Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 $1 per share | |
Trading Symbol | ABCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,360,054 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000351569 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 345,627 | $ 307,813 |
Federal funds sold and interest-bearing deposits in banks | 1,961,209 | 3,756,844 |
Cash and cash equivalents | 2,306,836 | 4,064,657 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $88 and $— | 1,052,268 | 592,621 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $97,144 and $78,206) | 111,654 | 79,850 |
Other investments | 49,500 | 47,552 |
Loans held for sale, at fair value | 555,665 | 1,254,632 |
Loans, net of unearned income | 17,561,022 | 15,874,258 |
Allowance for credit losses | (172,642) | (167,582) |
Loans, net | 17,388,380 | 15,706,676 |
Other real estate owned, net | 835 | 3,810 |
Premises and equipment, net | 224,249 | 225,400 |
Goodwill | 1,023,056 | 1,012,620 |
Other intangible assets, net | 115,613 | 125,938 |
Cash value of bank owned life insurance | 384,862 | 331,146 |
Other assets | 474,552 | 413,419 |
Total assets | 23,687,470 | 23,858,321 |
Deposits: | ||
Noninterest-bearing | 8,262,929 | 7,774,823 |
Interest-bearing | 11,422,053 | 11,890,730 |
Total deposits | 19,684,982 | 19,665,553 |
Securities sold under agreements to repurchase | 953 | 5,845 |
Other borrowings | 425,592 | 739,879 |
Subordinated deferrable interest debentures | 127,325 | 126,328 |
Other liabilities | 375,242 | 354,265 |
Total liabilities | 20,614,094 | 20,891,870 |
Commitments and Contingencies (Note 9) | ||
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; 72,251,856 and 72,017,126 shares issued | 72,251 | 72,017 |
Capital surplus | 1,931,088 | 1,924,813 |
Retained earnings | 1,157,359 | 1,006,436 |
Accumulated other comprehensive income, net of tax | (12,635) | 15,590 |
Treasury stock, at cost, 2,891,395 and 2,407,898 shares | (74,687) | (52,405) |
Total shareholders’ equity | 3,073,376 | 2,966,451 |
Total liabilities and shareholders’ equity | $ 23,687,470 | $ 23,858,321 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Debt securities available-for-sale, allowance for credit loss | $ 88 | $ 0 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 |
Debt securities held-to-maturity | $ 97,144 | $ 78,206 |
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) | 72,251,856 | 72,017,126 |
Treasury stock, shares (in shares) | 2,891,395 | 2,407,898 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income | ||||
Interest and fees on loans | $ 190,740 | $ 167,761 | $ 368,306 | $ 338,918 |
Interest on taxable securities | 7,064 | 5,244 | 11,303 | 11,362 |
Interest on nontaxable securities | 269 | 139 | 455 | 280 |
Interest on deposits in other banks and federal funds sold | 4,495 | 607 | 5,878 | 1,141 |
Total interest income | 202,568 | 173,751 | 385,942 | 351,701 |
Interest expense | ||||
Interest on deposits | 4,908 | 5,775 | 9,000 | 12,573 |
Interest on other borrowings | 6,296 | 6,124 | 13,034 | 12,299 |
Total interest expense | 11,204 | 11,899 | 22,034 | 24,872 |
Net interest income | 191,364 | 161,852 | 363,908 | 326,829 |
Provision for loan losses | 13,227 | (899) | 10,493 | (17,478) |
Provision for unfunded commitments | 1,779 | 1,299 | 10,788 | (10,540) |
Provision for other credit losses | (82) | (258) | (126) | (431) |
Provision for credit losses | 14,924 | 142 | 21,155 | (28,449) |
Net interest income after provision for credit losses | 176,440 | 161,710 | 342,753 | 355,278 |
Noninterest income | ||||
Service charges on deposit accounts | 11,148 | 11,007 | 22,206 | 21,836 |
Mortgage banking activity | 58,761 | 70,231 | 121,699 | 168,717 |
Other service charges, commissions and fees | 998 | 1,056 | 1,937 | 2,072 |
Net loss on securities | 248 | 1 | 221 | (11) |
Other noninterest income | 12,686 | 6,945 | 24,689 | 14,599 |
Total noninterest income | 83,841 | 89,240 | 170,752 | 207,213 |
Noninterest expense | ||||
Salaries and employee benefits | 81,545 | 85,505 | 165,826 | 181,490 |
Occupancy and equipment | 12,746 | 10,812 | 25,473 | 22,593 |
Data processing and communications expenses | 12,155 | 11,877 | 24,727 | 23,761 |
Credit resolution-related expenses | 496 | 622 | (469) | 1,169 |
Advertising and marketing | 3,122 | 1,946 | 5,110 | 3,377 |
Amortization of intangible assets | 5,144 | 4,065 | 10,325 | 8,191 |
Merger and conversion charges | 0 | 0 | 977 | 0 |
Loan servicing expense | 9,920 | 4,914 | 18,839 | 10,814 |
Other noninterest expenses | 17,068 | 16,020 | 35,208 | 33,164 |
Total noninterest expense | 142,196 | 135,761 | 286,016 | 284,559 |
Income before income tax expense | 118,085 | 115,189 | 227,489 | 277,932 |
Income tax expense | 28,019 | 26,862 | 55,725 | 64,643 |
Net income | 90,066 | 88,327 | 171,764 | 213,289 |
Other comprehensive loss | ||||
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(2,870), $(283), $(7,503) and $(2,255) | (10,794) | (1,066) | (28,225) | (8,481) |
Total other comprehensive loss | (10,794) | (1,066) | (28,225) | (8,481) |
Comprehensive income | $ 79,272 | $ 87,261 | $ 143,539 | $ 204,808 |
Basic earnings per common share (in dollars per share) | $ 1.30 | $ 1.27 | $ 2.48 | $ 3.07 |
Diluted earnings per common share (in dollars per share) | $ 1.30 | $ 1.27 | $ 2.47 | $ 3.06 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 69,136 | 69,497 | 69,246 | 69,448 |
Diluted (in shares) | 69,316 | 69,792 | 69,485 | 69,765 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Tax expense (benefit) from unrealized holding gain (loss) on securities arising during period | $ (2,870) | $ (283) | $ (7,503) | $ (2,255) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 71,753,705 | |||||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 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) |
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 loss during the period | (8,481) | (8,481) | ||||
Balance at end of period (in shares) at Jun. 30, 2021 | 72,007,871 | |||||
Balance at end of period (in shares) at Jun. 30, 2021 | 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 | |||||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 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) |
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 | ||||
Net income | 88,327 | 88,327 | ||||
Dividends on common stock shares | (10,483) | (10,483) | ||||
Other comprehensive loss during the period | (1,066) | (1,066) | ||||
Balance at end of period (in shares) at Jun. 30, 2021 | 72,007,871 | |||||
Balance at end of period (in shares) at Jun. 30, 2021 | 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 Dec. 31, 2021 | 72,017,126 | |||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 2,407,898 | |||||
Balance at beginning of period at Dec. 31, 2021 | 2,966,451 | $ 72,017 | 1,924,813 | 1,006,436 | 15,590 | $ (52,405) |
Issuance of restricted shares (in shares) | 164,346 | |||||
Issuance of restricted shares | 1,341 | $ 164 | 1,177 | |||
Forfeitures of restricted shares (in shares) | (10,751) | |||||
Forfeitures of restricted shares | (91) | $ (10) | (81) | |||
Proceeds from exercise of stock options (in shares) | 81,135 | |||||
Proceeds from exercise of stock options | 2,324 | $ 80 | 2,244 | |||
Share-based compensation | 2,935 | 2,935 | ||||
Purchase of treasury shares (in shares) | 483,497 | |||||
Purchase of treasury shares | (22,282) | $ (22,282) | ||||
Net income | 171,764 | 171,764 | ||||
Dividends on common stock shares | (20,841) | (20,841) | ||||
Other comprehensive loss during the period | (28,225) | (28,225) | ||||
Balance at end of period (in shares) at Jun. 30, 2022 | 72,251,856 | |||||
Balance at end of period (in shares) at Jun. 30, 2022 | 2,891,395 | |||||
Balance at end of period at Jun. 30, 2022 | 3,073,376 | $ 72,251 | 1,931,088 | 1,157,359 | (12,635) | $ (74,687) |
Balance at beginning of period (in shares) at Mar. 31, 2022 | 72,212,322 | |||||
Balance at beginning of period (in shares) at Mar. 31, 2022 | 2,773,238 | |||||
Balance at beginning of period at Mar. 31, 2022 | 3,007,159 | $ 72,212 | 1,928,702 | 1,077,725 | (1,841) | $ (69,639) |
Issuance of restricted shares (in shares) | 18,953 | |||||
Issuance of restricted shares | 0 | $ 19 | (19) | |||
Forfeitures of restricted shares (in shares) | (10,751) | |||||
Forfeitures of restricted shares | (92) | $ (11) | (81) | |||
Proceeds from exercise of stock options (in shares) | 31,332 | |||||
Proceeds from exercise of stock options | 880 | $ 31 | 849 | |||
Share-based compensation | 1,637 | 1,637 | ||||
Purchase of treasury shares (in shares) | 118,157 | |||||
Purchase of treasury shares | (5,048) | $ (5,048) | ||||
Net income | 90,066 | 90,066 | ||||
Dividends on common stock shares | (10,432) | (10,432) | ||||
Other comprehensive loss during the period | (10,794) | (10,794) | ||||
Balance at end of period (in shares) at Jun. 30, 2022 | 72,251,856 | |||||
Balance at end of period (in shares) at Jun. 30, 2022 | 2,891,395 | |||||
Balance at end of period at Jun. 30, 2022 | $ 3,073,376 | $ 72,251 | $ 1,931,088 | $ 1,157,359 | $ (12,635) | $ (74,687) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income | $ 171,764 | $ 213,289 |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||
Depreciation | 9,191 | 8,226 |
Net losses on sale or disposal of premises and equipment | 39 | 920 |
Net write-downs on other assets | 0 | 149 |
Provision for credit losses | 21,155 | (28,449) |
Net write-downs and (gains) losses on sale of other real estate owned | (1,758) | (558) |
Share-based compensation expense | 3,045 | 3,454 |
Amortization of intangible assets | 10,325 | 8,191 |
Amortization of operating lease right of use assets | 5,750 | 5,866 |
Provision for deferred taxes | 10,505 | 26,488 |
Net amortization of investment securities available-for-sale | 588 | 1,985 |
Net amortization of investment securities held-to-maturity | 51 | 1 |
Net amortization of other investments | 396 | 0 |
Net (gain) loss on securities | (221) | 11 |
Accretion of discount on purchased loans, net | (627) | (10,589) |
Net amortization on other borrowings | 216 | 222 |
Amortization of subordinated deferrable interest debentures | 997 | 986 |
Loan servicing asset recovery | (20,492) | (11,388) |
Originations of mortgage loans held for sale | (2,406,310) | (4,425,420) |
Payments received on mortgage loans held for sale | 19,746 | 24,477 |
Proceeds from sales of mortgage loans held for sale | 2,833,622 | 4,198,098 |
Net (gains) losses on sale of mortgage loans held for sale | 78,173 | (84,992) |
Originations of SBA loans | (30,793) | (44,257) |
Proceeds from sales of SBA loans | 40,286 | 41,017 |
Net gains on sale of SBA loans | (3,484) | (3,453) |
Increase in cash surrender value of bank owned life insurance | (3,716) | (2,078) |
Gain on bank owned life insurance proceeds | 0 | (603) |
Net gains on other loans held for sale | 0 | (457) |
Change attributable to other operating activities | (24,580) | (13,363) |
Net cash provided by (used in) operating activities | 713,868 | (92,227) |
Investing Activities, net of effects of business combinations | ||
Proceeds from maturities of time deposits in other banks | 0 | 249 |
Purchases of securities available-for-sale | (613,715) | 0 |
Purchases of investment securities held-to-maturity | (33,217) | (29,056) |
Proceeds from maturities and paydowns of securities available-for-sale | 117,664 | 192,022 |
Proceeds from maturities and paydowns of securities held-to-maturity | 1,362 | 0 |
Net (increase) decrease in other investments | (2,123) | 570 |
Net increase in loans | (1,533,706) | (219,110) |
Purchases of premises and equipment | (8,192) | (17,196) |
Proceeds from sale of premises and equipment | 46 | 946 |
Proceeds from sales of other real estate owned | 4,962 | 7,902 |
Purchases of bank owned life insurance | (50,000) | (100,000) |
Proceeds from bank owned life insurance | 0 | 1,309 |
Payments received on other loans held for sale | 0 | 9,136 |
Proceeds from sales of other loans held for sale | 0 | 156,803 |
Net cash and cash equivalents paid in acquisitions | (14,003) | 0 |
Net cash provided by (used in) investing activities | (2,130,922) | 3,575 |
Financing Activities, net of effects of business combinations | ||
Net increase in deposits | 19,429 | 1,300,174 |
Net decrease in securities sold under agreements to repurchase | (4,892) | (6,097) |
Repayment of other borrowings | (314,503) | (74) |
Proceeds from exercise of stock options | 2,324 | 4,211 |
Dividends paid - common stock | (20,843) | (20,888) |
Purchase of treasury shares | (22,282) | (1,456) |
Net cash provided by (used in) financing activities | (340,767) | 1,275,870 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,757,821) | 1,187,218 |
Cash, cash equivalents and restricted cash at beginning of period | 4,064,657 | 2,117,306 |
Cash, cash equivalents and restricted cash at end of period | 2,306,836 | 3,304,524 |
Cash paid during the period for: | ||
Interest | 23,472 | 25,985 |
Income taxes | 51,851 | 30,924 |
Loans transferred to other real estate owned | 229 | 1,239 |
Loans transferred from loans held for sale to loans held for investment | 167,727 | 85,748 |
Loans provided for the sales of other real estate owned | 2,288 | 1,052 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,537 | 2,932 |
Assets acquired in business acquisitions | 10,734 | 0 |
Liabilities assumed in business acquisitions | (3,269) | 0 |
Change in unrealized gain (loss) on securities available-for-sale, net of tax | $ (28,225) | $ (8,481) |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022, the Bank operated 164 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 three and six month periods ended June 30, 2022 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, 2021. In preparing the consolidated financial statements in conformity with GAAP, 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, federal funds sold and restricted cash. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at June 30, 2022 and December 31, 2021, respectively. 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 Pending Adoption ASU No. 2022-02 – Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). ASU 2022-02 eliminates the troubled debt restructuring ("TDR") measurement and recognition guidance and requires that entities evaluate whether the modification represents a new loan or a continuation of an existing loan consistent with the accounting for other loan modifications. Additional disclosures relating to modifications to borrowers experiencing financial difficulty are required under ASU 2022-02. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method. Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02. 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 on the consolidated financial statements of adopting ASU 2021-01. 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 on the consolidated financial statements of adopting ASU 2020-04. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
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 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, 2022 U.S. Treasuries $ 314,613 $ — $ — $ (1,724) $ 312,889 U.S. government-sponsored agencies 2,050 — — (29) 2,021 State, county and municipal securities 41,428 — 261 (726) 40,963 Corporate debt securities 15,897 (88) 2 (348) 15,463 SBA pool securities 35,854 — 6 (1,429) 34,431 Mortgage-backed securities 658,508 — 420 (12,427) 646,501 Total debt securities available-for-sale $ 1,068,350 $ (88) $ 689 $ (16,683) $ 1,052,268 December 31, 2021 U.S. government-sponsored agencies $ 7,084 $ — $ 88 $ — $ 7,172 State, county and municipal securities 45,470 — 2,342 — 47,812 Corporate debt securities 27,897 — 719 (120) 28,496 SBA pool securities 44,312 — 958 (69) 45,201 Mortgage-backed securities 448,124 — 15,822 (6) 463,940 Total debt securities available-for-sale $ 572,887 $ — $ 19,929 $ (195) $ 592,621 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, 2022 State, county and municipal securities $ 31,905 $ — $ (4,279) $ 27,626 Mortgage-backed securities 79,749 — (10,231) 69,518 Total debt securities held-to-maturity $ 111,654 $ — $ (14,510) $ 97,144 December 31, 2021 State, county and municipal securities $ 8,905 $ 4 $ (198) $ 8,711 Mortgage-backed securities 70,945 — (1,450) 69,495 Total debt securities held-to-maturity $ 79,850 $ 4 $ (1,648) $ 78,206 The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2022, 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 $ 6,745 $ 6,754 $ — $ — Due from one year to five years 339,429 337,279 — — Due from five to ten years 31,462 31,085 — — Due after ten years 32,206 30,649 31,905 27,626 Mortgage-backed securities 658,508 646,501 79,749 69,518 $ 1,068,350 $ 1,052,268 $ 111,654 $ 97,144 Securities with a carrying value of approximately $298.2 million and $366.7 million at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 U.S. Treasuries $ 312,889 $ (1,724) $ — $ — $ 312,889 $ (1,724) U.S. government-sponsored agencies 2,021 (29) — — 2,021 (29) State, county and municipal securities 15,199 (726) — — 15,199 (726) Corporate debt securities 12,244 (256) 1,320 (92) 13,564 (348) SBA pool securities 31,755 (1,379) 2,310 (50) 34,065 (1,429) Mortgage-backed securities 569,386 (12,427) 1 — 569,387 (12,427) Total debt securities available-for-sale $ 943,494 $ (16,541) $ 3,631 $ (142) $ 947,125 $ (16,683) December 31, 2021 Corporate debt securities $ — $ — $ 1,380 $ (120) $ 1,380 $ (120) SBA pool securities 1,312 (6) 2,572 (63) 3,884 (69) Mortgage-backed securities 5,514 (6) 1 — 5,515 (6) Total debt securities available-for-sale $ 6,826 $ (12) $ 3,953 $ (183) $ 10,779 $ (195) As of June 30, 2022, the Company’s available-for-sale security portfolio consisted of 433 securities, 331 of which were in an unrealized loss position. At June 30, 2022, the Company held 270 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, 2022, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 12 state, county and municipal securities, four corporate securities two U.S. government-sponsored agency securities, and ten US Treasury 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, 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 State, county and municipal securities $ 27,626 $ (4,279) $ — $ — $ 27,626 $ (4,279) Mortgage-backed securities 69,518 (10,231) — — 69,518 (10,231) Total debt securities held-to-maturity $ 97,144 $ (14,510) $ — $ — $ 97,144 $ (14,510) December 31, 2021 State, county and municipal securities $ 3,707 $ (198) $ — $ — $ 3,707 $ (198) Mortgage-backed securities 69,495 (1,450) — — 69,495 (1,450) Total debt securities held-to-maturity $ 73,202 $ (1,648) $ — $ — $ 73,202 $ (1,648) As of June 30, 2022, the Company’s held-to-maturity security portfolio consisted of 19 securities, 19 of which were in an unrealized loss position. At June 30, 2022, the Company held 13 mortgage-backed securities and six state, county and municipal securities that were in an unrealized loss position. During 2022 and 2021, 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, 2022 or December 31, 2021. At June 30, 2022 and December 31, 2021, 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, 2022, 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, 2022, management determined that $88,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $16.7 million 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 2022 2021 2022 2021 Beginning balance $ — $ 101 $ — $ 112 Provision for expected credit losses 88 (20) 88 (31) Ending balance $ 88 $ 81 $ 88 $ 81 The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established. Total net 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, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Unrealized holding gains (losses) on equity securities $ (22) $ 1 $ (49) $ (11) Net realized gains on sales of other investments 270 — 270 — Net gain (loss) on securities $ 248 $ 1 $ 221 $ (11) |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Commercial, financial and agricultural $ 2,022,845 $ 1,875,993 Consumer installment 167,237 191,298 Indirect automobile 172,245 265,779 Mortgage warehouse 949,191 787,837 Municipal 529,268 572,701 Premium finance 942,357 798,409 Real estate – construction and development 1,747,284 1,452,339 Real estate – commercial and farmland 7,156,017 6,834,917 Real estate – residential 3,874,578 3,094,985 $ 17,561,022 $ 15,874,258 Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $53.1 million and $54.8 million at June 30, 2022 and December 31, 2021, respectively. The Company recorded an allowance for credit losses of $0 and $214,000 related to deferred interest on loans modified under its Disaster Relief Program at June 30, 2022 and December 31, 2021, 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, 2022 December 31, 2021 Commercial, financial and agricultural $ 11,742 $ 14,214 Consumer installment 473 476 Indirect automobile 465 947 Real estate – construction and development 178 492 Real estate – commercial and farmland 21,158 15,365 Real estate – residential 88,896 53,772 $ 122,912 $ 85,266 There was no interest income recognized on nonaccrual loans during the six months ended June 30, 2022 and 2021. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2022 December 31, 2021 Commercial, financial and agricultural $ — $ 164 Real estate – construction and development — 209 Real estate – commercial and farmland 2,448 2,061 Real estate – residential 5,071 7,942 $ 7,519 $ 10,376 The following table presents an analysis of past-due loans as of June 30, 2022 and December 31, 2021: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2022 Commercial, financial and agricultural $ 3,822 $ 3,725 $ 11,063 $ 18,610 $ 2,004,235 $ 2,022,845 $ 1,697 Consumer installment 1,132 739 699 2,570 164,667 167,237 466 Indirect automobile 394 137 296 827 171,418 172,245 — Mortgage warehouse — — — — 949,191 949,191 — Municipal — — — — 529,268 529,268 — Premium finance 7,462 6,398 5,795 19,655 922,702 942,357 5,795 Real estate – construction and development 18,050 5,677 633 24,360 1,722,924 1,747,284 584 Real estate – commercial and farmland 2,706 11,334 3,666 17,705 7,138,312 7,156,017 — Real estate – residential 27,385 8,877 86,400 122,662 3,751,916 3,874,578 — Total $ 60,951 $ 36,887 $ 108,552 $ 206,389 $ 17,354,633 $ 17,561,022 $ 8,542 December 31, 2021 Commercial, financial and agricultural $ 3,431 $ 2,005 $ 12,017 $ 17,453 $ 1,858,540 $ 1,875,993 $ 1,165 Consumer installment 1,786 871 891 3,548 187,750 191,298 584 Indirect automobile 772 185 473 1,430 264,349 265,779 — Mortgage warehouse — — — — 787,837 787,837 — Municipal — — — — 572,701 572,701 — Premium finance 6,992 4,340 9,134 20,466 777,943 798,409 9,134 Real estate – construction and development 16,601 1,398 2,190 20,189 1,432,150 1,452,339 1,758 Real estate – commercial and farmland 6,713 1,150 5,924 13,787 6,821,130 6,834,917 7 Real estate – residential 17,729 4,266 49,839 71,834 3,023,151 3,094,985 — Total $ 54,024 $ 14,215 $ 80,468 $ 148,707 $ 15,725,551 $ 15,874,258 $ 12,648 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, 2022 December 31, 2021 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 1,695 $ 168 $ 2,613 $ 723 Premium finance 1,136 91 2,989 30 Real estate – construction and development — — 1,432 45 Real estate – commercial and farmland 22,820 2,096 33,332 6,646 Real estate – residential 14,317 1,580 11,712 453 $ 39,968 $ 3,935 $ 52,078 $ 7,897 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: Pass (Grades 1 - 5) – These grades represent acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral. Other Assets Especially Mentioned (Grade 6) – 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. Substandard (Grade 7) – 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. Doubtful (Grade 8) – 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. Loss (Grade 9) – 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, 2022 and December 31, 2021. 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 June 30, 2022 or December 31, 2021. As of June 30, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 527,870 $ 637,107 $ 214,934 $ 143,779 $ 85,058 $ 59,648 $ 331,032 $ 1,999,428 6 — 151 92 274 160 2,881 794 4,352 7 6,618 1,160 445 3,122 1,400 4,151 2,169 19,065 Total commercial, financial and agricultural $ 534,488 $ 638,418 $ 215,471 $ 147,175 $ 86,618 $ 66,680 $ 333,995 $ 2,022,845 Consumer Installment Risk Grade: Pass $ 25,920 $ 18,153 $ 46,134 $ 28,754 $ 21,530 $ 16,607 $ 8,804 $ 165,902 6 — — — — — 130 5 135 7 24 81 321 169 89 430 86 1,200 Total consumer installment $ 25,944 $ 18,234 $ 46,455 $ 28,923 $ 21,619 $ 17,167 $ 8,895 $ 167,237 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ 15,350 $ 72,999 $ 82,645 $ — $ 170,994 6 — — — — — 20 — 20 7 — — — 50 224 957 — 1,231 Total indirect automobile $ — $ — $ — $ 15,400 $ 73,223 $ 83,622 $ — $ 172,245 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 949,191 $ 949,191 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 949,191 $ 949,191 Municipal Risk Grade: Pass $ 10,775 $ 43,922 $ 194,357 $ 13,779 $ 4,853 $ 261,582 $ — $ 529,268 Total municipal $ 10,775 $ 43,922 $ 194,357 $ 13,779 $ 4,853 $ 261,582 $ — $ 529,268 Premium Finance Risk Grade: Pass $ 790,855 $ 146,821 $ 110 $ — $ — $ 75 $ — $ 937,861 7 1,766 2,729 1 — — — — 4,496 Total premium finance $ 792,621 $ 149,550 $ 111 $ — $ — $ 75 $ — $ 942,357 Real Estate – Construction and Development Risk Grade: Pass $ 380,485 $ 844,549 $ 299,850 $ 128,437 $ 12,891 $ 30,227 $ 26,205 $ 1,722,644 6 4,330 5,241 432 — 48 580 — 10,631 7 216 218 211 26 13,079 259 — 14,009 Total real estate – construction and development $ 385,031 $ 850,008 $ 300,493 $ 128,463 $ 26,018 $ 31,066 $ 26,205 $ 1,747,284 As of June 30, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Real Estate – Commercial and Farmland Risk Grade: Pass $ 993,793 $ 2,069,024 $ 1,150,513 $ 891,580 $ 496,721 $ 1,373,284 $ 72,965 $ 7,047,880 6 607 — — 29,343 1,163 18,007 — 49,120 7 — 3,259 2,588 13,777 6,967 32,408 18 59,017 Total real estate – commercial and farmland $ 994,400 $ 2,072,283 $ 1,153,101 $ 934,700 $ 504,851 $ 1,423,699 $ 72,983 $ 7,156,017 Real Estate - Residential Risk Grade: Pass $ 880,233 $ 1,243,230 $ 582,823 $ 290,790 $ 123,347 $ 438,034 $ 214,894 $ 3,773,351 6 64 218 47 608 508 2,680 61 4,186 7 268 9,398 18,956 29,041 14,331 23,395 1,652 97,041 Total real estate - residential $ 880,565 $ 1,252,846 $ 601,826 $ 320,439 $ 138,186 $ 464,109 $ 216,607 $ 3,874,578 Total Loans Risk Grade: Pass $ 3,609,931 $ 5,002,806 $ 2,488,721 $ 1,512,469 $ 817,399 $ 2,262,102 $ 1,603,091 $ 17,296,519 6 5,001 5,610 571 30,225 1,879 24,298 860 68,444 7 8,892 16,845 22,522 46,185 36,090 61,600 3,925 196,059 Total loans $ 3,623,824 $ 5,025,261 $ 2,511,814 $ 1,588,879 $ 855,368 $ 2,348,000 $ 1,607,876 $ 17,561,022 As of December 31, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 903,630 $ 279,037 $ 188,810 $ 118,613 $ 50,737 $ 40,376 $ 262,951 $ 1,844,154 6 190 — 393 427 368 1,832 1,961 5,171 7 9,216 1,268 4,098 1,472 2,566 6,019 2,029 26,668 Total commercial, financial and agricultural $ 913,036 $ 280,305 $ 193,301 $ 120,512 $ 53,671 $ 48,227 $ 266,941 $ 1,875,993 Consumer Installment Risk Grade: Pass $ 35,781 $ 59,221 $ 37,195 $ 27,266 $ 9,787 $ 11,021 $ 9,437 $ 189,708 6 — — — — — 135 5 140 7 59 283 290 216 103 405 94 1,450 Total consumer installment $ 35,840 $ 59,504 $ 37,485 $ 27,482 $ 9,890 $ 11,561 $ 9,536 $ 191,298 Indirect Automobile Risk Grade: Pass $ — $ — $ 20,276 $ 101,969 $ 90,294 $ 51,468 $ — $ 264,007 6 — — — 24 10 19 — 53 7 — — 55 234 384 1,046 — 1,719 Total indirect automobile $ — $ — $ 20,331 $ 102,227 $ 90,688 $ 52,533 $ — $ 265,779 As of December 31, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 787,837 $ 787,837 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 787,837 $ 787,837 Municipal Risk Grade: Pass $ 44,727 $ 219,385 $ 14,831 $ 5,494 $ 109,040 $ 179,224 $ — $ 572,701 Total municipal $ 44,727 $ 219,385 $ 14,831 $ 5,494 $ 109,040 $ 179,224 $ — $ 572,701 Premium Finance Risk Grade: Pass $ 787,884 $ 1,059 $ 26 $ — $ 302 $ 4 $ — $ 789,275 7 9,039 95 — — — — — 9,134 Total premium finance $ 796,923 $ 1,154 $ 26 $ — $ 302 $ 4 $ — $ 798,409 Real Estate – Construction and Development Risk Grade: Pass $ 826,094 $ 290,814 $ 176,476 $ 35,773 $ 24,533 $ 44,514 $ 21,267 $ 1,419,471 6 6,527 549 — 15,260 — 2,101 — 24,437 7 1,143 678 7 2,476 57 1,011 3,059 8,431 Total real estate – construction and development $ 833,764 $ 292,041 $ 176,483 $ 53,509 $ 24,590 $ 47,626 $ 24,326 $ 1,452,339 Real Estate – Commercial and Farmland Risk Grade: Pass $ 2,186,291 $ 1,205,578 $ 1,119,239 $ 542,295 $ 486,477 $ 1,103,675 $ 80,379 $ 6,723,934 6 416 — 1,036 14,760 5,334 21,665 — 43,211 7 4,709 2,682 11,109 9,076 4,861 35,315 20 67,772 Total real estate – commercial and farmland $ 2,191,416 $ 1,208,260 $ 1,131,384 $ 566,131 $ 496,672 $ 1,160,655 $ 80,399 $ 6,834,917 Real Estate - Residential Risk Grade: Pass $ 1,171,008 $ 638,232 $ 329,247 $ 149,990 $ 108,538 $ 408,240 $ 217,982 $ 3,023,237 6 145 66 1,106 505 356 3,717 49 5,944 7 2,405 10,167 21,239 11,376 4,597 13,970 2,050 65,804 Total real estate - residential $ 1,173,558 $ 648,465 $ 351,592 $ 161,871 $ 113,491 $ 425,927 $ 220,081 $ 3,094,985 Total Loans Risk Grade: Pass $ 5,955,415 $ 2,693,326 $ 1,886,100 $ 981,400 $ 879,708 $ 1,838,522 $ 1,379,853 $ 15,614,324 6 7,278 615 2,535 30,976 6,068 29,469 2,015 78,956 7 26,571 15,173 36,798 24,850 12,568 57,766 7,252 180,978 Total loans $ 5,989,264 $ 2,709,114 $ 1,925,433 $ 1,037,226 $ 898,344 $ 1,925,757 $ 1,389,120 $ 15,874,258 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 modifies 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 2022 and 2021 totaling $214.8 million and $220.8 million, respectively, under such parameters. As of June 30, 2022 and December 31, 2021, the Company had a balance of $41.8 million and $76.6 million, respectively, in troubled debt restructurings. The Company has recorded $698,000 and $654,000 in previous charge-offs on such loans at June 30, 2022 and December 31, 2021, respectively. The Company’s balance in the allowance for credit losses allocated to such troubled debt restructurings was $2.5 million and $10.5 million at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, 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, 2022 and 2021. 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, 2022 2021 2022 2021 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 2 $ 502 2 $ 165 2 $ 502 6 $ 591 Consumer installment — — 2 8 — — 2 8 Premium finance 2 756 — — 6 993 — — Real estate – commercial and farmland 2 578 3 8,653 2 578 5 16,312 Real estate – residential 2 462 2 472 5 1,437 12 1,457 Total 8 $ 2,298 9 $ 9,298 15 $ 3,510 25 $ 18,368 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, 2022 and 2021. 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, 2022 2021 2022 2021 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — — $ — 1 $ 357 3 $ 49 Consumer installment — — — — 2 3 4 5 Indirect automobile 3 2 7 27 12 22 22 112 Real estate – construction and development — — — — — — 1 1 Real estate – commercial and farmland — — 1 202 1 8 3 5,382 Real estate – residential 11 1,071 17 940 21 2,791 27 1,646 Total 14 $ 1,073 25 $ 1,169 37 $ 3,181 60 $ 7,195 The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at June 30, 2022 and December 31, 2021: June 30, 2022 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 9 $ 964 3 $ 364 Consumer installment 4 9 10 14 Indirect automobile 196 759 30 122 Premium finance 6 993 — — Real estate – construction and development 2 706 — — Real estate – commercial and farmland 18 8,213 4 788 Real estate – residential 210 24,456 31 4,369 Total 445 $ 36,100 78 $ 5,657 December 31, 2021 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 12 $ 1,286 6 $ 83 Consumer installment 7 16 17 35 Indirect automobile 233 1,037 52 273 Real estate – construction and development 4 789 1 13 Real estate – commercial and farmland 25 35,575 5 5,924 Real estate – residential 213 26,879 39 4,678 Total 494 $ 65,582 120 $ 11,006 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 (the “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 after the reasonable and supportable forecast period. During the six months ended June 30, 2022, the allowance for credit losses increased due to organic loan growth, partially offset by improvement in forecasted macroeconomic factors. The allowance for credit losses was determined at June 30, 2022 using a weighting of four economic forecasts from Moody's. The Moody's Consensus scenario was weighted at 20%, the downside 75th percentile S-2 scenario was weighted at 30%, the downside 90th percentile S-3 scenario was weighted at 20%, and the stagflation scenario was weighted at 30%. The allowance for credit losses was determined at December 31, 2021 using a weighting of five economic forecasts from Moody's. The Moody's baseline scenario was weighted at 10%, the downside 75th percentile S-2 scenario was weighted at 10%, the downside 90th percentile S-3 scenario was weighted at 50%, the slower trend growth scenario was weighted at 20% and the stagflation scenario was weighted at 10%. The current forecast reflects, among other things, improvements in forecast levels of home prices, commercial real estate prices and unemployment compared with the forecast at December 31, 2021. 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, 2022 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2022 $ 25,526 $ 5,619 $ 373 $ 3,010 $ 384 $ 2,515 Provision for loan losses 1,738 557 (306) 875 (13) 200 Loans charged off (4,391) (1,137) (41) — — (1,066) Recoveries of loans previously charged off 2,785 230 265 — — 1,113 Balance, June 30, 2022 $ 25,658 $ 5,269 $ 291 $ 3,885 $ 371 $ 2,762 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2022 $ 26,831 $ 67,033 $ 29,960 $ 161,251 Provision for loan losses (3,954) (7,647) 21,777 13,227 Loans charged off — (81) (137) (6,853) Recoveries of loans previously charged off 355 44 225 5,017 Balance, June 30, 2022 $ 23,232 $ 59,349 $ 51,825 $ 172,642 Six Months Ended June 30, 2022 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2021 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Provision for loan losses 1,953 1,346 (596) 654 (30) 108 Loans charged off (8,805) (2,562) (129) — — (2,435) Recoveries of loans previously charged off 5,681 388 540 — — 2,360 Balance, June 30, 2022 $ 25,658 $ 5,269 $ 291 $ 3,885 $ 371 $ 2,762 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2021 $ 22,045 $ 77,831 $ 27,943 $ 167,582 Provision for loan losses 614 (17,199) 23,643 10,493 Loans charged off — (1,364) (137) (15,432) Recoveries of loans previously charged off 573 81 376 9,999 Balance, June 30, 2022 $ 23,232 $ 59,349 $ 51,825 $ 172,642 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 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021, all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuates 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 falls 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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Securities sold under agreements to repurchase $ 953 $ 5,845 |
OTHER BORROWINGS
OTHER BORROWINGS | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | NOTE 5 – OTHER BORROWINGS Other borrowings consist of the following: (dollars in thousands) June 30, 2022 December 31, 2021 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% 1,394 1,400 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 965 969 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,348 1,421 Subordinated notes payable: Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% — 50,500 Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $616 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 74,384 74,319 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,801 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 118,199 118,077 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $967 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 75,967 76,028 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,665 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,335 108,234 Securitization Facilities: Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% — 19,199 Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% — 139,329 Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% — 105,403 $ 425,592 $ 739,879 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, 2022, $4.19 billion was available for borrowing on lines with the FHLB. As of June 30, 2022, 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, 2022, the Bank had $2.91 billion of loans pledged at the Federal Reserve discount window and had $2.21 billion available for borrowing. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2022 | |
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. 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 Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (1,841) $ (1,841) Reclassification for gains included in net income, net of tax — — Current year changes, net of tax (10,794) (10,794) Balance, June 30, 2022 $ (12,635) $ (12,635) 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 Six Months Ended June 30, 2022 Balance, December 31, 2021 $ 15,590 $ 15,590 Reclassification for gains included in net income, net of tax — — Current year changes, net of tax (28,225) (28,225) Balance, June 30, 2022 $ (12,635) $ (12,635) 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 |
WEIGHTED AVERAGE SHARES OUTSTAN
WEIGHTED AVERAGE SHARES OUTSTANDING | 6 Months Ended |
Jun. 30, 2022 | |
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) 2022 2021 2022 2021 Average common shares outstanding 69,136 69,497 69,246 69,448 Common share equivalents: Stock options 16 64 24 74 Nonvested restricted share grants 46 151 97 153 Performance stock units 118 80 118 90 Average common shares outstanding, assuming dilution 69,316 69,792 69,485 69,765 For the three months ended June 30, 2022, there were 33,536 anti-dilutive performance stock units excluded from the computation of earnings per share. There were no anti-dilutive securities excluded from the computation of earnings per share for the six months ended June 30, 2022 or for the three- and six-months ended June 30, 2021. |
FAIR VALUE MEASURES
FAIR VALUE MEASURES | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Mortgage loans held for sale $ 555,039 $ 1,247,997 SBA loans held for sale 626 6,635 Total loans held for sale $ 555,665 $ 1,254,632 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 $11.2 million and a net loss of $32.7 million resulting from changes in fair value of these mortgage loans was recorded in income during the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2021, a net gain of $10.0 million and a net loss of $15.1 million, respectively, resulting from changes in fair value of these mortgage loans was recorded in income. A net losses of $27.1 million and $1.2 million, respectively, 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 was recorded in income during the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2021, net losses of $45.1 million and $17.6 million, respectively, resulting from changes in the fair value of the related derivative financial instruments was recorded in income. The changes 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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Aggregate fair value of mortgage loans held for sale $ 555,039 $ 1,247,997 Aggregate unpaid principal balance of mortgage loans held for sale 551,420 1,211,646 Past-due loans of 90 days or more 694 746 Nonaccrual loans 694 746 Unpaid principal balance of nonaccrual loans 712 718 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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Aggregate fair value of SBA loans held for sale $ 626 $ 6,635 Aggregate unpaid principal balance of SBA loans held for sale 565 5,825 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 under the fair value option 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, 2022 and December 31, 2021: Recurring Basis June 30, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 312,889 $ 312,889 $ — $ — U.S. government sponsored agencies 2,021 — 2,021 — State, county and municipal securities 40,963 — 40,963 — Corporate debt securities 15,463 — 14,143 1,320 SBA pool securities 34,431 — 34,431 — Mortgage-backed securities 646,501 — 646,501 — Loans held for sale 555,665 — 555,665 — Mortgage banking derivative instruments 10,079 — 10,079 — Total recurring assets at fair value $ 1,618,012 $ 312,889 $ 1,303,803 $ 1,320 Recurring Basis December 31, 2021 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 7,172 $ — $ 7,172 $ — State, county and municipal securities 47,812 — 47,812 — Corporate debt securities 28,496 — 27,116 1,380 SBA pool securities 45,201 — 45,201 — Mortgage-backed securities 463,940 — 463,940 — Loans held for sale 1,254,632 — 1,254,632 — Mortgage banking derivative instruments 11,940 — 11,940 — Total recurring assets at fair value $ 1,859,193 $ — $ 1,857,813 $ 1,380 Financial liabilities: Mortgage banking derivative instruments $ 710 $ — $ 710 $ — Total recurring liabilities at fair value $ 710 $ — $ 710 $ — 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, 2022 and December 31, 2021: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2022 Collateral-dependent loans $ 36,033 $ — $ — $ 36,033 Other real estate owned 702 — — 702 Mortgage servicing rights 257,112 — — 257,112 Total nonrecurring assets at fair value $ 293,847 $ — $ — $ 293,847 December 31, 2021 Collateral-dependent loans $ 44,181 $ — $ — $ 44,181 Mortgage servicing rights 206,944 — — 206,944 Total nonrecurring assets at fair value $ 251,125 $ — $ — $ 251,125 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, 2022 and the year ended December 31, 2021, 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, 2022 Recurring: Debt securities available-for-sale $ 1,320 Discounted par values Probability of Default 13% 13% Loss Given Default 44% 44% Nonrecurring: Collateral-dependent loans $ 36,033 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 40% 31% Other real estate owned $ 702 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 55% 37% Mortgage servicing rights $ 257,112 Discounted cash flows Discount rate 10% - 11% 10% Prepayment speed 4% - 22% 8% December 31, 2021 Recurring: Debt securities available-for-sale $ 1,380 Discounted par values Discount Rate 8% 8% Nonrecurring: Collateral-dependent loans $ 44,181 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 50% 39% Mortgage servicing rights $ 206,944 Discounted cash flows Discount rate 9% - 10% 9% Prepayment speed 10% - 40% 13% 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, 2022 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 345,627 $ 345,627 $ — $ — $ 345,627 Federal funds sold and interest-bearing accounts 1,961,209 1,961,209 — — 1,961,209 Debt securities held-to-maturity 111,654 — 97,144 — 97,144 Loans, net 17,352,347 — — 17,056,635 17,056,635 Accrued interest receivable 56,995 — 3,867 53,128 56,995 Financial liabilities: Deposits 19,684,982 — 19,682,653 — 19,682,653 Securities sold under agreements to repurchase 953 953 — — 953 Other borrowings 425,592 — 418,722 — 418,722 Subordinated deferrable interest debentures 127,325 — 117,240 — 117,240 Accrued interest payable 2,875 — 2,875 — 2,875 Fair Value Measurements December 31, 2021 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 307,813 $ 307,813 $ — $ — $ 307,813 Federal funds sold and interest-bearing accounts 3,756,844 3,756,844 — — 3,756,844 Debt securities held-to-maturity 79,850 — 78,206 — 78,206 Loans, net 15,662,495 — — 15,509,410 15,509,410 Accrued interest receivable 56,917 — 2,373 54,544 56,917 Financial liabilities: Deposits 19,665,553 — 19,667,612 — 19,667,612 Securities sold under agreements to repurchase 5,845 5,845 — — 5,845 Other borrowings 739,879 — 760,829 — 760,829 Subordinated deferrable interest debentures 126,328 — 117,764 — 117,764 Accrued interest payable 4,313 — 4,313 — 4,313 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Commitments to extend credit $ 5,420,227 $ 4,328,749 Unused home equity lines of credit 303,428 272,029 Financial standby letters of credit 30,272 36,184 Mortgage interest rate lock commitments 320,320 417,126 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, 2022 and the year ended December 31, 2021. 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) 2022 2021 2022 2021 Balance at beginning of period $ 42,194 $ 21,015 $ 33,185 $ 32,854 Provision for unfunded commitments 1,779 1,299 10,788 (10,540) Balance at end of period $ 43,973 $ 22,314 $ 43,973 $ 22,314 Other Commitments As of June 30, 2022, letters of credit issued by the FHLB totaling $400.0 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 and unprecedented economic dislocation in the United States. As a result of the pandemic, many commercial customers experienced varying levels of disruptions or restrictions on their business activities, and many consumers experienced 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 remains 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 pandemic, including the passage of the CARES Act and subsequent legislation, but |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 141,844 $ 38,055 $ 8,476 $ 4,757 $ 9,436 $ 202,568 Interest expense (10,278) 17,276 1,776 959 1,471 11,204 Net interest income 152,122 20,779 6,700 3,798 7,965 191,364 Provision for credit losses 10,175 4,499 867 (523) (94) 14,924 Noninterest income 23,469 57,795 1,041 1,526 10 83,841 Noninterest expense Salaries and employee benefits 46,733 31,219 208 1,316 2,069 81,545 Occupancy and equipment 11,168 1,406 1 81 90 12,746 Data processing and communications expenses 10,863 1,123 48 29 92 12,155 Other expenses 21,123 12,812 212 539 1,064 35,750 Total noninterest expense 89,887 46,560 469 1,965 3,315 142,196 Income before income tax expense 75,529 27,515 6,405 3,882 4,754 118,085 Income tax expense 19,120 5,779 1,346 815 959 28,019 Net income $ 56,409 $ 21,736 $ 5,059 $ 3,067 $ 3,795 $ 90,066 Total assets $ 17,009,855 $ 4,418,211 $ 923,829 $ 264,227 $ 1,071,348 $ 23,687,470 Goodwill 958,558 — — — 64,498 1,023,056 Other intangible assets, net 105,198 — — — 10,415 115,613 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 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 271,134 $ 70,887 $ 15,289 $ 11,537 $ 17,095 $ 385,942 Interest expense (14,733) 30,813 2,142 1,728 2,084 22,034 Net interest income 285,867 40,074 13,147 9,809 15,011 363,908 Provision for credit losses 15,401 6,086 645 (666) (311) 21,155 Noninterest income 44,833 119,444 2,442 4,017 16 170,752 Noninterest expense Salaries and employee benefits 95,928 62,833 491 2,587 3,987 165,826 Occupancy and equipment 22,242 2,877 2 180 172 25,473 Data processing and communications expenses 22,093 2,295 95 57 187 24,727 Other expenses 41,168 25,457 430 919 2,016 69,990 Total noninterest expense 181,431 93,462 1,018 3,743 6,362 286,016 Income before income tax expense 133,868 59,970 13,926 10,749 8,976 227,489 Income tax expense 36,116 12,594 2,925 2,257 1,833 55,725 Net income $ 97,752 $ 47,376 $ 11,001 $ 8,492 $ 7,143 $ 171,764 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 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Loan Servicing Rights Residential mortgage $ 257,112 $ 206,944 SBA 4,954 5,556 Total loan servicing rights $ 262,066 $ 212,500 Residential Mortgage Loans The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the 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, 2022, the Company recorded servicing fee income of $18.7 million and $35.8 million, respectively. 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. 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 2022 2021 2022 2021 Beginning carrying value, net $ 232,236 $ 154,746 $ 206,944 $ 130,630 Additions 21,551 43,377 43,252 65,244 Amortization (7,514) (7,197) (13,576) (14,681) Recoveries 10,839 749 20,492 10,482 Ending carrying value, net $ 257,112 $ 191,675 $ 257,112 $ 191,675 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2022 2021 2022 2021 Beginning balance $ 16,129 $ 29,674 $ 25,782 $ 39,407 Recoveries (10,839) (749) (20,492) (10,482) Ending balance $ 5,290 $ 28,925 $ 5,290 $ 28,925 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, 2022 December 31, 2021 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 18,304,805 $ 16,786,442 Composition of residential loans serviced for others: FHLMC 21.78 % 21.88 % FNMA 60.49 % 60.26 % GNMA 17.73 % 17.86 % Total 100.00 % 100.00 % Weighted average term (months) 342 341 Weighted average age (months) 22 20 Modeled prepayment speed 8.11 % 12.96 % Decline in fair value due to a 10% adverse change (9,451) (8,368) Decline in fair value due to a 20% adverse change (17,679) (16,157) Weighted average discount rate 9.77 % 8.77 % Decline in fair value due to a 10% adverse change (11,577) (6,984) Decline in fair value due to a 20% adverse change (21,616) (13,504) 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 a 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, a change in another factor may magnify or counteract the effect of the change in the first. 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, 2022, the Company recorded servicing fee income of $1.0 million and $1.9 million, respectively. During the three- and six-months ended June 30, 2021, the Company recorded servicing fee income of $1.0 million and $2.0 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 2022 2021 2022 2021 Beginning carrying value, net $ 5,384 $ 6,445 $ 5,556 $ 5,839 Additions 236 241 774 471 Amortization (666) (563) (1,376) (1,092) Recoveries — — — 905 Ending carrying value, net $ 4,954 $ 6,123 $ 4,954 $ 6,123 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing valuation allowance 2022 2021 2022 2021 Beginning balance $ — $ — $ — $ 905 Recoveries — — — (905) Ending balance $ — $ — $ — $ — (dollars in thousands) June 30, 2022 December 31, 2021 SBA servicing rights Unpaid principal balance of loans serviced for others $ 387,101 $ 410,167 Weighted average life (in years) 3.64 3.65 Modeled prepayment speed 17.81 % 17.68 % Decline in fair value due to a 10% adverse change (218) (291) Decline in fair value due to a 20% adverse change (419) (557) Weighted average discount rate 16.55 % 11.92 % Decline in fair value due to a 100 basis point adverse change (108) (144) Decline in fair value due to a 200 basis point adverse change (212) (282) 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 a 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, a change in another factor may magnify or counteract the effect of the change in the first. 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 2022 2021 2022 2021 Beginning carrying value, net $ — $ 29 $ — $ 73 Amortization — (29) — (73) Ending carrying value, net $ — $ — $ — $ — |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022, the Bank operated 164 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 three and six month periods ended June 30, 2022 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, 2021. In preparing the consolidated financial statements in conformity with GAAP, 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, federal funds sold and restricted cash. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at June 30, 2022 and December 31, 2021, respectively. |
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 Pending Adoption | Accounting Standards Pending Adoption ASU No. 2022-02 – Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). ASU 2022-02 eliminates the troubled debt restructuring ("TDR") measurement and recognition guidance and requires that entities evaluate whether the modification represents a new loan or a continuation of an existing loan consistent with the accounting for other loan modifications. Additional disclosures relating to modifications to borrowers experiencing financial difficulty are required under ASU 2022-02. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method. Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02. 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 on the consolidated financial statements of adopting ASU 2021-01. 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 on the consolidated financial statements of adopting ASU 2020-04. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 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, 2022 U.S. Treasuries $ 314,613 $ — $ — $ (1,724) $ 312,889 U.S. government-sponsored agencies 2,050 — — (29) 2,021 State, county and municipal securities 41,428 — 261 (726) 40,963 Corporate debt securities 15,897 (88) 2 (348) 15,463 SBA pool securities 35,854 — 6 (1,429) 34,431 Mortgage-backed securities 658,508 — 420 (12,427) 646,501 Total debt securities available-for-sale $ 1,068,350 $ (88) $ 689 $ (16,683) $ 1,052,268 December 31, 2021 U.S. government-sponsored agencies $ 7,084 $ — $ 88 $ — $ 7,172 State, county and municipal securities 45,470 — 2,342 — 47,812 Corporate debt securities 27,897 — 719 (120) 28,496 SBA pool securities 44,312 — 958 (69) 45,201 Mortgage-backed securities 448,124 — 15,822 (6) 463,940 Total debt securities available-for-sale $ 572,887 $ — $ 19,929 $ (195) $ 592,621 |
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, 2022 State, county and municipal securities $ 31,905 $ — $ (4,279) $ 27,626 Mortgage-backed securities 79,749 — (10,231) 69,518 Total debt securities held-to-maturity $ 111,654 $ — $ (14,510) $ 97,144 December 31, 2021 State, county and municipal securities $ 8,905 $ 4 $ (198) $ 8,711 Mortgage-backed securities 70,945 — (1,450) 69,495 Total debt securities held-to-maturity $ 79,850 $ 4 $ (1,648) $ 78,206 |
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, 2022, 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 $ 6,745 $ 6,754 $ — $ — Due from one year to five years 339,429 337,279 — — Due from five to ten years 31,462 31,085 — — Due after ten years 32,206 30,649 31,905 27,626 Mortgage-backed securities 658,508 646,501 79,749 69,518 $ 1,068,350 $ 1,052,268 $ 111,654 $ 97,144 |
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, 2022 and December 31, 2021: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 U.S. Treasuries $ 312,889 $ (1,724) $ — $ — $ 312,889 $ (1,724) U.S. government-sponsored agencies 2,021 (29) — — 2,021 (29) State, county and municipal securities 15,199 (726) — — 15,199 (726) Corporate debt securities 12,244 (256) 1,320 (92) 13,564 (348) SBA pool securities 31,755 (1,379) 2,310 (50) 34,065 (1,429) Mortgage-backed securities 569,386 (12,427) 1 — 569,387 (12,427) Total debt securities available-for-sale $ 943,494 $ (16,541) $ 3,631 $ (142) $ 947,125 $ (16,683) December 31, 2021 Corporate debt securities $ — $ — $ 1,380 $ (120) $ 1,380 $ (120) SBA pool securities 1,312 (6) 2,572 (63) 3,884 (69) Mortgage-backed securities 5,514 (6) 1 — 5,515 (6) Total debt securities available-for-sale $ 6,826 $ (12) $ 3,953 $ (183) $ 10,779 $ (195) |
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, 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 State, county and municipal securities $ 27,626 $ (4,279) $ — $ — $ 27,626 $ (4,279) Mortgage-backed securities 69,518 (10,231) — — 69,518 (10,231) Total debt securities held-to-maturity $ 97,144 $ (14,510) $ — $ — $ 97,144 $ (14,510) December 31, 2021 State, county and municipal securities $ 3,707 $ (198) $ — $ — $ 3,707 $ (198) Mortgage-backed securities 69,495 (1,450) — — 69,495 (1,450) Total debt securities held-to-maturity $ 73,202 $ (1,648) $ — $ — $ 73,202 $ (1,648) |
Schedule of Investments Available-for-sale, Allowance for Credit Loss | The remaining $16.7 million 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 2022 2021 2022 2021 Beginning balance $ — $ 101 $ — $ 112 Provision for expected credit losses 88 (20) 88 (31) Ending balance $ 88 $ 81 $ 88 $ 81 |
Schedule of Gain (Loss) on Investments | Total net 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, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Unrealized holding gains (losses) on equity securities $ (22) $ 1 $ (49) $ (11) Net realized gains on sales of other investments 270 — 270 — Net gain (loss) on securities $ 248 $ 1 $ 221 $ (11) |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Commercial, financial and agricultural $ 2,022,845 $ 1,875,993 Consumer installment 167,237 191,298 Indirect automobile 172,245 265,779 Mortgage warehouse 949,191 787,837 Municipal 529,268 572,701 Premium finance 942,357 798,409 Real estate – construction and development 1,747,284 1,452,339 Real estate – commercial and farmland 7,156,017 6,834,917 Real estate – residential 3,874,578 3,094,985 $ 17,561,022 $ 15,874,258 |
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, 2022 December 31, 2021 Commercial, financial and agricultural $ 11,742 $ 14,214 Consumer installment 473 476 Indirect automobile 465 947 Real estate – construction and development 178 492 Real estate – commercial and farmland 21,158 15,365 Real estate – residential 88,896 53,772 $ 122,912 $ 85,266 The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2022 December 31, 2021 Commercial, financial and agricultural $ — $ 164 Real estate – construction and development — 209 Real estate – commercial and farmland 2,448 2,061 Real estate – residential 5,071 7,942 $ 7,519 $ 10,376 |
Summary of Past Due Financial Receivables | The following table presents an analysis of past-due loans as of June 30, 2022 and December 31, 2021: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2022 Commercial, financial and agricultural $ 3,822 $ 3,725 $ 11,063 $ 18,610 $ 2,004,235 $ 2,022,845 $ 1,697 Consumer installment 1,132 739 699 2,570 164,667 167,237 466 Indirect automobile 394 137 296 827 171,418 172,245 — Mortgage warehouse — — — — 949,191 949,191 — Municipal — — — — 529,268 529,268 — Premium finance 7,462 6,398 5,795 19,655 922,702 942,357 5,795 Real estate – construction and development 18,050 5,677 633 24,360 1,722,924 1,747,284 584 Real estate – commercial and farmland 2,706 11,334 3,666 17,705 7,138,312 7,156,017 — Real estate – residential 27,385 8,877 86,400 122,662 3,751,916 3,874,578 — Total $ 60,951 $ 36,887 $ 108,552 $ 206,389 $ 17,354,633 $ 17,561,022 $ 8,542 December 31, 2021 Commercial, financial and agricultural $ 3,431 $ 2,005 $ 12,017 $ 17,453 $ 1,858,540 $ 1,875,993 $ 1,165 Consumer installment 1,786 871 891 3,548 187,750 191,298 584 Indirect automobile 772 185 473 1,430 264,349 265,779 — Mortgage warehouse — — — — 787,837 787,837 — Municipal — — — — 572,701 572,701 — Premium finance 6,992 4,340 9,134 20,466 777,943 798,409 9,134 Real estate – construction and development 16,601 1,398 2,190 20,189 1,432,150 1,452,339 1,758 Real estate – commercial and farmland 6,713 1,150 5,924 13,787 6,821,130 6,834,917 7 Real estate – residential 17,729 4,266 49,839 71,834 3,023,151 3,094,985 — Total $ 54,024 $ 14,215 $ 80,468 $ 148,707 $ 15,725,551 $ 15,874,258 $ 12,648 |
Analysis of Individually Evaluated Collateral-Dependent Financial Assets and Related Allowance for Credit Losses | The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses: June 30, 2022 December 31, 2021 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 1,695 $ 168 $ 2,613 $ 723 Premium finance 1,136 91 2,989 30 Real estate – construction and development — — 1,432 45 Real estate – commercial and farmland 22,820 2,096 33,332 6,646 Real estate – residential 14,317 1,580 11,712 453 $ 39,968 $ 3,935 $ 52,078 $ 7,897 |
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, 2022 and December 31, 2021. 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 June 30, 2022 or December 31, 2021. As of June 30, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 527,870 $ 637,107 $ 214,934 $ 143,779 $ 85,058 $ 59,648 $ 331,032 $ 1,999,428 6 — 151 92 274 160 2,881 794 4,352 7 6,618 1,160 445 3,122 1,400 4,151 2,169 19,065 Total commercial, financial and agricultural $ 534,488 $ 638,418 $ 215,471 $ 147,175 $ 86,618 $ 66,680 $ 333,995 $ 2,022,845 Consumer Installment Risk Grade: Pass $ 25,920 $ 18,153 $ 46,134 $ 28,754 $ 21,530 $ 16,607 $ 8,804 $ 165,902 6 — — — — — 130 5 135 7 24 81 321 169 89 430 86 1,200 Total consumer installment $ 25,944 $ 18,234 $ 46,455 $ 28,923 $ 21,619 $ 17,167 $ 8,895 $ 167,237 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ 15,350 $ 72,999 $ 82,645 $ — $ 170,994 6 — — — — — 20 — 20 7 — — — 50 224 957 — 1,231 Total indirect automobile $ — $ — $ — $ 15,400 $ 73,223 $ 83,622 $ — $ 172,245 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 949,191 $ 949,191 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 949,191 $ 949,191 Municipal Risk Grade: Pass $ 10,775 $ 43,922 $ 194,357 $ 13,779 $ 4,853 $ 261,582 $ — $ 529,268 Total municipal $ 10,775 $ 43,922 $ 194,357 $ 13,779 $ 4,853 $ 261,582 $ — $ 529,268 Premium Finance Risk Grade: Pass $ 790,855 $ 146,821 $ 110 $ — $ — $ 75 $ — $ 937,861 7 1,766 2,729 1 — — — — 4,496 Total premium finance $ 792,621 $ 149,550 $ 111 $ — $ — $ 75 $ — $ 942,357 Real Estate – Construction and Development Risk Grade: Pass $ 380,485 $ 844,549 $ 299,850 $ 128,437 $ 12,891 $ 30,227 $ 26,205 $ 1,722,644 6 4,330 5,241 432 — 48 580 — 10,631 7 216 218 211 26 13,079 259 — 14,009 Total real estate – construction and development $ 385,031 $ 850,008 $ 300,493 $ 128,463 $ 26,018 $ 31,066 $ 26,205 $ 1,747,284 As of June 30, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Real Estate – Commercial and Farmland Risk Grade: Pass $ 993,793 $ 2,069,024 $ 1,150,513 $ 891,580 $ 496,721 $ 1,373,284 $ 72,965 $ 7,047,880 6 607 — — 29,343 1,163 18,007 — 49,120 7 — 3,259 2,588 13,777 6,967 32,408 18 59,017 Total real estate – commercial and farmland $ 994,400 $ 2,072,283 $ 1,153,101 $ 934,700 $ 504,851 $ 1,423,699 $ 72,983 $ 7,156,017 Real Estate - Residential Risk Grade: Pass $ 880,233 $ 1,243,230 $ 582,823 $ 290,790 $ 123,347 $ 438,034 $ 214,894 $ 3,773,351 6 64 218 47 608 508 2,680 61 4,186 7 268 9,398 18,956 29,041 14,331 23,395 1,652 97,041 Total real estate - residential $ 880,565 $ 1,252,846 $ 601,826 $ 320,439 $ 138,186 $ 464,109 $ 216,607 $ 3,874,578 Total Loans Risk Grade: Pass $ 3,609,931 $ 5,002,806 $ 2,488,721 $ 1,512,469 $ 817,399 $ 2,262,102 $ 1,603,091 $ 17,296,519 6 5,001 5,610 571 30,225 1,879 24,298 860 68,444 7 8,892 16,845 22,522 46,185 36,090 61,600 3,925 196,059 Total loans $ 3,623,824 $ 5,025,261 $ 2,511,814 $ 1,588,879 $ 855,368 $ 2,348,000 $ 1,607,876 $ 17,561,022 As of December 31, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 903,630 $ 279,037 $ 188,810 $ 118,613 $ 50,737 $ 40,376 $ 262,951 $ 1,844,154 6 190 — 393 427 368 1,832 1,961 5,171 7 9,216 1,268 4,098 1,472 2,566 6,019 2,029 26,668 Total commercial, financial and agricultural $ 913,036 $ 280,305 $ 193,301 $ 120,512 $ 53,671 $ 48,227 $ 266,941 $ 1,875,993 Consumer Installment Risk Grade: Pass $ 35,781 $ 59,221 $ 37,195 $ 27,266 $ 9,787 $ 11,021 $ 9,437 $ 189,708 6 — — — — — 135 5 140 7 59 283 290 216 103 405 94 1,450 Total consumer installment $ 35,840 $ 59,504 $ 37,485 $ 27,482 $ 9,890 $ 11,561 $ 9,536 $ 191,298 Indirect Automobile Risk Grade: Pass $ — $ — $ 20,276 $ 101,969 $ 90,294 $ 51,468 $ — $ 264,007 6 — — — 24 10 19 — 53 7 — — 55 234 384 1,046 — 1,719 Total indirect automobile $ — $ — $ 20,331 $ 102,227 $ 90,688 $ 52,533 $ — $ 265,779 As of December 31, 2021 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 787,837 $ 787,837 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 787,837 $ 787,837 Municipal Risk Grade: Pass $ 44,727 $ 219,385 $ 14,831 $ 5,494 $ 109,040 $ 179,224 $ — $ 572,701 Total municipal $ 44,727 $ 219,385 $ 14,831 $ 5,494 $ 109,040 $ 179,224 $ — $ 572,701 Premium Finance Risk Grade: Pass $ 787,884 $ 1,059 $ 26 $ — $ 302 $ 4 $ — $ 789,275 7 9,039 95 — — — — — 9,134 Total premium finance $ 796,923 $ 1,154 $ 26 $ — $ 302 $ 4 $ — $ 798,409 Real Estate – Construction and Development Risk Grade: Pass $ 826,094 $ 290,814 $ 176,476 $ 35,773 $ 24,533 $ 44,514 $ 21,267 $ 1,419,471 6 6,527 549 — 15,260 — 2,101 — 24,437 7 1,143 678 7 2,476 57 1,011 3,059 8,431 Total real estate – construction and development $ 833,764 $ 292,041 $ 176,483 $ 53,509 $ 24,590 $ 47,626 $ 24,326 $ 1,452,339 Real Estate – Commercial and Farmland Risk Grade: Pass $ 2,186,291 $ 1,205,578 $ 1,119,239 $ 542,295 $ 486,477 $ 1,103,675 $ 80,379 $ 6,723,934 6 416 — 1,036 14,760 5,334 21,665 — 43,211 7 4,709 2,682 11,109 9,076 4,861 35,315 20 67,772 Total real estate – commercial and farmland $ 2,191,416 $ 1,208,260 $ 1,131,384 $ 566,131 $ 496,672 $ 1,160,655 $ 80,399 $ 6,834,917 Real Estate - Residential Risk Grade: Pass $ 1,171,008 $ 638,232 $ 329,247 $ 149,990 $ 108,538 $ 408,240 $ 217,982 $ 3,023,237 6 145 66 1,106 505 356 3,717 49 5,944 7 2,405 10,167 21,239 11,376 4,597 13,970 2,050 65,804 Total real estate - residential $ 1,173,558 $ 648,465 $ 351,592 $ 161,871 $ 113,491 $ 425,927 $ 220,081 $ 3,094,985 Total Loans Risk Grade: Pass $ 5,955,415 $ 2,693,326 $ 1,886,100 $ 981,400 $ 879,708 $ 1,838,522 $ 1,379,853 $ 15,614,324 6 7,278 615 2,535 30,976 6,068 29,469 2,015 78,956 7 26,571 15,173 36,798 24,850 12,568 57,766 7,252 180,978 Total loans $ 5,989,264 $ 2,709,114 $ 1,925,433 $ 1,037,226 $ 898,344 $ 1,925,757 $ 1,389,120 $ 15,874,258 |
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, 2022 and 2021. 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, 2022 2021 2022 2021 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 2 $ 502 2 $ 165 2 $ 502 6 $ 591 Consumer installment — — 2 8 — — 2 8 Premium finance 2 756 — — 6 993 — — Real estate – commercial and farmland 2 578 3 8,653 2 578 5 16,312 Real estate – residential 2 462 2 472 5 1,437 12 1,457 Total 8 $ 2,298 9 $ 9,298 15 $ 3,510 25 $ 18,368 |
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, 2022 and 2021. 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, 2022 2021 2022 2021 Loan Class # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — — $ — 1 $ 357 3 $ 49 Consumer installment — — — — 2 3 4 5 Indirect automobile 3 2 7 27 12 22 22 112 Real estate – construction and development — — — — — — 1 1 Real estate – commercial and farmland — — 1 202 1 8 3 5,382 Real estate – residential 11 1,071 17 940 21 2,791 27 1,646 Total 14 $ 1,073 25 $ 1,169 37 $ 3,181 60 $ 7,195 |
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, 2022 and December 31, 2021: June 30, 2022 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 9 $ 964 3 $ 364 Consumer installment 4 9 10 14 Indirect automobile 196 759 30 122 Premium finance 6 993 — — Real estate – construction and development 2 706 — — Real estate – commercial and farmland 18 8,213 4 788 Real estate – residential 210 24,456 31 4,369 Total 445 $ 36,100 78 $ 5,657 December 31, 2021 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 12 $ 1,286 6 $ 83 Consumer installment 7 16 17 35 Indirect automobile 233 1,037 52 273 Real estate – construction and development 4 789 1 13 Real estate – commercial and farmland 25 35,575 5 5,924 Real estate – residential 213 26,879 39 4,678 Total 494 $ 65,582 120 $ 11,006 |
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, 2022 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2022 $ 25,526 $ 5,619 $ 373 $ 3,010 $ 384 $ 2,515 Provision for loan losses 1,738 557 (306) 875 (13) 200 Loans charged off (4,391) (1,137) (41) — — (1,066) Recoveries of loans previously charged off 2,785 230 265 — — 1,113 Balance, June 30, 2022 $ 25,658 $ 5,269 $ 291 $ 3,885 $ 371 $ 2,762 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2022 $ 26,831 $ 67,033 $ 29,960 $ 161,251 Provision for loan losses (3,954) (7,647) 21,777 13,227 Loans charged off — (81) (137) (6,853) Recoveries of loans previously charged off 355 44 225 5,017 Balance, June 30, 2022 $ 23,232 $ 59,349 $ 51,825 $ 172,642 Six Months Ended June 30, 2022 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2021 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Provision for loan losses 1,953 1,346 (596) 654 (30) 108 Loans charged off (8,805) (2,562) (129) — — (2,435) Recoveries of loans previously charged off 5,681 388 540 — — 2,360 Balance, June 30, 2022 $ 25,658 $ 5,269 $ 291 $ 3,885 $ 371 $ 2,762 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2021 $ 22,045 $ 77,831 $ 27,943 $ 167,582 Provision for loan losses 614 (17,199) 23,643 10,493 Loans charged off — (1,364) (137) (15,432) Recoveries of loans previously charged off 573 81 376 9,999 Balance, June 30, 2022 $ 23,232 $ 59,349 $ 51,825 $ 172,642 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 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Securities sold under agreements to repurchase $ 953 $ 5,845 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Other Borrowings | Other borrowings consist of the following: (dollars in thousands) June 30, 2022 December 31, 2021 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% 1,394 1,400 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 965 969 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,348 1,421 Subordinated notes payable: Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% — 50,500 Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $616 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 74,384 74,319 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,801 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 118,199 118,077 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $967 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 75,967 76,028 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,665 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,335 108,234 Securitization Facilities: Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% — 19,199 Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% — 139,329 Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% — 105,403 $ 425,592 $ 739,879 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (1,841) $ (1,841) Reclassification for gains included in net income, net of tax — — Current year changes, net of tax (10,794) (10,794) Balance, June 30, 2022 $ (12,635) $ (12,635) 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 Six Months Ended June 30, 2022 Balance, December 31, 2021 $ 15,590 $ 15,590 Reclassification for gains included in net income, net of tax — — Current year changes, net of tax (28,225) (28,225) Balance, June 30, 2022 $ (12,635) $ (12,635) 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 |
WEIGHTED AVERAGE SHARES OUTST_2
WEIGHTED AVERAGE SHARES OUTSTANDING (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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) 2022 2021 2022 2021 Average common shares outstanding 69,136 69,497 69,246 69,448 Common share equivalents: Stock options 16 64 24 74 Nonvested restricted share grants 46 151 97 153 Performance stock units 118 80 118 90 Average common shares outstanding, assuming dilution 69,316 69,792 69,485 69,765 |
FAIR VALUE MEASURES (Tables)
FAIR VALUE MEASURES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Mortgage loans held for sale $ 555,039 $ 1,247,997 SBA loans held for sale 626 6,635 Total loans held for sale $ 555,665 $ 1,254,632 |
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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Aggregate fair value of mortgage loans held for sale $ 555,039 $ 1,247,997 Aggregate unpaid principal balance of mortgage loans held for sale 551,420 1,211,646 Past-due loans of 90 days or more 694 746 Nonaccrual loans 694 746 Unpaid principal balance of nonaccrual loans 712 718 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, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Aggregate fair value of SBA loans held for sale $ 626 $ 6,635 Aggregate unpaid principal balance of SBA loans held for sale 565 5,825 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, 2022 and December 31, 2021: Recurring Basis June 30, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 312,889 $ 312,889 $ — $ — U.S. government sponsored agencies 2,021 — 2,021 — State, county and municipal securities 40,963 — 40,963 — Corporate debt securities 15,463 — 14,143 1,320 SBA pool securities 34,431 — 34,431 — Mortgage-backed securities 646,501 — 646,501 — Loans held for sale 555,665 — 555,665 — Mortgage banking derivative instruments 10,079 — 10,079 — Total recurring assets at fair value $ 1,618,012 $ 312,889 $ 1,303,803 $ 1,320 Recurring Basis December 31, 2021 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. government sponsored agencies $ 7,172 $ — $ 7,172 $ — State, county and municipal securities 47,812 — 47,812 — Corporate debt securities 28,496 — 27,116 1,380 SBA pool securities 45,201 — 45,201 — Mortgage-backed securities 463,940 — 463,940 — Loans held for sale 1,254,632 — 1,254,632 — Mortgage banking derivative instruments 11,940 — 11,940 — Total recurring assets at fair value $ 1,859,193 $ — $ 1,857,813 $ 1,380 Financial liabilities: Mortgage banking derivative instruments $ 710 $ — $ 710 $ — Total recurring liabilities at fair value $ 710 $ — $ 710 $ — |
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, 2022 and December 31, 2021: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2022 Collateral-dependent loans $ 36,033 $ — $ — $ 36,033 Other real estate owned 702 — — 702 Mortgage servicing rights 257,112 — — 257,112 Total nonrecurring assets at fair value $ 293,847 $ — $ — $ 293,847 December 31, 2021 Collateral-dependent loans $ 44,181 $ — $ — $ 44,181 Mortgage servicing rights 206,944 — — 206,944 Total nonrecurring assets at fair value $ 251,125 $ — $ — $ 251,125 |
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, 2022 Recurring: Debt securities available-for-sale $ 1,320 Discounted par values Probability of Default 13% 13% Loss Given Default 44% 44% Nonrecurring: Collateral-dependent loans $ 36,033 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 40% 31% Other real estate owned $ 702 Third-party appraisals and sales contracts Collateral discounts and estimated 15% - 55% 37% Mortgage servicing rights $ 257,112 Discounted cash flows Discount rate 10% - 11% 10% Prepayment speed 4% - 22% 8% December 31, 2021 Recurring: Debt securities available-for-sale $ 1,380 Discounted par values Discount Rate 8% 8% Nonrecurring: Collateral-dependent loans $ 44,181 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 50% 39% Mortgage servicing rights $ 206,944 Discounted cash flows Discount rate 9% - 10% 9% Prepayment speed 10% - 40% 13% |
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, 2022 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 345,627 $ 345,627 $ — $ — $ 345,627 Federal funds sold and interest-bearing accounts 1,961,209 1,961,209 — — 1,961,209 Debt securities held-to-maturity 111,654 — 97,144 — 97,144 Loans, net 17,352,347 — — 17,056,635 17,056,635 Accrued interest receivable 56,995 — 3,867 53,128 56,995 Financial liabilities: Deposits 19,684,982 — 19,682,653 — 19,682,653 Securities sold under agreements to repurchase 953 953 — — 953 Other borrowings 425,592 — 418,722 — 418,722 Subordinated deferrable interest debentures 127,325 — 117,240 — 117,240 Accrued interest payable 2,875 — 2,875 — 2,875 Fair Value Measurements December 31, 2021 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 307,813 $ 307,813 $ — $ — $ 307,813 Federal funds sold and interest-bearing accounts 3,756,844 3,756,844 — — 3,756,844 Debt securities held-to-maturity 79,850 — 78,206 — 78,206 Loans, net 15,662,495 — — 15,509,410 15,509,410 Accrued interest receivable 56,917 — 2,373 54,544 56,917 Financial liabilities: Deposits 19,665,553 — 19,667,612 — 19,667,612 Securities sold under agreements to repurchase 5,845 5,845 — — 5,845 Other borrowings 739,879 — 760,829 — 760,829 Subordinated deferrable interest debentures 126,328 — 117,764 — 117,764 Accrued interest payable 4,313 — 4,313 — 4,313 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | A summary of the Company’s commitments is as follows: (dollars in thousands) June 30, 2022 December 31, 2021 Commitments to extend credit $ 5,420,227 $ 4,328,749 Unused home equity lines of credit 303,428 272,029 Financial standby letters of credit 30,272 36,184 Mortgage interest rate lock commitments 320,320 417,126 |
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) 2022 2021 2022 2021 Balance at beginning of period $ 42,194 $ 21,015 $ 33,185 $ 32,854 Provision for unfunded commitments 1,779 1,299 10,788 (10,540) Balance at end of period $ 43,973 $ 22,314 $ 43,973 $ 22,314 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 141,844 $ 38,055 $ 8,476 $ 4,757 $ 9,436 $ 202,568 Interest expense (10,278) 17,276 1,776 959 1,471 11,204 Net interest income 152,122 20,779 6,700 3,798 7,965 191,364 Provision for credit losses 10,175 4,499 867 (523) (94) 14,924 Noninterest income 23,469 57,795 1,041 1,526 10 83,841 Noninterest expense Salaries and employee benefits 46,733 31,219 208 1,316 2,069 81,545 Occupancy and equipment 11,168 1,406 1 81 90 12,746 Data processing and communications expenses 10,863 1,123 48 29 92 12,155 Other expenses 21,123 12,812 212 539 1,064 35,750 Total noninterest expense 89,887 46,560 469 1,965 3,315 142,196 Income before income tax expense 75,529 27,515 6,405 3,882 4,754 118,085 Income tax expense 19,120 5,779 1,346 815 959 28,019 Net income $ 56,409 $ 21,736 $ 5,059 $ 3,067 $ 3,795 $ 90,066 Total assets $ 17,009,855 $ 4,418,211 $ 923,829 $ 264,227 $ 1,071,348 $ 23,687,470 Goodwill 958,558 — — — 64,498 1,023,056 Other intangible assets, net 105,198 — — — 10,415 115,613 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 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 271,134 $ 70,887 $ 15,289 $ 11,537 $ 17,095 $ 385,942 Interest expense (14,733) 30,813 2,142 1,728 2,084 22,034 Net interest income 285,867 40,074 13,147 9,809 15,011 363,908 Provision for credit losses 15,401 6,086 645 (666) (311) 21,155 Noninterest income 44,833 119,444 2,442 4,017 16 170,752 Noninterest expense Salaries and employee benefits 95,928 62,833 491 2,587 3,987 165,826 Occupancy and equipment 22,242 2,877 2 180 172 25,473 Data processing and communications expenses 22,093 2,295 95 57 187 24,727 Other expenses 41,168 25,457 430 919 2,016 69,990 Total noninterest expense 181,431 93,462 1,018 3,743 6,362 286,016 Income before income tax expense 133,868 59,970 13,926 10,749 8,976 227,489 Income tax expense 36,116 12,594 2,925 2,257 1,833 55,725 Net income $ 97,752 $ 47,376 $ 11,001 $ 8,492 $ 7,143 $ 171,764 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 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Loan Servicing Rights Residential mortgage $ 257,112 $ 206,944 SBA 4,954 5,556 Total loan servicing rights $ 262,066 $ 212,500 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 2022 2021 2022 2021 Beginning carrying value, net $ 232,236 $ 154,746 $ 206,944 $ 130,630 Additions 21,551 43,377 43,252 65,244 Amortization (7,514) (7,197) (13,576) (14,681) Recoveries 10,839 749 20,492 10,482 Ending carrying value, net $ 257,112 $ 191,675 $ 257,112 $ 191,675 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2022 2021 2022 2021 Beginning balance $ 16,129 $ 29,674 $ 25,782 $ 39,407 Recoveries (10,839) (749) (20,492) (10,482) Ending balance $ 5,290 $ 28,925 $ 5,290 $ 28,925 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 2022 2021 2022 2021 Beginning carrying value, net $ 5,384 $ 6,445 $ 5,556 $ 5,839 Additions 236 241 774 471 Amortization (666) (563) (1,376) (1,092) Recoveries — — — 905 Ending carrying value, net $ 4,954 $ 6,123 $ 4,954 $ 6,123 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, SBA servicing valuation allowance 2022 2021 2022 2021 Beginning balance $ — $ — $ — $ 905 Recoveries — — — (905) Ending balance $ — $ — $ — $ — (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Indirect automobile servicing rights 2022 2021 2022 2021 Beginning carrying value, net $ — $ 29 $ — $ 73 Amortization — (29) — (73) Ending carrying value, net $ — $ — $ — $ — |
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, 2022 December 31, 2021 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 18,304,805 $ 16,786,442 Composition of residential loans serviced for others: FHLMC 21.78 % 21.88 % FNMA 60.49 % 60.26 % GNMA 17.73 % 17.86 % Total 100.00 % 100.00 % Weighted average term (months) 342 341 Weighted average age (months) 22 20 Modeled prepayment speed 8.11 % 12.96 % Decline in fair value due to a 10% adverse change (9,451) (8,368) Decline in fair value due to a 20% adverse change (17,679) (16,157) Weighted average discount rate 9.77 % 8.77 % Decline in fair value due to a 10% adverse change (11,577) (6,984) Decline in fair value due to a 20% adverse change (21,616) (13,504) (dollars in thousands) June 30, 2022 December 31, 2021 SBA servicing rights Unpaid principal balance of loans serviced for others $ 387,101 $ 410,167 Weighted average life (in years) 3.64 3.65 Modeled prepayment speed 17.81 % 17.68 % Decline in fair value due to a 10% adverse change (218) (291) Decline in fair value due to a 20% adverse change (419) (557) Weighted average discount rate 16.55 % 11.92 % Decline in fair value due to a 100 basis point adverse change (108) (144) Decline in fair value due to a 200 basis point adverse change (212) (282) |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING POLICIES - Narrative (Details) $ in Millions | Jun. 30, 2022 USD ($) branch | Dec. 31, 2021 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of branches operated | branch | 164 | |
Restricted cash | $ | $ 0 | $ 43 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 1,068,350 | $ 572,887 | ||||
Allowance for Credit Losses | (88) | $ 0 | 0 | $ (81) | $ (101) | $ (112) |
Gross Unrealized Gains | 689 | 19,929 | ||||
Gross Unrealized Losses | (16,683) | (195) | ||||
Estimated Fair Value | 1,052,268 | 592,621 | ||||
U.S. Treasuries | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 314,613 | |||||
Allowance for Credit Losses | 0 | |||||
Gross Unrealized Gains | 0 | |||||
Gross Unrealized Losses | (1,724) | |||||
Estimated Fair Value | 312,889 | |||||
U.S. government-sponsored agencies | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 2,050 | 7,084 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 0 | 88 | ||||
Gross Unrealized Losses | (29) | 0 | ||||
Estimated Fair Value | 2,021 | 7,172 | ||||
State, county and municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 41,428 | 45,470 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 261 | 2,342 | ||||
Gross Unrealized Losses | (726) | 0 | ||||
Estimated Fair Value | 40,963 | 47,812 | ||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 15,897 | 27,897 | ||||
Allowance for Credit Losses | (88) | 0 | ||||
Gross Unrealized Gains | 2 | 719 | ||||
Gross Unrealized Losses | (348) | (120) | ||||
Estimated Fair Value | 15,463 | 28,496 | ||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 35,854 | 44,312 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 6 | 958 | ||||
Gross Unrealized Losses | (1,429) | (69) | ||||
Estimated Fair Value | 34,431 | 45,201 | ||||
Mortgage-backed securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 658,508 | 448,124 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 420 | 15,822 | ||||
Gross Unrealized Losses | (12,427) | (6) | ||||
Estimated Fair Value | $ 646,501 | $ 463,940 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 111,654 | $ 79,850 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (14,510) | (1,648) |
Estimated Fair Value | 97,144 | 78,206 |
State, county and municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,905 | 8,905 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (4,279) | (198) |
Estimated Fair Value | 27,626 | 8,711 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 79,749 | 70,945 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10,231) | (1,450) |
Estimated Fair Value | $ 69,518 | $ 69,495 |
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, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 6,745 | |
Due from one year to five years | 339,429 | |
Due from five to ten years | 31,462 | |
Due after ten years | 32,206 | |
Mortgage-backed securities | 658,508 | |
Amortized Cost | 1,068,350 | $ 572,887 |
Estimated Fair Value | ||
Due in one year or less | 6,754 | |
Due from one year to five years | 337,279 | |
Due from five to ten years | 31,085 | |
Due after ten years | 30,649 | |
Mortgage-backed securities | 646,501 | |
Estimated Fair Value | 1,052,268 | 592,621 |
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 | 31,905 | |
Mortgage-backed securities | 79,749 | |
Amortized Cost | 111,654 | 79,850 |
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 | 27,626 | |
Mortgage-backed securities | 69,518 | |
Estimated Fair Value | $ 97,144 | $ 78,206 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2022 USD ($) security | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit loss | $ | $ 88 | $ 0 | $ 0 | $ 81 | $ 101 | $ 112 |
Unrealized losses | $ | 16,683 | 195 | ||||
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 | 433 | |||||
Number of securities in unrealized loss position | 331 | |||||
Debt Securities | Held-to-maturity Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in security portfolio | 19 | |||||
Number of securities in unrealized loss position | 19 | |||||
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 | 270 | |||||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Held-to-maturity Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 13 | |||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit loss | $ | $ 0 | 0 | ||||
Unrealized losses | $ | $ 1,429 | 69 | ||||
SBA pool securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 33 | |||||
State, County And Municipal Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 12 | |||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit loss | $ | $ 88 | 0 | ||||
Unrealized losses | $ | $ 348 | 120 | ||||
Corporate debt securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 4 | |||||
U.S. government sponsored agency security | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 2 | |||||
State, county and municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit loss | $ | $ 0 | 0 | ||||
Unrealized losses | $ | $ 726 | 0 | ||||
State, county and municipal securities | Available-for-sale Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 10 | |||||
State, county and municipal securities | Held-to-maturity Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | 6 | |||||
Collateral Pledged | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Pledged securities, carrying value | $ | $ 298,200 | $ 366,700 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Estimated Fair Value | ||
Less than 12 months, estimated fair value | $ 943,494 | $ 6,826 |
12 months or more, estimated fair value | 3,631 | 3,953 |
Total estimated fair value | 947,125 | 10,779 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (16,541) | (12) |
12 months or more, unrealized losses | (142) | (183) |
Total unrealized losses | (16,683) | (195) |
U.S. Treasuries | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 312,889 | |
12 months or more, estimated fair value | 0 | |
Total estimated fair value | 312,889 | |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (1,724) | |
12 months or more, unrealized losses | 0 | |
Total unrealized losses | (1,724) | |
U.S. government-sponsored agencies | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 2,021 | |
12 months or more, estimated fair value | 0 | |
Total estimated fair value | 2,021 | |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (29) | |
12 months or more, unrealized losses | 0 | |
Total unrealized losses | (29) | |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 15,199 | |
12 months or more, estimated fair value | 0 | |
Total estimated fair value | 15,199 | |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (726) | |
12 months or more, unrealized losses | 0 | |
Total unrealized losses | (726) | |
Corporate debt securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 12,244 | 0 |
12 months or more, estimated fair value | 1,320 | 1,380 |
Total estimated fair value | 13,564 | 1,380 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (256) | 0 |
12 months or more, unrealized losses | (92) | (120) |
Total unrealized losses | (348) | (120) |
SBA pool securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 31,755 | 1,312 |
12 months or more, estimated fair value | 2,310 | 2,572 |
Total estimated fair value | 34,065 | 3,884 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (1,379) | (6) |
12 months or more, unrealized losses | (50) | (63) |
Total unrealized losses | (1,429) | (69) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 569,386 | 5,514 |
12 months or more, estimated fair value | 1 | 1 |
Total estimated fair value | 569,387 | 5,515 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (12,427) | (6) |
12 months or more, unrealized losses | 0 | 0 |
Total unrealized losses | $ (12,427) | $ (6) |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Held-to-Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Estimated Fair Value | ||
Less than 12 months, estimated fair value | $ 97,144 | $ 73,202 |
12 months or more, estimated fair value | 0 | 0 |
Total estimated fair value | 97,144 | 73,202 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (14,510) | (1,648) |
12 months or more, unrealized losses | 0 | 0 |
Total unrealized losses | (14,510) | (1,648) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 27,626 | 3,707 |
12 months or more, estimated fair value | 0 | 0 |
Total estimated fair value | 27,626 | 3,707 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (4,279) | (198) |
12 months or more, unrealized losses | 0 | 0 |
Total unrealized losses | (4,279) | (198) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 69,518 | 69,495 |
12 months or more, estimated fair value | 0 | 0 |
Total estimated fair value | 69,518 | 69,495 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (10,231) | (1,450) |
12 months or more, unrealized losses | 0 | 0 |
Total unrealized losses | $ (10,231) | $ (1,450) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | $ 101 | $ 0 | $ 112 |
Provision for expected credit losses | 88 | (20) | 88 | (31) |
Ending balance | $ 88 | $ 81 | $ 88 | $ 81 |
INVESTMENT SECURITIES - Sched_4
INVESTMENT SECURITIES - Schedule of Gain on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized holding gains (losses) on equity securities | $ (22) | $ 1 | $ (49) | $ (11) |
Net realized gains on sales of other investments | 270 | 0 | ||
Net gain (loss) on securities | $ 248 | $ 1 | $ 221 | $ (11) |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 17,561,022 | $ 15,874,258 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,022,845 | 1,875,993 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 167,237 | 191,298 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 172,245 | 265,779 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 949,191 | 787,837 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 529,268 | 572,701 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 942,357 | 798,409 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,747,284 | 1,452,339 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 7,156,017 | 6,834,917 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 3,874,578 | $ 3,094,985 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred interest on loans, allowance for credit losses | $ 0 | $ 214,000 | |
Interest income on nonaccrual loans | 0 | $ 0 | |
Loans modified that are not troubled debt restructurings | 214,800 | $ 220,800 | |
Loans Excluding Purchased Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring | 41,800 | 76,600 | |
Previous charge-offs | 698 | 654 | |
Allowance for loan losses allocated to troubled debt restructuring | 2,500 | 10,500 | |
Loan Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 53,100 | $ 54,800 |
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, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 122,912 | $ 85,266 |
Financing receivable, nonaccrual, no allowance | 7,519 | 10,376 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 11,742 | 14,214 |
Financing receivable, nonaccrual, no allowance | 0 | 164 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 473 | 476 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 465 | 947 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 178 | 492 |
Financing receivable, nonaccrual, no allowance | 0 | 209 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 21,158 | 15,365 |
Financing receivable, nonaccrual, no allowance | 2,448 | 2,061 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 88,896 | 53,772 |
Financing receivable, nonaccrual, no allowance | $ 5,071 | $ 7,942 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 17,561,022 | $ 15,874,258 |
Loans 90 Days or More Past Due and Still Accruing | 8,542 | 12,648 |
Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 206,389 | 148,707 |
Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 60,951 | 54,024 |
Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 36,887 | 14,215 |
Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 108,552 | 80,468 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 17,354,633 | 15,725,551 |
Commercial, financial and agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,022,845 | 1,875,993 |
Loans 90 Days or More Past Due and Still Accruing | 1,697 | 1,165 |
Commercial, financial and agricultural | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 18,610 | 17,453 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,822 | 3,431 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,725 | 2,005 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 11,063 | 12,017 |
Commercial, financial and agricultural | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,004,235 | 1,858,540 |
Consumer installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 167,237 | 191,298 |
Loans 90 Days or More Past Due and Still Accruing | 466 | 584 |
Consumer installment | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,570 | 3,548 |
Consumer installment | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,132 | 1,786 |
Consumer installment | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 739 | 871 |
Consumer installment | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 699 | 891 |
Consumer installment | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 164,667 | 187,750 |
Indirect automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 172,245 | 265,779 |
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 | 827 | 1,430 |
Indirect automobile | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 394 | 772 |
Indirect automobile | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 137 | 185 |
Indirect automobile | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 296 | 473 |
Indirect automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 171,418 | 264,349 |
Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 949,191 | 787,837 |
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 | 949,191 | 787,837 |
Municipal | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 529,268 | 572,701 |
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 | 529,268 | 572,701 |
Premium finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 942,357 | 798,409 |
Loans 90 Days or More Past Due and Still Accruing | 5,795 | 9,134 |
Premium finance | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 19,655 | 20,466 |
Premium finance | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,462 | 6,992 |
Premium finance | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,398 | 4,340 |
Premium finance | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,795 | 9,134 |
Premium finance | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 922,702 | 777,943 |
Real estate – construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,747,284 | 1,452,339 |
Loans 90 Days or More Past Due and Still Accruing | 584 | 1,758 |
Real estate – construction and development | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 24,360 | 20,189 |
Real estate – construction and development | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 18,050 | 16,601 |
Real estate – construction and development | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,677 | 1,398 |
Real estate – construction and development | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 633 | 2,190 |
Real estate – construction and development | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,722,924 | 1,432,150 |
Real estate – commercial and farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,156,017 | 6,834,917 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 7 |
Real estate – commercial and farmland | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 17,705 | 13,787 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,706 | 6,713 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 11,334 | 1,150 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,666 | 5,924 |
Real estate – commercial and farmland | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,138,312 | 6,821,130 |
Real estate – residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,874,578 | 3,094,985 |
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 | 122,662 | 71,834 |
Real estate – residential | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 27,385 | 17,729 |
Real estate – residential | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8,877 | 4,266 |
Real estate – residential | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 86,400 | 49,839 |
Real estate – residential | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 3,751,916 | $ 3,023,151 |
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, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 39,968 | $ 52,078 |
Allowance for Credit Losses | 3,935 | 7,897 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,695 | 2,613 |
Allowance for Credit Losses | 168 | 723 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,136 | 2,989 |
Allowance for Credit Losses | 91 | 30 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 0 | 1,432 |
Allowance for Credit Losses | 0 | 45 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 22,820 | 33,332 |
Allowance for Credit Losses | 2,096 | 6,646 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 14,317 | 11,712 |
Allowance for Credit Losses | $ 1,580 | $ 453 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Risk Grade (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | $ 3,623,824 | $ 5,989,264 |
Year two | 5,025,261 | 2,709,114 |
Year three | 2,511,814 | 1,925,433 |
Year four | 1,588,879 | 1,037,226 |
Year five | 855,368 | 898,344 |
Prior | 2,348,000 | 1,925,757 |
Revolving Loans Amortized Cost Basis | 1,607,876 | 1,389,120 |
Loans, net of unearned income | 17,561,022 | 15,874,258 |
9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 534,488 | 913,036 |
Year two | 638,418 | 280,305 |
Year three | 215,471 | 193,301 |
Year four | 147,175 | 120,512 |
Year five | 86,618 | 53,671 |
Prior | 66,680 | 48,227 |
Revolving Loans Amortized Cost Basis | 333,995 | 266,941 |
Loans, net of unearned income | 2,022,845 | 1,875,993 |
Commercial, financial and agricultural | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 527,870 | 903,630 |
Year two | 637,107 | 279,037 |
Year three | 214,934 | 188,810 |
Year four | 143,779 | 118,613 |
Year five | 85,058 | 50,737 |
Prior | 59,648 | 40,376 |
Revolving Loans Amortized Cost Basis | 331,032 | 262,951 |
Loans, net of unearned income | 1,999,428 | 1,844,154 |
Commercial, financial and agricultural | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 190 |
Year two | 151 | 0 |
Year three | 92 | 393 |
Year four | 274 | 427 |
Year five | 160 | 368 |
Prior | 2,881 | 1,832 |
Revolving Loans Amortized Cost Basis | 794 | 1,961 |
Loans, net of unearned income | 4,352 | 5,171 |
Commercial, financial and agricultural | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 6,618 | 9,216 |
Year two | 1,160 | 1,268 |
Year three | 445 | 4,098 |
Year four | 3,122 | 1,472 |
Year five | 1,400 | 2,566 |
Prior | 4,151 | 6,019 |
Revolving Loans Amortized Cost Basis | 2,169 | 2,029 |
Loans, net of unearned income | 19,065 | 26,668 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 25,944 | 35,840 |
Year two | 18,234 | 59,504 |
Year three | 46,455 | 37,485 |
Year four | 28,923 | 27,482 |
Year five | 21,619 | 9,890 |
Prior | 17,167 | 11,561 |
Revolving Loans Amortized Cost Basis | 8,895 | 9,536 |
Loans, net of unearned income | 167,237 | 191,298 |
Consumer installment | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 25,920 | 35,781 |
Year two | 18,153 | 59,221 |
Year three | 46,134 | 37,195 |
Year four | 28,754 | 27,266 |
Year five | 21,530 | 9,787 |
Prior | 16,607 | 11,021 |
Revolving Loans Amortized Cost Basis | 8,804 | 9,437 |
Loans, net of unearned income | 165,902 | 189,708 |
Consumer installment | 6 | ||
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 | 130 | 135 |
Revolving Loans Amortized Cost Basis | 5 | 5 |
Loans, net of unearned income | 135 | 140 |
Consumer installment | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 24 | 59 |
Year two | 81 | 283 |
Year three | 321 | 290 |
Year four | 169 | 216 |
Year five | 89 | 103 |
Prior | 430 | 405 |
Revolving Loans Amortized Cost Basis | 86 | 94 |
Loans, net of unearned income | 1,200 | 1,450 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 20,331 |
Year four | 15,400 | 102,227 |
Year five | 73,223 | 90,688 |
Prior | 83,622 | 52,533 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 172,245 | 265,779 |
Indirect automobile | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 20,276 |
Year four | 15,350 | 101,969 |
Year five | 72,999 | 90,294 |
Prior | 82,645 | 51,468 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 170,994 | 264,007 |
Indirect automobile | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 24 |
Year five | 0 | 10 |
Prior | 20 | 19 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 20 | 53 |
Indirect automobile | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 55 |
Year four | 50 | 234 |
Year five | 224 | 384 |
Prior | 957 | 1,046 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 1,231 | 1,719 |
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 | 949,191 | 787,837 |
Loans, net of unearned income | 949,191 | 787,837 |
Mortgage warehouse | Pass | ||
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 | 949,191 | 787,837 |
Loans, net of unearned income | 949,191 | 787,837 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 10,775 | 44,727 |
Year two | 43,922 | 219,385 |
Year three | 194,357 | 14,831 |
Year four | 13,779 | 5,494 |
Year five | 4,853 | 109,040 |
Prior | 261,582 | 179,224 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 529,268 | 572,701 |
Municipal | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 10,775 | 44,727 |
Year two | 43,922 | 219,385 |
Year three | 194,357 | 14,831 |
Year four | 13,779 | 5,494 |
Year five | 4,853 | 109,040 |
Prior | 261,582 | 179,224 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 529,268 | 572,701 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 792,621 | 796,923 |
Year two | 149,550 | 1,154 |
Year three | 111 | 26 |
Year four | 0 | 0 |
Year five | 0 | 302 |
Prior | 75 | 4 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 942,357 | 798,409 |
Premium finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 790,855 | 787,884 |
Year two | 146,821 | 1,059 |
Year three | 110 | 26 |
Year four | 0 | 0 |
Year five | 0 | 302 |
Prior | 75 | 4 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 937,861 | 789,275 |
Premium finance | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 1,766 | 9,039 |
Year two | 2,729 | 95 |
Year three | 1 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 4,496 | 9,134 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 385,031 | 833,764 |
Year two | 850,008 | 292,041 |
Year three | 300,493 | 176,483 |
Year four | 128,463 | 53,509 |
Year five | 26,018 | 24,590 |
Prior | 31,066 | 47,626 |
Revolving Loans Amortized Cost Basis | 26,205 | 24,326 |
Loans, net of unearned income | 1,747,284 | 1,452,339 |
Real estate – construction and development | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 380,485 | 826,094 |
Year two | 844,549 | 290,814 |
Year three | 299,850 | 176,476 |
Year four | 128,437 | 35,773 |
Year five | 12,891 | 24,533 |
Prior | 30,227 | 44,514 |
Revolving Loans Amortized Cost Basis | 26,205 | 21,267 |
Loans, net of unearned income | 1,722,644 | 1,419,471 |
Real estate – construction and development | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 4,330 | 6,527 |
Year two | 5,241 | 549 |
Year three | 432 | 0 |
Year four | 0 | 15,260 |
Year five | 48 | 0 |
Prior | 580 | 2,101 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 10,631 | 24,437 |
Real estate – construction and development | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 216 | 1,143 |
Year two | 218 | 678 |
Year three | 211 | 7 |
Year four | 26 | 2,476 |
Year five | 13,079 | 57 |
Prior | 259 | 1,011 |
Revolving Loans Amortized Cost Basis | 0 | 3,059 |
Loans, net of unearned income | 14,009 | 8,431 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 994,400 | 2,191,416 |
Year two | 2,072,283 | 1,208,260 |
Year three | 1,153,101 | 1,131,384 |
Year four | 934,700 | 566,131 |
Year five | 504,851 | 496,672 |
Prior | 1,423,699 | 1,160,655 |
Revolving Loans Amortized Cost Basis | 72,983 | 80,399 |
Loans, net of unearned income | 7,156,017 | 6,834,917 |
Real estate – commercial and farmland | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 993,793 | 2,186,291 |
Year two | 2,069,024 | 1,205,578 |
Year three | 1,150,513 | 1,119,239 |
Year four | 891,580 | 542,295 |
Year five | 496,721 | 486,477 |
Prior | 1,373,284 | 1,103,675 |
Revolving Loans Amortized Cost Basis | 72,965 | 80,379 |
Loans, net of unearned income | 7,047,880 | 6,723,934 |
Real estate – commercial and farmland | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 607 | 416 |
Year two | 0 | 0 |
Year three | 0 | 1,036 |
Year four | 29,343 | 14,760 |
Year five | 1,163 | 5,334 |
Prior | 18,007 | 21,665 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 49,120 | 43,211 |
Real estate – commercial and farmland | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 4,709 |
Year two | 3,259 | 2,682 |
Year three | 2,588 | 11,109 |
Year four | 13,777 | 9,076 |
Year five | 6,967 | 4,861 |
Prior | 32,408 | 35,315 |
Revolving Loans Amortized Cost Basis | 18 | 20 |
Loans, net of unearned income | 59,017 | 67,772 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 880,565 | 1,173,558 |
Year two | 1,252,846 | 648,465 |
Year three | 601,826 | 351,592 |
Year four | 320,439 | 161,871 |
Year five | 138,186 | 113,491 |
Prior | 464,109 | 425,927 |
Revolving Loans Amortized Cost Basis | 216,607 | 220,081 |
Loans, net of unearned income | 3,874,578 | 3,094,985 |
Real estate – residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 880,233 | 1,171,008 |
Year two | 1,243,230 | 638,232 |
Year three | 582,823 | 329,247 |
Year four | 290,790 | 149,990 |
Year five | 123,347 | 108,538 |
Prior | 438,034 | 408,240 |
Revolving Loans Amortized Cost Basis | 214,894 | 217,982 |
Loans, net of unearned income | 3,773,351 | 3,023,237 |
Real estate – residential | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 64 | 145 |
Year two | 218 | 66 |
Year three | 47 | 1,106 |
Year four | 608 | 505 |
Year five | 508 | 356 |
Prior | 2,680 | 3,717 |
Revolving Loans Amortized Cost Basis | 61 | 49 |
Loans, net of unearned income | 4,186 | 5,944 |
Real estate – residential | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 268 | 2,405 |
Year two | 9,398 | 10,167 |
Year three | 18,956 | 21,239 |
Year four | 29,041 | 11,376 |
Year five | 14,331 | 4,597 |
Prior | 23,395 | 13,970 |
Revolving Loans Amortized Cost Basis | 1,652 | 2,050 |
Loans, net of unearned income | 97,041 | 65,804 |
Total Loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 3,609,931 | 5,955,415 |
Year two | 5,002,806 | 2,693,326 |
Year three | 2,488,721 | 1,886,100 |
Year four | 1,512,469 | 981,400 |
Year five | 817,399 | 879,708 |
Prior | 2,262,102 | 1,838,522 |
Revolving Loans Amortized Cost Basis | 1,603,091 | 1,379,853 |
Loans, net of unearned income | 17,296,519 | 15,614,324 |
Total Loans | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 5,001 | 7,278 |
Year two | 5,610 | 615 |
Year three | 571 | 2,535 |
Year four | 30,225 | 30,976 |
Year five | 1,879 | 6,068 |
Prior | 24,298 | 29,469 |
Revolving Loans Amortized Cost Basis | 860 | 2,015 |
Loans, net of unearned income | 68,444 | 78,956 |
Total Loans | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 8,892 | 26,571 |
Year two | 16,845 | 15,173 |
Year three | 22,522 | 36,798 |
Year four | 46,185 | 24,850 |
Year five | 36,090 | 12,568 |
Prior | 61,600 | 57,766 |
Revolving Loans Amortized Cost Basis | 3,925 | 7,252 |
Loans, net of unearned income | $ 196,059 | $ 180,978 |
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, 2022 USD ($) contract branch | Jun. 30, 2021 USD ($) contract branch | Jun. 30, 2022 USD ($) contract branch | Jun. 30, 2021 USD ($) contract branch | Dec. 31, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 8 | 9 | 15 | 25 | |
Troubled debt restructurings principal balances | $ 2,298 | $ 9,298 | $ 3,510 | $ 18,368 | |
Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 14 | 25 | 37 | 60 | |
Troubled debt restructurings principal balances | $ 1,073 | $ 1,169 | $ 3,181 | $ 7,195 | |
Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 445 | 494 | |||
Troubled debt restructurings principal balances | $ 36,100 | $ 65,582 | |||
Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 78 | 120 | |||
Troubled debt restructurings principal balances | $ 5,657 | $ 11,006 | |||
Commercial, financial and agricultural | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 2 | 2 | 6 | |
Troubled debt restructurings principal balances | $ 502 | $ 165 | $ 502 | $ 591 | |
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 1 | 3 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 357 | $ 49 | |
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 9 | 12 | |||
Troubled debt restructurings principal balances | $ 964 | $ 1,286 | |||
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 3 | 6 | |||
Troubled debt restructurings principal balances | $ 364 | $ 83 | |||
Consumer installment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 2 | 0 | 2 | |
Troubled debt restructurings principal balances | $ 0 | $ 8 | $ 0 | $ 8 | |
Consumer installment | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 2 | 4 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 3 | $ 5 | |
Consumer installment | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 4 | 7 | |||
Troubled debt restructurings principal balances | $ 9 | $ 16 | |||
Consumer installment | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 10 | 17 | |||
Troubled debt restructurings principal balances | $ 14 | $ 35 | |||
Premium finance | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 6 | 0 | ||
Troubled debt restructurings principal balances | $ 756 | $ 993 | $ 0 | ||
Premium finance | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 6 | ||||
Troubled debt restructurings principal balances | $ 993 | ||||
Premium finance | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | ||||
Troubled debt restructurings principal balances | $ 0 | ||||
Indirect automobile | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | branch | 3 | 7 | 12 | 22 | |
Troubled debt restructurings principal balances | $ 2 | $ 27 | $ 22 | $ 112 | |
Indirect automobile | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 196 | 233 | |||
Troubled debt restructurings principal balances | $ 759 | $ 1,037 | |||
Indirect automobile | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 30 | 52 | |||
Troubled debt restructurings principal balances | $ 122 | $ 273 | |||
Real estate – construction and development | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 0 | 0 | 1 | |
Troubled debt restructurings principal balances | $ 0 | $ 0 | $ 0 | $ 1 | |
Real estate – construction and development | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 4 | |||
Troubled debt restructurings principal balances | $ 706 | $ 789 | |||
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 | 0 | 1 | |||
Troubled debt restructurings principal balances | $ 0 | $ 13 | |||
Real estate – commercial and farmland | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 3 | 2 | 5 | |
Troubled debt restructurings principal balances | $ 578 | $ 8,653 | $ 578 | $ 16,312 | |
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 0 | 1 | 1 | 3 | |
Troubled debt restructurings principal balances | $ 0 | $ 202 | $ 8 | $ 5,382 | |
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 18 | 25 | |||
Troubled debt restructurings principal balances | $ 8,213 | $ 35,575 | |||
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 | 4 | 5 | |||
Troubled debt restructurings principal balances | $ 788 | $ 5,924 | |||
Real estate – residential | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 2 | 2 | 5 | 12 | |
Troubled debt restructurings principal balances | $ 462 | $ 472 | $ 1,437 | $ 1,457 | |
Real estate – residential | Financing Receivables, 30 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 11 | 17 | 21 | 27 | |
Troubled debt restructurings principal balances | $ 1,071 | $ 940 | $ 2,791 | $ 1,646 | |
Real estate – residential | Financing Receivables, 30 Days Past Due | Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 210 | 213 | |||
Troubled debt restructurings principal balances | $ 24,456 | $ 26,879 | |||
Real estate – residential | Financing Receivables, 30 Days Past Due | Non-Accruing Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of contracts | contract | 31 | 39 | |||
Troubled debt restructurings principal balances | $ 4,369 | $ 4,678 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ 161,251 | $ 178,570 | $ 167,582 | $ 199,422 |
Provision for loan losses | 13,227 | (899) | 10,493 | (17,478) |
Loans charged off | (6,853) | (7,138) | (15,432) | (14,712) |
Recoveries of loans previously charged off | 5,017 | 4,537 | 9,999 | 7,838 |
Ending balance, Allowance | 172,642 | 175,070 | 172,642 | 175,070 |
Commercial, financial and agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 25,526 | 8,291 | 26,829 | 7,359 |
Provision for loan losses | 1,738 | 1,502 | 1,953 | 4,077 |
Loans charged off | (4,391) | (3,529) | (8,805) | (5,899) |
Recoveries of loans previously charged off | 2,785 | 625 | 5,681 | 1,352 |
Ending balance, Allowance | 25,658 | 6,889 | 25,658 | 6,889 |
Consumer installment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 5,619 | 8,790 | 6,097 | 4,076 |
Provision for loan losses | 557 | 491 | 1,346 | 6,297 |
Loans charged off | (1,137) | (1,669) | (2,562) | (3,117) |
Recoveries of loans previously charged off | 230 | 212 | 388 | 568 |
Ending balance, Allowance | 5,269 | 7,824 | 5,269 | 7,824 |
Indirect automobile | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 373 | 1,272 | 476 | 1,929 |
Provision for loan losses | (306) | (423) | (596) | (951) |
Loans charged off | (41) | (141) | (129) | (970) |
Recoveries of loans previously charged off | 265 | 372 | 540 | 1,072 |
Ending balance, Allowance | 291 | 1,080 | 291 | 1,080 |
Mortgage warehouse | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 3,010 | 3,521 | 3,231 | 3,666 |
Provision for loan losses | 875 | (156) | 654 | (301) |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 3,885 | 3,365 | 3,885 | 3,365 |
Municipal | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 384 | 790 | 401 | 791 |
Provision for loan losses | (13) | (13) | (30) | (14) |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 371 | 777 | 371 | 777 |
Premium finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 2,515 | 4,100 | 2,729 | 3,879 |
Provision for loan losses | 200 | (833) | 108 | (391) |
Loans charged off | (1,066) | (1,194) | (2,435) | (2,537) |
Recoveries of loans previously charged off | 1,113 | 2,466 | 2,360 | 3,588 |
Ending balance, Allowance | 2,762 | 4,539 | 2,762 | 4,539 |
Real estate – construction and development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 26,831 | 22,858 | 22,045 | 45,304 |
Provision for loan losses | (3,954) | (3,757) | 614 | (26,344) |
Loans charged off | 0 | (186) | 0 | (212) |
Recoveries of loans previously charged off | 355 | 84 | 573 | 251 |
Ending balance, Allowance | 23,232 | 18,999 | 23,232 | 18,999 |
Real estate – commercial and farmland | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 67,033 | 91,211 | 77,831 | 88,894 |
Provision for loan losses | (7,647) | (3,031) | (17,199) | 640 |
Loans charged off | (81) | (27) | (1,364) | (1,422) |
Recoveries of loans previously charged off | 44 | 185 | 81 | 226 |
Ending balance, Allowance | 59,349 | 88,338 | 59,349 | 88,338 |
Real estate – residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 29,960 | 37,737 | 27,943 | 43,524 |
Provision for loan losses | 21,777 | 5,321 | 23,643 | (491) |
Loans charged off | (137) | (392) | (137) | (555) |
Recoveries of loans previously charged off | 225 | 593 | 376 | 781 |
Ending balance, Allowance | $ 51,825 | $ 43,259 | $ 51,825 | $ 43,259 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities sold under agreements to repurchase | $ 953 | $ 5,845 |
OTHER BORROWINGS - Schedule of
OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 127,325 | $ 126,328 |
Other borrowings | 425,592 | 739,879 |
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 | $ 1,394 | 1,400 |
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 | $ 965 | 969 |
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 | $ 1,348 | 1,421 |
Debt instrument, interest rate, effective percentage | 3.095% | |
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 0 | 50,500 |
Debt instrument, interest rate, effective percentage | 5.50% | |
Unaccreted purchase accounting fair value adjustment | $ 0 | (500) |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $616 and $681, 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 | $ 74,384 | 74,319 |
Debt instrument, interest rate, effective percentage | 5.75% | |
Unamortized debt issuance expense | $ 616 | 681 |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $616 and $681, 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 $1,801 and $1,923, 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 | $ 118,199 | 118,077 |
Debt instrument, interest rate, effective percentage | 4.25% | |
Unamortized debt issuance expense | $ 1,801 | 1,923 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,801 and $1,923, 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 $967 and $1,028, 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 | $ 75,967 | 76,028 |
Debt instrument, interest rate, effective percentage | 5.875% | |
Unaccreted purchase accounting fair value adjustment | $ (967) | (1,028) |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $967 and $1,028, 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 $1,665 and $1,766, 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 | $ 108,335 | 108,234 |
Debt instrument, interest rate, effective percentage | 3.875% | |
Unamortized debt issuance expense | $ 1,665 | 1,766 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,665 and $1,766, 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% | |
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% | ||
Other Borrowings [Line Items] | ||
Securitization facilities | $ 0 | 19,199 |
Debt instrument, interest rate, effective percentage | 5.11% | |
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% | ||
Other Borrowings [Line Items] | ||
Securitization facilities | $ 0 | 139,329 |
Debt instrument, interest rate, effective percentage | 2.84% | |
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% | ||
Other Borrowings [Line Items] | ||
Securitization facilities | $ 0 | $ 105,403 |
Debt instrument, interest rate, effective percentage | 1.48% |
OTHER BORROWINGS - Narrative (D
OTHER BORROWINGS - Narrative (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | $ 4,190 |
Credit arrangements for federal funds purchase | 127 |
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value | 2,910 |
Loans pledged at federal reserve discount window available for borrowing | $ 2,210 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 3,007,159 | $ 2,757,596 | $ 2,966,451 | $ 2,647,088 |
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | 0 |
Current year changes, net of tax | (10,794) | (1,066) | (28,225) | (8,481) |
Balance at end of period | 3,073,376 | 2,837,004 | 3,073,376 | 2,837,004 |
Unrealized Gain (Loss) on Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,841) | 26,090 | 15,590 | 33,505 |
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 | 0 |
Current year changes, net of tax | (10,794) | (1,066) | (28,225) | (8,481) |
Balance at end of period | (12,635) | 25,024 | (12,635) | 25,024 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,841) | 26,090 | 15,590 | 33,505 |
Balance at end of period | $ (12,635) | $ 25,024 | $ (12,635) | $ 25,024 |
WEIGHTED AVERAGE SHARES OUTST_3
WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Average common shares outstanding (in shares) | 69,136,000 | 69,497,000 | 69,246,000 | 69,448,000 |
Common share equivalents: | ||||
Stock options (in shares) | 16,000 | 64,000 | 24,000 | 74,000 |
Nonvested restricted share grants (in shares) | 46,000 | 151,000 | 97,000 | 153,000 |
Performance share units (in shares) | 118,000 | 80,000 | 118,000 | 90,000 |
Average common shares outstanding, assuming dilution (in shares) | 69,316,000 | 69,792,000 | 69,485,000 | 69,765,000 |
Potential common shares with strike prices that would cause them to be anti-dilutive (in shares) | 33,536 | 0 | 0 | 0 |
FAIR VALUE MEASURES - Loans Hel
FAIR VALUE MEASURES - Loans Held for Sale Under the Fair Value Option (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 555,665 | $ 1,254,632 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 555,039 | 1,247,997 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 626 | $ 6,635 |
FAIR VALUE MEASURES - Narrative
FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||||
Net gains (losses) from change in fair value of mortgages loans held for sale | $ 11.2 | $ 10 | $ (32.7) | $ (15.1) |
Net losses from change in fair value of derivative financial instruments | $ 27.1 | $ 45.1 | $ 1.2 | $ 17.6 |
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, 2022 | Dec. 31, 2021 |
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 | $ 555,039 | $ 1,247,997 |
Aggregate unpaid principal balance of loans held for sale | 551,420 | 1,211,646 |
Past-due loans of 90 days or more | 694 | 746 |
Nonaccrual loans | 694 | 746 |
Unpaid principal balance of nonaccrual loans | 712 | 718 |
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 | 626 | 6,635 |
Aggregate unpaid principal balance of loans held for sale | 565 | 5,825 |
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, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | $ 1,052,268 | $ 592,621 |
Loans held for sale | 555,665 | 1,254,632 |
U.S. government-sponsored agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 2,021 | 7,172 |
State, county and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 40,963 | 47,812 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 15,463 | 28,496 |
SBA pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 34,431 | 45,201 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 646,501 | 463,940 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 555,665 | 1,254,632 |
Total recurring assets at fair value | 1,618,012 | 1,859,193 |
Total recurring liabilities at fair value | 710 | |
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 | 312,889 | 0 |
Total recurring liabilities at fair value | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 555,665 | 1,254,632 |
Total recurring assets at fair value | 1,303,803 | 1,857,813 |
Total recurring liabilities at fair value | 710 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 1,320 | 1,380 |
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 1,320 | 1,380 |
Total recurring liabilities at fair value | 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 | 10,079 | 11,940 |
Mortgage banking derivative instruments | 710 | |
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 |
Mortgage banking derivative instruments | 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 | 10,079 | 11,940 |
Mortgage banking derivative instruments | 710 | |
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 |
Mortgage banking derivative instruments | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 312,889 | |
Fair Value, Measurements, Recurring | U.S. Treasuries | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 312,889 | |
Fair Value, Measurements, Recurring | U.S. Treasuries | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasuries | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 0 | |
Fair Value, Measurements, Recurring | U.S. government-sponsored agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 2,021 | 7,172 |
Fair Value, Measurements, Recurring | U.S. government-sponsored agencies | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 2,021 | 7,172 |
Fair Value, Measurements, Recurring | U.S. government-sponsored agencies | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 40,963 | 47,812 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 40,963 | 47,812 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 15,463 | 28,496 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 14,143 | 27,116 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 1,320 | 1,380 |
Fair Value, Measurements, Recurring | SBA pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 34,431 | 45,201 |
Fair Value, Measurements, Recurring | SBA pool securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 34,431 | 45,201 |
Fair Value, Measurements, Recurring | SBA pool securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 646,501 | 463,940 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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] | ||
Debt securities available for sale, at fair value | 646,501 | 463,940 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt 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, 2022 | Dec. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 293,847 | $ 251,125 |
Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 36,033 | 44,181 |
Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 702 | |
Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 257,112 | 206,944 |
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 | |
Level 1 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
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 | |
Level 2 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 293,847 | 251,125 |
Level 3 | Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 36,033 | 44,181 |
Level 3 | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 702 | |
Level 3 | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 257,112 | $ 206,944 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, at fair value | $ 1,052,268 | $ 592,621 |
Other real estate owned, at fair value | 835 | 3,810 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, at fair value | 1,320 | 1,380 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, at fair value | 36,033 | 44,181 |
Other real estate owned, at fair value | 702 | |
Mortgage servicing rights | $ 257,112 | $ 206,944 |
Discounted par values | Discount rate | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.13 | 0.08 |
Discounted par values | Discount rate | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.13 | 0.08 |
Discounted par values | Loss Given Default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.44 | |
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] | ||
Debt securities available for sale, measurement input | 0.44 | |
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 | 0% | 0% |
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 | 40% | 50% |
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 | 31% | 39% |
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 | |
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 | 0.55 | |
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 | 0.37 | |
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 | 0.10 | 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 | 0.11 | 0.10 |
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 | 0.10 | 0.09 |
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 | 0.04 | 0.10 |
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 | 0.22 | 0.40 |
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 | 0.08 | 13 |
FAIR VALUE MEASURES - Carrying
FAIR VALUE MEASURES - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Cash and due from banks | $ 345,627 | $ 307,813 |
Federal funds sold and interest-bearing accounts | 1,961,209 | 3,756,844 |
Debt securities held-to-maturity | 97,144 | 78,206 |
Financial liabilities: | ||
Other borrowings | 425,592 | 739,879 |
Subordinated deferrable interest debentures | 127,325 | 126,328 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 345,627 | 307,813 |
Federal funds sold and interest-bearing accounts | 1,961,209 | 3,756,844 |
Debt securities held-to-maturity | 111,654 | 79,850 |
Loans, net | 17,352,347 | 15,662,495 |
Accrued interest receivable | 56,995 | 56,917 |
Financial liabilities: | ||
Deposits | 19,684,982 | 19,665,553 |
Securities sold under agreements to repurchase | 953 | 5,845 |
Other borrowings | 425,592 | 739,879 |
Subordinated deferrable interest debentures | 127,325 | 126,328 |
Accrued interest payable | 2,875 | 4,313 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 345,627 | 307,813 |
Federal funds sold and interest-bearing accounts | 1,961,209 | 3,756,844 |
Debt securities held-to-maturity | 97,144 | 78,206 |
Loans, net | 17,056,635 | 15,509,410 |
Accrued interest receivable | 56,995 | 56,917 |
Financial liabilities: | ||
Deposits | 19,682,653 | 19,667,612 |
Securities sold under agreements to repurchase | 953 | 5,845 |
Other borrowings | 418,722 | 760,829 |
Subordinated deferrable interest debentures | 117,240 | 117,764 |
Accrued interest payable | 2,875 | 4,313 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 345,627 | 307,813 |
Federal funds sold and interest-bearing accounts | 1,961,209 | 3,756,844 |
Debt 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 | 953 | 5,845 |
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 |
Debt securities held-to-maturity | 97,144 | 78,206 |
Loans, net | 0 | 0 |
Accrued interest receivable | 3,867 | 2,373 |
Financial liabilities: | ||
Deposits | 19,682,653 | 19,667,612 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 418,722 | 760,829 |
Subordinated deferrable interest debentures | 117,240 | 117,764 |
Accrued interest payable | 2,875 | 4,313 |
Fair Value | Level 3 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing accounts | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
Loans, net | 17,056,635 | 15,509,410 |
Accrued interest receivable | 53,128 | 54,544 |
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, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $ 5,420,227 | $ 4,328,749 |
Unused home equity lines of credit | 303,428 | 272,029 |
Financial standby letters of credit | 30,272 | 36,184 |
Mortgage interest rate lock commitments | $ 320,320 | $ 417,126 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for unfunded commitments | $ 13,227 | $ (899) | $ 10,493 | $ (17,478) |
Unfunded Loan Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 42,194 | 21,015 | 33,185 | 32,854 |
Provision for unfunded commitments | 1,779 | 1,299 | 10,788 | (10,540) |
Ending balance, Allowance | $ 43,973 | $ 22,314 | $ 43,973 | $ 22,314 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Federal Home Loan Bank | Letter of Credit | |
Loss Contingencies [Line Items] | |
Letter of credit | $ 400 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 202,568 | $ 173,751 | $ 385,942 | $ 351,701 | |
Interest expense | 11,204 | 11,899 | 22,034 | 24,872 | |
Net interest income | 191,364 | 161,852 | 363,908 | 326,829 | |
Provision for credit losses | 14,924 | 142 | 21,155 | (28,449) | |
Noninterest income | 83,841 | 89,240 | 170,752 | 207,213 | |
Noninterest expense | |||||
Salaries and employee benefits | 81,545 | 85,505 | 165,826 | 181,490 | |
Occupancy and equipment | 12,746 | 10,812 | 25,473 | 22,593 | |
Data processing and communications expenses | 12,155 | 11,877 | 24,727 | 23,761 | |
Other expenses | 35,750 | 27,567 | 69,990 | 56,715 | |
Total noninterest expense | 142,196 | 135,761 | 286,016 | 284,559 | |
Income before income tax expense | 118,085 | 115,189 | 227,489 | 277,932 | |
Income tax expense | 28,019 | 26,862 | 55,725 | 64,643 | |
Net income | 90,066 | 88,327 | 171,764 | 213,289 | |
Total assets | 23,687,470 | 21,886,931 | 23,687,470 | 21,886,931 | $ 23,858,321 |
Goodwill | 1,023,056 | 928,005 | 1,023,056 | 928,005 | 1,012,620 |
Other intangible assets, net | 115,613 | 63,783 | 115,613 | 63,783 | $ 125,938 |
Banking Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 141,844 | 109,260 | 271,134 | 221,639 | |
Interest expense | (10,278) | (1,410) | (14,733) | (1,847) | |
Net interest income | 152,122 | 110,670 | 285,867 | 223,486 | |
Provision for credit losses | 10,175 | (3,949) | 15,401 | (27,853) | |
Noninterest income | 23,469 | 16,171 | 44,833 | 32,909 | |
Noninterest expense | |||||
Salaries and employee benefits | 46,733 | 37,814 | 95,928 | 80,537 | |
Occupancy and equipment | 11,168 | 9,050 | 22,242 | 19,170 | |
Data processing and communications expenses | 10,863 | 10,280 | 22,093 | 20,481 | |
Other expenses | 21,123 | 18,763 | 41,168 | 38,473 | |
Total noninterest expense | 89,887 | 75,907 | 181,431 | 158,661 | |
Income before income tax expense | 75,529 | 54,883 | 133,868 | 125,587 | |
Income tax expense | 19,120 | 14,196 | 36,116 | 32,652 | |
Net income | 56,409 | 40,687 | 97,752 | 92,935 | |
Total assets | 17,009,855 | 15,561,628 | 17,009,855 | 15,561,628 | |
Goodwill | 958,558 | 863,507 | 958,558 | 863,507 | |
Other intangible assets, net | 105,198 | 50,418 | 105,198 | 50,418 | |
Retail Mortgage Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 38,055 | 34,085 | 70,887 | 64,284 | |
Interest expense | 17,276 | 11,552 | 30,813 | 22,767 | |
Net interest income | 20,779 | 22,533 | 40,074 | 41,517 | |
Provision for credit losses | 4,499 | 5,647 | 6,086 | 1,094 | |
Noninterest income | 57,795 | 69,055 | 119,444 | 166,695 | |
Noninterest expense | |||||
Salaries and employee benefits | 31,219 | 44,798 | 62,833 | 94,636 | |
Occupancy and equipment | 1,406 | 1,553 | 2,877 | 3,029 | |
Data processing and communications expenses | 1,123 | 1,435 | 2,295 | 2,981 | |
Other expenses | 12,812 | 7,638 | 25,457 | 15,827 | |
Total noninterest expense | 46,560 | 55,424 | 93,462 | 116,473 | |
Income before income tax expense | 27,515 | 30,517 | 59,970 | 90,645 | |
Income tax expense | 5,779 | 6,408 | 12,594 | 19,035 | |
Net income | 21,736 | 24,109 | 47,376 | 71,610 | |
Total assets | 4,418,211 | 3,917,275 | 4,418,211 | 3,917,275 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Warehouse Lending Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 8,476 | 8,988 | 15,289 | 19,315 | |
Interest expense | 1,776 | 268 | 2,142 | 689 | |
Net interest income | 6,700 | 8,720 | 13,147 | 18,626 | |
Provision for credit losses | 867 | (155) | 645 | (300) | |
Noninterest income | 1,041 | 1,333 | 2,442 | 2,313 | |
Noninterest expense | |||||
Salaries and employee benefits | 208 | 278 | 491 | 608 | |
Occupancy and equipment | 1 | 1 | 2 | 2 | |
Data processing and communications expenses | 48 | 68 | 95 | 117 | |
Other expenses | 212 | 30 | 430 | 63 | |
Total noninterest expense | 469 | 377 | 1,018 | 790 | |
Income before income tax expense | 6,405 | 9,831 | 13,926 | 20,449 | |
Income tax expense | 1,346 | 2,064 | 2,925 | 4,294 | |
Net income | 5,059 | 7,767 | 11,001 | 16,155 | |
Total assets | 923,829 | 779,234 | 923,829 | 779,234 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
SBA Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 4,757 | 14,050 | 11,537 | 32,084 | |
Interest expense | 959 | 1,168 | 1,728 | 2,567 | |
Net interest income | 3,798 | 12,882 | 9,809 | 29,517 | |
Provision for credit losses | (523) | (607) | (666) | (1,154) | |
Noninterest income | 1,526 | 2,677 | 4,017 | 5,288 | |
Noninterest expense | |||||
Salaries and employee benefits | 1,316 | 937 | 2,587 | 2,319 | |
Occupancy and equipment | 81 | 132 | 180 | 238 | |
Data processing and communications expenses | 29 | 0 | 57 | 1 | |
Other expenses | 539 | 284 | 919 | 579 | |
Total noninterest expense | 1,965 | 1,353 | 3,743 | 3,137 | |
Income before income tax expense | 3,882 | 14,813 | 10,749 | 32,822 | |
Income tax expense | 815 | 3,111 | 2,257 | 6,893 | |
Net income | 3,067 | 11,702 | 8,492 | 25,929 | |
Total assets | 264,227 | 748,234 | 264,227 | 748,234 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Premium Finance Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 9,436 | 7,368 | 17,095 | 14,379 | |
Interest expense | 1,471 | 321 | 2,084 | 696 | |
Net interest income | 7,965 | 7,047 | 15,011 | 13,683 | |
Provision for credit losses | (94) | (794) | (311) | (236) | |
Noninterest income | 10 | 4 | 16 | 8 | |
Noninterest expense | |||||
Salaries and employee benefits | 2,069 | 1,678 | 3,987 | 3,390 | |
Occupancy and equipment | 90 | 76 | 172 | 154 | |
Data processing and communications expenses | 92 | 94 | 187 | 181 | |
Other expenses | 1,064 | 852 | 2,016 | 1,773 | |
Total noninterest expense | 3,315 | 2,700 | 6,362 | 5,498 | |
Income before income tax expense | 4,754 | 5,145 | 8,976 | 8,429 | |
Income tax expense | 959 | 1,083 | 1,833 | 1,769 | |
Net income | 3,795 | 4,062 | 7,143 | 6,660 | |
Total assets | 1,071,348 | 880,560 | 1,071,348 | 880,560 | |
Goodwill | 64,498 | 64,498 | 64,498 | 64,498 | |
Other intangible assets, net | $ 10,415 | $ 13,365 | $ 10,415 | $ 13,365 |
LOAN SERVICING RIGHTS - Schedul
LOAN SERVICING RIGHTS - Schedule of Carrying Value of Loan Servicing Rights Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 262,066 | $ 212,500 | ||||
Residential mortgage | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | 257,112 | $ 232,236 | 206,944 | $ 191,675 | $ 154,746 | $ 130,630 |
SBA | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 4,954 | $ 5,384 | $ 5,556 | $ 6,123 | $ 6,445 | $ 5,839 |
LOAN SERVICING RIGHTS - Narrati
LOAN SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Residential Mortgage Loans | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 18,700 | $ 11,300 | $ 35,800 | $ 21,500 |
SBA servicing rights | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | 1,000 | 1,000 | 1,900 | 2,000 |
Indirect automobile | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 65 | $ 170 | $ 148 | $ 376 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | $ 212,500 | |||
Ending balance | $ 262,066 | 262,066 | ||
Residential mortgage servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 232,236 | $ 154,746 | 206,944 | $ 130,630 |
Additions | 21,551 | 43,377 | 43,252 | 65,244 |
Amortization | (7,514) | (7,197) | (13,576) | (14,681) |
Recoveries | 10,839 | 749 | 20,492 | 10,482 |
Ending balance | 257,112 | 191,675 | 257,112 | 191,675 |
Residential mortgage servicing valuation allowance | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 16,129 | 29,674 | 25,782 | 39,407 |
Recoveries | (10,839) | (749) | (20,492) | (10,482) |
Ending balance | 5,290 | 28,925 | 5,290 | 28,925 |
SBA servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 5,384 | 6,445 | 5,556 | 5,839 |
Additions | 236 | 241 | 774 | 471 |
Amortization | (666) | (563) | (1,376) | (1,092) |
Recoveries | 0 | 0 | 0 | 905 |
Ending balance | 4,954 | 6,123 | 4,954 | 6,123 |
SBA servicing valuation allowance | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 905 |
Recoveries | 0 | 0 | 0 | (905) |
Ending balance | 0 | 0 | 0 | 0 |
Indirect automobile | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 0 | 29 | 0 | 73 |
Amortization | 0 | (29) | 0 | (73) |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 | |
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 | $ 18,304,805 | $ 16,786,442 |
Loans serviced for others, percentage | 100% | 100% |
Weighted average term/life | 342 months | 341 months |
Weighted average age (months) | 22 months | 20 months |
Modeled prepayment speed | 8.11% | 12.96% |
Decline in fair value due to a 10% adverse change | $ (9,451) | $ (8,368) |
Decline in fair value due to a 20% adverse change | $ (17,679) | $ (16,157) |
Weighted average discount rate | 9.77% | 8.77% |
Decline in fair value due to a 10% adverse change | $ (11,577) | $ (6,984) |
Decline in fair value due to a 20% adverse change | $ (21,616) | $ (13,504) |
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 | 21.78% | 21.88% |
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 | 60.49% | 60.26% |
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 | 17.73% | 17.86% |
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 | $ 387,101 | $ 410,167 |
Weighted average term/life | 3 years 7 months 20 days | 3 years 7 months 24 days |
Modeled prepayment speed | 17.81% | 17.68% |
Decline in fair value due to a 10% adverse change | $ (218) | $ (291) |
Decline in fair value due to a 20% adverse change | $ (419) | $ (557) |
Weighted average discount rate | 16.55% | 11.92% |
Decline in fair value due to a 10% adverse change | $ (108) | $ (144) |
Decline in fair value due to a 20% adverse change | $ (212) | $ (282) |