Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001430723 | ||
Entity Registrant Name | ServisFirst Bancshares, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-36452 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-0734029 | ||
Entity Address, Address Line One | 2500 Woodcrest Place | ||
Entity Address, City or Town | Birmingham | ||
Entity Address, State or Province | AL | ||
Entity Address, Postal Zip Code | 35209 | ||
City Area Code | 205 | ||
Local Phone Number | 949-0302 | ||
Title of 12(b) Security | Common stock, par value $.001 per share | ||
Trading Symbol | SFBS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,062,850,000 | ||
Entity Common Stock, Shares Outstanding | 54,489,090 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Location | Tampa, Florida | ||
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Cash and due from banks | $ 123,430 | $ 106,317 | [1] |
Interest-bearing balances due from depository institutions | 1,907,083 | 708,221 | [1] |
Federal funds sold | 100,575 | 1,515 | [1] |
Cash and cash equivalents | 2,131,088 | 816,053 | [1] |
Available-for-sale debt securities, at fair value | 900,183 | 644,815 | [1] |
Held-to-maturity debt securities (fair value of $907,191 and $935,953, respectively) | 982,664 | 1,034,121 | [1] |
Restricted equity securities | 10,226 | 7,734 | [1] |
Mortgage loans held for sale | 5,074 | 1,607 | [1] |
Loans | 11,658,829 | 11,687,968 | [1] |
Less allowance for credit losses | (153,317) | (146,297) | [1] |
Net Loans | 11,505,512 | 11,541,671 | [1] |
Premises and equipment, net | 59,324 | 59,850 | [1] |
Accrued interest and dividends receivable | 59,181 | 48,422 | [1] |
Deferred tax asset, net | 62,918 | 60,448 | [1] |
Other real estate owned and repossessed assets | 995 | 248 | [1] |
Bank owned life insurance contracts | 292,759 | 287,752 | [1] |
Goodwill | 13,615 | 13,615 | |
Other assets | 106,129 | 79,417 | [1] |
Total assets | 16,129,668 | 14,595,753 | [1] |
Liabilities: | |||
Noninterest-bearing demand | 2,643,101 | 3,321,347 | |
Interest-bearing | 10,630,410 | 8,225,458 | [1] |
Deposits, Total | 13,273,511 | 11,546,805 | [1] |
Federal funds purchased | 1,256,724 | 1,618,798 | [1] |
Other borrowings | 64,735 | 64,726 | [1] |
Accrued interest and dividends payable | 27,545 | 18,615 | |
Other liabilities | 66,748 | 48,913 | [1] |
Total liabilities | 14,689,263 | 13,297,857 | [1] |
Stockholders' equity: | |||
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2023 and December 31, 2022 | 0 | 0 | [1] |
Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,461,580 shares issued and outstanding at December 31, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022 | 54 | 54 | [1] |
Additional paid-in capital | 232,605 | 229,693 | [1] |
Retained earnings | 1,254,841 | 1,109,902 | [1] |
Accumulated other comprehensive loss | (47,595) | (42,253) | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 1,439,905 | 1,297,396 | [1] |
Noncontrolling interest | 500 | 500 | [1] |
Total stockholders' equity | 1,440,405 | 1,297,896 | [1] |
Total liabilities and stockholders' equity | $ 16,129,668 | $ 14,595,753 | [1] |
[1]derived from audited financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Held to maturity debt securities, fair value | $ 907,191 | $ 935,953 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | [1] |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | [1] |
Preferred stock, undesignated (in shares) | 1,000,000 | 1,000,000 | [1] |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | [1] |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | [1] |
Common stock, shares issued (in shares) | 54,461,580 | 54,326,527 | [1] |
Common stock, shares outstanding (in shares) | 54,461,580 | 54,326,527 | [1] |
[1]derived from audited financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 699,101 | $ 499,691 | $ 385,721 |
Taxable securities | 53,499 | 40,722 | 25,413 |
Nontaxable securities | 65 | 137 | 302 |
Federal funds sold | 2,844 | 1,556 | 29 |
Other interest and dividends | 57,737 | 17,209 | 4,840 |
Total interest income | 813,246 | 559,315 | 416,305 |
Interest expense: | |||
Deposits | 331,740 | 59,396 | 26,569 |
Borrowed funds | 70,569 | 29,027 | 5,233 |
Total interest expense | 402,309 | 88,423 | 31,802 |
Net interest income | 410,937 | 470,892 | 384,503 |
Provision for credit losses | 18,715 | 37,607 | 31,517 |
Net interest income after provision for credit losses | 392,222 | 433,285 | 352,986 |
Noninterest income | |||
Securities (losses) gains | 0 | (6,168) | 620 |
Increase in cash surrender value life insurance | 7,574 | 6,478 | 6,642 |
Other operating income | 3,037 | 12,661 | 4,664 |
Total noninterest income | 30,417 | 33,359 | 33,452 |
Noninterest expenses: | |||
Salaries and employee benefits | 80,965 | 77,952 | 67,728 |
Equipment and occupancy expense | 14,295 | 12,319 | 11,404 |
Third party processing and other services | 27,872 | 27,333 | 16,362 |
Professional services | 5,916 | 4,277 | 3,891 |
FDIC and other regulatory assessments | 15,614 | 4,565 | 5,679 |
Other real estate owned expense | 47 | 295 | 868 |
Other operating expenses | 33,342 | 31,075 | 27,157 |
Total noninterest expenses | 178,051 | 157,816 | 133,089 |
Income before income taxes | 244,588 | 308,828 | 253,349 |
Provision for income taxes | 37,735 | 57,324 | 45,615 |
Net income | 206,853 | 251,504 | 207,734 |
Dividends on preferred stock | 62 | 62 | 62 |
Net income available to common stockholders | $ 206,791 | $ 251,442 | $ 207,672 |
Basic earnings per common share (in dollars per share) | $ 3.8 | $ 4.63 | $ 3.83 |
Diluted earnings per common share (in dollars per share) | $ 3.79 | $ 4.61 | $ 3.82 |
Deposit Account [Member] | |||
Noninterest income | |||
Noninterest income | $ 8,420 | $ 8,033 | $ 6,839 |
Mortgage Banking [Member] | |||
Noninterest income | |||
Noninterest income | 2,755 | 2,438 | 7,340 |
Credit Card [Member] | |||
Noninterest income | |||
Noninterest income | $ 8,631 | $ 9,917 | $ 7,347 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 206,853 | $ 251,504 | $ 207,734 |
Other comprehensive loss, net of tax: | |||
Unrealized net holding losses arising during period from securities available for sale, net of tax of $(1,593), $(19,336), and $(2,705) for 2023, 2022, and 2021, respectively | (4,754) | (59,768) | (10,181) |
Amortization of net unrealized (losses) on securities transferred from available-for-sale to held-to-maturity, net of tax of $(197), $(375), and $(319) for 2023, 2022, and 2021 respectively | (588) | (1,414) | (1,196) |
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity net of tax of $1,480 for 2021 | 0 | 0 | 5,705 |
Reclassification adjustment for net losses (gains) on call and sale of securities, net of tax of $1,295 and $(130), for 2022 and 2021, respectively | 0 | 4,873 | (490) |
Other comprehensive loss, net of tax | (5,342) | (56,309) | (6,162) |
Comprehensive income | $ 201,511 | $ 195,195 | $ 201,572 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrealized holding gain (loss) from available for sale securities, tax | $ (1,593) | $ (19,336) | $ (2,705) |
Amortization of net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity, tax | $ (197) | (375) | (319) |
Reclassification adjustment of net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity, tax | 1,480 | ||
Reclassification adjustment for net (gains) losses on sale of securities available-for-sale, tax | $ 1,295 | $ (130) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 53,943,751 | |||||||
Balance at Dec. 31, 2020 | $ 54 | $ 0 | $ 223,856 | $ 748,224 | $ 20,218 | $ 500 | $ 992,852 | |
Common dividends paid | 0 | 0 | 0 | (32,520) | 0 | 0 | (32,520) | |
Common dividends declared | 0 | 0 | 0 | (12,472) | 0 | 0 | (12,472) | |
Preferred dividends paid | 0 | 0 | 0 | (62) | 0 | 0 | (62) | |
Dividends on nonvested restricted stock recognized as compensation expense | $ 0 | 0 | 0 | 104 | 0 | 0 | 104 | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 57,570 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 225,739 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 3,534 | 0 | 0 | 0 | 3,534 | |
Shares of common stock withheld in net settlement upon exercise of stock options | (2,848) | 0 | 0 | 0 | (2,848) | |||
Stock-based compensation expense | 0 | 0 | 1,855 | 0 | 0 | 0 | 1,855 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (6,162) | 0 | (6,162) | |
Net income | 0 | 0 | 0 | 207,734 | 0 | 207,734 | ||
Net income attributable to noncontrolling interest | 0 | |||||||
Profit loss | 207,734 | |||||||
Stock-based compensation expense | $ 0 | 0 | 1,855 | 0 | 0 | 0 | 1,855 | |
Balance (in shares) at Dec. 31, 2021 | 54,227,060 | |||||||
Balance at Dec. 31, 2021 | $ 54 | 0 | 226,397 | 911,008 | 14,056 | 500 | 1,152,015 | |
Common dividends paid | 0 | 0 | 0 | (37,470) | 0 | 0 | (37,470) | |
Common dividends declared | 0 | 0 | 0 | (15,211) | 0 | 0 | (15,211) | |
Preferred dividends paid | 0 | 0 | 0 | (62) | 0 | 0 | (62) | |
Dividends on nonvested restricted stock recognized as compensation expense | $ 0 | 0 | 0 | 133 | 0 | 0 | 133 | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 42,765 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 56,702 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 1,232 | 0 | 0 | 0 | 1,232 | |
Shares of common stock withheld in net settlement upon exercise of stock options | (1,143) | 0 | 0 | 0 | (1,143) | |||
Stock-based compensation expense | 0 | 0 | 3,207 | 0 | 0 | 0 | 3,207 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (56,309) | 0 | (56,309) | |
Net income | 0 | 0 | 0 | 251,504 | 0 | 251,504 | ||
Net income attributable to noncontrolling interest | 0 | |||||||
Profit loss | 251,504 | |||||||
Stock-based compensation expense | $ 0 | 0 | 3,207 | 0 | 0 | 0 | 3,207 | |
Balance (in shares) at Dec. 31, 2022 | 54,326,527 | |||||||
Balance at Dec. 31, 2022 | $ 54 | 0 | 229,693 | 1,109,902 | (42,253) | 500 | 1,297,896 | [1] |
Common dividends paid | 0 | 0 | 0 | (45,711) | 0 | 0 | (45,711) | |
Common dividends declared | 0 | 0 | 0 | (16,338) | 0 | 0 | (16,338) | |
Preferred dividends paid | 0 | 0 | 0 | (62) | 0 | 0 | (62) | |
Dividends on nonvested restricted stock recognized as compensation expense | $ 0 | 0 | 0 | 197 | 0 | 0 | 197 | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 51,881 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 83,172 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 1,287 | 0 | 0 | 0 | 1,287 | |
Shares of common stock withheld in net settlement upon exercise of stock options | (1,975) | 0 | 0 | 0 | (1,975) | |||
Stock-based compensation expense | 0 | 0 | 3,600 | 0 | 0 | 0 | 3,600 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (5,342) | 0 | (5,342) | |
Net income | 0 | 0 | 0 | 206,853 | 0 | 206,853 | ||
Net income attributable to noncontrolling interest | 0 | |||||||
Profit loss | 206,853 | |||||||
Stock-based compensation expense | $ 0 | 0 | 3,600 | 0 | 0 | 0 | 3,600 | |
Balance (in shares) at Dec. 31, 2023 | 54,461,580 | |||||||
Balance at Dec. 31, 2023 | $ 54 | $ 0 | $ 232,605 | $ 1,254,841 | $ (47,595) | $ 500 | $ 1,440,405 | |
[1]derived from audited financial statements. |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common dividends, per share (in dollars per share) | $ 0.84 | $ 0.69 | $ 0.6 |
Common dividends, per share declared (in dollars per share) | $ 0.3 | $ 0.28 | $ 0.23 |
Shares withheld in net settlement upon exercise of stock options (in shares) | 29,028 | 13,798 | 52,461 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 206,853 | $ 251,504 | $ 207,734 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred tax benefit | (1,005) | (2,615) | (5,061) |
Provision for credit losses | 18,715 | 37,607 | 31,517 |
Depreciation | 4,436 | 4,100 | 4,118 |
Accretion on acquired loans | 197 | 157 | 43 |
Amortization of core deposit intangible | 0 | 23 | 270 |
Amortization of investments in tax credit partnerships | 14,353 | 11,716 | 6,840 |
Net amortization of debt securities available-for-sale | 49 | 2,581 | 14,665 |
Increase in accrued interest and dividends receivable | (10,759) | (13,591) | 2,010 |
Stock-based compensation expense | 3,600 | 3,207 | 1,855 |
Increase in accrued interest and dividends payable | 8,930 | 4,996 | 1,298 |
Proceeds from sale of mortgage loans held for sale | 127,702 | 50,922 | 234,086 |
Originations of mortgage loans held for sale | (128,414) | (48,977) | (213,435) |
Gain on sale of mortgage loans held for sale | (2,755) | (2,438) | (7,340) |
Loss (gain) on sale of securities available for sale | 0 | 6,168 | (620) |
Net loss (gain) on sale of other real estate owned and repossessed assets | 28 | (501) | 288 |
Write down of other real estate owned and repossessed assets | 0 | 225 | 845 |
Operating losses of tax credit partnerships | 0 | 0 | 4 |
Increase in cash surrender value of life insurance contracts | (7,574) | (6,831) | (6,642) |
Net change in other assets, liabilities, and other operating activities | (37,060) | (25,626) | (6,144) |
Net cash provided by operating activities | 197,296 | 272,627 | 266,331 |
Investing activities | |||
Purchases of debt securities available-for-sale | (1,001,811) | (76,360) | (416,903) |
Proceeds from maturities, calls and paydowns of debt securities available-for-sale | 746,398 | 115,750 | 177,166 |
Proceeds from sale of debt securities available-for-sale | 0 | 75,036 | 5,000 |
Purchases of debt securities held-to-maturity | (48,723) | (648,266) | (290,769) |
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity | 100,180 | 75,311 | 94,797 |
Purchases of restricted equity securities | (46,482) | (423) | (7,311) |
Proceeds from sale of restricted equity securities | 43,990 | 0 | 0 |
Investment in tax credit partnerships and SBIC | (9,303) | (20,277) | (43,912) |
Return of capital from tax credit partnerships and SBIC | 191 | 434 | 0 |
Decrease (increase) in loans | 16,314 | (2,164,114) | (1,072,363) |
Purchases of premises and equipment | (3,910) | (3,650) | (9,449) |
Purchase of bank owned life insurance contracts | 0 | 0 | (45) |
Proceeds from death benefit of bank owned life insurance contracts | 2,566 | 2,153 | 0 |
Proceeds from sale of other real estate owned and repossessed assets | 158 | 2,282 | 2,695 |
Expenditures for other real estate owned | 0 | (93) | 0 |
Net cash used in investing activities | (200,432) | (2,642,217) | (1,561,094) |
Financing activities | |||
Net (decrease) increase in non-interest-bearing deposits | (678,246) | (1,478,420) | 2,010,995 |
Net increase in interest-bearing deposits | 2,404,952 | 572,389 | 466,117 |
Net (decrease) increase in federal funds purchased | (362,074) | (92,979) | 860,232 |
FHLB advances | 300,000 | 0 | 0 |
Repayment of FHLB advances | (300,000) | 0 | 0 |
Proceeds from exercise of stock options | 1,287 | 1,232 | 3,534 |
Taxes paid in net settlement of tax obligation upon exercise of stock options | (1,975) | (1,143) | (2,848) |
Dividends paid on common stock | (45,711) | (37,470) | (32,520) |
Dividends paid on preferred stock | (62) | (62) | (62) |
Net cash provided by (used in) financing activities | 1,318,171 | (1,036,453) | 3,305,448 |
Net change in cash and cash equivalents | 1,315,035 | (3,406,043) | 2,010,685 |
Cash and cash equivalents at beginning of year | 816,053 | 4,222,096 | 2,211,411 |
Cash and cash equivalents at end of year | 2,131,088 | 816,053 | 4,222,096 |
Cash paid/(received) for: | |||
Interest | 393,379 | 83,427 | 30,504 |
Income taxes | 53,991 | 68,665 | 56,651 |
Income tax refund | 0 | (142) | (3) |
NONCASH TRANSACTIONS | |||
Other real estate acquired in settlement of loans | 933 | 1,046 | 2,318 |
Internally financed sale of other real estate owned | 0 | 0 | 3,779 |
Debt securities available for sale transferred to held to maturity | 0 | 0 | 261,026 |
Dividends on nonvested restricted stock reclassified as compensation expense | 197 | 133 | 104 |
Dividends declared | $ 16,338 | $ 15,211 | $ 12,472 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 May 2005. 1, 11. Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no Basis of Presentation and Accounting Estimates To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for credit losses, valuation of deferred tax assets and the fair value of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. Basis of Consolidation The consolidated financial statements include the accounts of the Company and other entities in which it has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions Cash and due from banks include cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one Debt Securities Debt securities are classified based on the Company’s intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from available-for-sale category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income. For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may Restricted Equity Securities Investments in restricted equity securities without a readily determinable market value are carried at cost. Mortgage Loans Held for Sale The Company classifies certain residential mortgage loans as held for sale. Typically, mortgage loans held for sale are sold to a third not In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience an insignificant level of investor repurchase demands. There were no December 31, 2023 2022. Loans Loans are reported at unpaid principal balances, less unearned fees and the allowance for credit losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may six not one The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not 120 not Loan modifications are concessions granted to borrowers in the normal course of business, which would not ACL – Debt Securities Held to Maturity Management uses a systematic methodology to determine its ACL for held-to-maturity debt securities. The ACL is a contra-asset valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, Management’s process for determining expected credit losses may December 31, 2023 2022, Impairment of Debt Securities Available for Sale For available-for-sale debt securities in an unrealized loss position, the Company will first not not Adjustments to the allowance are reported in the income statement as a component of credit loss expense. Debt securities are charged off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by the Company or when either of the aforementioned criteria regarding intent or requirement to sell is met specifically for available-for-sale debt securities. The Company excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on debt securities and does not ACL – Loans The ACL is based on the Company’s evaluation of the loan portfolios, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may may Loans with similar risk characteristics are evaluated in pools and, depending on the nature of each identified pool, the Company utilizes a discounted cash flow (“DCF”), probability of default / loss given default (“PD/LGD”) or remaining life method. The historical loss experience estimate by pool is then adjusted by forecast factors that are quantitatively related to the Company’s historical credit loss experience, such as national unemployment rates and gross domestic product. Losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable period losses are reverted to long term historical averages. The reasonable and supportable period and reversion period are re-evaluated each quarter by the Company and are dependent on the current economic environment among other factors. The estimated credit losses for each loan pool are then adjusted for changes in qualitative factors not Credit losses for loans that no one The Company measures expected credit losses over the contractual term of a loan, adjusted for estimated prepayments. The contractual term excludes expected extensions, renewals and modifications. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums and deferred loan fees and costs. Accrued interest receivable on loans is excluded from the estimate of credit losses. ACL – Unfunded Loan Commitments The ACL is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No Foreclosed Real Estate Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for credit losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets (3 to 39.5 years). Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. Leases The Company leases certain office space and equipment under operating leases. Leases are recognized as a liability to make lease payments and as an asset representing the right to use the asset during the lease term, or “lease liability” and “right-of-use asset,” respectively. The lease liability is measured as the present value of remaining lease payments, discounted at the Company’s incremental borrowing rate. The Company reports its right-of-use assets in other assets and its lease liabilities in other liabilities within the Consolidated Balance Sheets. Certain of the leases include one not not None The Company does not 12 not Bank Owned Life Insurance ( BOLI ) BOLI is comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefit and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash surrender value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. Goodwill The Company has recorded $13.6 million of goodwill at December 31, 2023 2015. not Derivatives and Hedging Activities As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. GAAP requires all derivative instruments to be carried at fair value on the Consolidated Balance Sheets. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. The Company designates the derivative on the date the derivative contract is entered into as a hedge of ( 1 2 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, as necessary, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not 1 no 2 3 4 no 5 no When hedge accounting is discontinued because it is determined that the derivative no no no The Company uses derivatives to hedge interest rate exposures associated with mortgage loan originations. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s rate lock commitments to customers as of December 31, 2023 2022 not not Revenue Recognition The Company records revenue from contracts with customers in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” ) While the majority of the Company’s revenue-generating transactions are excluded from the scope of ASC 606, • Deposit account service charges – represent service fees for monthly activity and maintenance on customer accounts. Attributes can be transaction-based, item-based or time-based. Revenue is recognized when our performance obligation is completed, which is generally monthly for maintenance services or when a transaction is processed. Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Credit card rewards program membership fees – represent memberships in our credit card rewards program and are paid annually by our cardholders at the time they open an account and on each anniversary. Revenue is recognized ratably over the membership period. Other non-interest income primarily includes income on BOLI contracts, letter of credit fees and gains on sale of loans held for sale. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company follows the provisions of ASC 740 10, Income Taxes. 740 10 two first not second not 50% Stock-Based Compensation At December 31, 2023, 718 10, Compensation Stock Compensation Earnings per Common Share Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and performance shares. Loan Commitments and Related Financial Instruments Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered, and accounted for as, financial guarantees. The fair value of these financial guarantees is not Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21. Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive (loss) income, which is recognized as a separate component of equity, includes unrealized gains and losses on available-for-sale debt securities and amortization of unrealized gains and losses on debt securities transferred from available-for-sale to held-to-maturity at the time of transfer. Amounts reported as accumulated comprehensive income are shown net of taxes. Advertising Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2023, 2022 2021 Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2024 . In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants No. 33 10786 No. 33 10835 not In July 2021, 2021 05, Leases (Topic 842 Lessors-Certain Leases with Variable Lease Payments no not 2021 05 January 1, 2022 not In March 2022, 2022 02, Credit Losses (Topic 326 326 20. 326 20 50 6, 2022 02 January 1, 2023 2022 02 not In June 2022, 2022 03, Fair Value Measurement (Topic 820 not not December 15, 2023. In March 2023, 2023 02, Investments-Equity Method and Joint Ventures (Topic 323 2023 02 December 15, 2023, not In November 2023, 2023 07, Segment Reporting Improvements to Reportable Segment Disclosures. 280. December 15, 2023, December 31, 2024. not In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09 January 1, 2025. |
Note 2 - Debt Securities
Note 2 - Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2. DEBT SECURITIES The amortized cost and fair values of available-for-sale and held-to-maturity debt securities at December 31, 2023 2022 Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) December 31, 2023 Debt Securities Available-for-Sale U.S. Treasury Securities $ 340,556 $ 251 $ - $ 340,807 Mortgage-backed securities 241,458 6 (25,979 ) 215,485 State and municipal securities 11,400 1 (1,178 ) 10,223 Corporate debt 375,676 - (42,009 ) 333,667 Total $ 969,090 $ 258 $ (69,166 ) $ 900,183 Debt Securities Held-to-Maturity U.S. Treasury Securities $ 508,985 $ - $ (24,718 ) $ 484,267 Mortgage-backed securities 465,615 3 (50,025 ) 415,593 State and municipal securities 8,063 - (732 ) 7,331 Total $ 982,664 $ 3 $ (75,475 ) $ 907,191 December 31, 2022 Debt Securities Available-for-Sale U.S. Treasury Securities $ 3,002 $ - $ (33 ) $ 2,969 Government Agency Securities 9 - - 9 Mortgage-backed securities 282,480 5 (32,782 ) 249,703 State and municipal securities 15,205 1 (1,597 ) 13,609 Corporate debt 406,680 - (28,155 ) 378,525 Total $ 707,376 $ 6 $ (62,567 ) $ 644,815 Debt Securities Held-to-Maturity U.S. Treasury Securities $ 507,151 $ - $ (36,197 ) $ 470,954 Mortgage-backed securities 518,929 7 (60,960 ) 457,976 State and municipal securities 8,041 - (1,018 ) 7,023 Total $ 1,034,121 $ 7 $ (98,175 ) $ 935,953 All mortgage-backed debt securities are issued by government sponsored enterprises such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The carrying value of debt securities pledged to secure public funds on deposits and for other purposes as required by law as of December 31, 2023 2022 Restricted equity securities is comprised entirely of a restricted investment in Federal Home Loan Bank of Atlanta stock for membership requirement. At December 31, 2023 2022, no 10% The amortized cost and fair value of debt securities as of December 31, 2023 2022 may may December 31, 2023 December 31, 2022 Amortized Cost Market Value Amortized Cost Market Value (In Thousands) Debt securities available-for-sale Due within one year $ 350,400 $ 350,396 $ 24,712 $ 24,432 Due from one to five years 70,016 67,334 58,554 57,092 Due from five to ten years 304,216 264,892 338,630 311,100 Due after ten years 3,000 2,076 3,000 2,488 Mortgage-backed securities 241,458 215,485 282,480 249,703 $ 969,090 $ 900,183 $ 707,376 $ 644,815 Debt securities held-to-maturity Due within one year $ 260,047 $ 257,835 $ 250 $ 250 Due from one to five years 203,481 185,741 386,465 366,095 Due from five to ten years 53,521 48,022 128,477 111,632 Mortgage-backed securities 465,615 415,593 518,929 457,976 $ 982,664 $ 907,191 $ 1,034,121 $ 935,953 The following table identifies the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 12 December 31, 2023 2022. Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) December 31, 2023 Debt Securities available-for-sale Mortgage-backed securities $ (6 ) $ 704 $ (25,973 ) $ 214,393 $ (25,979 ) $ 215,097 State and municipal securities - - (1,178 ) 9,777 (1,178 ) 9,777 Corporate debt (794 ) 15,141 (41,214 ) 311,666 (42,009 ) 326,807 Total $ (801 ) $ 15,845 $ (68,365 ) $ 535,836 $ (69,166 ) $ 551,681 Debt Securities held-to-maturity U.S. Treasury Securities $ - $ - $ (24,718 ) $ 484,267 $ (24,718 ) $ 484,267 Mortgage-backed securities (1 ) 430 (50,024 ) 411,585 (50,025 ) 412,015 State and municipal securities - - (732 ) 7,081 (732 ) 7,081 Total $ (1 ) $ 430 $ (75,474 ) $ 902,933 $ (75,475 ) $ 903,363 December 31, 2022 Debt Securities available-for-sale U.S. Treasury Securities $ (33 ) $ 2,969 $ - $ - $ (33 ) $ 2,969 Government Agency Securities - 9 - - - 9 Mortgage-backed securities $ (3,473 ) $ 60,234 $ (29,309 ) $ 189,109 $ (32,782 ) $ 249,343 State and municipal securities (186 ) 5,283 (1,411 ) 7,880 (1,597 ) 13,163 Corporate debt (18,566 ) 304,254 (9,589 ) 63,411 (28,155 ) 367,666 Total $ (22,258 ) $ 372,749 $ (40,309 ) $ 260,400 $ (62,567 ) $ 633,149 U.S. Treasury Securities $ (12,662 ) $ 295,383 $ (23,537 ) $ 175,570 $ (36,197 ) $ 470,953 Mortgage-backed securities (31,367 ) 278,746 (29,592 ) 174,842 (60,960 ) 453,588 State and municipal securities (544 ) 4,443 (474 ) 2,330 (1,018 ) 6,773 Total $ (44,573 ) $ 578,572 $ (53,603 ) $ 352,742 $ (98,175 ) $ 931,314 At December 31, 2023 2022, not not not not may not not December 31, 2023 2022, no zero not December 31, 2023 2022. December 31, 2023 not The following table summarizes information about sales and calls of debt securities. Years Ended December 31, 2023 2022 2021 (In Thousands) Sale and call proceeds $ - $ 75,036 $ 6,272 Gross realized gains $ - $ - $ 620 Gross realized losses - (6,168 ) - Net realized (loss) gain $ - $ (6,168 ) $ 620 |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3. LOANS The loan portfolio is classified based on the underlying collateral utilized to secure each loan for financial reporting purposes. This classification is consistent with the Quarterly Report of Condition and Income filed by ServisFirst Bank with the Federal Deposit Insurance Corporation (“FDIC”). Commercial, financial and agricultural Real estate construction Owner-occupied commercial real estate mortgage 1 4 Other real estate mortgage Consumer not The composition of loans at December 31, 2023 2022 December 31, 2023 2022 (In Thousands) Commercial, financial and agricultural $ 2,823,986 $ 3,145,317 Real estate - construction 1,519,619 1,532,388 Real estate - mortgage: Owner-occupied commercial 2,257,163 2,199,280 1-4 family mortgage 1,249,938 1,146,831 Other mortgage 3,744,346 3,597,750 Total real estate - mortgage 7,251,447 6,943,861 Consumer 63,777 66,402 Total Loans 11,658,829 11,687,968 Less: Allowance for credit losses (153,317 ) (146,297 ) Net Loans $ 11,505,512 $ 11,541,671 Changes in the ACL during the years ended December 31, 2023, 2022 2021 Years Ended December 31, 2023 2022 2021 (In Thousands) Balance, beginning of year $ 146,297 $ 116,660 $ 87,942 Loans charged off (14,581 ) (10,137 ) (4,114 ) Recoveries 2,886 2,167 1,315 Provision for credit losses 18,715 37,607 31,517 Balance, end of year $ 153,317 $ 146,297 $ 116,660 GAAP requires a CECL methodology for estimating all expected losses over the life of a financial asset. Under the CECL methodology, the ACL is measured on a collective basis for pools of loans with similar risk characteristics. For loans that do not not The Company uses the discounted cash flow (“DCF”) method to estimate ACL for all loan pools except for commercial and industrial (“C&I”) revolving lines of credit and credit cards. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment rate and gross domestic product (“GDP”) as loss drivers. Consistent forecasts of the loss drivers are used across the loan segments. At December 31, 2023 2022, twelve six December 31, 2023, December 31, 2022. The Company uses a loss-rate method to estimate expected credit losses for its C&I revolving lines of credit and a remaining life methodology on credit card pools. The C&I revolving lines of credit pool incorporates a probability of default (“PD”) and loss given default (“LGD”) modeling approach. This approach involves estimating the pool average life and then using historical correlations of default and loss experience over time to calculate the lifetime PD and LGD. These two Each loan pool is adjusted for qualitative factors not Inherent risks in the loan portfolio will differ based on type of loan. Specific risk characteristics by loan portfolio segment are listed below: Commercial and industrial loans may may Real estate construction loans Real estate mortgage loans may Consumer loans Changes in the allowance for credit losses, segregated by loan type, during the years ended December 31, 2023 2022, Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Twelve Months Ended December 31, 2023 Allowance for credit losses: Balance at December 31, 2022 $ 42,830 $ 42,889 $ 58,652 $ 1,926 $ 146,297 Charge-offs (13,229 ) (108 ) (171 ) (1,073 ) (14,581 ) Recoveries 2,796 3 2 85 2,886 Provision 19,720 1,874 (3,355 ) 476 18,715 Balance at December 31, 2023 $ 52,117 $ 44,658 $ 55,128 $ 1,414 $ 153,317 Twelve Months Ended December 31, 2022 Allowance for credit losses: Balance at December 31, 2021 $ 41,869 $ 26,994 $ 45,829 $ 1,968 $ 116,660 Charge-offs (9,256 ) - (221 ) (660 ) (10,137 ) Recoveries 2,012 - - 155 2,167 Provision 8,205 15,895 13,044 463 37,607 Balance at December 31, 2022 $ 42,830 $ 42,889 $ 58,652 $ 1,926 $ 146,297 Twelve Months Ended December 31, 2021 Allowance for credit losses: Balance at December 31, 2020 $ 36,370 $ 16,057 $ 33,722 $ 1,793 $ 87,942 Charge-offs (3,453 ) (14 ) (279 ) (368 ) (4,114 ) Recoveries 1,135 52 85 43 1,315 Provision 7,817 10,899 12,301 500 31,517 Balance at December 31, 2021 $ 41,869 $ 26,994 $ 45,829 $ 1,968 $ 116,660 We maintain an ACL for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a drawdown on the commitment. The ACL on unfunded loan commitments is classified as a liability account on the Consolidated Balance Sheets within other liabilities, while the corresponding provision for these credit losses is recorded as a component of other expense. The allowance for credit losses on unfunded commitments was $575,000 at both December 31, 2023 2022. December 31, 2023 December 31, 2022 December 31, 2021. The credit quality of the loan portfolio is determined no ● Pass – loans that are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. ● Special Mention – loans with potential weakness that may, not not not ● Substandard – loans that exhibit well-defined weakness or weaknesses that presently jeopardize debt repayment. These loans are characterized by the distinct possibility that the Company will sustain some loss if the weaknesses are not ● Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. The tables below presents loan balances classified by credit quality indicator, loan type and based on year of origination as of December 31, 2023 2022: December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving lines of credit converted to term loans Total (In Thousands) Commercial, financial, and agricultural Pass $ 341,335 $ 455,281 $ 354,034 $ 162,543 $ 100,032 $ 151,527 $ 1,161,324 $ 491 $ 2,726,567 Special Mention 4,275 1,982 5,105 5,765 1,320 3,549 21,769 7 43,772 Substandard - accruing 1,410 - 2,830 368 9,501 27,962 4,360 - 46,431 Substandard -Non-accrual - 2 767 206 - 3,336 2,905 - 7,216 Total Commercial, financial and agricultural $ 347,020 $ 457,265 $ 362,736 $ 168,882 $ 110,853 $ 186,374 $ 1,190,358 $ 498 $ 2,823,986 Current-period gross writeoffs $ 1,213 $ 4,690 $ 2,531 $ 779 $ 4 $ 2,014 $ 1,998 $ - $ 13,229 Real estate - construction Pass $ 216,745 $ 874,903 $ 283,012 $ 49,668 $ 4,866 $ 16,558 $ 72,156 $ - $ 1,517,908 Special Mention 589 - - - - - - - 589 Substandard - accruing - 33 - - - 978 - - 1,011 Substandard -Non-accrual - - - - - - - 111 111 Total Real estate - construction $ 217,334 $ 874,936 $ 283,012 $ 49,668 $ 4,866 $ 17,536 $ 72,156 $ 111 $ 1,519,619 Current-period gross write-offs $ - $ - $ 19 $ - $ - $ - $ - $ 89 $ 108 Owner-occupied commercial Pass $ 148,915 $ 478,364 $ 517,667 $ 300,978 $ 181,864 $ 512,752 $ 64,170 $ 844 $ 2,205,554 Special Mention 5,369 1,411 7,705 8,317 8,530 7,539 - - 38,871 Substandard - accruing 1,358 - - - - 4,292 - - 5,650 Substandard -Non-accrual - - - - 2,329 4,759 - - 7,088 Total Owner-occupied commercial $ 155,642 $ 479,775 $ 525,372 $ 309,295 $ 190,394 $ 524,583 $ 64,170 $ 844 $ 2,257,163 Current-period gross write-offs $ - $ - $ - $ - $ 117 $ - $ - $ - $ 117 1-4 family mortgage Pass $ 166,927 $ 376,964 $ 228,183 $ 75,104 $ 40,697 $ 61,046 $ 286,066 $ - $ 1,234,987 Special Mention 574 721 2,504 1,009 3,865 439 727 - 9,839 Substandard - accruing - - - - - 425 261 - 686 Substandard -Non-accrual 155 380 741 572 877 901 800 - 4,426 Total 1-4 family mortgage $ 167,656 $ 378,065 $ 231,428 $ 76,685 $ 45,439 $ 62,811 $ 287,854 $ - $ 1,249,938 Current-period gross write-offs $ - $ 40 $ - $ - $ - $ 14 $ - $ - $ 54 Other mortgage Pass $ 162,418 $ 1,119,609 $ 1,106,055 $ 448,781 $ 249,059 $ 540,325 $ 100,516 $ 247 $ 3,727,010 Special Mention - - - - - - 850 - 850 Substandard - accruing - 4,975 - - - 11,005 - - 15,980 Substandard -Non-accrual - - - - 130 376 - - 506 Total Other mortgage $ 162,418 $ 1,124,584 $ 1,106,055 $ 448,781 $ 249,189 $ 551,706 $ 101,366 $ 247 $ 3,744,346 Current-period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 22,227 $ 3,890 $ 4,542 $ 1,794 $ 1,295 $ 2,687 $ 27,342 $ - $ 63,777 Special Mention - - - - - - - - - Substandard - accruing - - - - - - - - - Substandard -Non-accrual - - - - - - - - - Total Consumer $ 22,227 $ 3,890 $ 4,542 $ 1,794 $ 1,295 $ 2,687 $ 27,342 $ - $ 63,777 Current-period gross write-offs $ - $ - $ - $ - $ 4 $ 49 $ 1,020 $ - $ 1,073 Total Loans Pass $ 1,058,567 $ 3,309,011 $ 2,493,493 $ 1,038,868 $ 577,813 $ 1,284,895 $ 1,711,574 $ 1,582 $ 11,475,803 Special Mention 10,807 4,114 15,314 15,091 13,715 11,527 23,346 7 93,921 Substandard - accruing 2,768 5,009 2,830 368 9,501 44,662 4,621 - 69,758 Substandard -Non-accrual 155 382 1,508 778 3,336 9,372 3,705 111 19,347 Total Loans $ 1,072,297 $ 3,318,515 $ 2,513,145 $ 1,055,105 $ 604,365 $ 1,350,456 $ 1,743,246 $ 1,700 $ 11,658,829 Current-period gross write-offs $ 1,213 $ 4,730 $ 2,550 $ 779 $ 125 $ 2,077 $ 3,018 $ 89 $ 14,581 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Commercial, financial and agricultural Pass $ 691,817 $ 502,648 $ 223,096 $ 144,587 $ 78,477 $ 134,893 $ 1,267,333 $ 3,042,851 Special Mention 6,906 3,737 1,101 1,748 570 898 29,516 44,476 Substandard 200 - 379 9,501 16,329 16,595 14,986 57,990 Doubtful - - - - - - - - Total Commercial, financial - - - - - - - - and agricultural $ 698,923 $ 506,385 $ 224,576 $ 155,836 $ 95,376 $ 152,386 $ 1,311,835 $ 3,145,317 Real estate - construction Pass $ 618,578 $ 638,126 $ 156,834 $ 15,197 $ 12,063 $ 14,847 $ 72,172 $ 1,527,817 Special Mention 2,500 - - - - 873 - 3,373 Substandard - - - - 1,198 - - 1,198 Doubtful - - - - - - - - Total Real estate - construction $ 621,078 $ 638,126 $ 156,834 $ 15,197 $ 13,261 $ 15,720 $ 72,172 $ 1,532,388 Owner-occupied commercial Pass $ 424,321 $ 496,298 $ 352,375 $ 199,987 $ 157,204 $ 477,926 $ 64,152 $ 2,172,263 Special Mention 2,362 - - 2,723 4,682 6,917 1,687 18,371 Substandard - - - 73 - 8,573 - 8,646 Doubtful - - - - - - - - Total Owner-occupied commercial $ 426,683 $ 496,298 $ 352,375 $ 202,783 $ 161,886 $ 493,416 $ 65,839 $ 2,199,280 1-4 family mortgage Pass $ 388,778 $ 273,515 $ 93,272 $ 52,209 $ 28,999 $ 57,512 $ 243,302 $ 1,137,587 Special Mention 315 445 816 375 294 881 2,854 5,980 Substandard - 279 404 648 346 1,224 363 3,264 Doubtful - - - - - - - - Total 1-4 family mortgage $ 389,093 $ 274,239 $ 94,492 $ 53,232 $ 29,639 $ 59,617 $ 246,519 $ 1,146,831 Other mortgage Pass $ 1,027,747 $ 976,208 $ 517,392 $ 380,104 $ 130,228 $ 470,699 $ 75,669 $ 3,578,047 Special Mention 231 - - - - 7,161 - 7,392 Substandard - - - 130 4,569 7,612 - 12,311 Doubtful - - - - - - - - Total Other mortgage $ 1,027,978 $ 976,208 $ 517,392 $ 380,234 $ 134,797 $ 485,472 $ 75,669 $ 3,597,750 Consumer Pass $ 21,132 $ 5,845 $ 4,203 $ 1,759 $ 440 $ 2,988 $ 30,021 $ 66,388 Special Mention - - - - - 14 - 14 Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 21,132 $ 5,845 $ 4,203 $ 1,759 $ 440 $ 3,002 $ 30,021 $ 66,402 Total Loans Pass $ 3,172,373 $ 2,892,640 $ 1,347,172 $ 793,843 $ 407,411 $ 1,158,865 $ 1,752,649 $ 11,524,953 Special Mention 12,314 4,182 1,917 4,846 5,546 16,744 34,057 79,606 Substandard 200 279 783 10,352 22,442 34,004 15,349 83,409 Doubtful - - - - - - - - Total Loans $ 3,184,887 $ 2,897,101 $ 1,349,872 $ 809,041 $ 435,399 $ 1,209,613 $ 1,802,055 $ 11,687,968 Nonperforming loans include nonaccrual loans and loans 90 December 31, 2023 2022 December 31, 2023 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,816,599 $ 7,387 $ 2,823,986 Real estate - construction 1,519,508 111 1,519,619 Real estate - mortgage: Owner-occupied commercial 2,250,074 7,089 2,257,163 1-4 family mortgage 1,243,603 6,335 1,249,938 Other mortgage 3,743,840 506 3,744,346 Total real estate - mortgage 7,237,517 13,930 7,251,447 Consumer 63,672 105 63,777 Total $ 11,637,296 $ 21,533 $ 11,658,829 December 31, 2022 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,138,014 $ 7,303 $ 3,145,317 Real estate - construction 1,532,388 - 1,532,388 Real estate - mortgage: Owner-occupied commercial 2,195,968 3,312 2,199,280 1-4 family mortgage 1,144,713 2,118 1,146,831 Other mortgage 3,592,732 5,018 3,597,750 Total real estate - mortgage 6,933,413 10,448 6,943,861 Consumer 66,312 90 66,402 Total $ 11,670,127 $ 17,841 $ 11,687,968 Loans by past due status as of December 31, 2023 2022 December 31, 2023 Past Due Status (Accruing Loans) Total Past Total Nonaccrual 30-59 Days 60-89 Days 90+ Days Due Nonaccrual Current Total Loans With No ACL (In Thousands) Commercial, financial and agricultural $ 3,418 $ 3,718 $ 170 $ 7,306 $ 7,217 $ 2,809,463 $ 2,823,986 $ 5,028 Real estate - construction - 34 - 34 111 1,519,474 1,519,619 - Real estate - mortgage: Owner-occupied commercial - - - - 7,089 2,250,074 2,257,163 7,089 1-4 family mortgage 540 4,920 1,909 7,369 4,426 1,238,143 1,249,938 1,224 Other mortgage 676 10,703 - 11,379 506 3,732,461 3,744,346 506 Total real estate - mortgage 1,216 15,623 1,909 18,748 12,021 7,220,678 7,251,447 8,819 Consumer 58 31 105 194 - 63,583 63,777 - Total $ 4,692 $ 19,406 $ 2,184 $ 26,282 $ 19,349 $ 11,613,198 $ 11,658,829 $ 13,847 December 31, 2022 Past Due Status (Accruing Loans) Total Past Total Nonaccrual 30-59 Days 60-89 Days 90+ Days Due Nonaccrual Current Total Loans With No ACL (In Thousands) Commercial, financial and agricultural $ 1,075 $ 409 $ 195 $ 1,679 $ 7,108 $ 3,136,530 3,145,317 $ 3,238 Real estate - construction - 711 - 711 - 1,531,677 1,532,388 - Real estate - mortgage: Owner-occupied commercial 83 452 - 535 3,312 2,195,433 2,199,280 57 1-4 family mortgage 405 580 594 1,579 1,524 1,143,728 1,146,831 491 Other mortgage 231 - 4,512 4,743 506 3,592,501 3,597,750 - Total real estate - mortgage 719 1,032 5,106 6,857 5,342 6,931,662 6,943,861 548 Consumer 174 128 90 392 - 66,010 66,402 621 Total $ 1,968 $ 2,280 $ 5,391 $ 9,639 $ 12,450 $ 11,665,879 11,687,968 $ 4,407 There was no interest earned on nonaccrual loans for the years ended December 31, 2023 2022. Loans that no Accounts ACL December 31, 2023 Real Estate Receivable Equipment Other Total Allocation (In Thousands) Commercial, financial and agricultural $ 20,266 $ 7,240 $ 2,126 $ 24,016 $ 53,648 $ 16,189 Real estate - construction 145 - - 978 1,123 1 Real estate - mortgage: Owner-occupied commercial 12,038 - - 698 12,736 475 1-4 family mortgage 15,694 - - - 15,694 1,058 Other mortgage 5,862 - - - 5,862 603 Total real estate - mortgage 33,594 - - 698 34,292 2,136 Total $ 54,005 $ 7,240 $ 2,126 $ 25,692 $ 89,063 $ 18,326 Accounts ACL December 31, 2022 Real Estate Receivable Equipment Other Total Allocation (In Thousands) Commercial, financial and agricultural $ 20,061 $ 12,092 $ 837 $ 24,998 $ 57,988 $ 9,910 Real estate - construction - - - 1,198 1,198 7 Real estate - mortgage: Owner-occupied commercial 8,573 - - 74 8,647 154 1-4 family mortgage 3,260 - - - 3,260 316 Other mortgage 12,311 - - - 12,311 - Total real estate - mortgage 24,144 - - 74 24,218 470 Total $ 44,205 $ 12,092 $ 837 $ 26,270 $ 83,404 $ 10,387 On March 22, 2020, may 19. 4013 March 1, 2020 December 31, 2020 60 19 April 2020 4013 December 27, 2020, 2021, 4013 January 1, 2022 60 19 19 not 180 The Bank adopted ASU 2022 02, Financial Instruments - Credit Losses (Topic 326 January 1, 2023. 2022 02 The table below details the amortized cost basis at the end of the reporting period for loans made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2023: Year Ended December 31, 2023 Payment Deferral Term and Term Percentage of Extensions Extensions Total Total Loans (In Thousands) Commercial, financial and agricultural $ 28,363 $ - $ 28,363 0.24 % Owner-occupied commercial 3,021 - 3,021 0.03 % Other mortgage 10,932 303 11,234 0.10 % Total $ 42,315 $ 303 $ 42,618 0.37 % The following table summarizes the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the twelve December 31, 2023: Twelve Months Ended December 31, 2023 Total Payment Term Extensions Deferral (In months) (In Thousands) Commercial, financial and agricultural 1 to 65 - Owner-occupied commercial 3 to 60 49 Other mortgage 3 to 36 59 TDRs at December 31, 2022 Year Ended December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 3 $ 444 $ 444 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage - - - Other mortgage - - - Total real estate - mortgage - - - Consumer - - - 3 $ 444 $ 444 There were no loans that were modified in the previous twelve twelve December 31, 2023. 90 In the ordinary course of business, the Company has granted loans to certain related parties, including directors, and their affiliates. The interest rates on these loans were substantially the same as rates prevailing at the time of the transaction and repayment terms are customary for the type of loan. Changes in related party loans for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 (In Thousands) Balance, beginning of year $ 52,608 $ 51,180 Advances 67,106 103,513 Repayments (79,883 ) (102,085 ) Balance, end of year $ 39,831 $ 52,608 |
Note 4 - Foreclosed Properties
Note 4 - Foreclosed Properties | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | NOTE 4. FORECLOSED PROPERTIES Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property. An analysis of foreclosed properties for the years ended December 31, 2023, 2022 2021 2023 2022 2021 (In Thousands) Balance at beginning of year $ 248 $ 1,208 $ 6,497 Transfers from loans and capitalized expenses 933 1,046 2,318 Foreclosed properties sold (158 ) (2,282 ) (6,474 ) Write downs and partial liquidations (28 ) 276 (1,133 ) Balance at end of year $ 995 $ 248 $ 1,208 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2023 2022 (In Thousands) Land $ 5,809 $ 5,809 Building 37,578 38,319 Furniture and equipment 34,976 32,454 Leasehold improvements 16,512 13,773 Construction in progress 1,300 1,933 Total premises and equipment, cost 96,175 92,288 Accumulated depreciation (36,851 ) (32,438 ) Total premises and equipment, net $ 59,324 $ 59,850 The provisions for depreciation charged to occupancy and equipment expense for the years ended December 31, 2023, 2022 2021 $4.1million, |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6. LEASES The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheets. Supplemental balance sheet information related to operating leases is as follows: December 31, 2023 December 31, 2022 Right-of-use assets $ 26,451 $ 18,816 Lease liabilities $ 27,435 $ 19,614 Weighted average remaining lease term 8.2 6.6 Weighted average discount rate 3.67 % 2.81 % Lease costs during the years ended December 31, 2023 2022 2023 2022 Operating lease cost $ 5,202 $ 4,379 Short-term lease cost - 68 Variable lease cost 803 610 Sublease income (21 ) (40 ) Net lease cost $ 5,984 $ 5,017 The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2023: (In Thousands) 2024 $ 5,208 2025 4,930 2026 4,105 2027 3,536 2028 2,683 Thereafter 11,899 Total lease payments $ 32,361 Less: imputed interest (4,926 ) Present value of operating lease liabilities $ 27,435 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disclosure of Variable Interest Entities [Text Block] | NOTE 7. VARIABLE INTEREST ENTITIES ( VIEs ) The Company utilizes special purpose entities (“SPEs”) that constitute investments in limited partnerships that undertake certain development projects to achieve federal and state tax credits. These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that has both power over governance and absorbs the majority of the economic risks and rewards of the VIE. To determine whether it must consolidate a VIE, the Company analyzes the design of the VIE to identify the sources of variability within the VIE, including an assessment of the nature of risks created by the assets and other contractual obligations of the VIE, and determines whether it will absorb a majority of that variability and, if so, whether it has power to direct the activities that most significantly impact the economic performance of the entity. The Company has invested in limited partnerships as a funding investor. The partnerships are single purpose entities that lend money to real estate investors for the purpose of acquiring and operating, or rehabbing, commercial property. The investments qualify for New Market Tax Credits under Internal Revenue Code Section 45D, 47, 42, not not not December 31, 2023 2022 2023, two December 31, 2023. one December 31, 2023 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8. DEPOSITS Deposits at December 31, 2023 2022 December 31, 2023 2022 (In Thousands) Noninterest-bearing demand $ 2,643,101 $ 3,321,347 Interest-bearing checking 9,367,841 7,224,201 Savings 107,227 138,451 Time deposits, $250,000 and under 313,015 239,772 Time deposits, over $250,000 842,327 573,035 Brokered time deposits - 50,000 $ 13,273,511 $ 11,546,805 The scheduled maturities of time deposits at December 31, 2023 (In Thousands) 2024 $ 900,676 2025 183,903 2026 60,336 2027 6,036 2028 4,371 Thereafter 20 Total $ 1,155,342 At December 31, 2023 2022, |
Note 9 - Federal Funds Purchase
Note 9 - Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Funds Purchased [Text Block] | NOTE 9. FEDERAL FUNDS PURCHASED At December 31, 2023, December 31, 2022. December 31, 2023 December 31, 2022. At December 31, 2023, December 31, 2022. December 31, 2023, December 31, 2022. |
Note 10 - Other Borrowings
Note 10 - Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | NOTE 10. OTHER BORROWINGS Other borrowings are comprised of: ● $30.0 million on the Company’s 4.5% Subordinated Notes due November 8, 2027, November 2017 may ● $34.75 million of the Company’s 4% Subordinated Notes due October 21, 2030, October 2020 may not October 21, 2025. Debt is reported net of unamortized issuance costs of $15,000 and $24,000 as of December 31, 2023 2022, |
Note 11 - SF Intermediate Holdi
Note 11 - SF Intermediate Holding Company, Inc., SF Holding 1, Inc., SF TN Realty Holdings, Inc., SF Realty 1, Inc., SF FLA Realty, Inc., SF GA Realty, Inc. and SF TN Realty, Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Subsidiaries [Text Block] | NOTE 11. SF INTERMEDIATE HOLDING COMPANY, INC., SF HOLDING 1, 1, In January 2012, 1, 1, September 2013, 1, May 2014, 1, February 2016, 1, February 2016, 1, 1, first November 2022, December 2022, 1, 1, 1, 1, |
Note 12 - Derivatives
Note 12 - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 12. DERIVATIVES The Company periodically enters into derivative contracts to manage exposures to movements in interest rates. The Company purchased an interest rate cap in May 2020 not three one December 31, 2022, May 4, 2023. The Bank has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with our investor for our customer for a 30 not no December 31, 2023 2022 not |
Note 13 - Employee and Director
Note 13 - Employee and Director Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 13. EMPLOYEE AND DIRECTOR BENEFITS The Company has a stock incentive plan, which is described below. The compensation cost that has been charged against income for the plan was approximately $3.6 million, $3.2 million and $1.9 million for the years ended December 31, 2023, 2022 2021, Stock Incentive Plan On March 23, 2009, 2009 2009 2009 2014, As of December 31, 2023, Stock-based compensation expense for stock-based awards is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes-Merton valuation model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. The Black-Scholes-Merton model is based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate and expected life of options granted. There were no grants of stock options during the years ended December 31, 2023, 2022, 2021. The following tables summarize stock option activity: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) Year Ended December 31, 2023: Outstanding at beginning of year 280,000 $ 19.43 3.0 $ 14,088 Exercised (112,200 ) 11.84 0.7 6,148 Forfeited (2,000 ) 34.64 5.1 64 Outstanding at end of year 165,800 24.35 2.9 7,211 Exercisable at December 31, 2023: 143,300 $ 21.84 2.2 $ 6,419 Year Ended December 31, 2022: Outstanding at beginning of year 353,250 $ 19.28 3.8 $ 23,525 Exercised (70,500 ) 17.96 2.2 3,592 Forfeited (2,750 ) 37.94 5.4 85 Outstanding at end of year 280,000 19.43 3.0 14,088 Exercisable at December 31, 2022: 220,500 $ 14.37 2.0 $ 12,279 Year Ended December 31, 2021: Outstanding at beginning of year 641,450 $ 18.15 4.6 $ 16,985 Exercised (278,200 ) 12.58 2.8 20,131 Forfeited (10,000 ) 38.38 5.2 466 Outstanding at end of year 353,250 19.28 3.8 23,525 Exercisable at December 31, 2021: 264,000 $ 12.89 2.8 $ 19,353 Exercisable options at December 31, 2023 Range of Exercise Price Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) $ 6.00 7.00 7,500 6.92 0.1 448 15.00 16.00 42,800 15.52 1.1 2,188 17.00 18.00 21,500 17.17 1.3 1,063 18.00 19.00 6,000 18.49 1.7 289 19.00 20.00 24,000 19.16 2.1 1,139 25.00 26.00 4,000 25.41 2.7 165 33.00 34.00 2,000 33.48 5.0 66 35.00 36.00 25,000 35.65 4.8 775 38.00 39.00 8,000 38.29 3.1 227 41.00 42.00 1,000 41.21 4.1 25 43.00 44.00 1,500 43.80 4.5 34 143,300 $ 21.84 2.2 $ 6,419 As of December 31, 2023, December 31, 2023, Restricted Stock and Performance Shares The Company periodically grants restricted stock awards that vest upon service conditions. Dividend payments are made during the vesting period. The value of restricted stock is determined to be the current value of the Company’s stock, and this total value will be recognized as compensation expense over the vesting period. As of December 31, 2023, December 31, 2023, The Company periodically grants PSUs that give plan participants the opportunity to earn between 0% and 150% of the number of PSUs granted based on achieving certain performance metrics. The number of stock units earned upon vesting of PSUs is determined by reference to the Company’s total stockholder return relative to a peer group of other publicly traded banks and bank holding companies during the performance period. The performance period is generally three December 31, 2023, December 31, 2023, The following table summarizes restricted stock and PSU activity: Restricted Stock PSU Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Year Ended December 31, 2023: Non-vested at beginning of year 141,580 $ 56.39 23,852 $ 54.16 Granted 64,880 58.45 8,092 70.29 Vested (35,163 ) 49.85 - - Forfeited (12,999 ) 63.78 - - Non-vested at end of year 158,298 58.08 31,944 58.25 Year Ended December 31, 2022: Non-vested at beginning of year 126,975 $ 42.74 12,437 $ 37.05 Granted 53,974 83.24 11,415 72.81 Vested (28,160 ) 43.27 - - Forfeited (11,209 ) 58.82 - - Non-vested at end of year 141,580 56.39 23,852 54.16 Year Ended December 31, 2021: Non-vested at beginning of year 84,307 $ 34.93 - $ - Granted 69,295 48.92 12,437 37.05 Vested (14,274 ) 29.33 - - Forfeited (12,353 ) 39.60 - - Non-vested at end of year 126,975 42.74 12,437 37.05 Retirement Plans The Company has a retirement savings 401 21 may one may 2023, 2022 2021, |
Note 14 - Regulatory Matters
Note 14 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 14. REGULATORY MATTERS The Bank is subject to dividend restrictions set forth in the Alabama Banking Code and by the Alabama State Banking Department. Under such restrictions, the Bank may not, two December 31, 2023. The Bank is subject to various regulatory capital requirements administered by the state and federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and the financial statements. Under regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of common equity Tier 1 1 1 December 31, 2023, As of December 31, 2023, CET1, 1 1 December 31, 2023. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023: CET I Capital to Risk Weighted Assets: Consolidated $ 1,473,885 10.91 % $ 607,690 4.50 % N/A N/A ServisFirst Bank 1,535,757 11.37 % 607,665 4.50 % $ 877,738 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 1,474,385 10.92 % 810,253 6.00 % N/A N/A ServisFirst Bank 1,536,257 11.38 % 810,220 6.00 % 1,080,293 8.00 % Total Capital to Risk Weighted Assets: Consolidated 1,681,028 12.45 % 1,080,338 8.00 % N/A N/A ServisFirst Bank 1,690,149 12.52 % 1,080,293 8.00 % 1,350,366 10.00 % Tier I Capital to Average Assets: Consolidated 1,474,385 9.12 % 646,710 4.00 % N/A N/A ServisFirst Bank 1,536,257 9.50 % 646,675 4.00 % 808,343 5.00 % As of December 31, 2022: CET I Capital to Risk Weighted Assets: Consolidated $ 1,326,035 9.55 % $ 624,986 4.50 % N/A N/A ServisFirst Bank 1,385,697 9.98 % 624,942 4.50 % $ 902,694 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 1,326,535 9.95 % 833,315 6.00 % N/A N/A ServisFirst Bank 1,386,197 9.98 % 833,256 6.00 % 1,111,008 8.00 % Total Capital to Risk Weighted Assets: Consolidated 1,532,134 11.03 % 1,111,086 8.00 % N/A N/A ServisFirst Bank 1,533,069 11.04 % 1,111,008 8.00 % 1,388,760 10.00 % Tier I Capital to Average Assets: Consolidated 1,326,535 9.29 % 570,960 4.00 % N/A N/A ServisFirst Bank 1,386,197 9.71 % 570,924 4.00 % 713,656 5.00 % |
Note 15 - Other Operating Incom
Note 15 - Other Operating Income and Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Operating Income (Expense) 1 [Text Block] | NOTE 15. OTHER OPERATING INCOME AND EXPENSES The major components of other operating income and expense included in noninterest income and noninterest expense are as follows: Years Ended December 31, 2023 2022 2021 (In Thousands) Other Operating Income ATM fee income $ (200 ) $ 618 $ 1,443 Mark to market interest rate cap derivative 48 6,960 1,013 Gain (loss) on sale of ORE (28 ) 501 (288 ) (Loss) gain on sale of fixed assets - (12 ) 433 Death benefit of bank owned life insurance contracts - 2,153 - Merchant services fees 2,214 1,765 1,231 Other 1,002 676 832 Total other operating income $ 3,037 $ 12,661 $ 4,664 Other Operating Expenses Other loan expenses $ 2,794 2,226 2,744 Customer and public relations 2,971 2,354 1,840 Sales and use tax 771 636 1,016 Write-down investment in tax credit partnerships 12,053 9,998 9,152 Telephone 597 568 453 Donations and contributions 651 749 544 Marketing 768 446 498 Supplies 705 612 504 Fraud and forgery losses 1,435 1,988 425 Directors fees 797 730 659 Postage 361 366 290 Other operational losses 449 2,777 144 Core processing deconverison expense 134 939 3,007 Privilege tax expense 4,300 1,869 950 Other 4,556 4,816 4,931 Total other operating expenses $ 33,342 $ 31,075 $ 27,157 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16. INCOME TAXES The components of income tax expense are as follows: Year Ended December 31, 2023 2022 2021 (In Thousands) Current tax expense: Federal $ 35,124 $ 56,318 $ 45,248 State 3,616 3,621 5,428 Total current tax expense 38,740 59,939 50,676 Deferred tax (benefit) expense: Federal (1,057 ) (4,110 ) (5,596 ) State 52 1,495 535 Total deferred tax (benefit) (1,005 ) (2,615 ) (5,061 ) Total income tax expense $ 37,735 $ 57,324 $ 45,615 The Company’s total income tax expense differs from the amounts computed by applying the Federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: Year Ended December 31, 2023 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 51,363 21.00 % Effect on rate of: State income tax, net of federal tax effect 3,339 1.37 % Tax-exempt income, net of expenses (92 ) (0.04 )% Bank-owned life insurance contracts (1,591 ) (0.65 )% Excess tax benefit from stock compensation (1,242 ) (0.51 )% Federal tax credits, net of related amortization (16,002 ) (6.54 )% Other 1,960 0.80 % Effective income tax and rate $ 37,735 15.43 % Year Ended December 31, 2022 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 64,796 21.00 % Effect on rate of: State income tax, net of federal tax effect 7,247 2.35 % Tax-exempt income, net of expenses (188 ) (0.06 )% Bank-owned life insurance contracts (1,812 ) (0.59 )% Excess tax benefit from stock compensation (1,091 ) (0.35 )% Federal tax credits, net of related amortization (11,131 ) (3.61 )% Other (497 ) (0.16 )% Effective income tax and rate $ 57,324 18.58 % Year Ended December 31, 2021 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 53,203 21.00 % Effect on rate of: State income tax, net of federal tax effect 4,952 1.95 % Tax-exempt income, net of expenses (242 ) (0.10 )% Bank-owned life insurance contracts (1,395 ) (0.55 )% Excess tax benefit from stock compensation (2,335 ) (0.92 )% Federal tax credits (11,019 ) (4.35 )% Other 2,451 0.97 % Effective income tax and rate $ 45,615 18.00 % The components of net deferred tax asset are as follows: December 31, 2023 2022 (In Thousands) Deferred tax assets: Allowance for credit losses $ 38,483 $ 36,720 Other real estate owned 253 316 Nonqualified equity awards 1,354 1,229 Nonaccrual interest 327 289 State tax credits carryforward 2,011 1,795 Deferred loan fees 3,806 4,720 Reserve for unfunded commitments 144 144 Accrued bonus 3,052 4,540 Capital loss carryforward 1,648 1,889 Lease liability 6,886 4,923 Deferred revenue 8 20 Net unrealized loss on securities available for sale 18,129 16,339 Other deferred tax assets 2,323 60 Total deferred tax assets 78,424 72,984 Deferred tax liabilities: Depreciation 4,289 4,431 Prepaid expenses 735 975 Investments 1,484 1,054 Right-of-use assets and other leasing transactions 6,639 4,723 Other deferred tax liabilities 2,359 1,353 Total deferred tax liabilities 15,506 12,536 Net deferred tax assets $ 62,918 $ 60,448 The Company believes its net deferred tax asset is recoverable as of December 31, 2023 2022 Pursuant to ASC 740 10 30 2 Income Taxes The Company and its subsidiaries file a consolidated U.S. Federal income tax return and various consolidated and separate company state income tax returns. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2020 2023. December 31, 2020 2023. Accrued interest and penalties on unrecognized income tax benefits totaled $450,000 and $0 as of December 31, 2023 2022, December 31, 2023. December 31, 2023, December 31, 2022, The following table presents a summary of the changes during 2023, 2022 2021 2023 2022 2021 (In Thousands) Balance, beginning of year $ - $ 3,659 $ 3,238 Increases related to prior year tax positions 1,285 - 864 Decreases related to prior year tax positions - (2,860 ) - Increases related to current year tax positions 807 - - Settlements - - - Lapse of statute - (799 ) (443 ) Balance, end of year $ 2,092 $ - $ 3,659 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17. COMMITMENTS AND CONTINGENCIES Loan Commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card arrangements, and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. A summary of the Company’s approximate commitments and contingent liabilities is as follows: 2023 2022 2021 (In Thousands) Commitments to extend credit $ 3,410,283 $ 4,230,485 $ 3,515,818 Credit card arrangements 381,524 368,749 366,525 Standby letters of credit and financial guarantees 86,065 67,285 61,856 Total $ 3,877,872 $ 4,666,519 $ 3,944,199 Commitments to extend credit, credit card arrangements, commercial letters of credit and standby letters of credit all include exposure to some credit loss in the event of nonperformance of the customer. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Because these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they do not |
Note 18 - Concentrations of Cre
Note 18 - Concentrations of Credit | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 18. CONCENTRATIONS OF CREDIT The Company originates primarily commercial, residential, and consumer loans to customers in the Company’s market area. The ability of the majority of the Company’s customers to honor their contractual loan obligations is dependent on the economy in the market area. The Company’s loan portfolio is concentrated primarily in loans secured by real estate, principally secured by real estate in the Company’s primary market areas. In addition, a substantial portion of the other real estate owned is located in that same market. Accordingly, the ultimate collectability of the loan portfolio and the recovery of the carrying amount of other real estate owned are susceptible to changes in market conditions in the Company’s primary market area. |
Note 19 - Earnings Per Common S
Note 19 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 19. EARNINGS PER COMMON SHARE Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable pursuant to the exercise of stock options and vesting of performance shares. The difference in earnings per share under the two not December 31, 2023, 2022 2021. Year Ended December 31, 2023 2022 2021 (Dollar Amounts In Thousands Except Per Share Amounts) Earnings Per Share Weighted average common shares outstanding 54,411,171 54,300,366 54,160,990 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 Basic earnings per common share $ 3.80 $ 4.63 $ 3.83 Weighted average common shares outstanding 54,411,171 54,300,366 54,160,990 Dilutive effects of assumed exercise of stock options and vesting of performance shares 124,144 234,408 273,583 Weighted average common and dilutive potential common shares outstanding 54,535,315 54,534,774 54,434,573 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 Diluted earnings per common share $ 3.79 $ 4.61 $ 3.82 |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 20. RELATED PARTY TRANSACTIONS As more fully described in Note 3 Loans December 31, 2023 2022 December 31, 2023 2022, |
Note 21 - Fair Value Measuremen
Note 21 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 21. FAIR VALUE MEASUREMENT Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three Level 1: 1 Level 2: not Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. Debt Securities 1 1 not may 2 1 2 not 3 Derivative instruments 2 Loans Individually Evaluated. not not 820 10 3 December 31, 2023 December 31, 2022 December 31, 2023 2022, Other Real Estate Owned and Repossessed Assets not December 31, 2023 December 31, 2022 3 December 31, 2023 2022, 3 There were three December 31, 2023, two December 31, 2022. There were three December 31, 2023. December 31, 2022. The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of December 31, 2023 2022. December 31, 2023 2022. Fair Value Measurements at December 31, 2023 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale debt securities: U.S. Treasury securities $ 340,807 $ - $ - $ 340,807 Mortgage-backed securities - 215,485 - 215,485 State and municipal securities - 10,223 - 10,223 Corporate debt - 326,808 6,860 333,668 Total available-for-sale debt securities 340,807 552,516 6,860 900,183 Total assets at fair value $ 340,807 $ 552,516 $ 6,860 $ 900,183 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale debt securities: U.S. Treasury securities $ 2,969 $ - $ - $ 2,969 Government agency securities - 9 - 9 Mortgage-backed securities - 249,703 - 249,703 State and municipal securities - 13,609 - 13,609 Corporate debt - 367,665 10,860 378,525 Total available-for-sale debt securities 2,969 630,986 10,860 644,815 Interest rate cap derivative - 4,201 - 4,201 Total assets at fair value $ 2,969 $ 635,187 $ 10,860 $ 649,016 The carrying amount and estimated fair value of the Company’s financial instruments measured on a nonrecurring basis were as follows: Fair Value Measurements at December 31, 2023 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Loans individually evaluated $ - $ - $ 70,735 $ 70,735 Other real estate owned and repossessed assets - - 995 995 Total assets at fair value $ - $ - $ 71,730 $ 71,730 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Loans individually evaluated $ - $ - $ 73,017 $ 73,017 Other real estate owned and repossessed assets - - 248 248 Total assets at fair value $ - $ - $ 73,265 $ 73,265 There were no liabilities measured at fair value on a non-recurring basis as of December 31, 2023 2022. In the case of the debt securities portfolio, the Company monitors the portfolio to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the year ended December 31, 2023, one 3 2. The table below includes a rollforward of the balance sheet amounts for the years ended December 31, 2023 2022 3 For the year ended December 31, 2023 2022 Available-for-sale Securities Available-for-sale Securities (In Thousands) Fair value, beginning of period $ 10,860 $ 16,992 Transfers into Level 3 - 4,860 Total realized gains included in income - - Changes in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at period-end 160 (805 ) Purchases - - Transfers out of Level 3 (4,160 ) (10,187 ) Fair value, end of period $ 6,860 $ 10,860 The fair value of a financial instrument is the current amount that would be exchanged in a sale between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no not may not may not December 31, 2023 2022 Carrying Amount Fair Value Carrying Amount Fair Value (In Thousands) Financial Assets: Level 1 Inputs: Cash and cash equivalents $ 2,030,513 $ 2,030,513 $ 814,538 $ 814,538 Held-to-maturity U.S. Treasury securities 508,985 484,267 507,151 470,954 Level 2 Inputs: Federal funds sold 100,575 100,575 1,515 1,515 Held-to-maturity debt securities 473,429 422,674 526,720 464,749 Mortgage loans held for sale 5,071 5,071 1,607 1,604 Restricted equity securities 10,226 10,226 7,734 7,734 Level 3 Inputs: Held-to-maturity debt securities 250 250 250 250 Loans, net 11,505,512 11,032,819 11,541,671 11,265,517 Financial Liabilities: Level 2 Inputs: Deposits $ 13,273,511 $ 13,266,640 $ 11,546,805 $ 11,529,647 Federal funds purchased 1,256,724 1,256,724 1,618,798 1,618,798 Other borrowings 64,735 58,083 64,726 57,101 |
Note 22 - Parent Company Financ
Note 22 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22. PARENT COMPANY FINANCIAL INFORMATION The following information presents the condensed balance sheet of the Company as of December 31, 2023 2022 December 31, 2023, 2022 2021. CONDENSED BALANCE SHEETS (In Thousands) December 31, 2023 December 31, 2022 ASSETS Cash and due from banks $ 20,014 $ 19,292 Investment in subsidiary 1,501,777 1,357,058 Other assets 557 983 Total assets $ 1,522,348 $ 1,377,333 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Other borrowings $ 64,735 $ 64,726 Other liabilities 17,708 15,211 Total liabilities 82,443 79,937 Stockholders' equity: Preferred stock, par value $ 0.001 1,000,000 - - Common stock, par value $ 0.001 200,000,000 54,461,580 54,326,527 54 54 Additional paid-in capital 232,605 229,693 Retained earnings 1,254,841 1,109,902 Accumulated other comprehensive loss (47,595 ) (42,253 ) Total stockholders' equity 1,439,905 1,297,396 Total liabilities and stockholders' equity $ 1,522,348 $ 1,377,333 CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021. (In Thousands) 2023 2022 2021 Income: Dividends received from subsidiary $ 62,500 $ 57,500 $ 46,000 Other income 44 - - Total income 62,544 57,500 46,000 Expense: Other expenses 2,829 2,822 2,715 Total expenses 2,829 2,822 2,715 Equity in undistributed earnings of subsidiary 147,076 196,221 164,387 Net income 206,791 251,442 207,672 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021. (In Thousands) 2023 2022 2021 Operating activities Net income $ 206,791 $ 251,442 $ 207,672 Adjustments to reconcile net income to net cash provided by operating activities: Other 2,227 (290 ) (93 ) Equity in undistributed earnings of subsidiary (147,076 ) (197,221 ) (164,387 ) Net cash (used in) provided by operating activities 61,945 53,931 43,192 Investing activities Other (300 ) 750 (120 ) Net cash used in investing activities (300 ) 750 (120 ) Financing activities Dividends paid on common stock (60,923 ) (49,942 ) (43,204 ) Net cash used in financing activities (60,923 ) (49,942 ) (43,204 ) Net change in cash and cash equivalents 722 4,739 (132 ) Cash and cash equivalents at beginning of year 19,292 14,553 14,685 Cash and cash equivalents at end of year $ 20,014 $ 19,292 $ 14,553 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 May 2005. 1, 11. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no |
Basis of Accounting, Policy and Use of Estimates [Policy Text Block] | Basis of Presentation and Accounting Estimates To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for credit losses, valuation of deferred tax assets and the fair value of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The consolidated financial statements include the accounts of the Company and other entities in which it has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash Due From Banks Interest Bearing Balances Due From Financial Institutions [Policy Text Block] | Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions Cash and due from banks include cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one |
Investment, Policy [Policy Text Block] | Debt Securities Debt securities are classified based on the Company’s intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from available-for-sale category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income. For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Restricted Equity Securities Investments in restricted equity securities without a readily determinable market value are carried at cost. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Loans Held for Sale The Company classifies certain residential mortgage loans as held for sale. Typically, mortgage loans held for sale are sold to a third not In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience an insignificant level of investor repurchase demands. There were no December 31, 2023 2022. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Loans are reported at unpaid principal balances, less unearned fees and the allowance for credit losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may six not one The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not 120 not Loan modifications are concessions granted to borrowers in the normal course of business, which would not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ACL – Debt Securities Held to Maturity Management uses a systematic methodology to determine its ACL for held-to-maturity debt securities. The ACL is a contra-asset valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, Management’s process for determining expected credit losses may December 31, 2023 2022, Impairment of Debt Securities Available for Sale For available-for-sale debt securities in an unrealized loss position, the Company will first not not Adjustments to the allowance are reported in the income statement as a component of credit loss expense. Debt securities are charged off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by the Company or when either of the aforementioned criteria regarding intent or requirement to sell is met specifically for available-for-sale debt securities. The Company excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on debt securities and does not ACL – Loans The ACL is based on the Company’s evaluation of the loan portfolios, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may may Loans with similar risk characteristics are evaluated in pools and, depending on the nature of each identified pool, the Company utilizes a discounted cash flow (“DCF”), probability of default / loss given default (“PD/LGD”) or remaining life method. The historical loss experience estimate by pool is then adjusted by forecast factors that are quantitatively related to the Company’s historical credit loss experience, such as national unemployment rates and gross domestic product. Losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable period losses are reverted to long term historical averages. The reasonable and supportable period and reversion period are re-evaluated each quarter by the Company and are dependent on the current economic environment among other factors. The estimated credit losses for each loan pool are then adjusted for changes in qualitative factors not Credit losses for loans that no one The Company measures expected credit losses over the contractual term of a loan, adjusted for estimated prepayments. The contractual term excludes expected extensions, renewals and modifications. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums and deferred loan fees and costs. Accrued interest receivable on loans is excluded from the estimate of credit losses. ACL – Unfunded Loan Commitments The ACL is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Foreclosed Real Estate Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for credit losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets (3 to 39.5 years). Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. |
Lessee, Leases [Policy Text Block] | Leases The Company leases certain office space and equipment under operating leases. Leases are recognized as a liability to make lease payments and as an asset representing the right to use the asset during the lease term, or “lease liability” and “right-of-use asset,” respectively. The lease liability is measured as the present value of remaining lease payments, discounted at the Company’s incremental borrowing rate. The Company reports its right-of-use assets in other assets and its lease liabilities in other liabilities within the Consolidated Balance Sheets. Certain of the leases include one not not None The Company does not 12 not |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance ( BOLI ) BOLI is comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefit and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash surrender value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill The Company has recorded $13.6 million of goodwill at December 31, 2023 2015. not |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging Activities As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. GAAP requires all derivative instruments to be carried at fair value on the Consolidated Balance Sheets. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. The Company designates the derivative on the date the derivative contract is entered into as a hedge of ( 1 2 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, as necessary, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not 1 no 2 3 4 no 5 no When hedge accounting is discontinued because it is determined that the derivative no no no The Company uses derivatives to hedge interest rate exposures associated with mortgage loan originations. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s rate lock commitments to customers as of December 31, 2023 2022 not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company records revenue from contracts with customers in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” ) While the majority of the Company’s revenue-generating transactions are excluded from the scope of ASC 606, • Deposit account service charges – represent service fees for monthly activity and maintenance on customer accounts. Attributes can be transaction-based, item-based or time-based. Revenue is recognized when our performance obligation is completed, which is generally monthly for maintenance services or when a transaction is processed. Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Credit card rewards program membership fees – represent memberships in our credit card rewards program and are paid annually by our cardholders at the time they open an account and on each anniversary. Revenue is recognized ratably over the membership period. Other non-interest income primarily includes income on BOLI contracts, letter of credit fees and gains on sale of loans held for sale. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company follows the provisions of ASC 740 10, Income Taxes. 740 10 two first not second not 50% |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation At December 31, 2023, 718 10, Compensation Stock Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and performance shares. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered, and accounted for as, financial guarantees. The fair value of these financial guarantees is not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive (loss) income, which is recognized as a separate component of equity, includes unrealized gains and losses on available-for-sale debt securities and amortization of unrealized gains and losses on debt securities transferred from available-for-sale to held-to-maturity at the time of transfer. Amounts reported as accumulated comprehensive income are shown net of taxes. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2023, 2022 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2024 . In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants No. 33 10786 No. 33 10835 not In July 2021, 2021 05, Leases (Topic 842 Lessors-Certain Leases with Variable Lease Payments no not 2021 05 January 1, 2022 not In March 2022, 2022 02, Credit Losses (Topic 326 326 20. 326 20 50 6, 2022 02 January 1, 2023 2022 02 not In June 2022, 2022 03, Fair Value Measurement (Topic 820 not not December 15, 2023. In March 2023, 2023 02, Investments-Equity Method and Joint Ventures (Topic 323 2023 02 December 15, 2023, not In November 2023, 2023 07, Segment Reporting Improvements to Reportable Segment Disclosures. 280. December 15, 2023, December 31, 2024. not In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09 January 1, 2025. |
Note 2 - Debt Securities (Table
Note 2 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) December 31, 2023 Debt Securities Available-for-Sale U.S. Treasury Securities $ 340,556 $ 251 $ - $ 340,807 Mortgage-backed securities 241,458 6 (25,979 ) 215,485 State and municipal securities 11,400 1 (1,178 ) 10,223 Corporate debt 375,676 - (42,009 ) 333,667 Total $ 969,090 $ 258 $ (69,166 ) $ 900,183 Debt Securities Held-to-Maturity U.S. Treasury Securities $ 508,985 $ - $ (24,718 ) $ 484,267 Mortgage-backed securities 465,615 3 (50,025 ) 415,593 State and municipal securities 8,063 - (732 ) 7,331 Total $ 982,664 $ 3 $ (75,475 ) $ 907,191 December 31, 2022 Debt Securities Available-for-Sale U.S. Treasury Securities $ 3,002 $ - $ (33 ) $ 2,969 Government Agency Securities 9 - - 9 Mortgage-backed securities 282,480 5 (32,782 ) 249,703 State and municipal securities 15,205 1 (1,597 ) 13,609 Corporate debt 406,680 - (28,155 ) 378,525 Total $ 707,376 $ 6 $ (62,567 ) $ 644,815 Debt Securities Held-to-Maturity U.S. Treasury Securities $ 507,151 $ - $ (36,197 ) $ 470,954 Mortgage-backed securities 518,929 7 (60,960 ) 457,976 State and municipal securities 8,041 - (1,018 ) 7,023 Total $ 1,034,121 $ 7 $ (98,175 ) $ 935,953 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2023 December 31, 2022 Amortized Cost Market Value Amortized Cost Market Value (In Thousands) Debt securities available-for-sale Due within one year $ 350,400 $ 350,396 $ 24,712 $ 24,432 Due from one to five years 70,016 67,334 58,554 57,092 Due from five to ten years 304,216 264,892 338,630 311,100 Due after ten years 3,000 2,076 3,000 2,488 Mortgage-backed securities 241,458 215,485 282,480 249,703 $ 969,090 $ 900,183 $ 707,376 $ 644,815 Debt securities held-to-maturity Due within one year $ 260,047 $ 257,835 $ 250 $ 250 Due from one to five years 203,481 185,741 386,465 366,095 Due from five to ten years 53,521 48,022 128,477 111,632 Mortgage-backed securities 465,615 415,593 518,929 457,976 $ 982,664 $ 907,191 $ 1,034,121 $ 935,953 |
Gain (Loss) on Securities [Table Text Block] | Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) December 31, 2023 Debt Securities available-for-sale Mortgage-backed securities $ (6 ) $ 704 $ (25,973 ) $ 214,393 $ (25,979 ) $ 215,097 State and municipal securities - - (1,178 ) 9,777 (1,178 ) 9,777 Corporate debt (794 ) 15,141 (41,214 ) 311,666 (42,009 ) 326,807 Total $ (801 ) $ 15,845 $ (68,365 ) $ 535,836 $ (69,166 ) $ 551,681 Debt Securities held-to-maturity U.S. Treasury Securities $ - $ - $ (24,718 ) $ 484,267 $ (24,718 ) $ 484,267 Mortgage-backed securities (1 ) 430 (50,024 ) 411,585 (50,025 ) 412,015 State and municipal securities - - (732 ) 7,081 (732 ) 7,081 Total $ (1 ) $ 430 $ (75,474 ) $ 902,933 $ (75,475 ) $ 903,363 December 31, 2022 Debt Securities available-for-sale U.S. Treasury Securities $ (33 ) $ 2,969 $ - $ - $ (33 ) $ 2,969 Government Agency Securities - 9 - - - 9 Mortgage-backed securities $ (3,473 ) $ 60,234 $ (29,309 ) $ 189,109 $ (32,782 ) $ 249,343 State and municipal securities (186 ) 5,283 (1,411 ) 7,880 (1,597 ) 13,163 Corporate debt (18,566 ) 304,254 (9,589 ) 63,411 (28,155 ) 367,666 Total $ (22,258 ) $ 372,749 $ (40,309 ) $ 260,400 $ (62,567 ) $ 633,149 U.S. Treasury Securities $ (12,662 ) $ 295,383 $ (23,537 ) $ 175,570 $ (36,197 ) $ 470,953 Mortgage-backed securities (31,367 ) 278,746 (29,592 ) 174,842 (60,960 ) 453,588 State and municipal securities (544 ) 4,443 (474 ) 2,330 (1,018 ) 6,773 Total $ (44,573 ) $ 578,572 $ (53,603 ) $ 352,742 $ (98,175 ) $ 931,314 |
Debt Securities, Available-for-Sale [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In Thousands) Sale and call proceeds $ - $ 75,036 $ 6,272 Gross realized gains $ - $ - $ 620 Gross realized losses - (6,168 ) - Net realized (loss) gain $ - $ (6,168 ) $ 620 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 (In Thousands) Commercial, financial and agricultural $ 2,823,986 $ 3,145,317 Real estate - construction 1,519,619 1,532,388 Real estate - mortgage: Owner-occupied commercial 2,257,163 2,199,280 1-4 family mortgage 1,249,938 1,146,831 Other mortgage 3,744,346 3,597,750 Total real estate - mortgage 7,251,447 6,943,861 Consumer 63,777 66,402 Total Loans 11,658,829 11,687,968 Less: Allowance for credit losses (153,317 ) (146,297 ) Net Loans $ 11,505,512 $ 11,541,671 |
Schedule of Allowance for Loan Losses [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In Thousands) Balance, beginning of year $ 146,297 $ 116,660 $ 87,942 Loans charged off (14,581 ) (10,137 ) (4,114 ) Recoveries 2,886 2,167 1,315 Provision for credit losses 18,715 37,607 31,517 Balance, end of year $ 153,317 $ 146,297 $ 116,660 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Twelve Months Ended December 31, 2023 Allowance for credit losses: Balance at December 31, 2022 $ 42,830 $ 42,889 $ 58,652 $ 1,926 $ 146,297 Charge-offs (13,229 ) (108 ) (171 ) (1,073 ) (14,581 ) Recoveries 2,796 3 2 85 2,886 Provision 19,720 1,874 (3,355 ) 476 18,715 Balance at December 31, 2023 $ 52,117 $ 44,658 $ 55,128 $ 1,414 $ 153,317 Twelve Months Ended December 31, 2022 Allowance for credit losses: Balance at December 31, 2021 $ 41,869 $ 26,994 $ 45,829 $ 1,968 $ 116,660 Charge-offs (9,256 ) - (221 ) (660 ) (10,137 ) Recoveries 2,012 - - 155 2,167 Provision 8,205 15,895 13,044 463 37,607 Balance at December 31, 2022 $ 42,830 $ 42,889 $ 58,652 $ 1,926 $ 146,297 Twelve Months Ended December 31, 2021 Allowance for credit losses: Balance at December 31, 2020 $ 36,370 $ 16,057 $ 33,722 $ 1,793 $ 87,942 Charge-offs (3,453 ) (14 ) (279 ) (368 ) (4,114 ) Recoveries 1,135 52 85 43 1,315 Provision 7,817 10,899 12,301 500 31,517 Balance at December 31, 2021 $ 41,869 $ 26,994 $ 45,829 $ 1,968 $ 116,660 |
Financing Receivable Based on Year of Origination [Table Text Block] | December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving lines of credit converted to term loans Total (In Thousands) Commercial, financial, and agricultural Pass $ 341,335 $ 455,281 $ 354,034 $ 162,543 $ 100,032 $ 151,527 $ 1,161,324 $ 491 $ 2,726,567 Special Mention 4,275 1,982 5,105 5,765 1,320 3,549 21,769 7 43,772 Substandard - accruing 1,410 - 2,830 368 9,501 27,962 4,360 - 46,431 Substandard -Non-accrual - 2 767 206 - 3,336 2,905 - 7,216 Total Commercial, financial and agricultural $ 347,020 $ 457,265 $ 362,736 $ 168,882 $ 110,853 $ 186,374 $ 1,190,358 $ 498 $ 2,823,986 Current-period gross writeoffs $ 1,213 $ 4,690 $ 2,531 $ 779 $ 4 $ 2,014 $ 1,998 $ - $ 13,229 Real estate - construction Pass $ 216,745 $ 874,903 $ 283,012 $ 49,668 $ 4,866 $ 16,558 $ 72,156 $ - $ 1,517,908 Special Mention 589 - - - - - - - 589 Substandard - accruing - 33 - - - 978 - - 1,011 Substandard -Non-accrual - - - - - - - 111 111 Total Real estate - construction $ 217,334 $ 874,936 $ 283,012 $ 49,668 $ 4,866 $ 17,536 $ 72,156 $ 111 $ 1,519,619 Current-period gross write-offs $ - $ - $ 19 $ - $ - $ - $ - $ 89 $ 108 Owner-occupied commercial Pass $ 148,915 $ 478,364 $ 517,667 $ 300,978 $ 181,864 $ 512,752 $ 64,170 $ 844 $ 2,205,554 Special Mention 5,369 1,411 7,705 8,317 8,530 7,539 - - 38,871 Substandard - accruing 1,358 - - - - 4,292 - - 5,650 Substandard -Non-accrual - - - - 2,329 4,759 - - 7,088 Total Owner-occupied commercial $ 155,642 $ 479,775 $ 525,372 $ 309,295 $ 190,394 $ 524,583 $ 64,170 $ 844 $ 2,257,163 Current-period gross write-offs $ - $ - $ - $ - $ 117 $ - $ - $ - $ 117 1-4 family mortgage Pass $ 166,927 $ 376,964 $ 228,183 $ 75,104 $ 40,697 $ 61,046 $ 286,066 $ - $ 1,234,987 Special Mention 574 721 2,504 1,009 3,865 439 727 - 9,839 Substandard - accruing - - - - - 425 261 - 686 Substandard -Non-accrual 155 380 741 572 877 901 800 - 4,426 Total 1-4 family mortgage $ 167,656 $ 378,065 $ 231,428 $ 76,685 $ 45,439 $ 62,811 $ 287,854 $ - $ 1,249,938 Current-period gross write-offs $ - $ 40 $ - $ - $ - $ 14 $ - $ - $ 54 Other mortgage Pass $ 162,418 $ 1,119,609 $ 1,106,055 $ 448,781 $ 249,059 $ 540,325 $ 100,516 $ 247 $ 3,727,010 Special Mention - - - - - - 850 - 850 Substandard - accruing - 4,975 - - - 11,005 - - 15,980 Substandard -Non-accrual - - - - 130 376 - - 506 Total Other mortgage $ 162,418 $ 1,124,584 $ 1,106,055 $ 448,781 $ 249,189 $ 551,706 $ 101,366 $ 247 $ 3,744,346 Current-period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 22,227 $ 3,890 $ 4,542 $ 1,794 $ 1,295 $ 2,687 $ 27,342 $ - $ 63,777 Special Mention - - - - - - - - - Substandard - accruing - - - - - - - - - Substandard -Non-accrual - - - - - - - - - Total Consumer $ 22,227 $ 3,890 $ 4,542 $ 1,794 $ 1,295 $ 2,687 $ 27,342 $ - $ 63,777 Current-period gross write-offs $ - $ - $ - $ - $ 4 $ 49 $ 1,020 $ - $ 1,073 Total Loans Pass $ 1,058,567 $ 3,309,011 $ 2,493,493 $ 1,038,868 $ 577,813 $ 1,284,895 $ 1,711,574 $ 1,582 $ 11,475,803 Special Mention 10,807 4,114 15,314 15,091 13,715 11,527 23,346 7 93,921 Substandard - accruing 2,768 5,009 2,830 368 9,501 44,662 4,621 - 69,758 Substandard -Non-accrual 155 382 1,508 778 3,336 9,372 3,705 111 19,347 Total Loans $ 1,072,297 $ 3,318,515 $ 2,513,145 $ 1,055,105 $ 604,365 $ 1,350,456 $ 1,743,246 $ 1,700 $ 11,658,829 Current-period gross write-offs $ 1,213 $ 4,730 $ 2,550 $ 779 $ 125 $ 2,077 $ 3,018 $ 89 $ 14,581 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Commercial, financial and agricultural Pass $ 691,817 $ 502,648 $ 223,096 $ 144,587 $ 78,477 $ 134,893 $ 1,267,333 $ 3,042,851 Special Mention 6,906 3,737 1,101 1,748 570 898 29,516 44,476 Substandard 200 - 379 9,501 16,329 16,595 14,986 57,990 Doubtful - - - - - - - - Total Commercial, financial - - - - - - - - and agricultural $ 698,923 $ 506,385 $ 224,576 $ 155,836 $ 95,376 $ 152,386 $ 1,311,835 $ 3,145,317 Real estate - construction Pass $ 618,578 $ 638,126 $ 156,834 $ 15,197 $ 12,063 $ 14,847 $ 72,172 $ 1,527,817 Special Mention 2,500 - - - - 873 - 3,373 Substandard - - - - 1,198 - - 1,198 Doubtful - - - - - - - - Total Real estate - construction $ 621,078 $ 638,126 $ 156,834 $ 15,197 $ 13,261 $ 15,720 $ 72,172 $ 1,532,388 Owner-occupied commercial Pass $ 424,321 $ 496,298 $ 352,375 $ 199,987 $ 157,204 $ 477,926 $ 64,152 $ 2,172,263 Special Mention 2,362 - - 2,723 4,682 6,917 1,687 18,371 Substandard - - - 73 - 8,573 - 8,646 Doubtful - - - - - - - - Total Owner-occupied commercial $ 426,683 $ 496,298 $ 352,375 $ 202,783 $ 161,886 $ 493,416 $ 65,839 $ 2,199,280 1-4 family mortgage Pass $ 388,778 $ 273,515 $ 93,272 $ 52,209 $ 28,999 $ 57,512 $ 243,302 $ 1,137,587 Special Mention 315 445 816 375 294 881 2,854 5,980 Substandard - 279 404 648 346 1,224 363 3,264 Doubtful - - - - - - - - Total 1-4 family mortgage $ 389,093 $ 274,239 $ 94,492 $ 53,232 $ 29,639 $ 59,617 $ 246,519 $ 1,146,831 Other mortgage Pass $ 1,027,747 $ 976,208 $ 517,392 $ 380,104 $ 130,228 $ 470,699 $ 75,669 $ 3,578,047 Special Mention 231 - - - - 7,161 - 7,392 Substandard - - - 130 4,569 7,612 - 12,311 Doubtful - - - - - - - - Total Other mortgage $ 1,027,978 $ 976,208 $ 517,392 $ 380,234 $ 134,797 $ 485,472 $ 75,669 $ 3,597,750 Consumer Pass $ 21,132 $ 5,845 $ 4,203 $ 1,759 $ 440 $ 2,988 $ 30,021 $ 66,388 Special Mention - - - - - 14 - 14 Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 21,132 $ 5,845 $ 4,203 $ 1,759 $ 440 $ 3,002 $ 30,021 $ 66,402 Total Loans Pass $ 3,172,373 $ 2,892,640 $ 1,347,172 $ 793,843 $ 407,411 $ 1,158,865 $ 1,752,649 $ 11,524,953 Special Mention 12,314 4,182 1,917 4,846 5,546 16,744 34,057 79,606 Substandard 200 279 783 10,352 22,442 34,004 15,349 83,409 Doubtful - - - - - - - - Total Loans $ 3,184,887 $ 2,897,101 $ 1,349,872 $ 809,041 $ 435,399 $ 1,209,613 $ 1,802,055 $ 11,687,968 |
Financing Receivable, Credit Substitute, Credit Quality Indicator [Table Text Block] | December 31, 2023 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,816,599 $ 7,387 $ 2,823,986 Real estate - construction 1,519,508 111 1,519,619 Real estate - mortgage: Owner-occupied commercial 2,250,074 7,089 2,257,163 1-4 family mortgage 1,243,603 6,335 1,249,938 Other mortgage 3,743,840 506 3,744,346 Total real estate - mortgage 7,237,517 13,930 7,251,447 Consumer 63,672 105 63,777 Total $ 11,637,296 $ 21,533 $ 11,658,829 December 31, 2022 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,138,014 $ 7,303 $ 3,145,317 Real estate - construction 1,532,388 - 1,532,388 Real estate - mortgage: Owner-occupied commercial 2,195,968 3,312 2,199,280 1-4 family mortgage 1,144,713 2,118 1,146,831 Other mortgage 3,592,732 5,018 3,597,750 Total real estate - mortgage 6,933,413 10,448 6,943,861 Consumer 66,312 90 66,402 Total $ 11,670,127 $ 17,841 $ 11,687,968 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 Past Due Status (Accruing Loans) Total Past Total Nonaccrual 30-59 Days 60-89 Days 90+ Days Due Nonaccrual Current Total Loans With No ACL (In Thousands) Commercial, financial and agricultural $ 3,418 $ 3,718 $ 170 $ 7,306 $ 7,217 $ 2,809,463 $ 2,823,986 $ 5,028 Real estate - construction - 34 - 34 111 1,519,474 1,519,619 - Real estate - mortgage: Owner-occupied commercial - - - - 7,089 2,250,074 2,257,163 7,089 1-4 family mortgage 540 4,920 1,909 7,369 4,426 1,238,143 1,249,938 1,224 Other mortgage 676 10,703 - 11,379 506 3,732,461 3,744,346 506 Total real estate - mortgage 1,216 15,623 1,909 18,748 12,021 7,220,678 7,251,447 8,819 Consumer 58 31 105 194 - 63,583 63,777 - Total $ 4,692 $ 19,406 $ 2,184 $ 26,282 $ 19,349 $ 11,613,198 $ 11,658,829 $ 13,847 December 31, 2022 Past Due Status (Accruing Loans) Total Past Total Nonaccrual 30-59 Days 60-89 Days 90+ Days Due Nonaccrual Current Total Loans With No ACL (In Thousands) Commercial, financial and agricultural $ 1,075 $ 409 $ 195 $ 1,679 $ 7,108 $ 3,136,530 3,145,317 $ 3,238 Real estate - construction - 711 - 711 - 1,531,677 1,532,388 - Real estate - mortgage: Owner-occupied commercial 83 452 - 535 3,312 2,195,433 2,199,280 57 1-4 family mortgage 405 580 594 1,579 1,524 1,143,728 1,146,831 491 Other mortgage 231 - 4,512 4,743 506 3,592,501 3,597,750 - Total real estate - mortgage 719 1,032 5,106 6,857 5,342 6,931,662 6,943,861 548 Consumer 174 128 90 392 - 66,010 66,402 621 Total $ 1,968 $ 2,280 $ 5,391 $ 9,639 $ 12,450 $ 11,665,879 11,687,968 $ 4,407 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | Accounts ACL December 31, 2023 Real Estate Receivable Equipment Other Total Allocation (In Thousands) Commercial, financial and agricultural $ 20,266 $ 7,240 $ 2,126 $ 24,016 $ 53,648 $ 16,189 Real estate - construction 145 - - 978 1,123 1 Real estate - mortgage: Owner-occupied commercial 12,038 - - 698 12,736 475 1-4 family mortgage 15,694 - - - 15,694 1,058 Other mortgage 5,862 - - - 5,862 603 Total real estate - mortgage 33,594 - - 698 34,292 2,136 Total $ 54,005 $ 7,240 $ 2,126 $ 25,692 $ 89,063 $ 18,326 Accounts ACL December 31, 2022 Real Estate Receivable Equipment Other Total Allocation (In Thousands) Commercial, financial and agricultural $ 20,061 $ 12,092 $ 837 $ 24,998 $ 57,988 $ 9,910 Real estate - construction - - - 1,198 1,198 7 Real estate - mortgage: Owner-occupied commercial 8,573 - - 74 8,647 154 1-4 family mortgage 3,260 - - - 3,260 316 Other mortgage 12,311 - - - 12,311 - Total real estate - mortgage 24,144 - - 74 24,218 470 Total $ 44,205 $ 12,092 $ 837 $ 26,270 $ 83,404 $ 10,387 |
Financing Receivable, Modified [Table Text Block] | Year Ended December 31, 2023 Payment Deferral Term and Term Percentage of Extensions Extensions Total Total Loans (In Thousands) Commercial, financial and agricultural $ 28,363 $ - $ 28,363 0.24 % Owner-occupied commercial 3,021 - 3,021 0.03 % Other mortgage 10,932 303 11,234 0.10 % Total $ 42,315 $ 303 $ 42,618 0.37 % Twelve Months Ended December 31, 2023 Total Payment Term Extensions Deferral (In months) (In Thousands) Commercial, financial and agricultural 1 to 65 - Owner-occupied commercial 3 to 60 49 Other mortgage 3 to 36 59 Year Ended December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 3 $ 444 $ 444 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage - - - Other mortgage - - - Total real estate - mortgage - - - Consumer - - - 3 $ 444 $ 444 |
Schedule of Changes in Related Party Loans [Table Text Block] | Years Ended December 31, 2023 2022 (In Thousands) Balance, beginning of year $ 52,608 $ 51,180 Advances 67,106 103,513 Repayments (79,883 ) (102,085 ) Balance, end of year $ 39,831 $ 52,608 |
Note 4 - Foreclosed Properties
Note 4 - Foreclosed Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disclosure of Foreclosed Properties [Table Text Block] | 2023 2022 2021 (In Thousands) Balance at beginning of year $ 248 $ 1,208 $ 6,497 Transfers from loans and capitalized expenses 933 1,046 2,318 Foreclosed properties sold (158 ) (2,282 ) (6,474 ) Write downs and partial liquidations (28 ) 276 (1,133 ) Balance at end of year $ 995 $ 248 $ 1,208 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 (In Thousands) Land $ 5,809 $ 5,809 Building 37,578 38,319 Furniture and equipment 34,976 32,454 Leasehold improvements 16,512 13,773 Construction in progress 1,300 1,933 Total premises and equipment, cost 96,175 92,288 Accumulated depreciation (36,851 ) (32,438 ) Total premises and equipment, net $ 59,324 $ 59,850 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2023 December 31, 2022 Right-of-use assets $ 26,451 $ 18,816 Lease liabilities $ 27,435 $ 19,614 Weighted average remaining lease term 8.2 6.6 Weighted average discount rate 3.67 % 2.81 % 2023 2022 Operating lease cost $ 5,202 $ 4,379 Short-term lease cost - 68 Variable lease cost 803 610 Sublease income (21 ) (40 ) Net lease cost $ 5,984 $ 5,017 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (In Thousands) 2024 $ 5,208 2025 4,930 2026 4,105 2027 3,536 2028 2,683 Thereafter 11,899 Total lease payments $ 32,361 Less: imputed interest (4,926 ) Present value of operating lease liabilities $ 27,435 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Deposits [Table Text Block] | December 31, 2023 2022 (In Thousands) Noninterest-bearing demand $ 2,643,101 $ 3,321,347 Interest-bearing checking 9,367,841 7,224,201 Savings 107,227 138,451 Time deposits, $250,000 and under 313,015 239,772 Time deposits, over $250,000 842,327 573,035 Brokered time deposits - 50,000 $ 13,273,511 $ 11,546,805 |
Time Deposit Maturities [Table Text Block] | (In Thousands) 2024 $ 900,676 2025 183,903 2026 60,336 2027 6,036 2028 4,371 Thereafter 20 Total $ 1,155,342 |
Note 13 - Employee and Direct_2
Note 13 - Employee and Director Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) Year Ended December 31, 2023: Outstanding at beginning of year 280,000 $ 19.43 3.0 $ 14,088 Exercised (112,200 ) 11.84 0.7 6,148 Forfeited (2,000 ) 34.64 5.1 64 Outstanding at end of year 165,800 24.35 2.9 7,211 Exercisable at December 31, 2023: 143,300 $ 21.84 2.2 $ 6,419 Year Ended December 31, 2022: Outstanding at beginning of year 353,250 $ 19.28 3.8 $ 23,525 Exercised (70,500 ) 17.96 2.2 3,592 Forfeited (2,750 ) 37.94 5.4 85 Outstanding at end of year 280,000 19.43 3.0 14,088 Exercisable at December 31, 2022: 220,500 $ 14.37 2.0 $ 12,279 Year Ended December 31, 2021: Outstanding at beginning of year 641,450 $ 18.15 4.6 $ 16,985 Exercised (278,200 ) 12.58 2.8 20,131 Forfeited (10,000 ) 38.38 5.2 466 Outstanding at end of year 353,250 19.28 3.8 23,525 Exercisable at December 31, 2021: 264,000 $ 12.89 2.8 $ 19,353 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Range of Exercise Price Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) $ 6.00 7.00 7,500 6.92 0.1 448 15.00 16.00 42,800 15.52 1.1 2,188 17.00 18.00 21,500 17.17 1.3 1,063 18.00 19.00 6,000 18.49 1.7 289 19.00 20.00 24,000 19.16 2.1 1,139 25.00 26.00 4,000 25.41 2.7 165 33.00 34.00 2,000 33.48 5.0 66 35.00 36.00 25,000 35.65 4.8 775 38.00 39.00 8,000 38.29 3.1 227 41.00 42.00 1,000 41.21 4.1 25 43.00 44.00 1,500 43.80 4.5 34 143,300 $ 21.84 2.2 $ 6,419 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Restricted Stock PSU Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Year Ended December 31, 2023: Non-vested at beginning of year 141,580 $ 56.39 23,852 $ 54.16 Granted 64,880 58.45 8,092 70.29 Vested (35,163 ) 49.85 - - Forfeited (12,999 ) 63.78 - - Non-vested at end of year 158,298 58.08 31,944 58.25 Year Ended December 31, 2022: Non-vested at beginning of year 126,975 $ 42.74 12,437 $ 37.05 Granted 53,974 83.24 11,415 72.81 Vested (28,160 ) 43.27 - - Forfeited (11,209 ) 58.82 - - Non-vested at end of year 141,580 56.39 23,852 54.16 Year Ended December 31, 2021: Non-vested at beginning of year 84,307 $ 34.93 - $ - Granted 69,295 48.92 12,437 37.05 Vested (14,274 ) 29.33 - - Forfeited (12,353 ) 39.60 - - Non-vested at end of year 126,975 42.74 12,437 37.05 |
Note 14 - Regulatory Matters (T
Note 14 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023: CET I Capital to Risk Weighted Assets: Consolidated $ 1,473,885 10.91 % $ 607,690 4.50 % N/A N/A ServisFirst Bank 1,535,757 11.37 % 607,665 4.50 % $ 877,738 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 1,474,385 10.92 % 810,253 6.00 % N/A N/A ServisFirst Bank 1,536,257 11.38 % 810,220 6.00 % 1,080,293 8.00 % Total Capital to Risk Weighted Assets: Consolidated 1,681,028 12.45 % 1,080,338 8.00 % N/A N/A ServisFirst Bank 1,690,149 12.52 % 1,080,293 8.00 % 1,350,366 10.00 % Tier I Capital to Average Assets: Consolidated 1,474,385 9.12 % 646,710 4.00 % N/A N/A ServisFirst Bank 1,536,257 9.50 % 646,675 4.00 % 808,343 5.00 % As of December 31, 2022: CET I Capital to Risk Weighted Assets: Consolidated $ 1,326,035 9.55 % $ 624,986 4.50 % N/A N/A ServisFirst Bank 1,385,697 9.98 % 624,942 4.50 % $ 902,694 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 1,326,535 9.95 % 833,315 6.00 % N/A N/A ServisFirst Bank 1,386,197 9.98 % 833,256 6.00 % 1,111,008 8.00 % Total Capital to Risk Weighted Assets: Consolidated 1,532,134 11.03 % 1,111,086 8.00 % N/A N/A ServisFirst Bank 1,533,069 11.04 % 1,111,008 8.00 % 1,388,760 10.00 % Tier I Capital to Average Assets: Consolidated 1,326,535 9.29 % 570,960 4.00 % N/A N/A ServisFirst Bank 1,386,197 9.71 % 570,924 4.00 % 713,656 5.00 % |
Note 15 - Other Operating Inc_2
Note 15 - Other Operating Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Operating Income Expenses [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In Thousands) Other Operating Income ATM fee income $ (200 ) $ 618 $ 1,443 Mark to market interest rate cap derivative 48 6,960 1,013 Gain (loss) on sale of ORE (28 ) 501 (288 ) (Loss) gain on sale of fixed assets - (12 ) 433 Death benefit of bank owned life insurance contracts - 2,153 - Merchant services fees 2,214 1,765 1,231 Other 1,002 676 832 Total other operating income $ 3,037 $ 12,661 $ 4,664 Other Operating Expenses Other loan expenses $ 2,794 2,226 2,744 Customer and public relations 2,971 2,354 1,840 Sales and use tax 771 636 1,016 Write-down investment in tax credit partnerships 12,053 9,998 9,152 Telephone 597 568 453 Donations and contributions 651 749 544 Marketing 768 446 498 Supplies 705 612 504 Fraud and forgery losses 1,435 1,988 425 Directors fees 797 730 659 Postage 361 366 290 Other operational losses 449 2,777 144 Core processing deconverison expense 134 939 3,007 Privilege tax expense 4,300 1,869 950 Other 4,556 4,816 4,931 Total other operating expenses $ 33,342 $ 31,075 $ 27,157 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In Thousands) Current tax expense: Federal $ 35,124 $ 56,318 $ 45,248 State 3,616 3,621 5,428 Total current tax expense 38,740 59,939 50,676 Deferred tax (benefit) expense: Federal (1,057 ) (4,110 ) (5,596 ) State 52 1,495 535 Total deferred tax (benefit) (1,005 ) (2,615 ) (5,061 ) Total income tax expense $ 37,735 $ 57,324 $ 45,615 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 51,363 21.00 % Effect on rate of: State income tax, net of federal tax effect 3,339 1.37 % Tax-exempt income, net of expenses (92 ) (0.04 )% Bank-owned life insurance contracts (1,591 ) (0.65 )% Excess tax benefit from stock compensation (1,242 ) (0.51 )% Federal tax credits, net of related amortization (16,002 ) (6.54 )% Other 1,960 0.80 % Effective income tax and rate $ 37,735 15.43 % Year Ended December 31, 2022 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 64,796 21.00 % Effect on rate of: State income tax, net of federal tax effect 7,247 2.35 % Tax-exempt income, net of expenses (188 ) (0.06 )% Bank-owned life insurance contracts (1,812 ) (0.59 )% Excess tax benefit from stock compensation (1,091 ) (0.35 )% Federal tax credits, net of related amortization (11,131 ) (3.61 )% Other (497 ) (0.16 )% Effective income tax and rate $ 57,324 18.58 % Year Ended December 31, 2021 Amount % of Pre-tax Earnings (In Thousands) Income tax at statutory federal rate $ 53,203 21.00 % Effect on rate of: State income tax, net of federal tax effect 4,952 1.95 % Tax-exempt income, net of expenses (242 ) (0.10 )% Bank-owned life insurance contracts (1,395 ) (0.55 )% Excess tax benefit from stock compensation (2,335 ) (0.92 )% Federal tax credits (11,019 ) (4.35 )% Other 2,451 0.97 % Effective income tax and rate $ 45,615 18.00 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 (In Thousands) Deferred tax assets: Allowance for credit losses $ 38,483 $ 36,720 Other real estate owned 253 316 Nonqualified equity awards 1,354 1,229 Nonaccrual interest 327 289 State tax credits carryforward 2,011 1,795 Deferred loan fees 3,806 4,720 Reserve for unfunded commitments 144 144 Accrued bonus 3,052 4,540 Capital loss carryforward 1,648 1,889 Lease liability 6,886 4,923 Deferred revenue 8 20 Net unrealized loss on securities available for sale 18,129 16,339 Other deferred tax assets 2,323 60 Total deferred tax assets 78,424 72,984 Deferred tax liabilities: Depreciation 4,289 4,431 Prepaid expenses 735 975 Investments 1,484 1,054 Right-of-use assets and other leasing transactions 6,639 4,723 Other deferred tax liabilities 2,359 1,353 Total deferred tax liabilities 15,506 12,536 Net deferred tax assets $ 62,918 $ 60,448 |
Summary of Income Tax Contingencies [Table Text Block] | 2023 2022 2021 (In Thousands) Balance, beginning of year $ - $ 3,659 $ 3,238 Increases related to prior year tax positions 1,285 - 864 Decreases related to prior year tax positions - (2,860 ) - Increases related to current year tax positions 807 - - Settlements - - - Lapse of statute - (799 ) (443 ) Balance, end of year $ 2,092 $ - $ 3,659 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Product Liability Contingencies [Table Text Block] | 2023 2022 2021 (In Thousands) Commitments to extend credit $ 3,410,283 $ 4,230,485 $ 3,515,818 Credit card arrangements 381,524 368,749 366,525 Standby letters of credit and financial guarantees 86,065 67,285 61,856 Total $ 3,877,872 $ 4,666,519 $ 3,944,199 |
Note 19 - Earnings Per Common_2
Note 19 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollar Amounts In Thousands Except Per Share Amounts) Earnings Per Share Weighted average common shares outstanding 54,411,171 54,300,366 54,160,990 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 Basic earnings per common share $ 3.80 $ 4.63 $ 3.83 Weighted average common shares outstanding 54,411,171 54,300,366 54,160,990 Dilutive effects of assumed exercise of stock options and vesting of performance shares 124,144 234,408 273,583 Weighted average common and dilutive potential common shares outstanding 54,535,315 54,534,774 54,434,573 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 Diluted earnings per common share $ 3.79 $ 4.61 $ 3.82 |
Note 21 - Fair Value Measurem_2
Note 21 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2023 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale debt securities: U.S. Treasury securities $ 340,807 $ - $ - $ 340,807 Mortgage-backed securities - 215,485 - 215,485 State and municipal securities - 10,223 - 10,223 Corporate debt - 326,808 6,860 333,668 Total available-for-sale debt securities 340,807 552,516 6,860 900,183 Total assets at fair value $ 340,807 $ 552,516 $ 6,860 $ 900,183 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale debt securities: U.S. Treasury securities $ 2,969 $ - $ - $ 2,969 Government agency securities - 9 - 9 Mortgage-backed securities - 249,703 - 249,703 State and municipal securities - 13,609 - 13,609 Corporate debt - 367,665 10,860 378,525 Total available-for-sale debt securities 2,969 630,986 10,860 644,815 Interest rate cap derivative - 4,201 - 4,201 Total assets at fair value $ 2,969 $ 635,187 $ 10,860 $ 649,016 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2023 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Loans individually evaluated $ - $ - $ 70,735 $ 70,735 Other real estate owned and repossessed assets - - 995 995 Total assets at fair value $ - $ - $ 71,730 $ 71,730 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Loans individually evaluated $ - $ - $ 73,017 $ 73,017 Other real estate owned and repossessed assets - - 248 248 Total assets at fair value $ - $ - $ 73,265 $ 73,265 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the year ended December 31, 2023 2022 Available-for-sale Securities Available-for-sale Securities (In Thousands) Fair value, beginning of period $ 10,860 $ 16,992 Transfers into Level 3 - 4,860 Total realized gains included in income - - Changes in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at period-end 160 (805 ) Purchases - - Transfers out of Level 3 (4,160 ) (10,187 ) Fair value, end of period $ 6,860 $ 10,860 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 2022 Carrying Amount Fair Value Carrying Amount Fair Value (In Thousands) Financial Assets: Level 1 Inputs: Cash and cash equivalents $ 2,030,513 $ 2,030,513 $ 814,538 $ 814,538 Held-to-maturity U.S. Treasury securities 508,985 484,267 507,151 470,954 Level 2 Inputs: Federal funds sold 100,575 100,575 1,515 1,515 Held-to-maturity debt securities 473,429 422,674 526,720 464,749 Mortgage loans held for sale 5,071 5,071 1,607 1,604 Restricted equity securities 10,226 10,226 7,734 7,734 Level 3 Inputs: Held-to-maturity debt securities 250 250 250 250 Loans, net 11,505,512 11,032,819 11,541,671 11,265,517 Financial Liabilities: Level 2 Inputs: Deposits $ 13,273,511 $ 13,266,640 $ 11,546,805 $ 11,529,647 Federal funds purchased 1,256,724 1,256,724 1,618,798 1,618,798 Other borrowings 64,735 58,083 64,726 57,101 |
Note 22 - Parent Company Fina_2
Note 22 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEETS (In Thousands) December 31, 2023 December 31, 2022 ASSETS Cash and due from banks $ 20,014 $ 19,292 Investment in subsidiary 1,501,777 1,357,058 Other assets 557 983 Total assets $ 1,522,348 $ 1,377,333 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Other borrowings $ 64,735 $ 64,726 Other liabilities 17,708 15,211 Total liabilities 82,443 79,937 Stockholders' equity: Preferred stock, par value $ 0.001 1,000,000 - - Common stock, par value $ 0.001 200,000,000 54,461,580 54,326,527 54 54 Additional paid-in capital 232,605 229,693 Retained earnings 1,254,841 1,109,902 Accumulated other comprehensive loss (47,595 ) (42,253 ) Total stockholders' equity 1,439,905 1,297,396 Total liabilities and stockholders' equity $ 1,522,348 $ 1,377,333 |
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021. (In Thousands) 2023 2022 2021 Income: Dividends received from subsidiary $ 62,500 $ 57,500 $ 46,000 Other income 44 - - Total income 62,544 57,500 46,000 Expense: Other expenses 2,829 2,822 2,715 Total expenses 2,829 2,822 2,715 Equity in undistributed earnings of subsidiary 147,076 196,221 164,387 Net income 206,791 251,442 207,672 Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672 |
Condensed Cash Flow Statement [Table Text Block] | STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021. (In Thousands) 2023 2022 2021 Operating activities Net income $ 206,791 $ 251,442 $ 207,672 Adjustments to reconcile net income to net cash provided by operating activities: Other 2,227 (290 ) (93 ) Equity in undistributed earnings of subsidiary (147,076 ) (197,221 ) (164,387 ) Net cash (used in) provided by operating activities 61,945 53,931 43,192 Investing activities Other (300 ) 750 (120 ) Net cash used in investing activities (300 ) 750 (120 ) Financing activities Dividends paid on common stock (60,923 ) (49,942 ) (43,204 ) Net cash used in financing activities (60,923 ) (49,942 ) (43,204 ) Net change in cash and cash equivalents 722 4,739 (132 ) Cash and cash equivalents at beginning of year 19,292 14,553 14,685 Cash and cash equivalents at end of year $ 20,014 $ 19,292 $ 14,553 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 982,664,000 | $ 1,034,121,000 | [1] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | $ 0 | |||
Goodwill, Ending Balance | $ 13,615,000 | 13,615,000 | ||
Number of Reporting Units | 1 | |||
Advertising Expense | $ 768,000 | $ 447,000 | $ 499,000 | |
Metro Bancshares, Inc [Member] | ||||
Goodwill, Ending Balance | $ 13,600,000 | |||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Vested Upon Certain Performance Metrics, Percentage | 0% | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 39 years 6 months | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Vested Upon Certain Performance Metrics, Percentage | 150% | |||
[1]derived from audited financial statements. |
Note 2 - Debt Securities (Detai
Note 2 - Debt Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Current | $ 0 | $ 0 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | $ 0 | ||
US Treasury Securities and Residential Mortgage-Backed Securities [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 | |
Asset Not Pledged as Collateral and Asset Pledged as Collateral without Right [Member] | |||
Debt Securities | $ 1,490 | $ 789,300 |
Note 2 - Debt Securities - Amor
Note 2 - Debt Securities - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Available for sale, amortized cost | $ 969,090,000 | $ 707,376,000 | |
Available for sale, gross unrealized gain | 258,000 | 6,000 | |
Available for sale, gross unrealized loss | (69,166,000) | (62,567,000) | |
Available for sale, fair value | 900,183,000 | 644,815,000 | [1] |
Held to maturity, amortized cost | 982,664,000 | 1,034,121,000 | [1] |
Held to maturity, gross unrealized gain | 3,000 | 7,000 | |
Held to maturity, gross unrealized loss | (75,475,000) | (98,175,000) | |
Held to maturity debt securities, fair value | 907,191,000 | 935,953,000 | |
US Treasury Securities [Member] | |||
Available for sale, amortized cost | 340,556,000 | 3,002,000 | |
Available for sale, gross unrealized gain | 251,000 | 0 | |
Available for sale, gross unrealized loss | 0 | (33,000) | |
Available for sale, fair value | 340,807,000 | 2,969,000 | |
Held to maturity, amortized cost | 508,985,000 | 507,151,000 | |
Held to maturity, gross unrealized gain | 0 | 0 | |
Held to maturity, gross unrealized loss | (24,718,000) | (36,197,000) | |
Held to maturity debt securities, fair value | 484,267,000 | 470,954,000 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, amortized cost | 241,458,000 | 282,480,000 | |
Available for sale, gross unrealized gain | 6,000 | 5,000 | |
Available for sale, gross unrealized loss | (25,979,000) | (32,782,000) | |
Available for sale, fair value | 215,485,000 | 249,703,000 | |
Held to maturity, amortized cost | 465,615,000 | 518,929,000 | |
Held to maturity, gross unrealized gain | 3,000 | 7,000 | |
Held to maturity, gross unrealized loss | (50,025,000) | (60,960,000) | |
Held to maturity debt securities, fair value | 415,593,000 | 457,976,000 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, amortized cost | 11,400,000 | 15,205,000 | |
Available for sale, gross unrealized gain | 1,000 | 1,000 | |
Available for sale, gross unrealized loss | (1,178,000) | (1,597,000) | |
Available for sale, fair value | 10,223,000 | 13,609,000 | |
Held to maturity, amortized cost | 8,063,000 | 8,041,000 | |
Held to maturity, gross unrealized gain | 0 | 0 | |
Held to maturity, gross unrealized loss | (732,000) | (1,018,000) | |
Held to maturity debt securities, fair value | 7,331,000 | 7,023,000 | |
Corporate Debt Securities [Member] | |||
Available for sale, amortized cost | 375,676,000 | 406,680,000 | |
Available for sale, gross unrealized gain | 0 | 0 | |
Available for sale, gross unrealized loss | (42,009,000) | (28,155,000) | |
Available for sale, fair value | $ 333,667,000 | 378,525,000 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale, amortized cost | 9,000 | ||
Available for sale, gross unrealized gain | 0 | ||
Available for sale, gross unrealized loss | 0 | ||
Available for sale, fair value | $ 9,000 | ||
[1]derived from audited financial statements. |
Note 2 - Debt Securities - Am_2
Note 2 - Debt Securities - Amortized Cost and Fair Value of Contractual Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Due within one year, amortized cost | $ 350,400 | $ 24,712 | |
Due within one year, fair value | 350,396 | 24,432 | |
Due from one to five years, amortized cost | 70,016 | 58,554 | |
Due from one to five years, fair value | 67,334 | 57,092 | |
Due from five to ten years, amortized cost | 304,216 | 338,630 | |
Due from five to ten years, fair value | 264,892 | 311,100 | |
Due after ten years, amortized cost | 3,000 | 3,000 | |
Due after ten years, fair value | 2,076 | 2,488 | |
Mortgage-backed securities, amortized cost | 241,458 | 282,480 | |
Mortgage-backed securities, fair value | 215,485 | 249,703 | |
Available for sale, amortized cost | 969,090 | 707,376 | |
Available for sale, fair value | 900,183 | 644,815 | [1] |
Held to maturity debt securities, Due within one year | 260,047 | 250 | |
Held to maturity debt securities, Due within one year | 257,835 | 250 | |
Held to maturity debt securities, Due from one to five years | 203,481 | 386,465 | |
Held to maturity debt securities, Due from one to five years | 185,741 | 366,095 | |
Held to maturity debt securities, Due from five to ten years | 53,521 | 128,477 | |
Held to maturity debt securities, Due from five to ten years | 48,022 | 111,632 | |
Mortgage-backed securities, amortized cost | 465,615 | 518,929 | |
Mortgage-backed securities, fair value | 415,593 | 457,976 | |
Held to maturity, amortized cost | 982,664 | 1,034,121 | [1] |
Held to maturity debt securities, fair value | $ 907,191 | $ 935,953 | |
[1]derived from audited financial statements. |
Note 2 - Debt Securities - Inve
Note 2 - Debt Securities - Investment Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities available for sale, less than twelve months, gross unrealized losses | $ (801) | $ (22,258) |
Debt securities available for sale, less than twelve months, fair value | 15,845 | 372,749 |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | (68,365) | (40,309) |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 535,836 | 260,400 |
Debt Securities, Available for Sale, Gross Unrealized Losses | (69,166) | (62,567) |
Debt Securities, Available for Sale, Fair Value | 551,681 | 633,149 |
Debt Securities held to maturity less than twelve months, gross unrealized losses | (1) | (44,573) |
Debt securities, held to maturity, Less Than Twelve Months, Fair Value | 430 | 578,572 |
Debt Securities Held To Maturity, Twelve Months or More, Gross Unrealized Losses | (75,474) | (53,603) |
Debt Securities, Held To Maturity, Twelve Months or More, Fair Value | 902,933 | 352,742 |
Debt Securities, Held To Maturity , Gross Unrealized Losses | (75,475) | (98,175) |
Debt Securities,Held To Maturity, Fair Value | 903,363 | 931,314 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale, less than twelve months, gross unrealized losses | (6) | (3,473) |
Debt securities available for sale, less than twelve months, fair value | 704 | 60,234 |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | (25,973) | (29,309) |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 214,393 | 189,109 |
Debt Securities, Available for Sale, Gross Unrealized Losses | (25,979) | (32,782) |
Debt Securities, Available for Sale, Fair Value | 215,097 | 249,343 |
Debt Securities held to maturity less than twelve months, gross unrealized losses | (1) | (31,367) |
Debt securities, held to maturity, Less Than Twelve Months, Fair Value | 430 | 278,746 |
Debt Securities Held To Maturity, Twelve Months or More, Gross Unrealized Losses | (50,024) | (29,592) |
Debt Securities, Held To Maturity, Twelve Months or More, Fair Value | 411,585 | 174,842 |
Debt Securities, Held To Maturity , Gross Unrealized Losses | (50,025) | (60,960) |
Debt Securities,Held To Maturity, Fair Value | 412,015 | 453,588 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale, less than twelve months, gross unrealized losses | 0 | (186) |
Debt securities available for sale, less than twelve months, fair value | 0 | 5,283 |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | (1,178) | (1,411) |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 9,777 | 7,880 |
Debt Securities, Available for Sale, Gross Unrealized Losses | (1,178) | (1,597) |
Debt Securities, Available for Sale, Fair Value | 9,777 | 13,163 |
Debt Securities held to maturity less than twelve months, gross unrealized losses | 0 | (544) |
Debt securities, held to maturity, Less Than Twelve Months, Fair Value | 0 | 4,443 |
Debt Securities Held To Maturity, Twelve Months or More, Gross Unrealized Losses | (732) | (474) |
Debt Securities, Held To Maturity, Twelve Months or More, Fair Value | 7,081 | 2,330 |
Debt Securities, Held To Maturity , Gross Unrealized Losses | (732) | (1,018) |
Debt Securities,Held To Maturity, Fair Value | 7,081 | 6,773 |
Corporate Debt Securities [Member] | ||
Debt securities available for sale, less than twelve months, gross unrealized losses | (794) | (18,566) |
Debt securities available for sale, less than twelve months, fair value | 15,141 | 304,254 |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | (41,214) | (9,589) |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 311,666 | 63,411 |
Debt Securities, Available for Sale, Gross Unrealized Losses | (42,009) | (28,155) |
Debt Securities, Available for Sale, Fair Value | 326,807 | 367,666 |
US Treasury Securities [Member] | ||
Debt securities available for sale, less than twelve months, gross unrealized losses | (33) | |
Debt securities available for sale, less than twelve months, fair value | 2,969 | |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | 0 | |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 0 | |
Debt Securities, Available for Sale, Gross Unrealized Losses | (33) | |
Debt Securities, Available for Sale, Fair Value | 2,969 | |
Debt Securities held to maturity less than twelve months, gross unrealized losses | 0 | (12,662) |
Debt securities, held to maturity, Less Than Twelve Months, Fair Value | 0 | 295,383 |
Debt Securities Held To Maturity, Twelve Months or More, Gross Unrealized Losses | (24,718) | (23,537) |
Debt Securities, Held To Maturity, Twelve Months or More, Fair Value | 484,267 | 175,570 |
Debt Securities, Held To Maturity , Gross Unrealized Losses | (24,718) | (36,197) |
Debt Securities,Held To Maturity, Fair Value | $ 484,267 | 470,953 |
US Government Agencies Debt Securities [Member] | ||
Debt securities available for sale, less than twelve months, gross unrealized losses | 0 | |
Debt securities available for sale, less than twelve months, fair value | 9 | |
Debt Securities Available for Sale, Twelve Months or More, Gross Unrealized Losses | 0 | |
Debt Securities, Available for Sale, Twelve Months or More, Fair Value | 0 | |
Debt Securities, Available for Sale, Gross Unrealized Losses | 0 | |
Debt Securities, Available for Sale, Fair Value | $ 9 |
Note 2 - Debt Securities - Sale
Note 2 - Debt Securities - Sales and Calls of Debt Securities for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sale and call proceeds | $ 0 | $ 75,036 | $ 6,272 |
Gross realized gains | 0 | 0 | 620 |
Gross realized losses | 0 | (6,168) | 0 |
Net realized (loss) gain | $ 0 | $ (6,168) | $ 620 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) Pure in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Financing Receivable, Allowance for Credit Loss | $ 153,317,000 | $ 146,297,000 | [1] | $ 116,660,000 | $ 87,942,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 18,715,000 | 37,607,000 | $ 31,517,000 | ||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | 0 | |||
Financing Receivable, Modified, Accumulated | 2,500,000 | ||||
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 0 | ||||
Unfunded Loan Commitment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 575,000 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 0 | $ 725,000 | |||
[1]derived from audited financial statements. |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total loans | $ 11,658,829 | $ 11,687,968 | [1] | ||
Less: Allowance for credit losses | (153,317) | (146,297) | [1] | $ (116,660) | $ (87,942) |
Net Loans | 11,505,512 | 11,541,671 | [1] | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Total loans | 2,823,986 | 3,145,317 | |||
Real Estate Portfolio Segment[Member] | |||||
Total loans | 7,251,447 | 6,943,861 | |||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Total loans | 1,519,619 | 1,532,388 | |||
Less: Allowance for credit losses | (44,658) | (42,889) | (26,994) | (16,057) | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Total loans | 2,257,163 | 2,199,280 | |||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Total loans | 1,249,938 | 1,146,831 | |||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Total loans | 3,744,346 | 3,597,750 | |||
Consumer Portfolio Segment [Member] | |||||
Total loans | 63,777 | 66,402 | |||
Less: Allowance for credit losses | $ (1,414) | $ (1,926) | $ (1,968) | $ (1,793) | |
[1]derived from audited financial statements. |
Note 3 - Loans - Allowance for
Note 3 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Balance, beginning of year | $ 146,297 | [1] | $ 116,660 | $ 87,942 | |
Loans charged off | (14,581) | (10,137) | (4,114) | ||
Recoveries | (2,886) | (2,167) | (1,315) | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 18,715 | 37,607 | 31,517 | ||
Balance, end of year | $ 153,317 | $ 146,297 | [1] | $ 116,660 | |
[1]derived from audited financial statements. |
Note 3 - Loans - Analysis of Al
Note 3 - Loans - Analysis of Allowance for Loans Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Balance, beginning of year | $ 146,297 | [1] | $ 116,660 | $ 87,942 | |
Charge-offs | (14,581) | ||||
Recoveries | 2,886 | 2,167 | 1,315 | ||
Provision for credit losses | 18,715 | 37,607 | 31,517 | ||
Balance, end of year | 153,317 | 146,297 | [1] | 116,660 | |
Charge-offs | (14,581) | (10,137) | (4,114) | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Charge-offs | (13,229) | ||||
Commercial Real Estate Portfolio Segment [Member] | Commercial, Financial, and Agricultural Loans [Member] | |||||
Balance, beginning of year | 42,830 | 41,869 | 36,370 | ||
Charge-offs | (13,229) | ||||
Recoveries | 2,796 | 2,012 | 1,135 | ||
Provision for credit losses | 19,720 | 8,205 | 7,817 | ||
Balance, end of year | 52,117 | 42,830 | 41,869 | ||
Charge-offs | (9,256) | (3,453) | |||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Balance, beginning of year | 42,889 | 26,994 | 16,057 | ||
Charge-offs | (108) | ||||
Recoveries | 3 | 0 | 52 | ||
Provision for credit losses | 1,874 | 15,895 | 10,899 | ||
Balance, end of year | 44,658 | 42,889 | 26,994 | ||
Charge-offs | (108) | 0 | (14) | ||
Real Estate Portfolio Segment[Member] | Real Estate Loan [Member] | |||||
Balance, beginning of year | 58,652 | 45,829 | 33,722 | ||
Charge-offs | (171) | ||||
Recoveries | 2 | 0 | 85 | ||
Provision for credit losses | (3,355) | 13,044 | 12,301 | ||
Balance, end of year | 55,128 | 58,652 | 45,829 | ||
Charge-offs | (221) | (279) | |||
Consumer Portfolio Segment [Member] | |||||
Balance, beginning of year | 1,926 | 1,968 | 1,793 | ||
Charge-offs | (1,073) | ||||
Recoveries | 85 | 155 | 43 | ||
Provision for credit losses | 476 | 463 | 500 | ||
Balance, end of year | 1,414 | 1,926 | 1,968 | ||
Charge-offs | $ (1,073) | $ (660) | $ (368) | ||
[1]derived from audited financial statements. |
Note 3 - Loans - Loans by Credi
Note 3 - Loans - Loans by Credit Quality Indicators, Loans Type and Year of Origination (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Originated current year | $ 1,072,297 | $ 3,184,887 | ||
Originated year two | 3,318,515 | 2,897,101 | ||
Originated year three | 2,513,145 | 1,349,872 | ||
Originated year four | 1,055,105 | 809,041 | ||
Originated year five | 604,365 | 435,399 | ||
Originated prior | 1,350,456 | 1,209,613 | ||
Revolving | 1,743,246 | 1,802,055 | ||
Revolving converted to term | 1,700 | |||
Total loans | 11,658,829 | 11,687,968 | [1] | |
Current-period gross charge-offs, current year | 1,213 | |||
Current-period gross charge-offs, year two | 4,730 | |||
Current-period gross charge-offs, year three | 2,550 | |||
Current-period gross charge-offs, year four | 779 | |||
Current-period gross charge-offs, year five | 125 | |||
Current-period gross charge-offs, prior | 2,077 | |||
Current-period gross charge-offs, revolving | 3,018 | |||
Current-period gross charge-offs, revolving converted to term | 89 | |||
Current-period gross writeoffs | 14,581 | 10,137 | $ 4,114 | |
Performing Financial Instruments [Member] | ||||
Total loans | 11,637,296 | 11,670,127 | ||
Nonperforming Financial Instruments [Member] | ||||
Total loans | 21,533 | 17,841 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Originated current year | 347,020 | 698,923 | ||
Originated year two | 457,265 | 506,385 | ||
Originated year three | 362,736 | 224,576 | ||
Originated year four | 168,882 | 155,836 | ||
Originated year five | 110,853 | 95,376 | ||
Originated prior | 186,374 | 152,386 | ||
Revolving | 1,190,358 | 1,311,835 | ||
Revolving converted to term | 498 | |||
Total loans | 2,823,986 | 3,145,317 | ||
Current-period gross charge-offs, current year | 1,213 | |||
Current-period gross charge-offs, year two | 4,690 | |||
Current-period gross charge-offs, year three | 2,531 | |||
Current-period gross charge-offs, year four | 779 | |||
Current-period gross charge-offs, year five | 4 | |||
Current-period gross charge-offs, prior | 2,014 | |||
Current-period gross charge-offs, revolving | 1,998 | |||
Current-period gross charge-offs, revolving converted to term | 0 | |||
Current-period gross writeoffs | 13,229 | |||
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Total loans | 2,816,599 | 3,138,014 | ||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Total loans | 7,387 | 7,303 | ||
Real Estate Portfolio Segment[Member] | ||||
Total loans | 7,251,447 | 6,943,861 | ||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Originated current year | 217,334 | 621,078 | ||
Originated year two | 874,936 | 638,126 | ||
Originated year three | 283,012 | 156,834 | ||
Originated year four | 49,668 | 15,197 | ||
Originated year five | 4,866 | 13,261 | ||
Originated prior | 17,536 | 15,720 | ||
Revolving | 72,156 | 72,172 | ||
Revolving converted to term | 111 | |||
Total loans | 1,519,619 | 1,532,388 | ||
Current-period gross charge-offs, current year | 0 | |||
Current-period gross charge-offs, year two | 0 | |||
Current-period gross charge-offs, year three | 19 | |||
Current-period gross charge-offs, year four | 0 | |||
Current-period gross charge-offs, year five | 0 | |||
Current-period gross charge-offs, prior | 0 | |||
Current-period gross charge-offs, revolving | 0 | |||
Current-period gross charge-offs, revolving converted to term | 89 | |||
Current-period gross writeoffs | 108 | 0 | 14 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 155,642 | 426,683 | ||
Originated year two | 479,775 | |||
Originated year three | 525,372 | 352,375 | ||
Originated year four | 309,295 | 202,783 | ||
Originated year five | 190,394 | 161,886 | ||
Originated prior | 524,583 | 493,416 | ||
Revolving | 64,170 | 65,839 | ||
Revolving converted to term | 844 | |||
Total loans | 2,257,163 | 2,199,280 | ||
Current-period gross charge-offs, current year | 0 | |||
Current-period gross charge-offs, year two | 0 | |||
Current-period gross charge-offs, year three | 0 | |||
Current-period gross charge-offs, year four | 0 | |||
Current-period gross charge-offs, year five | 117 | |||
Current-period gross charge-offs, prior | 0 | |||
Current-period gross charge-offs, revolving | 0 | |||
Current-period gross charge-offs, revolving converted to term | 0 | |||
Current-period gross writeoffs | 117 | |||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Originated current year | 167,656 | 389,093 | ||
Originated year two | 378,065 | 274,239 | ||
Originated year three | 231,428 | 94,492 | ||
Originated year four | 76,685 | 53,232 | ||
Originated year five | 45,439 | 29,639 | ||
Originated prior | 62,811 | 59,617 | ||
Revolving | 287,854 | 246,519 | ||
Revolving converted to term | 0 | |||
Total loans | 1,249,938 | 1,146,831 | ||
Current-period gross charge-offs, current year | 0 | |||
Current-period gross charge-offs, year two | 40 | |||
Current-period gross charge-offs, year three | 0 | |||
Current-period gross charge-offs, year four | 0 | |||
Current-period gross charge-offs, year five | 0 | |||
Current-period gross charge-offs, prior | 14 | |||
Current-period gross charge-offs, revolving | 0 | |||
Current-period gross charge-offs, revolving converted to term | 0 | |||
Current-period gross writeoffs | 54 | |||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Originated current year | 162,418 | 1,027,978 | ||
Originated year two | 1,124,584 | 976,208 | ||
Originated year three | 1,106,055 | 517,392 | ||
Originated year four | 448,781 | 380,234 | ||
Originated year five | 249,189 | 134,797 | ||
Originated prior | 551,706 | 485,472 | ||
Revolving | 101,366 | 75,669 | ||
Revolving converted to term | 247 | |||
Total loans | 3,744,346 | 3,597,750 | ||
Current-period gross charge-offs, current year | 0 | |||
Current-period gross charge-offs, year two | 0 | |||
Current-period gross charge-offs, year three | 0 | |||
Current-period gross charge-offs, year four | 0 | |||
Current-period gross charge-offs, year five | 0 | |||
Current-period gross charge-offs, prior | 0 | |||
Current-period gross charge-offs, revolving | 0 | |||
Current-period gross charge-offs, revolving converted to term | 0 | |||
Current-period gross writeoffs | 0 | |||
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | ||||
Total loans | 7,237,517 | 6,933,413 | ||
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Construction Loans [Member] | ||||
Total loans | 1,519,508 | 1,532,388 | ||
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||||
Total loans | 2,250,074 | 2,195,968 | ||
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | One to Four Family [Member] | ||||
Total loans | 1,243,603 | 1,144,713 | ||
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Other Mortgages [Member] | ||||
Total loans | 3,743,840 | 3,592,732 | ||
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | ||||
Total loans | 13,930 | 10,448 | ||
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||||
Total loans | 111 | 0 | ||
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||||
Total loans | 7,089 | 3,312 | ||
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | One to Four Family [Member] | ||||
Total loans | 6,335 | 2,118 | ||
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Other Mortgages [Member] | ||||
Total loans | 506 | 5,018 | ||
Consumer Portfolio Segment [Member] | ||||
Originated current year | 22,227 | 21,132 | ||
Originated year two | 3,890 | |||
Originated year three | 4,542 | 4,203 | ||
Originated year four | 1,794 | 1,759 | ||
Originated year five | 1,295 | 440 | ||
Originated prior | 2,687 | 3,002 | ||
Revolving | 27,342 | 30,021 | ||
Revolving converted to term | 0 | |||
Total loans | 63,777 | 66,402 | ||
Current-period gross charge-offs, current year | 0 | |||
Current-period gross charge-offs, year two | 0 | |||
Current-period gross charge-offs, year three | 0 | |||
Current-period gross charge-offs, year four | 0 | |||
Current-period gross charge-offs, year five | 4 | |||
Current-period gross charge-offs, prior | 49 | |||
Current-period gross charge-offs, revolving | 1,020 | |||
Current-period gross charge-offs, revolving converted to term | 0 | |||
Current-period gross writeoffs | 1,073 | 660 | $ 368 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Total loans | 63,672 | 66,312 | ||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Total loans | 105 | 90 | ||
Pass [Member] | ||||
Originated current year | 1,058,567 | 3,172,373 | ||
Originated year two | 3,309,011 | 2,892,640 | ||
Originated year three | 2,493,493 | 1,347,172 | ||
Originated year four | 1,038,868 | 793,843 | ||
Originated year five | 577,813 | 407,411 | ||
Originated prior | 1,284,895 | 1,158,865 | ||
Revolving | 1,711,574 | 1,752,649 | ||
Revolving converted to term | 1,582 | |||
Total loans | 11,475,803 | 11,524,953 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Originated current year | 341,335 | 691,817 | ||
Originated year two | 455,281 | 502,648 | ||
Originated year three | 354,034 | 223,096 | ||
Originated year four | 162,543 | 144,587 | ||
Originated year five | 100,032 | 78,477 | ||
Originated prior | 151,527 | 134,893 | ||
Revolving | 1,161,324 | 1,267,333 | ||
Revolving converted to term | 491 | |||
Total loans | 2,726,567 | 3,042,851 | ||
Pass [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Originated current year | 216,745 | 618,578 | ||
Originated year two | 874,903 | 638,126 | ||
Originated year three | 283,012 | 156,834 | ||
Originated year four | 49,668 | 15,197 | ||
Originated year five | 4,866 | 12,063 | ||
Originated prior | 16,558 | 14,847 | ||
Revolving | 72,156 | 72,172 | ||
Revolving converted to term | 0 | |||
Total loans | 1,517,908 | 1,527,817 | ||
Pass [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 148,915 | 424,321 | ||
Originated year two | 478,364 | 496,298 | ||
Originated year three | 517,667 | 352,375 | ||
Originated year four | 300,978 | 199,987 | ||
Originated year five | 181,864 | 157,204 | ||
Originated prior | 512,752 | 477,926 | ||
Revolving | 64,170 | 64,152 | ||
Revolving converted to term | 844 | |||
Total loans | 2,205,554 | 2,172,263 | ||
Pass [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Originated current year | 166,927 | 388,778 | ||
Originated year two | 376,964 | 273,515 | ||
Originated year three | 228,183 | 93,272 | ||
Originated year four | 75,104 | 52,209 | ||
Originated year five | 40,697 | 28,999 | ||
Originated prior | 61,046 | 57,512 | ||
Revolving | 286,066 | 243,302 | ||
Revolving converted to term | 0 | |||
Total loans | 1,234,987 | 1,137,587 | ||
Pass [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Originated current year | 162,418 | 1,027,747 | ||
Originated year two | 1,119,609 | 976,208 | ||
Originated year three | 1,106,055 | 517,392 | ||
Originated year four | 448,781 | 380,104 | ||
Originated year five | 249,059 | 130,228 | ||
Originated prior | 540,325 | 470,699 | ||
Revolving | 100,516 | 75,669 | ||
Revolving converted to term | 247 | |||
Total loans | 3,727,010 | 3,578,047 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Originated current year | 22,227 | 21,132 | ||
Originated year two | 3,890 | 5,845 | ||
Originated year three | 4,542 | 4,203 | ||
Originated year four | 1,794 | 1,759 | ||
Originated year five | 1,295 | 440 | ||
Originated prior | 2,687 | 2,988 | ||
Revolving | 27,342 | 30,021 | ||
Revolving converted to term | 0 | |||
Total loans | 63,777 | 66,388 | ||
Special Mention [Member] | ||||
Originated current year | 10,807 | 12,314 | ||
Originated year two | 4,114 | 4,182 | ||
Originated year three | 15,314 | 1,917 | ||
Originated year four | 15,091 | 4,846 | ||
Originated year five | 13,715 | 5,546 | ||
Originated prior | 11,527 | 16,744 | ||
Revolving | 23,346 | 34,057 | ||
Revolving converted to term | 7 | |||
Total loans | 93,921 | 79,606 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Originated current year | 4,275 | 6,906 | ||
Originated year two | 1,982 | 3,737 | ||
Originated year three | 5,105 | 1,101 | ||
Originated year four | 5,765 | 1,748 | ||
Originated year five | 1,320 | 570 | ||
Originated prior | 3,549 | 898 | ||
Revolving | 21,769 | 29,516 | ||
Revolving converted to term | 7 | |||
Total loans | 43,772 | 44,476 | ||
Special Mention [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Originated current year | 589 | 2,500 | ||
Originated year two | 0 | 0 | ||
Originated year three | 0 | 0 | ||
Originated year four | 0 | 0 | ||
Originated year five | 0 | 0 | ||
Originated prior | 0 | 873 | ||
Revolving | 0 | 0 | ||
Revolving converted to term | 0 | |||
Total loans | 589 | 3,373 | ||
Special Mention [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 5,369 | 2,362 | ||
Originated year two | 1,411 | 0 | ||
Originated year three | 7,705 | 0 | ||
Originated year four | 8,317 | 2,723 | ||
Originated year five | 8,530 | 4,682 | ||
Originated prior | 7,539 | 6,917 | ||
Revolving | 0 | 1,687 | ||
Revolving converted to term | 0 | |||
Total loans | 38,871 | 18,371 | ||
Special Mention [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Originated current year | 574 | 315 | ||
Originated year two | 721 | 445 | ||
Originated year three | 2,504 | 816 | ||
Originated year four | 1,009 | 375 | ||
Originated year five | 3,865 | 294 | ||
Originated prior | 439 | 881 | ||
Revolving | 727 | 2,854 | ||
Revolving converted to term | 0 | |||
Total loans | 9,839 | 5,980 | ||
Special Mention [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Originated current year | 0 | 231 | ||
Originated year two | 0 | 0 | ||
Originated year three | 0 | 0 | ||
Originated year four | 0 | 0 | ||
Originated year five | 0 | 0 | ||
Originated prior | 0 | 7,161 | ||
Revolving | 850 | 0 | ||
Revolving converted to term | 0 | |||
Total loans | 850 | 7,392 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Originated current year | 0 | 0 | ||
Originated year two | 0 | 0 | ||
Originated year three | 0 | 0 | ||
Originated year four | 0 | 0 | ||
Originated year five | 0 | 0 | ||
Originated prior | 0 | 14 | ||
Revolving | 0 | 0 | ||
Revolving converted to term | 0 | |||
Total loans | 0 | 14 | ||
Substandard [Member] | ||||
Originated current year | 200 | |||
Originated year two | 279 | |||
Originated year three | 783 | |||
Originated year four | 10,352 | |||
Originated year five | 22,442 | |||
Originated prior | 34,004 | |||
Revolving | 15,349 | |||
Total loans | 83,409 | |||
Substandard [Member] | Performing Financial Instruments [Member] | ||||
Originated current year | 2,768 | |||
Originated year two | 5,009 | |||
Originated year three | 2,830 | |||
Originated year four | 368 | |||
Originated year five | 9,501 | |||
Originated prior | 44,662 | |||
Revolving | 4,621 | |||
Revolving converted to term | 0 | |||
Total loans | 69,758 | |||
Substandard [Member] | Nonperforming Financial Instruments [Member] | ||||
Originated current year | 155 | |||
Originated year two | 382 | |||
Originated year three | 1,508 | |||
Originated year four | 778 | |||
Originated year five | 3,336 | |||
Originated prior | 9,372 | |||
Revolving | 3,705 | |||
Revolving converted to term | 111 | |||
Total loans | 19,347 | |||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Originated current year | 200 | |||
Originated year two | 0 | |||
Originated year three | 379 | |||
Originated year four | 9,501 | |||
Originated year five | 16,329 | |||
Originated prior | 16,595 | |||
Revolving | 14,986 | |||
Total loans | 57,990 | |||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Originated current year | 1,410 | |||
Originated year two | 0 | |||
Originated year three | 2,830 | |||
Originated year four | 368 | |||
Originated year five | 9,501 | |||
Originated prior | 27,962 | |||
Revolving | 4,360 | |||
Revolving converted to term | 0 | |||
Total loans | 46,431 | |||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Originated current year | 0 | |||
Originated year two | 2 | |||
Originated year three | 767 | |||
Originated year four | 206 | |||
Originated year five | 0 | |||
Originated prior | 3,336 | |||
Revolving | 2,905 | |||
Revolving converted to term | 0 | |||
Total loans | 7,216 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 1,198 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 1,198 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 73 | |||
Originated year five | 0 | |||
Originated prior | 8,573 | |||
Revolving | 0 | |||
Total loans | 8,646 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Originated current year | 0 | |||
Originated year two | 279 | |||
Originated year three | 404 | |||
Originated year four | 648 | |||
Originated year five | 346 | |||
Originated prior | 1,224 | |||
Revolving | 363 | |||
Total loans | 3,264 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 130 | |||
Originated year five | 4,569 | |||
Originated prior | 7,612 | |||
Revolving | 0 | |||
Total loans | 12,311 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Construction Loans [Member] | ||||
Originated current year | 0 | |||
Originated year two | 33 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 978 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 1,011 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 1,358 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 4,292 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 5,650 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | One to Four Family [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 425 | |||
Revolving | 261 | |||
Revolving converted to term | 0 | |||
Total loans | 686 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Other Mortgages [Member] | ||||
Originated current year | 0 | |||
Originated year two | 4,975 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 11,005 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 15,980 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Revolving converted to term | 111 | |||
Total loans | 111 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 2,329 | |||
Originated prior | 4,759 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 7,088 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | One to Four Family [Member] | ||||
Originated current year | 155 | |||
Originated year two | 380 | |||
Originated year three | 741 | |||
Originated year four | 572 | |||
Originated year five | 877 | |||
Originated prior | 901 | |||
Revolving | 800 | |||
Revolving converted to term | 0 | |||
Total loans | 4,426 | |||
Substandard [Member] | Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Other Mortgages [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 130 | |||
Originated prior | 376 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 506 | |||
Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Substandard [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | 0 | |||
Substandard [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Revolving converted to term | 0 | |||
Total loans | $ 0 | |||
Doubtful [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | 0 | |||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||||
Originated current year | 0 | |||
Originated year two | 0 | |||
Originated year three | 0 | |||
Originated year four | 0 | |||
Originated year five | 0 | |||
Originated prior | 0 | |||
Revolving | 0 | |||
Total loans | $ 0 | |||
[1]derived from audited financial statements. |
Note 3 - Loans - Loans by Perfo
Note 3 - Loans - Loans by Performance Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Total loans | $ 11,658,829 | $ 11,687,968 | [1] |
Performing Financial Instruments [Member] | |||
Total loans | 11,637,296 | 11,670,127 | |
Nonperforming Financial Instruments [Member] | |||
Total loans | 21,533 | 17,841 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 2,823,986 | 3,145,317 | |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Total loans | 2,816,599 | 3,138,014 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Total loans | 7,387 | 7,303 | |
Real Estate Portfolio Segment[Member] | |||
Total loans | 7,251,447 | 6,943,861 | |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Total loans | 1,519,619 | 1,532,388 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Total loans | 2,257,163 | 2,199,280 | |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Total loans | 1,249,938 | 1,146,831 | |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Total loans | 3,744,346 | 3,597,750 | |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | |||
Total loans | 7,237,517 | 6,933,413 | |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Construction Loans [Member] | |||
Total loans | 1,519,508 | 1,532,388 | |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 2,250,074 | 2,195,968 | |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | One to Four Family [Member] | |||
Total loans | 1,243,603 | 1,144,713 | |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Other Mortgages [Member] | |||
Total loans | 3,743,840 | 3,592,732 | |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | |||
Total loans | 13,930 | 10,448 | |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||
Total loans | 111 | 0 | |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 7,089 | 3,312 | |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | One to Four Family [Member] | |||
Total loans | 6,335 | 2,118 | |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Other Mortgages [Member] | |||
Total loans | 506 | 5,018 | |
Consumer Portfolio Segment [Member] | |||
Total loans | 63,777 | 66,402 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Total loans | 63,672 | 66,312 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Total loans | $ 105 | $ 90 | |
[1]derived from audited financial statements. |
Note 3 - Loans - Loans Categori
Note 3 - Loans - Loans Categorized by Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Total loans | $ 11,658,829 | $ 11,687,968 | [1] |
Non-accrual | 19,349 | 12,450 | |
Nonaccrual With No ACL | 13,847 | 4,407 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total loans | 4,692 | 1,968 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total loans | 19,406 | 2,280 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total loans | 2,184 | 5,391 | |
Financial Asset, Past Due [Member] | |||
Total loans | 26,282 | 9,639 | |
Financial Asset, Not Past Due [Member] | |||
Total loans | 11,613,198 | 11,665,879 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 2,823,986 | 3,145,317 | |
Non-accrual | 7,217 | 7,108 | |
Nonaccrual With No ACL | 5,028 | 3,238 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total loans | 3,418 | 1,075 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total loans | 3,718 | 409 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total loans | 170 | 195 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Total loans | 7,306 | 1,679 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Total loans | 2,809,463 | 3,136,530 | |
Real Estate Portfolio Segment[Member] | |||
Total loans | 7,251,447 | 6,943,861 | |
Non-accrual | 12,021 | 5,342 | |
Nonaccrual With No ACL | 8,819 | 548 | |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Total loans | 1,519,619 | 1,532,388 | |
Non-accrual | 111 | 0 | |
Nonaccrual With No ACL | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Total loans | 2,257,163 | 2,199,280 | |
Non-accrual | 7,089 | 3,312 | |
Nonaccrual With No ACL | 7,089 | 57 | |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Total loans | 1,249,938 | 1,146,831 | |
Non-accrual | 4,426 | 1,524 | |
Nonaccrual With No ACL | 1,224 | 491 | |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Total loans | 3,744,346 | 3,597,750 | |
Non-accrual | 506 | 506 | |
Nonaccrual With No ACL | 506 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total loans | 1,216 | 719 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Total loans | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 0 | 83 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One to Four Family [Member] | |||
Total loans | 540 | 405 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Mortgages [Member] | |||
Total loans | 676 | 231 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total loans | 15,623 | 1,032 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Total loans | 34 | 711 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 0 | 452 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family [Member] | |||
Total loans | 4,920 | 580 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Mortgages [Member] | |||
Total loans | 10,703 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total loans | 1,909 | 5,106 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Total loans | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One to Four Family [Member] | |||
Total loans | 1,909 | 594 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Mortgages [Member] | |||
Total loans | 0 | 4,512 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Past Due [Member] | |||
Total loans | 18,748 | 6,857 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Past Due [Member] | Construction Loans [Member] | |||
Total loans | 34 | 711 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Past Due [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 0 | 535 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Past Due [Member] | One to Four Family [Member] | |||
Total loans | 7,369 | 1,579 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Past Due [Member] | Other Mortgages [Member] | |||
Total loans | 11,379 | 4,743 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | |||
Total loans | 7,220,678 | 6,931,662 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | Construction Loans [Member] | |||
Total loans | 1,519,474 | 1,531,677 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | Owner Occupied Commercial [Member] | |||
Total loans | 2,250,074 | 2,195,433 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | One to Four Family [Member] | |||
Total loans | 1,238,143 | 1,143,728 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | Other Mortgages [Member] | |||
Total loans | 3,732,461 | 3,592,501 | |
Consumer Portfolio Segment [Member] | |||
Total loans | 63,777 | 66,402 | |
Non-accrual | 0 | 0 | |
Nonaccrual With No ACL | 0 | 621 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total loans | 58 | 174 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total loans | 31 | 128 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total loans | 105 | 90 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Total loans | 194 | 392 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Total loans | $ 63,583 | $ 66,010 | |
[1]derived from audited financial statements. |
Note 3 - Loans - Summary of Col
Note 3 - Loans - Summary of Collateral Types (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing receivable, gross | $ 11,658,829 | $ 11,687,968 | [1] | ||
Financing Receivable, Allowance for Credit Loss | 153,317 | 146,297 | [1] | $ 116,660 | $ 87,942 |
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 2,823,986 | 3,145,317 | |||
Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 7,251,447 | 6,943,861 | |||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 1,519,619 | 1,532,388 | |||
Financing Receivable, Allowance for Credit Loss | 44,658 | 42,889 | $ 26,994 | $ 16,057 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 2,257,163 | 2,199,280 | |||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 1,249,938 | 1,146,831 | |||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 3,744,346 | 3,597,750 | |||
Real Estate [Member] | |||||
Financing receivable, gross | 54,005 | 44,205 | |||
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 20,266 | 20,061 | |||
Real Estate [Member] | Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 33,594 | 24,144 | |||
Real Estate [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 145 | 0 | |||
Real Estate [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 12,038 | 8,573 | |||
Real Estate [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 15,694 | 3,260 | |||
Real Estate [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 5,862 | 12,311 | |||
Collateral, Accounts Receivable [Member] | |||||
Financing receivable, gross | 7,240 | 12,092 | |||
Collateral, Accounts Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 7,240 | 12,092 | |||
Collateral, Accounts Receivable [Member] | Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Accounts Receivable [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Accounts Receivable [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Accounts Receivable [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Accounts Receivable [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Equipment [Member] | |||||
Financing receivable, gross | 2,126 | 837 | |||
Equipment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 2,126 | 837 | |||
Equipment [Member] | Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Equipment [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Equipment [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Equipment [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Equipment [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Other [Member] | |||||
Financing receivable, gross | 25,692 | 26,270 | |||
Collateral, Other [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 24,016 | 24,998 | |||
Collateral, Other [Member] | Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 698 | 74 | |||
Collateral, Other [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 978 | 1,198 | |||
Collateral, Other [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 698 | 74 | |||
Collateral, Other [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral, Other [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 0 | 0 | |||
Collateral Pledged [Member] | |||||
Financing receivable, gross | 89,063 | 83,404 | |||
Financing Receivable, Allowance for Credit Loss | 18,326 | 10,387 | |||
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing receivable, gross | 53,648 | 57,988 | |||
Financing Receivable, Allowance for Credit Loss | 16,189 | 9,910 | |||
Collateral Pledged [Member] | Real Estate Portfolio Segment[Member] | |||||
Financing receivable, gross | 34,292 | 24,218 | |||
Financing Receivable, Allowance for Credit Loss | 2,136 | 470 | |||
Collateral Pledged [Member] | Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||
Financing receivable, gross | 1,123 | 1,198 | |||
Financing Receivable, Allowance for Credit Loss | 1 | 7 | |||
Collateral Pledged [Member] | Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||
Financing receivable, gross | 12,736 | 8,647 | |||
Financing Receivable, Allowance for Credit Loss | 475 | 154 | |||
Collateral Pledged [Member] | Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||
Financing receivable, gross | 15,694 | 3,260 | |||
Financing Receivable, Allowance for Credit Loss | 1,058 | 316 | |||
Collateral Pledged [Member] | Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||
Financing receivable, gross | 5,862 | 12,311 | |||
Financing Receivable, Allowance for Credit Loss | $ 603 | $ 0 | |||
[1]derived from audited financial statements. |
Note 3 - Loans - Loans Modified
Note 3 - Loans - Loans Modified During Period (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Modified Amortized Cost | $ 444 | |
Percentage of total loans | 0.37% | |
Number of Contracts | 3 | |
Pre- Modification Outstanding Recorded Investment | $ 444 | |
Extended Maturity [Member] | ||
Modified Amortized Cost | $ 42,315 | |
Payment Deferral [Member] | ||
Modified Amortized Cost | 303 | |
Extended Maturity and Payment Deferral [Member] | ||
Modified Amortized Cost | $ 42,618 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Modified Amortized Cost | $ 444 | |
Percentage of total loans | 0.24% | |
Total payment deferral | $ 0 | |
Number of Contracts | 3 | |
Pre- Modification Outstanding Recorded Investment | $ 444 | |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | ||
Modified Amortized Cost | 28,363 | |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||
Modified Amortized Cost | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity and Payment Deferral [Member] | ||
Modified Amortized Cost | $ 28,363 | |
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||
Term extension (Year) | 1 year | |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||
Term extension (Year) | 65 years | |
Real Estate Portfolio Segment[Member] | ||
Modified Amortized Cost | $ 0 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||
Modified Amortized Cost | $ 0 | |
Percentage of total loans | 0.03% | |
Total payment deferral | $ 49 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||
Modified Amortized Cost | $ 0 | |
Percentage of total loans | 0.10% | |
Total payment deferral | $ 59 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||
Modified Amortized Cost | $ 0 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||
Modified Amortized Cost | $ 0 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | |
Real Estate Portfolio Segment[Member] | Extended Maturity [Member] | Owner Occupied Commercial [Member] | ||
Modified Amortized Cost | 3,021 | |
Real Estate Portfolio Segment[Member] | Extended Maturity [Member] | Other Mortgages [Member] | ||
Modified Amortized Cost | 10,932 | |
Real Estate Portfolio Segment[Member] | Payment Deferral [Member] | Owner Occupied Commercial [Member] | ||
Modified Amortized Cost | 0 | |
Real Estate Portfolio Segment[Member] | Payment Deferral [Member] | Other Mortgages [Member] | ||
Modified Amortized Cost | 303 | |
Real Estate Portfolio Segment[Member] | Extended Maturity and Payment Deferral [Member] | Owner Occupied Commercial [Member] | ||
Modified Amortized Cost | 3,021 | |
Real Estate Portfolio Segment[Member] | Extended Maturity and Payment Deferral [Member] | Other Mortgages [Member] | ||
Modified Amortized Cost | $ 11,234 | |
Real Estate Portfolio Segment[Member] | Minimum [Member] | Owner Occupied Commercial [Member] | ||
Term extension (Year) | 3 years | |
Real Estate Portfolio Segment[Member] | Minimum [Member] | Other Mortgages [Member] | ||
Term extension (Year) | 3 years | |
Real Estate Portfolio Segment[Member] | Maximum [Member] | Owner Occupied Commercial [Member] | ||
Term extension (Year) | 60 years | |
Real Estate Portfolio Segment[Member] | Maximum [Member] | Other Mortgages [Member] | ||
Term extension (Year) | 36 years | |
Consumer Portfolio Segment [Member] | ||
Modified Amortized Cost | $ 0 | |
Number of Contracts | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 |
Note 3 - Loans - Changes In Rel
Note 3 - Loans - Changes In Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of year | $ 52,608 | $ 51,180 |
Advances | 67,106 | 103,513 |
Repayments | (79,883) | (102,085) |
Balance, end of year | $ 39,831 | $ 52,608 |
Note 4 - Foreclosed Propertie_2
Note 4 - Foreclosed Properties - Summary of Foreclosed Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of year | $ 248 | $ 1,208 | $ 6,497 |
Transfers from loans and capitalized expenses | 933 | 1,046 | 2,318 |
Foreclosed properties sold | (158) | (2,282) | (6,474) |
Write downs and partial liquidations | (28) | 276 | (1,133) |
Balance at end of year | $ 995 | $ 248 | $ 1,208 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 4.4 | $ 4.1 | $ 4.1 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant, and equipment, gross | $ 96,175 | $ 92,288 | |
Accumulated depreciation | (36,851) | (32,438) | |
Total premises and equipment, net | 59,324 | 59,850 | [1] |
Land [Member] | |||
Property, plant, and equipment, gross | 5,809 | 5,809 | |
Building [Member] | |||
Property, plant, and equipment, gross | 37,578 | 38,319 | |
Furniture and Equipment [Member] | |||
Property, plant, and equipment, gross | 34,976 | 32,454 | |
Leasehold Improvements [Member] | |||
Property, plant, and equipment, gross | 16,512 | 13,773 | |
Construction in Progress [Member] | |||
Property, plant, and equipment, gross | $ 1,300 | $ 1,933 | |
[1]derived from audited financial statements. |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted average remaining lease term (Year) | 8 years 2 months 12 days | 6 years 7 months 6 days |
Weighted average discount rate | 3.67% | 2.81% |
Operating lease cost | $ 5,202 | $ 4,379 |
Short-term lease cost | 0 | 68 |
Variable lease cost | 803 | 610 |
Sublease income | (21) | (40) |
Net lease cost | 5,984 | 5,017 |
Other Assets [Member] | ||
Right-of-use assets | 26,451 | 18,816 |
Other Liabilities [Member] | ||
Lease liabilities | $ 27,435 | $ 19,614 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 5,208 | |
2025 | 4,930 | |
2026 | 4,105 | |
2027 | 3,536 | |
2028 | 2,683 | |
Thereafter | 11,899 | |
Total lease payments | 32,361 | |
Less: imputed interest | (4,926) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 27,435 | $ 19,614 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities (VIEs) (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loan [Member] | ||
Limited Partners' Capital Account | $ 0 | $ 2,022,000,000 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Limited Partners' Capital Account | 42,800,000 | $ 46,300,000 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Federal Historic Tax Credit Partnerships [Member] | ||
Limited Partners' Capital Account | $ 754,000 | |
Variable Interest Entity, Number of Investments | 2 | |
Limited Partners' Contributed Capital | $ 2,400,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Low-Income Housing Tax Credit Partnerships [Member] | ||
Limited Partners' Capital Account | $ 7,800,000 | |
Variable Interest Entity, Number of Investments | 6 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit Liabilities Reclassified as Loans Receivable | $ 1.1 | $ 1.9 |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest-bearing demand | $ 2,643,101 | $ 3,321,347 | |
Interest-bearing checking | 9,367,841 | 7,224,201 | |
Savings | 107,227 | 138,451 | |
Time deposits, $250,000 and under | 313,015 | 239,772 | |
Time deposits, over $250,000 | 842,327 | 573,035 | |
Brokered time deposits | 0 | 50,000 | |
Deposits, Total | $ 13,273,511 | $ 11,546,805 | [1] |
[1]derived from audited financial statements. |
Note 8 - Deposits - Scheduled M
Note 8 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 900,676 |
2025 | 183,903 |
2026 | 60,336 |
2027 | 6,036 |
2028 | 4,371 |
Thereafter | 20 |
Total | $ 1,155,342 |
Note 9 - Federal Funds Purcha_2
Note 9 - Federal Funds Purchased (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Funds Purchased, Portion from Customers of Correspondent Banks | $ 1,260,000 | $ 1,350,000 |
Short-term Borrowings from Various Financial Institutions [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 880,000 | 963,000 |
Long-Term Line of Credit | $ 0 | $ 265,000 |
Federal Funds Purchased [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 4.40% |
Federal Funds Purchased [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 4.50% |
Note 10 - Other Borrowings (Det
Note 10 - Other Borrowings (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2020 | Nov. 30, 2017 | |
Other Borrowings | $ 64,735,000 | $ 64,726,000 | [1] | ||
Debt Issuance Costs, Net | $ 15,000 | $ 24,000 | |||
Subordinates Note Due November 8, 2027 [Member] | |||||
Other Borrowings | $ 30,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Subordinates Note Due October 21, 2030 [Member] | |||||
Other Borrowings | $ 34,750,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||
[1]derived from audited financial statements. |
Note 12 - Derivatives (Details
Note 12 - Derivatives (Details Textual) - Interest Rate Cap [Member] - USD ($) $ in Millions | 1 Months Ended | |
May 31, 2020 | Dec. 31, 2022 | |
Derivative, Term of Contract (Year) | 3 years | |
Derivative, Notional Amount | $ 300 | |
Derivative, Fair Value, Net | $ 4.2 | |
Derivative, Remaining Maturity (Year) | 3 months 18 days | |
LIBOR - London Interbank Offered Rate [Member] | ||
Derivative, Cap Interest Rate | 0.50% |
Note 13 - Employee and Direct_3
Note 13 - Employee and Director Benefits (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2014 | Mar. 23, 2009 | |
Share-Based Payment Arrangement, Expense | $ 3,600,000 | $ 3,200,000 | $ 1,900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||
Postemployment Benefits, Period Expense | $ 2,100,000 | $ 1,800,000 | $ 1,600,000 | ||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 52,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 8 months | ||||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,100,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 2 years 1 month 6 days | ||||
Performance Shares [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 744,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Performance Shares [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Vested Upon Certain Performance Metrics, Percentage | 0% | ||||
Performance Shares [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Vested Upon Certain Performance Metrics, Percentage | 150% | ||||
The 2009 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,550,000 | 2,550,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,031,065 |
Note 13 - Employee and Direct_4
Note 13 - Employee and Director Benefits - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares, exercisable (in shares) | 143,300 | |||
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 21.84 | |||
Weighted Average Remaining Contractual Term, exercisable (Year) | 2 years 2 months 12 days | |||
Aggregate Intrinsic Value, exercisable | $ 6,419 | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Outstanding, shares (in shares) | 280,000 | 353,250 | 641,450 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 19.43 | $ 19.28 | $ 18.15 | |
Outstanding, weighted average remaining contractual term (Year) | 2 years 10 months 24 days | 3 years | 3 years 9 months 18 days | 4 years 7 months 6 days |
Outstanding, aggregate intrinsic value | $ 7,211 | $ 14,088 | $ 23,525 | $ 16,985 |
Exercised, shares (in shares) | (112,200) | (70,500) | (278,200) | |
Exercised, weighted average exercise price (in dollars per share) | $ 11.84 | $ 17.96 | $ 12.58 | |
Exercised, weighted average remaining contractual term (Year) | 8 months 12 days | 2 years 2 months 12 days | 2 years 9 months 18 days | |
Exercised, aggregate intrinsic value | $ 6,148 | $ 3,592 | $ 20,131 | |
Forfeited, shares (in shares) | (2,000) | (2,750) | (10,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 34.64 | $ 37.94 | $ 38.38 | |
Forfeited, weighted average remaining contractual term (Year) | 5 years 1 month 6 days | 5 years 4 months 24 days | 5 years 2 months 12 days | |
Forfeited, aggregate intrinsic value | $ 64 | $ 85 | $ 466 | |
Outstanding, shares (in shares) | 165,800 | 280,000 | 353,250 | 641,450 |
Outstanding, weighted average exercise price (in dollars per share) | $ 24.35 | $ 19.43 | $ 19.28 | $ 18.15 |
Shares, exercisable (in shares) | 143,300 | 220,500 | 264,000 | |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 21.84 | $ 14.37 | $ 12.89 | |
Weighted Average Remaining Contractual Term, exercisable (Year) | 2 years 2 months 12 days | 2 years | 2 years 9 months 18 days | |
Aggregate Intrinsic Value, exercisable | $ 6,419 | $ 12,279 | $ 19,353 |
Note 13 - Employee and Direct_5
Note 13 - Employee and Director Benefits - Exercisable Options Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Shares, exercisable (in shares) | shares | 143,300 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 21.84 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 2 years 2 months 12 days |
Aggregate Intrinsic Value, exercisable | $ | $ 6,419 |
Exercise Price Range 1 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 6 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 7 |
Shares, exercisable (in shares) | shares | 7,500 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 6.92 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 1 month 6 days |
Aggregate Intrinsic Value, exercisable | $ | $ 448 |
Exercise Price Range 2 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 15 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 16 |
Shares, exercisable (in shares) | shares | 42,800 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 15.52 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 1 year 1 month 6 days |
Aggregate Intrinsic Value, exercisable | $ | $ 2,188 |
Exercise Price Range 3 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 17 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 18 |
Shares, exercisable (in shares) | shares | 21,500 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 17.17 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 1 year 3 months 18 days |
Aggregate Intrinsic Value, exercisable | $ | $ 1,063 |
Exercise Price Range 4 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 18 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 19 |
Shares, exercisable (in shares) | shares | 6,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 18.49 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 1 year 8 months 12 days |
Aggregate Intrinsic Value, exercisable | $ | $ 289 |
Exercise Price Range 5 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 19 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 20 |
Shares, exercisable (in shares) | shares | 24,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 19.16 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 2 years 1 month 6 days |
Aggregate Intrinsic Value, exercisable | $ | $ 1,139 |
Exercise Price Range 6 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 25 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 26 |
Shares, exercisable (in shares) | shares | 4,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 25.41 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 2 years 8 months 12 days |
Aggregate Intrinsic Value, exercisable | $ | $ 165 |
Exercise Price Range 7 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 33 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 34 |
Shares, exercisable (in shares) | shares | 2,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 33.48 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 5 years |
Aggregate Intrinsic Value, exercisable | $ | $ 66 |
Exercise Price Range 8 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 35 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 36 |
Shares, exercisable (in shares) | shares | 25,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 35.65 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 4 years 9 months 18 days |
Aggregate Intrinsic Value, exercisable | $ | $ 775 |
Exercise Price Range 9 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 38 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 39 |
Shares, exercisable (in shares) | shares | 8,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 38.29 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 3 years 1 month 6 days |
Aggregate Intrinsic Value, exercisable | $ | $ 227 |
Exercise Price Range 10 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 41 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 42 |
Shares, exercisable (in shares) | shares | 1,000 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 41.21 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 4 years 1 month 6 days |
Aggregate Intrinsic Value, exercisable | $ | $ 25 |
Exercise Price Range 11 [Member] | |
Range of Exercise Price, Lower Range (in dollars per share) | $ 43 |
Range of Exercise Price, Upper Range (in dollars per share) | $ 44 |
Shares, exercisable (in shares) | shares | 1,500 |
Weighted Average Exercise Price, exercisable (in dollars per share) | $ 43.8 |
Weighted Average Remaining Contractual Term, exercisable (Year) | 4 years 6 months |
Aggregate Intrinsic Value, exercisable | $ | $ 34 |
Note 13 - Employee and Direct_6
Note 13 - Employee and Director Benefits - Summary of Restricted Stock and Performance Shares Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||
Non-vested, shares (in shares) | 141,580 | 126,975 | 84,307 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 56.39 | $ 42.74 | $ 34.93 |
Granted, shares (in shares) | 64,880 | 53,974 | 69,295 |
Granted, weighted average grant date fair value (in dollars per share) | $ 58.45 | $ 83.24 | $ 48.92 |
Vested, shares (in shares) | (35,163) | (28,160) | (14,274) |
Vested, weighted average grant date fair value (in dollars per share) | $ 49.85 | $ 43.27 | $ 29.33 |
Forfeited, shares (in shares) | (12,999) | (11,209) | (12,353) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 63.78 | $ 58.82 | $ 39.6 |
Non-vested, shares (in shares) | 158,298 | 141,580 | 126,975 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 58.08 | $ 56.39 | $ 42.74 |
Performance Shares [Member] | |||
Non-vested, shares (in shares) | 23,852 | 12,437 | 0 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 54.16 | $ 37.05 | $ 0 |
Granted, shares (in shares) | 8,092 | 11,415 | 12,437 |
Granted, weighted average grant date fair value (in dollars per share) | $ 70.29 | $ 72.81 | $ 37.05 |
Vested, shares (in shares) | 0 | 0 | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Forfeited, shares (in shares) | 0 | 0 | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Non-vested, shares (in shares) | 31,944 | 23,852 | 12,437 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 58.25 | $ 54.16 | $ 37.05 |
Note 14 - Regulatory Matters (D
Note 14 - Regulatory Matters (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Cumulative Dividends | $ 573.9 |
Note 14 - Regulatory Matters -
Note 14 - Regulatory Matters - The Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
CET 1 Capital to risk weighted assets, amount | $ 1,473,885 | $ 1,326,035 |
CET 1 Capital to risk weighted assets, ratio | 0.1091 | 0.0955 |
CET 1 Capital to risk weighted assets, for capital adequacy purposes, amount | $ 607,690 | $ 624,986 |
CET 1 capital to risk weighted assets, for capital adequacy purposes, ratio | 4.50% | 4.50% |
Tier 1 capital to risk weighted assets, amount | $ 1,474,385 | $ 1,326,535 |
Tier 1 capital to risk weighted assets, ratio | 0.1092 | 0.0995 |
Tier 1 capital to risk weighted assets, for capital adequacy purposes, amount | $ 810,253 | $ 833,315 |
Tier 1 capital to risk weighted assets, for capital adequacy purposes, ratio | 0.06 | 0.06 |
Total capital to risk weighted assets, amount | $ 1,681,028 | $ 1,532,134 |
Total capital to risk weighted assets, ratio | 0.1245 | 0.1103 |
Total capital to risk weighted assets, for capital adequacy purposes, amount | $ 1,080,338 | $ 1,111,086 |
Total capital to risk weighted assets, for capital adequacy purposes, ratio | 0.08 | 0.08 |
Tier 1 capital to average assets, amount | $ 1,474,385 | $ 1,326,535 |
Tier 1 capital to average assets, ratio | 0.0912 | 0.0929 |
Tier 1 capital to average assets, for capital adequacy purposes, amount | $ 646,710 | $ 570,960 |
Tier 1 capital to average assets, for capital adequacy purposes, ratio | 0.04 | 0.04 |
Servisfirst Bank [Member] | ||
CET 1 Capital to risk weighted assets, amount | $ 1,535,757 | $ 1,385,697 |
CET 1 Capital to risk weighted assets, ratio | 0.1137 | 0.0998 |
CET 1 Capital to risk weighted assets, for capital adequacy purposes, amount | $ 607,665 | $ 624,942 |
CET 1 capital to risk weighted assets, for capital adequacy purposes, ratio | 4.50% | 4.50% |
CET 1 capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, amount | $ 877,738 | $ 902,694 |
CET 1 capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier 1 capital to risk weighted assets, amount | $ 1,536,257 | $ 1,386,197 |
Tier 1 capital to risk weighted assets, ratio | 0.1138 | 0.0998 |
Tier 1 capital to risk weighted assets, for capital adequacy purposes, amount | $ 810,220 | $ 833,256 |
Tier 1 capital to risk weighted assets, for capital adequacy purposes, ratio | 0.06 | 0.06 |
Tier 1 capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, amount | $ 1,080,293 | $ 1,111,008 |
Tier 1 capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, ratio | 0.08 | 0.08 |
Total capital to risk weighted assets, amount | $ 1,690,149 | $ 1,533,069 |
Total capital to risk weighted assets, ratio | 0.1252 | 0.1104 |
Total capital to risk weighted assets, for capital adequacy purposes, amount | $ 1,080,293 | $ 1,111,008 |
Total capital to risk weighted assets, for capital adequacy purposes, ratio | 0.08 | 0.08 |
Total capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, amount | $ 1,350,366 | $ 1,388,760 |
Total capital to risk weighted assets, to be well capitalized under prompt corrective action provisions, ratio | 0.10 | 0.10 |
Tier 1 capital to average assets, amount | $ 1,536,257 | $ 1,386,197 |
Tier 1 capital to average assets, ratio | 0.095 | 0.0971 |
Tier 1 capital to average assets, for capital adequacy purposes, amount | $ 646,675 | $ 570,924 |
Tier 1 capital to average assets, for capital adequacy purposes, ratio | 0.04 | 0.04 |
Tier 1 capital to average assets, to be well capitalized under prompt corrective action provisions, amount | $ 808,343 | $ 713,656 |
Tier 1 capital to average assets, to be well capitalized uner prompt corrective action provisions, ratio | 0.05 | 0.05 |
Note 15 - Other Operating Inc_3
Note 15 - Other Operating Income and Expenses - Other Operating Income and Expense Included in Noninterest Income and Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ATM fee income | $ (200) | $ 618 | $ 1,443 |
Mark to market interest rate cap derivative | 48 | 6,960 | 1,013 |
Gain (loss) on sale of ORE | (28) | 501 | (288) |
(Loss) gain on sale of fixed assets | 0 | (12) | 433 |
Death benefit of bank owned life insurance contracts | 0 | 2,153 | 0 |
Merchant services fees | 2,214 | 1,765 | 1,231 |
Other | 1,002 | 676 | 832 |
Total other operating income | 3,037 | 12,661 | 4,664 |
Other loan expenses | 2,794 | 2,226 | 2,744 |
Customer and public relations | 2,971 | 2,354 | 1,840 |
Sales and use tax | 771 | 636 | 1,016 |
Write-down investment in tax credit partnerships | 12,053 | 9,998 | 9,152 |
Telephone | 597 | 568 | 453 |
Donations and contributions | 651 | 749 | 544 |
Marketing | 768 | 446 | 498 |
Supplies | 705 | 612 | 504 |
Fraud and forgery losses | 1,435 | 1,988 | 425 |
Directors fees | 797 | 730 | 659 |
Postage | 361 | 366 | 290 |
Other operational losses | 449 | 2,777 | 144 |
Core processing deconverison expense | 134 | 939 | 3,007 |
Privilege tax expense | 4,300 | 1,869 | 950 |
Other | 4,556 | 4,816 | 4,931 |
Total other operating expenses | $ 33,342 | $ 31,075 | $ 27,157 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 450,000 | $ 0 |
Unrecognized Tax Benefits, Net of Benefit on State | 1,653,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,653,000 | $ 0 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 35,124 | $ 56,318 | $ 45,248 |
State | 3,616 | 3,621 | 5,428 |
Total current tax expense | 38,740 | 59,939 | 50,676 |
Federal | (1,057) | (4,110) | (5,596) |
State | 52 | 1,495 | 535 |
Total deferred tax (benefit) | (1,005) | (2,615) | (5,061) |
Effective income tax and rate, amount | $ 37,735 | $ 57,324 | $ 45,615 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation From Federal Income Tax Statutory Rates to Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax at statutory federal rate, amount | $ 51,363 | $ 64,796 | $ 53,203 |
Income tax at statutory federal rate, pre-tax earnings | 21% | 21% | 21% |
State income tax, net of federal tax effect, amount | $ 3,339 | $ 7,247 | $ 4,952 |
State income tax, net of federal tax effect, pre-tax earnings | 1.37% | 2.35% | 1.95% |
Tax-exempt income, net of expenses, amount | $ (92) | $ (188) | $ (242) |
Tax-exempt income, net of expenses, pre-tax earnings | (0.04%) | (0.06%) | (0.10%) |
Bank owned life insurance contracts, amount | $ (1,591) | $ (1,812) | $ (1,395) |
Bank owned life insurance contracts, pre-tax earnings | (0.65%) | (0.59%) | (0.55%) |
Excess tax benefit from stock compensation, amount | $ (1,242) | $ (1,091) | $ (2,335) |
Excess tax benefit from stock compensation, pre-tax earnings | (0.51%) | (0.35%) | (0.92%) |
Federal tax credits, net of related amortization, amount | $ (16,002) | $ (11,131) | $ (11,019) |
Federal tax credits, net of related amortization, pre-tax earnings | (6.54%) | (3.61%) | (4.35%) |
Other, amount | $ 1,960 | $ (497) | $ 2,451 |
Other, pre-tax earnings | 0.80% | (0.16%) | 0.97% |
Effective income tax and rate, amount | $ 37,735 | $ 57,324 | $ 45,615 |
Effective income tax and rate, pre-tax earnings | 15.43% | 18.58% | 18% |
Note 16 - Income Taxes - Compon
Note 16 - Income Taxes - Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 38,483 | $ 36,720 |
Other real estate owned | 253 | 316 |
Nonqualified equity awards | 1,354 | 1,229 |
Nonaccrual interest | 327 | 289 |
State tax credits carryforward | 2,011 | 1,795 |
Deferred loan fees | 3,806 | 4,720 |
Reserve for unfunded commitments | 144 | 144 |
Accrued bonus | 3,052 | 4,540 |
Capital loss carryforward | 1,648 | 1,889 |
Lease liability | 6,886 | 4,923 |
Deferred revenue | 8 | 20 |
Net unrealized loss on securities available for sale | 18,129 | 16,339 |
Other deferred tax assets | 2,323 | 60 |
Total deferred tax assets | 78,424 | 72,984 |
Deferred tax liabilities: | ||
Depreciation | 4,289 | 4,431 |
Prepaid expenses | 735 | 975 |
Investments | 1,484 | 1,054 |
Right-of-use assets and other leasing transactions | 6,639 | 4,723 |
Other deferred tax liabilities | 2,359 | 1,353 |
Total deferred tax liabilities | 15,506 | 12,536 |
Net deferred tax assets | $ 62,918 | $ 60,448 |
Note 16 - Income Taxes - Summar
Note 16 - Income Taxes - Summary of the Changes in the Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of year | $ 0 | $ 3,659 | $ 3,238 |
Increases related to prior year tax positions | 1,285 | 0 | 864 |
Decreases related to prior year tax positions | 0 | (2,860) | 0 |
Increases related to current year tax positions | 807 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Lapse of statute | 0 | (799) | (443) |
Balance, end of year | $ 2,092 | $ 0 | $ 3,659 |
Note 17 - Commitments and Con_3
Note 17 - Commitments and Contingencies - Summary of Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to extend credit | $ 3,410,283 | $ 4,230,485 | $ 3,515,818 |
Credit card arrangements | 381,524 | 368,749 | 366,525 |
Standby letters of credit and financial guarantees | 86,065 | 67,285 | 61,856 |
Total | $ 3,877,872 | $ 4,666,519 | $ 3,944,199 |
Note 19 - Earnings Per Common_3
Note 19 - Earnings Per Common Share - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average common shares outstanding (in shares) | 54,411,171 | 54,300,366 | 54,160,990 |
Net income available to common stockholders | $ 206,791 | $ 251,442 | $ 207,672 |
Basic earnings per common share (in dollars per share) | $ 3.8 | $ 4.63 | $ 3.83 |
Dilutive effects of assumed exercise of stock options and vesting of performance shares (in shares) | 124,144 | 234,408 | 273,583 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 54,535,315 | 54,534,774 | 54,434,573 |
Net income available to common stockholders | $ 206,791 | $ 251,442 | $ 207,672 |
Diluted earnings per common share (in dollars per share) | $ 3.79 | $ 4.61 | $ 3.82 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable, Related Parties | $ 39,831 | $ 52,608 | $ 51,180 |
Note 21 - Fair Value Measurem_3
Note 21 - Fair Value Measurement (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Asset Impairment Charges | $ 16,600,000 | $ 4,200,000 | |
Real Estate Owned, Amount of Loss at Acquisition | 7,000 | 153,000 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 360,000 | 248,000 | |
Mortgage Loans in Process of Foreclosure, Amount | 292,000 | 0 | |
Liabilities | 14,689,263,000 | 13,297,857,000 | [1] |
Fair Value, Recurring [Member] | |||
Liabilities | 0 | 0 | |
Fair Value, Nonrecurring [Member] | |||
Liabilities | $ 0 | $ 0 | |
Minimum [Member] | |||
Impaired Loans, Fair Value Adjustment, Percent | 0% | 0% | |
Real Estate Owned, Fair Value Adjustment, Percent | 25% | 0% | |
Maximum [Member] | |||
Impaired Loans, Fair Value Adjustment, Percent | 66% | 82% | |
Real Estate Owned, Fair Value Adjustment, Percent | 100% | 100% | |
Weighted Average [Member] | |||
Impaired Loans, Fair Value Adjustment, Percent | 25% | 19.50% | |
Real Estate Owned, Fair Value Adjustment, Percent | 38.30% | 53.30% | |
[1]derived from audited financial statements. |
Note 21 - Fair Value Measurem_4
Note 21 - Fair Value Measurement - Financial Assets and Financial Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Available for sale, fair value | $ 900,183 | $ 644,815 | [1] |
US Treasury Securities [Member] | |||
Available for sale, fair value | 340,807 | 2,969 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, fair value | 215,485 | 249,703 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale, fair value | 9 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, fair value | 10,223 | 13,609 | |
Corporate Debt Securities [Member] | |||
Available for sale, fair value | 333,667 | 378,525 | |
Fair Value, Recurring [Member] | |||
Available for sale, fair value | 900,183 | 644,815 | |
Total assets at fair value | 900,183 | 649,016 | |
Interest rate cap derivative | 4,201 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available for sale, fair value | 340,807 | 2,969 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, fair value | 215,485 | 249,703 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale, fair value | 9 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, fair value | 10,223 | 13,609 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available for sale, fair value | 333,668 | 378,525 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Available for sale, fair value | 340,807 | 2,969 | |
Total assets at fair value | 340,807 | 2,969 | |
Interest rate cap derivative | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available for sale, fair value | 340,807 | 2,969 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale, fair value | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Available for sale, fair value | 552,516 | 630,986 | |
Total assets at fair value | 552,516 | 635,187 | |
Interest rate cap derivative | 4,201 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, fair value | 215,485 | 249,703 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale, fair value | 9 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, fair value | 10,223 | 13,609 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available for sale, fair value | 326,808 | 367,665 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Available for sale, fair value | 6,860 | 10,860 | |
Total assets at fair value | 6,860 | 10,860 | |
Interest rate cap derivative | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale, fair value | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available for sale, fair value | $ 6,860 | $ 10,860 | |
[1]derived from audited financial statements. |
Note 21 - Fair Value Measurem_5
Note 21 - Fair Value Measurement - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans individually evaluated | $ 70,735 | $ 73,017 |
Other real estate owned and repossessed assets | 995 | 248 |
Total assets at fair value | 71,730 | 73,265 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans individually evaluated | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Loans individually evaluated | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans individually evaluated | 70,735 | 73,017 |
Other real estate owned and repossessed assets | 995 | 248 |
Total assets at fair value | $ 71,730 | $ 73,265 |
Note 21 - Fair Value Measurem_6
Note 21 - Fair Value Measurement - Level 3 of Valuation Hierarchy Measured at Fair Value (Details) - Debt Security, Corporate, US [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value, beginning of period | $ 10,860 | $ 16,992 |
Transfers into Level 3 | 0 | 4,860 |
Total realized gains included in income | 0 | 0 |
Changes in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at period-end | 160 | (805) |
Purchases | 0 | 0 |
Transfers out of Level 3 | (4,160) | (10,187) |
Fair value, end of period | $ 6,860 | $ 10,860 |
Note 21 - Fair Value Measurem_7
Note 21 - Fair Value Measurement - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents | $ 123,430 | $ 106,317 | [1] |
Held to maturity debt securities, fair value | 907,191 | 935,953 | |
Federal funds sold | 100,575 | 1,515 | [1] |
Mortgage loans held for sale | 5,074 | 1,607 | [1] |
Restricted equity securities | 10,226 | 7,734 | [1] |
Loans, net | 11,505,512 | 11,541,671 | [1] |
Federal funds purchased | 1,256,724 | 1,618,798 | [1] |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash and cash equivalents | 2,030,513 | 814,538 | |
Held to maturity debt securities, fair value | 508,985 | 507,151 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 2,030,513 | 814,538 | |
Held to maturity debt securities, fair value | 484,267 | 470,954 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Held to maturity debt securities, fair value | 473,429 | 526,720 | |
Federal funds sold | 100,575 | 1,515 | |
Mortgage loans held for sale | 5,071 | 1,607 | |
Restricted equity securities | 10,226 | 7,734 | |
Deposits | 13,273,511 | 11,546,805 | |
Federal funds purchased | 1,256,724 | 1,618,798 | |
Other borrowings | 64,735 | 64,726 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Held to maturity debt securities, fair value | 422,674 | 464,749 | |
Federal funds sold | 100,575 | 1,515 | |
Mortgage loans held for sale | 5,071 | 1,604 | |
Restricted equity securities | 10,226 | 7,734 | |
Deposits | 13,266,640 | 11,529,647 | |
Federal funds purchased | 1,256,724 | 1,618,798 | |
Other borrowings | 58,083 | 57,101 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Held to maturity debt securities, fair value | 250 | 250 | |
Loans, net | 11,505,512 | 11,541,671 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Held to maturity debt securities, fair value | 250 | 250 | |
Loans, net | $ 11,032,819 | $ 11,265,517 | |
[1]derived from audited financial statements. |
Note 22 - Parent Company Fina_3
Note 22 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and due from banks | $ 123,430 | $ 106,317 | [1] | ||
Other assets | 106,129 | 79,417 | [1] | ||
Total assets | 16,129,668 | 14,595,753 | [1] | ||
Other borrowings | 64,735 | 64,726 | [1] | ||
Other liabilities | 66,748 | 48,913 | [1] | ||
Total liabilities | 14,689,263 | 13,297,857 | [1] | ||
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2023 and December 31, 2022 | 0 | 0 | [1] | ||
Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,461,580 shares issued and outstanding at December 31, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022 | 54 | 54 | [1] | ||
Additional paid-in capital | 232,605 | 229,693 | [1] | ||
Retained earnings | 1,254,841 | 1,109,902 | [1] | ||
Accumulated other comprehensive loss | (47,595) | (42,253) | |||
Total stockholders' equity | 1,440,405 | 1,297,896 | [1] | $ 1,152,015 | $ 992,852 |
Total liabilities and stockholders' equity | 16,129,668 | 14,595,753 | [1] | ||
Parent Company [Member] | |||||
Cash and due from banks | 20,014 | 19,292 | |||
Investment in subsidiary | 1,501,777 | 1,357,058 | |||
Other assets | 557 | 983 | |||
Total assets | 1,522,348 | 1,377,333 | |||
Other borrowings | 64,735 | 64,726 | |||
Other liabilities | 17,708 | 15,211 | |||
Total liabilities | 82,443 | 79,937 | |||
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2023 and December 31, 2022 | 0 | 0 | |||
Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,461,580 shares issued and outstanding at December 31, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022 | 54 | 54 | |||
Additional paid-in capital | 232,605 | 229,693 | |||
Retained earnings | 1,254,841 | 1,109,902 | |||
Accumulated other comprehensive loss | (47,595) | (42,253) | |||
Total stockholders' equity | 1,439,905 | 1,297,396 | |||
Total liabilities and stockholders' equity | $ 1,522,348 | $ 1,377,333 | |||
[1]derived from audited financial statements. |
Note 22 - Parent Company Fina_4
Note 22 - Parent Company Financial Information - Condensed Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | [1] |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | [1] |
Preferred stock, shares undesignated (in shares) | 1,000,000 | 1,000,000 | [1] |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | [1] |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | [1] |
Common stock, shares issued (in shares) | 54,461,580 | 54,326,527 | [1] |
Common stock, shares outstanding (in shares) | 54,461,580 | 54,326,527 | [1] |
Parent Company [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, shares undesignated (in shares) | 1,000,000 | 1,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, shares issued (in shares) | 54,461,580 | 54,326,527 | |
Common stock, shares outstanding (in shares) | 54,461,580 | 54,326,527 | |
[1]derived from audited financial statements. |
Note 22 - Parent Company Fina_5
Note 22 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 206,853 | $ 251,504 | $ 207,734 |
Net income available to common stockholders | 206,791 | 251,442 | 207,672 |
Parent Company [Member] | |||
Dividends received from subsidiary | 62,500 | 57,500 | 46,000 |
Other income | 44 | 0 | 0 |
Total income | 62,544 | 57,500 | 46,000 |
Other expenses | 2,829 | 2,822 | 2,715 |
Total expenses | 2,829 | 2,822 | 2,715 |
Equity in undistributed earnings of subsidiary | 147,076 | 196,221 | 164,387 |
Net income | 206,791 | 251,442 | 207,672 |
Net income available to common stockholders | $ 206,791 | $ 251,442 | $ 207,672 |
Note 22 - Parent Company Fina_6
Note 22 - Parent Company Financial Information - Statements of Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 206,853 | $ 251,504 | $ 207,734 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net cash (used in) provided by operating activities | 197,296 | 272,627 | 266,331 |
Investing activities | |||
Net cash used in investing activities | (200,432) | (2,642,217) | (1,561,094) |
Financing activities | |||
Net change in cash and cash equivalents | 1,315,035 | (3,406,043) | 2,010,685 |
Cash and cash equivalents at beginning of year | 816,053 | 4,222,096 | 2,211,411 |
Cash and cash equivalents at end of year | 2,131,088 | 816,053 | 4,222,096 |
Parent Company [Member] | |||
Operating activities | |||
Net income | 206,791 | 251,442 | 207,672 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Other | 2,227 | (290) | (93) |
Equity in undistributed earnings of subsidiary | (147,076) | (197,221) | (164,387) |
Net cash (used in) provided by operating activities | 61,945 | 53,931 | 43,192 |
Investing activities | |||
Other | (300) | 750 | (120) |
Net cash used in investing activities | (300) | 750 | (120) |
Financing activities | |||
Dividends paid on common stock | (60,923) | (49,942) | (43,204) |
Net cash used in financing activities | (60,923) | (49,942) | (43,204) |
Net change in cash and cash equivalents | 722 | 4,739 | (132) |
Cash and cash equivalents at beginning of year | 19,292 | 14,553 | 14,685 |
Cash and cash equivalents at end of year | $ 20,014 | $ 19,292 | $ 14,553 |