (11,899) | 191 | $ | 1,036,610 | $ | (168,914) | 325 | $ | 1,470,722 | $ | (180,813) | Total | 7 | $ | 6,153 | $ | (80) | 160 | $ | 864,449 | $ | (196,564) | 167 | $ | 870,602 | $ | (196,644) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | 5 | $ | 164,660 | $ | (5,340) | — | $ | — | $ | — | 5 | $ | 164,660 | $ | (5,340) | Obligations of other U.S. Government agencies and corporations | 5 | $ | 164,660 | $ | (5,340) | — | $ | — | $ | — | 5 | $ | 164,660 | $ | (5,340) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 84 | $ | 96,939 | $ | (4,869) | 11 | $ | 33,038 | $ | (4,499) | 95 | $ | 129,977 | $ | (9,368) | Obligations of states and political subdivisions | 84 | $ | 96,939 | $ | (4,869) | 11 | $ | 33,038 | $ | (4,499) | 95 | $ | 129,977 | $ | (9,368) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 97 | 214,516 | (15,115) | 29 | 237,970 | (36,921) | 126 | 452,486 | (52,036) | Government agency mortgage backed securities | 97 | 214,516 | (15,115) | 29 | 237,970 | (36,921) | 126 | 452,486 | (52,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 16 | 109,753 | (8,552) | 36 | 391,416 | (95,312) | 52 | 501,169 | (103,864) | Government agency collateralized mortgage obligations | 16 | 109,753 | (8,552) | 36 | 391,416 | (95,312) | 52 | 501,169 | (103,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 4 | 10,114 | (1,053) | — | — | — | 4 | 10,114 | (1,053) | Government agency mortgage backed securities | 4 | 10,114 | (1,053) | — | — | — | 4 | 10,114 | (1,053) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 16 | 67,026 | (3,828) | 21 | 118,821 | (21,760) | 37 | 185,847 | (25,588) | Government agency collateralized mortgage obligations | 16 | 67,026 | (3,829) | 21 | 118,821 | (21,760) | 37 | 185,847 | (25,589) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 25 | 63,423 | (3,167) | 1 | 7,412 | (883) | 26 | 70,835 | (4,050) | Other debt securities | 25 | 63,423 | (3,166) | 1 | 7,412 | (883) | 26 | 70,835 | (4,049) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 247 | $ | 726,431 | $ | (41,924) | 98 | $ | 788,657 | $ | (159,375) | 345 | $ | 1,515,088 | $ | (201,299) | Total | 247 | $ | 726,431 | $ | (41,924) | 98 | $ | 788,657 | $ | (159,375) | 345 | $ | 1,515,088 | $ | (201,299) |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity: | Held to Maturity: | Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 1 | $ | 440 | $ | — | 127 | $ | 247,694 | $ | (38,774) | 128 | $ | 248,134 | $ | (38,774) | Obligations of states and political subdivisions | — | $ | — | $ | — | 129 | $ | 231,393 | $ | (57,660) | 129 | $ | 231,393 | $ | (57,660) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 2 | 42,422 | (751) | 68 | 408,755 | (18,905) | 70 | 451,177 | (19,656) | Government agency mortgage backed securities | — | — | — | 70 | 398,876 | (41,350) | 70 | 398,876 | (41,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 2 | 51,648 | (1,622) | 16 | 338,265 | (23,708) | 18 | 389,913 | (25,330) | Government agency collateralized mortgage obligations | — | — | — | 18 | 346,411 | (49,030) | 18 | 346,411 | (49,030) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | — | — | — | 1 | 14,069 | (2,931) | 1 | 14,069 | (2,931) | Government agency mortgage backed securities | — | — | — | 1 | 13,189 | (3,800) | 1 | 13,189 | (3,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 2 | 7,656 | (623) | 7 | 31,167 | (5,698) | 9 | 38,823 | (6,321) | Government agency collateralized mortgage obligations | — | — | — | 9 | 36,490 | (8,235) | 9 | 36,490 | (8,235) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 1 | 23,156 | (625) | 9 | 34,639 | (2,647) | 10 | 57,795 | (3,272) | Other debt securities | — | — | — | 10 | 52,761 | (6,429) | 10 | 52,761 | (6,429) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 8 | $ | 125,322 | $ | (3,621) | 228 | $ | 1,074,589 | $ | (92,663) | 236 | $ | 1,199,911 | $ | (96,284) | Total | — | $ | — | $ | — | 237 | $ | 1,079,120 | $ | (166,504) | 237 | $ | 1,079,120 | $ | (166,504) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 105 | $ | 191,442 | $ | (35,871) | 24 | $ | 49,697 | $ | (12,454) | 129 | $ | 241,139 | $ | (48,325) | Obligations of states and political subdivisions | 105 | $ | 191,442 | $ | (35,871) | 24 | $ | 49,697 | $ | (12,454) | 129 | $ | 241,139 | $ | (48,325) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 8 | 94,258 | (4,186) | 62 | 364,870 | (20,246) | 70 | 459,128 | (24,432) | Government agency mortgage backed securities | 8 | 94,258 | (4,186) | 62 | 364,870 | (20,246) | 70 | 459,128 | (24,432) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 4 | 98,912 | (5,479) | 14 | 293,698 | (25,227) | 18 | 392,610 | (30,706) | Government agency collateralized mortgage obligations | 4 | 98,912 | (5,479) | 14 | 293,698 | (25,227) | 18 | 392,610 | (30,706) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 1 | 13,745 | (3,261) | — | — | — | 1 | 13,745 | (3,261) | Government agency mortgage backed securities | 1 | 13,745 | (3,261) | — | — | — | 1 | 13,745 | (3,261) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 2 | 7,651 | (626) | 7 | 31,220 | (5,933) | 9 | 38,871 | (6,559) | Government agency collateralized mortgage obligations | 2 | 7,651 | (626) | 7 | 31,220 | (5,933) | 9 | 38,871 | (6,559) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 2 | 42,567 | (2,013) | 8 | 16,042 | (2,253) | 10 | 58,609 | (4,266) | Other debt securities | 2 | 42,567 | (2,013) | 8 | 16,042 | (2,253) | 10 | 58,609 | (4,266) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 122 | $ | 448,575 | $ | (51,436) | 115 | $ | 755,527 | $ | (66,113) | 237 | $ | 1,204,102 | $ | (117,549) | Total | 122 | $ | 448,575 | $ | (51,436) | 115 | $ | 755,527 | $ | (66,113) | 237 | $ | 1,204,102 | $ | (117,549) |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 1,740,778 | $ | 1,673,883 | Commercial, financial, agricultural | $ | 1,819,891 | $ | 1,673,883 | ||||||||||||
Lease financing | Lease financing | 128,274 | 122,167 | Lease financing | 127,935 | 122,167 | ||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||
Residential | Residential | 333,439 | 355,500 | Residential | 300,238 | 355,500 | ||||||||||||||||
Commercial | Commercial | 1,090,913 | 974,837 | Commercial | 1,107,126 | 974,837 | ||||||||||||||||
Total real estate – construction | Total real estate – construction | 1,424,352 | 1,330,337 | Total real estate – construction | 1,407,364 | 1,330,337 | ||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||
Primary | Primary | 2,288,592 | 2,222,856 | Primary | 2,405,703 | 2,222,856 | ||||||||||||||||
Home equity | Home equity | 497,925 | 501,906 | Home equity | 509,394 | 501,906 | ||||||||||||||||
Rental/investment | Rental/investment | 344,705 | 334,382 | Rental/investment | 353,613 | 334,382 | ||||||||||||||||
Land development | Land development | 147,758 | 157,119 | Land development | 130,166 | 157,119 | ||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 3,278,980 | 3,216,263 | Total real estate – 1-4 family mortgage | 3,398,876 | 3,216,263 | ||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||
Owner-occupied | Owner-occupied | 1,521,327 | 1,539,296 | Owner-occupied | 1,588,174 | 1,539,296 | ||||||||||||||||
Non-owner occupied | Non-owner occupied | 3,447,217 | 3,452,910 | Non-owner occupied | 3,610,578 | 3,452,910 | ||||||||||||||||
Land development | Land development | 117,269 | 125,857 | Land development | 114,414 | 125,857 | ||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 5,085,813 | 5,118,063 | Total real estate – commercial mortgage | 5,313,166 | 5,118,063 | ||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 115,356 | 124,745 | Installment loans to individuals | 108,002 | 124,745 | ||||||||||||||||
Gross loans | Gross loans | 11,773,553 | 11,585,458 | Gross loans | 12,175,234 | 11,585,458 | ||||||||||||||||
Unearned income | Unearned income | (7,128) | (7,154) | Unearned income | (7,211) | (7,154) | ||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 11,766,425 | $ | 11,578,304 | Loans, net of unearned income | $ | 12,168,023 | $ | 11,578,304 |
Accruing Loans | Nonaccruing Loans | Accruing Loans | Nonaccruing Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 1,978 | $ | — | $ | 1,727,418 | $ | 1,729,396 | $ | 13 | $ | 2,552 | $ | 8,817 | $ | 11,382 | $ | 1,740,778 | Commercial, financial, agricultural | $ | 343 | $ | 46 | $ | 1,811,803 | $ | 1,812,192 | $ | 14 | $ | 2,737 | $ | 4,948 | $ | 7,699 | $ | 1,819,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | — | 128,274 | 128,274 | — | — | — | — | 128,274 | Lease financing | — | — | 126,887 | 126,887 | 64 | — | 984 | 1,048 | 127,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 445 | — | 332,842 | 333,287 | — | — | 152 | 152 | 333,439 | Residential | 402 | — | 299,836 | 300,238 | — | — | — | — | 300,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | — | — | 1,090,913 | 1,090,913 | — | — | — | — | 1,090,913 | Commercial | — | — | 1,107,126 | 1,107,126 | — | — | — | — | 1,107,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | 445 | — | 1,423,755 | 1,424,200 | — | — | 152 | 152 | 1,424,352 | Total real estate – construction | 402 | — | 1,406,962 | 1,407,364 | — | — | — | — | 1,407,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | 22,507 | — | 2,231,330 | 2,253,837 | 11,647 | 8,151 | 14,957 | 34,755 | 2,288,592 | Primary | 7,379 | 63 | 2,356,252 | 2,363,694 | 4,721 | 20,287 | 17,001 | 42,009 | 2,405,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,335 | — | 493,312 | 495,647 | 109 | 994 | 1,175 | 2,278 | 497,925 | Home equity | 2,429 | — | 504,367 | 506,796 | 1,155 | 690 | 753 | 2,598 | 509,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | 780 | 1,738 | 341,076 | 343,594 | 744 | 87 | 280 | 1,111 | 344,705 | Rental/investment | 251 | 397 | 350,715 | 351,363 | 325 | 1,751 | 174 | 2,250 | 353,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | Land development | 27 | 17 | 147,711 | 147,755 | — | 3 | — | 3 | 147,758 | Land development | 32 | — | 129,965 | 129,997 | — | 154 | 15 | 169 | 130,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 25,649 | 1,755 | 3,213,429 | 3,240,833 | 12,500 | 9,235 | 16,412 | 38,147 | 3,278,980 | Total real estate – 1-4 family mortgage | 10,091 | 460 | 3,341,299 | 3,351,850 | 6,201 | 22,882 | 17,943 | 47,026 | 3,398,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 6,047 | 16,724 | 1,494,891 | 1,517,662 | 126 | 2,159 | 1,380 | 3,665 | 1,521,327 | Owner-occupied | 1,311 | — | 1,583,493 | 1,584,804 | 319 | 1,640 | 1,411 | 3,370 | 1,588,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 15,688 | — | 3,428,566 | 3,444,254 | — | 2,963 | — | 2,963 | 3,447,217 | Non-owner occupied | 36 | — | 3,600,622 | 3,600,658 | — | — | 9,920 | 9,920 | 3,610,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | Land development | 275 | 185 | 116,729 | 117,189 | — | — | 80 | 80 | 117,269 | Land development | 411 | — | 113,756 | 114,167 | — | 202 | 45 | 247 | 114,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 22,010 | 16,909 | 5,040,186 | 5,079,105 | 126 | 5,122 | 1,460 | 6,708 | 5,085,813 | Total real estate – commercial mortgage | 1,758 | — | 5,297,871 | 5,299,629 | 319 | 1,842 | 11,376 | 13,537 | 5,313,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 910 | — | 114,209 | 115,119 | 31 | 49 | 157 | 237 | 115,356 | Installment loans to individuals | 1,047 | 26 | 106,698 | 107,771 | 32 | 11 | 188 | 231 | 108,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned income | Unearned income | — | — | (7,128) | (7,128) | — | — | — | — | (7,128) | Unearned income | — | — | (7,211) | (7,211) | — | — | — | — | (7,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 50,992 | $ | 18,664 | $ | 11,640,143 | $ | 11,709,799 | $ | 12,670 | $ | 16,958 | $ | 26,998 | $ | 56,626 | $ | 11,766,425 | Loans, net of unearned income | $ | 13,641 | $ | 532 | $ | 12,084,309 | $ | 12,098,482 | $ | 6,630 | $ | 27,472 | $ | 35,439 | $ | 69,541 | $ | 12,168,023 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,303 | $ | 69 | $ | 1,660,037 | $ | 1,661,409 | $ | 18 | $ | 2,373 | $ | 10,083 | $ | 12,474 | $ | 1,673,883 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 122,167 | 122,167 | — | — | — | — | 122,167 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 49 | — | 355,374 | 355,423 | — | — | 77 | 77 | 355,500 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 8,525 | — | 966,312 | 974,837 | — | — | — | — | 974,837 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 8,574 | — | 1,321,686 | 1,330,260 | — | — | 77 | 77 | 1,330,337 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 28,198 | — | 2,164,582 | 2,192,780 | 6,015 | 12,503 | 11,558 | 30,076 | 2,222,856 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 5,376 | — | 494,621 | 499,997 | 450 | 754 | 705 | 1,909 | 501,906 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 720 | 38 | 332,648 | 333,406 | 20 | 331 | 625 | 976 | 334,382 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 174 | — | 156,863 | 157,037 | 46 | 36 | — | 82 | 157,119 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 34,468 | 38 | 3,148,714 | 3,183,220 | 6,531 | 13,624 | 12,888 | 33,043 | 3,216,263 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 8,557 | 219 | 1,525,240 | 1,534,016 | 1,495 | 2,244 | 1,541 | 5,280 | 1,539,296 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 3,521 | — | 3,444,047 | 3,447,568 | 5,304 | — | 38 | 5,342 | 3,452,910 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 279 | — | 125,507 | 125,786 | — | 40 | 31 | 71 | 125,857 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 12,357 | 219 | 5,094,794 | 5,107,370 | 6,799 | 2,284 | 1,610 | 10,693 | 5,118,063 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 2,001 | 5 | 122,481 | 124,487 | 38 | 100 | 120 | 258 | 124,745 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (7,154) | (7,154) | — | — | — | — | (7,154) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 58,703 | $ | 331 | $ | 11,462,725 | $ | 11,521,759 | $ | 13,386 | $ | 18,381 | $ | 24,778 | $ | 56,545 | $ | 11,578,304 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 1,209 | $ | — | $ | 1,209 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | 3,751 | — | 3,751 | 1.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | — | 3,751 | — | 3,751 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 7 | — | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 7 | — | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 149 | 96 | 277 | 522 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 1,008 | — | — | 1,008 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,157 | 96 | 277 | 1,530 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 1,164 | $ | 5,056 | $ | 277 | $ | 6,497 | 0.05 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | 2.1 | — | ||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||
Residential | — | 4.7 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||
Home equity | 300 | — | — | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||
Owner-occupied | 68 | 8.4 | 3.0 | ||||||||||||||||||||||||||||||||
Non-owner occupied | 12 | — | — | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 116,077 | $ | 368,138 | $ | 210,939 | $ | 131,648 | $ | 72,135 | $ | 92,677 | $ | 734,968 | $ | 7,549 | $ | 1,734,131 | |||||||||||
Pass | 116,027 | 361,587 | 210,444 | 130,659 | 71,369 | 80,240 | 723,341 | 6,525 | 1,700,192 | ||||||||||||||||||||
Special Mention | — | 138 | 118 | 937 | 128 | 636 | 9,062 | 76 | 11,095 | ||||||||||||||||||||
Substandard | 50 | 6,413 | 377 | 52 | 638 | 11,801 | 2,565 | 948 | 22,844 | ||||||||||||||||||||
Lease Financing Receivables | $ | 12,933 | $ | 59,874 | $ | 16,481 | $ | 17,419 | $ | 9,122 | $ | 5,317 | $ | — | $ | — | $ | 121,146 | |||||||||||
Pass | 12,933 | 56,812 | 16,481 | 15,108 | 8,069 | 3,943 | — | — | 113,346 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 324 | — | — | 324 | ||||||||||||||||||||
Substandard | — | 3,062 | — | 2,311 | 1,053 | 1,050 | — | — | 7,476 | ||||||||||||||||||||
Real Estate - Construction | $ | 71,159 | $ | 599,389 | $ | 505,187 | $ | 100,439 | $ | — | $ | 1,885 | $ | 18,675 | $ | — | $ | 1,296,734 | |||||||||||
Residential | 54,092 | 140,184 | 7,138 | 584 | — | 379 | 3,444 | — | 205,821 | ||||||||||||||||||||
Pass | 53,845 | 135,551 | 7,138 | 584 | — | 379 | 3,444 | — | 200,941 | ||||||||||||||||||||
Special Mention | 247 | 4,091 | — | — | — | — | — | — | 4,338 | ||||||||||||||||||||
Substandard | — | 542 | — | — | — | — | — | — | 542 | ||||||||||||||||||||
Commercial | 17,067 | 459,205 | 498,049 | 99,855 | — | 1,506 | 15,231 | — | 1,090,913 | ||||||||||||||||||||
Pass | 17,067 | 459,205 | 498,049 | 99,855 | — | 1,506 | 15,231 | — | 1,090,913 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 38,818 | $ | 211,413 | $ | 134,661 | $ | 47,942 | $ | 22,490 | $ | 54,820 | $ | 25,233 | $ | 2,200 | $ | 537,577 | |||||||||||
Primary | 1,043 | 11,486 | 7,147 | 4,860 | 2,340 | 11,971 | 4,003 | 1,000 | 43,850 | ||||||||||||||||||||
Pass | 857 | 11,229 | 6,839 | 4,860 | 2,327 | 11,473 | 4,003 | 1,000 | 42,588 | ||||||||||||||||||||
Special Mention | 186 | — | — | — | — | 47 | — | — | 233 | ||||||||||||||||||||
Substandard | — | 257 | 308 | — | 13 | 451 | — | — | 1,029 | ||||||||||||||||||||
Home Equity | 745 | 189 | 1,079 | — | 37 | 31 | 14,323 | 118 | 16,522 | ||||||||||||||||||||
Pass | 745 | 189 | 1,079 | — | 37 | 31 | 14,291 | — | 16,372 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | 32 | — | 32 | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | 118 | 118 | ||||||||||||||||||||
Rental/Investment | 19,615 | 135,062 | 86,466 | 42,566 | 19,930 | 34,078 | 5,773 | 1,082 | 344,572 | ||||||||||||||||||||
Pass | 19,377 | 134,639 | 86,253 | 40,136 | 18,525 | 32,240 | 5,773 | 721 | 337,664 | ||||||||||||||||||||
Special Mention | 51 | 229 | — | — | — | 173 | — | — | 453 | ||||||||||||||||||||
Substandard | 187 | 194 | 213 | 2,430 | 1,405 | 1,665 | — | 361 | 6,455 | ||||||||||||||||||||
Land Development | 17,415 | 64,676 | 39,969 | 516 | 183 | 8,740 | 1,134 | — | 132,633 | ||||||||||||||||||||
Pass | 17,374 | 64,676 | 39,969 | 512 | 183 | 8,643 | 1,134 | — | 132,491 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | 41 | — | — | 4 | — | 97 | — | — | 142 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 106,196 | $ | 1,609,693 | $ | 1,008,812 | $ | 718,231 | $ | 485,850 | $ | 1,007,547 | $ | 110,736 | $ | 24,977 | $ | 5,072,042 | |||||||||||
Owner-Occupied | 33,207 | 314,821 | 317,958 | 233,070 | 173,009 | 395,505 | 50,089 | 3,538 | 1,521,197 | ||||||||||||||||||||
Pass | 33,207 | 302,753 | 314,593 | 230,140 | 170,149 | 373,294 | 40,485 | 3,253 | 1,467,874 | ||||||||||||||||||||
Special Mention | — | 313 | 3,035 | 807 | 305 | 837 | — | — | 5,297 | ||||||||||||||||||||
Substandard | — | 11,755 | 330 | 2,123 | 2,555 | 21,374 | 9,604 | 285 | 48,026 | ||||||||||||||||||||
Non-Owner Occupied | 66,313 | 1,242,726 | 673,257 | 479,353 | 306,706 | 602,322 | 55,265 | 21,248 | 3,447,190 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | 209,517 | $ | 321,447 | $ | 173,774 | $ | 111,082 | $ | 54,041 | $ | 43,272 | $ | 887,332 | $ | 9,638 | $ | 1,810,103 | |||||||||||||||||||||||||||||||||||||||
Pass | Pass | 208,279 | 313,954 | 173,042 | 103,496 | 53,443 | 35,709 | 874,771 | 9,205 | 1,771,899 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 956 | 199 | 76 | 7,382 | 104 | 282 | 2,016 | 68 | 11,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 282 | 7,294 | 656 | 204 | 494 | 7,281 | 10,545 | 365 | 27,121 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease Financing Receivables | Lease Financing Receivables | $ | 29,823 | $ | 51,869 | $ | 13,669 | $ | 14,435 | $ | 7,183 | $ | 3,728 | $ | — | $ | — | $ | 120,707 | |||||||||||||||||||||||||||||||||||||||
Pass | Pass | 28,967 | 49,031 | 13,589 | 12,451 | 6,464 | 3,173 | — | — | 113,675 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 2,742 | — | 1,984 | 704 | 555 | — | — | 5,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 856 | 96 | 80 | — | 15 | — | — | — | 1,047 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 291,375 | $ | 530,558 | $ | 380,465 | $ | 70,196 | $ | — | $ | 1,853 | $ | 19,420 | $ | — | $ | 1,293,867 | |||||||||||||||||||||||||||||||||||||||
Residential | Residential | 154,594 | 28,190 | 1,691 | — | — | 373 | 1,893 | — | 186,741 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 152,666 | 24,691 | 1,691 | — | — | 373 | 1,893 | — | 181,314 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1,676 | — | — | — | — | — | — | — | 1,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 252 | 3,499 | — | — | — | — | — | — | 3,751 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 136,781 | 502,368 | 378,774 | 70,196 | — | 1,480 | 17,527 | — | 1,107,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 122,844 | 490,026 | 378,774 | 70,196 | — | 1,480 | 17,527 | — | 1,080,847 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 13,937 | 12,342 | — | — | — | — | — | — | 26,279 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 97,047 | $ | 187,590 | $ | 111,150 | $ | 44,383 | $ | 21,226 | $ | 40,209 | $ | 27,447 | $ | 1,645 | $ | 530,697 | |||||||||||||||||||||||||||||||||||||||
Primary | Primary | 5,184 | 9,098 | 6,517 | 4,211 | 1,948 | 9,510 | 2,039 | 944 | 39,451 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 5,000 | 8,874 | 6,180 | 4,211 | 1,936 | 8,893 | 2,039 | 944 | 38,077 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 184 | — | — | — | — | 38 | — | — | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 224 | 337 | — | 12 | 579 | — | — | 1,152 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | 1,012 | 13 | 1,010 | — | — | 21 | 18,082 | 90 | 20,228 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,012 | 13 | 1,010 | — | — | 2 | 18,082 | — | 20,119 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | 19 | — | 90 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | 58,230 | 130,212 | 77,443 | 39,715 | 19,122 | 23,171 | 5,039 | 611 | 353,543 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 66,313 | 1,239,253 | 670,786 | 471,954 | 282,890 | 507,750 | 55,265 | 12,063 | 3,306,274 | Pass | 57,836 | 129,791 | 76,496 | 37,532 | 17,748 | 22,002 | 5,039 | 352 | 346,796 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 501 | 2,323 | 7,399 | 7,014 | 25,784 | — | — | 43,021 | Special Mention | 111 | 49 | 63 | 5 | 51 | 45 | — | — | 324 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,972 | 148 | — | 16,802 | 68,788 | — | 9,185 | 97,895 | Substandard | 283 | 372 | 884 | 2,178 | 1,323 | 1,124 | — | 259 | 6,423 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 6,676 | 52,146 | 17,597 | 5,808 | 6,135 | 9,720 | 5,382 | 191 | 103,655 | Land Development | 32,621 | 48,267 | 26,180 | 457 | 156 | 7,507 | 2,287 | — | 117,475 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 6,640 | 52,146 | 17,558 | 5,504 | 6,135 | 9,197 | 5,382 | 191 | 102,753 | Pass | 32,582 | 48,267 | 26,180 | 438 | 156 | 7,365 | 2,287 | — | 117,275 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | 39 | — | — | — | — | — | 39 | Special Mention | — | — | — | — | — | 101 | — | — | 101 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 36 | — | — | 304 | — | 523 | — | — | 863 | Substandard | 39 | — | — | 19 | — | 41 | — | — | 99 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | $ | 281 | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | — | $ | — | $ | 299 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 497,538 | $ | 1,621,729 | $ | 1,096,136 | $ | 684,074 | $ | 440,916 | $ | 797,222 | $ | 135,203 | $ | 26,339 | $ | 5,299,157 | |||||||||||||||||||||||||||||||||||||||
Owner-Occupied | Owner-Occupied | 167,252 | 342,672 | 319,261 | 224,003 | 163,826 | 312,580 | 55,112 | 3,335 | 1,588,041 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 281 | — | — | — | 18 | — | — | — | 299 | Pass | 166,283 | 331,636 | 316,304 | 222,279 | 161,151 | 302,212 | 51,184 | 3,050 | 1,554,099 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | 315 | 2,671 | 1,262 | — | 283 | 1,899 | 20 | — | 6,450 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | Substandard | 654 | 8,365 | 1,695 | 1,724 | 2,392 | 8,469 | 3,908 | 285 | 27,492 | ||||||||||||||||||||||||||||||||||||||
Total loans subject to risk rating | $ | 345,464 | $ | 2,848,507 | $ | 1,876,080 | $ | 1,015,679 | $ | 589,615 | $ | 1,162,246 | $ | 889,612 | $ | 34,726 | $ | 8,761,929 | ||||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | 312,830 | 1,232,860 | 762,571 | 454,981 | 272,048 | 477,974 | 74,471 | 22,818 | 3,610,553 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 344,666 | 2,818,040 | 1,869,189 | 999,312 | 559,702 | 1,028,696 | 868,349 | 23,753 | 8,511,707 | Pass | 312,801 | 1,229,495 | 758,940 | 452,226 | 234,511 | 427,970 | 74,471 | 13,899 | 3,504,313 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 484 | 5,272 | 5,515 | 9,143 | 7,447 | 27,801 | 9,094 | 76 | 64,832 | Special Mention | 29 | 458 | 3,257 | 2,755 | 14,253 | 13,132 | — | — | 33,884 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 314 | 25,195 | 1,376 | 7,224 | 22,466 | 105,749 | 12,169 | 10,897 | 185,390 | Substandard | — | 2,907 | 374 | — | 23,284 | 36,872 | — | 8,919 | 72,356 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 17,456 | 46,197 | 14,304 | 5,090 | 5,042 | 6,668 | 5,620 | 186 | 100,563 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Pass | 16,999 | 42,280 | 13,953 | 4,658 | 5,022 | 6,423 | 5,597 | 186 | 95,118 | ||||||||||||||||||||
Special Mention | 396 | 3,421 | 36 | — | — | — | — | — | 3,853 | ||||||||||||||||||||
Substandard | 61 | 496 | 315 | 432 | 20 | 245 | 23 | — | 1,592 | ||||||||||||||||||||
Installment loans to individuals | $ | 65 | $ | — | $ | — | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | 73 | |||||||||||
Pass | 65 | — | — | — | 8 | — | — | — | 73 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | 1,125,365 | $ | 2,713,193 | $ | 1,775,194 | $ | 924,170 | $ | 523,374 | $ | 886,284 | $ | 1,069,402 | $ | 37,622 | $ | 9,054,604 | |||||||||||
Pass | 1,105,334 | 2,668,058 | 1,766,159 | 907,487 | 480,439 | 815,602 | 1,052,890 | 27,636 | 8,823,605 | ||||||||||||||||||||
Special Mention | 17,604 | 21,882 | 4,694 | 12,126 | 15,395 | 16,052 | 2,036 | 68 | 89,857 | ||||||||||||||||||||
Substandard | 2,427 | 23,253 | 4,341 | 4,557 | 27,540 | 54,630 | 14,476 | 9,918 | 141,142 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 460,604 | $ | 209,964 | $ | 142,790 | $ | 63,164 | $ | 25,099 | $ | 35,142 | $ | 717,422 | $ | 3,522 | $ | 1,657,707 | |||||||||||
Pass | 450,559 | 209,580 | 141,712 | 62,370 | 21,963 | 28,014 | 704,491 | 2,384 | 1,621,073 | ||||||||||||||||||||
Special Mention | 719 | — | 1,010 | 383 | 678 | — | 11,616 | 80 | 14,486 | ||||||||||||||||||||
Substandard | 9,326 | 384 | 68 | 411 | 2,458 | 7,128 | 1,315 | 1,058 | 22,148 | ||||||||||||||||||||
Lease Financing Receivables | $ | 61,424 | $ | 18,379 | $ | 18,318 | $ | 10,628 | $ | 4,557 | $ | 1,707 | $ | — | $ | — | $ | 115,013 | |||||||||||
Pass | 58,204 | 18,379 | 15,846 | 9,060 | 3,269 | 1,353 | — | — | 106,111 | ||||||||||||||||||||
Watch | — | — | — | — | — | 354 | — | — | 354 | ||||||||||||||||||||
Substandard | 3,220 | — | 2,472 | 1,568 | 1,288 | — | — | — | 8,548 | ||||||||||||||||||||
Real Estate - Construction | $ | 595,185 | $ | 476,190 | $ | 109,705 | $ | 8,525 | $ | 381 | $ | 6,858 | $ | 13,757 | $ | 424 | $ | 1,211,025 | |||||||||||
Residential | 214,386 | 16,483 | 589 | — | 381 | — | 3,925 | 424 | 236,188 | ||||||||||||||||||||
Pass | 214,371 | 16,483 | 589 | — | 381 | — | 3,925 | 424 | 236,173 | ||||||||||||||||||||
Special Mention | 6 | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||
Substandard | 9 | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||
Commercial | 380,799 | 459,707 | 109,116 | 8,525 | — | 6,858 | 9,832 | — | 974,837 | ||||||||||||||||||||
Pass | 380,799 | 459,707 | 109,116 | 8,525 | — | 6,858 | 9,832 | — | 974,837 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 233,370 | $ | 141,066 | $ | 48,653 | $ | 24,664 | $ | 25,604 | $ | 35,971 | $ | 26,920 | $ | 1,238 | $ | 537,486 | |||||||||||
Primary | 12,877 | 7,965 | 5,068 | 2,435 | 4,522 | 8,723 | 4,931 | 106 | 46,627 | ||||||||||||||||||||
Pass | 12,616 | 7,965 | 5,068 | 2,421 | 4,522 | 8,419 | 4,931 | 106 | 46,048 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 51 | — | — | 51 | ||||||||||||||||||||
Substandard | 261 | — | — | 14 | — | 253 | — | — | 528 | ||||||||||||||||||||
Home Equity | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 141 | 16,155 | ||||||||||||||||||||
Pass | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 7 | 16,021 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | 134 | 134 | ||||||||||||||||||||
Rental/Investment | 138,481 | 85,711 | 42,056 | 21,997 | 14,785 | 24,448 | 5,972 | 787 | 334,237 | ||||||||||||||||||||
Pass | 138,137 | 85,522 | 41,604 | 21,097 | 14,671 | 22,899 | 5,972 | 482 | 330,384 | ||||||||||||||||||||
Special Mention | 231 | — | — | — | — | 174 | — | — | 405 | ||||||||||||||||||||
Substandard | 113 | 189 | 452 | 900 | 114 | 1,375 | — | 305 | 3,448 | ||||||||||||||||||||
Land Development | 81,740 | 46,203 | 1,529 | 194 | 6,292 | 2,773 | 1,532 | 204 | 140,467 | ||||||||||||||||||||
Pass | 80,514 | 46,203 | 1,525 | 194 | 6,292 | 2,723 | 1,532 | 204 | 139,187 | ||||||||||||||||||||
Special Mention | 1,226 | — | — | — | — | — | — | — | 1,226 | ||||||||||||||||||||
Substandard | — | — | 4 | — | — | 50 | — | — | 54 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 1,624,197 | $ | 1,000,563 | $ | 713,303 | $ | 531,424 | $ | 277,862 | $ | 810,919 | $ | 121,305 | $ | 25,173 | $ | 5,104,746 | |||||||||||
Owner-Occupied | 309,792 | 319,174 | 239,946 | 178,137 | 128,452 | 302,495 | 57,869 | 3,300 | 1,539,165 | ||||||||||||||||||||
Pass | 298,851 | 314,429 | 237,058 | 175,262 | 122,537 | 282,657 | 50,640 | 3,300 | 1,484,734 | ||||||||||||||||||||
Special Mention | 9,640 | 3,047 | 815 | 1,670 | — | 672 | 4,808 | — | 20,652 | ||||||||||||||||||||
Substandard | 1,301 | 1,698 | 2,073 | 1,205 | 5,915 | 19,166 | 2,421 | — | 33,779 | ||||||||||||||||||||
Non-Owner Occupied | 1,256,098 | 657,121 | 466,703 | 346,908 | 144,872 | 501,863 | 57,637 | 21,680 | 3,452,882 | ||||||||||||||||||||
Pass | 1,252,484 | 647,937 | 466,703 | 322,997 | 127,358 | 418,294 | 57,637 | 12,142 | 3,305,552 | ||||||||||||||||||||
Special Mention | 506 | — | — | 21,961 | 17,509 | 8,975 | — | — | 48,951 | ||||||||||||||||||||
Substandard | 3,108 | 9,184 | — | 1,950 | 5 | 74,594 | — | 9,538 | 98,379 | ||||||||||||||||||||
Land Development | 58,307 | 24,268 | 6,654 | 6,379 | 4,538 | 6,561 | 5,799 | 193 | 112,699 | ||||||||||||||||||||
Pass | 58,307 | 24,228 | 6,342 | 6,379 | 4,465 | 6,067 | 5,799 | 193 | 111,780 | ||||||||||||||||||||
Special Mention | — | 40 | — | — | — | — | — | — | 40 | ||||||||||||||||||||
Substandard | — | — | 312 | — | 73 | 494 | — | — | 879 | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | $ | 24 | |||||||||||
Pass | — | — | — | 24 | — | — | — | — | 24 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | 2,974,780 | $ | 1,846,162 | $ | 1,032,769 | $ | 638,429 | $ | 333,503 | $ | 890,597 | $ | 879,404 | $ | 30,357 | $ | 8,626,001 | |||||||||||
Pass | 2,945,114 | 1,831,620 | 1,025,563 | 608,367 | 305,463 | 777,311 | 859,244 | 19,242 | 8,371,924 | ||||||||||||||||||||
Special Mention | 12,328 | 3,087 | 1,825 | 24,014 | 18,187 | 10,226 | 16,424 | 80 | 86,171 | ||||||||||||||||||||
Substandard | 17,338 | 11,455 | 5,381 | 6,048 | 9,853 | 103,060 | 3,736 | 11,035 | 167,906 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | — | $ | 13 | $ | — | $ | — | $ | — | $ | 6,635 | $ | — | $ | — | $ | 6,648 | Commercial, Financial, Agricultural | $ | — | $ | 13 | $ | — | $ | —�� | $ | — | $ | 9,775 | $ | — | $ | — | $ | 9,788 | ||||||||||||||||||||
Performing Loans | Performing Loans | — | 13 | — | — | — | 6,635 | — | — | 6,648 | Performing Loans | — | 13 | — | — | — | 9,775 | — | — | 9,788 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Lease Financing Receivables | Lease Financing Receivables | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | |||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 5,640 | $ | 74,105 | $ | 47,582 | $ | 291 | $ | — | $ | — | $ | — | $ | — | $ | 127,618 | Real Estate - Construction | $ | 27,241 | $ | 61,868 | $ | 24,191 | $ | — | $ | — | $ | — | $ | 189 | $ | 8 | $ | 113,497 | ||||||||||||||||||||
Residential | Residential | 5,640 | 74,105 | 47,582 | 291 | — | — | — | — | 127,618 | Residential | 27,241 | 61,868 | 24,191 | — | — | — | 189 | 8 | 113,497 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 5,640 | 73,953 | 47,582 | 291 | — | — | — | — | 127,466 | Performing Loans | 27,241 | 61,868 | 24,191 | — | — | — | 189 | 8 | 113,497 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | 152 | — | — | — | — | — | — | 152 | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | — | — | — | — | — | — | — | — | — | Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | — | — | — | — | Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 91,446 | $ | 715,261 | $ | 550,406 | $ | 342,567 | $ | 150,212 | $ | 410,823 | $ | 475,448 | $ | 5,240 | $ | 2,741,403 | Real Estate - 1-4 Family Mortgage | $ | 295,730 | $ | 717,003 | $ | 543,011 | $ | 320,975 | $ | 139,564 | $ | 363,347 | $ | 482,745 | $ | 5,804 | $ | 2,868,179 | ||||||||||||||||||||
Primary | Primary | 90,554 | 706,700 | 547,270 | 341,603 | 149,663 | 408,894 | — | 58 | 2,244,742 | Primary | 291,259 | 712,365 | 540,970 | 320,125 | 139,123 | 362,360 | — | 50 | 2,366,252 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 90,495 | 704,525 | 543,912 | 335,424 | 145,203 | 390,530 | — | 58 | 2,210,147 | Performing Loans | 290,861 | 706,613 | 536,131 | 311,060 | 134,619 | 345,018 | — | 50 | 2,324,352 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 59 | 2,175 | 3,358 | 6,179 | 4,460 | 18,364 | — | — | 34,595 | Non-Performing Loans | 398 | 5,752 | 4,839 | 9,065 | 4,504 | 17,342 | — | — | 41,900 | ||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | — | — | 111 | — | — | 662 | 475,448 | 5,182 | 481,403 | Home Equity | — | — | 111 | — | — | 556 | 482,745 | 5,754 | 489,166 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | 111 | — | — | 596 | 474,188 | 4,230 | 479,125 | Performing Loans | — | — | 111 | — | — | 494 | 481,565 | 4,398 | 486,568 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 66 | 1,260 | 952 | 2,278 | Non-Performing Loans | — | — | — | — | — | 62 | 1,180 | 1,356 | 2,598 | ||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | — | — | — | — | — | 133 | — | — | 133 | Rental/Investment | — | — | — | — | — | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | 133 | — | — | 133 | Performing Loans | — | — | — | — | — | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 892 | 8,561 | 3,025 | 964 | 549 | 1,134 | — | — | 15,125 | Land Development | 4,471 | 4,638 | 1,930 | 850 | 441 | 361 | — | — | 12,691 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 892 | 8,561 | 3,025 | 964 | 549 | 1,134 | — | — | 15,125 | Performing Loans | 4,471 | 4,528 | 1,930 | 850 | 441 | 361 | — | — | 12,581 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | 110 | — | — | — | — | — | — | 110 | ||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 1,678 | $ | 4,299 | $ | 3,353 | $ | 2,378 | $ | 1,192 | $ | 871 | $ | — | $ | — | $ | 13,771 | Real Estate - Commercial Mortgage | $ | 3,913 | $ | 3,529 | $ | 3,145 | $ | 2,046 | $ | 947 | $ | 429 | $ | — | $ | — | $ | 14,009 | ||||||||||||||||||||
Owner-Occupied | Owner-Occupied | — | — | — | 130 | — | — | — | — | 130 | Owner-Occupied | — | — | — | 128 | — | 5 | — | — | 133 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | 130 | — | — | — | — | 130 | Performing Loans | — | — | — | 128 | — | 5 | — | — | 133 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | — | — | — | 27 | — | — | — | — | 27 | Non-Owner Occupied | — | — | — | 25 | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | 27 | — | — | — | — | 27 | Performing Loans | — | — | — | 25 | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 1,678 | 4,299 | 3,353 | 2,221 | 1,192 | 871 | — | — | 13,614 | Land Development | 3,913 | 3,529 | 3,145 | 1,893 | 947 | 424 | — | — | 13,851 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 1,678 | 4,254 | 3,353 | 2,217 | 1,192 | 871 | — | — | 13,565 | Performing Loans | 3,913 | 3,487 | 3,145 | 1,890 | 947 | 424 | — | — | 13,806 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | 45 | — | 4 | — | — | — | — | 49 | Non-Performing Loans | — | 42 | — | 3 | — | — | — | — | 45 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | $ | 10,016 | $ | 35,603 | $ | 12,894 | $ | 5,347 | $ | 12,941 | $ | 24,340 | $ | 13,880 | $ | 36 | $ | 115,057 | Installment loans to individuals | $ | 30,842 | $ | 21,118 | $ | 8,719 | $ | 3,647 | $ | 10,714 | $ | 19,182 | $ | 13,689 | $ | 18 | $ | 107,929 | ||||||||||||||||||||
Performing Loans | Performing Loans | 9,988 | 35,581 | 12,872 | 5,320 | 12,901 | 24,246 | 13,879 | 33 | 114,820 | Performing Loans | 30,836 | 21,021 | 8,719 | 3,643 | 10,680 | 19,067 | 13,689 | 17 | 107,672 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 28 | 22 | 22 | 27 | 40 | 94 | 1 | 3 | 237 | Non-Performing Loans | 6 | 97 | — | 4 | 34 | 115 | — | 1 | 257 | ||||||||||||||||||||||||||||||||||||||
Total loans not subject to risk rating | Total loans not subject to risk rating | $ | 108,780 | $ | 829,281 | $ | 614,235 | $ | 350,583 | $ | 164,345 | $ | 442,669 | $ | 489,328 | $ | 5,276 | $ | 3,004,497 | Total loans not subject to risk rating | $ | 357,726 | $ | 803,531 | $ | 579,066 | $ | 326,668 | $ | 151,225 | $ | 392,750 | $ | 496,623 | $ | 5,830 | $ | 3,113,419 | ||||||||||||||||||||
Performing Loans | Performing Loans | 108,693 | 826,887 | 610,855 | 344,373 | 159,845 | 424,145 | 488,067 | 4,321 | 2,967,186 | Performing Loans | 357,322 | 797,530 | 574,227 | 317,596 | 146,687 | 375,231 | 495,443 | 4,473 | 3,068,509 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 87 | 2,394 | 3,380 | 6,210 | 4,500 | 18,524 | 1,261 | 955 | 37,311 | Non-Performing Loans | 404 | 6,001 | 4,839 | 9,072 | 4,538 | 17,519 | 1,180 | 1,357 | 44,910 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | 16,163 | $ | — | $ | — | $ | 16,176 | |||||||||||
Performing Loans | 13 | — | — | — | — | 16,163 | — | — | 16,176 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Lease Financing Receivables | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | 57,570 | $ | 61,245 | $ | 497 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 119,312 | |||||||||||
Residential | 57,570 | 61,245 | 497 | — | — | — | — | — | 119,312 | ||||||||||||||||||||
Performing Loans | 57,493 | 61,245 | 497 | — | — | — | — | — | 119,235 | ||||||||||||||||||||
Non-Performing Loans | 77 | — | — | — | — | — | — | — | 77 | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 704,214 | $ | 546,256 | $ | 351,213 | $ | 155,549 | $ | 116,951 | $ | 319,567 | $ | 481,254 | $ | 3,773 | $ | 2,678,777 | |||||||||||
Primary | 694,941 | 541,801 | 350,205 | 154,979 | 115,876 | 318,364 | — | 63 | 2,176,229 | ||||||||||||||||||||
Performing Loans | 694,221 | 538,870 | 345,912 | 150,821 | 109,156 | 307,178 | — | 63 | 2,146,221 | ||||||||||||||||||||
Non-Performing Loans | 720 | 2,931 | 4,293 | 4,158 | 6,720 | 11,186 | — | — | 30,008 | ||||||||||||||||||||
Home Equity | — | 111 | — | — | — | 676 | 481,254 | 3,710 | 485,751 | ||||||||||||||||||||
Performing Loans | — | 111 | — | — | — | 609 | 480,094 | 3,026 | 483,840 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 67 | 1,160 | 684 | 1,911 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 9,273 | 4,344 | 1,008 | 570 | 1,075 | 382 | — | — | 16,652 | ||||||||||||||||||||
Performing Loans | 9,257 | 4,344 | 1,008 | 570 | 1,075 | 319 | — | — | 16,573 | ||||||||||||||||||||
Non-Performing Loans | 16 | — | — | — | — | 63 | — | — | 79 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 4,805 | $ | 3,518 | $ | 2,587 | $ | 1,281 | $ | 691 | $ | 435 | $ | — | $ | — | $ | 13,317 | |||||||||||
Owner-Occupied | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||
Performing Loans | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||
Performing Loans | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 4,805 | 3,518 | 2,428 | 1,281 | 691 | 435 | — | — | 13,158 | ||||||||||||||||||||
Performing Loans | 4,805 | 3,518 | 2,422 | 1,281 | 691 | 435 | — | — | 13,152 | ||||||||||||||||||||
Non-Performing Loans | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||
Installment loans to individuals | $ | 44,255 | $ | 15,976 | $ | 6,416 | $ | 14,252 | $ | 17,095 | $ | 10,626 | $ | 16,062 | $ | 39 | $ | 124,721 | |||||||||||
Performing Loans | 44,227 | 15,927 | 6,389 | 14,211 | 17,076 | 10,532 | 16,062 | 35 | 124,459 | ||||||||||||||||||||
Non-Performing Loans | 28 | 49 | 27 | 41 | 19 | 94 | — | 4 | 262 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | 810,857 | $ | 626,995 | $ | 360,713 | $ | 171,082 | $ | 134,737 | $ | 346,791 | $ | 497,316 | $ | 3,812 | $ | 2,952,303 | |||||||||||
Performing Loans | 810,016 | 624,015 | 356,387 | 166,883 | 127,998 | 335,381 | 496,156 | 3,124 | 2,919,960 | ||||||||||||||||||||
Non-Performing Loans | 841 | 2,980 | 4,326 | 4,199 | 6,739 | 11,410 | 1,160 | 688 | 32,343 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Charge-offs | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | — | 277 | 103 | — | — | 134 | 15 | — | 529 | Commercial, financial, agricultural | $ | 898 | $ | 1,064 | $ | 59 | $ | 123 | $ | 583 | $ | 4,128 | $ | 865 | $ | 7,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | 273 | 248 | 72 | 48 | — | — | 641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 57 | — | — | — | — | — | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | — | — | — | — | — | 3 | — | — | 3 | Primary | — | — | — | — | — | 57 | — | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | 25 | 90 | — | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | — | — | 91 | 72 | 10 | — | — | 173 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | — | — | — | — | — | 3 | — | — | 3 | Total real estate – 1-4 family mortgage | — | — | 91 | 72 | 35 | 147 | — | 345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | — | — | 128 | — | — | 128 | Owner-occupied | — | — | — | — | — | 527 | — | 527 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | 2,442 | — | 2,545 | — | — | 4,987 | Non-owner occupied | — | — | — | — | — | 4,985 | — | 4,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | — | — | — | 2,442 | — | 2,673 | — | — | 5,115 | Total real estate – commercial mortgage | — | — | — | — | — | 5,512 | — | 5,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | — | 33 | 21 | 26 | 132 | 598 | — | — | 810 | Installment loans to individuals | 29 | 34 | 41 | 35 | 4 | 1,854 | — | 1,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | — | 310 | 124 | 2,468 | 132 | 3,408 | 15 | — | 6,457 | Loans, net of unearned income | $ | 927 | $ | 1,428 | $ | 439 | $ | 302 | $ | 670 | $ | 11,641 | $ | 865 | $ | 16,272 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,255 | $ | 19,114 | $ | 44,727 | $ | 71,798 | $ | 2,463 | $ | 9,733 | $ | 192,090 | Beginning balance | $ | 41,310 | $ | 19,125 | $ | 46,434 | $ | 75,667 | $ | 2,480 | $ | 9,375 | $ | 194,391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated (“PCD”) loans acquired | (26) | — | — | — | — | — | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (529) | — | (3) | (5,115) | — | (810) | (6,457) | Charge-offs | (2,252) | — | (130) | — | (641) | (607) | (3,630) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 725 | — | 24 | 211 | 5 | 760 | 1,725 | Recoveries | 690 | 48 | 181 | 208 | 2 | 568 | 1,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | 196 | — | 21 | (4,904) | 5 | (50) | (4,732) | Net (charge-offs) recoveries | (1,562) | 48 | 51 | 208 | (639) | (39) | (1,933) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 253 | 845 | 1,233 | 5,876 | (31) | (216) | 7,960 | Provision for (recovery of) credit losses on loans | 4,696 | 483 | (686) | (642) | 1,514 | (50) | 5,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,678 | $ | 19,959 | $ | 45,981 | $ | 72,770 | $ | 2,437 | $ | 9,467 | $ | 195,292 | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,255 | $ | 19,114 | $ | 44,727 | $ | 71,798 | $ | 2,463 | $ | 9,733 | $ | 192,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated loans acquired during the period | Initial impact of purchased credit deteriorated loans acquired during the period | (26) | — | — | — | — | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (7,720) | (57) | (345) | (5,512) | (641) | (1,997) | (16,272) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 2,689 | 48 | 375 | 697 | 13 | 1,884 | 5,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (5,031) | (9) | 30 | (4,815) | (628) | (113) | (10,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 5,246 | 551 | 1,042 | 8,250 | 1,520 | (334) | 16,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | Period-End Amount Allocated to: | Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 14,162 | $ | 35 | $ | 608 | $ | 1,734 | $ | — | $ | 270 | $ | 16,809 | Individually evaluated | $ | 11,194 | $ | — | $ | 77 | $ | 1,260 | $ | 856 | $ | 270 | $ | 13,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 30,516 | 19,924 | 45,373 | 71,036 | 2,437 | 9,197 | 178,483 | Collectively evaluated | 33,250 | 19,656 | 45,722 | 73,973 | 2,499 | 9,016 | 184,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,678 | $ | 19,959 | $ | 45,981 | $ | 72,770 | $ | 2,437 | $ | 9,467 | $ | 195,292 | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 24,985 | $ | 652 | $ | 12,637 | $ | 10,375 | $ | — | $ | 274 | $ | 48,923 | Individually evaluated | $ | 20,996 | $ | — | $ | 13,007 | $ | 18,403 | $ | 1,047 | $ | 270 | $ | 53,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,715,793 | 1,423,700 | 3,266,343 | 5,075,438 | 121,146 | 115,082 | 11,717,502 | Collectively evaluated | 1,798,895 | 1,407,364 | 3,385,869 | 5,294,763 | 119,677 | 107,732 | 12,114,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,740,778 | $ | 1,424,352 | $ | 3,278,980 | $ | 5,085,813 | $ | 121,146 | $ | 115,356 | $ | 11,766,425 | Ending balance | $ | 1,819,891 | $ | 1,407,364 | $ | 3,398,876 | $ | 5,313,166 | $ | 120,724 | $ | 108,002 | $ | 12,168,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 768 | $ | — | $ | 9,710 | $ | 5,511 | $ | — | $ | 5 | $ | 15,994 | Nonaccruing loans with no allowance for credit losses | $ | 1,987 | $ | — | $ | 11,441 | $ | 11,226 | $ | 191 | $ | — | $ | 24,845 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | Beginning balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of PCD loans acquired | 1,648 | — | — | — | — | — | 1,648 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,102) | — | (163) | (6) | (7) | (779) | (3,057) | Charge-offs | (373) | — | (208) | (1,956) | — | (722) | (3,259) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,136 | — | 178 | 155 | 12 | 725 | 2,206 | Recoveries | 415 | — | 378 | 50 | 113 | 728 | 1,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (966) | — | 15 | 149 | 5 | (54) | (851) | Net (charge-offs) recoveries | 42 | — | 170 | (1,906) | 113 | 6 | (1,575) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses on loans | (998) | 1,992 | 4,477 | (3,858) | 91 | (204) | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 268 | 1,454 | 1,452 | 6,800 | 399 | (573) | 9,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 33,606 | $ | 18,411 | $ | 36,848 | $ | 65,231 | $ | 1,582 | $ | 10,790 | $ | 166,468 | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated loans acquired during the period | Initial impact of purchased credit deteriorated loans acquired during the period | 1,648 | — | — | — | — | — | 1,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (4,714) | — | (532) | (2,670) | (7) | (2,351) | (10,274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,982 | — | 725 | 397 | 136 | 2,271 | 5,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (2,732) | — | 193 | (2,273) | 129 | (80) | (4,763) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | (2,335) | 2,325 | 10,983 | 2,600 | 699 | (972) | 13,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | Period-End Amount Allocated to: | Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 9,225 | $ | — | $ | 396 | $ | 2,660 | $ | — | $ | 570 | $ | 12,851 | Individually evaluated | $ | 4,064 | $ | — | $ | — | $ | 2,649 | $ | — | $ | 370 | $ | 7,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 24,381 | 18,411 | 36,452 | 62,571 | 1,582 | 10,220 | 153,617 | Collectively evaluated | 26,439 | 18,744 | 43,532 | 66,618 | 2,314 | 9,626 | 167,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 33,606 | $ | 18,411 | $ | 36,848 | $ | 65,231 | $ | 1,582 | $ | 10,790 | $ | 166,468 | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 13,070 | $ | — | $ | 4,477 | $ | 15,464 | $ | — | $ | 570 | $ | 33,581 | Individually evaluated | $ | 9,088 | $ | 153 | $ | 5,965 | $ | 19,043 | $ | — | $ | 370 | $ | 34,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,432,537 | 1,222,052 | 2,836,502 | 4,562,400 | 89,842 | 136,545 | 10,279,878 | Collectively evaluated | 1,504,003 | 1,214,903 | 3,121,924 | 4,997,622 | 103,357 | 128,576 | 11,070,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,445,607 | $ | 1,222,052 | $ | 2,840,979 | $ | 4,577,864 | $ | 89,842 | $ | 137,115 | $ | 10,313,459 | Ending balance | $ | 1,513,091 | $ | 1,215,056 | $ | 3,127,889 | $ | 5,016,665 | $ | 103,357 | $ | 128,946 | $ | 11,105,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 435 | $ | — | $ | 2,614 | $ | 5,298 | $ | — | $ | 2 | $ | 8,349 | Nonaccruing loans with no allowance for credit losses | $ | 429 | $ | 153 | $ | 5,809 | $ | 4,633 | $ | — | $ | 2 | $ | 11,026 |
Three Months Ended March 31, | 2023 | 2022 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 20,118 | $ | 20,035 | ||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (1,500) | (550) | ||||||
Ending balance | $ | 18,618 | $ | 19,485 | ||||
Three Months Ended September 30, | 2023 | 2022 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 17,618 | $ | 19,935 | ||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (700) | — | ||||||
Ending balance | $ | 16,918 | $ | 19,935 | ||||
Nine Months Ended September 30, | 2023 | 2022 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 20,118 | $ | 20,035 | ||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (3,200) | (100) | ||||||
Ending balance | $ | 16,918 | $ | 19,935 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Residential real estate | Residential real estate | $ | 551 | $ | 699 | Residential real estate | $ | 1,045 | $ | 699 | ||||||||||||
Commercial real estate | Commercial real estate | 3,507 | 62 | Commercial real estate | 8,182 | 62 | ||||||||||||||||
Residential land development | Residential land development | 4 | 246 | Residential land development | 4 | 246 | ||||||||||||||||
Commercial land development | Commercial land development | 756 | 756 | Commercial land development | 27 | 756 | ||||||||||||||||
Total | Total | $ | 4,818 | $ | 1,763 | Total | $ | 9,258 | $ | 1,763 |
Total OREO | |||||
Balance at January 1, 2023 | $ | 1,763 | |||
Transfers of loans | |||||
Impairments | (18) | ||||
Dispositions | |||||
Other | (16) | ||||
Balance at | $ |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Repairs and maintenance | $ | 16 | $ | 3 | |||||||||||||||||||
Property taxes and insurance | 111 | 35 | |||||||||||||||||||||
Impairments | — | 14 | |||||||||||||||||||||
Net gains on OREO sales | (95) | (291) | |||||||||||||||||||||
Rental income | (2) | (2) | |||||||||||||||||||||
Total | $ | 30 | $ | (241) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Repairs and maintenance | $ | 51 | $ | 24 | $ | 95 | $ | 44 | |||||||||||||||
Property taxes and insurance | 20 | 7 | 142 | 69 | |||||||||||||||||||
Impairments | 10 | 59 | 18 | 110 | |||||||||||||||||||
Net gains on OREO sales | (200) | (54) | (289) | (611) | |||||||||||||||||||
Rental income | (1) | (2) | (5) | (6) | |||||||||||||||||||
Total | $ | (120) | $ | 34 | $ | (39) | $ | (394) |
Community Banks | Insurance | Total | Community Banks | Insurance | Total | |||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | 988,941 | $ | 2,767 | $ | 991,708 | Balance at January 1, 2023 | $ | 988,941 | $ | 2,767 | $ | 991,708 | ||||||||||||||||||||
Deductions to goodwill and other adjustments | Deductions to goodwill and other adjustments | (43) | — | (43) | Deductions to goodwill and other adjustments | (43) | — | (43) | ||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 988,898 | $ | 2,767 | $ | 991,665 | ||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 988,898 | $ | 2,767 | $ | 991,665 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 82,492 | $ | (65,431) | $ | 17,061 | Core deposit intangibles | $ | 82,492 | $ | (67,443) | $ | 15,049 | ||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 7,670 | (1,981) | 5,689 | Customer relationship intangible | 7,670 | (2,649) | 5,021 | ||||||||||||||||||||||||||
Total finite-lived intangible assets | Total finite-lived intangible assets | $ | 90,162 | $ | (67,412) | $ | 22,750 | Total finite-lived intangible assets | $ | 90,162 | $ | (70,092) | $ | 20,070 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 82,492 | $ | (64,339) | $ | 18,153 | Core deposit intangibles | $ | 82,492 | $ | (64,339) | $ | 18,153 | ||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 7,670 | (1,647) | 6,023 | Customer relationship intangible | 7,670 | (1,647) | 6,023 | ||||||||||||||||||||||||||
Total finite-lived intangible assets | Total finite-lived intangible assets | $ | 90,162 | $ | (65,986) | $ | 24,176 | Total finite-lived intangible assets | $ | 90,162 | $ | (65,986) | $ | 24,176 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Amortization expense for: | Amortization expense for: | Amortization expense for: | ||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 1,092 | $ | 1,321 | Core deposit intangibles | $ | 977 | $ | 1,206 | $ | 3,103 | $ | 3,791 | ||||||||||||||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 334 | 45 | Customer relationship intangible | 334 | 45 | 1,003 | 136 | ||||||||||||||||||||||||||||||||||||||
Total intangible amortization | Total intangible amortization | $ | 1,426 | $ | 1,366 | Total intangible amortization | $ | 1,311 | $ | 1,251 | $ | 4,106 | $ | 3,927 |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||||||||
2023 | $ | 4,043 | $ | 1,337 | $ | 5,380 | |||||||||||
2024 | 3,498 | 1,192 | 4,690 | ||||||||||||||
2025 | 3,102 | 1,048 | 4,150 | ||||||||||||||
2026 | 2,899 | 860 | 3,759 | ||||||||||||||
2027 | 2,774 | 628 | 3,402 | ||||||||||||||
Balance at January 1, 2023 | $ | 84,448 | |||
Capitalization | |||||
Amortization | |||||
Balance at | $ |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Unpaid principal balance | Unpaid principal balance | $ | 7,537,652 | $ | 7,494,413 | Unpaid principal balance | $ | 7,707,919 | $ | 7,494,413 | ||||||||||||
Weighted-average prepayment speed (CPR) | Weighted-average prepayment speed (CPR) | 7.49 | % | 7.00 | % | Weighted-average prepayment speed (CPR) | 7.50 | % | 7.00 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (2,308) | $ | (5,393) | Estimated impact of a 10% increase | $ | (2,242) | $ | (1,765) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (4,922) | (10,354) | Estimated impact of a 20% increase | (4,758) | (3,957) | ||||||||||||||||
Discount rate | Discount rate | 10.31 | % | 10.30 | % | Discount rate | 10.84 | % | 10.30 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (5,149) | $ | (1,765) | Estimated impact of a 10% increase | $ | (5,430) | $ | (5,393) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (9,894) | (3,957) | Estimated impact of a 20% increase | (10,436) | (10,354) | ||||||||||||||||
Weighted-average coupon interest rate | Weighted-average coupon interest rate | 3.58 | % | 3.51 | % | Weighted-average coupon interest rate | 3.77 | % | 3.51 | % | ||||||||||||
Weighted-average servicing fee (basis points) | Weighted-average servicing fee (basis points) | 32.46 | 32.44 | Weighted-average servicing fee (basis points) | 33.04 | 32.44 | ||||||||||||||||
Weighted-average remaining maturity (in years) | Weighted-average remaining maturity (in years) | 8.06 | 8.33 | Weighted-average remaining maturity (in years) | 8.05 | 8.33 |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | — | $ | — | $ | — | $ | 1 | Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 249 | 184 | 6 | 3 | Interest cost | 249 | 185 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (309) | (421) | — | — | Expected return on plan assets | (309) | (421) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | Recognized actuarial loss (gain) | 131 | 61 | (15) | (19) | Recognized actuarial loss (gain) | 131 | 60 | (15) | (19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (return) | Net periodic benefit cost (return) | $ | 71 | $ | (176) | $ | (9) | $ | (15) | Net periodic benefit cost (return) | $ | 71 | $ | (176) | $ | (9) | $ | (15) |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 3 | |||||||||||||||||||||||||||
Interest cost | 746 | 554 | 17 | 9 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (927) | (1,263) | — | — | |||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 393 | 182 | (46) | (57) | |||||||||||||||||||||||||||||||
Net periodic benefit cost (return) | $ | 212 | $ | (527) | $ | (29) | $ | (45) |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time-Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||
Nonvested at beginning of period | 155,838 | $ | 36.23 | 680,403 | $ | 36.23 | ||||||||||||||||||||
Awarded | 67,118 | 37.52 | 293,577 | 36.56 | ||||||||||||||||||||||
Vested | — | — | (176,826) | 35.94 | ||||||||||||||||||||||
Cancelled | — | — | (19,250) | 34.48 | ||||||||||||||||||||||
Nonvested at end of period | 222,956 | $ | 36.62 | 777,904 | $ | 36.46 |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time-Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||
Nonvested at beginning of period | 155,838 | $ | 36.23 | 680,403 | $ | 36.23 | ||||||||||||||||||||
Awarded | 81,867 | 35.57 | 335,917 | 35.49 | ||||||||||||||||||||||
Vested | — | — | (212,574) | 34.78 | ||||||||||||||||||||||
Cancelled | — | — | (31,504) | 35.67 | ||||||||||||||||||||||
Nonvested at end of period | 237,705 | $ | 36.01 | 772,242 | $ | 36.33 |
Balance Sheet | March 31, 2023 | December 31, 2022 | Balance Sheet | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Other Assets | $ | 305,029 | $ | 10,429 | $ | 258,646 | $ | 11,354 | Interest rate contracts | Other Assets | $ | 404,646 | $ | 15,484 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Assets | 135,187 | 3,382 | 92,901 | 1,231 | Interest rate lock commitments | Other Assets | 76,576 | 1,534 | 92,901 | 1,231 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Assets | 56,000 | 215 | 84,000 | 484 | Forward commitments | Other Assets | 248,000 | 2,651 | 84,000 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 496,216 | $ | 14,026 | $ | 435,547 | $ | 13,069 | Totals | $ | 729,222 | $ | 19,669 | $ | 435,547 | $ | 13,069 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Other Liabilities | $ | 305,029 | $ | 10,429 | $ | 258,646 | $ | 11,354 | Interest rate contracts | Other Liabilities | $ | 401,910 | $ | 15,484 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Liabilities | 3,120 | 12 | 19,488 | 98 | Interest rate lock commitments | Other Liabilities | 20,327 | 95 | 19,488 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Liabilities | 176,000 | 1,419 | 73,000 | 1,198 | Forward commitments | Other Liabilities | 25,000 | 23 | 73,000 | 1,198 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 484,149 | $ | 11,860 | $ | 351,134 | $ | 12,650 | Totals | $ | 447,237 | $ | 15,602 | $ | 351,134 | $ | 12,650 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Included in interest income on loans | $ | 1,742 | $ | 305 | |||||||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Included in mortgage banking income | 2,237 | (5,823) | |||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Included in mortgage banking income | (490) | 10,188 | |||||||||||||||||||||
Total | $ | 3,489 | $ | 4,670 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Included in interest income on loans | $ | 1,327 | $ | 811 | $ | 4,873 | $ | 1,255 | |||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Included in mortgage banking income | (247) | (4,046) | 304 | (6,466) | |||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Included in mortgage banking income | 918 | 9,381 | 3,342 | 8,962 | |||||||||||||||||||
Total | $ | 1,998 | $ | 6,146 | $ | 8,519 | $ | 3,751 |
Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 130,000 | $ | 21,080 | $ | 130,000 | $ | 24,514 | ||||||||||||||||||||
Interest rate collars | Other Assets | 450,000 | 1,496 | 200,000 | 464 | ||||||||||||||||||||||||
Total | $ | 580,000 | $ | 22,576 | $ | 330,000 | $ | 24,978 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate swaps | Other Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest rate collars | Other Liabilities | — | — | 250,000 | 746 | ||||||||||||||||||||||||
Totals | $ | — | $ | — | $ | 250,000 | $ | 746 |
Balance Sheet | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 130,000 | $ | 28,050 | $ | 130,000 | $ | 24,514 | ||||||||||||||||||||
Interest rate collars | Other Assets | — | — | 200,000 | 464 | ||||||||||||||||||||||||
Total | $ | 130,000 | $ | 28,050 | $ | 330,000 | $ | 24,978 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate collars | Other Liabilities | 450,000 | 5,971 | 250,000 | 746 | ||||||||||||||||||||||||
Totals | $ | 450,000 | $ | 5,971 | $ | 250,000 | $ | 746 |
Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate swaps | Other Liabilities | $ | 100,000 | $ | 17,268 | $ | 100,000 | $ | 19,789 | ||||||||||||||||||||
Balance Sheet | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate swaps | Other Liabilities | $ | 100,000 | $ | 21,896 | $ | 100,000 | $ | 19,789 | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement | Three Months Ended March 31, | Income Statement | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2023 | 2022 | Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | 2,521 | $ | (6,343) | Interest rate swaps - subordinated notes | Interest Expense | $ | (2,688) | $ | (10,495) | $ | (2,106) | $ | (15,232) | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | (2,521) | $ | 6,343 | Interest rate swaps - subordinated notes | Interest Expense | $ | 2,688 | $ | 10,495 | $ | 2,106 | $ | 15,232 |
Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Balance Sheet Location | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | Balance Sheet Location | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | $ | 81,445 | $ | 78,881 | $ | 17,268 | $ | 19,789 | Long-term debt | $ | 76,905 | $ | 78,881 | $ | 21,896 | $ | 19,789 |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Gross amounts recognized | $ | 45,807 | $ | 36,493 | $ | 28,081 | $ | 22,056 | |||||||||||||||
Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | |||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | 45,807 | 36,493 | 28,081 | 22,056 | |||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
Financial instruments | 28,081 | 22,056 | 28,081 | 22,056 | |||||||||||||||||||
Financial collateral pledged | — | — | — | — | |||||||||||||||||||
Net amounts | $ | 17,726 | $ | 14,437 | $ | — | $ | — |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||
Gross amounts recognized | $ | 31,041 | $ | 36,493 | $ | 20,866 | $ | 22,056 | |||||||||||||||
Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | |||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | 31,041 | 36,493 | 20,866 | 22,056 | |||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
Financial instruments | 19,662 | 22,056 | 19,662 | 22,056 | |||||||||||||||||||
Financial collateral pledged | — | — | 701 | — | |||||||||||||||||||
Net amounts | $ | 11,379 | $ | 14,437 | $ | 503 | $ | — |
March 31, | December 31, | September 30, | December 31, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Deferred tax assets | Deferred tax assets | Deferred tax assets | ||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 53,030 | $ | 52,551 | Allowance for credit losses | $ | 53,078 | $ | 52,551 | ||||||||||||
Loans | Loans | 2,335 | 2,518 | Loans | 1,932 | 2,518 | ||||||||||||||||
Deferred compensation | Deferred compensation | 10,752 | 14,447 | Deferred compensation | 14,381 | 14,447 | ||||||||||||||||
Net unrealized losses on securities | Net unrealized losses on securities | 64,140 | 70,999 | Net unrealized losses on securities | 66,442 | 70,999 | ||||||||||||||||
Impairment of assets | Impairment of assets | 180 | 316 | Impairment of assets | 135 | 316 | ||||||||||||||||
Net operating loss carryforwards | Net operating loss carryforwards | 320 | 497 | Net operating loss carryforwards | — | 497 | ||||||||||||||||
Investment in partnerships | Investment in partnerships | 1,204 | 1,164 | Investment in partnerships | 1,481 | 1,164 | ||||||||||||||||
Lease liabilities under operating leases | Lease liabilities under operating leases | 14,369 | 14,641 | Lease liabilities under operating leases | 13,505 | 14,641 | ||||||||||||||||
Other | Other | 4,707 | 3,523 | Other | 5,703 | 3,523 | ||||||||||||||||
Total deferred tax assets | Total deferred tax assets | 151,037 | 160,656 | Total deferred tax assets | 156,657 | 160,656 | ||||||||||||||||
Deferred tax liabilities | Deferred tax liabilities | Deferred tax liabilities | ||||||||||||||||||||
Fixed assets | Fixed assets | 10,999 | 10,342 | Fixed assets | 10,340 | 10,342 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 19,775 | 19,624 | Mortgage servicing rights | 21,103 | 19,624 | ||||||||||||||||
Junior subordinated debt | Junior subordinated debt | 1,888 | 1,948 | Junior subordinated debt | 1,767 | 1,948 | ||||||||||||||||
Intangibles | Intangibles | 2,612 | 2,702 | Intangibles | 2,483 | 2,702 | ||||||||||||||||
Lease right-of-use asset | Lease right-of-use asset | 13,736 | 14,018 | Lease right-of-use asset | 12,889 | 14,018 | ||||||||||||||||
Other | Other | 1,145 | 1,614 | Other | 993 | 1,614 | ||||||||||||||||
Total deferred tax liabilities | Total deferred tax liabilities | 50,155 | 50,248 | Total deferred tax liabilities | 49,575 | 50,248 | ||||||||||||||||
Net deferred tax assets | Net deferred tax assets | $ | 100,882 | $ | 110,408 | Net deferred tax assets | $ | 107,082 | $ | 110,408 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Securities available for sale | $ | — | $ | 909,108 | $ | — | $ | 909,108 | |||||||||||||||
Derivative instruments | — | 47,719 | — | 47,719 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 241,613 | — | 241,613 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,198,440 | $ | — | $ | 1,198,440 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments: | $ | — | $ | 43,469 | $ | — | $ | 43,469 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Securities available for sale | $ | — | $ | 1,507,907 | $ | — | $ | 1,507,907 | |||||||||||||||
Derivative instruments | — | 36,602 | — | 36,602 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 159,318 | — | 159,318 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,703,827 | $ | — | $ | 1,703,827 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments: | $ | — | $ | 29,128 | $ | — | $ | 29,128 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Securities available for sale | $ | — | $ | 1,533,942 | $ | — | $ | 1,533,942 | |||||||||||||||
Derivative instruments | — | 38,047 | — | 38,047 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 110,105 | — | 110,105 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,682,094 | $ | — | $ | 1,682,094 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments | $ | — | $ | 33,185 | $ | — | $ | 33,185 |
March 31, 2023 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 20,114 | $ | 20,114 | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 30,842 | $ | 30,842 | ||||||||||||||||||||||||||||
OREO | OREO | — | — | 4,818 | 4,818 | OREO | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 24,932 | $ | 24,932 | Total | $ | — | $ | — | $ | 30,869 | $ | 30,869 |
December 31, 2022 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 14,732 | $ | 14,732 | |||||||||||||||
OREO | — | — | 1,763 | 1,763 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 16,495 | $ | 16,495 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Carrying amount prior to remeasurement | Carrying amount prior to remeasurement | $ | 4,818 | $ | 1,842 | Carrying amount prior to remeasurement | $ | 45 | $ | 1,842 | ||||||||||||
Impairment recognized in results of operations | Impairment recognized in results of operations | — | (79) | Impairment recognized in results of operations | (18) | (79) | ||||||||||||||||
Fair value | Fair value | $ | 4,818 | $ | 1,763 | Fair value | $ | 27 | $ | 1,763 |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | $ | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||||||
OREO | $ | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% |
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||||||||
March 31, 2023 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 159,318 | $ | 155,576 | $ | 3,742 | |||||||||||
December 31, 2022 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 110,105 | $ | 108,143 | $ | 1,962 | |||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||||||||
September 30, 2023 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 241,613 | $ | 239,907 | $ | 1,706 | |||||||||||
December 31, 2022 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 110,105 | $ | 108,143 | $ | 1,962 | |||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2023 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 847,697 | $ | 847,697 | $ | — | $ | — | $ | 847,697 | Cash and cash equivalents | $ | 741,156 | $ | 741,156 | $ | — | $ | — | $ | 741,156 | ||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 1,300,240 | — | 1,204,079 | — | 1,204,079 | Securities held to maturity | 1,245,595 | — | 1,079,123 | — | 1,079,123 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | 1,507,907 | — | 1,507,907 | — | 1,507,907 | Securities available for sale | 909,108 | — | 909,108 | — | 909,108 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 159,318 | — | 159,318 | — | 159,318 | Loans held for sale | 241,613 | — | 241,613 | — | 241,613 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 11,571,133 | — | — | 11,117,319 | 11,117,319 | Loans, net | 11,970,250 | — | — | 11,178,841 | 11,178,841 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 85,039 | — | — | 119,556 | 119,556 | Mortgage servicing rights | 90,241 | — | — | 127,719 | 127,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 36,602 | — | 36,602 | — | 36,602 | Derivative instruments | 47,719 | — | 47,719 | — | 47,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 13,912,019 | $ | 11,409,503 | $ | 2,466,863 | $ | — | $ | 13,876,366 | Deposits | $ | 14,157,110 | $ | 11,284,243 | $ | 2,846,025 | $ | — | $ | 14,130,268 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 732,057 | 732,057 | — | — | 732,057 | Short-term borrowings | 107,662 | 107,662 | — | — | 107,662 | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 112,276 | — | 94,423 | — | 94,423 | Junior subordinated debentures | 112,744 | — | 94,410 | — | 94,410 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 318,835 | — | 263,350 | — | 263,350 | Subordinated notes | 314,655 | — | 249,900 | — | 249,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 29,128 | — | 29,128 | — | 29,128 | Derivative instruments | 43,469 | — | 43,469 | — | 43,469 |
Fair Value | |||||||||||||||||||||||||||||
As of December 31, 2022 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 575,992 | $ | 575,992 | $ | — | $ | — | $ | 575,992 | |||||||||||||||||||
Securities held to maturity | 1,324,040 | — | 1,206,540 | — | 1,206,540 | ||||||||||||||||||||||||
Securities available for sale | 1,533,942 | — | 1,533,942 | — | 1,533,942 | ||||||||||||||||||||||||
Loans held for sale | 110,105 | — | 110,105 | — | 110,105 | ||||||||||||||||||||||||
Loans, net | 11,386,214 | — | — | 10,850,181 | 10,850,181 | ||||||||||||||||||||||||
Mortgage servicing rights | 84,448 | — | — | 122,454 | 122,454 | ||||||||||||||||||||||||
Derivative instruments | 38,047 | — | 38,047 | — | 38,047 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 13,486,966 | $ | 11,791,526 | $ | 1,653,891 | $ | — | $ | 13,445,417 | |||||||||||||||||||
Short-term borrowings | 712,232 | 712,232 | — | — | 712,232 | ||||||||||||||||||||||||
Junior subordinated debentures | 112,042 | — | 98,754 | — | 98,754 | ||||||||||||||||||||||||
Subordinated notes | 316,091 | — | 277,500 | — | 277,500 | ||||||||||||||||||||||||
Derivative instruments | 33,185 | — | 33,185 | — | 33,185 |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding gains on securities | $ | 20,714 | $ | 5,183 | $ | 15,531 | ||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (17,175) | $ | (4,292) | $ | (12,883) | |||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 3,128 | 800 | 2,328 | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 3,959 | 1,012 | 2,947 | ||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 23,842 | 5,983 | 17,859 | Total securities available for sale | (13,216) | (3,280) | (9,936) | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on derivative instruments | (1,656) | (424) | (1,232) | |||||||||||||||||||||||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | Unrealized holding gains on derivative instruments | 2,670 | 683 | 1,987 | ||||||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | (1,656) | (424) | (1,232) | Total derivative instruments | 2,670 | 683 | 1,987 | ||||||||||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | Amortization of net actuarial loss recognized in net periodic pension cost | 116 | 30 | 86 | Amortization of net actuarial loss recognized in net periodic pension cost | 116 | 30 | 86 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 116 | 30 | 86 | Total defined benefit pension and post-retirement benefit plans | 116 | 30 | 86 | ||||||||||||||||||||||||||
Total other comprehensive income | $ | 22,302 | $ | 5,589 | $ | 16,713 | ||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (10,430) | $ | (2,567) | $ | (7,863) | |||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (134,756) | $ | (34,294) | $ | (100,462) | Unrealized holding losses on securities | $ | (85,283) | $ | (21,704) | $ | (63,579) | ||||||||||||||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | Amortization of unrealized holding gains on securities transferred to the held to maturity category | (99) | (25) | (74) | Amortization of unrealized holding gains on securities transferred to the held to maturity category | 1,619 | 412 | 1,207 | ||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | (134,855) | (34,319) | (100,536) | Total securities available for sale | (83,664) | (21,292) | (62,372) | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | Unrealized holding gains on derivative instruments | 8,556 | 2,177 | 6,379 | Unrealized holding gains on derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | 8,556 | 2,177 | 6,379 | Total derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | Amortization of net actuarial loss recognized in net periodic pension cost | 42 | 11 | 31 | Amortization of net actuarial loss recognized in net periodic pension cost | 42 | 11 | 31 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 42 | 11 | 31 | Total defined benefit pension and post-retirement benefit plans | 42 | 11 | 31 | ||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (126,257) | $ | (32,131) | $ | (94,126) | Total other comprehensive loss | $ | (81,360) | $ | (20,706) | $ | (60,654) |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (17,744) | $ | (4,462) | $ | (13,282) | |||||||||||
Reclassification adjustment for losses realized in net income | 22,438 | 5,622 | 16,816 | ||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | 10,113 | 2,586 | 7,527 | ||||||||||||||
Total securities available for sale | 14,807 | 3,746 | 11,061 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | (2,153) | (547) | (1,606) | ||||||||||||||
Total derivative instruments | (2,153) | (547) | (1,606) | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 347 | 89 | 258 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 347 | 89 | 258 | ||||||||||||||
Total other comprehensive income | $ | 13,001 | $ | 3,288 | $ | 9,713 | |||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (296,444) | $ | (75,445) | $ | (220,999) | |||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | 1,300 | 331 | 969 | ||||||||||||||
Total securities available for sale | (295,144) | (75,114) | (220,030) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||
Total derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 125 | 32 | 93 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 125 | 32 | 93 | ||||||||||||||
Total other comprehensive loss | $ | (275,800) | $ | (70,191) | $ | (205,609) |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Unrealized losses on securities | Unrealized losses on securities | $ | (201,907) | $ | (219,766) | Unrealized losses on securities | $ | (208,705) | $ | (219,766) | ||||||||||||
Unrealized gains on derivative instruments | Unrealized gains on derivative instruments | 17,724 | 18,956 | Unrealized gains on derivative instruments | 17,350 | 18,956 | ||||||||||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (8,141) | (8,227) | Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,969) | (8,227) | ||||||||||||||||
Total accumulated other comprehensive loss | Total accumulated other comprehensive loss | $ | (192,324) | $ | (209,037) | Total accumulated other comprehensive loss | $ | (199,324) | $ | (209,037) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 46,078 | $ | 33,547 | Net income applicable to common stock | $ | 41,833 | $ | 46,567 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,008,741 | 55,809,192 | Average common shares outstanding | 56,138,618 | 55,947,214 | ||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $ | 0.82 | $ | 0.60 | Net income per common share - basic | $ | 0.75 | $ | 0.83 | ||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 46,078 | $ | 33,547 | Net income applicable to common stock | $ | 41,833 | $ | 46,567 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,008,741 | 55,809,192 | Average common shares outstanding | 56,138,618 | 55,947,214 | ||||||||||||||||
Effect of dilutive stock-based compensation | Effect of dilutive stock-based compensation | 261,478 | 272,671 | Effect of dilutive stock-based compensation | 385,269 | 301,506 | ||||||||||||||||
Average common shares outstanding - diluted | Average common shares outstanding - diluted | 56,270,219 | 56,081,863 | Average common shares outstanding - diluted | 56,523,887 | 56,248,720 | ||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $ | 0.82 | $ | 0.60 | Net income per common share - diluted | $ | 0.74 | $ | 0.83 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | 116,554 | $ | 119,792 | |||||||
Average common shares outstanding | 56,085,556 | 55,888,226 | |||||||||
Net income per common share - basic | $ | 2.08 | $ | 2.14 | |||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | 116,554 | $ | 119,792 | |||||||
Average common shares outstanding | 56,085,556 | 55,888,226 | |||||||||
Effect of dilutive stock-based compensation | 308,401 | 281,660 | |||||||||
Average common shares outstanding - diluted | 56,393,957 | 56,169,886 | |||||||||
Net income per common share - diluted | $ | 2.07 | $ | 2.13 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 68,771 | 2,200 | |||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 1,000 | 9,750 | |||||||||
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 24,146 | 19,750 | |||||||||
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk - Weighted Assets | Total Capital to Risk - Weighted Assets | |||||||||||||||||||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||||||||||||||||||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||||||||||||||||||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||||||||||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
Renasant Corporation | Renasant Corporation | Renasant Corporation | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | Tier 1 Capital to Average Assets (Leverage) | $ | 1,503,086 | 9.18 | % | $ | 1,481,197 | 9.36 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,558,521 | 9.48 | % | $ | 1,481,197 | 9.36 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,394,401 | 10.19 | % | 1,372,747 | 10.21 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,449,367 | 10.46 | % | 1,372,747 | 10.21 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,503,086 | 10.98 | % | 1,481,197 | 11.01 | % | Tier 1 Capital to Risk-Weighted Assets | 1,558,521 | 11.25 | % | 1,481,197 | 11.01 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 2,009,552 | 14.68 | % | 1,968,001 | 14.63 | % | Total Capital to Risk-Weighted Assets | 2,065,992 | 14.91 | % | 1,968,001 | 14.63 | % | ||||||||||||||||||||||||||||||||
Renasant Bank | Renasant Bank | Renasant Bank | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | Tier 1 Capital to Average Assets (Leverage) | $ | 1,651,005 | 10.08 | % | $ | 1,630,389 | 10.30 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,698,680 | 10.33 | % | $ | 1,630,389 | 10.30 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,651,005 | 12.03 | % | 1,630,389 | 12.10 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,698,680 | 12.23 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,651,005 | 12.03 | % | 1,630,389 | 12.10 | % | Tier 1 Capital to Risk-Weighted Assets | 1,698,680 | 12.23 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 1,821,367 | 13.28 | % | 1,781,312 | 13.22 | % | Total Capital to Risk-Weighted Assets | 1,869,600 | 13.46 | % | 1,781,312 | 13.22 | % |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 140,757 | $ | 286 | $ | 1,050 | $ | (6,318) | $ | 135,775 | |||||||||||||||||||||||||
Provision for credit losses | 7,960 | — | — | — | 7,960 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 28,493 | 3,362 | 5,812 | (374) | 37,293 | ||||||||||||||||||||||||||||||
Noninterest expense | 100,381 | 2,039 | 4,928 | 360 | 107,708 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 60,909 | 1,609 | 1,934 | (7,052) | 57,400 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 12,722 | 416 | 4 | (1,820) | 11,322 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 48,187 | $ | 1,193 | $ | 1,930 | $ | (5,232) | $ | 46,078 | |||||||||||||||||||||||||
Total assets | $ | 17,362,799 | $ | 37,168 | $ | 79,452 | $ | (5,336) | $ | 17,474,083 | |||||||||||||||||||||||||
Goodwill | $ | 988,898 | $ | 2,767 | — | — | $ | 991,665 | |||||||||||||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 103,932 | $ | 93 | $ | 490 | $ | (4,886) | $ | 99,629 | |||||||||||||||||||||||||
Provision for credit losses | 1,500 | — | — | — | 1,500 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 28,306 | 3,097 | 6,505 | (450) | 37,458 | ||||||||||||||||||||||||||||||
Noninterest expense | 86,871 | 2,116 | 4,755 | 363 | 94,105 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 43,867 | 1,074 | 2,240 | (5,699) | 41,482 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 9,131 | 281 | — | (1,477) | 7,935 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 34,736 | $ | 793 | $ | 2,240 | $ | (4,222) | $ | 33,547 | |||||||||||||||||||||||||
Total assets | $ | 16,757,670 | $ | 33,794 | $ | 64,761 | $ | 7,532 | $ | 16,863,757 | |||||||||||||||||||||||||
Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 133,909 | $ | 456 | $ | 8 | $ | (6,990) | $ | 127,383 | |||||||||||||||||||||||||
Provision for credit losses | 5,315 | — | — | — | 5,315 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 28,679 | 3,276 | 6,638 | (393) | 38,200 | ||||||||||||||||||||||||||||||
Noninterest expense | 99,791 | 2,237 | 5,150 | 491 | 107,669 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 57,482 | 1,495 | 1,496 | (7,874) | 52,599 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 12,339 | 387 | 72 | (2,032) | 10,766 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 45,143 | $ | 1,108 | $ | 1,424 | $ | (5,842) | $ | 41,833 | |||||||||||||||||||||||||
Total assets | $ | 17,143,564 | $ | 39,434 | $ | 5,077 | $ | (6,454) | $ | 17,181,621 | |||||||||||||||||||||||||
Goodwill | $ | 988,898 | $ | 2,767 | — | — | $ | 991,665 | |||||||||||||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 134,528 | $ | 98 | $ | 794 | $ | (5,102) | $ | 130,318 | |||||||||||||||||||||||||
Provision for credit losses | 9,800 | — | — | — | 9,800 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 32,324 | 3,123 | 6,132 | (393) | 41,186 | ||||||||||||||||||||||||||||||
Noninterest expense | 94,474 | 2,190 | 4,553 | 357 | 101,574 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 62,578 | 1,031 | 2,373 | (5,852) | 60,130 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 14,811 | 268 | — | (1,516) | 13,563 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 47,767 | $ | 763 | $ | 2,373 | $ | (4,336) | $ | 46,567 | |||||||||||||||||||||||||
Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | |||||||||||||||||||||||||
Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 412,066 | $ | 1,170 | $ | 56 | $ | (19,918) | $ | 393,374 | |||||||||||||||||||||||||
Provision for credit losses | 16,275 | — | — | — | 16,275 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 66,331 | 9,497 | 18,088 | (1,197) | 92,719 | ||||||||||||||||||||||||||||||
Noninterest expense | 302,454 | 6,346 | 14,485 | 1,257 | 324,542 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 159,668 | 4,321 | 3,659 | (22,372) | 145,276 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 33,319 | 1,119 | 58 | (5,774) | 28,722 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 126,349 | $ | 3,202 | $ | 3,601 | $ | (16,598) | $ | 116,554 | |||||||||||||||||||||||||
Total assets | $ | 17,143,564 | $ | 39,434 | $ | 5,077 | $ | (6,454) | $ | 17,181,621 | |||||||||||||||||||||||||
Goodwill | $ | 988,898 | $ | 2,767 | $ | — | $ | — | $ | 991,665 | |||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 356,040 | $ | 286 | $ | 1,813 | $ | (14,677) | $ | 343,462 | |||||||||||||||||||||||||
Provision for credit losses | 13,300 | — | — | — | 13,300 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 89,359 | 8,831 | 18,952 | (1,284) | 115,858 | ||||||||||||||||||||||||||||||
Noninterest expense | 272,594 | 6,311 | 13,899 | 1,069 | 293,873 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 159,505 | 2,806 | 6,866 | (17,030) | 152,147 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 36,035 | 734 | — | (4,414) | 32,355 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 123,470 | $ | 2,072 | $ | 6,866 | $ | (12,616) | $ | 119,792 | |||||||||||||||||||||||||
Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | |||||||||||||||||||||||||
Goodwill | $ | 943,524 | $ | 2,767 | $ | — | $ | — | $ | 946,291 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | |||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | $ | 165,890 | 5.91 | % | $ | 164,660 | 5.76 | % | Obligations of other U.S. Government agencies and corporations | $ | — | — | % | $ | 164,660 | 5.76 | % | ||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 434,140 | 15.46 | 436,788 | 15.28 | Obligations of states and political subdivisions | 322,592 | 14.97 | 436,788 | 15.28 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 2,077,860 | 73.99 | 2,122,855 | 74.28 | Mortgage-backed securities | 1,705,596 | 79.16 | 2,122,855 | 74.28 | ||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 130,289 | 4.64 | 133,711 | 4.68 | Other debt securities | 126,547 | 5.87 | 133,711 | 4.68 | ||||||||||||||||||||||||||||||||||||
$ | 2,808,179 | 100.00 | % | $ | 2,858,014 | 100.00 | % | $ | 2,154,735 | 100.00 | % | $ | 2,858,014 | 100.00 | % | |||||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | Allowance for credit losses - held to maturity securities | (32) | (32) | Allowance for credit losses - held to maturity securities | (32) | (32) | ||||||||||||||||||||||||||||||||||||||||
Securities, net of allowance for credit losses | Securities, net of allowance for credit losses | $ | 2,808,147 | $ | 2,857,982 | Securities, net of allowance for credit losses | $ | 2,154,703 | $ | 2,857,982 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | |||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 1,740,778 | 14.79 | % | $ | 1,673,883 | 14.46 | % | Commercial, financial, agricultural | $ | 1,819,891 | 14.96 | % | $ | 1,673,883 | 14.46 | % | ||||||||||||||||||||||||||||
Lease financing, net of unearned income | Lease financing, net of unearned income | 121,146 | 1.03 | 115,013 | 0.99 | Lease financing, net of unearned income | 120,724 | 0.99 | 115,013 | 0.99 | ||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 333,439 | 2.83 | 355,500 | 3.07 | Residential | 300,238 | 2.47 | 355,500 | 3.07 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 1,090,913 | 9.27 | 974,837 | 8.42 | Commercial | 1,107,126 | 9.10 | 974,837 | 8.42 | ||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | 1,424,352 | 12.10 | 1,330,337 | 11.49 | Total real estate – construction | 1,407,364 | 11.57 | 1,330,337 | 11.49 | ||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | 2,288,592 | 19.45 | 2,222,856 | 19.20 | Primary | 2,405,703 | 19.77 | 2,222,856 | 19.20 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 497,925 | 4.23 | 501,906 | 4.33 | Home equity | 509,394 | 4.19 | 501,906 | 4.33 | ||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | 344,705 | 2.93 | 334,382 | 2.89 | Rental/investment | 353,613 | 2.91 | 334,382 | 2.89 | ||||||||||||||||||||||||||||||||||||
Land development | Land development | 147,758 | 1.26 | 157,119 | 1.36 | Land development | 130,166 | 1.07 | 157,119 | 1.36 | ||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 3,278,980 | 27.87 | 3,216,263 | 27.78 | Total real estate – 1-4 family mortgage | 3,398,876 | 27.94 | 3,216,263 | 27.78 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 1,521,327 | 12.93 | 1,539,296 | 13.29 | Owner-occupied | 1,588,174 | 13.04 | 1,539,296 | 13.29 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 3,447,217 | 29.30 | 3,452,910 | 29.82 | Non-owner occupied | 3,610,578 | 29.67 | 3,452,910 | 29.82 | ||||||||||||||||||||||||||||||||||||
Land development | Land development | 117,269 | 1.00 | 125,857 | 1.09 | Land development | 114,414 | 0.94 | 125,857 | 1.09 | ||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 5,085,813 | 43.23 | 5,118,063 | 44.20 | Total real estate – commercial mortgage | 5,313,166 | 43.65 | 5,118,063 | 44.20 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 115,356 | 0.98 | 124,745 | 1.08 | Installment loans to individuals | 108,002 | 0.89 | 124,745 | 1.08 | ||||||||||||||||||||||||||||||||||||
Total loans, net of unearned income | Total loans, net of unearned income | $ | 11,766,425 | 100.00 | % | $ | 11,578,304 | 100.00 | % | Total loans, net of unearned income | $ | 12,168,023 | 100.00 | % | $ | 11,578,304 | 100.00 | % |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Security repurchase agreements | Security repurchase agreements | $ | 7,057 | $ | 12,232 | Security repurchase agreements | $ | 7,662 | $ | 12,232 | ||||||||||||
Short-term borrowings from the FHLB | Short-term borrowings from the FHLB | 725,000 | 700,000 | Short-term borrowings from the FHLB | 100,000 | 700,000 | ||||||||||||||||
$ | 732,057 | $ | 712,232 | $ | 107,662 | $ | 712,232 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | $ | 112,276 | $ | 112,042 | Junior subordinated debentures | $ | 112,744 | $ | 112,042 | ||||||||||||
Subordinated notes | Subordinated notes | 318,835 | 316,091 | Subordinated notes | 314,655 | 316,091 | ||||||||||||||||
$ | 431,111 | $ | 428,133 | $ | 427,399 | $ | 428,133 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | |||||||||||||||||||||||||||||||||||||||||
Merger and conversion expenses | $ | — | $ | — | $ | — | $ | 687 | $ | 556 | $ | 0.01 | ||||||||||||||||||||||||||||||||||
Restructuring benefit | $ | — | $ | — | $ | — | $ | (455) | $ | (368) | $ | (0.01) | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of MSR | Gain on sale of MSR | $ | — | $ | — | $ | — | $ | (2,960) | $ | (2,292) | $ | (0.04) | |||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | |||||||||||||||||||||||||||||||||||||||||
Merger and conversion expenses | Merger and conversion expenses | $ | — | $ | — | $ | — | $ | 687 | $ | 541 | $ | 0.01 | |||||||||||||||||||||||||||||||||
Gain on sale of MSR | Gain on sale of MSR | — | — | — | (2,960) | (2,330) | (0.04) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges | Restructuring charges | — | — | — | 732 | 576 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Loss on sale of securities | Loss on sale of securities | 22,438 | 17,859 | 0.31 | — | — | — |
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 11,688,534 | $ | 163,970 | 5.68 | % | $ | 10,108,511 | $ | 97,001 | 3.88 | % | Loans held for investment | $ | 12,030,109 | $ | 183,521 | 6.06 | % | $ | 10,829,137 | $ | 124,614 | 4.57 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 103,410 | 1,737 | 6.72 | 330,442 | 2,863 | 3.48 | Loans held for sale | 227,982 | 3,751 | 6.58 | 143,837 | 2,075 | 5.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 2,588,148 | 13,054 | 2.02 | 2,499,822 | 8,782 | 1.41 | Taxable | 2,053,113 | 9,218 | 1.80 | 2,773,924 | 12,439 | 1.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(1) | Tax-exempt(1) | 443,996 | 2,608 | 2.35 | 438,380 | 2,635 | 2.40 | Tax-exempt(1) | 329,760 | 1,807 | 2.19 | 449,927 | 2,664 | 2.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 464,229 | 5,430 | 4.74 | 1,463,991 | 664 | 0.18 | Interest-bearing balances with banks | 729,049 | 10,128 | 5.51 | 663,218 | 3,458 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 15,288,317 | 186,799 | 4.94 | 14,841,146 | 111,945 | 3.05 | Total interest-earning assets | 15,370,013 | 208,425 | 5.39 | 14,860,043 | 145,250 | 3.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 197,782 | 206,224 | Cash and due from banks | 180,708 | 191,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 1,011,557 | 965,430 | Intangible assets | 1,012,460 | 967,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 660,242 | 684,464 | Other assets | 672,232 | 626,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,157,898 | $ | 16,697,264 | Total assets | $ | 17,235,413 | $ | 16,645,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | Interest-bearing demand(2) | $ | 6,066,770 | $ | 20,298 | 1.36 | % | $ | 6,636,392 | $ | 3,647 | 0.22 | % | Interest-bearing demand(2) | $ | 6,520,145 | $ | 41,464 | 2.52 | % | $ | 6,462,940 | $ | 6,061 | 0.37 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,052,802 | 826 | 0.32 | 1,097,560 | 139 | 0.05 | Savings deposits | 942,619 | 793 | 0.33 | 1,134,665 | 155 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 395,942 | 4,318 | 4.42 | — | — | — | Brokered deposits | 947,970 | 12,490 | 5.23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,564,658 | 7,424 | 1.92 | 1,374,722 | 1,851 | 0.55 | Time deposits | 2,001,923 | 16,159 | 3.20 | 1,240,439 | 1,025 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 9,080,172 | 32,866 | 1.47 | 9,108,674 | 5,637 | 0.25 | Total interest-bearing deposits | 10,412,657 | 70,906 | 2.70 | 8,838,044 | 7,241 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 1,281,552 | 15,404 | 4.86 | 485,777 | 4,925 | 4.08 | Borrowed funds | 545,105 | 7,388 | 5.40 | 572,376 | 5,574 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 10,361,724 | 48,270 | 1.89 | 9,594,451 | 10,562 | 0.44 | Total interest-bearing liabilities | 10,957,762 | 78,294 | 2.84 | 9,410,420 | 12,815 | 0.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 4,386,998 | 4,651,793 | Noninterest-bearing deposits | 3,800,160 | 4,867,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 222,382 | 201,353 | Other liabilities | 245,886 | 194,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,186,794 | 2,249,667 | Shareholders’ equity | 2,231,605 | 2,173,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 17,157,898 | $ | 16,697,264 | Total liabilities and shareholders’ equity | $ | 17,235,413 | $ | 16,645,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest margin | Net interest income/net interest margin | $ | 138,529 | 3.66 | % | $ | 101,383 | 2.76 | % | Net interest income/net interest margin | $ | 130,131 | 3.36 | % | $ | 132,435 | 3.54 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment | $ | 11,866,662 | $ | 523,040 | 5.89 | % | $ | 10,474,305 | $ | 329,227 | 4.20 | % | |||||||||||||||||||||||
Loans held for sale | 175,100 | 8,478 | 6.46 | 233,266 | 7,524 | 4.30 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable | 2,356,962 | 34,361 | 1.94 | 2,653,735 | 31,576 | 1.59 | |||||||||||||||||||||||||||||
Tax-exempt(1) | 395,394 | 6,844 | 2.31 | 446,762 | 8,018 | 2.39 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 573,498 | 22,536 | 5.25 | 1,041,145 | 6,076 | 0.78 | |||||||||||||||||||||||||||||
Total interest-earning assets | 15,367,616 | 595,259 | 5.18 | 14,849,213 | 382,421 | 3.44 | |||||||||||||||||||||||||||||
Cash and due from banks | 189,324 | 201,436 | |||||||||||||||||||||||||||||||||
Intangible assets | 1,012,613 | 967,023 | |||||||||||||||||||||||||||||||||
Other assets | 674,476 | 640,403 | |||||||||||||||||||||||||||||||||
Total assets | $ | 17,244,029 | $ | 16,658,075 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | $ | 6,235,322 | $ | 90,947 | 1.95 | % | $ | 6,556,454 | $ | 13,306 | 0.27 | % | |||||||||||||||||||||||
Savings deposits | 999,436 | 2,432 | 0.33 | 1,123,433 | 441 | 0.05 | |||||||||||||||||||||||||||||
Brokered deposits | 720,022 | 26,898 | 4.99 | — | — | — | |||||||||||||||||||||||||||||
Time deposits | 1,768,827 | 34,886 | 2.64 | 1,305,800 | 4,149 | 0.42 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 9,723,607 | 155,163 | 2.13 | 8,985,687 | 17,896 | 0.27 | |||||||||||||||||||||||||||||
Borrowed funds | 1,007,844 | 38,351 | 5.08 | 534,296 | 15,386 | 3.84 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 10,731,451 | 193,514 | 2.41 | 9,519,983 | 33,282 | 0.47 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 4,073,265 | 4,745,409 | |||||||||||||||||||||||||||||||||
Other liabilities | 227,114 | 192,744 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,212,199 | 2,199,939 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,244,029 | $ | 16,658,075 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 401,745 | 3.49 | % | $ | 349,139 | 3.14 | % |
Three Months Ended March 31, 2023 Compared to the Three Months Ended March 31, 2022 | Three Months Ended September 30, 2023 Compared to the Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 16,897 | $ | 50,072 | $ | 66,969 | Loans held for investment | $ | 14,993 | $ | 43,914 | $ | 58,907 | ||||||||||||||||||||
Loans held for sale | Loans held for sale | (2,716) | 1,590 | (1,126) | Loans held for sale | 1,351 | 325 | 1,676 | ||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||
Taxable | Taxable | 334 | 3,938 | 4,272 | Taxable | (3,336) | 115 | (3,221) | ||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 33 | (60) | (27) | Tax-exempt | (670) | (187) | (857) | ||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | (755) | 5,521 | 4,766 | Interest-bearing balances with banks | 376 | 6,294 | 6,670 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 13,793 | 61,061 | 74,854 | Total interest-earning assets | 12,714 | 50,461 | 63,175 | ||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (340) | 16,991 | 16,651 | Interest-bearing demand deposits | 54 | 35,349 | 35,403 | ||||||||||||||||||||||||||
Savings deposits | Savings deposits | (6) | 693 | 687 | Savings deposits | (31) | 669 | 638 | ||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 4,318 | — | 4,318 | Brokered deposits | 12,490 | — | 12,490 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 289 | 5,284 | 5,573 | Time deposits | 990 | 14,144 | 15,134 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 9,433 | 1,046 | 10,479 | Borrowed funds | (281) | 2,095 | 1,814 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 13,694 | 24,014 | 37,708 | Total interest-bearing liabilities | 13,222 | 52,257 | 65,479 | ||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | 99 | $ | 37,047 | $ | 37,146 | Change in net interest income | $ | (508) | $ | (1,796) | $ | (2,304) | ||||||||||||||||||||
Nine months ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Volume | Rate | Net | ||||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 48,155 | $ | 145,658 | $ | 193,813 | |||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (2,182) | 3,136 | 954 | ||||||||||||||||||||||||||||||
Securities: | Securities: | |||||||||||||||||||||||||||||||||
Taxable | Taxable | (3,783) | 6,568 | 2,785 | ||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | (898) | (276) | (1,174) | ||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | (3,866) | 20,326 | 16,460 | ||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 37,426 | 175,412 | 212,838 | ||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (684) | 78,325 | 77,641 | ||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | (53) | 2,044 | 1,991 | ||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 26,898 | — | 26,898 | ||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,959 | 28,778 | 30,737 | ||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 16,840 | 6,125 | 22,965 | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 44,960 | 115,272 | 160,232 | ||||||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | (7,534) | $ | 60,140 | $ | 52,606 |
Percentage of Total Average Earning Assets | Yield | Percentage of Total Average Earning Assets | Yield | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 76.45 | % | 68.11 | % | 5.68 | % | 3.88 | % | Loans held for investment | 78.27 | % | 72.87 | % | 6.06 | % | 4.57 | % | ||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 0.68 | 2.23 | 6.72 | 3.48 | Loans held for sale | 1.48 | 0.97 | 6.58 | 5.77 | ||||||||||||||||||||||||||||||||||||
Securities | Securities | 19.83 | 19.80 | 2.07 | 1.55 | Securities | 15.50 | 21.69 | 1.85 | 1.87 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3.04 | 9.86 | 4.74 | 0.18 | Other | 4.75 | 4.47 | 5.51 | 2.07 | ||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 100.00 | % | 100.00 | % | 4.94 | % | 3.05 | % | Total earning assets | 100.00 | % | 100.00 | % | 5.39 | % | 3.89 | % |
Percentage of Total Average Earning Assets | Yield | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Loans held for investment | 77.22 | % | 70.54 | % | 5.89 | % | 4.20 | % | |||||||||||||||
Loans held for sale | 1.14 | 1.57 | 6.46 | 4.30 | |||||||||||||||||||
Securities | 17.91 | 20.88 | 2.00 | 1.70 | |||||||||||||||||||
Interest-bearing balances with banks | 3.73 | 7.01 | 5.25 | 0.78 | |||||||||||||||||||
Total earning assets | 100.00 | % | 100.00 | % | 5.18 | % | 3.44 | % |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net interest income collected on problem loans | Net interest income collected on problem loans | $ | 392 | $ | 434 | Net interest income collected on problem loans | $ | (820) | $ | 78 | $ | (64) | $ | 2,788 | ||||||||||||||||||||||||||||||||
Accretable yield recognized on purchased loans(1) | Accretable yield recognized on purchased loans(1) | 670 | 1,235 | Accretable yield recognized on purchased loans(1) | 1,290 | 1,317 | 3,049 | 4,573 | ||||||||||||||||||||||||||||||||||||||
Total impact to interest income on loans | Total impact to interest income on loans | $ | 1,062 | $ | 1,669 | Total impact to interest income on loans | $ | 470 | $ | 1,395 | $ | 2,985 | $ | 7,361 | ||||||||||||||||||||||||||||||||
Impact to loan yield | Impact to loan yield | 0.04 | % | 0.07 | % | Impact to loan yield | 0.02 | % | 0.05 | % | 0.03 | % | 0.09 | % | ||||||||||||||||||||||||||||||||
Impact to net interest margin | Impact to net interest margin | 0.03 | % | 0.05 | % | Impact to net interest margin | 0.01 | % | 0.04 | % | 0.02 | % | 0.07 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 29.74 | % | 32.65 | % | — | % | — | % | Noninterest-bearing demand | 25.75 | % | 34.09 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 41.13 | 46.59 | 1.36 | 0.22 | Interest-bearing demand | 44.18 | 45.27 | 2.52 | 0.37 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 7.14 | 7.70 | 0.32 | 0.05 | Savings | 6.39 | 7.95 | 0.33 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 2.68 | — | 4.42 | — | Brokered deposits | 6.42 | — | 5.23 | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 10.61 | 9.65 | 1.92 | 0.55 | Time deposits | 13.57 | 8.69 | 3.20 | 0.33 | ||||||||||||||||||||||||||||||||||||
Short term borrowings | Short term borrowings | 5.78 | 0.19 | 4.31 | 0.48 | Short term borrowings | 0.78 | 0.99 | 1.24 | 1.30 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | — | 0.01 | — | 1.86 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.15 | 2.43 | 5.33 | 4.26 | Subordinated notes | 2.15 | 2.23 | 5.91 | 4.55 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.77 | 0.78 | 7.67 | 4.41 | Other borrowed funds | 0.76 | 0.78 | 8.25 | 5.24 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.33 | % | 0.30 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 2.11 | % | 0.36 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Noninterest-bearing demand | 27.51 | % | 33.27 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 42.12 | 45.96 | 1.95 | 0.27 | |||||||||||||||||||
Savings | 6.75 | 7.88 | 0.33 | 0.05 | |||||||||||||||||||
Brokered deposits | 4.86 | — | 4.99 | — | |||||||||||||||||||
Time deposits | 11.95 | 9.15 | 2.64 | 0.42 | |||||||||||||||||||
Short-term borrowings | 3.90 | 0.66 | 4.24 | 0.98 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | — | — | — | 1.88 | |||||||||||||||||||
Subordinated notes | 2.15 | 2.30 | 5.61 | 4.39 | |||||||||||||||||||
Other long term borrowings | 0.76 | 0.78 | 7.93 | 4.66 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.75 | % | 0.31 | % |
Noninterest Income to Average Assets | Noninterest Income to Average Assets | Noninterest Income to Average Assets | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
0.88% | 0.88% | 0.91% | 0.88% | 0.98% | 0.72% | 0.93% |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of loans, net (1) | Gain on sales of loans, net (1) | $ | 4,770 | $ | 6,047 | Gain on sales of loans, net (1) | $ | 3,297 | $ | 5,263 | $ | 12,713 | $ | 14,800 | ||||||||||||||||||||||||||||||||
Fees, net | Fees, net | 1,806 | 3,053 | Fees, net | 2,376 | 2,405 | 7,041 | 8,522 | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing income, net | Mortgage servicing income, net | 1,941 | 533 | Mortgage servicing income, net | 1,860 | 5,007 | 6,067 | 7,302 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking income, net | Mortgage banking income, net | $ | 8,517 | $ | 9,633 | Mortgage banking income, net | $ | 7,533 | $ | 12,675 | $ | 25,821 | $ | 30,624 |
Noninterest Expense to Average Assets | Noninterest Expense to Average Assets | Noninterest Expense to Average Assets | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
2.55% | 2.29% | |||||||||||||||||||||||||||||||||||||||
2.48% | 2.48% | 2.42% | 2.52% | 2.36% |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Efficiency ratio (GAAP) | 61.26 | % | 67.78 | % | |||||||||||||||||||
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Efficiency ratio | 63.96 | % | 58.50 | % | 65.64 | % | 63.20 | % | |||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 44,678 | 14.79 | % | $ | 44,255 | 14.46 | % | $ | 33,606 | 14.02 | % | Commercial, financial, agricultural | $ | 44,444 | 14.96 | % | $ | 44,255 | 14.46 | % | $ | 30,503 | 13.63 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 2,437 | 1.03 | % | 2,463 | 0.99 | % | 1,582 | 0.87 | % | Lease financing | 3,355 | 0.99 | % | 2,463 | 0.99 | % | 2,314 | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 19,959 | 12.10 | % | 19,114 | 11.49 | % | 18,411 | 11.85 | % | Real estate – construction | 19,656 | 11.57 | % | 19,114 | 11.49 | % | 18,744 | 10.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 45,981 | 27.87 | % | 44,727 | 27.78 | % | 36,848 | 27.54 | % | Real estate – 1-4 family mortgage | 45,799 | 27.94 | % | 44,727 | 27.78 | % | 43,532 | 28.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 72,770 | 43.23 | % | 71,798 | 44.20 | % | 65,231 | 44.39 | % | Real estate – commercial mortgage | 75,233 | 43.65 | % | 71,798 | 44.20 | % | 69,267 | 45.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 9,467 | 0.98 | % | 9,733 | 1.08 | % | 10,790 | 1.33 | % | Installment loans to individuals | 9,286 | 0.89 | % | 9,733 | 1.08 | % | 9,996 | 1.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 195,292 | 100.00 | % | $ | 192,090 | 100.00 | % | $ | 166,468 | 100.00 | % | Total | $ | 197,773 | 100.00 | % | $ | 192,090 | 100.00 | % | $ | 174,356 | 100.00 | % |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 192,090 | $ | 164,171 | Balance at beginning of period | $ | 194,391 | $ | 166,131 | $ | 192,090 | $ | 164,171 | ||||||||||||||||||||||||||||||||
Impact of PCD loans acquired during the period | (26) | 1,648 | ||||||||||||||||||||||||||||||||||||||||||||
Impact of purchased credit deteriorated loans acquired during the period | Impact of purchased credit deteriorated loans acquired during the period | — | — | (26) | 1,648 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | 529 | 2,102 | Commercial, financial, agricultural | 2,252 | 373 | 7,720 | 4,714 | ||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | 7 | Lease financing | 641 | — | 641 | 7 | ||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | — | — | 57 | — | |||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 3 | 163 | Real estate – 1-4 family mortgage | 130 | 208 | 345 | 532 | ||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 5,115 | 6 | Real estate – commercial mortgage | — | 1,956 | 5,512 | 2,670 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 810 | 779 | Installment loans to individuals | 607 | 722 | 1,997 | 2,351 | ||||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 6,457 | 3,057 | Total charge-offs | 3,630 | 3,259 | 16,272 | 10,274 | ||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | 725 | 1,136 | Commercial, financial, agricultural | 690 | 415 | 2,689 | 1,982 | ||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 5 | 12 | Lease financing | 2 | 113 | 13 | 136 | ||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 48 | — | 48 | — | |||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 24 | 178 | Real estate – 1-4 family mortgage | 181 | 378 | 375 | 725 | ||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 211 | 155 | Real estate – commercial mortgage | 208 | 50 | 697 | 397 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 760 | 725 | Installment loans to individuals | 568 | 728 | 1,884 | 2,271 | ||||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 1,725 | 2,206 | Total recoveries | 1,697 | 1,684 | 5,706 | 5,511 | ||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 4,732 | 851 | Net charge-offs | 1,933 | 1,575 | 10,566 | 4,763 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 7,960 | 1,500 | Provision for credit losses on loans | 5,315 | 9,800 | 16,275 | 13,300 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 195,292 | $ | 166,468 | Balance at end of period | $ | 197,773 | $ | 174,356 | $ | 197,773 | $ | 174,356 | ||||||||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans | Net charge-offs (annualized) to average loans | 0.16 | % | 0.03 | % | Net charge-offs (annualized) to average loans | 0.06 | % | 0.06 | % | 0.12 | % | 0.06 | % | ||||||||||||||||||||||||||||||||
Net charge-offs to allowance for credit losses on loans | Net charge-offs to allowance for credit losses on loans | 2.42 | % | 0.51 | % | Net charge-offs to allowance for credit losses on loans | 0.98 | 0.90 | 5.34 | 2.73 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans to: | Allowance for credit losses on loans to: | Allowance for credit losses on loans to: | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 1.66 | % | 1.61 | % | Total loans | 1.63 | 1.57 | ||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 259.39 | % | 318.65 | % | Nonperforming loans | 282.24 | 312.10 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 344.88 | % | 320.16 | % | Nonaccrual loans | 284.40 | 321.23 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | (196) | $ | 1,721,838 | (0.05)% | $ | 966 | $ | 1,424,565 | 0.28% | Commercial, financial, agricultural | $ | 5,031 | $ | 1,740,424 | 0.39% | $ | 2,732 | $ | 1,474,633 | 0.25% | ||||||||||||||||||||||||
Lease financing | Lease financing | (5) | 116,164 | (0.02) | (5) | 84,681 | (0.02)% | Lease financing | 628 | 119,564 | 0.70 | (129) | 93,838 | (0.18)% | ||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | — | 1,310,125 | — | — | 1,107,529 | —% | Real estate – construction | 9 | 1,336,385 | — | — | 1,124,713 | —% | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | (21) | 3,319,795 | — | (15) | 2,810,988 | —% | Real estate – 1-4 family mortgage | (30) | 3,373,754 | — | (193) | 2,976,081 | (0.01)% | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 4,904 | 5,101,752 | 0.39 | (149) | 4,540,731 | (0.01)% | Real estate – commercial mortgage | 4,815 | 5,183,733 | 0.12 | 2,273 | 4,670,508 | 0.07% | ||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 50 | 118,860 | 0.17 | 54 | 140,017 | 0.16% | Installment loans to individuals | 113 | 112,802 | 0.13 | 80 | 134,532 | 0.08% | ||||||||||||||||||||||||||||||||
Total | Total | $ | 4,732 | $ | 11,688,534 | 0.16% | $ | 851 | $ | 10,108,511 | 0.03% | Total | $ | 10,566 | $ | 11,866,662 | 0.12% | $ | 4,763 | $ | 10,474,305 | 0.06% |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | — | $ | — | Residential | $ | (48) | $ | — | $ | 9 | $ | — | ||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | — | Total real estate – construction | (48) | — | 9 | — | ||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | (10) | 62 | Primary | (91) | (59) | (156) | 98 | ||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | (3) | 22 | Home equity | (20) | (44) | 79 | (92) | ||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | (2) | (2) | Rental/investment | 66 | (19) | 65 | (40) | ||||||||||||||||||||||||||||||||||||||
Land development | Land development | (6) | (97) | Land development | (6) | (48) | (18) | (159) | ||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | (21) | (15) | Total real estate – 1-4 family mortgage | (51) | (170) | (30) | (193) | ||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | (78) | (149) | Owner-occupied | (205) | (36) | 113 | 490 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 4,982 | — | Non-owner occupied | (3) | 1,951 | 4,702 | 1,949 | ||||||||||||||||||||||||||||||||||||||
Land development | Land development | — | — | Land development | — | (9) | — | (166) | ||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 4,904 | (149) | Total real estate – commercial mortgage | (208) | 1,906 | 4,815 | 2,273 | ||||||||||||||||||||||||||||||||||||||
Total net charge-offs (recoveries) of loans secured by real estate | Total net charge-offs (recoveries) of loans secured by real estate | $ | 4,883 | $ | (164) | Total net charge-offs (recoveries) of loans secured by real estate | $ | (307) | $ | 1,736 | $ | 4,794 | $ | 2,080 |
Three Months Ended March 31, | 2023 | 2022 | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | 2023 | 2022 | |||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | ||||||||||||||
Beginning balance | Beginning balance | $ | 20,118 | $ | 20,035 | Beginning balance | $ | 17,618 | $ | 19,935 | ||||||
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) | (1,500) | (550) | ||||||||||||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (700) | — | |||||||||||||
Ending balance | Ending balance | $ | 18,618 | $ | 19,485 | Ending balance | $ | 16,918 | $ | 19,935 | ||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | 2023 | 2022 | |||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | |||||||||||||||
Beginning balance | Beginning balance | $ | 20,118 | $ | 20,035 | |||||||||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (3,200) | (100) | |||||||||||||
Ending balance | Ending balance | $ | 16,918 | $ | 19,935 |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Nonaccruing loans | Nonaccruing loans | $ | 56,626 | $ | 56,545 | Nonaccruing loans | $ | 69,541 | $ | 56,545 | ||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | 18,664 | 331 | Accruing loans past due 90 days or more | 532 | 331 | ||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 75,290 | 56,876 | Total nonperforming loans | 70,073 | 56,876 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 4,818 | 1,763 | Other real estate owned | 9,258 | 1,763 | ||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 80,108 | $ | 58,639 | Total nonperforming assets | $ | 79,331 | $ | 58,639 | ||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.64 | % | 0.49 | % | Nonperforming loans to total loans | 0.58 | % | 0.49 | % | ||||||||||||||||||
Nonaccruing loans to total loans | Nonaccruing loans to total loans | 0.49 | % | 0.49 | % | Nonaccruing loans to total loans | 0.57 | % | 0.49 | % | ||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.46 | % | 0.35 | % | Nonperforming assets to total assets | 0.46 | % | 0.35 | % |
March 31, 2023 | December 31, 2022 | March 31, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 11,382 | $ | 12,543 | $ | 13,177 | Commercial, financial, agricultural | $ | 7,745 | $ | 12,543 | $ | 5,299 | ||||||||||||||||||||
Lease financing | Lease financing | — | — | — | Lease financing | 1,048 | — | — | ||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||
Residential | Residential | 152 | 77 | — | Residential | — | 77 | 232 | ||||||||||||||||||||||||||
Commercial | Commercial | — | — | — | Commercial | — | — | 1 | ||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | 152 | 77 | — | Total real estate – construction | — | 77 | 233 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||
Primary | Primary | 34,755 | 30,076 | 20,331 | Primary | 42,072 | 30,076 | 25,130 | ||||||||||||||||||||||||||
Home equity | Home equity | 2,278 | 1,909 | 2,233 | Home equity | 2,598 | 1,909 | 1,842 | ||||||||||||||||||||||||||
Rental/investment | Rental/investment | 2,849 | 1,014 | 878 | Rental/investment | 2,647 | 1,014 | 1,240 | ||||||||||||||||||||||||||
Land development | Land development | 20 | 82 | 521 | Land development | 169 | 82 | 1,448 | ||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 39,902 | 33,081 | 23,963 | Total real estate – 1-4 family mortgage | 47,486 | 33,081 | 29,660 | ||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 20,389 | 5,499 | 5,700 | Owner-occupied | 3,370 | 5,499 | 8,554 | ||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 2,963 | 5,342 | 8,558 | Non-owner occupied | 9,920 | 5,342 | 11,725 | ||||||||||||||||||||||||||
Land development | Land development | 265 | 71 | 485 | Land development | 247 | 71 | 93 | ||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 23,617 | 10,912 | 14,743 | Total real estate – commercial mortgage | 13,537 | 10,912 | 20,372 | ||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 237 | 263 | 359 | Installment loans to individuals | 257 | 263 | 301 | ||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | $ | 75,290 | $ | 56,876 | $ | 52,242 | Total nonperforming loans | $ | 70,073 | $ | 56,876 | $ | 55,865 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 1,209 | $ | — | $ | 1,209 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | 3,751 | — | 3,751 | 1.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | — | 3,751 | — | 3,751 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 7 | — | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 7 | — | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 149 | 96 | 277 | 522 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 1,008 | — | — | 1,008 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,157 | 96 | 277 | 1,530 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 1,164 | $ | 5,056 | $ | 277 | $ | 6,497 | 0.05 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | 2.1 | — | ||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||
Residential | — | 4.7 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||
Home equity | 300 | — | — | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||
Owner-occupied | 68 | 8.4 | 3.0 | ||||||||||||||||||||||||||||||||
Non-owner occupied | 12 | — | — | ||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||
Residential real estate | Residential real estate | $ | 551 | $ | 699 | $ | 376 | Residential real estate | $ | 1,045 | $ | 699 | $ | 913 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 3,507 | 62 | 175 | Commercial real estate | 8,182 | 62 | 62 | ||||||||||||||||||||||||||
Residential land development | Residential land development | 4 | 246 | 295 | Residential land development | 4 | 246 | 246 | ||||||||||||||||||||||||||
Commercial land development | Commercial land development | 756 | 756 | 1,216 | Commercial land development | 27 | 756 | 1,191 | ||||||||||||||||||||||||||
Total other real estate owned | Total other real estate owned | $ | 4,818 | $ | 1,763 | $ | 2,062 | Total other real estate owned | $ | 9,258 | $ | 1,763 | $ | 2,412 |
2023 | 2022 | ||||||||||
Balance at January 1 | $ | 1,763 | $ | 2,540 | |||||||
Transfers of loans | 3,623 | 200 | |||||||||
Impairments | — | (14) | |||||||||
Dispositions | (552) | (665) | |||||||||
Other | (16) | 1 | |||||||||
Balance at March 31 | $ | 4,818 | $ | 2,062 |
2023 | 2022 | ||||||||||
Balance at January 1 | $ | 1,763 | $ | 2,540 | |||||||
Transfers of loans | 10,073 | 1,828 | |||||||||
Impairments | (18) | (110) | |||||||||
Dispositions | (2,544) | (1,847) | |||||||||
Other | (16) | 1 | |||||||||
Balance at September 30 | $ | 9,258 | $ | 2,412 |
Percentage Change In: | ||||||||||||||||||||
Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | ||||||||||||||||||
Static | 1-12 Months | 13-24 Months | ||||||||||||||||||
+100 | 2.11% | 2.33% | 3.56% | |||||||||||||||||
-100 | (2.96)% | (2.96)% | (4.17)% | |||||||||||||||||
-200 | (7.32)% | (6.72)% | (9.35)% |
Percentage Change In: | ||||||||||||||||||||
Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | ||||||||||||||||||
Static | 1-12 Months | 13-24 Months | ||||||||||||||||||
+200 | 1.63% | 5.71% | 5.76% | |||||||||||||||||
+100 | 1.31% | 3.01% | 3.06% | |||||||||||||||||
-100 | (3.31)% | (4.05)% | (4.47)% | |||||||||||||||||
-200 | (9.31)% | (8.80)% | (10.33)% |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 29.74 | % | 32.65 | % | — | % | — | % | Noninterest-bearing demand | 27.51 | % | 33.27 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 41.13 | 46.59 | 1.36 | 0.22 | Interest-bearing demand | 42.12 | 45.96 | 1.95 | 0.27 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 7.14 | 7.70 | 0.32 | 0.05 | Savings | 6.75 | 7.88 | 0.33 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 2.68 | — | 4.42 | — | Brokered deposits | 4.86 | — | 4.99 | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 10.61 | 9.65 | 1.92 | 0.55 | Time deposits | 11.95 | 9.15 | 2.64 | 0.42 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 5.78 | 0.19 | 4.31 | 0.48 | Short-term borrowings | 3.90 | 0.66 | 4.24 | 0.98 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | — | 0.01 | — | 1.86 | Long-term Federal Home Loan Bank advances | — | — | — | 1.88 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.15 | 2.43 | 5.33 | 4.26 | Subordinated notes | 2.15 | 2.30 | 5.61 | 4.39 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.77 | 0.78 | 7.67 | 4.41 | Other borrowed funds | 0.76 | 0.78 | 7.93 | 4.66 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.33 | % | 0.30 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.75 | % | 0.31 | % |
March 31, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Loan commitments | Loan commitments | $ | 3,484,332 | $ | 3,577,614 | Loan commitments | $ | 3,138,292 | $ | 3,577,614 | ||||||||||||
Standby letters of credit | Standby letters of credit | 120,787 | 98,357 | Standby letters of credit | 114,173 | 98,357 |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk - Weighted Assets | Total Capital to Risk - Weighted Assets | |||||||||||||||||||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||||||||||||||||||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||||||||||||||||||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||||||||||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) | Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Corporation: | Renasant Corporation: | Renasant Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,394,401 | 10.19 | % | $ | 889,836 | 6.50 | % | $ | 958,285 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,449,367 | 10.46 | % | $ | 900,405 | 6.50 | % | $ | 969,667 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,503,086 | 10.98 | % | 1,095,183 | 8.00 | % | 1,163,632 | 8.50 | % | Tier 1 risk-based capital ratio | 1,558,521 | 11.25 | 1,108,191 | 8.00 | 1,177,453 | 8.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 2,009,552 | 14.68 | % | 1,368,979 | 10.00 | % | 1,437,428 | 10.50 | % | Total risk-based capital ratio | 2,065,992 | 14.91 | 1,385,238 | 10.00 | 1,454,500 | 10.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,503,086 | 9.18 | % | 818,319 | 5.00 | % | 654,655 | 4.00 | % | Tier 1 leverage ratio | 1,558,521 | 9.48 | 821,665 | 5.00 | 657,332 | 4.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Bank: | Renasant Bank: | Renasant Bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,651,005 | 12.03 | % | $ | 891,753 | 6.50 | % | $ | 960,349 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,698,680 | 12.23 | % | $ | 902,615 | 6.50 | % | $ | 972,047 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,651,005 | 12.03 | % | 1,097,542 | 8.00 | % | 1,166,138 | 8.50 | % | Tier 1 risk-based capital ratio | 1,698,680 | 12.23 | 1,110,911 | 8.00 | 1,180,343 | 8.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,821,367 | 13.28 | % | 1,371,927 | 10.00 | % | 1,440,524 | 10.50 | % | Total risk-based capital ratio | 1,869,600 | 13.46 | 1,388,639 | 10.00 | 1,458,071 | 10.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,651,005 | 10.08 | % | 818,664 | 5.00 | % | 654,931 | 4.00 | % | Tier 1 leverage ratio | 1,698,680 | 10.33 | 821,813 | 5.00 | 657,450 | 4.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Corporation: | Renasant Corporation: | Renasant Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,372,747 | 10.21 | % | $ | 874,093 | 6.50 | % | $ | 941,331 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,372,747 | 10.21 | % | $ | 874,093 | 6.50 | % | $ | 941,331 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,481,197 | 11.01 | % | 1,075,807 | 8.00 | % | 1,143,045 | 8.50 | % | Tier 1 risk-based capital ratio | 1,481,197 | 11.01 | 1,075,807 | 8.00 | 1,143,045 | 8.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,968,001 | 14.63 | % | 1,344,758 | 10.00 | % | 1,411,996 | 10.50 | % | Total risk-based capital ratio | 1,968,001 | 14.63 | 1,344,758 | 10.00 | 1,411,996 | 10.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,481,197 | 9.36 | % | 790,853 | 5.00 | % | 632,683 | 4.00 | % | Tier 1 leverage ratio | 1,481,197 | 9.36 | 790,853 | 5.00 | 632,683 | 4.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Bank: | Renasant Bank: | Renasant Bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,630,389 | 12.10 | % | $ | 876,066 | 6.50 | % | $ | 943,455 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,630,389 | 12.10 | % | $ | 876,066 | 6.50 | % | $ | 943,455 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,630,389 | 12.10 | % | 1,078,235 | 8.00 | % | 1,145,624 | 8.50 | % | Tier 1 risk-based capital ratio | 1,630,389 | 12.10 | 1,078,235 | 8.00 | 1,145,624 | 8.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,781,312 | 13.22 | % | 1,347,794 | 10.00 | % | 1,415,183 | 10.50 | % | Total risk-based capital ratio | 1,781,312 | 13.22 | 1,347,794 | 10.00 | 1,415,183 | 10.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,630,389 | 10.30 | % | 791,299 | 5.00 | % | 633,040 | 4.00 | % | Tier 1 leverage ratio | 1,630,389 | 10.30 | 791,299 | 5.00 | 633,040 | 4.00 |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans | Maximum Number of Shares or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)(3) | |||||||||||||||||||||||
January 1, 2023 to January 31, 2023 | 26,331 | $ | 37.59 | — | $ | 100,000 | ||||||||||||||||||||
February 1, 2023 to February 28, 2023 | — | — | — | 100,000 | ||||||||||||||||||||||
March 1, 2023 to March 31, 2023 | 45,125 | 31.08 | — | 100,000 | ||||||||||||||||||||||
Total | 71,456 | $ | 33.48 | — |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans | Maximum Number of Shares or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)(3) | |||||||||||||||||||||||
July 1, 2023 to July 31, 2023 | 1,115 | $ | 27.95 | — | $ | 100,000 | ||||||||||||||||||||
August 1, 2023 to August 31, 2023 | 3,107 | 30.93 | — | 100,000 | ||||||||||||||||||||||
September 1, 2023 to September 30, 2023 | — | — | — | 100,000 | ||||||||||||||||||||||
Total | 4,222 | $ | 30.15 | — |
Exhibit Number | Description | |||||||
(3)(i) | ||||||||
(3)(ii) | ||||||||
(3)(iii) | ||||||||
(3)(iv) | ||||||||
(3)(v) | ||||||||
(31)(i) | ||||||||
(31)(ii) | ||||||||
(32)(i) | ||||||||
(32)(ii) | ||||||||
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended | |||||||
(104) | The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended |
RENASANT CORPORATION | ||||||||
(Registrant) | ||||||||
Date: | /s/ C. Mitchell Waycaster | |||||||
C. Mitchell Waycaster | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | /s/ James C. Mabry IV | |||||||
James C. Mabry IV | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |