Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-13901 | |
Entity Registrant Name | AMERIS BANCORP | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1456434 | |
Entity Address, Address Line One | 3490 Piedmont Rd N.E., Suite 1550 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30305 | |
City Area Code | (404) | |
Local Phone Number | 639-6500 | |
Title of 12(b) Security | Common Stock, par value $1 per share | |
Trading Symbol | ABCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,766,395 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000351569 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 259,729 | $ 203,349 |
Federal funds sold and interest-bearing deposits in banks | 3,044,795 | 1,913,957 |
Cash and cash equivalents | 3,304,524 | 2,117,306 |
Time deposits in other banks | 0 | 249 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $81 and $112 | 778,167 | 982,879 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $29,008 and $0) | 29,055 | 0 |
Other investments | 27,621 | 28,202 |
Loans held for sale (includes loans at fair value of $1,210,589 and $1,001,807) | 1,210,589 | 1,167,659 |
Loans, net of unearned income | 14,780,791 | 14,480,925 |
Allowance for credit losses | (175,070) | (199,422) |
Loans, net | 14,605,721 | 14,281,503 |
Other real estate owned, net | 5,775 | 11,880 |
Premises and equipment, net | 229,994 | 222,890 |
Goodwill | 928,005 | 928,005 |
Other intangible assets, net | 63,783 | 71,974 |
Cash value of bank owned life insurance | 277,839 | 176,467 |
Deferred income taxes, net | 9,081 | 33,314 |
Other assets | 416,777 | 416,310 |
Total assets | 21,886,931 | 20,438,638 |
Deposits: | ||
Noninterest-bearing | 6,983,761 | 6,151,070 |
Interest-bearing | 11,274,236 | 10,806,753 |
Total deposits | 18,257,997 | 16,957,823 |
Securities sold under agreements to repurchase | 5,544 | 11,641 |
Other borrowings | 425,303 | 425,155 |
Subordinated deferrable interest debentures | 125,331 | 124,345 |
Other liabilities | 235,752 | 272,586 |
Total liabilities | 19,049,927 | 17,791,550 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, par value $1; 200,000,000 shares authorized; 72,007,871 and 71,753,705 shares issued | 72,008 | 71,754 |
Capital surplus | 1,920,566 | 1,913,285 |
Retained earnings | 863,828 | 671,510 |
Accumulated other comprehensive income, net of tax | 25,024 | 33,505 |
Treasury stock, at cost, 2,240,662 and 2,212,224 shares | (44,422) | (42,966) |
Total shareholders’ equity | 2,837,004 | 2,647,088 |
Total liabilities and shareholders’ equity | $ 21,886,931 | $ 20,438,638 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, allowance for credit loss | $ 81 | $ 112 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 |
Investment securities held-to-maturity | 29,008 | 0 |
Loans held for sale, fair value | $ 1,210,589 | $ 1,001,807 |
Preferred stock, stated value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 72,007,871 | 71,753,705 |
Treasury stock, shares (in shares) | 2,240,662 | 2,212,224 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Interest and fees on loans | $ 167,761 | $ 175,345 | $ 338,918 | $ 346,587 |
Interest on taxable securities | 5,244 | 9,347 | 11,362 | 19,429 |
Interest on nontaxable securities | 139 | 157 | 280 | 314 |
Interest on deposits in other banks and federal funds sold | 607 | 169 | 1,141 | 1,456 |
Total interest income | 173,751 | 185,018 | 351,701 | 367,786 |
Interest expense | ||||
Interest on deposits | 5,775 | 14,273 | 12,573 | 38,375 |
Interest on other borrowings | 6,124 | 6,931 | 12,299 | 17,652 |
Total interest expense | 11,899 | 21,204 | 24,872 | 56,027 |
Net interest income | 161,852 | 163,814 | 326,829 | 311,759 |
Provision for loan losses | (899) | 68,449 | (17,478) | 105,496 |
Provision for unfunded commitments | 1,299 | 19,712 | (10,540) | 23,712 |
Provision for other credit losses | (258) | 0 | (431) | 0 |
Provision for credit losses | 142 | 88,161 | (28,449) | 129,208 |
Net interest income after provision for credit losses | 161,710 | 75,653 | 355,278 | 182,551 |
Noninterest income | ||||
Service charges on deposit accounts | 11,007 | 9,922 | 21,836 | 21,766 |
Mortgage banking activity | 70,231 | 104,925 | 168,717 | 140,258 |
Other service charges, commissions and fees | 1,056 | 949 | 2,072 | 1,910 |
Net gain (loss) on securities | 1 | 14 | (11) | 5 |
Other noninterest income | 6,945 | 5,150 | 14,599 | 11,400 |
Total noninterest income | 89,240 | 120,960 | 207,213 | 175,339 |
Noninterest expense | ||||
Salaries and employee benefits | 85,505 | 95,168 | 181,490 | 171,114 |
Occupancy and equipment | 10,812 | 13,807 | 22,593 | 25,835 |
Data processing and communications expenses | 11,877 | 10,514 | 23,761 | 22,468 |
Credit resolution-related expenses | 622 | 950 | 1,169 | 3,148 |
Advertising and marketing | 1,946 | 1,455 | 3,377 | 3,813 |
Amortization of intangible assets | 4,065 | 5,601 | 8,191 | 11,232 |
Merger and conversion charges | 0 | 895 | 0 | 1,435 |
Other noninterest expenses | 20,934 | 27,378 | 43,978 | 54,776 |
Total noninterest expense | 135,761 | 155,768 | 284,559 | 293,821 |
Income (loss) before income tax expense | 115,189 | 40,845 | 277,932 | 64,069 |
Income tax expense | 26,862 | 8,609 | 64,643 | 12,511 |
Net income | 88,327 | 32,236 | 213,289 | 51,558 |
Other comprehensive income (loss) | ||||
Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of $(283), $(13), $(2,255) and $5,743 | (1,066) | (49) | (8,481) | 21,604 |
Net unrealized gains on cash flow hedge during the period, net of tax benefit of $0, $30, $0 and $4 | 0 | 111 | 0 | 14 |
Total other comprehensive income (loss) | (1,066) | 62 | (8,481) | 21,618 |
Comprehensive income | $ 87,261 | $ 32,298 | $ 204,808 | $ 73,176 |
Basic earnings per common share (in dollars per share) | $ 1.27 | $ 0.47 | $ 3.07 | $ 0.74 |
Diluted earnings per common share (in dollars per share) | $ 1.27 | $ 0.47 | $ 3.06 | $ 0.74 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 69,497 | 69,192 | 69,448 | 69,235 |
Diluted (in shares) | 69,792 | 69,293 | 69,765 | 69,413 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Tax expense (benefit) from unrealized holding gain (loss) on securities arising during period | $ (283) | $ (13) | $ (2,255) | $ 5,743 |
Tax expense (benefit) from unrealized gain (loss) on cash flow hedges arising during period | $ 0 | $ 30 | $ 0 | $ 4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of change in accounting for credit losses | Common Stock | Capital Surplus | Retained Earnings | Retained EarningsCumulative effect of change in accounting for credit losses | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 71,499,829 | 1,995,996 | ||||||
Balance at beginning of period at Dec. 31, 2019 | $ 2,469,582 | $ (56,704) | $ 71,500 | $ 1,907,108 | $ 507,950 | $ (56,704) | $ 17,995 | $ (34,971) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 151,976 | |||||||
Issuance of restricted shares | 289 | $ 152 | 137 | |||||
Forfeitures of restricted shares (in shares) | (11,250) | |||||||
Forfeitures of restricted shares | (170) | $ (11) | (159) | |||||
Proceeds from exercise of stock options (in shares) | 33,532 | |||||||
Proceeds from exercise of stock options | 701 | $ 33 | 668 | |||||
Share-based compensation | 2,085 | 2,085 | ||||||
Purchase of treasury shares (in shares) | 215,309 | |||||||
Purchase of treasury shares | (7,973) | $ (7,973) | ||||||
Net income | 51,558 | 51,558 | ||||||
Dividends on common stock shares | (20,856) | (20,856) | ||||||
Other comprehensive income (loss) during the period | 21,618 | 21,618 | ||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 71,674,087 | 2,211,305 | ||||||
Balance at end of period at Jun. 30, 2020 | 2,460,130 | $ 71,674 | 1,909,839 | 481,948 | 39,613 | $ (42,944) | ||
Balance at beginning of period (in shares) at Mar. 31, 2020 | 71,651,986 | 2,210,712 | ||||||
Balance at beginning of period at Mar. 31, 2020 | 2,437,150 | $ 71,652 | 1,908,721 | 460,153 | 39,551 | $ (42,927) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 33,351 | |||||||
Issuance of restricted shares | 0 | $ 33 | (33) | |||||
Forfeitures of restricted shares (in shares) | (11,250) | |||||||
Forfeitures of restricted shares | (170) | $ (11) | (159) | |||||
Share-based compensation | 1,310 | 1,310 | ||||||
Purchase of treasury shares (in shares) | 593 | |||||||
Purchase of treasury shares | (17) | $ (17) | ||||||
Net income | 32,236 | 32,236 | ||||||
Dividends on common stock shares | (10,441) | (10,441) | ||||||
Other comprehensive income (loss) during the period | 62 | 62 | ||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 71,674,087 | 2,211,305 | ||||||
Balance at end of period at Jun. 30, 2020 | 2,460,130 | $ 71,674 | 1,909,839 | 481,948 | 39,613 | $ (42,944) | ||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 71,753,705 | 2,212,224 | ||||||
Balance at beginning of period at Dec. 31, 2020 | 2,647,088 | $ 71,754 | 1,913,285 | 671,510 | 33,505 | $ (42,966) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 99,308 | |||||||
Issuance of restricted shares | 599 | $ 99 | 500 | |||||
Forfeitures of restricted shares (in shares) | (750) | |||||||
Forfeitures of restricted shares | (20) | $ (1) | (19) | |||||
Proceeds from exercise of stock options (in shares) | 155,608 | |||||||
Proceeds from exercise of stock options | 4,211 | $ 156 | 4,055 | |||||
Share-based compensation | 2,745 | 2,745 | ||||||
Purchase of treasury shares (in shares) | 28,438 | |||||||
Purchase of treasury shares | (1,456) | $ (1,456) | ||||||
Net income | 213,289 | 213,289 | ||||||
Dividends on common stock shares | (20,971) | (20,971) | ||||||
Other comprehensive income (loss) during the period | (8,481) | (8,481) | ||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 72,007,871 | 2,240,662 | ||||||
Balance at end of period at Jun. 30, 2021 | 2,837,004 | $ 72,008 | 1,920,566 | 863,828 | 25,024 | $ (44,422) | ||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 71,954,088 | 2,240,662 | ||||||
Balance at beginning of period at Mar. 31, 2021 | 2,757,596 | $ 71,954 | 1,917,990 | 785,984 | 26,090 | $ (44,422) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 13,233 | |||||||
Issuance of restricted shares | 0 | $ 13 | (13) | |||||
Forfeitures of restricted shares (in shares) | (750) | |||||||
Forfeitures of restricted shares | (20) | $ (1) | (19) | |||||
Proceeds from exercise of stock options (in shares) | 41,300 | |||||||
Proceeds from exercise of stock options | 1,209 | $ 42 | 1,167 | |||||
Share-based compensation | 1,441 | 1,441 | ||||||
Purchase of treasury shares | 0 | |||||||
Net income | 88,327 | 88,327 | ||||||
Dividends on common stock shares | (10,483) | (10,483) | ||||||
Other comprehensive income (loss) during the period | (1,066) | (1,066) | ||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 72,007,871 | 2,240,662 | ||||||
Balance at end of period at Jun. 30, 2021 | $ 2,837,004 | $ 72,008 | $ 1,920,566 | $ 863,828 | $ 25,024 | $ (44,422) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 213,289 | $ 51,558 |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||
Depreciation | 8,226 | 7,923 |
Net losses on sale or disposal of premises and equipment | 920 | 8 |
Net write-downs on other assets | 149 | 1,090 |
Provision for credit losses | (28,449) | 129,208 |
Net write-downs and (gains) losses on sale of other real estate owned | (558) | 873 |
Share-based compensation expense | 3,454 | 1,700 |
Amortization of intangible assets | 8,191 | 11,232 |
Amortization of operating lease right of use assets | 5,866 | 6,599 |
Provision for deferred taxes | 26,488 | (32,544) |
Net amortization of investment securities available-for-sale | 1,985 | 2,932 |
Net amortization of investment securities held-to-maturity | 1 | 0 |
Net (gain) loss on securities | 11 | (5) |
Accretion of discount on purchased loans, net | (10,589) | (16,138) |
Net amortization on other borrowings | 222 | 94 |
Amortization of subordinated deferrable interest debentures | 986 | 970 |
Loan servicing asset impairment (recovery) | (11,388) | 30,239 |
Originations of mortgage loans held for sale | (4,425,420) | (3,799,622) |
Payments received on mortgage loans held for sale | 24,477 | 34,849 |
Proceeds from sales of mortgage loans held for sale | 4,198,098 | 3,724,287 |
Net gains on mortgage loans held for sale | (84,992) | (129,450) |
Originations of SBA loans | (44,257) | (28,595) |
Proceeds from sales of SBA loans | 41,017 | 35,152 |
Net gains on sale of SBA loans | (3,453) | (2,614) |
Increase in cash surrender value of bank owned life insurance | (2,078) | (1,876) |
Gain on bank owned life insurance proceeds | (603) | (845) |
Net gains on other loans held for sale | (457) | 0 |
Changes in FDIC loss-share payable, net of cash payments | 0 | (562) |
Change attributable to other operating activities | (13,363) | (52,715) |
Net cash used in operating activities | (92,227) | (26,252) |
Investing Activities, net of effects of business combinations | ||
Proceeds from maturities of time deposits in other banks | 249 | 0 |
Purchases of investment securities held-to-maturity | (29,056) | 0 |
Proceeds from prepayments and maturities of securities available-for-sale | 192,022 | 188,920 |
Net (increase) decrease in other investments | 570 | (9,529) |
Net increase in loans | (219,110) | (1,591,894) |
Purchases of premises and equipment | (17,196) | (9,267) |
Proceeds from sale of premises and equipment | 946 | 409 |
Proceeds from sales of other real estate owned | 7,902 | 3,169 |
Payments paid to FDIC under loss-share agreements | 0 | (177) |
Purchases of bank owned life insurance | (100,000) | 0 |
Proceeds from bank owned life insurance | 1,309 | 2,980 |
Payments received on other loans held for sale | 9,136 | 0 |
Proceeds from sales of other loans held for sale | 156,803 | 0 |
Net cash and cash equivalents received from acquisitions | 0 | (2,417) |
Net cash provided by (used in) investing activities | 3,575 | (1,417,806) |
Financing Activities, net of effects of business combinations | ||
Net increase in deposits | 1,300,174 | 1,564,859 |
Net decrease in securities sold under agreements to repurchase | (6,097) | (7,756) |
Proceeds from other borrowings | 0 | 4,745,000 |
Repayment of other borrowings | (74) | (4,725,167) |
Repayment of subordinated deferrable interest debentures | 0 | (5,155) |
Proceeds from exercise of stock options | 4,211 | 701 |
Dividends paid - common stock | (20,888) | (20,841) |
Purchase of treasury shares | (1,456) | (7,973) |
Net cash provided by financing activities | 1,275,870 | 1,543,668 |
Net increase in cash and cash equivalents | 1,187,218 | 99,610 |
Cash and cash equivalents at beginning of period | 2,117,306 | 621,849 |
Cash and cash equivalents at end of period | 3,304,524 | 721,459 |
Cash paid during the period for: | ||
Interest | 25,985 | 60,725 |
Income taxes | 30,924 | 7,934 |
Loans transferred to other real estate owned | 1,239 | 8,165 |
Loans transferred from loans held for sale to loans held for investment | 85,748 | 86,557 |
Loans provided for the sales of other real estate owned | 1,052 | 299 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,932 | 8,844 |
Change in unrealized gain (loss) on securities available-for-sale, net of tax | (8,481) | 21,603 |
Change in unrealized gain (loss) on cash flow hedge, net of tax | $ 0 | $ 14 |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES Nature of Business Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2021, the Bank operated 165 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market. Basis of Presentation The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank of Atlanta. The required reserve rate was set to 0% effective March 26, 2020 and, accordingly, the Bank had no reserve requirement at June 30, 2021 and December 31, 2020. Reclassifications Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported. Accounting Standards Adopted in 2021 ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12") . ASU 2019-12 simplifies the accounting for income taxes by removing certain technical exceptions. ASU 2019-12 also clarifies and amends the accounting for income taxes in certain areas including, among others: (i) franchise taxes that are partially based on income; (ii) whether step ups in the tax basis of goodwill should be considered part of the acquisition to which it related or recognized as a separate transaction; and (iii) requiring the effect of an enacted change in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. During the first quarter of 2021, the Company adopted this ASU and applied the amendments in this update on a modified retrospective basis for the provision related to franchise taxes and prospectively for all other amendments. The adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards Pending Adoption ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2021-01 on the consolidated financial statements. ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact of adopting ASU 2020-04 on the consolidated financial statements. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows: (dollars in thousands) Securities available-for-sale Amortized Allowance for Credit Losses Gross Gross Estimated June 30, 2021 U.S. government sponsored agencies $ 12,120 $ — $ 207 $ — $ 12,327 State, county and municipal securities 58,016 — 2,820 — 60,836 Corporate debt securities 43,132 (81) 810 (249) 43,612 SBA pool securities 52,283 — 2,071 (73) 54,281 Mortgage-backed securities 581,021 — 26,100 (10) 607,111 Total debt securities available-for-sale $ 746,572 $ (81) $ 32,008 $ (332) $ 778,167 December 31, 2020 U.S. government sponsored agencies $ 17,161 $ — $ 343 $ — $ 17,504 State, county and municipal securities 63,286 — 3,492 — 66,778 Corporate debt securities 51,639 (112) 602 (233) 51,896 SBA pool securities 59,973 — 2,620 (96) 62,497 Mortgage-backed securities 748,521 — 35,797 (114) 784,204 Total debt securities available-for-sale $ 940,580 $ (112) $ 42,854 $ (443) $ 982,879 The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) Securities held-to-maturity Amortized Gross Gross Estimated June 30, 2021 Mortgage-backed securities $ 29,055 $ 10 $ (57) $ 29,008 Total debt securities held-to-maturity $ 29,055 $ 10 $ (57) $ 29,008 The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2021, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary: Available-for-Sale Held-to-Maturity ( dollars in thousands) Amortized Estimated Fair Value Amortized Estimated Fair Value Due in one year or less $ 21,699 $ 21,889 $ — $ — Due from one year to five years 43,270 44,969 — — Due from five to ten years 58,019 60,100 — — Due after ten years 42,563 44,098 — — Mortgage-backed securities 581,021 607,111 29,055 29,008 $ 746,572 $ 778,167 $ 29,055 $ 29,008 Securities with a carrying value of approximately $389.6 million and $438.7 million at June 30, 2021 and December 31, 2020, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law. The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2021 Corporate debt securities $ 2,920 $ (249) $ — $ — $ 2,920 $ (249) SBA pool securities — — 2,983 (73) 2,983 (73) Mortgage-backed securities 3,214 (7) 424 (3) 3,638 (10) Total debt securities available-for-sale $ 6,134 $ (256) $ 3,407 $ (76) $ 9,541 $ (332) December 31, 2020 Corporate debt securities $ 10,159 $ (233) $ — $ — $ 10,159 $ (233) SBA pool securities — — 3,948 (96) 3,948 (96) Mortgage-backed securities 24,120 (114) 2 — 24,122 (114) Total debt securities available-for-sale $ 34,279 $ (347) $ 3,950 $ (96) $ 38,229 $ (443) As of June 30, 2021, the Company’s available-for-sale security portfolio consisted of 470 securities, 17 of which were in an unrealized loss position. At June 30, 2021, the Company held nine mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2021, the Company held five U.S. Small Business Administration (“SBA”) pool securities and three corporate securities that were in an unrealized loss position. The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2021: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2021 Mortgage-backed securities $ 9,583 $ (57) $ — $ — $ 9,583 $ (57) Total debt securities held-to-maturity $ 9,583 $ (57) $ — $ — $ 9,583 $ (57) As of June 30, 2021, the Company’s held-to-maturity security portfolio consisted of four mortgage-backed securities, two of which were in an unrealized loss position. During 2021 and 2020, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information and credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at June 30, 2021 or December 31, 2020. At June 30, 2021 and December 31, 2020, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies. Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2021, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2021, management determined $81,000 was attributable to credit impairment and established the allowance for credit losses accordingly. The remaining $332,000 in unrealized loss was determined to be from factors other than credit. (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Allowance for credit losses 2021 2020 2021 2020 Beginning balance $ 101 $ — $ 112 $ — Provision for expected credit losses (20) — (31) — Ending balance $ 81 $ — $ 81 $ — The Company's held-to-maturity securities have zero expected credit losses and no related allowance for credit losses has been established. Total gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Unrealized holding gains (losses) on equity securities $ 1 $ 14 $ (11) $ 5 Total gain (loss) on securities $ 1 $ 14 $ (11) $ 5 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 1,406,421 $ 1,627,477 Consumer installment 229,411 306,995 Indirect automobile 397,373 580,083 Mortgage warehouse 841,347 916,353 Municipal 647,578 659,403 Premium finance 780,328 687,841 Real estate – construction and development 1,527,883 1,606,710 Real estate – commercial and farmland 6,051,472 5,300,006 Real estate – residential 2,898,978 2,796,057 $ 14,780,791 $ 14,480,925 Included in commercial, financial and agricultural loans at June 30, 2021 and December 31, 2020 above are $487.9 million and $827.4 million, respectively, related to the SBA's Paycheck Protection Program (“PPP”). Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $62.3 million and $73.4 million at June 30, 2021 and December 31, 2020, respectively. The Company recorded an allowance for credit losses of $318,000 and $718,000 related to deferred interest on loans modified under its Disaster Relief Program at June 30, 2021 and December 31, 2020, respectively. Nonaccrual and Past-Due Loans A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms. The following table presents an analysis of loans accounted for on a nonaccrual basis: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 7,284 $ 9,836 Consumer installment 503 709 Indirect automobile 1,393 2,831 Real estate – construction and development 1,746 5,407 Real estate – commercial and farmland 17,385 18,517 Real estate – residential 31,610 39,157 $ 59,921 $ 76,457 There was no interest income recognized on nonaccrual loans during the six months ended June 30, 2021 and 2020. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 966 $ 764 Real estate – construction and development 66 416 Real estate – commercial and farmland 3,621 7,015 Real estate – residential 6,842 5,299 $ 11,495 $ 13,494 The following table presents an analysis of past-due loans as of June 30, 2021 and December 31, 2020: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2021 Commercial, financial and agricultural $ 3,070 $ 1,012 $ 3,176 $ 7,258 $ 1,399,163 $ 1,406,421 $ — Consumer installment 1,575 1,027 869 3,471 225,940 229,411 556 Indirect automobile 699 345 895 1,939 395,434 397,373 — Mortgage warehouse — — — — 841,347 841,347 — Municipal — — — — 647,578 647,578 — Premium finance 3,866 3,853 2,668 10,387 769,941 780,328 2,669 Real estate – construction and development 18,562 1,037 2,764 22,363 1,505,520 1,527,883 1,649 Real estate – commercial and farmland 1,160 618 6,412 8,190 6,043,282 6,051,472 — Real estate – residential 10,093 4,608 27,883 42,584 2,856,394 2,898,978 — Total $ 39,025 $ 12,500 $ 44,667 $ 96,192 $ 14,684,599 $ 14,780,791 $ 4,874 December 31, 2020 Commercial, financial and agricultural $ 4,576 $ 2,018 $ 5,652 $ 12,246 $ 1,615,231 $ 1,627,477 $ — Consumer installment 2,189 1,114 2,318 5,621 301,374 306,995 1,755 Indirect automobile 3,293 1,006 2,171 6,470 573,613 580,083 — Mortgage warehouse — — — — 916,353 916,353 — Municipal — — — — 659,403 659,403 — Premium finance 7,188 3,895 6,571 17,654 670,187 687,841 6,571 Real estate – construction and development 13,348 723 5,150 19,221 1,587,489 1,606,710 — Real estate – commercial and farmland 5,370 1,701 8,651 15,722 5,284,284 5,300,006 — Real estate – residential 20,519 3,125 34,081 57,725 2,738,332 2,796,057 — Total $ 56,483 $ 13,582 $ 64,594 $ 134,659 $ 14,346,266 $ 14,480,925 $ 8,326 Collateral-Dependent Loans Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral. The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses: June 30, 2021 December 31, 2020 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 3,246 $ 889 $ 5,490 $ 2,252 Premium finance 258 — 3,523 — Real estate – construction and development 2,244 693 4,173 512 Real estate – commercial and farmland 83,000 18,494 100,180 21,001 Real estate – residential 10,928 1,070 9,716 891 $ 99,676 $ 21,146 $ 123,082 $ 24,656 Credit Quality Indicators The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades: Grade 1 – Prime Credit – This grade represents loans to the Company’s most creditworthy borrowers or loans that are secured by cash or cash equivalents. Grade 2 – Strong Credit – This grade includes loans that exhibit one or more characteristics better than that of a Good Credit. Generally, the debt service coverage and borrower’s liquidity is materially better than required by the Company’s loan policy. Grade 3 – Good Credit – This grade is assigned to loans to borrowers who exhibit satisfactory credit histories, contain acceptable loan structures and demonstrate ability to repay. Grade 4 – Satisfactory Credit – This grade includes loans which exhibit all the characteristics of a Good Credit, but warrant more than normal level of banker supervision due to (i) circumstances which elevate the risks of performance (such as start-up operations, untested management, heavy leverage and interim losses); (ii) adverse, extraordinary events that have affected, or could affect, the borrower’s cash flow, financial condition, ability to continue operating profitability or refinancing (such as death of principal, fire and divorce); (iii) loans that require more than the normal servicing requirements (such as any type of construction financing, acquisition and development loans, accounts receivable or inventory loans and floor plan loans); (iv) existing technical exceptions which raise some doubts about the Bank’s perfection in its collateral position or the continued financial capacity of the borrower; or (v) improvements in formerly criticized borrowers, which may warrant banker supervision. Grade 5 – Fair Credit – This grade is assigned to loans that are currently performing and supported by adequate financial information that reflects repayment capacity but have one or more higher inherent risk characteristics. Grade 6 – Other Assets Especially Mentioned – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Grade 7 – Substandard – This grade represents loans which are inadequately protected by the current credit worthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values. Grade 8 – Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable. Grade 9 – Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off. The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2021 and December 31, 2020. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded 9 at December 31, 2020. As of June 30, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Commercial, Financial and Agricultural Risk Grade: 1 $ 376,496 $ 140,359 $ 2,340 $ 918 $ 219 $ 4,915 $ 125,123 $ 650,370 2 228 446 8,778 453 766 879 3,789 15,339 3 101,165 63,440 41,678 12,311 15,782 8,307 51,509 294,192 4 62,535 67,264 53,086 67,882 26,090 29,502 88,234 394,593 5 181 3,946 3,882 3,713 5,470 4,130 6,821 28,143 6 — 6 461 406 507 4,742 497 6,619 7 375 658 3,940 2,602 3,712 5,096 782 17,165 Total commercial, financial and agricultural $ 540,980 $ 276,119 $ 114,165 $ 88,285 $ 52,546 $ 57,571 $ 276,755 $ 1,406,421 Consumer Installment Risk Grade: 1 $ 3,954 $ 4,203 $ 2,252 $ 1,119 $ 393 $ 13 $ 3,099 $ 15,033 2 — — — 24 1 55 36 116 3 11,379 9,354 3,932 1,488 497 1,595 2,943 31,188 4 10,160 71,425 41,168 32,182 12,267 10,878 3,130 181,210 5 — 32 75 8 21 160 — 296 6 — — 5 8 — 141 6 160 7 10 217 345 166 66 536 66 1,406 9 — — — — — — 2 2 Total consumer installment $ 25,503 $ 85,231 $ 47,777 $ 34,995 $ 13,245 $ 13,378 $ 9,282 $ 229,411 Indirect Automobile Risk Grade: 2 $ — $ — $ — $ 68 $ 26 $ 4,862 $ — $ 4,956 3 — — 27,695 139,757 132,451 90,484 — 390,387 6 — — — 29 31 85 — 145 7 — — 37 296 327 1,225 — 1,885 Total indirect automobile $ — $ — $ 27,732 $ 140,150 $ 132,835 $ 96,656 $ — $ 397,373 Mortgage Warehouse Risk Grade: 3 $ — $ — $ — $ — $ — $ — $ 841,347 $ 841,347 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 841,347 $ 841,347 As of June 30, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Municipal Risk Grade: 1 $ 36,781 $ 93,621 $ 13,555 $ 7,227 $ 138,378 $ 192,462 $ — $ 482,024 2 1,842 72,018 — — — 12,968 — 86,828 3 — 60,812 650 — 5,453 2,989 — 69,904 4 — 6,140 — — — 2,682 — 8,822 Total municipal $ 38,623 $ 232,591 $ 14,205 $ 7,227 $ 143,831 $ 211,101 $ — $ 647,578 Premium Finance Risk Grade: 2 $ 654,607 $ 119,382 $ 2,973 $ 109 $ 528 $ 60 $ — $ 777,659 7 593 2,076 — — — — — 2,669 Total premium finance $ 655,200 $ 121,458 $ 2,973 $ 109 $ 528 $ 60 $ — $ 780,328 Real Estate – Construction and Development Risk Grade: 2 $ — $ 62 $ — $ — $ — $ — $ — $ 62 3 7,884 37,592 6,222 3,962 2,633 8,030 1,038 67,361 4 426,409 451,515 295,524 67,692 42,799 27,869 37,595 1,349,403 5 — 528 16,913 44,673 13,946 27,151 105 103,316 6 — — 21 2,126 — 646 — 2,793 7 1,546 13 170 295 624 2,300 — 4,948 Total real estate – construction and development $ 435,839 $ 489,710 $ 318,850 $ 118,748 $ 60,002 $ 65,996 $ 38,738 $ 1,527,883 Real Estate – Commercial and Farmland Risk Grade: 1 $ — $ — $ — $ 146 $ — $ — $ — $ 146 2 56,737 7,332 354 448 2,058 12,776 — 79,705 3 566,934 853,282 410,581 171,064 169,835 485,822 43,381 2,700,899 4 227,946 424,926 580,795 432,688 241,782 631,786 31,889 2,571,812 5 1,679 17,197 112,473 72,218 133,334 149,037 4,053 489,991 6 462 — 10,369 14,008 29,841 28,571 884 84,135 7 2,184 6,791 36,428 16,648 6,430 56,298 5 124,784 Total real estate – commercial and farmland $ 855,942 $ 1,309,528 $ 1,151,000 $ 707,220 $ 583,280 $ 1,364,290 $ 80,212 $ 6,051,472 Real Estate - Residential Risk Grade: 1 $ — $ — $ — $ — $ — $ 15 $ — $ 15 2 — 36 378 — 96 36,139 1,150 37,799 3 611,704 681,564 352,543 157,688 115,923 390,335 186,520 2,496,277 4 16,340 12,494 16,410 12,529 8,699 49,078 35,969 151,519 5 532 19,488 43,677 22,071 13,844 54,793 2,787 157,192 6 618 417 933 870 399 3,556 107 6,900 7 408 4,042 12,503 11,053 4,215 14,001 3,054 49,276 Total real estate - residential $ 629,602 $ 718,041 $ 426,444 $ 204,211 $ 143,176 $ 547,917 $ 229,587 $ 2,898,978 As of December 31, 2020 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Commercial, Financial and Agricultural Risk Grade: 1 $ 829,710 $ 2,912 $ 1,055 $ 387 $ 490 $ 4,961 $ 36,373 $ 875,888 2 1,213 1,512 668 996 172 967 14,317 19,845 3 109,352 54,266 16,932 17,968 7,027 3,905 68,806 278,256 4 86,837 71,645 74,388 37,779 15,359 23,069 85,366 394,443 5 4,061 4,269 4,772 7,443 804 5,842 4,352 31,543 6 21 72 506 193 3,509 1,232 632 6,165 7 3,312 3,460 2,579 3,573 1,294 5,214 1,886 21,318 8 — — — — — — 19 19 Total commercial, financial and agricultural $ 1,034,506 $ 138,136 $ 100,900 $ 68,339 $ 28,655 $ 45,190 $ 211,751 $ 1,627,477 Consumer Installment Risk Grade: 1 $ 6,782 $ 3,001 $ 1,550 $ 583 $ 95 $ 1 $ 667 $ 12,679 2 — — 46 2 — 63 42 153 3 15,172 6,960 2,838 887 1,455 601 4,389 32,302 4 120,800 53,593 53,182 16,329 3,121 9,437 3,556 260,018 5 49 127 28 30 3 242 8 487 6 — 2 9 — — 145 — 156 7 30 209 72 105 134 553 97 1,200 Total consumer installment $ 142,833 $ 63,892 $ 57,725 $ 17,936 $ 4,808 $ 11,042 $ 8,759 $ 306,995 Indirect Automobile Risk Grade: 2 $ — $ — $ 81 $ 31 $ 5,356 $ 3,054 $ — $ 8,522 3 — 35,432 187,656 188,302 103,570 52,781 — 567,741 6 — — 57 70 62 85 — 274 7 — 163 519 561 1,078 1,225 — 3,546 Total indirect automobile $ — $ 35,595 $ 188,313 $ 188,964 $ 110,066 $ 57,145 $ — $ 580,083 Mortgage Warehouse Risk Grade: 3 $ — $ — $ — $ — $ — $ — $ 916,353 $ 916,353 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 916,353 $ 916,353 Municipal Risk Grade: 1 $ 91,692 $ 12,685 $ 8,944 $ 143,741 $ 124,929 $ 97,923 $ — $ 479,914 2 73,000 — — — 9,410 — — 82,410 3 39,990 713 — 5,453 7,204 5,489 — 58,849 4 31,394 — — — — 6,836 — 38,230 Total municipal $ 236,076 $ 13,398 $ 8,944 $ 149,194 $ 141,543 $ 110,248 $ — $ 659,403 As of December 31, 2020 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Premium Finance Risk Grade: 2 $ 661,614 $ 18,236 $ 515 $ 746 $ 121 $ 38 $ — $ 681,270 7 5,811 760 — — — — — 6,571 Total premium finance $ 667,425 $ 18,996 $ 515 $ 746 $ 121 $ 38 $ — $ 687,841 Real Estate – Construction and Development Risk Grade: 3 $ 59,325 $ 7,035 $ 6,870 $ 8,046 $ 3,415 $ 6,916 $ 1,293 $ 92,900 4 605,254 445,496 205,444 50,181 14,672 26,915 68,574 1,416,536 5 1,614 26,720 9,612 13,261 17,712 10,127 107 79,153 6 685 1,036 3,646 1,302 — 4,564 — 11,233 7 15 2,858 566 271 42 3,136 — 6,888 Total real estate – construction and development $ 666,893 $ 483,145 $ 226,138 $ 73,061 $ 35,841 $ 51,658 $ 69,974 $ 1,606,710 Real Estate – Commercial and Farmland Risk Grade: 1 $ — $ — $ 161 $ — $ — $ — $ — $ 161 2 7,482 540 521 2,131 4,375 10,663 1,138 26,850 3 918,939 370,703 143,591 197,942 224,712 274,665 67,067 2,197,619 4 344,777 584,814 423,241 331,024 242,573 545,745 34,326 2,506,500 5 4,027 39,216 69,173 80,726 25,561 94,461 1,274 314,438 6 — 10,680 4,895 28,139 7,670 31,224 — 82,608 7 250 54,439 18,574 15,489 27,044 55,763 271 171,830 Total real estate – commercial and farmland $ 1,275,475 $ 1,060,392 $ 660,156 $ 655,451 $ 531,935 $ 1,012,521 $ 104,076 $ 5,300,006 Real Estate - Residential Risk Grade: 1 $ — $ — $ — $ — $ — $ 19 $ — $ 19 2 37 398 12 121 1,275 47,286 1,402 50,531 3 763,101 529,268 254,632 186,531 154,285 388,825 203,491 2,480,133 4 19,296 19,874 15,784 11,607 14,240 53,869 44,276 178,946 5 400 1,768 3,489 3,479 1,151 12,824 3,618 26,729 6 527 1,843 1,030 334 724 3,391 255 8,104 7 3,442 9,387 12,339 4,667 2,157 16,659 2,944 51,595 Total real estate - residential $ 786,803 $ 562,538 $ 287,286 $ 206,739 $ 173,832 $ 522,873 $ 255,986 $ 2,796,057 Troubled Debt Restructurings The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in the file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition. The Company’s policy states that in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard until such time the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history. In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed to be troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in the first six months of 2021 and 2020 totaling $220.8 million and $139.6 million, respectively, under such parameters. As of June 30, 2021 and December 31, 2020, the Company had a balance of $92.3 million and $85.0 million, respectively, in troubled debt restructurings. The Company has recorded $1.0 million and $1.2 million in previous charge-offs on such loans at June 30, 2021 and December 31, 2020, respectively. The Company’s balance in the allowance for credit losses allocated to such troubled debt restructurings was $14.2 million and $13.0 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings. The following table presents the loans by class modified as troubled debt restructurings which occurred during the three and six months ended June 30, 2021 and 2020. These modifications did not have a material impact on the Company’s allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 2 $ 165 1 $ 731 6 $ 591 1 $ 731 Consumer installment 2 8 3 7 2 8 4 15 Real estate – construction and development — — — — — — 1 20 Real estate – commercial and farmland 3 8,653 — — 5 16,312 1 16 Real estate – residential 2 472 5 839 12 1,457 76 10,496 Total 9 $ 9,298 9 $ 1,577 25 $ 18,368 83 $ 11,278 The following table presents the outstanding balance of troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three and six months ended June 30, 2021 and 2020. These defaults did not have a material impact on the Company's allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — — $ — 3 $ 49 1 $ 200 Consumer installment — — 3 4 4 5 3 4 Indirect automobile 7 27 — — 22 112 — — Real estate – construction and development — — — — 1 1 2 285 Real estate – commercial and farmland 1 202 — — 3 5,382 2 676 Real estate – residential 17 940 4 164 27 1,646 8 567 Total 25 $ 1,169 7 $ 168 60 $ 7,195 16 $ 1,732 The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at June 30, 2021 and December 31, 2020: June 30, 2021 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 12 $ 1,038 10 $ 805 Consumer installment 9 28 19 43 Indirect automobile 336 1,647 47 301 Real estate – construction and development 5 898 4 301 Real estate – commercial and farmland 28 46,025 11 7,103 Real estate – residential 238 31,570 31 2,515 Total 628 $ 81,206 122 $ 11,068 December 31, 2020 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 9 $ 521 11 $ 849 Consumer installment 10 32 20 56 Indirect automobile 437 2,277 51 461 Real estate – construction and development 4 506 5 707 Real estate – commercial and farmland 28 36,707 7 1,401 Real estate – residential 264 38,800 34 2,671 Total 752 $ 78,843 128 $ 6,145 COVID-19 Deferrals In response to the COVID-19 pandemic, the Company offered affected borrowers payment relief under its Disaster Relief Program. These modifications primarily consisted of short-term payment deferrals or interest-only periods to assist customers. The Company has also provided payment modifications to certain borrowers in economically sensitive industries of various terms up to nine months. Modifications related to the COVID-19 pandemic and qualifying under the provisions of Section 4013 of the CARES Act are not deemed to be troubled debt restructurings. As of June 30, 2021, $127.7 million in loans remained in payment deferral related to COVID-19 pandemic Disaster Relief Program compared with $332.8 million at December 31, 2020. The table below presents short-term deferrals related to the COVID-19 pandemic that were not considered TDRs. June 30, 2021 December 31, 2020 (dollars in thousands) COVID-19 Deferrals Deferrals as a % of total loans COVID-19 Deferrals Deferrals as a % of total loans Commercial, financial and agricultural $ 2,539 0.2 % $ 12,471 0.8 % Consumer installment 29 — % 1,418 0.5 % Indirect automobile 1,126 0.3 % 8,936 1.5 % Real estate – construction and development 873 0.1 % 11,049 0.7 % Real estate – commercial and farmland 63,827 1.1 % 179,183 3.4 % Real estate – residential 59,331 2.0 % 119,722 4.3 % $ 127,725 0.9 % $ 332,779 2.3 % Allowance for Credit Losses on Loans The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company reasonably expects to execute a troubled debt restructuring with a borrower. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged off. The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when it can no longer develop reasonable and supportable forecasts. During the six months ended June 30, 2021, the allowance for credit losses decreased primarily due to improvement in forecasted macroeconomic factors. The allowance for credit losses was determined at June 30, 2021 using a weighting of three economic forecasts from Moody's. The Moody's baseline economic forecast, which Moody's defines as having a 50% probability the economy will perform better than the baseline projection and the same probability it will perform worse was weighted at 50%, the stagflation scenario was weighted at 35% and the downside 75th percentile S-2 scenario was weighted at 15%. The current forecast reflects, among other things, improvements in forecast levels of unemployment, home prices and commercial real estate prices compared with the forecast at December 31, 2020. The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended June 30, 2021 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2021 $ 8,291 $ 8,790 $ 1,272 $ 3,521 $ 790 $ 4,100 Provision for loan losses 1,502 491 (423) (156) (13) (833) Loans charged off (3,529) (1,669) (141) — — (1,194) Recoveries of loans previously charged off 625 212 372 — — 2,466 Balance, June 30, 2021 $ 6,889 $ 7,824 $ 1,080 $ 3,365 $ 777 $ 4,539 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2021 $ 22,858 $ 91,211 $ 37,737 $ 178,570 Provision for loan losses (3,757) (3,031) 5,321 (899) Loans charged off (186) (27) (392) (7,138) Recoveries of loans previously charged off 84 185 593 4,537 Balance, June 30, 2021 $ 18,999 $ 88,338 $ 43,259 $ 175,070 Six Months Ended June 30, 2021 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2020 $ 7,359 $ 4,076 $ 1,929 $ 3,666 $ 791 $ 3,879 Provision for loan losses 4,077 6,297 (951) (301) (14) (391) Loans charged off (5,899) (3,117) (970) — — (2,537) Recoveries of loans previously charged off 1,352 568 1,072 — — 3,588 Balance, June 30, 2021 $ 6,889 $ 7,824 $ 1,080 $ 3,365 $ 777 $ 4,539 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2020 $ 45,304 $ 88,894 $ 43,524 $ 199,422 Provision for loan losses (26,344) 640 (491) (17,478) Loans charged off (212) (1,422) (555) (14,712) Recoveries of loans previously charged off 251 226 781 7,838 Balance, June 30, 2021 $ 18,999 $ 88,338 $ 43,259 $ 175,070 Three Months Ended June 30, 2020 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2020 $ 8,110 $ 15,446 $ 3,464 $ 1,102 $ 522 $ 11,508 Provision for loan losses 11 5,165 574 396 (15) (2,083) Loans charged off (486) (962) (1,016) — — (1,903) Recoveries of loans previously charged off 303 436 359 — — 676 Balance, June 30, 2020 $ 7,938 $ 20,085 $ 3,381 $ 1,498 $ 507 $ 8,198 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2020 $ 25,319 $ 51,754 $ 32,299 $ 149,524 Provision for loan losses 28,853 38,133 (2,585) 68,449 Loans charged off (74) (6,315) (525) (11,281) Recoveries of loans previously charged off 168 21 138 2,101 Balance, June 30, 2020 $ 54,266 $ 83,593 $ 29,327 $ 208,793 Six Months Ended June 30, 2020 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2019 $ 4,567 $ 3,784 $ — $ 640 $ 484 $ 2,550 Adjustment to allowance for adoption of ASC 326 2,587 8,012 4,109 463 (92) 4,471 Provision for loan losses 3,091 9,636 816 395 115 2,551 Loans charged off (2,972) (2,104) (2,247) — — (2,734) Recoveries of loans previously charged off 665 757 703 — — 1,360 Balance, June 30, 2020 $ 7,938 $ 20,085 $ 3,381 $ 1,498 $ 507 $ 8,198 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2019 $ 5,995 $ 9,666 $ 10,503 $ 38,189 Adjustment to allowance for adoption of ASC 326 12,248 27,073 19,790 78,661 Provision for loan losses 35,587 53,991 (686) 105,496 Loans charged off (74) (7,243) (625) (17,999) Recoveries of loans previously charged off 510 106 345 4,446 Balance, June 30, 2020 $ 54,266 $ 83,593 $ 29,327 $ 208,793 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 4 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At June 30, 2021 and December 31, 2020, all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuate on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value of the securities fall below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase. The following is a summary of the Company’s securities sold under agreements to repurchase at June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Securities sold under agreements to repurchase $ 5,544 $ 11,641 At June 30, 2021 and December 31, 2020 the investment securities underlying these agreements were comprised of state, county and municipal securities and mortgage-backed securities. |
OTHER BORROWINGS
OTHER BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | NOTE 5 – OTHER BORROWINGS Other borrowings consist of the following: (dollars in thousands) June 30, 2021 December 31, 2020 FHLB borrowings: Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% $ 15,000 $ 15,000 Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% 15,000 15,000 Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% 15,000 15,000 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 1,406 1,411 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 973 977 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,493 1,567 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $747 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 74,253 74,188 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $2,044 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 117,956 117,835 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,089 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 76,089 76,150 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,867 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,133 108,027 $ 425,303 $ 425,155 The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2021, $3.35 billion was available for borrowing on lines with the FHLB. As of June 30, 2021, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $127.0 million. The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2021, the Bank had $3.24 billion of loans pledged at the Federal Reserve discount window and had $2.25 billion available for borrowing. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 6 – ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income for the Company consists of changes in net unrealized gains and losses on investment securities available-for-sale and interest rate swap derivatives. The reclassification for gains included in net income is recorded in net gain (loss) on securities in the consolidated statement of income and comprehensive income. The following table presents a summary of the accumulated other comprehensive income balances as well as changes in each of the respective components, net of tax, for the periods indicated: (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income Three Months Ended June 30, 2021 Balance, March 31, 2021 $ — $ 26,090 $ 26,090 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax — (1,066) (1,066) Balance, June 30, 2021 $ — $ 25,024 $ 25,024 Three Months Ended June 30, 2020 Balance, March 31, 2020 $ (244) $ 39,795 $ 39,551 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax 111 (49) 62 Balance, June 30, 2020 $ (133) $ 39,746 $ 39,613 Six Months Ended June 30, 2021 Balance, December 31, 2020 $ — $ 33,505 $ 33,505 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax — (8,481) (8,481) Balance, June 30, 2021 $ — $ 25,024 $ 25,024 Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (147) $ 18,142 $ 17,995 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax 14 21,604 21,618 Balance, June 30, 2020 $ (133) $ 39,746 $ 39,613 |
WEIGHTED AVERAGE SHARES OUTSTAN
WEIGHTED AVERAGE SHARES OUTSTANDING | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
WEIGHTED AVERAGE SHARES OUTSTANDING | NOTE 7 – WEIGHTED AVERAGE SHARES OUTSTANDING Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three Months Ended Six Months Ended (share data in thousands) 2021 2020 2021 2020 Average common shares outstanding 69,497 69,192 69,448 69,235 Common share equivalents: Stock options 64 9 74 33 Nonvested restricted share grants 151 75 153 130 Performance stock units 80 17 90 15 Average common shares outstanding, assuming dilution 69,792 69,293 69,765 69,413 For the three and six-month periods ended June 30, 2021, there were no outstanding options exerciseable for common shares with strike prices that would cause the underlying shares to be anti-dilutive. For the three and six-month periods ended June 30, 2020, there were outstanding 252,765 and 56,000 options exerciseable for common shares, respectively, with strike prices that would cause the underlying shares to be anti-dilutive. |
FAIR VALUE MEASURES
FAIR VALUE MEASURES | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASURES | NOTE 8 – FAIR VALUE MEASURES The fair value of an asset or liability is the current amount that would be exchanged 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 quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The Company's loans held for sale under the fair value option are comprised of the following: (dollars in thousands) June 30, 2021 December 31, 2020 Mortgage loans held for sale $ 1,200,139 $ 998,050 SBA loans held for sale 10,450 3,757 Total loans held for sale $ 1,210,589 $ 1,001,807 The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities. A net gain of $10.0 million and a net loss of $15.1 million resulting from fair value changes of these mortgage loans were recorded in income during the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2020, net gains of $26.1 million and $41.1 million, respectively, resulting from fair value changes of these mortgage loans were recorded in income. Net losses of $45.1 million and $17.6 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2020, net gains of $36.4 million and $33.8 million, respectively, resulting from changes in the fair value of the related derivative financial instruments were recorded in income. The change in fair value of both mortgage loans held for sale and the related derivative financial instruments are recorded in mortgage banking activity in the consolidated statements of income and comprehensive income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Aggregate fair value of mortgage loans held for sale $ 1,200,139 $ 998,050 Aggregate unpaid principal balance of mortgage loans held for sale 1,164,671 947,460 Past-due loans of 90 days or more 361 — Nonaccrual loans 361 — Unpaid principal balance of nonaccrual loans 352 — The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Aggregate fair value of SBA loans held for sale $ 10,450 $ 3,757 Aggregate unpaid principal balance of SBA loans held for sale 9,423 3,393 Past-due loans of 90 days or more — — Nonaccrual loans — — The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments. The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2021 and December 31, 2020: Recurring Basis June 30, 2021 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 12,327 $ — $ 12,327 $ — State, county and municipal securities 60,836 — 60,836 — Corporate debt securities 43,612 — 42,442 1,170 SBA pool securities 54,281 — 54,281 — Mortgage-backed securities 607,111 — 607,111 — Loans held for sale 1,210,589 — 1,210,589 — Mortgage banking derivative instruments 20,314 — 20,314 — Total recurring assets at fair value $ 2,009,070 $ — $ 2,007,900 $ 1,170 Financial liabilities: Mortgage banking derivative instruments $ 2,546 $ — $ 2,546 $ — Total recurring liabilities at fair value $ 2,546 $ — $ 2,546 $ — Recurring Basis December 31, 2020 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 17,504 $ — $ 17,504 $ — State, county and municipal securities 66,778 — 66,778 — Corporate debt securities 51,896 — 50,726 1,170 SBA pool securities 62,497 — 62,497 — Mortgage-backed securities 784,204 — 784,204 — Loans held for sale 1,001,807 — 1,001,807 — Mortgage banking derivative instruments 51,756 — 51,756 — Total recurring assets at fair value $ 2,036,442 $ — $ 2,035,272 $ 1,170 Financial liabilities: Mortgage banking derivative instruments $ 16,415 $ — $ 16,415 $ — Total recurring liabilities at fair value $ 16,415 $ — $ 16,415 $ — The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2021 and December 31, 2020: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2021 Collateral-dependent loans $ 78,530 $ — $ — $ 78,530 Other real estate owned 1,979 — — 1,979 Mortgage servicing rights 191,675 — — 191,675 Total nonrecurring assets at fair value $ 272,184 $ — $ — $ 272,184 December 31, 2020 Collateral-dependent loans $ 98,426 $ — $ — $ 98,426 Other real estate owned 4,964 — — 4,964 Mortgage servicing rights 130,630 — — 130,630 SBA servicing rights 5,839 — 5,839 — Total nonrecurring assets at fair value $ 239,859 $ — $ 5,839 $ 234,020 The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates. For the six months ended June 30, 2021 and the year ended December 31, 2020, there was not a change in the methods and significant assumptions used to estimate fair value. The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets: (dollars in thousands) Fair Value Valuation Unobservable Inputs Range of Weighted June 30, 2021 Recurring: Investment securities available-for-sale $ 1,170 Discounted par values Probability of default 13.6% 13.6% Loss given default 39% 39% Nonrecurring: Collateral-dependent loans $ 78,530 Third-party appraisals and discounted cash flows Collateral discounts and 20% - 57% 44% Other real estate owned $ 1,979 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 38% 23% Mortgage servicing rights $ 191,675 Discounted cash flows Discount rate 9% - 10% 9% Prepayment speed 13% - 42% 15% December 31, 2020 Recurring: Investment securities available-for-sale $ 1,170 Discounted par values Probability of default 18.8% 18.8% Loss given default 40% 40% Nonrecurring: Collateral-dependent loans $ 98,426 Third-party appraisals and discounted cash flows Collateral discounts and 20% - 90% 44% Other real estate owned $ 4,964 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 59% 28% Mortgage servicing rights $ 130,630 Discounted cash flows Discount rate 9% - 12% 10% Prepayment speed 14% - 37% 19% The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows: Fair Value Measurements June 30, 2021 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 259,729 $ 259,729 $ — $ — $ 259,729 Federal funds sold and interest-bearing accounts 3,044,795 3,044,795 — — 3,044,795 Time deposits in other banks — — — — — Investment securities held-to-maturity 29,055 — 29,008 — 29,008 Loans, net 14,527,191 — — 14,407,763 14,407,763 Accrued interest receivable 64,906 — 2,919 61,987 64,906 Financial liabilities: Deposits 18,257,997 — 18,262,653 — 18,262,653 Securities sold under agreements to repurchase 5,544 5,544 — — 5,544 Other borrowings 425,303 — 430,674 — 430,674 Subordinated deferrable interest debentures 125,331 — 117,735 — 117,735 Accrued interest payable 4,375 — 4,375 — 4,375 Fair Value Measurements December 31, 2020 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 203,349 $ 203,349 $ — $ — $ 203,349 Federal funds sold and interest-bearing accounts 1,913,957 1,913,957 — — 1,913,957 Time deposits in other banks 249 — 249 — 249 Investment securities held-to-maturity — — — — — Loans, net 14,183,077 — — 14,096,711 14,096,711 Accrued interest receivable 76,254 — 3,567 72,687 76,254 Financial liabilities: Deposits 16,957,823 — 16,968,606 — 16,968,606 Securities sold under agreements to repurchase 11,641 11,641 — — 11,641 Other borrowings 425,155 — 431,783 — 431,783 Subordinated deferrable interest debentures 124,345 — 116,280 — 116,280 Accrued interest payable 5,487 — 5,487 — 5,487 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – 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 and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows: (dollars in thousands) June 30, 2021 December 31, 2020 Commitments to extend credit $ 3,550,269 $ 2,826,719 Unused home equity lines of credit 262,576 259,015 Financial standby letters of credit 32,291 33,613 Mortgage interest rate lock commitments 674,525 1,199,939 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2021 and the year ended December 31, 2020. The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 21,015 $ 17,791 $ 32,854 $ 1,077 Adjustment to reflect adoption of ASC 326 — — — 12,714 Addition due to acquisition — — — — Provision for unfunded commitments 1,299 19,712 (10,540) 23,712 Balance at end of period $ 22,314 $ 37,503 $ 22,314 $ 37,503 Other Commitments As of June 30, 2021, letters of credit issued by the FHLB totaling $490.0 million were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances. Litigation and Regulatory Contingencies From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period. The Company’s management and its legal counsel periodically assess contingent liabilities, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. COVID-19 The COVID-19 pandemic has caused significant economic dislocation in the United States and an unprecedented slowdown in economic activity, as many state and local governments have intermittently ordered non-essential businesses to close and residents to shelter in place at home. As a result of the pandemic, commercial customers are experiencing varying levels of disruptions or restrictions on their business activity, and consumers are experiencing interrupted income or unemployment. We have outstanding loans to borrowers in certain industries that have been particularly susceptible to the effects of the pandemic, such as hotels, restaurants and other retail businesses. Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The United States government has taken steps to attempt to mitigate some of the more severe anticipated economic effects of the coronavirus, including the passage of the CARES Act and subsequent legislation, but there can be no assurance that such steps will be effective or achieve their desired results in a timely fashion. The extent of such impact from the COVID-19 pandemic and related mitigation efforts will depend on future developments, which are highly uncertain, including, but not limited to, the duration of the pandemic and spread of the coronavirus, including a resurgence or additional waves or variants of the virus, the actions to contain the virus or treat its impact, including public acceptance of vaccines, and how quickly and to what extent normal economic and operating conditions can resume. This could cause a material, adverse effect on the Company’s business, financial condition and results of operations, including increases in loan delinquencies, problem assets and foreclosures; decreases in the value of collateral securing our loans; increases in our allowance for credit losses; and decreases in the value of our intangible assets. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 10 – SEGMENT REPORTING The Company has the following five reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans. The Banking, Retail Mortgage, Warehouse Lending, SBA and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2021 and 2020: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 109,260 $ 34,085 $ 8,988 $ 14,050 $ 7,368 $ 173,751 Interest expense (1,410) 11,552 268 1,168 321 11,899 Net interest income 110,670 22,533 8,720 12,882 7,047 161,852 Provision for credit losses (3,949) 5,647 (155) (607) (794) 142 Noninterest income 16,171 69,055 1,333 2,677 4 89,240 Noninterest expense Salaries and employee benefits 37,814 44,798 278 937 1,678 85,505 Occupancy and equipment 9,050 1,553 1 132 76 10,812 Data processing and communications expenses 10,280 1,435 68 — 94 11,877 Other expenses 18,763 7,638 30 284 852 27,567 Total noninterest expense 75,907 55,424 377 1,353 2,700 135,761 Income before income tax expense 54,883 30,517 9,831 14,813 5,145 115,189 Income tax expense 14,196 6,408 2,064 3,111 1,083 26,862 Net income $ 40,687 $ 24,109 $ 7,767 $ 11,702 $ 4,062 $ 88,327 Total assets $ 15,561,628 $ 3,917,275 $ 779,234 $ 748,234 $ 880,560 $ 21,886,931 Goodwill 863,507 — — — 64,498 928,005 Other intangible assets, net 50,418 — — — 13,365 63,783 Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 128,653 $ 34,714 $ 5,285 $ 8,757 $ 7,609 $ 185,018 Interest expense 8,323 10,412 259 1,723 487 21,204 Net interest income 120,330 24,302 5,026 7,034 7,122 163,814 Provision for credit losses 86,805 423 403 2,322 (1,792) 88,161 Noninterest income 14,468 104,195 727 1,570 — 120,960 Noninterest expense Salaries and employee benefits 40,423 50,003 209 2,612 1,921 95,168 Occupancy and equipment 11,679 1,953 1 97 77 13,807 Data processing and communications expenses 8,919 1,406 55 15 119 10,514 Other expenses 27,997 6,949 88 359 886 36,279 Total noninterest expense 89,018 60,311 353 3,083 3,003 155,768 Income (loss) before income tax expense (41,025) 67,763 4,997 3,199 5,911 40,845 Income tax expense (benefit) (8,582) 14,231 1,049 671 1,240 8,609 Net income (loss) $ (32,443) $ 53,532 $ 3,948 $ 2,528 $ 4,671 $ 32,236 Total assets $ 13,121,679 $ 3,905,683 $ 753,668 $ 1,310,077 $ 781,522 $ 19,872,629 Goodwill 863,507 — — — 64,498 928,005 Other intangible assets, net 64,007 — — — 16,347 80,354 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 221,639 $ 64,284 $ 19,315 $ 32,084 $ 14,379 $ 351,701 Interest expense (1,847) 22,767 689 2,567 696 24,872 Net interest income 223,486 41,517 18,626 29,517 13,683 326,829 Provision for credit losses (27,853) 1,094 (300) (1,154) (236) (28,449) Noninterest income 32,909 166,695 2,313 5,288 8 207,213 Noninterest expense Salaries and employee benefits 80,537 94,636 608 2,319 3,390 181,490 Occupancy and equipment 19,170 3,029 2 238 154 22,593 Data processing and communications expenses 20,481 2,981 117 1 181 23,761 Other expenses 38,473 15,827 63 579 1,773 56,715 Total noninterest expense 158,661 116,473 790 3,137 5,498 284,559 Income before income tax expense 125,587 90,645 20,449 32,822 8,429 277,932 Income tax expense 32,652 19,035 4,294 6,893 1,769 64,643 Net income $ 92,935 $ 71,610 $ 16,155 $ 25,929 $ 6,660 $ 213,289 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 260,954 $ 68,125 $ 10,135 $ 12,485 $ 16,087 $ 367,786 Interest expense 22,249 26,067 1,807 3,270 2,634 56,027 Net interest income 238,705 42,058 8,328 9,215 13,453 311,759 Provision for credit losses 122,802 2,420 394 1,419 2,173 129,208 Noninterest income 32,241 138,564 1,687 2,847 — 175,339 Noninterest expense Salaries and employee benefits 82,044 81,100 419 4,088 3,463 171,114 Occupancy and equipment 22,026 3,457 2 194 156 25,835 Data processing and communications expenses 19,716 2,392 96 28 236 22,468 Other expenses 58,642 12,824 122 874 1,942 74,404 Total noninterest expense 182,428 99,773 639 5,184 5,797 293,821 Income (loss) before income tax expense (34,284) 78,429 8,982 5,459 5,483 64,069 Income tax expense (benefit) (8,307) 16,639 1,886 1,146 1,147 12,511 Net income (loss) $ (25,977) $ 61,790 $ 7,096 $ 4,313 $ 4,336 $ 51,558 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
LOAN SERVICING RIGHTS | NOTE 11 – LOAN SERVICING RIGHTS The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired portfolios of residential mortgage, SBA and indirect automobile loans serviced for others. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets. The carrying value of the loan servicing rights assets is shown in the table below: (dollars in thousands) June 30, 2021 December 31, 2020 Loan Servicing Rights Residential mortgage $ 191,675 $ 130,630 SBA 6,123 5,839 Indirect automobile — 73 Total loan servicing rights $ 197,798 $ 136,542 Residential Mortgage Loans The Company sells certain first-lien residential mortgage loans to third party investors, primarily Federal National Mortgage Association (“FNMA”), Government National Mortgage Association (“GNMA”), and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees on certain of these loans. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity. During the three- and six-months ended June 30, 2021, the Company recorded servicing fee income of $11.3 million and $21.5 million, respectively. During the three- and six-months ended June 30, 2020, the Company recorded servicing fee income of $6.9 million and $13.1 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period. The table below is an analysis of the activity in the Company’s MSRs and valuation allowance: (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 154,746 $ 85,922 $ 130,630 $ 94,902 Additions 43,377 19,298 65,244 35,359 Amortization (7,197) (5,687) (14,681) (9,853) Recoveries/(impairment) 749 (8,152) 10,482 (29,027) Ending carrying value, net $ 191,675 $ 91,381 $ 191,675 $ 91,381 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2021 2020 2021 2020 Beginning balance $ 29,674 $ 20,979 $ 39,407 $ 104 Additions — 8,152 — 29,027 Recoveries (749) — (10,482) — Ending balance $ 28,925 $ 29,131 $ 28,925 $ 29,131 The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) June 30, 2021 December 31, 2020 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 15,486,442 $ 13,764,529 Composition of residential loans serviced for others: FHLMC 21.35 % 21.55 % FNMA 61.30 % 61.75 % GNMA 17.35 % 16.70 % Total 100.00 % 100.00 % Weighted average term (months) 340 340 Weighted average age (months) 19 20 Modeled prepayment speed 14.67 % 18.82 % Decline in fair value due to a 10% adverse change (8,237) (7,154) Decline in fair value due to a 20% adverse change (15,818) (13,664) Weighted average discount rate 8.76 % 9.50 % Decline in fair value due to a 10% adverse change (6,866) (4,304) Decline in fair value due to a 20% adverse change (13,193) (8,321) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of the change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, changes in one factor may magnify or counteract the effect of the change. SBA Loans All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income. During the three- and six-months ended June 30, 2021, the Company recorded servicing fee income of $980,000 and $2.0 million, respectively. During the three- and six-months ended June 30, 2020, the Company recorded servicing fee income of $1.0 million and $2.1 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period. The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance: (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 6,445 $ 5,394 $ 5,839 $ 7,886 Additions 241 100 471 475 Purchase accounting adjustment — — — (1,214) Amortization (563) (416) (1,092) (779) Recoveries/(impairment) — 163 905 (1,127) Ending carrying value, net $ 6,123 $ 5,241 $ 6,123 $ 5,241 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing valuation allowance 2021 2020 2021 2020 Beginning balance $ — $ 1,431 $ 905 $ 141 Additions — — — 1,127 Recoveries — (163) (905) — Ending balance $ — $ 1,268 $ — $ 1,268 (dollars in thousands) June 30, 2021 December 31, 2020 SBA servicing rights Unpaid principal balance of loans serviced for others $ 431,185 $ 351,325 Weighted average life (in years) 3.59 3.46 Modeled prepayment speed 18.37 % 19.14 % Decline in fair value due to a 10% adverse change (393) (335) Decline in fair value due to a 20% adverse change (747) (636) Weighted average discount rate 7.77 % 9.55 % Decline in fair value due to a 100 basis point adverse change (187) (151) Decline in fair value due to a 200 basis point adverse change (365) (295) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of the change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, changes in one factor may magnify or counteract the effect of the change. Indirect Automobile Loans The Company previously acquired a portfolio of indirect automobile loans serviced for others. These loans, or portions of loans, were sold on a servicing retained basis. Amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income. The Company is not actively originating or selling indirect automobile loans. (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Indirect automobile servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 29 $ 204 $ 73 $ 247 Amortization (29) (42) (73) (85) Ending carrying value, net $ — $ 162 $ — $ 162 During the three- and six-months ended June 30, 2021, the Company recorded servicing fee income of $170,000 and $376,000, respectively. During the three- and six-months ended June 30, 2020, the Company recorded servicing fee income of $518,000 and $1.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period. |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2021, the Bank operated 165 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash EquivalentsFor purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank of Atlanta. |
Reclassifications | ReclassificationsCertain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported. |
Accounting Standards Adopted in 2021 and Accounting Standards Pending Adoption | Accounting Standards Adopted in 2021 ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12") . ASU 2019-12 simplifies the accounting for income taxes by removing certain technical exceptions. ASU 2019-12 also clarifies and amends the accounting for income taxes in certain areas including, among others: (i) franchise taxes that are partially based on income; (ii) whether step ups in the tax basis of goodwill should be considered part of the acquisition to which it related or recognized as a separate transaction; and (iii) requiring the effect of an enacted change in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. During the first quarter of 2021, the Company adopted this ASU and applied the amendments in this update on a modified retrospective basis for the provision related to franchise taxes and prospectively for all other amendments. The adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards Pending Adoption ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2021-01 on the consolidated financial statements. ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact of adopting ASU 2020-04 on the consolidated financial statements. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale | The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows: (dollars in thousands) Securities available-for-sale Amortized Allowance for Credit Losses Gross Gross Estimated June 30, 2021 U.S. government sponsored agencies $ 12,120 $ — $ 207 $ — $ 12,327 State, county and municipal securities 58,016 — 2,820 — 60,836 Corporate debt securities 43,132 (81) 810 (249) 43,612 SBA pool securities 52,283 — 2,071 (73) 54,281 Mortgage-backed securities 581,021 — 26,100 (10) 607,111 Total debt securities available-for-sale $ 746,572 $ (81) $ 32,008 $ (332) $ 778,167 December 31, 2020 U.S. government sponsored agencies $ 17,161 $ — $ 343 $ — $ 17,504 State, county and municipal securities 63,286 — 3,492 — 66,778 Corporate debt securities 51,639 (112) 602 (233) 51,896 SBA pool securities 59,973 — 2,620 (96) 62,497 Mortgage-backed securities 748,521 — 35,797 (114) 784,204 Total debt securities available-for-sale $ 940,580 $ (112) $ 42,854 $ (443) $ 982,879 |
Amortized Cost and Estimated Fair Value of Debt Securities Held-to-Maturity | The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) Securities held-to-maturity Amortized Gross Gross Estimated June 30, 2021 Mortgage-backed securities $ 29,055 $ 10 $ (57) $ 29,008 Total debt securities held-to-maturity $ 29,055 $ 10 $ (57) $ 29,008 |
Amortized Cost and Estimated Fair Value of Debt Securities, Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2021, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary: Available-for-Sale Held-to-Maturity ( dollars in thousands) Amortized Estimated Fair Value Amortized Estimated Fair Value Due in one year or less $ 21,699 $ 21,889 $ — $ — Due from one year to five years 43,270 44,969 — — Due from five to ten years 58,019 60,100 — — Due after ten years 42,563 44,098 — — Mortgage-backed securities 581,021 607,111 29,055 29,008 $ 746,572 $ 778,167 $ 29,055 $ 29,008 |
Schedule of Available-for-Sale Securities with Unrealized Losses | The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2021 Corporate debt securities $ 2,920 $ (249) $ — $ — $ 2,920 $ (249) SBA pool securities — — 2,983 (73) 2,983 (73) Mortgage-backed securities 3,214 (7) 424 (3) 3,638 (10) Total debt securities available-for-sale $ 6,134 $ (256) $ 3,407 $ (76) $ 9,541 $ (332) December 31, 2020 Corporate debt securities $ 10,159 $ (233) $ — $ — $ 10,159 $ (233) SBA pool securities — — 3,948 (96) 3,948 (96) Mortgage-backed securities 24,120 (114) 2 — 24,122 (114) Total debt securities available-for-sale $ 34,279 $ (347) $ 3,950 $ (96) $ 38,229 $ (443) |
Schedule of Held-to-Maturity Securities with Unrealized Losses | The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2021: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2021 Mortgage-backed securities $ 9,583 $ (57) $ — $ — $ 9,583 $ (57) Total debt securities held-to-maturity $ 9,583 $ (57) $ — $ — $ 9,583 $ (57) |
Schedule of Investments Available-for-sale, Allowance for Credit Loss | The remaining $332,000 in unrealized loss was determined to be from factors other than credit. (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Allowance for credit losses 2021 2020 2021 2020 Beginning balance $ 101 $ — $ 112 $ — Provision for expected credit losses (20) — (31) — Ending balance $ 81 $ — $ 81 $ — |
Schedule of Gain (Loss) on Investments | Total gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Unrealized holding gains (losses) on equity securities $ 1 $ 14 $ (11) $ 5 Total gain (loss) on securities $ 1 $ 14 $ (11) $ 5 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Notes Loans and Financial Receivables | Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 1,406,421 $ 1,627,477 Consumer installment 229,411 306,995 Indirect automobile 397,373 580,083 Mortgage warehouse 841,347 916,353 Municipal 647,578 659,403 Premium finance 780,328 687,841 Real estate – construction and development 1,527,883 1,606,710 Real estate – commercial and farmland 6,051,472 5,300,006 Real estate – residential 2,898,978 2,796,057 $ 14,780,791 $ 14,480,925 |
Summary of Financial Receivable Nonaccrual Basis | The following table presents an analysis of loans accounted for on a nonaccrual basis: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 7,284 $ 9,836 Consumer installment 503 709 Indirect automobile 1,393 2,831 Real estate – construction and development 1,746 5,407 Real estate – commercial and farmland 17,385 18,517 Real estate – residential 31,610 39,157 $ 59,921 $ 76,457 The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2021 December 31, 2020 Commercial, financial and agricultural $ 966 $ 764 Real estate – construction and development 66 416 Real estate – commercial and farmland 3,621 7,015 Real estate – residential 6,842 5,299 $ 11,495 $ 13,494 |
Summary of Past Due Financial Receivables | The following table presents an analysis of past-due loans as of June 30, 2021 and December 31, 2020: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2021 Commercial, financial and agricultural $ 3,070 $ 1,012 $ 3,176 $ 7,258 $ 1,399,163 $ 1,406,421 $ — Consumer installment 1,575 1,027 869 3,471 225,940 229,411 556 Indirect automobile 699 345 895 1,939 395,434 397,373 — Mortgage warehouse — — — — 841,347 841,347 — Municipal — — — — 647,578 647,578 — Premium finance 3,866 3,853 2,668 10,387 769,941 780,328 2,669 Real estate – construction and development 18,562 1,037 2,764 22,363 1,505,520 1,527,883 1,649 Real estate – commercial and farmland 1,160 618 6,412 8,190 6,043,282 6,051,472 — Real estate – residential 10,093 4,608 27,883 42,584 2,856,394 2,898,978 — Total $ 39,025 $ 12,500 $ 44,667 $ 96,192 $ 14,684,599 $ 14,780,791 $ 4,874 December 31, 2020 Commercial, financial and agricultural $ 4,576 $ 2,018 $ 5,652 $ 12,246 $ 1,615,231 $ 1,627,477 $ — Consumer installment 2,189 1,114 2,318 5,621 301,374 306,995 1,755 Indirect automobile 3,293 1,006 2,171 6,470 573,613 580,083 — Mortgage warehouse — — — — 916,353 916,353 — Municipal — — — — 659,403 659,403 — Premium finance 7,188 3,895 6,571 17,654 670,187 687,841 6,571 Real estate – construction and development 13,348 723 5,150 19,221 1,587,489 1,606,710 — Real estate – commercial and farmland 5,370 1,701 8,651 15,722 5,284,284 5,300,006 — Real estate – residential 20,519 3,125 34,081 57,725 2,738,332 2,796,057 — Total $ 56,483 $ 13,582 $ 64,594 $ 134,659 $ 14,346,266 $ 14,480,925 $ 8,326 |
Summary of Impaired Financial Receivables | The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses: June 30, 2021 December 31, 2020 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 3,246 $ 889 $ 5,490 $ 2,252 Premium finance 258 — 3,523 — Real estate – construction and development 2,244 693 4,173 512 Real estate – commercial and farmland 83,000 18,494 100,180 21,001 Real estate – residential 10,928 1,070 9,716 891 $ 99,676 $ 21,146 $ 123,082 $ 24,656 |
Summary of Credit Quality Indicate Financial Receivable | The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2021 and December 31, 2020. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded 9 at December 31, 2020. As of June 30, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Commercial, Financial and Agricultural Risk Grade: 1 $ 376,496 $ 140,359 $ 2,340 $ 918 $ 219 $ 4,915 $ 125,123 $ 650,370 2 228 446 8,778 453 766 879 3,789 15,339 3 101,165 63,440 41,678 12,311 15,782 8,307 51,509 294,192 4 62,535 67,264 53,086 67,882 26,090 29,502 88,234 394,593 5 181 3,946 3,882 3,713 5,470 4,130 6,821 28,143 6 — 6 461 406 507 4,742 497 6,619 7 375 658 3,940 2,602 3,712 5,096 782 17,165 Total commercial, financial and agricultural $ 540,980 $ 276,119 $ 114,165 $ 88,285 $ 52,546 $ 57,571 $ 276,755 $ 1,406,421 Consumer Installment Risk Grade: 1 $ 3,954 $ 4,203 $ 2,252 $ 1,119 $ 393 $ 13 $ 3,099 $ 15,033 2 — — — 24 1 55 36 116 3 11,379 9,354 3,932 1,488 497 1,595 2,943 31,188 4 10,160 71,425 41,168 32,182 12,267 10,878 3,130 181,210 5 — 32 75 8 21 160 — 296 6 — — 5 8 — 141 6 160 7 10 217 345 166 66 536 66 1,406 9 — — — — — — 2 2 Total consumer installment $ 25,503 $ 85,231 $ 47,777 $ 34,995 $ 13,245 $ 13,378 $ 9,282 $ 229,411 Indirect Automobile Risk Grade: 2 $ — $ — $ — $ 68 $ 26 $ 4,862 $ — $ 4,956 3 — — 27,695 139,757 132,451 90,484 — 390,387 6 — — — 29 31 85 — 145 7 — — 37 296 327 1,225 — 1,885 Total indirect automobile $ — $ — $ 27,732 $ 140,150 $ 132,835 $ 96,656 $ — $ 397,373 Mortgage Warehouse Risk Grade: 3 $ — $ — $ — $ — $ — $ — $ 841,347 $ 841,347 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 841,347 $ 841,347 As of June 30, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Municipal Risk Grade: 1 $ 36,781 $ 93,621 $ 13,555 $ 7,227 $ 138,378 $ 192,462 $ — $ 482,024 2 1,842 72,018 — — — 12,968 — 86,828 3 — 60,812 650 — 5,453 2,989 — 69,904 4 — 6,140 — — — 2,682 — 8,822 Total municipal $ 38,623 $ 232,591 $ 14,205 $ 7,227 $ 143,831 $ 211,101 $ — $ 647,578 Premium Finance Risk Grade: 2 $ 654,607 $ 119,382 $ 2,973 $ 109 $ 528 $ 60 $ — $ 777,659 7 593 2,076 — — — — — 2,669 Total premium finance $ 655,200 $ 121,458 $ 2,973 $ 109 $ 528 $ 60 $ — $ 780,328 Real Estate – Construction and Development Risk Grade: 2 $ — $ 62 $ — $ — $ — $ — $ — $ 62 3 7,884 37,592 6,222 3,962 2,633 8,030 1,038 67,361 4 426,409 451,515 295,524 67,692 42,799 27,869 37,595 1,349,403 5 — 528 16,913 44,673 13,946 27,151 105 103,316 6 — — 21 2,126 — 646 — 2,793 7 1,546 13 170 295 624 2,300 — 4,948 Total real estate – construction and development $ 435,839 $ 489,710 $ 318,850 $ 118,748 $ 60,002 $ 65,996 $ 38,738 $ 1,527,883 Real Estate – Commercial and Farmland Risk Grade: 1 $ — $ — $ — $ 146 $ — $ — $ — $ 146 2 56,737 7,332 354 448 2,058 12,776 — 79,705 3 566,934 853,282 410,581 171,064 169,835 485,822 43,381 2,700,899 4 227,946 424,926 580,795 432,688 241,782 631,786 31,889 2,571,812 5 1,679 17,197 112,473 72,218 133,334 149,037 4,053 489,991 6 462 — 10,369 14,008 29,841 28,571 884 84,135 7 2,184 6,791 36,428 16,648 6,430 56,298 5 124,784 Total real estate – commercial and farmland $ 855,942 $ 1,309,528 $ 1,151,000 $ 707,220 $ 583,280 $ 1,364,290 $ 80,212 $ 6,051,472 Real Estate - Residential Risk Grade: 1 $ — $ — $ — $ — $ — $ 15 $ — $ 15 2 — 36 378 — 96 36,139 1,150 37,799 3 611,704 681,564 352,543 157,688 115,923 390,335 186,520 2,496,277 4 16,340 12,494 16,410 12,529 8,699 49,078 35,969 151,519 5 532 19,488 43,677 22,071 13,844 54,793 2,787 157,192 6 618 417 933 870 399 3,556 107 6,900 7 408 4,042 12,503 11,053 4,215 14,001 3,054 49,276 Total real estate - residential $ 629,602 $ 718,041 $ 426,444 $ 204,211 $ 143,176 $ 547,917 $ 229,587 $ 2,898,978 As of December 31, 2020 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Commercial, Financial and Agricultural Risk Grade: 1 $ 829,710 $ 2,912 $ 1,055 $ 387 $ 490 $ 4,961 $ 36,373 $ 875,888 2 1,213 1,512 668 996 172 967 14,317 19,845 3 109,352 54,266 16,932 17,968 7,027 3,905 68,806 278,256 4 86,837 71,645 74,388 37,779 15,359 23,069 85,366 394,443 5 4,061 4,269 4,772 7,443 804 5,842 4,352 31,543 6 21 72 506 193 3,509 1,232 632 6,165 7 3,312 3,460 2,579 3,573 1,294 5,214 1,886 21,318 8 — — — — — — 19 19 Total commercial, financial and agricultural $ 1,034,506 $ 138,136 $ 100,900 $ 68,339 $ 28,655 $ 45,190 $ 211,751 $ 1,627,477 Consumer Installment Risk Grade: 1 $ 6,782 $ 3,001 $ 1,550 $ 583 $ 95 $ 1 $ 667 $ 12,679 2 — — 46 2 — 63 42 153 3 15,172 6,960 2,838 887 1,455 601 4,389 32,302 4 120,800 53,593 53,182 16,329 3,121 9,437 3,556 260,018 5 49 127 28 30 3 242 8 487 6 — 2 9 — — 145 — 156 7 30 209 72 105 134 553 97 1,200 Total consumer installment $ 142,833 $ 63,892 $ 57,725 $ 17,936 $ 4,808 $ 11,042 $ 8,759 $ 306,995 Indirect Automobile Risk Grade: 2 $ — $ — $ 81 $ 31 $ 5,356 $ 3,054 $ — $ 8,522 3 — 35,432 187,656 188,302 103,570 52,781 — 567,741 6 — — 57 70 62 85 — 274 7 — 163 519 561 1,078 1,225 — 3,546 Total indirect automobile $ — $ 35,595 $ 188,313 $ 188,964 $ 110,066 $ 57,145 $ — $ 580,083 Mortgage Warehouse Risk Grade: 3 $ — $ — $ — $ — $ — $ — $ 916,353 $ 916,353 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 916,353 $ 916,353 Municipal Risk Grade: 1 $ 91,692 $ 12,685 $ 8,944 $ 143,741 $ 124,929 $ 97,923 $ — $ 479,914 2 73,000 — — — 9,410 — — 82,410 3 39,990 713 — 5,453 7,204 5,489 — 58,849 4 31,394 — — — — 6,836 — 38,230 Total municipal $ 236,076 $ 13,398 $ 8,944 $ 149,194 $ 141,543 $ 110,248 $ — $ 659,403 As of December 31, 2020 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Premium Finance Risk Grade: 2 $ 661,614 $ 18,236 $ 515 $ 746 $ 121 $ 38 $ — $ 681,270 7 5,811 760 — — — — — 6,571 Total premium finance $ 667,425 $ 18,996 $ 515 $ 746 $ 121 $ 38 $ — $ 687,841 Real Estate – Construction and Development Risk Grade: 3 $ 59,325 $ 7,035 $ 6,870 $ 8,046 $ 3,415 $ 6,916 $ 1,293 $ 92,900 4 605,254 445,496 205,444 50,181 14,672 26,915 68,574 1,416,536 5 1,614 26,720 9,612 13,261 17,712 10,127 107 79,153 6 685 1,036 3,646 1,302 — 4,564 — 11,233 7 15 2,858 566 271 42 3,136 — 6,888 Total real estate – construction and development $ 666,893 $ 483,145 $ 226,138 $ 73,061 $ 35,841 $ 51,658 $ 69,974 $ 1,606,710 Real Estate – Commercial and Farmland Risk Grade: 1 $ — $ — $ 161 $ — $ — $ — $ — $ 161 2 7,482 540 521 2,131 4,375 10,663 1,138 26,850 3 918,939 370,703 143,591 197,942 224,712 274,665 67,067 2,197,619 4 344,777 584,814 423,241 331,024 242,573 545,745 34,326 2,506,500 5 4,027 39,216 69,173 80,726 25,561 94,461 1,274 314,438 6 — 10,680 4,895 28,139 7,670 31,224 — 82,608 7 250 54,439 18,574 15,489 27,044 55,763 271 171,830 Total real estate – commercial and farmland $ 1,275,475 $ 1,060,392 $ 660,156 $ 655,451 $ 531,935 $ 1,012,521 $ 104,076 $ 5,300,006 Real Estate - Residential Risk Grade: 1 $ — $ — $ — $ — $ — $ 19 $ — $ 19 2 37 398 12 121 1,275 47,286 1,402 50,531 3 763,101 529,268 254,632 186,531 154,285 388,825 203,491 2,480,133 4 19,296 19,874 15,784 11,607 14,240 53,869 44,276 178,946 5 400 1,768 3,489 3,479 1,151 12,824 3,618 26,729 6 527 1,843 1,030 334 724 3,391 255 8,104 7 3,442 9,387 12,339 4,667 2,157 16,659 2,944 51,595 Total real estate - residential $ 786,803 $ 562,538 $ 287,286 $ 206,739 $ 173,832 $ 522,873 $ 255,986 $ 2,796,057 |
Summary of Troubled Debt Restructurings by Loan Class | The following table presents the loans by class modified as troubled debt restructurings which occurred during the three and six months ended June 30, 2021 and 2020. These modifications did not have a material impact on the Company’s allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 2 $ 165 1 $ 731 6 $ 591 1 $ 731 Consumer installment 2 8 3 7 2 8 4 15 Real estate – construction and development — — — — — — 1 20 Real estate – commercial and farmland 3 8,653 — — 5 16,312 1 16 Real estate – residential 2 472 5 839 12 1,457 76 10,496 Total 9 $ 9,298 9 $ 1,577 25 $ 18,368 83 $ 11,278 |
Troubled Debt Restructurings on Financing Receivable Payment Default | The following table presents the outstanding balance of troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three and six months ended June 30, 2021 and 2020. These defaults did not have a material impact on the Company's allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — — $ — 3 $ 49 1 $ 200 Consumer installment — — 3 4 4 5 3 4 Indirect automobile 7 27 — — 22 112 — — Real estate – construction and development — — — — 1 1 2 285 Real estate – commercial and farmland 1 202 — — 3 5,382 2 676 Real estate – residential 17 940 4 164 27 1,646 8 567 Total 25 $ 1,169 7 $ 168 60 $ 7,195 16 $ 1,732 |
Summary of Troubled Debt Restructuring by Loan Class, Classified Separately under Restructured Terms | The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at June 30, 2021 and December 31, 2020: June 30, 2021 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 12 $ 1,038 10 $ 805 Consumer installment 9 28 19 43 Indirect automobile 336 1,647 47 301 Real estate – construction and development 5 898 4 301 Real estate – commercial and farmland 28 46,025 11 7,103 Real estate – residential 238 31,570 31 2,515 Total 628 $ 81,206 122 $ 11,068 December 31, 2020 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 9 $ 521 11 $ 849 Consumer installment 10 32 20 56 Indirect automobile 437 2,277 51 461 Real estate – construction and development 4 506 5 707 Real estate – commercial and farmland 28 36,707 7 1,401 Real estate – residential 264 38,800 34 2,671 Total 752 $ 78,843 128 $ 6,145 |
Financing Receivable, Schedule Of Short-Term Deferrals | The table below presents short-term deferrals related to the COVID-19 pandemic that were not considered TDRs. June 30, 2021 December 31, 2020 (dollars in thousands) COVID-19 Deferrals Deferrals as a % of total loans COVID-19 Deferrals Deferrals as a % of total loans Commercial, financial and agricultural $ 2,539 0.2 % $ 12,471 0.8 % Consumer installment 29 — % 1,418 0.5 % Indirect automobile 1,126 0.3 % 8,936 1.5 % Real estate – construction and development 873 0.1 % 11,049 0.7 % Real estate – commercial and farmland 63,827 1.1 % 179,183 3.4 % Real estate – residential 59,331 2.0 % 119,722 4.3 % $ 127,725 0.9 % $ 332,779 2.3 % |
Schedule of Allowances for Loan Losses by Portfolio Segment | The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended June 30, 2021 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2021 $ 8,291 $ 8,790 $ 1,272 $ 3,521 $ 790 $ 4,100 Provision for loan losses 1,502 491 (423) (156) (13) (833) Loans charged off (3,529) (1,669) (141) — — (1,194) Recoveries of loans previously charged off 625 212 372 — — 2,466 Balance, June 30, 2021 $ 6,889 $ 7,824 $ 1,080 $ 3,365 $ 777 $ 4,539 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2021 $ 22,858 $ 91,211 $ 37,737 $ 178,570 Provision for loan losses (3,757) (3,031) 5,321 (899) Loans charged off (186) (27) (392) (7,138) Recoveries of loans previously charged off 84 185 593 4,537 Balance, June 30, 2021 $ 18,999 $ 88,338 $ 43,259 $ 175,070 Six Months Ended June 30, 2021 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2020 $ 7,359 $ 4,076 $ 1,929 $ 3,666 $ 791 $ 3,879 Provision for loan losses 4,077 6,297 (951) (301) (14) (391) Loans charged off (5,899) (3,117) (970) — — (2,537) Recoveries of loans previously charged off 1,352 568 1,072 — — 3,588 Balance, June 30, 2021 $ 6,889 $ 7,824 $ 1,080 $ 3,365 $ 777 $ 4,539 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2020 $ 45,304 $ 88,894 $ 43,524 $ 199,422 Provision for loan losses (26,344) 640 (491) (17,478) Loans charged off (212) (1,422) (555) (14,712) Recoveries of loans previously charged off 251 226 781 7,838 Balance, June 30, 2021 $ 18,999 $ 88,338 $ 43,259 $ 175,070 Three Months Ended June 30, 2020 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2020 $ 8,110 $ 15,446 $ 3,464 $ 1,102 $ 522 $ 11,508 Provision for loan losses 11 5,165 574 396 (15) (2,083) Loans charged off (486) (962) (1,016) — — (1,903) Recoveries of loans previously charged off 303 436 359 — — 676 Balance, June 30, 2020 $ 7,938 $ 20,085 $ 3,381 $ 1,498 $ 507 $ 8,198 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2020 $ 25,319 $ 51,754 $ 32,299 $ 149,524 Provision for loan losses 28,853 38,133 (2,585) 68,449 Loans charged off (74) (6,315) (525) (11,281) Recoveries of loans previously charged off 168 21 138 2,101 Balance, June 30, 2020 $ 54,266 $ 83,593 $ 29,327 $ 208,793 Six Months Ended June 30, 2020 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2019 $ 4,567 $ 3,784 $ — $ 640 $ 484 $ 2,550 Adjustment to allowance for adoption of ASC 326 2,587 8,012 4,109 463 (92) 4,471 Provision for loan losses 3,091 9,636 816 395 115 2,551 Loans charged off (2,972) (2,104) (2,247) — — (2,734) Recoveries of loans previously charged off 665 757 703 — — 1,360 Balance, June 30, 2020 $ 7,938 $ 20,085 $ 3,381 $ 1,498 $ 507 $ 8,198 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2019 $ 5,995 $ 9,666 $ 10,503 $ 38,189 Adjustment to allowance for adoption of ASC 326 12,248 27,073 19,790 78,661 Provision for loan losses 35,587 53,991 (686) 105,496 Loans charged off (74) (7,243) (625) (17,999) Recoveries of loans previously charged off 510 106 345 4,446 Balance, June 30, 2020 $ 54,266 $ 83,593 $ 29,327 $ 208,793 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Securities Sold Under Repurchase Agreements | The following is a summary of the Company’s securities sold under agreements to repurchase at June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Securities sold under agreements to repurchase $ 5,544 $ 11,641 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Other Borrowings | Other borrowings consist of the following: (dollars in thousands) June 30, 2021 December 31, 2020 FHLB borrowings: Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% $ 15,000 $ 15,000 Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% 15,000 15,000 Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% 15,000 15,000 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 1,406 1,411 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 973 977 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,493 1,567 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $747 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 74,253 74,188 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $2,044 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 117,956 117,835 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,089 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 76,089 76,150 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,867 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,133 108,027 $ 425,303 $ 425,155 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | The following table presents a summary of the accumulated other comprehensive income balances as well as changes in each of the respective components, net of tax, for the periods indicated: (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income Three Months Ended June 30, 2021 Balance, March 31, 2021 $ — $ 26,090 $ 26,090 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax — (1,066) (1,066) Balance, June 30, 2021 $ — $ 25,024 $ 25,024 Three Months Ended June 30, 2020 Balance, March 31, 2020 $ (244) $ 39,795 $ 39,551 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax 111 (49) 62 Balance, June 30, 2020 $ (133) $ 39,746 $ 39,613 Six Months Ended June 30, 2021 Balance, December 31, 2020 $ — $ 33,505 $ 33,505 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax — (8,481) (8,481) Balance, June 30, 2021 $ — $ 25,024 $ 25,024 Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (147) $ 18,142 $ 17,995 Reclassification for gains included in net income, net of tax — — — Current year changes, net of tax 14 21,604 21,618 Balance, June 30, 2020 $ (133) $ 39,746 $ 39,613 |
WEIGHTED AVERAGE SHARES OUTST_2
WEIGHTED AVERAGE SHARES OUTSTANDING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Weighted Average Number of Shares | Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three Months Ended Six Months Ended (share data in thousands) 2021 2020 2021 2020 Average common shares outstanding 69,497 69,192 69,448 69,235 Common share equivalents: Stock options 64 9 74 33 Nonvested restricted share grants 151 75 153 130 Performance stock units 80 17 90 15 Average common shares outstanding, assuming dilution 69,792 69,293 69,765 69,413 |
FAIR VALUE MEASURES (Tables)
FAIR VALUE MEASURES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Loans Held For Sale Fair Value | The Company's loans held for sale under the fair value option are comprised of the following: (dollars in thousands) June 30, 2021 December 31, 2020 Mortgage loans held for sale $ 1,200,139 $ 998,050 SBA loans held for sale 10,450 3,757 Total loans held for sale $ 1,210,589 $ 1,001,807 |
Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value | The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Aggregate fair value of mortgage loans held for sale $ 1,200,139 $ 998,050 Aggregate unpaid principal balance of mortgage loans held for sale 1,164,671 947,460 Past-due loans of 90 days or more 361 — Nonaccrual loans 361 — Unpaid principal balance of nonaccrual loans 352 — The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, 2021 December 31, 2020 Aggregate fair value of SBA loans held for sale $ 10,450 $ 3,757 Aggregate unpaid principal balance of SBA loans held for sale 9,423 3,393 Past-due loans of 90 days or more — — Nonaccrual loans — — |
Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2021 and December 31, 2020: Recurring Basis June 30, 2021 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 12,327 $ — $ 12,327 $ — State, county and municipal securities 60,836 — 60,836 — Corporate debt securities 43,612 — 42,442 1,170 SBA pool securities 54,281 — 54,281 — Mortgage-backed securities 607,111 — 607,111 — Loans held for sale 1,210,589 — 1,210,589 — Mortgage banking derivative instruments 20,314 — 20,314 — Total recurring assets at fair value $ 2,009,070 $ — $ 2,007,900 $ 1,170 Financial liabilities: Mortgage banking derivative instruments $ 2,546 $ — $ 2,546 $ — Total recurring liabilities at fair value $ 2,546 $ — $ 2,546 $ — Recurring Basis December 31, 2020 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 17,504 $ — $ 17,504 $ — State, county and municipal securities 66,778 — 66,778 — Corporate debt securities 51,896 — 50,726 1,170 SBA pool securities 62,497 — 62,497 — Mortgage-backed securities 784,204 — 784,204 — Loans held for sale 1,001,807 — 1,001,807 — Mortgage banking derivative instruments 51,756 — 51,756 — Total recurring assets at fair value $ 2,036,442 $ — $ 2,035,272 $ 1,170 Financial liabilities: Mortgage banking derivative instruments $ 16,415 $ — $ 16,415 $ — Total recurring liabilities at fair value $ 16,415 $ — $ 16,415 $ — |
Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2021 and December 31, 2020: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2021 Collateral-dependent loans $ 78,530 $ — $ — $ 78,530 Other real estate owned 1,979 — — 1,979 Mortgage servicing rights 191,675 — — 191,675 Total nonrecurring assets at fair value $ 272,184 $ — $ — $ 272,184 December 31, 2020 Collateral-dependent loans $ 98,426 $ — $ — $ 98,426 Other real estate owned 4,964 — — 4,964 Mortgage servicing rights 130,630 — — 130,630 SBA servicing rights 5,839 — 5,839 — Total nonrecurring assets at fair value $ 239,859 $ — $ 5,839 $ 234,020 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets: (dollars in thousands) Fair Value Valuation Unobservable Inputs Range of Weighted June 30, 2021 Recurring: Investment securities available-for-sale $ 1,170 Discounted par values Probability of default 13.6% 13.6% Loss given default 39% 39% Nonrecurring: Collateral-dependent loans $ 78,530 Third-party appraisals and discounted cash flows Collateral discounts and 20% - 57% 44% Other real estate owned $ 1,979 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 38% 23% Mortgage servicing rights $ 191,675 Discounted cash flows Discount rate 9% - 10% 9% Prepayment speed 13% - 42% 15% December 31, 2020 Recurring: Investment securities available-for-sale $ 1,170 Discounted par values Probability of default 18.8% 18.8% Loss given default 40% 40% Nonrecurring: Collateral-dependent loans $ 98,426 Third-party appraisals and discounted cash flows Collateral discounts and 20% - 90% 44% Other real estate owned $ 4,964 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 59% 28% Mortgage servicing rights $ 130,630 Discounted cash flows Discount rate 9% - 12% 10% Prepayment speed 14% - 37% 19% |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows: Fair Value Measurements June 30, 2021 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 259,729 $ 259,729 $ — $ — $ 259,729 Federal funds sold and interest-bearing accounts 3,044,795 3,044,795 — — 3,044,795 Time deposits in other banks — — — — — Investment securities held-to-maturity 29,055 — 29,008 — 29,008 Loans, net 14,527,191 — — 14,407,763 14,407,763 Accrued interest receivable 64,906 — 2,919 61,987 64,906 Financial liabilities: Deposits 18,257,997 — 18,262,653 — 18,262,653 Securities sold under agreements to repurchase 5,544 5,544 — — 5,544 Other borrowings 425,303 — 430,674 — 430,674 Subordinated deferrable interest debentures 125,331 — 117,735 — 117,735 Accrued interest payable 4,375 — 4,375 — 4,375 Fair Value Measurements December 31, 2020 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 203,349 $ 203,349 $ — $ — $ 203,349 Federal funds sold and interest-bearing accounts 1,913,957 1,913,957 — — 1,913,957 Time deposits in other banks 249 — 249 — 249 Investment securities held-to-maturity — — — — — Loans, net 14,183,077 — — 14,096,711 14,096,711 Accrued interest receivable 76,254 — 3,567 72,687 76,254 Financial liabilities: Deposits 16,957,823 — 16,968,606 — 16,968,606 Securities sold under agreements to repurchase 11,641 11,641 — — 11,641 Other borrowings 425,155 — 431,783 — 431,783 Subordinated deferrable interest debentures 124,345 — 116,280 — 116,280 Accrued interest payable 5,487 — 5,487 — 5,487 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | A summary of the Company’s commitments is as follows: (dollars in thousands) June 30, 2021 December 31, 2020 Commitments to extend credit $ 3,550,269 $ 2,826,719 Unused home equity lines of credit 262,576 259,015 Financial standby letters of credit 32,291 33,613 Mortgage interest rate lock commitments 674,525 1,199,939 |
Schedule of Allowance for Credit Loss for Unfunded Commitments | The following table presents activity in the allowance for unfunded commitments for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 21,015 $ 17,791 $ 32,854 $ 1,077 Adjustment to reflect adoption of ASC 326 — — — 12,714 Addition due to acquisition — — — — Provision for unfunded commitments 1,299 19,712 (10,540) 23,712 Balance at end of period $ 22,314 $ 37,503 $ 22,314 $ 37,503 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting, by Reportable Business Segments | The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2021 and 2020: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 109,260 $ 34,085 $ 8,988 $ 14,050 $ 7,368 $ 173,751 Interest expense (1,410) 11,552 268 1,168 321 11,899 Net interest income 110,670 22,533 8,720 12,882 7,047 161,852 Provision for credit losses (3,949) 5,647 (155) (607) (794) 142 Noninterest income 16,171 69,055 1,333 2,677 4 89,240 Noninterest expense Salaries and employee benefits 37,814 44,798 278 937 1,678 85,505 Occupancy and equipment 9,050 1,553 1 132 76 10,812 Data processing and communications expenses 10,280 1,435 68 — 94 11,877 Other expenses 18,763 7,638 30 284 852 27,567 Total noninterest expense 75,907 55,424 377 1,353 2,700 135,761 Income before income tax expense 54,883 30,517 9,831 14,813 5,145 115,189 Income tax expense 14,196 6,408 2,064 3,111 1,083 26,862 Net income $ 40,687 $ 24,109 $ 7,767 $ 11,702 $ 4,062 $ 88,327 Total assets $ 15,561,628 $ 3,917,275 $ 779,234 $ 748,234 $ 880,560 $ 21,886,931 Goodwill 863,507 — — — 64,498 928,005 Other intangible assets, net 50,418 — — — 13,365 63,783 Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 128,653 $ 34,714 $ 5,285 $ 8,757 $ 7,609 $ 185,018 Interest expense 8,323 10,412 259 1,723 487 21,204 Net interest income 120,330 24,302 5,026 7,034 7,122 163,814 Provision for credit losses 86,805 423 403 2,322 (1,792) 88,161 Noninterest income 14,468 104,195 727 1,570 — 120,960 Noninterest expense Salaries and employee benefits 40,423 50,003 209 2,612 1,921 95,168 Occupancy and equipment 11,679 1,953 1 97 77 13,807 Data processing and communications expenses 8,919 1,406 55 15 119 10,514 Other expenses 27,997 6,949 88 359 886 36,279 Total noninterest expense 89,018 60,311 353 3,083 3,003 155,768 Income (loss) before income tax expense (41,025) 67,763 4,997 3,199 5,911 40,845 Income tax expense (benefit) (8,582) 14,231 1,049 671 1,240 8,609 Net income (loss) $ (32,443) $ 53,532 $ 3,948 $ 2,528 $ 4,671 $ 32,236 Total assets $ 13,121,679 $ 3,905,683 $ 753,668 $ 1,310,077 $ 781,522 $ 19,872,629 Goodwill 863,507 — — — 64,498 928,005 Other intangible assets, net 64,007 — — — 16,347 80,354 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 221,639 $ 64,284 $ 19,315 $ 32,084 $ 14,379 $ 351,701 Interest expense (1,847) 22,767 689 2,567 696 24,872 Net interest income 223,486 41,517 18,626 29,517 13,683 326,829 Provision for credit losses (27,853) 1,094 (300) (1,154) (236) (28,449) Noninterest income 32,909 166,695 2,313 5,288 8 207,213 Noninterest expense Salaries and employee benefits 80,537 94,636 608 2,319 3,390 181,490 Occupancy and equipment 19,170 3,029 2 238 154 22,593 Data processing and communications expenses 20,481 2,981 117 1 181 23,761 Other expenses 38,473 15,827 63 579 1,773 56,715 Total noninterest expense 158,661 116,473 790 3,137 5,498 284,559 Income before income tax expense 125,587 90,645 20,449 32,822 8,429 277,932 Income tax expense 32,652 19,035 4,294 6,893 1,769 64,643 Net income $ 92,935 $ 71,610 $ 16,155 $ 25,929 $ 6,660 $ 213,289 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 260,954 $ 68,125 $ 10,135 $ 12,485 $ 16,087 $ 367,786 Interest expense 22,249 26,067 1,807 3,270 2,634 56,027 Net interest income 238,705 42,058 8,328 9,215 13,453 311,759 Provision for credit losses 122,802 2,420 394 1,419 2,173 129,208 Noninterest income 32,241 138,564 1,687 2,847 — 175,339 Noninterest expense Salaries and employee benefits 82,044 81,100 419 4,088 3,463 171,114 Occupancy and equipment 22,026 3,457 2 194 156 25,835 Data processing and communications expenses 19,716 2,392 96 28 236 22,468 Other expenses 58,642 12,824 122 874 1,942 74,404 Total noninterest expense 182,428 99,773 639 5,184 5,797 293,821 Income (loss) before income tax expense (34,284) 78,429 8,982 5,459 5,483 64,069 Income tax expense (benefit) (8,307) 16,639 1,886 1,146 1,147 12,511 Net income (loss) $ (25,977) $ 61,790 $ 7,096 $ 4,313 $ 4,336 $ 51,558 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Carrying Value of Loan Servicing Rights Assets | The carrying value of the loan servicing rights assets is shown in the table below: (dollars in thousands) June 30, 2021 December 31, 2020 Loan Servicing Rights Residential mortgage $ 191,675 $ 130,630 SBA 6,123 5,839 Indirect automobile — 73 Total loan servicing rights $ 197,798 $ 136,542 The table below is an analysis of the activity in the Company’s MSRs and valuation allowance: (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 154,746 $ 85,922 $ 130,630 $ 94,902 Additions 43,377 19,298 65,244 35,359 Amortization (7,197) (5,687) (14,681) (9,853) Recoveries/(impairment) 749 (8,152) 10,482 (29,027) Ending carrying value, net $ 191,675 $ 91,381 $ 191,675 $ 91,381 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2021 2020 2021 2020 Beginning balance $ 29,674 $ 20,979 $ 39,407 $ 104 Additions — 8,152 — 29,027 Recoveries (749) — (10,482) — Ending balance $ 28,925 $ 29,131 $ 28,925 $ 29,131 The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance: (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 6,445 $ 5,394 $ 5,839 $ 7,886 Additions 241 100 471 475 Purchase accounting adjustment — — — (1,214) Amortization (563) (416) (1,092) (779) Recoveries/(impairment) — 163 905 (1,127) Ending carrying value, net $ 6,123 $ 5,241 $ 6,123 $ 5,241 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing valuation allowance 2021 2020 2021 2020 Beginning balance $ — $ 1,431 $ 905 $ 141 Additions — — — 1,127 Recoveries — (163) (905) — Ending balance $ — $ 1,268 $ — $ 1,268 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Indirect automobile servicing rights 2021 2020 2021 2020 Beginning carrying value, net $ 29 $ 204 $ 73 $ 247 Amortization (29) (42) (73) (85) Ending carrying value, net $ — $ 162 $ — $ 162 |
Schedule of Sensitivity of Fair Value to Adverse Changes in Model Inputs and/or Assumptions | The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) June 30, 2021 December 31, 2020 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 15,486,442 $ 13,764,529 Composition of residential loans serviced for others: FHLMC 21.35 % 21.55 % FNMA 61.30 % 61.75 % GNMA 17.35 % 16.70 % Total 100.00 % 100.00 % Weighted average term (months) 340 340 Weighted average age (months) 19 20 Modeled prepayment speed 14.67 % 18.82 % Decline in fair value due to a 10% adverse change (8,237) (7,154) Decline in fair value due to a 20% adverse change (15,818) (13,664) Weighted average discount rate 8.76 % 9.50 % Decline in fair value due to a 10% adverse change (6,866) (4,304) Decline in fair value due to a 20% adverse change (13,193) (8,321) (dollars in thousands) June 30, 2021 December 31, 2020 SBA servicing rights Unpaid principal balance of loans serviced for others $ 431,185 $ 351,325 Weighted average life (in years) 3.59 3.46 Modeled prepayment speed 18.37 % 19.14 % Decline in fair value due to a 10% adverse change (393) (335) Decline in fair value due to a 20% adverse change (747) (636) Weighted average discount rate 7.77 % 9.55 % Decline in fair value due to a 100 basis point adverse change (187) (151) Decline in fair value due to a 200 basis point adverse change (365) (295) |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING POLICIES - Narrative (Details) | Jun. 30, 2021USD ($)branch | Dec. 31, 2020USD ($) | Mar. 26, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of branches operated | branch | 165 | ||
Cash reserve required rate | 0.00% | ||
Reserve requirement | $ | $ 0 | $ 0 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 746,572 | $ 940,580 | ||||
Allowance for Credit Losses | (81) | $ (101) | (112) | $ 0 | $ 0 | $ 0 |
Gross Unrealized Gains | 32,008 | 42,854 | ||||
Gross Unrealized Losses | (332) | (443) | ||||
Estimated Fair Value | 778,167 | 982,879 | ||||
U.S. government sponsored agencies | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 12,120 | 17,161 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 207 | 343 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Estimated Fair Value | 12,327 | 17,504 | ||||
State, county and municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 58,016 | 63,286 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 2,820 | 3,492 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Estimated Fair Value | 60,836 | 66,778 | ||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 43,132 | 51,639 | ||||
Allowance for Credit Losses | (81) | (112) | ||||
Gross Unrealized Gains | 810 | 602 | ||||
Gross Unrealized Losses | (249) | (233) | ||||
Estimated Fair Value | 43,612 | 51,896 | ||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 52,283 | 59,973 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 2,071 | 2,620 | ||||
Gross Unrealized Losses | (73) | (96) | ||||
Estimated Fair Value | 54,281 | 62,497 | ||||
Mortgage-backed securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 581,021 | 748,521 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 26,100 | 35,797 | ||||
Gross Unrealized Losses | (10) | (114) | ||||
Estimated Fair Value | $ 607,111 | $ 784,204 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 29,055 | $ 0 |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (57) | |
Estimated Fair Value | 29,008 | $ 0 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 29,055 | |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (57) | |
Estimated Fair Value | $ 29,008 |
INVESTMENT SECURITIES - Amort_3
INVESTMENT SECURITIES - Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 21,699 | |
Due from one year to five years | 43,270 | |
Due from five to ten years | 58,019 | |
Due after ten years | 42,563 | |
Mortgage-backed securities | 581,021 | |
Amortized Cost | 746,572 | $ 940,580 |
Estimated Fair Value | ||
Due in one year or less | 21,889 | |
Due from one year to five years | 44,969 | |
Due from five to ten years | 60,100 | |
Due after ten years | 44,098 | |
Mortgage-backed securities | 607,111 | |
Estimated Fair Value | 778,167 | 982,879 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Due after ten years | 0 | |
Mortgage-backed securities | 29,055 | |
Amortized Cost | 29,055 | 0 |
Estimated Fair Value | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Due after ten years | 0 | |
Mortgage-backed securities | 29,008 | |
Estimated Fair Value | $ 29,008 | $ 0 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2021USD ($)security | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit losses | $ (81) | $ (101) | $ (112) | $ 0 | $ 0 | $ 0 |
Unrealized losses | (332) | (443) | ||||
Expected credit losses | 0 | |||||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | 0 | ||||
Debt Securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in security portfolio | security | 470 | |||||
Number of securities in unrealized loss position | security | 17 | |||||
Debt Securities | Held-to-maturity Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in security portfolio | security | 4 | |||||
Number of securities in unrealized loss position | security | 2 | |||||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 9 | |||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit losses | $ 0 | 0 | ||||
Unrealized losses | $ (73) | (96) | ||||
SBA pool securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 5 | |||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit losses | $ (81) | (112) | ||||
Unrealized losses | $ (249) | (233) | ||||
Corporate debt securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 3 | |||||
Collateral Pledged | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Pledged securities, carrying value | $ 389,600 | $ 438,700 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Estimated Fair Value | ||
Less than 12 months, estimated fair value | $ 6,134 | $ 34,279 |
12 months or more, estimated fair value | 3,407 | 3,950 |
Total estimated fair value | 9,541 | 38,229 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (256) | (347) |
12 months or more, unrealized losses | (76) | (96) |
Total unrealized losses | (332) | (443) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 2,920 | 10,159 |
12 months or more, estimated fair value | 0 | 0 |
Total estimated fair value | 2,920 | 10,159 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (249) | (233) |
12 months or more, unrealized losses | 0 | 0 |
Total unrealized losses | (249) | (233) |
SBA pool securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 0 | 0 |
12 months or more, estimated fair value | 2,983 | 3,948 |
Total estimated fair value | 2,983 | 3,948 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 0 | 0 |
12 months or more, unrealized losses | (73) | (96) |
Total unrealized losses | (73) | (96) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 3,214 | 24,120 |
12 months or more, estimated fair value | 424 | 2 |
Total estimated fair value | 3,638 | 24,122 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (7) | (114) |
12 months or more, unrealized losses | (3) | 0 |
Total unrealized losses | $ (10) | $ (114) |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Held-to-Maturity Securities with Unrealized Losses (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Estimated Fair Value | |
Less than 12 months, estimated fair value | $ 9,583 |
12 months or more, estimated fair value | 0 |
Total estimated fair value | 9,583 |
Unrealized Losses | |
Less than 12 months, unrealized losses | (57) |
12 months or more, unrealized losses | 0 |
Total unrealized losses | (57) |
Mortgage-backed securities | |
Estimated Fair Value | |
Less than 12 months, estimated fair value | 9,583 |
12 months or more, estimated fair value | 0 |
Total estimated fair value | 9,583 |
Unrealized Losses | |
Less than 12 months, unrealized losses | (57) |
12 months or more, unrealized losses | 0 |
Total unrealized losses | $ (57) |
INVESTMENT SECURITIES - Sched_3
INVESTMENT SECURITIES - Schedule of Investments Available-for-sale, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 101 | $ 0 | $ 112 | $ 0 |
Provision for expected credit losses | (20) | 0 | (31) | 0 |
Ending balance | $ 81 | $ 0 | $ 81 | $ 0 |
INVESTMENT SECURITIES - Sched_4
INVESTMENT SECURITIES - Schedule of Gain on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized holding gains (losses) on equity securities | $ 1 | $ 14 | $ (11) | $ 5 |
Total gain (loss) on securities | $ 1 | $ 14 | $ (11) | $ 5 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 14,780,791 | $ 14,480,925 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,406,421 | 1,627,477 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 229,411 | 306,995 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 397,373 | 580,083 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 841,347 | 916,353 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 647,578 | 659,403 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 780,328 | 687,841 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,527,883 | 1,606,710 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 6,051,472 | 5,300,006 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 2,898,978 | $ 2,796,057 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred interest on loans, allowance for credit losses | $ 318 | $ 718 | |
Interest income on nonaccrual loans | 0 | $ 0 | |
Loans modified that are not troubled debt restructurings | 220,800 | 139,600 | |
COVID-19 deferrals | $ 127,725 | 332,779 | |
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment modification term | 9 months | ||
Loan Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 62,300 | 73,400 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
COVID-19 deferrals | 2,539 | 12,471 | |
Payment Protection Plan Loans | Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of unearned income | 487,900 | 827,400 | |
Loans Excluding Purchased Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring | 92,300 | 85,000 | |
Troubled debt restructurings, previous charge-offs, excluding purchased loans | 1,000 | $ 1,200 | |
Allowance for loan losses allocated to troubled debt restructuring | $ 14,200 | $ 13,000 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Accounted for on a Nonaccrual Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 59,921 | $ 76,457 |
Financing receivable, nonaccrual, no allowance | 11,495 | 13,494 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 7,284 | 9,836 |
Financing receivable, nonaccrual, no allowance | 966 | 764 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 503 | 709 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 1,393 | 2,831 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 1,746 | 5,407 |
Financing receivable, nonaccrual, no allowance | 66 | 416 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 17,385 | 18,517 |
Financing receivable, nonaccrual, no allowance | 3,621 | 7,015 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 31,610 | 39,157 |
Financing receivable, nonaccrual, no allowance | $ 6,842 | $ 5,299 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 14,780,791 | $ 14,480,925 |
Loans 90 Days or More Past Due and Still Accruing | 4,874 | 8,326 |
Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 96,192 | 134,659 |
Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 39,025 | 56,483 |
Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 12,500 | 13,582 |
Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 44,667 | 64,594 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 14,684,599 | 14,346,266 |
Commercial, financial and agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,406,421 | 1,627,477 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Commercial, financial and agricultural | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,258 | 12,246 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,070 | 4,576 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,012 | 2,018 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,176 | 5,652 |
Commercial, financial and agricultural | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,399,163 | 1,615,231 |
Consumer installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 229,411 | 306,995 |
Loans 90 Days or More Past Due and Still Accruing | 556 | 1,755 |
Consumer installment | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,471 | 5,621 |
Consumer installment | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,575 | 2,189 |
Consumer installment | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,027 | 1,114 |
Consumer installment | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 869 | 2,318 |
Consumer installment | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 225,940 | 301,374 |
Indirect automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 397,373 | 580,083 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Indirect automobile | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,939 | 6,470 |
Indirect automobile | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 699 | 3,293 |
Indirect automobile | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 345 | 1,006 |
Indirect automobile | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 895 | 2,171 |
Indirect automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 395,434 | 573,613 |
Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 841,347 | 916,353 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Mortgage warehouse | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Mortgage warehouse | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Mortgage warehouse | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Mortgage warehouse | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Mortgage warehouse | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 841,347 | 916,353 |
Municipal | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 647,578 | 659,403 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Municipal | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Municipal | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Municipal | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Municipal | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Municipal | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 647,578 | 659,403 |
Premium finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 780,328 | 687,841 |
Loans 90 Days or More Past Due and Still Accruing | 2,669 | 6,571 |
Premium finance | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10,387 | 17,654 |
Premium finance | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,866 | 7,188 |
Premium finance | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,853 | 3,895 |
Premium finance | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,668 | 6,571 |
Premium finance | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 769,941 | 670,187 |
Real estate – construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,527,883 | 1,606,710 |
Loans 90 Days or More Past Due and Still Accruing | 1,649 | 0 |
Real estate – construction and development | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 22,363 | 19,221 |
Real estate – construction and development | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 18,562 | 13,348 |
Real estate – construction and development | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,037 | 723 |
Real estate – construction and development | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,764 | 5,150 |
Real estate – construction and development | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,505,520 | 1,587,489 |
Real estate – commercial and farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,051,472 | 5,300,006 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – commercial and farmland | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8,190 | 15,722 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,160 | 5,370 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 618 | 1,701 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,412 | 8,651 |
Real estate – commercial and farmland | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,043,282 | 5,284,284 |
Real estate – residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,898,978 | 2,796,057 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – residential | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 42,584 | 57,725 |
Real estate – residential | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10,093 | 20,519 |
Real estate – residential | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,608 | 3,125 |
Real estate – residential | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 27,883 | 34,081 |
Real estate – residential | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 2,856,394 | $ 2,738,332 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 99,676 | $ 123,082 |
Allowance for Credit Losses | 21,146 | 24,656 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 3,246 | 5,490 |
Allowance for Credit Losses | 889 | 2,252 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 258 | 3,523 |
Allowance for Credit Losses | 0 | 0 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 2,244 | 4,173 |
Allowance for Credit Losses | 693 | 512 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 83,000 | 100,180 |
Allowance for Credit Losses | 18,494 | 21,001 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 10,928 | 9,716 |
Allowance for Credit Losses | $ 1,070 | $ 891 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Risk Grade (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 14,780,791 | $ 14,480,925 |
9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 0 | |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 540,980 | 1,034,506 |
Year two | 276,119 | 138,136 |
Year three | 114,165 | 100,900 |
Year four | 88,285 | 68,339 |
Year five | 52,546 | 28,655 |
Prior | 57,571 | 45,190 |
Revolving Loans Amortized Cost Basis | 276,755 | 211,751 |
Loans, net of unearned income | 1,406,421 | 1,627,477 |
Commercial, financial and agricultural | 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 376,496 | 829,710 |
Year two | 140,359 | 2,912 |
Year three | 2,340 | 1,055 |
Year four | 918 | 387 |
Year five | 219 | 490 |
Prior | 4,915 | 4,961 |
Revolving Loans Amortized Cost Basis | 125,123 | 36,373 |
Loans, net of unearned income | 650,370 | 875,888 |
Commercial, financial and agricultural | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 228 | 1,213 |
Year two | 446 | 1,512 |
Year three | 8,778 | 668 |
Year four | 453 | 996 |
Year five | 766 | 172 |
Prior | 879 | 967 |
Revolving Loans Amortized Cost Basis | 3,789 | 14,317 |
Loans, net of unearned income | 15,339 | 19,845 |
Commercial, financial and agricultural | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 101,165 | 109,352 |
Year two | 63,440 | 54,266 |
Year three | 41,678 | 16,932 |
Year four | 12,311 | 17,968 |
Year five | 15,782 | 7,027 |
Prior | 8,307 | 3,905 |
Revolving Loans Amortized Cost Basis | 51,509 | 68,806 |
Loans, net of unearned income | 294,192 | 278,256 |
Commercial, financial and agricultural | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 62,535 | 86,837 |
Year two | 67,264 | 71,645 |
Year three | 53,086 | 74,388 |
Year four | 67,882 | 37,779 |
Year five | 26,090 | 15,359 |
Prior | 29,502 | 23,069 |
Revolving Loans Amortized Cost Basis | 88,234 | 85,366 |
Loans, net of unearned income | 394,593 | 394,443 |
Commercial, financial and agricultural | 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 181 | 4,061 |
Year two | 3,946 | 4,269 |
Year three | 3,882 | 4,772 |
Year four | 3,713 | 7,443 |
Year five | 5,470 | 804 |
Prior | 4,130 | 5,842 |
Revolving Loans Amortized Cost Basis | 6,821 | 4,352 |
Loans, net of unearned income | 28,143 | 31,543 |
Commercial, financial and agricultural | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 21 |
Year two | 6 | 72 |
Year three | 461 | 506 |
Year four | 406 | 193 |
Year five | 507 | 3,509 |
Prior | 4,742 | 1,232 |
Revolving Loans Amortized Cost Basis | 497 | 632 |
Loans, net of unearned income | 6,619 | 6,165 |
Commercial, financial and agricultural | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 375 | 3,312 |
Year two | 658 | 3,460 |
Year three | 3,940 | 2,579 |
Year four | 2,602 | 3,573 |
Year five | 3,712 | 1,294 |
Prior | 5,096 | 5,214 |
Revolving Loans Amortized Cost Basis | 782 | 1,886 |
Loans, net of unearned income | 17,165 | 21,318 |
Commercial, financial and agricultural | 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 19 | |
Loans, net of unearned income | 19 | |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 25,503 | 142,833 |
Year two | 85,231 | 63,892 |
Year three | 47,777 | 57,725 |
Year four | 34,995 | 17,936 |
Year five | 13,245 | 4,808 |
Prior | 13,378 | 11,042 |
Revolving Loans Amortized Cost Basis | 9,282 | 8,759 |
Loans, net of unearned income | 229,411 | 306,995 |
Consumer installment | 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 3,954 | 6,782 |
Year two | 4,203 | 3,001 |
Year three | 2,252 | 1,550 |
Year four | 1,119 | 583 |
Year five | 393 | 95 |
Prior | 13 | 1 |
Revolving Loans Amortized Cost Basis | 3,099 | 667 |
Loans, net of unearned income | 15,033 | 12,679 |
Consumer installment | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 46 |
Year four | 24 | 2 |
Year five | 1 | 0 |
Prior | 55 | 63 |
Revolving Loans Amortized Cost Basis | 36 | 42 |
Loans, net of unearned income | 116 | 153 |
Consumer installment | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 11,379 | 15,172 |
Year two | 9,354 | 6,960 |
Year three | 3,932 | 2,838 |
Year four | 1,488 | 887 |
Year five | 497 | 1,455 |
Prior | 1,595 | 601 |
Revolving Loans Amortized Cost Basis | 2,943 | 4,389 |
Loans, net of unearned income | 31,188 | 32,302 |
Consumer installment | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 10,160 | 120,800 |
Year two | 71,425 | 53,593 |
Year three | 41,168 | 53,182 |
Year four | 32,182 | 16,329 |
Year five | 12,267 | 3,121 |
Prior | 10,878 | 9,437 |
Revolving Loans Amortized Cost Basis | 3,130 | 3,556 |
Loans, net of unearned income | 181,210 | 260,018 |
Consumer installment | 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 49 |
Year two | 32 | 127 |
Year three | 75 | 28 |
Year four | 8 | 30 |
Year five | 21 | 3 |
Prior | 160 | 242 |
Revolving Loans Amortized Cost Basis | 0 | 8 |
Loans, net of unearned income | 296 | 487 |
Consumer installment | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 2 |
Year three | 5 | 9 |
Year four | 8 | 0 |
Year five | 0 | 0 |
Prior | 141 | 145 |
Revolving Loans Amortized Cost Basis | 6 | 0 |
Loans, net of unearned income | 160 | 156 |
Consumer installment | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 10 | 30 |
Year two | 217 | 209 |
Year three | 345 | 72 |
Year four | 166 | 105 |
Year five | 66 | 134 |
Prior | 536 | 553 |
Revolving Loans Amortized Cost Basis | 66 | 97 |
Loans, net of unearned income | 1,406 | 1,200 |
Consumer installment | 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 2 | |
Loans, net of unearned income | 2 | |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 35,595 |
Year three | 27,732 | 188,313 |
Year four | 140,150 | 188,964 |
Year five | 132,835 | 110,066 |
Prior | 96,656 | 57,145 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 397,373 | 580,083 |
Indirect automobile | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 81 |
Year four | 68 | 31 |
Year five | 26 | 5,356 |
Prior | 4,862 | 3,054 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 4,956 | 8,522 |
Indirect automobile | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 35,432 |
Year three | 27,695 | 187,656 |
Year four | 139,757 | 188,302 |
Year five | 132,451 | 103,570 |
Prior | 90,484 | 52,781 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 390,387 | 567,741 |
Indirect automobile | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 57 |
Year four | 29 | 70 |
Year five | 31 | 62 |
Prior | 85 | 85 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 145 | 274 |
Indirect automobile | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 163 |
Year three | 37 | 519 |
Year four | 296 | 561 |
Year five | 327 | 1,078 |
Prior | 1,225 | 1,225 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 1,885 | 3,546 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 841,347 | 916,353 |
Loans, net of unearned income | 841,347 | 916,353 |
Mortgage warehouse | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 841,347 | 916,353 |
Loans, net of unearned income | 841,347 | 916,353 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 38,623 | 236,076 |
Year two | 232,591 | 13,398 |
Year three | 14,205 | 8,944 |
Year four | 7,227 | 149,194 |
Year five | 143,831 | 141,543 |
Prior | 211,101 | 110,248 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 647,578 | 659,403 |
Municipal | 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 36,781 | 91,692 |
Year two | 93,621 | 12,685 |
Year three | 13,555 | 8,944 |
Year four | 7,227 | 143,741 |
Year five | 138,378 | 124,929 |
Prior | 192,462 | 97,923 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 482,024 | 479,914 |
Municipal | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 1,842 | 73,000 |
Year two | 72,018 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 9,410 |
Prior | 12,968 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 86,828 | 82,410 |
Municipal | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 39,990 |
Year two | 60,812 | 713 |
Year three | 650 | 0 |
Year four | 0 | 5,453 |
Year five | 5,453 | 7,204 |
Prior | 2,989 | 5,489 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 69,904 | 58,849 |
Municipal | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 31,394 |
Year two | 6,140 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 2,682 | 6,836 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 8,822 | 38,230 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 655,200 | 667,425 |
Year two | 121,458 | 18,996 |
Year three | 2,973 | 515 |
Year four | 109 | 746 |
Year five | 528 | 121 |
Prior | 60 | 38 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 780,328 | 687,841 |
Premium finance | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 654,607 | 661,614 |
Year two | 119,382 | 18,236 |
Year three | 2,973 | 515 |
Year four | 109 | 746 |
Year five | 528 | 121 |
Prior | 60 | 38 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 777,659 | 681,270 |
Premium finance | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 593 | 5,811 |
Year two | 2,076 | 760 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 2,669 | 6,571 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 435,839 | 666,893 |
Year two | 489,710 | 483,145 |
Year three | 318,850 | 226,138 |
Year four | 118,748 | 73,061 |
Year five | 60,002 | 35,841 |
Prior | 65,996 | 51,658 |
Revolving Loans Amortized Cost Basis | 38,738 | 69,974 |
Loans, net of unearned income | 1,527,883 | 1,606,710 |
Real estate – construction and development | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | |
Year two | 62 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Loans, net of unearned income | 62 | |
Real estate – construction and development | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 7,884 | 59,325 |
Year two | 37,592 | 7,035 |
Year three | 6,222 | 6,870 |
Year four | 3,962 | 8,046 |
Year five | 2,633 | 3,415 |
Prior | 8,030 | 6,916 |
Revolving Loans Amortized Cost Basis | 1,038 | 1,293 |
Loans, net of unearned income | 67,361 | 92,900 |
Real estate – construction and development | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 426,409 | 605,254 |
Year two | 451,515 | 445,496 |
Year three | 295,524 | 205,444 |
Year four | 67,692 | 50,181 |
Year five | 42,799 | 14,672 |
Prior | 27,869 | 26,915 |
Revolving Loans Amortized Cost Basis | 37,595 | 68,574 |
Loans, net of unearned income | 1,349,403 | 1,416,536 |
Real estate – construction and development | 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 1,614 |
Year two | 528 | 26,720 |
Year three | 16,913 | 9,612 |
Year four | 44,673 | 13,261 |
Year five | 13,946 | 17,712 |
Prior | 27,151 | 10,127 |
Revolving Loans Amortized Cost Basis | 105 | 107 |
Loans, net of unearned income | 103,316 | 79,153 |
Real estate – construction and development | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 685 |
Year two | 0 | 1,036 |
Year three | 21 | 3,646 |
Year four | 2,126 | 1,302 |
Year five | 0 | 0 |
Prior | 646 | 4,564 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 2,793 | 11,233 |
Real estate – construction and development | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 1,546 | 15 |
Year two | 13 | 2,858 |
Year three | 170 | 566 |
Year four | 295 | 271 |
Year five | 624 | 42 |
Prior | 2,300 | 3,136 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 4,948 | 6,888 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 855,942 | 1,275,475 |
Year two | 1,309,528 | 1,060,392 |
Year three | 1,151,000 | 660,156 |
Year four | 707,220 | 655,451 |
Year five | 583,280 | 531,935 |
Prior | 1,364,290 | 1,012,521 |
Revolving Loans Amortized Cost Basis | 80,212 | 104,076 |
Loans, net of unearned income | 6,051,472 | 5,300,006 |
Real estate – commercial and farmland | 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 161 |
Year four | 146 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 146 | 161 |
Real estate – commercial and farmland | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 56,737 | 7,482 |
Year two | 7,332 | 540 |
Year three | 354 | 521 |
Year four | 448 | 2,131 |
Year five | 2,058 | 4,375 |
Prior | 12,776 | 10,663 |
Revolving Loans Amortized Cost Basis | 0 | 1,138 |
Loans, net of unearned income | 79,705 | 26,850 |
Real estate – commercial and farmland | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 566,934 | 918,939 |
Year two | 853,282 | 370,703 |
Year three | 410,581 | 143,591 |
Year four | 171,064 | 197,942 |
Year five | 169,835 | 224,712 |
Prior | 485,822 | 274,665 |
Revolving Loans Amortized Cost Basis | 43,381 | 67,067 |
Loans, net of unearned income | 2,700,899 | 2,197,619 |
Real estate – commercial and farmland | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 227,946 | 344,777 |
Year two | 424,926 | 584,814 |
Year three | 580,795 | 423,241 |
Year four | 432,688 | 331,024 |
Year five | 241,782 | 242,573 |
Prior | 631,786 | 545,745 |
Revolving Loans Amortized Cost Basis | 31,889 | 34,326 |
Loans, net of unearned income | 2,571,812 | 2,506,500 |
Real estate – commercial and farmland | 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 1,679 | 4,027 |
Year two | 17,197 | 39,216 |
Year three | 112,473 | 69,173 |
Year four | 72,218 | 80,726 |
Year five | 133,334 | 25,561 |
Prior | 149,037 | 94,461 |
Revolving Loans Amortized Cost Basis | 4,053 | 1,274 |
Loans, net of unearned income | 489,991 | 314,438 |
Real estate – commercial and farmland | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 462 | 0 |
Year two | 0 | 10,680 |
Year three | 10,369 | 4,895 |
Year four | 14,008 | 28,139 |
Year five | 29,841 | 7,670 |
Prior | 28,571 | 31,224 |
Revolving Loans Amortized Cost Basis | 884 | 0 |
Loans, net of unearned income | 84,135 | 82,608 |
Real estate – commercial and farmland | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 2,184 | 250 |
Year two | 6,791 | 54,439 |
Year three | 36,428 | 18,574 |
Year four | 16,648 | 15,489 |
Year five | 6,430 | 27,044 |
Prior | 56,298 | 55,763 |
Revolving Loans Amortized Cost Basis | 5 | 271 |
Loans, net of unearned income | 124,784 | 171,830 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 629,602 | 786,803 |
Year two | 718,041 | 562,538 |
Year three | 426,444 | 287,286 |
Year four | 204,211 | 206,739 |
Year five | 143,176 | 173,832 |
Prior | 547,917 | 522,873 |
Revolving Loans Amortized Cost Basis | 229,587 | 255,986 |
Loans, net of unearned income | 2,898,978 | 2,796,057 |
Real estate – residential | 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 15 | 19 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 15 | 19 |
Real estate – residential | 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 37 |
Year two | 36 | 398 |
Year three | 378 | 12 |
Year four | 0 | 121 |
Year five | 96 | 1,275 |
Prior | 36,139 | 47,286 |
Revolving Loans Amortized Cost Basis | 1,150 | 1,402 |
Loans, net of unearned income | 37,799 | 50,531 |
Real estate – residential | 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 611,704 | 763,101 |
Year two | 681,564 | 529,268 |
Year three | 352,543 | 254,632 |
Year four | 157,688 | 186,531 |
Year five | 115,923 | 154,285 |
Prior | 390,335 | 388,825 |
Revolving Loans Amortized Cost Basis | 186,520 | 203,491 |
Loans, net of unearned income | 2,496,277 | 2,480,133 |
Real estate – residential | 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 16,340 | 19,296 |
Year two | 12,494 | 19,874 |
Year three | 16,410 | 15,784 |
Year four | 12,529 | 11,607 |
Year five | 8,699 | 14,240 |
Prior | 49,078 | 53,869 |
Revolving Loans Amortized Cost Basis | 35,969 | 44,276 |
Loans, net of unearned income | 151,519 | 178,946 |
Real estate – residential | 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 532 | 400 |
Year two | 19,488 | 1,768 |
Year three | 43,677 | 3,489 |
Year four | 22,071 | 3,479 |
Year five | 13,844 | 1,151 |
Prior | 54,793 | 12,824 |
Revolving Loans Amortized Cost Basis | 2,787 | 3,618 |
Loans, net of unearned income | 157,192 | 26,729 |
Real estate – residential | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 618 | 527 |
Year two | 417 | 1,843 |
Year three | 933 | 1,030 |
Year four | 870 | 334 |
Year five | 399 | 724 |
Prior | 3,556 | 3,391 |
Revolving Loans Amortized Cost Basis | 107 | 255 |
Loans, net of unearned income | 6,900 | 8,104 |
Real estate – residential | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 408 | 3,442 |
Year two | 4,042 | 9,387 |
Year three | 12,503 | 12,339 |
Year four | 11,053 | 4,667 |
Year five | 4,215 | 2,157 |
Prior | 14,001 | 16,659 |
Revolving Loans Amortized Cost Basis | 3,054 | 2,944 |
Loans, net of unearned income | $ 49,276 | $ 51,595 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Details) - Loans Excluding Purchased Loan $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)contractbranch | Jun. 30, 2020USD ($)contractbranch | Jun. 30, 2021USD ($)contractbranch | Jun. 30, 2020USD ($)contractbranch | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 9 | 9 | 25 | 83 | |
Troubled debt restructurings principal balances | $ 9,298 | $ 1,577 | $ 18,368 | $ 11,278 | |
Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 25 | 7 | 60 | 16 | |
Troubled debt restructurings principal balances | $ 1,169 | $ 168 | $ 7,195 | $ 1,732 | |
Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 628 | 752 | |||
Troubled debt restructurings principal balances | $ 81,206 | $ 78,843 | |||
Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 122 | 128 | |||
Troubled debt restructurings principal balances | $ 11,068 | $ 6,145 | |||
Commercial, financial and agricultural | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 1 | 6 | 1 | |
Troubled debt restructurings principal balances | $ 165 | $ 731 | $ 591 | $ 731 | |
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 3 | 1 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 49 | $ 200 | |
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 12 | 9 | |||
Troubled debt restructurings principal balances | $ 1,038 | $ 521 | |||
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 10 | 11 | |||
Troubled debt restructurings principal balances | $ 805 | $ 849 | |||
Consumer installment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 3 | 2 | 4 | |
Troubled debt restructurings principal balances | $ 8 | $ 7 | $ 8 | $ 15 | |
Consumer installment | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 3 | 4 | 3 | |
Troubled debt restructurings principal balances | $ 0 | $ 4 | $ 5 | $ 4 | |
Consumer installment | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 9 | 10 | |||
Troubled debt restructurings principal balances | $ 28 | $ 32 | |||
Consumer installment | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 19 | 20 | |||
Troubled debt restructurings principal balances | $ 43 | $ 56 | |||
Indirect automobile | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | branch | 7 | 0 | 22 | 0 | |
Troubled debt restructurings principal balances | $ 27 | $ 0 | $ 112 | $ 0 | |
Indirect automobile | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 336 | 437 | |||
Troubled debt restructurings principal balances | $ 1,647 | $ 2,277 | |||
Indirect automobile | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 47 | 51 | |||
Troubled debt restructurings principal balances | $ 301 | $ 461 | |||
Real estate – construction and development | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 0 | 1 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 0 | $ 20 | |
Real estate – construction and development | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 1 | 2 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 1 | $ 285 | |
Real estate – construction and development | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 5 | 4 | |||
Troubled debt restructurings principal balances | $ 898 | $ 506 | |||
Real estate – construction and development | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 4 | 5 | |||
Troubled debt restructurings principal balances | $ 301 | $ 707 | |||
Real estate – commercial and farmland | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 3 | 0 | 5 | 1 | |
Troubled debt restructurings principal balances | $ 8,653 | $ 0 | $ 16,312 | $ 16 | |
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 1 | 0 | 3 | 2 | |
Troubled debt restructurings principal balances | $ 202 | $ 0 | $ 5,382 | $ 676 | |
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 28 | 28 | |||
Troubled debt restructurings principal balances | $ 46,025 | $ 36,707 | |||
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 11 | 7 | |||
Troubled debt restructurings principal balances | $ 7,103 | $ 1,401 | |||
Real estate – residential | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 5 | 12 | 76 | |
Troubled debt restructurings principal balances | $ 472 | $ 839 | $ 1,457 | $ 10,496 | |
Real estate – residential | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 17 | 4 | 27 | 8 | |
Troubled debt restructurings principal balances | $ 940 | $ 164 | $ 1,646 | $ 567 | |
Real estate – residential | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 238 | 264 | |||
Troubled debt restructurings principal balances | $ 31,570 | $ 38,800 | |||
Real estate – residential | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 31 | 34 | |||
Troubled debt restructurings principal balances | $ 2,515 | $ 2,671 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Deferrals Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 127,725 | $ 332,779 |
Deferrals as a % of total loans | 0.90% | 2.30% |
Commercial, financial and agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 2,539 | $ 12,471 |
Deferrals as a % of total loans | 0.20% | 0.80% |
Consumer installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 29 | $ 1,418 |
Deferrals as a % of total loans | 0.00% | 0.50% |
Indirect automobile | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 1,126 | $ 8,936 |
Deferrals as a % of total loans | 0.30% | 1.50% |
Real estate – construction and development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 873 | $ 11,049 |
Deferrals as a % of total loans | 0.10% | 0.70% |
Real estate – commercial and farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 63,827 | $ 179,183 |
Deferrals as a % of total loans | 1.10% | 3.40% |
Real estate – residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
COVID-19 Deferrals | $ 59,331 | $ 119,722 |
Deferrals as a % of total loans | 2.00% | 4.30% |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ 178,570 | $ 149,524 | $ 199,422 | $ 38,189 |
Provision for loan losses | (899) | 68,449 | (17,478) | 105,496 |
Loans charged off | (7,138) | (11,281) | (14,712) | (17,999) |
Recoveries of loans previously charged off | 4,537 | 2,101 | 7,838 | 4,446 |
Ending balance, Allowance | 175,070 | 208,793 | 175,070 | 208,793 |
Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 78,661 | |||
Commercial, financial and agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 8,291 | 8,110 | 7,359 | 4,567 |
Provision for loan losses | 1,502 | 11 | 4,077 | 3,091 |
Loans charged off | (3,529) | (486) | (5,899) | (2,972) |
Recoveries of loans previously charged off | 625 | 303 | 1,352 | 665 |
Ending balance, Allowance | 6,889 | 7,938 | 6,889 | 7,938 |
Commercial, financial and agricultural | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 2,587 | |||
Consumer installment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 8,790 | 15,446 | 4,076 | 3,784 |
Provision for loan losses | 491 | 5,165 | 6,297 | 9,636 |
Loans charged off | (1,669) | (962) | (3,117) | (2,104) |
Recoveries of loans previously charged off | 212 | 436 | 568 | 757 |
Ending balance, Allowance | 7,824 | 20,085 | 7,824 | 20,085 |
Consumer installment | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 8,012 | |||
Indirect automobile | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 1,272 | 3,464 | 1,929 | 0 |
Provision for loan losses | (423) | 574 | (951) | 816 |
Loans charged off | (141) | (1,016) | (970) | (2,247) |
Recoveries of loans previously charged off | 372 | 359 | 1,072 | 703 |
Ending balance, Allowance | 1,080 | 3,381 | 1,080 | 3,381 |
Indirect automobile | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 4,109 | |||
Mortgage warehouse | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 3,521 | 1,102 | 3,666 | 640 |
Provision for loan losses | (156) | 396 | (301) | 395 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 3,365 | 1,498 | 3,365 | 1,498 |
Mortgage warehouse | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 463 | |||
Municipal | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 790 | 522 | 791 | 484 |
Provision for loan losses | (13) | (15) | (14) | 115 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 777 | 507 | 777 | 507 |
Municipal | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | (92) | |||
Premium finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 4,100 | 11,508 | 3,879 | 2,550 |
Provision for loan losses | (833) | (2,083) | (391) | 2,551 |
Loans charged off | (1,194) | (1,903) | (2,537) | (2,734) |
Recoveries of loans previously charged off | 2,466 | 676 | 3,588 | 1,360 |
Ending balance, Allowance | 4,539 | 8,198 | 4,539 | 8,198 |
Premium finance | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 4,471 | |||
Real estate – construction and development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 22,858 | 25,319 | 45,304 | 5,995 |
Provision for loan losses | (3,757) | 28,853 | (26,344) | 35,587 |
Loans charged off | (186) | (74) | (212) | (74) |
Recoveries of loans previously charged off | 84 | 168 | 251 | 510 |
Ending balance, Allowance | 18,999 | 54,266 | 18,999 | 54,266 |
Real estate – construction and development | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 12,248 | |||
Real estate – commercial and farmland | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 91,211 | 51,754 | 88,894 | 9,666 |
Provision for loan losses | (3,031) | 38,133 | 640 | 53,991 |
Loans charged off | (27) | (6,315) | (1,422) | (7,243) |
Recoveries of loans previously charged off | 185 | 21 | 226 | 106 |
Ending balance, Allowance | 88,338 | 83,593 | 88,338 | 83,593 |
Real estate – commercial and farmland | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 27,073 | |||
Real estate – residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 37,737 | 32,299 | 43,524 | 10,503 |
Provision for loan losses | 5,321 | (2,585) | (491) | (686) |
Loans charged off | (392) | (525) | (555) | (625) |
Recoveries of loans previously charged off | 593 | 138 | 781 | 345 |
Ending balance, Allowance | $ 43,259 | $ 29,327 | $ 43,259 | 29,327 |
Real estate – residential | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ 19,790 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities sold under agreements to repurchase | $ 5,544 | $ 11,641 |
OTHER BORROWINGS - Schedule of
OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 125,331 | $ 124,345 |
Other borrowings | 425,303 | 425,155 |
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage | 1.208% | |
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage | 1.445% | |
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage | 1.606% | |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 1,406 | 1,411 |
Debt instrument, interest rate, effective percentage | 4.55% | |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 973 | 977 |
Debt instrument, interest rate, effective percentage | 4.55% | |
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 1,493 | 1,567 |
Debt instrument, interest rate, effective percentage | 3.095% | |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $747 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 74,253 | 74,188 |
Debt instrument, interest rate, effective percentage | 5.75% | |
Unamortized debt issuance expense | $ 747 | 812 |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $747 and $812, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | London Interbank Offered Rate (LIBOR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 3.616% | |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $2,044 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 117,956 | 117,835 |
Debt instrument, interest rate, effective percentage | 4.25% | |
Unamortized debt issuance expense | $ 2,044 | 2,165 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $2,044 and $2,165, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | Secured Overnight Financing Rate (SOFR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 2.94% | |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,089 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 76,089 | 76,150 |
Debt instrument, interest rate, effective percentage | 5.875% | |
Unaccreted purchase accounting fair value adjustment | $ (1,089) | (1,150) |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $1,089 and $1,150, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | London Interbank Offered Rate (LIBOR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 3.63% | |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,867 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 108,133 | 108,027 |
Debt instrument, interest rate, effective percentage | 3.875% | |
Unamortized debt issuance expense | $ 1,867 | $ 1,973 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,867 and $1,973, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | Secured Overnight Financing Rate (SOFR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 3.753% |
OTHER BORROWINGS - Narrative (D
OTHER BORROWINGS - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | $ 3,350 |
Credit arrangements for federal funds purchase | 127 |
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value | 3,240 |
Loans pledged at federal reserve discount window available for borrowing | $ 2,250 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 2,757,596 | $ 2,437,150 | $ 2,647,088 | $ 2,469,582 |
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | 0 |
Current year changes, net of tax | (1,066) | 62 | (8,481) | 21,618 |
Balance at end of period | 2,837,004 | 2,460,130 | 2,837,004 | 2,460,130 |
Unrealized Gain (Loss) on Derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | (244) | 0 | (147) |
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | 0 |
Current year changes, net of tax | 0 | 111 | 0 | 14 |
Balance at end of period | 0 | (133) | 0 | (133) |
Unrealized Gain (Loss) on Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 26,090 | 39,795 | 33,505 | 18,142 |
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | 0 |
Current year changes, net of tax | (1,066) | (49) | (8,481) | 21,604 |
Balance at end of period | 25,024 | 39,746 | 25,024 | 39,746 |
Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 26,090 | 39,551 | 33,505 | 17,995 |
Balance at end of period | $ 25,024 | $ 39,613 | $ 25,024 | $ 39,613 |
WEIGHTED AVERAGE SHARES OUTST_3
WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Average common shares outstanding (in shares) | 69,497,000 | 69,192,000 | 69,448,000 | 69,235,000 |
Common share equivalents: | ||||
Stock options (in shares) | 64,000 | 9,000 | 74,000 | 33,000 |
Nonvested restricted share grants (in shares) | 151,000 | 75,000 | 153,000 | 130,000 |
Performance share units (in shares) | 80,000 | 17,000 | 90,000 | 15,000 |
Average common shares outstanding, assuming dilution (in shares) | 69,792,000 | 69,293,000 | 69,765,000 | 69,413,000 |
Potential common shares with strike prices that would cause them to be anti-dilutive (in shares) | 0 | 252,765 | 0 | 56,000 |
FAIR VALUE MEASURES - Loans Hel
FAIR VALUE MEASURES - Loans Held for Sale Under the Fair Value Option (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 1,210,589 | $ 1,001,807 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,200,139 | 998,050 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 10,450 | $ 3,757 |
FAIR VALUE MEASURES - Narrative
FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||||
Net gains (losses) from change in fair value of mortgages loans held for sale | $ 10 | $ 26.1 | $ (15.1) | $ 41.1 |
Net gains (losses) from change in fair value of derivative financial instruments | $ (45.1) | $ 36.4 | $ (17.6) | $ 33.8 |
FAIR VALUE MEASURES - Differenc
FAIR VALUE MEASURES - Difference Between Fair Value and Principal Balance of Loans Held for Sale Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of loans held for sale | $ 1,200,139 | $ 998,050 |
Aggregate unpaid principal balance of loans held for sale | 1,164,671 | 947,460 |
Past-due loans of 90 days or more | 361 | 0 |
Nonaccrual loans | 361 | 0 |
Unpaid principal balance of nonaccrual loans | 352 | 0 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of loans held for sale | 10,450 | 3,757 |
Aggregate unpaid principal balance of loans held for sale | 9,423 | 3,393 |
Past-due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | $ 0 | $ 0 |
FAIR VALUE MEASURES - Fair Valu
FAIR VALUE MEASURES - Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 778,167 | $ 982,879 |
Loans held for sale | 1,210,589 | 1,001,807 |
U.S. government sponsored agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 12,327 | 17,504 |
State, county and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 60,836 | 66,778 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 43,612 | 51,896 |
SBA pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 54,281 | 62,497 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 607,111 | 784,204 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,210,589 | 1,001,807 |
Total recurring assets at fair value | 2,009,070 | 2,036,442 |
Total recurring liabilities at fair value | 2,546 | 16,415 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 0 | 0 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,210,589 | 1,001,807 |
Total recurring assets at fair value | 2,007,900 | 2,035,272 |
Total recurring liabilities at fair value | 2,546 | 16,415 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 1,170 | 1,170 |
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 1,170 | 1,170 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 20,314 | 51,756 |
Derivative liability | 2,546 | 16,415 |
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 20,314 | 51,756 |
Derivative liability | 2,546 | 16,415 |
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 12,327 | 17,504 |
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 12,327 | 17,504 |
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | State, county and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 60,836 | 66,778 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 60,836 | 66,778 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 43,612 | 51,896 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 42,442 | 50,726 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 1,170 | 1,170 |
Fair Value, Measurements, Recurring | SBA pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 54,281 | 62,497 |
Fair Value, Measurements, Recurring | SBA pool securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | SBA pool securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 54,281 | 62,497 |
Fair Value, Measurements, Recurring | SBA pool securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 607,111 | 784,204 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 607,111 | 784,204 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
FAIR VALUE MEASURES - Fair Va_2
FAIR VALUE MEASURES - Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 272,184 | $ 239,859 |
Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 78,530 | 98,426 |
Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 1,979 | 4,964 |
Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 191,675 | 130,630 |
SBA servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 5,839 | |
Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 1 | Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 1 | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 1 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 1 | SBA servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 5,839 |
Level 2 | Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 2 | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 2 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 2 | SBA servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 5,839 | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 272,184 | 234,020 |
Level 3 | Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 78,530 | 98,426 |
Level 3 | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 1,979 | 4,964 |
Level 3 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 191,675 | 130,630 |
Level 3 | SBA servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 0 |
FAIR VALUE MEASURES - Significa
FAIR VALUE MEASURES - Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, at fair value | $ 778,167 | $ 982,879 |
Other real estate owned, at fair value | 5,775 | 11,880 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, at fair value | 1,170 | 1,170 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, at fair value | 78,530 | 98,426 |
Other real estate owned, at fair value | 1,979 | 4,964 |
Mortgage servicing rights | $ 191,675 | $ 130,630 |
Discounted par values | Probability of default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, measurement input | 0.136 | 0.188 |
Discounted par values | Probability of default | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, measurement input | 0.136 | 0.188 |
Discounted par values | Loss given default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, measurement input | 0.39 | 0.40 |
Discounted par values | Loss given default | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment securities available for sale, measurement input | 0.39 | 0.40 |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 20.00% | 20.00% |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 57.00% | 90.00% |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 44.00% | 44.00% |
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.15 | 0.15 |
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.38 | 0.59 |
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.23 | 0.28 |
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.09 | 0.09 |
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.10 | 0.12 |
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.09 | 0.10 |
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.13 | 0.14 |
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.42 | 0.37 |
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights measurement input | 0.15 | 19 |
FAIR VALUE MEASURES - Carrying
FAIR VALUE MEASURES - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and due from banks | $ 259,729 | $ 203,349 |
Federal funds sold and interest-bearing accounts | 3,044,795 | 1,913,957 |
Time deposits in other banks | 0 | 249 |
Investment securities held-to-maturity | 29,008 | 0 |
Financial liabilities: | ||
Other borrowings | 425,303 | 425,155 |
Subordinated deferrable interest debentures | 125,331 | 124,345 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 259,729 | 203,349 |
Federal funds sold and interest-bearing accounts | 3,044,795 | 1,913,957 |
Time deposits in other banks | 0 | 249 |
Investment securities held-to-maturity | 29,055 | 0 |
Loans, net | 14,527,191 | 14,183,077 |
Accrued interest receivable | 64,906 | 76,254 |
Financial liabilities: | ||
Deposits | 18,257,997 | 16,957,823 |
Securities sold under agreements to repurchase | 5,544 | 11,641 |
Other borrowings | 425,303 | 425,155 |
Subordinated deferrable interest debentures | 125,331 | 124,345 |
Accrued interest payable | 4,375 | 5,487 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 259,729 | 203,349 |
Federal funds sold and interest-bearing accounts | 3,044,795 | 1,913,957 |
Time deposits in other banks | 0 | 249 |
Investment securities held-to-maturity | 29,008 | 0 |
Loans, net | 14,407,763 | 14,096,711 |
Accrued interest receivable | 64,906 | 76,254 |
Financial liabilities: | ||
Deposits | 18,262,653 | 16,968,606 |
Securities sold under agreements to repurchase | 5,544 | 11,641 |
Other borrowings | 430,674 | 431,783 |
Subordinated deferrable interest debentures | 117,735 | 116,280 |
Accrued interest payable | 4,375 | 5,487 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 259,729 | 203,349 |
Federal funds sold and interest-bearing accounts | 3,044,795 | 1,913,957 |
Time deposits in other banks | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 5,544 | 11,641 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing accounts | 0 | 0 |
Time deposits in other banks | 0 | 249 |
Investment securities held-to-maturity | 29,008 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 2,919 | 3,567 |
Financial liabilities: | ||
Deposits | 18,262,653 | 16,968,606 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 430,674 | 431,783 |
Subordinated deferrable interest debentures | 117,735 | 116,280 |
Accrued interest payable | 4,375 | 5,487 |
Fair Value | Level 3 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing accounts | 0 | 0 |
Time deposits in other banks | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Loans, net | 14,407,763 | 14,096,711 |
Accrued interest receivable | 61,987 | 72,687 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantor Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $ 3,550,269 | $ 2,826,719 |
Unused home equity lines of credit | 262,576 | 259,015 |
Financial standby letters of credit | 32,291 | 33,613 |
Mortgage interest rate lock commitments | $ 674,525 | $ 1,199,939 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for unfunded commitments | $ (899) | $ 68,449 | $ (17,478) | $ 105,496 |
Unfunded Loan Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 21,015 | 17,791 | 32,854 | 1,077 |
Addition due to acquisition | 0 | 0 | 0 | 0 |
Provision for unfunded commitments | 1,299 | 19,712 | (10,540) | 23,712 |
Ending balance, Allowance | 22,314 | 37,503 | 22,314 | 37,503 |
Unfunded Loan Commitments | Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ 0 | $ 0 | $ 0 | $ 12,714 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Federal Home Loan Bank | Letter of Credit | |
Loss Contingencies [Line Items] | |
Letter of credit | $ 490 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Reportable segments | 5 |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Segment Reporting, by Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 173,751 | $ 185,018 | $ 351,701 | $ 367,786 | |
Interest expense | 11,899 | 21,204 | 24,872 | 56,027 | |
Net interest income | 161,852 | 163,814 | 326,829 | 311,759 | |
Provision for credit losses | 142 | 88,161 | (28,449) | 129,208 | |
Noninterest income | 89,240 | 120,960 | 207,213 | 175,339 | |
Noninterest expense | |||||
Salaries and employee benefits | 85,505 | 95,168 | 181,490 | 171,114 | |
Occupancy and equipment | 10,812 | 13,807 | 22,593 | 25,835 | |
Data processing and communications expenses | 11,877 | 10,514 | 23,761 | 22,468 | |
Other expenses | 27,567 | 36,279 | 56,715 | 74,404 | |
Total noninterest expense | 135,761 | 155,768 | 284,559 | 293,821 | |
Income (loss) before income tax expense | 115,189 | 40,845 | 277,932 | 64,069 | |
Income tax expense (benefit) | 26,862 | 8,609 | 64,643 | 12,511 | |
Net income (loss) | 88,327 | 32,236 | 213,289 | 51,558 | |
Total assets | 21,886,931 | 19,872,629 | 21,886,931 | 19,872,629 | $ 20,438,638 |
Goodwill | 928,005 | 928,005 | 928,005 | 928,005 | 928,005 |
Other intangible assets, net | 63,783 | 80,354 | 63,783 | 80,354 | $ 71,974 |
Banking Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 109,260 | 128,653 | 221,639 | 260,954 | |
Interest expense | (1,410) | 8,323 | (1,847) | 22,249 | |
Net interest income | 110,670 | 120,330 | 223,486 | 238,705 | |
Provision for credit losses | (3,949) | 86,805 | (27,853) | 122,802 | |
Noninterest income | 16,171 | 14,468 | 32,909 | 32,241 | |
Noninterest expense | |||||
Salaries and employee benefits | 37,814 | 40,423 | 80,537 | 82,044 | |
Occupancy and equipment | 9,050 | 11,679 | 19,170 | 22,026 | |
Data processing and communications expenses | 10,280 | 8,919 | 20,481 | 19,716 | |
Other expenses | 18,763 | 27,997 | 38,473 | 58,642 | |
Total noninterest expense | 75,907 | 89,018 | 158,661 | 182,428 | |
Income (loss) before income tax expense | 54,883 | (41,025) | 125,587 | (34,284) | |
Income tax expense (benefit) | 14,196 | (8,582) | 32,652 | (8,307) | |
Net income (loss) | 40,687 | (32,443) | 92,935 | (25,977) | |
Total assets | 15,561,628 | 13,121,679 | 15,561,628 | 13,121,679 | |
Goodwill | 863,507 | 863,507 | 863,507 | 863,507 | |
Other intangible assets, net | 50,418 | 64,007 | 50,418 | 64,007 | |
Retail Mortgage Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 34,085 | 34,714 | 64,284 | 68,125 | |
Interest expense | 11,552 | 10,412 | 22,767 | 26,067 | |
Net interest income | 22,533 | 24,302 | 41,517 | 42,058 | |
Provision for credit losses | 5,647 | 423 | 1,094 | 2,420 | |
Noninterest income | 69,055 | 104,195 | 166,695 | 138,564 | |
Noninterest expense | |||||
Salaries and employee benefits | 44,798 | 50,003 | 94,636 | 81,100 | |
Occupancy and equipment | 1,553 | 1,953 | 3,029 | 3,457 | |
Data processing and communications expenses | 1,435 | 1,406 | 2,981 | 2,392 | |
Other expenses | 7,638 | 6,949 | 15,827 | 12,824 | |
Total noninterest expense | 55,424 | 60,311 | 116,473 | 99,773 | |
Income (loss) before income tax expense | 30,517 | 67,763 | 90,645 | 78,429 | |
Income tax expense (benefit) | 6,408 | 14,231 | 19,035 | 16,639 | |
Net income (loss) | 24,109 | 53,532 | 71,610 | 61,790 | |
Total assets | 3,917,275 | 3,905,683 | 3,917,275 | 3,905,683 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Warehouse Lending Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 8,988 | 5,285 | 19,315 | 10,135 | |
Interest expense | 268 | 259 | 689 | 1,807 | |
Net interest income | 8,720 | 5,026 | 18,626 | 8,328 | |
Provision for credit losses | (155) | 403 | (300) | 394 | |
Noninterest income | 1,333 | 727 | 2,313 | 1,687 | |
Noninterest expense | |||||
Salaries and employee benefits | 278 | 209 | 608 | 419 | |
Occupancy and equipment | 1 | 1 | 2 | 2 | |
Data processing and communications expenses | 68 | 55 | 117 | 96 | |
Other expenses | 30 | 88 | 63 | 122 | |
Total noninterest expense | 377 | 353 | 790 | 639 | |
Income (loss) before income tax expense | 9,831 | 4,997 | 20,449 | 8,982 | |
Income tax expense (benefit) | 2,064 | 1,049 | 4,294 | 1,886 | |
Net income (loss) | 7,767 | 3,948 | 16,155 | 7,096 | |
Total assets | 779,234 | 753,668 | 779,234 | 753,668 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
SBA Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 14,050 | 8,757 | 32,084 | 12,485 | |
Interest expense | 1,168 | 1,723 | 2,567 | 3,270 | |
Net interest income | 12,882 | 7,034 | 29,517 | 9,215 | |
Provision for credit losses | (607) | 2,322 | (1,154) | 1,419 | |
Noninterest income | 2,677 | 1,570 | 5,288 | 2,847 | |
Noninterest expense | |||||
Salaries and employee benefits | 937 | 2,612 | 2,319 | 4,088 | |
Occupancy and equipment | 132 | 97 | 238 | 194 | |
Data processing and communications expenses | 0 | 15 | 1 | 28 | |
Other expenses | 284 | 359 | 579 | 874 | |
Total noninterest expense | 1,353 | 3,083 | 3,137 | 5,184 | |
Income (loss) before income tax expense | 14,813 | 3,199 | 32,822 | 5,459 | |
Income tax expense (benefit) | 3,111 | 671 | 6,893 | 1,146 | |
Net income (loss) | 11,702 | 2,528 | 25,929 | 4,313 | |
Total assets | 748,234 | 1,310,077 | 748,234 | 1,310,077 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Premium Finance Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 7,368 | 7,609 | 14,379 | 16,087 | |
Interest expense | 321 | 487 | 696 | 2,634 | |
Net interest income | 7,047 | 7,122 | 13,683 | 13,453 | |
Provision for credit losses | (794) | (1,792) | (236) | 2,173 | |
Noninterest income | 4 | 0 | 8 | 0 | |
Noninterest expense | |||||
Salaries and employee benefits | 1,678 | 1,921 | 3,390 | 3,463 | |
Occupancy and equipment | 76 | 77 | 154 | 156 | |
Data processing and communications expenses | 94 | 119 | 181 | 236 | |
Other expenses | 852 | 886 | 1,773 | 1,942 | |
Total noninterest expense | 2,700 | 3,003 | 5,498 | 5,797 | |
Income (loss) before income tax expense | 5,145 | 5,911 | 8,429 | 5,483 | |
Income tax expense (benefit) | 1,083 | 1,240 | 1,769 | 1,147 | |
Net income (loss) | 4,062 | 4,671 | 6,660 | 4,336 | |
Total assets | 880,560 | 781,522 | 880,560 | 781,522 | |
Goodwill | 64,498 | 64,498 | 64,498 | 64,498 | |
Other intangible assets, net | $ 13,365 | $ 16,347 | $ 13,365 | $ 16,347 |
LOAN SERVICING RIGHTS - Schedul
LOAN SERVICING RIGHTS - Schedule of Carrying Value of Loan Servicing Rights Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 197,798 | $ 136,542 | ||||
Residential mortgage | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | 191,675 | $ 154,746 | 130,630 | $ 91,381 | $ 85,922 | $ 94,902 |
SBA | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | 6,123 | 6,445 | 5,839 | 5,241 | 5,394 | 7,886 |
Indirect automobile | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 0 | $ 29 | $ 73 | $ 162 | $ 204 | $ 247 |
LOAN SERVICING RIGHTS - Narrati
LOAN SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Residential Mortgage Loans | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 11,300 | $ 6,900 | $ 21,500 | $ 13,100 |
SBA servicing rights | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | 980 | 1,000 | 2,000 | 2,100 |
Indirect automobile | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 170 | $ 518 | $ 376 | $ 1,200 |
LOAN SERVICING RIGHTS - Sched_2
LOAN SERVICING RIGHTS - Schedule of Activity of Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | $ 136,542 | |||
Ending balance | $ 197,798 | 197,798 | ||
Residential mortgage servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 154,746 | $ 85,922 | 130,630 | $ 94,902 |
Additions | 43,377 | 19,298 | 65,244 | 35,359 |
Amortization | (7,197) | (5,687) | (14,681) | (9,853) |
Recoveries/(impairment) | 749 | (8,152) | 10,482 | (29,027) |
Ending balance | 191,675 | 91,381 | 191,675 | 91,381 |
Residential mortgage servicing valuation allowance | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 29,674 | 20,979 | 39,407 | 104 |
Additions | 0 | 8,152 | 0 | 29,027 |
Recoveries/(impairment) | (749) | 0 | (10,482) | 0 |
Ending balance | 28,925 | 29,131 | 28,925 | 29,131 |
SBA servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 6,445 | 5,394 | 5,839 | 7,886 |
Additions | 241 | 100 | 471 | 475 |
Purchase accounting adjustment | 0 | 0 | 0 | (1,214) |
Amortization | (563) | (416) | (1,092) | (779) |
Recoveries/(impairment) | 0 | 163 | 905 | (1,127) |
Ending balance | 6,123 | 5,241 | 6,123 | 5,241 |
SBA servicing valuation allowance | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 0 | 1,431 | 905 | 141 |
Additions | 0 | 0 | 0 | 1,127 |
Recoveries/(impairment) | 0 | (163) | (905) | 0 |
Ending balance | 0 | 1,268 | 0 | 1,268 |
Indirect automobile | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 29 | 204 | 73 | 247 |
Amortization | (29) | (42) | (73) | (85) |
Ending balance | $ 0 | $ 162 | $ 0 | $ 162 |
LOAN SERVICING RIGHTS - Sched_3
LOAN SERVICING RIGHTS - Schedule of Sensitivity of Fair Value to Adverse Changes in Model Inputs and/or Assumptions (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Residential mortgage | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Unpaid principal balance of loans serviced for others | $ 15,486,442 | $ 13,764,529 |
Loans serviced for others, percentage | 100.00% | 100.00% |
Weighted average life (in years) | 340 months | 340 months |
Weighted average age | 19 months | 20 months |
Modeled prepayment speed | 14.67% | 18.82% |
Decline in fair value due to a 10% adverse change | $ (8,237) | $ (7,154) |
Decline in fair value due to a 20% adverse change | $ (15,818) | $ (13,664) |
Weighted average discount rate | 8.76% | 9.50% |
Decline in fair value due to a 10% adverse change | $ (6,866) | $ (4,304) |
Decline in fair value due to a 20% adverse change | $ (13,193) | $ (8,321) |
Residential mortgage | FHLMC | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Loans serviced for others, percentage | 21.35% | 21.55% |
Residential mortgage | FNMA | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Loans serviced for others, percentage | 61.30% | 61.75% |
Residential mortgage | GNMA | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Loans serviced for others, percentage | 17.35% | 16.70% |
SBA servicing rights | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Unpaid principal balance of loans serviced for others | $ 431,185 | $ 351,325 |
Weighted average life (in years) | 3 years 7 months 2 days | 3 years 5 months 15 days |
Modeled prepayment speed | 18.37% | 19.14% |
Decline in fair value due to a 10% adverse change | $ (393) | $ (335) |
Decline in fair value due to a 20% adverse change | $ (747) | $ (636) |
Weighted average discount rate | 7.77% | 9.55% |
Decline in fair value due to a 10% adverse change | $ (187) | $ (151) |
Decline in fair value due to a 20% adverse change | $ (365) | $ (295) |
Uncategorized Items - abcb-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |