Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 $1 per share | |
Trading Symbol | ABCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,139,288 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000351569 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 284,552 | $ 284,567 |
Federal funds sold and interest-bearing deposits in banks | 1,034,578 | 833,565 |
Cash and cash equivalents | 1,319,130 | 1,118,132 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $82 and $75 | 1,460,356 | 1,500,060 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $121,891 and $114,538) | 142,513 | 134,864 |
Other investments | 109,656 | 110,992 |
Loans held for sale, at fair value | 391,472 | 392,078 |
Loans, net of unearned income | 20,471,759 | 19,855,253 |
Allowance for credit losses | (272,071) | (205,677) |
Loans, net | 20,199,688 | 19,649,576 |
Other real estate owned, net | 6,170 | 843 |
Premises and equipment, net | 218,662 | 220,283 |
Goodwill | 1,015,646 | 1,015,646 |
Other intangible assets, net | 96,800 | 106,194 |
Cash value of bank owned life insurance | 391,483 | 388,405 |
Other assets | 449,042 | 416,213 |
Total assets | 25,800,618 | 25,053,286 |
Deposits: | ||
Noninterest-bearing | 6,706,897 | 7,929,579 |
Interest-bearing | 13,736,228 | 11,533,159 |
Total deposits | 20,443,125 | 19,462,738 |
Other borrowings | 1,536,989 | 1,875,736 |
Subordinated deferrable interest debentures | 129,319 | 128,322 |
Other liabilities | 406,555 | 389,090 |
Total liabilities | 22,515,988 | 21,855,886 |
Commitments and Contingencies (Note 8) | ||
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; 72,514,630 and 72,263,727 shares issued | 72,515 | 72,264 |
Capital surplus | 1,939,865 | 1,935,211 |
Retained earnings | 1,414,742 | 1,311,258 |
Accumulated other comprehensive loss, net of tax | (50,618) | (46,507) |
Treasury stock, at cost, 3,374,847 and 2,894,677 shares | (91,874) | (74,826) |
Total shareholders’ equity | 3,284,630 | 3,197,400 |
Total liabilities and shareholders’ equity | $ 25,800,618 | $ 25,053,286 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt securities available-for-sale, allowance for credit loss | $ 82 | $ 75 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 |
Debt securities held-to-maturity | $ 121,891 | $ 114,538 |
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) | 72,514,630 | 72,263,727 |
Treasury stock (in shares) | 3,374,847 | 2,894,677 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income | ||||
Interest and fees on loans | $ 292,012 | $ 190,740 | $ 563,976 | $ 368,306 |
Interest on taxable securities | 15,915 | 7,064 | 30,215 | 11,303 |
Interest on nontaxable securities | 339 | 269 | 678 | 455 |
Interest on deposits in other banks and federal funds sold | 13,686 | 4,495 | 22,799 | 5,878 |
Total interest income | 321,952 | 202,568 | 617,668 | 385,942 |
Interest expense | ||||
Interest on deposits | 88,087 | 4,908 | 141,269 | 9,000 |
Interest on other borrowings | 24,325 | 6,296 | 55,207 | 13,034 |
Total interest expense | 112,412 | 11,204 | 196,476 | 22,034 |
Net interest income | 209,540 | 191,364 | 421,192 | 363,908 |
Provision for loan losses | 43,643 | 13,227 | 93,019 | 10,493 |
Provision for unfunded commitments | 1,873 | 1,779 | 2,219 | 10,788 |
Provision for other credit losses | 0 | (82) | 7 | (126) |
Provision for credit losses | 45,516 | 14,924 | 95,245 | 21,155 |
Net interest income after provision for credit losses | 164,024 | 176,440 | 325,947 | 342,753 |
Noninterest income | ||||
Service charges on deposit accounts | 11,295 | 11,148 | 22,231 | 22,206 |
Mortgage banking activity | 40,742 | 58,761 | 72,134 | 121,699 |
Other service charges, commissions and fees | 975 | 998 | 1,946 | 1,937 |
Net gain (loss) on securities | (6) | 248 | 0 | 221 |
Other noninterest income | 14,343 | 12,686 | 27,088 | 24,689 |
Total noninterest income | 67,349 | 83,841 | 123,399 | 170,752 |
Noninterest expense | ||||
Salaries and employee benefits | 81,336 | 81,545 | 162,246 | 165,826 |
Occupancy and equipment | 12,522 | 12,746 | 25,508 | 25,473 |
Data processing and communications expenses | 13,451 | 12,155 | 26,485 | 24,727 |
Credit resolution-related expenses | 848 | 496 | 1,283 | (469) |
Advertising and marketing | 2,627 | 3,122 | 6,159 | 5,110 |
Amortization of intangible assets | 4,688 | 5,144 | 9,394 | 10,325 |
Merger and conversion charges | 0 | 0 | 0 | 977 |
Loan servicing expense | 8,771 | 9,920 | 17,102 | 18,839 |
Other noninterest expenses | 24,160 | 17,068 | 39,647 | 35,208 |
Total noninterest expense | 148,403 | 142,196 | 287,824 | 286,016 |
Income before income tax expense | 82,970 | 118,085 | 161,522 | 227,489 |
Income tax expense | 20,335 | 28,019 | 38,466 | 55,725 |
Net income | 62,635 | 90,066 | 123,056 | 171,764 |
Other comprehensive loss | ||||
Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(5,118), $(2,870), $(1,399) and $(7,503) | (15,037) | (10,794) | (4,111) | (28,225) |
Total other comprehensive loss | (15,037) | (10,794) | (4,111) | (28,225) |
Comprehensive income | $ 47,598 | $ 79,272 | $ 118,945 | $ 143,539 |
Basic earnings per common share (in dollars per share) | $ 0.91 | $ 1.30 | $ 1.78 | $ 2.48 |
Diluted earnings per common share (in dollars per share) | $ 0.91 | $ 1.30 | $ 1.78 | $ 2.47 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 68,990 | 69,136 | 69,085 | 69,246 |
Diluted (in shares) | 69,035 | 69,316 | 69,192 | 69,485 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Tax benefit from unrealized holding losses on securities arising during period | $ (5,118) | $ (2,870) | $ (1,399) | $ (7,503) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of change in accounting principle for ASU 2022-02 | Common Stock | Capital Surplus | Retained Earnings | Retained Earnings Cumulative effect of change in accounting principle for ASU 2022-02 | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |
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) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
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 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 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) | ||
Balance at end of period (in shares) at Dec. 31, 2022 | 72,263,727 | |||||||
Balance at end of period (in shares) at Dec. 31, 2022 | 2,894,677 | 2,894,677 | ||||||
Balance at end of period at Dec. 31, 2022 | $ 3,197,400 | $ 1,277 | $ 72,264 | 1,935,211 | 1,311,258 | $ 1,277 | (46,507) | $ (74,826) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 [Member] | |||||||
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) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
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 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) | ||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 72,263,727 | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 2,894,677 | 2,894,677 | ||||||
Balance at beginning of period at Dec. 31, 2022 | $ 3,197,400 | $ 1,277 | $ 72,264 | 1,935,211 | 1,311,258 | $ 1,277 | (46,507) | $ (74,826) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 131,930 | |||||||
Issuance of restricted shares | 0 | $ 132 | (132) | |||||
Issuance of common shares pursuant to PSU agreements (in shares) | 102,973 | |||||||
Issuance of common shares pursuant to PSU agreements | 0 | $ 103 | (103) | |||||
Proceeds from exercise of stock options (in shares) | 16,000 | |||||||
Proceeds from exercise of stock options | 476 | $ 16 | 460 | |||||
Share-based compensation | 4,429 | 4,429 | ||||||
Purchase of treasury shares (in shares) | 480,170 | |||||||
Purchase of treasury shares | (17,048) | $ (17,048) | ||||||
Net income | 123,056 | 123,056 | ||||||
Dividends on common shares | (20,849) | (20,849) | ||||||
Other comprehensive loss during the period | $ (4,111) | (4,111) | ||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 72,514,630 | |||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 3,374,847 | 3,374,847 | ||||||
Balance at end of period at Jun. 30, 2023 | $ 3,284,630 | $ 72,515 | 1,939,865 | 1,414,742 | (50,618) | $ (91,874) | ||
Balance at beginning of period (in shares) at Mar. 31, 2023 | 72,484,210 | |||||||
Balance at beginning of period (in shares) at Mar. 31, 2023 | 3,110,347 | |||||||
Balance at beginning of period at Mar. 31, 2023 | 3,253,195 | $ 72,484 | 1,937,664 | 1,362,512 | (35,581) | $ (83,884) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 30,420 | |||||||
Issuance of restricted shares | 0 | $ 31 | (31) | |||||
Share-based compensation | 2,232 | 2,232 | ||||||
Purchase of treasury shares (in shares) | 264,500 | |||||||
Purchase of treasury shares | (7,990) | $ (7,990) | ||||||
Net income | 62,635 | 62,635 | ||||||
Dividends on common shares | (10,405) | (10,405) | ||||||
Other comprehensive loss during the period | $ (15,037) | (15,037) | ||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 72,514,630 | |||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 3,374,847 | 3,374,847 | ||||||
Balance at end of period at Jun. 30, 2023 | $ 3,284,630 | $ 72,515 | $ 1,939,865 | $ 1,414,742 | $ (50,618) | $ (91,874) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net income | $ 123,056 | $ 171,764 |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||
Depreciation | 9,409 | 9,191 |
Net losses on sale or disposal of premises and equipment | 74 | 39 |
Provision for credit losses | 95,245 | 21,155 |
Net write-downs and (gains) losses on sale of other real estate owned | 37 | (1,758) |
Share-based compensation expense | 4,429 | 3,045 |
Amortization of intangible assets | 9,394 | 10,325 |
Amortization of operating lease right of use assets | 5,672 | 5,750 |
Provision for deferred taxes | (10,507) | 10,505 |
Net (accretion) amortization of debt securities available-for-sale | (2,834) | 588 |
Net (accretion) amortization of debt securities held-to-maturity | (88) | 51 |
Net amortization of other investments | 753 | 396 |
Net gain on securities | 0 | (221) |
Accretion of discount on purchased loans, net | (464) | (627) |
Net amortization on other borrowings | 703 | 216 |
Amortization of subordinated deferrable interest debentures | 997 | 997 |
Loan servicing asset recovery | 0 | (20,492) |
Originations of mortgage loans held for sale | (1,839,990) | (2,406,310) |
Payments received on mortgage loans held for sale | 8,629 | 19,746 |
Proceeds from sales of mortgage loans held for sale | 1,826,177 | 2,833,622 |
Net (gains) losses on sale of mortgage loans held for sale | (819) | 78,173 |
Originations of SBA loans | (22,506) | (30,793) |
Proceeds from sales of SBA loans | 24,972 | 40,286 |
Net gains on sale of SBA loans | (1,231) | (3,484) |
Increase in cash surrender value of bank owned life insurance | (4,482) | (3,716) |
Gain on bank owned life insurance proceeds | (486) | 0 |
Gain on debt redemption | (1,027) | 0 |
Change attributable to other operating activities | (949) | (24,580) |
Net cash provided by operating activities | 224,164 | 713,868 |
Investing Activities, net of effects of business combinations | ||
Purchases of debt securities available-for-sale | 0 | (613,715) |
Purchases of debt securities held-to-maturity | (8,543) | (33,217) |
Proceeds from maturities and paydowns of debt securities available-for-sale | 37,021 | 117,664 |
Proceeds from maturities and paydowns of debt securities held-to-maturity | 982 | 1,362 |
Net (increase) decrease in other investments | 583 | (2,123) |
Net increase in loans | (653,613) | (1,533,706) |
Purchases of premises and equipment | (7,881) | (8,192) |
Proceeds from sale of premises and equipment | 19 | 46 |
Proceeds from sales of other real estate owned | 1,955 | 4,962 |
Purchases of bank owned life insurance | 0 | (50,000) |
Proceeds from bank owned life insurance | 1,890 | 0 |
Net cash and cash equivalents paid in acquisitions | 0 | (14,003) |
Net cash used in investing activities | (627,587) | (2,130,922) |
Financing Activities, net of effects of business combinations | ||
Net increase in deposits | 980,387 | 19,429 |
Net decrease in securities sold under agreements to repurchase | 0 | (4,892) |
Proceeds from other borrowings | 10,625,000 | 0 |
Repayment of other borrowings | (10,963,423) | (314,503) |
Proceeds from exercise of stock options | 476 | 2,324 |
Dividends paid - common stock | (20,971) | (20,843) |
Purchase of treasury shares | (17,048) | (22,282) |
Net cash provided by (used in) financing activities | 604,421 | (340,767) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 200,998 | (1,757,821) |
Cash, cash equivalents and restricted cash at beginning of period | 1,118,132 | 4,064,657 |
Cash, cash equivalents and restricted cash at end of period | 1,319,130 | 2,306,836 |
Cash paid (received) during the period for: | ||
Interest | 182,077 | 23,472 |
Income taxes | 62,186 | 51,851 |
Loans transferred to other real estate owned | 7,319 | 229 |
Loans transferred from loans held for sale to loans held for investment | 5,374 | 167,727 |
Loans provided for the sales of other real estate owned | 0 | 2,288 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,022 | 1,537 |
Assets acquired in business acquisitions | 0 | 10,734 |
Liabilities assumed in business acquisitions | 0 | (3,269) |
Change in unrealized loss on securities available-for-sale, net of tax | $ (4,111) | $ (28,225) |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, 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 months ended June 30, 2023 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, 2022. 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. There was no restricted cash held at both June 30, 2023 and December 31, 2022. Reclassifications Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported. Accounting Standards Adopted in 2023 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. The Company adopted this ASU effective January 1, 2023 on a prospective basis, except for the amendments related to recognition and measurement of TDRs, which were adopted using the modified retrospective method. The adoption was not material and resulted in a reduction to the allowance for credit losses of $1.7 million and an increase to retained earnings of $1.3 million. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 U.S. Treasuries $ 779,382 $ — $ — $ (20,716) $ 758,666 U.S. government-sponsored agencies 1,029 — — (57) 972 State, county and municipal securities 33,340 — 1 (1,113) 32,228 Corporate debt securities 15,897 (82) — (760) 15,055 SBA pool securities 25,799 — 3 (1,976) 23,826 Mortgage-backed securities 669,371 — 16 (39,778) 629,609 Total debt securities available-for-sale $ 1,524,818 $ (82) $ 20 $ (64,400) $ 1,460,356 December 31, 2022 U.S. Treasuries $ 775,784 $ — $ 131 $ (16,381) $ 759,534 U.S. government-sponsored agencies 1,036 — — (57) 979 State, county and municipal securities 35,358 — 17 (1,180) 34,195 Corporate debt securities 16,397 (75) — (396) 15,926 SBA pool securities 29,422 — 3 (2,027) 27,398 Mortgage-backed securities 701,008 — 113 (39,093) 662,028 Total debt securities available-for-sale $ 1,559,005 $ (75) $ 264 $ (59,134) $ 1,500,060 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, 2023 State, county and municipal securities $ 31,905 $ — $ (5,297) $ 26,608 Mortgage-backed securities 110,608 — (15,325) 95,283 Total debt securities held-to-maturity $ 142,513 $ — $ (20,622) $ 121,891 December 31, 2022 State, county and municipal securities $ 31,905 $ — $ (5,380) $ 26,525 Mortgage-backed securities 102,959 — (14,946) 88,013 Total debt securities held-to-maturity $ 134,864 $ — $ (20,326) $ 114,538 The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2023, 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 $ 95,908 $ 94,723 $ — $ — Due from one year to five years 724,844 704,037 — — Due from five to ten years 12,849 12,129 — — Due after ten years 21,846 19,858 31,905 26,608 Mortgage-backed securities 669,371 629,609 110,608 95,283 $ 1,524,818 $ 1,460,356 $ 142,513 $ 121,891 Securities with a carrying value of approximately $860.6 million and $861.6 million at June 30, 2023 and December 31, 2022, respectively, serve as collateral to secure public deposits 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, 2023 and December 31, 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2023 U.S. Treasuries $ 522,853 $ (11,833) $ 235,813 $ (8,883) $ 758,666 $ (20,716) U.S. government-sponsored agencies — — 972 (57) 972 (57) State, county and municipal securities 19,141 (337) 12,002 (776) 31,143 (1,113) Corporate debt securities 867 (30) 13,188 (730) 14,055 (760) SBA pool securities 465 (28) 23,198 (1,948) 23,663 (1,976) Mortgage-backed securities 328,380 (16,691) 299,788 (23,087) 628,168 (39,778) Total debt securities available-for-sale $ 871,706 $ (28,919) $ 584,961 $ (35,481) $ 1,456,667 $ (64,400) December 31, 2022 U.S. Treasuries $ 725,250 $ (16,381) $ — $ — $ 725,250 $ (16,381) U.S. government sponsored agencies 979 (57) — — 979 (57) State, county and municipal securities 27,438 (1,180) — — 27,438 (1,180) Corporate debt securities 13,271 (126) 1,155 (270) 14,426 (396) SBA pool securities 17,806 (1,298) 9,329 (729) 27,135 (2,027) Mortgage-backed securities 620,544 (37,774) 16,847 (1,319) 637,391 (39,093) Total debt securities available-for-sale $ 1,405,288 $ (56,816) $ 27,331 $ (2,318) $ 1,432,619 $ (59,134) As of June 30, 2023, the Company’s available-for-sale security portfolio consisted of 429 securities, 423 of which were in an unrealized loss position. At June 30, 2023, the Company held 327 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, 2023, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, 31 state, county and municipal securities, six corporate securities, one U.S. government-sponsored agency security, and 28 U.S. 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, 2023 and December 31, 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, 2023 State, county and municipal securities $ 7,486 $ (514) $ 19,122 $ (4,783) $ 26,608 $ (5,297) Mortgage-backed securities 31,528 (1,270) 63,755 (14,055) 95,283 (15,325) Total debt securities held-to-maturity $ 39,014 $ (1,784) $ 82,877 $ (18,838) $ 121,891 $ (20,622) December 31, 2022 State, county and municipal securities $ 16,512 $ (1,488) $ 10,013 $ (3,892) $ 26,525 $ (5,380) Mortgage-backed securities 32,471 (1,925) 55,542 (13,021) 88,013 (14,946) Total debt securities held-to-maturity $ 48,983 $ (3,413) $ 65,555 $ (16,913) $ 114,538 $ (20,326) As of June 30, 2023, the Company’s held-to-maturity security portfolio consisted of 27 securities, all of which were in an unrealized loss position. At June 30, 2023, the Company held 21 mortgage-backed securities and six state, county and municipal securities that were in an unrealized loss position. At June 30, 2023 and December 31, 2022, 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, 2023, 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, 2023, management determined that $82,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $64.4 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 2023 2022 2023 2022 Beginning balance $ 82 $ — $ 75 $ — Provision for other credit losses — 88 7 88 Ending balance $ 82 $ 88 $ 82 $ 88 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, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2023 2022 2023 2022 Unrealized holding gains (losses) on equity securities $ (6) $ (22) $ — $ (49) Net realized gains on sales of other investments — 270 — 270 Net gain (loss) on securities $ (6) $ 248 $ — $ 221 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 December 31, 2022 Commercial, financial and agricultural $ 2,718,831 $ 2,679,403 Consumer 307,486 384,037 Indirect automobile 63,231 108,648 Mortgage warehouse 1,147,413 1,038,924 Municipal 510,410 509,151 Premium finance 988,731 1,023,479 Real estate – construction and development 2,217,744 2,086,438 Real estate – commercial and farmland 7,815,779 7,604,867 Real estate – residential 4,702,134 4,420,306 $ 20,471,759 $ 19,855,253 Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $69.8 million and $69.3 million at June 30, 2023 and December 31, 2022, respectively. The Company had no recorded allowance for credit related to accrued interest on loans at both June 30, 2023 and December 31, 2022. 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, 2023 December 31, 2022 Commercial, financial and agricultural $ 8,774 $ 11,094 Consumer 235 420 Indirect automobile 318 346 Real estate – construction and development 447 523 Real estate – commercial and farmland 10,657 13,203 Real estate – residential (1) 106,249 109,222 $ 126,680 $ 134,808 (1) Included in real estate - residential were $69.7 million and $69.6 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2023 and December 31, 2022, respectively. There was no interest income recognized on nonaccrual loans during the six months ended June 30, 2023 and 2022. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2023 December 31, 2022 Commercial, financial and agricultural $ 1,344 $ 33 Real estate – commercial and farmland 7,997 1,464 Real estate – residential 61,573 58,734 $ 70,914 $ 60,231 The following table presents an analysis of past-due loans as of June 30, 2023 and December 31, 2022: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2023 Commercial, financial and agricultural $ 12,380 $ 5,976 $ 10,370 $ 28,726 $ 2,690,105 $ 2,718,831 $ 4,385 Consumer 5,111 815 435 6,361 301,125 307,486 331 Indirect automobile 138 49 136 323 62,908 63,231 — Mortgage warehouse — — — — 1,147,413 1,147,413 — Municipal — — — — 510,410 510,410 — Premium finance 6,795 9,087 8,387 24,269 964,462 988,731 8,387 Real estate – construction and development 1,061 19 764 1,844 2,215,900 2,217,744 321 Real estate – commercial and farmland 2,782 2,883 7,755 13,420 7,802,359 7,815,779 — Real estate – residential 31,604 12,691 102,664 146,959 4,555,175 4,702,134 — Total $ 59,871 $ 31,520 $ 130,511 $ 221,902 $ 20,249,857 $ 20,471,759 $ 13,424 December 31, 2022 Commercial, financial and agricultural $ 16,219 $ 5,451 $ 11,632 $ 33,302 $ 2,646,101 $ 2,679,403 $ 3,267 Consumer 2,539 3,163 741 6,443 377,594 384,037 472 Indirect automobile 466 77 267 810 107,838 108,648 — Mortgage warehouse — — — — 1,038,924 1,038,924 — Municipal — — — — 509,151 509,151 — Premium finance 13,859 10,620 13,626 38,105 985,374 1,023,479 13,626 Real estate – construction and development 25,367 3,829 966 30,162 2,056,276 2,086,438 500 Real estate – commercial and farmland 1,738 168 10,223 12,129 7,592,738 7,604,867 — Real estate – residential 35,015 11,329 106,170 152,514 4,267,792 4,420,306 — Total $ 95,203 $ 34,637 $ 143,625 $ 273,465 $ 19,581,788 $ 19,855,253 $ 17,865 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, 2023 December 31, 2022 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 3,941 $ 670 $ 7,128 $ 6,294 Mortgage warehouse — — — — Premium finance 736 — 3,233 — Real estate – construction and development 601 94 780 13 Real estate – commercial and farmland 9,139 286 15,168 1,428 Real estate – residential 18,437 4,902 15,464 2,066 $ 32,854 $ 5,952 $ 41,773 $ 9,801 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, 2023 and December 31, 2022. 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 8 or 9 at June 30, 2023 or December 31, 2022. As of June 30, 2023 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 546,295 $ 919,283 $ 454,312 $ 133,061 $ 79,731 $ 67,945 $ 496,253 $ 2,696,880 6 25 608 75 118 163 2,301 913 4,203 7 3,548 2,233 2,561 1,185 3,079 2,895 2,247 17,748 Total commercial, financial and agricultural $ 549,868 $ 922,124 $ 456,948 $ 134,364 $ 82,973 $ 73,141 $ 499,413 $ 2,718,831 Current-period gross charge offs 978 12,715 7,700 961 610 2,560 25 25,549 Consumer Risk Grade: Pass $ 29,695 $ 23,736 $ 8,734 $ 31,252 $ 19,417 $ 25,483 $ 167,962 $ 306,279 6 — 7 — 1 — 93 198 299 7 12 111 39 99 98 463 86 908 Total consumer $ 29,707 $ 23,854 $ 8,773 $ 31,352 $ 19,515 $ 26,039 $ 168,246 $ 307,486 Current-period gross charge offs 2 222 50 1,076 671 968 203 3,192 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ — $ 8,614 $ 54,028 $ — $ 62,642 6 — — — — — 2 — 2 7 — — — — 35 552 — 587 Total indirect automobile $ — $ — $ — $ — $ 8,649 $ 54,582 $ — $ 63,231 Current-period gross charge offs — — — — — 99 — 99 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 1,064,769 $ 1,064,769 6 — — — — — — 82,644 82,644 7 — — — — — — — — Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 1,147,413 $ 1,147,413 Current-period gross charge offs — — — — — — — — Municipal Risk Grade: Pass $ 2,569 $ 25,452 $ 54,458 $ 184,799 $ 15,112 $ 228,020 $ — $ 510,410 Total municipal $ 2,569 $ 25,452 $ 54,458 $ 184,799 $ 15,112 $ 228,020 $ — $ 510,410 Current-period gross charge offs — — — — — — — — Premium Finance Risk Grade: Pass $ 797,510 $ 178,702 $ 4,132 $ — $ — $ — $ — $ 980,344 7 1,621 6,766 — — — — — 8,387 Total premium finance $ 799,131 $ 185,468 $ 4,132 $ — $ — $ — $ — $ 988,731 Current-period gross charge offs 4 2,955 310 — — — — 3,269 As of June 30, 2023 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Real Estate – Construction and Development Risk Grade: Pass $ 218,089 $ 841,086 $ 792,121 $ 191,193 $ 48,648 $ 35,502 $ 75,878 $ 2,202,517 6 — — — — — 517 — 517 7 — 592 304 164 — 13,650 — 14,710 Total real estate – construction and development $ 218,089 $ 841,678 $ 792,425 $ 191,357 $ 48,648 $ 49,669 $ 75,878 $ 2,217,744 Current-period gross charge offs — — — — — — — — Real Estate – Commercial and Farmland Risk Grade: Pass $ 351,788 $ 1,807,366 $ 1,926,491 $ 1,148,117 $ 813,499 $ 1,556,760 $ 99,724 $ 7,703,745 6 — 348 — 1,232 30,476 46,854 500 79,410 7 — 198 449 2,651 4,398 24,928 — 32,624 Total real estate – commercial and farmland $ 351,788 $ 1,807,912 $ 1,926,940 $ 1,152,000 $ 848,373 $ 1,628,542 $ 100,224 $ 7,815,779 Current-period gross charge offs — — — — 3,151 169 — 3,320 Real Estate - Residential Risk Grade: Pass $ 451,392 $ 1,462,604 $ 1,181,824 $ 525,870 $ 253,419 $ 466,163 $ 245,958 $ 4,587,230 6 — 233 142 266 676 2,406 237 3,960 7 809 14,196 21,021 25,900 20,687 26,533 1,798 110,944 Total real estate - residential $ 452,201 $ 1,477,033 $ 1,202,987 $ 552,036 $ 274,782 $ 495,102 $ 247,993 $ 4,702,134 Current-period gross charge offs 24 — 9 — — 105 59 197 Total Loans Risk Grade: Pass $ 2,397,338 $ 5,258,229 $ 4,422,072 $ 2,214,292 $ 1,238,440 $ 2,433,901 $ 2,150,544 $ 20,114,816 6 25 1,196 217 1,617 31,315 52,173 84,492 171,035 7 5,990 24,096 24,374 29,999 28,297 69,021 4,131 185,908 Total loans $ 2,403,353 $ 5,283,521 $ 4,446,663 $ 2,245,908 $ 1,298,052 $ 2,555,095 $ 2,239,167 $ 20,471,759 Total current-period gross charge offs 1,008 15,892 8,069 2,037 4,432 3,901 287 35,626 As of December 31, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 1,127,120 $ 526,043 $ 174,120 $ 109,091 $ 56,657 $ 41,612 $ 621,784 $ 2,656,427 6 — 13 94 183 895 1,774 317 3,276 7 8,565 1,214 1,182 3,314 545 2,759 2,121 19,700 Total commercial, financial and agricultural $ 1,135,685 $ 527,270 $ 175,396 $ 112,588 $ 58,097 $ 46,145 $ 624,222 $ 2,679,403 Consumer Risk Grade: Pass $ 41,487 $ 12,692 $ 37,906 $ 23,454 $ 17,144 $ 13,825 $ 236,113 $ 382,621 6 38 — — — — 98 196 332 7 68 62 216 106 118 431 83 1,084 Total consumer $ 41,593 $ 12,754 $ 38,122 $ 23,560 $ 17,262 $ 14,354 $ 236,392 $ 384,037 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ 11,900 $ 50,749 $ 45,120 $ — $ 107,769 6 — — — — — 11 — 11 7 — — — 41 149 678 — 868 Total indirect automobile $ — $ — $ — $ 11,941 $ 50,898 $ 45,809 $ — $ 108,648 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 990,106 $ 990,106 6 — — — — — — 22,831 22,831 7 — — — — — — 25,987 25,987 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 1,038,924 $ 1,038,924 Municipal Risk Grade: Pass $ 18,074 $ 46,809 $ 188,507 $ 9,752 $ 4,358 $ 241,651 $ — $ 509,151 Total municipal $ 18,074 $ 46,809 $ 188,507 $ 9,752 $ 4,358 $ 241,651 $ — $ 509,151 Premium Finance Risk Grade: Pass $ 1,000,214 $ 9,667 $ 12 $ — $ — $ — $ — $ 1,009,893 7 13,051 535 — — — — — 13,586 Total premium finance $ 1,013,265 $ 10,202 $ 12 $ — $ — $ — $ — $ 1,023,479 Real Estate – Construction and Development Risk Grade: Pass $ 834,831 $ 793,723 $ 306,084 $ 69,596 $ 7,934 $ 31,490 $ 27,474 $ 2,071,132 6 277 — — — 173 165 — 615 7 — 783 164 5 13,159 580 — 14,691 Total real estate – construction and development $ 835,108 $ 794,506 $ 306,248 $ 69,601 $ 21,266 $ 32,235 $ 27,474 $ 2,086,438 As of December 31, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Real Estate – Commercial and Farmland Risk Grade: Pass $ 1,739,021 $ 1,975,003 $ 1,085,086 $ 869,116 $ 447,311 $ 1,259,763 $ 110,848 $ 7,486,148 6 607 17,974 — 30,841 4,801 18,289 — 72,512 7 387 2,810 3,078 12,007 6,527 21,398 — 46,207 Total real estate – commercial and farmland $ 1,740,015 $ 1,995,787 $ 1,088,164 $ 911,964 $ 458,639 $ 1,299,450 $ 110,848 $ 7,604,867 Real Estate - Residential Risk Grade: Pass $ 1,524,021 $ 1,214,724 $ 548,968 $ 268,821 $ 115,693 $ 393,570 $ 234,684 $ 4,300,481 6 236 145 94 688 364 2,910 600 5,037 7 6,735 21,283 25,860 27,173 14,396 17,665 1,676 114,788 Total real estate - residential $ 1,530,992 $ 1,236,152 $ 574,922 $ 296,682 $ 130,453 $ 414,145 $ 236,960 $ 4,420,306 Total Loans Risk Grade: Pass $ 6,284,768 $ 4,578,661 $ 2,340,683 $ 1,361,730 $ 699,846 $ 2,027,031 $ 2,221,009 $ 19,513,728 6 1,158 18,132 188 31,712 6,233 23,247 23,944 104,614 7 28,806 26,687 30,500 42,646 34,894 43,511 29,867 236,911 Total loans $ 6,314,732 $ 4,623,480 $ 2,371,371 $ 1,436,088 $ 740,973 $ 2,093,789 $ 2,274,820 $ 19,855,253 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. 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, 2023, the allowance for credit losses increased due to a decline in forecasted macroeconomic factors, particularly residential and commercial real estate price indices and organic loan growth during the period. The allowance for credit losses was determined at June 30, 2023 using a weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline scenario was weighted at 75% and the upside 10th percentile S-1 scenario was weighted at 25%. The allowance for credit losses was determined at December 31, 2022 solely using the Moody's baseline scenario economic forecast. The current forecast reflects, among other things, declines in forecast levels of home prices and commercial real estate prices compared with the forecast at December 31, 2022. 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, 2023 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2023 $ 45,238 $ 4,893 $ 137 $ 1,924 $ 354 $ 893 Provision for loan losses 15,322 1,513 (199) 411 3 51 Loans charged off (13,316) (2,052) (65) — — (1,848) Recoveries of loans previously charged off 3,545 194 225 — — 1,680 Balance, June 30, 2023 $ 50,789 $ 4,548 $ 98 $ 2,335 $ 357 $ 776 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2023 $ 42,841 $ 87,124 $ 59,254 $ 242,658 Provision for loan losses 11,276 12,275 2,991 43,643 Loans charged off — (3,320) (69) (20,670) Recoveries of loans previously charged off 472 61 263 6,440 Balance, June 30, 2023 $ 54,589 $ 96,140 $ 62,439 $ 272,071 Six Months Ended June 30, 2023 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2022 $ 39,455 $ 5,413 $ 174 $ 2,118 $ 357 $ 1,025 Adjustment to allowance for adoption of ASU 2022-02 (105) — — — — — Provision for loan losses 31,400 1,836 (418) 217 — (42) Loans charged off (25,549) (3,192) (99) — — (3,269) Recoveries of loans previously charged off 5,588 491 441 — — 3,062 Balance, June 30, 2023 $ 50,789 $ 4,548 $ 98 $ 2,335 $ 357 $ 776 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2022 $ 32,659 $ 67,433 $ 57,043 $ 205,677 Adjustment to allowance for adoption of ASU 2022-02 (37) (722) (847) (1,711) Provision for loan losses 21,395 32,644 5,987 93,019 Loans charged off — (3,320) (197) (35,626) Recoveries of loans previously charged off 572 105 453 10,712 Balance, June 30, 2023 $ 54,589 $ 96,140 $ 62,439 $ 272,071 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 Modifications to Borrowers Experiencing Financial Difficulty The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan. The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: (dollars in thousands) Payment Deferral Term Extension Total Percentage of Total Class of Financial Receivable Commercial, financial and agricultural $ 1,207 $ 1,997 $ 3,204 0.1 % Real estate – construction and development — 286 286 — % Real estate – commercial and farmland — 1,206 1,206 — % Total $ 1,207 $ 3,489 $ 4,696 — % The Company does not have any commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company has modified their loans. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023: Payment Deferral Loan Type Financial Effect Commercial, financial and agricultural Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter. Commercial, financial and agricultural Payments were reduced approximately 73% for four months before requiring full repayment. Term Extension Loan Type Financial Effect Commercial, financial and agricultural Maturity dates were extended for an average of 10.5 months. Real estate – construction and development Maturity date was extended for 11 months. Real estate – commercial and farmland Maturity dates were extended for an average of 10.5 months. The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months: (dollars in thousands) Current 30-59 60-89 90 or More Days Past Due Total Commercial, financial and agricultural $ 2,707 $ 497 $ — $ — $ 3,204 Real estate – construction and development 286 — — — 286 Real estate – commercial and farmland 706 500 — — 1,206 Total $ 3,699 $ 997 $ — $ — $ 4,696 The following table provides the amortized cost basis of financing receivables that had a payment default during both the three and six months ended June 30, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty. (dollars in thousands) Term Extension Commercial, financial and agricultural $ 497 Real estate – commercial and farmland 500 Total $ 997 |
OTHER BORROWINGS
OTHER BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | NOTE 4 – OTHER BORROWINGS Other borrowings consist of the following: (dollars in thousands) June 30, 2023 December 31, 2022 FHLB borrowings: Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% $ — $ 300,000 Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% — 50,000 Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% — 50,000 Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% — 50,000 Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% — 350,000 Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% — 150,000 Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% — 200,000 Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% — 50,000 Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% — 150,000 Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% — 100,000 Fixed Rate Advance due July 19, 2023; fixed interest rate of 5.210% 500,000 — Fixed Rate Advance due July 20, 2023; fixed interest rate of 5.210% 100,000 — Fixed Rate Advance due July 21, 2023; fixed interest rate of 5.200% 100,000 — Fixed Rate Advance due July 24, 2023; fixed interest rate of 5.200% 175,000 — Fixed Rate Advance due July 31, 2023; fixed interest rate of 5.240% 200,000 — Daily Rate Credit due December 5, 2023, fixed interest rate of 5.320% 100,000 — Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% 15,000 15,000 Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% 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% 1,383 1,389 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 958 961 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,202 1,275 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% — 74,449 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,436 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 109,064 118,320 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $845 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 75,845 75,906 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,463 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,537 108,436 Other Debt: Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% 10,000 — Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% 10,000 — $ 1,536,989 $ 1,875,736 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, 2023, $3.30 billion was available for borrowing on lines with the FHLB. As of June 30, 2023, 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, 2023, the Bank had $3.58 billion of loans pledged at the Federal Reserve discount window and had $2.63 billion available for borrowing. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt 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 (loss) balances, net of tax, for the periods indicated: (dollars in thousands) Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (35,581) Unrealized loss on debt securities available-for-sales, net of tax (15,037) Balance, June 30, 2023 $ (50,618) Three Months Ended June 30, 2022 Balance, June 30, 2022 $ (1,841) Unrealized loss on debt securities available-for-sales, net of tax (10,794) Balance, June 30, 2022 $ (12,635) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (46,507) Unrealized loss on debt securities available-for-sales, net of tax (4,111) Balance, June 30, 2023 $ (50,618) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ 15,590 Unrealized loss on debt securities available-for-sales, net of tax (28,225) Balance, June 30, 2022 $ (12,635) |
WEIGHTED AVERAGE SHARES OUTSTAN
WEIGHTED AVERAGE SHARES OUTSTANDING | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
WEIGHTED AVERAGE SHARES OUTSTANDING | NOTE 6 – 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) 2023 2022 2023 2022 Average common shares outstanding 68,990 69,136 69,085 69,246 Common share equivalents: Stock options — 16 — 24 Nonvested restricted share grants — 46 57 97 Performance stock units 45 118 50 118 Average common shares outstanding, assuming dilution 69,035 69,316 69,192 69,485 For the three months ended June 30, 2023, there were 345,576 anti-dilutive nonvested restricted share grants and performance stock units excluded from the computation of earnings per share. 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 84,487 anti-dilutive performance stock units excluded from the computation of earnings per share for the six months ended June 30, 2023 There were no anti-dilutive securities excluded from the computation of earnings per share for the six months ended June 30, 2022. |
FAIR VALUE MEASURES
FAIR VALUE MEASURES | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASURES | NOTE 7 – 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, 2023 December 31, 2022 Mortgage loans held for sale $ 391,212 $ 390,583 SBA loans held for sale 260 1,495 Total loans held for sale $ 391,472 $ 392,078 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 loss of $3.3 million and a net gain of $2.3 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2022, a net gain of $11.2 million and a net loss of $32.7 million, respectively, resulting from changes in fair value of these mortgage loans were recorded in income. Net gains of $7.9 million and $5.1 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2022, net losses of $27.1 million and $1.2 million, respectively, resulting from changes in the fair value of the related derivative financial instruments were 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, 2023 and December 31, 2022: (dollars in thousands) June 30, 2023 December 31, 2022 Aggregate fair value of mortgage loans held for sale $ 391,212 $ 390,583 Aggregate unpaid principal balance of mortgage loans held for sale 387,893 389,610 Past-due loans of 90 days or more 2,018 — Nonaccrual loans 2,018 — Unpaid principal balance of nonaccrual loans 1,980 — 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, 2023 and December 31, 2022: (dollars in thousands) June 30, 2023 December 31, 2022 Aggregate fair value of SBA loans held for sale $ 260 $ 1,495 Aggregate unpaid principal balance of SBA loans held for sale 240 1,350 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, 2023 and December 31, 2022: Recurring Basis June 30, 2023 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 758,666 $ 758,666 $ — $ — U.S. government sponsored agencies 972 — 972 — State, county and municipal securities 32,228 — 32,228 — Corporate debt securities 15,055 — 14,080 975 SBA pool securities 23,826 — 23,826 — Mortgage-backed securities 629,609 — 629,609 — Loans held for sale 391,472 — 391,472 — Derivative financial instruments 7,186 — 7,186 — Mortgage banking derivative instruments 9,016 — 9,016 — Total recurring assets at fair value $ 1,868,030 $ 758,666 $ 1,108,389 $ 975 Financial liabilities: Derivative financial instruments $ 7,400 $ — $ 7,400 $ — Total recurring liabilities at fair value $ 7,400 $ — $ 7,400 $ — Recurring Basis December 31, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 759,534 $ 759,534 $ — $ — U.S. government sponsored agencies 979 — 979 — State, county and municipal securities 34,195 — 34,195 — Corporate debt securities 15,926 — 14,771 1,155 SBA pool securities 27,398 — 27,398 — Mortgage-backed securities 662,028 — 662,028 — Loans held for sale 392,078 — 392,078 — Derivative financial instruments 4,580 — 4,580 — Mortgage banking derivative instruments 3,933 — 3,933 — Total recurring assets at fair value $ 1,900,651 $ 759,534 $ 1,139,962 $ 1,155 Financial liabilities: Derivative financial instruments $ 4,574 $ — $ 4,574 $ — Total recurring liabilities at fair value $ 4,574 $ — $ 4,574 $ — 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, 2023 and December 31, 2022: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2023 Collateral-dependent loans $ 26,902 $ — $ — $ 26,902 Total nonrecurring assets at fair value $ 26,902 $ — $ — $ 26,902 December 31, 2022 Collateral-dependent loans $ 31,972 $ — $ — $ 31,972 Total nonrecurring assets at fair value $ 31,972 $ — $ — $ 31,972 The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. For the six months ended June 30, 2023 and the year ended December 31, 2022, 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, 2023 Recurring: Debt securities available-for-sale $ 975 Discounted cash flows Probability of Default 13.2% 13.2% Loss Given Default 44% 44% Nonrecurring: Collateral-dependent loans $ 26,902 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 75% 29% December 31, 2022 Recurring: Debt securities available-for-sale $ 1,155 Discounted cash flows Probability of Default 12.1% 12.1% Loss Given Default 41% 41% Nonrecurring: Collateral-dependent loans $ 31,972 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 48% 27% 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, 2023 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 284,552 $ 284,552 $ — $ — $ 284,552 Federal funds sold and interest-bearing accounts 1,034,578 1,034,578 — — 1,034,578 Debt securities held-to-maturity 142,513 — 121,891 — 121,891 Loans, net 20,172,786 — — 19,515,996 19,515,996 Accrued interest receivable 77,360 — 7,537 69,823 77,360 Financial liabilities: Deposits 20,443,125 — 20,452,110 — 20,452,110 Other borrowings 1,536,989 — 1,522,335 — 1,522,335 Subordinated deferrable interest debentures 129,319 — 141,225 — 141,225 Accrued interest payable 24,929 — 24,929 — 24,929 Fair Value Measurements December 31, 2022 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 284,567 $ 284,567 $ — $ — $ 284,567 Federal funds sold and interest-bearing accounts 833,565 833,565 — — 833,565 Debt securities held-to-maturity 134,864 — 114,538 114,538 Loans, net 19,617,604 — — 19,067,612 19,067,612 Accrued interest receivable 77,042 — 7,694 69,348 77,042 Financial liabilities: Deposits 19,462,738 — 19,455,187 — 19,455,187 Other borrowings 1,875,736 — 1,861,850 — 1,861,850 Subordinated deferrable interest debentures 128,322 — 125,988 — 125,988 Accrued interest payable 10,530 — 10,530 — 10,530 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – 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, 2023 December 31, 2022 Commitments to extend credit $ 5,398,013 $ 6,318,039 Unused home equity lines of credit 376,944 345,001 Financial standby letters of credit 39,096 33,557 Mortgage interest rate lock commitments 302,208 148,148 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, 2023 and the year ended December 31, 2022. 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) 2023 2022 2023 2022 Balance at beginning of period $ 52,757 $ 42,194 $ 52,411 $ 33,185 Provision for unfunded commitments 1,873 1,779 2,219 10,788 Balance at end of period $ 54,630 $ 43,973 $ 54,630 $ 43,973 Other Commitments As of June 30, 2023, letters of credit issued by the FHLB totaling $900.0 million were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances. Litigation and Regulatory Contingencies The Company has been involved in various legal proceedings with William J. Villari, who formerly owned US Premium Finance Holding Company (“USPF”), a provider of commercial insurance premium finance loans that the Company acquired in January 2018. First, on December 13, 2018, Mr. Villari filed a demand for arbitration, claiming that the Bank’s termination of his employment for “cause” was improper and that he was entitled to additional compensation from the Company and the Bank under his employment agreement. Second, on December 28, 2018, Mr. Villari and his wholly owned company, P1 Finance Holdings LLC (“P1”), filed a lawsuit against the Bank in Broward County, Florida, seeking additional compensation for his service while an employee, as well as other relief. Third, on May 30, 2019, CEBV LLC (“CEBV”), which also is wholly owned by Mr. Villari, filed a lawsuit against the Bank in Duval County, Florida, arising out of a loan purchase agreement with the Bank dated May 8, 2018. CEBV’s complaint in that lawsuit, which also named as a defendant the Company’s former Chief Executive Officer, Dennis J. Zember Jr., sought unspecified damages and other relief related to asserted claims for fraudulent inducement and breach of contract based on the Bank’s alleged failure to provide sufficient assistance to CEBV in collecting on loans purchased by CEBV from the Bank. In addition, on January 30, 2019, the Company and the Bank filed a lawsuit against Mr. Villari in Dekalb County, Georgia, asserting claims for unspecified damages arising from Mr. Villari’s alleged failure to disclose material information in connection with the sale of USPF to the Company and the Bank. In the first of these proceedings to be adjudicated, the Company and the Bank received on November 20, 2019, an Order and Award from the American Arbitration Association in which the arbitrator ruled that the Company and the Bank had cause to terminate Mr. Villari and had properly exercised that right and that, as a result, Mr. Villari is not entitled to any additional payments under his employment agreement or a separate management and licensing agreement with the Bank. On April 24, 2023, all parties to the remaining cases entered into a settlement and release agreement resolving all remaining disputes between them. Subsequently all pending actions and claims concerning those cases were dismissed with prejudice. The terms of the parties’ settlement do not have a material adverse effect on the consolidated results of operations or financial condition of the Company. Additionally, 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 and regulatory 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 and regulatory 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. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 9 – 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, 2023 and 2022: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 225,284 $ 52,867 $ 18,960 $ 4,915 $ 19,926 $ 321,952 Interest expense 53,843 31,450 12,794 2,584 11,741 112,412 Net interest income 171,441 21,417 6,166 2,331 8,185 209,540 Provision for credit losses 40,831 3,278 411 424 572 45,516 Noninterest income 24,652 39,808 1,404 1,476 9 67,349 Noninterest expense Salaries and employee benefits 55,196 21,930 772 1,316 2,122 81,336 Occupancy and equipment 11,175 1,224 — 40 83 12,522 Data processing and communications expenses 11,898 1,397 44 46 66 13,451 Other expenses 27,643 11,859 223 333 1,036 41,094 Total noninterest expense 105,912 36,410 1,039 1,735 3,307 148,403 Income before income tax expense 49,350 21,537 6,120 1,648 4,315 82,970 Income tax expense 13,312 4,523 1,285 346 869 20,335 Net income $ 36,038 $ 17,014 $ 4,835 $ 1,302 $ 3,446 $ 62,635 Total assets $ 18,274,738 $ 4,921,354 $ 1,152,690 $ 257,350 $ 1,194,486 $ 25,800,618 Goodwill 951,148 — — — 64,498 1,015,646 Other intangible assets, net 89,335 — — — 7,465 96,800 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 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 433,499 $ 101,456 $ 35,574 $ 9,290 $ 37,849 $ 617,668 Interest expense 86,730 60,012 23,708 5,002 21,024 196,476 Net interest income 346,769 41,444 11,866 4,288 16,825 421,192 Provision for credit losses 87,971 6,131 217 320 606 95,245 Noninterest income 48,550 70,866 1,884 2,081 18 123,399 Noninterest expense Salaries and employee benefits 111,638 42,090 1,574 2,625 4,319 162,246 Occupancy and equipment 22,781 2,507 1 77 142 25,508 Data processing and communications expenses 23,695 2,466 90 83 151 26,485 Other expenses 46,666 23,606 425 755 2,133 73,585 Total noninterest expense 204,780 70,669 2,090 3,540 6,745 287,824 Income before income tax expense 102,568 35,510 11,443 2,509 9,492 161,522 Income tax expense 26,160 7,457 2,403 527 1,919 38,466 Net income $ 76,408 $ 28,053 $ 9,040 $ 1,982 $ 7,573 $ 123,056 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 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2023 | |
Transfers and Servicing [Abstract] | |
LOAN SERVICING RIGHTS | NOTE 10 – 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 servicing portfolios of residential mortgage and SBA loans. 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, 2023 December 31, 2022 Loan Servicing Rights Residential mortgage $ 160,021 $ 147,014 SBA 3,097 3,443 Total loan servicing rights $ 163,118 $ 150,457 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, 2023, the Company recorded servicing fee income of $15.0 million and $29.2 million, respectively. During the three- and six-months ended June 30, 2022, the Company recorded servicing fee income of $18.9 million and $36.3 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 2023 2022 2023 2022 Beginning carrying value, net $ 149,986 $ 232,236 $ 147,014 $ 206,944 Additions 14,731 21,551 22,461 43,252 Amortization (4,696) (7,514) (9,454) (13,576) Recoveries — 10,839 — 20,492 Ending carrying value, net $ 160,021 $ 257,112 $ 160,021 $ 257,112 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2023 2022 2023 2022 Beginning balance $ — $ 16,129 $ — $ 25,782 Recoveries — (10,839) — (20,492) Ending balance $ — $ 5,290 $ — $ 5,290 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, 2023 December 31, 2022 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 11,373,015 $ 10,046,052 Composition of residential loans serviced for others: FHLMC 17.21 % 16.80 % FNMA 50.32 % 50.09 % GNMA 32.47 % 33.11 % Total 100.00 % 100.00 % Weighted average term (months) 354 353 Weighted average age (months) 25 22 Modeled prepayment speed 8.47 % 8.22 % Decline in fair value due to a 10% adverse change (3,682) (5,800) Decline in fair value due to a 20% adverse change (7,839) (11,184) Weighted average discount rate 11.13 % 10.00 % Decline in fair value due to a 10% adverse change (4,584) (6,413) Decline in fair value due to a 20% adverse change (10,070) (12,330) 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, 2023, the Company recorded servicing fee income of $758,000 and $1.5 million, respectively. 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. 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 2023 2022 2023 2022 Beginning carrying value, net $ 3,166 $ 5,384 $ 3,443 $ 5,556 Additions 271 236 315 774 Amortization (340) (666) (661) (1,376) Ending carrying value, net $ 3,097 $ 4,954 $ 3,097 $ 4,954 (dollars in thousands) June 30, 2023 December 31, 2022 SBA servicing rights Unpaid principal balance of loans serviced for others $ 318,994 $ 326,418 Weighted average life (in years) 3.64 3.69 Modeled prepayment speed 18.78 % 18.24 % Decline in fair value due to a 10% adverse change (201) (177) Decline in fair value due to a 20% adverse change (385) (340) Weighted average discount rate 14.84 % 19.57 % Decline in fair value due to a 100 basis point adverse change (92) (83) Decline in fair value due to a 200 basis point adverse change (181) (163) 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. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL The Company has goodwill at its Banking Division and Premium Finance Division (collectively "the divisions"). The carrying value of goodwill at the Banking Division was $951.1 million at both June 30, 2023 and December 31, 2022. The carrying value of goodwill at the Premium Finance Division was $64.5 million at both June 30, 2023 and December 31, 2022. The Company performs its annual impairment test at December 31 of each year and more frequently if a triggering event occurs. At December 31, 2022, the Company performed a qualitative assessment of goodwill at the divisions and determined it was more likely than not that, in each case, the reporting unit's fair value exceeded its carrying value. The Company performed an interim qualitative assessment at March 31, 2023 considering the decline in the Company's stock price relative to book value and the impact of recent bank failures on the economy and again determined that it was more likely than not that each reporting unit's fair value exceeded its carrying value. During the second quarter of 2023, the Company assessed the indicators of goodwill impairment and determined a triggering event had occurred due to the sustained decline in the Company's stock price. The Company performed a quantitative analysis of goodwill at the divisions as of June 30, 2023. The Premium Finance Division was measured utilizing a discounted cash flow approach. The Banking Division was measured using multiple approaches. The primary approach for the Banking Division was the discounted cash flow approach, and the Company also used a market approach comparing to similar public companies' multiples and control premiums from transactions during prior distressed periods. The results from each of the primary approaches showed valuation of the reporting unit in excess of carrying value at June 30, 2023. The discounted cash flow approach for the Premium Finance Division resulted in a fair value approximately 8% higher than its carrying value. The discounted cash flow approach for the Banking Division indicated a fair value approximately 20% higher than its carrying value, and the market approach indicated a fair value approximately 9% higher than its carrying value. As a result, management determined no impairment existed at June 30, 2023. Each of the valuation methods used by the Company requires significant assumptions. Depending on the specific method, assumptions are made regarding growth rates, discount rates for cash flows, control premiums, and selected multiples. Changes to any of the assumptions could result in significantly different results. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 62,635 | $ 90,066 | $ 123,056 | $ 171,764 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, 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 months ended June 30, 2023 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, 2022. 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. There was no restricted cash held at both June 30, 2023 and December 31, 2022. |
Reclassifications | ReclassificationsCertain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported. |
Accounting Standards Adopted in 2023 | Accounting Standards Adopted in 2023 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. The Company adopted this ASU effective January 1, 2023 on a prospective basis, except for the amendments related to recognition and measurement of TDRs, which were adopted using the modified retrospective method. The adoption was not material and resulted in a reduction to the allowance for credit losses of $1.7 million and an increase to retained earnings of $1.3 million. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of 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, 2023 U.S. Treasuries $ 779,382 $ — $ — $ (20,716) $ 758,666 U.S. government-sponsored agencies 1,029 — — (57) 972 State, county and municipal securities 33,340 — 1 (1,113) 32,228 Corporate debt securities 15,897 (82) — (760) 15,055 SBA pool securities 25,799 — 3 (1,976) 23,826 Mortgage-backed securities 669,371 — 16 (39,778) 629,609 Total debt securities available-for-sale $ 1,524,818 $ (82) $ 20 $ (64,400) $ 1,460,356 December 31, 2022 U.S. Treasuries $ 775,784 $ — $ 131 $ (16,381) $ 759,534 U.S. government-sponsored agencies 1,036 — — (57) 979 State, county and municipal securities 35,358 — 17 (1,180) 34,195 Corporate debt securities 16,397 (75) — (396) 15,926 SBA pool securities 29,422 — 3 (2,027) 27,398 Mortgage-backed securities 701,008 — 113 (39,093) 662,028 Total debt securities available-for-sale $ 1,559,005 $ (75) $ 264 $ (59,134) $ 1,500,060 |
Schedule of 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, 2023 State, county and municipal securities $ 31,905 $ — $ (5,297) $ 26,608 Mortgage-backed securities 110,608 — (15,325) 95,283 Total debt securities held-to-maturity $ 142,513 $ — $ (20,622) $ 121,891 December 31, 2022 State, county and municipal securities $ 31,905 $ — $ (5,380) $ 26,525 Mortgage-backed securities 102,959 — (14,946) 88,013 Total debt securities held-to-maturity $ 134,864 $ — $ (20,326) $ 114,538 |
Schedule of 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, 2023, 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 $ 95,908 $ 94,723 $ — $ — Due from one year to five years 724,844 704,037 — — Due from five to ten years 12,849 12,129 — — Due after ten years 21,846 19,858 31,905 26,608 Mortgage-backed securities 669,371 629,609 110,608 95,283 $ 1,524,818 $ 1,460,356 $ 142,513 $ 121,891 |
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, 2023 and December 31, 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities available-for-sale Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2023 U.S. Treasuries $ 522,853 $ (11,833) $ 235,813 $ (8,883) $ 758,666 $ (20,716) U.S. government-sponsored agencies — — 972 (57) 972 (57) State, county and municipal securities 19,141 (337) 12,002 (776) 31,143 (1,113) Corporate debt securities 867 (30) 13,188 (730) 14,055 (760) SBA pool securities 465 (28) 23,198 (1,948) 23,663 (1,976) Mortgage-backed securities 328,380 (16,691) 299,788 (23,087) 628,168 (39,778) Total debt securities available-for-sale $ 871,706 $ (28,919) $ 584,961 $ (35,481) $ 1,456,667 $ (64,400) December 31, 2022 U.S. Treasuries $ 725,250 $ (16,381) $ — $ — $ 725,250 $ (16,381) U.S. government sponsored agencies 979 (57) — — 979 (57) State, county and municipal securities 27,438 (1,180) — — 27,438 (1,180) Corporate debt securities 13,271 (126) 1,155 (270) 14,426 (396) SBA pool securities 17,806 (1,298) 9,329 (729) 27,135 (2,027) Mortgage-backed securities 620,544 (37,774) 16,847 (1,319) 637,391 (39,093) Total debt securities available-for-sale $ 1,405,288 $ (56,816) $ 27,331 $ (2,318) $ 1,432,619 $ (59,134) |
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, 2023 and December 31, 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, 2023 State, county and municipal securities $ 7,486 $ (514) $ 19,122 $ (4,783) $ 26,608 $ (5,297) Mortgage-backed securities 31,528 (1,270) 63,755 (14,055) 95,283 (15,325) Total debt securities held-to-maturity $ 39,014 $ (1,784) $ 82,877 $ (18,838) $ 121,891 $ (20,622) December 31, 2022 State, county and municipal securities $ 16,512 $ (1,488) $ 10,013 $ (3,892) $ 26,525 $ (5,380) Mortgage-backed securities 32,471 (1,925) 55,542 (13,021) 88,013 (14,946) Total debt securities held-to-maturity $ 48,983 $ (3,413) $ 65,555 $ (16,913) $ 114,538 $ (20,326) |
Schedule of Investments Available-for-sale, Allowance for Credit Loss | The remaining $64.4 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 2023 2022 2023 2022 Beginning balance $ 82 $ — $ 75 $ — Provision for other credit losses — 88 7 88 Ending balance $ 82 $ 88 $ 82 $ 88 |
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, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2023 2022 2023 2022 Unrealized holding gains (losses) on equity securities $ (6) $ (22) $ — $ (49) Net realized gains on sales of other investments — 270 — 270 Net gain (loss) on securities $ (6) $ 248 $ — $ 221 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 December 31, 2022 Commercial, financial and agricultural $ 2,718,831 $ 2,679,403 Consumer 307,486 384,037 Indirect automobile 63,231 108,648 Mortgage warehouse 1,147,413 1,038,924 Municipal 510,410 509,151 Premium finance 988,731 1,023,479 Real estate – construction and development 2,217,744 2,086,438 Real estate – commercial and farmland 7,815,779 7,604,867 Real estate – residential 4,702,134 4,420,306 $ 20,471,759 $ 19,855,253 |
Schedule of Financial Receivable Nonaccrual Basis | The following table presents an analysis of loans accounted for on a nonaccrual basis: (dollars in thousands) June 30, 2023 December 31, 2022 Commercial, financial and agricultural $ 8,774 $ 11,094 Consumer 235 420 Indirect automobile 318 346 Real estate – construction and development 447 523 Real estate – commercial and farmland 10,657 13,203 Real estate – residential (1) 106,249 109,222 $ 126,680 $ 134,808 (1) Included in real estate - residential were $69.7 million and $69.6 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2023 and December 31, 2022, respectively. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) June 30, 2023 December 31, 2022 Commercial, financial and agricultural $ 1,344 $ 33 Real estate – commercial and farmland 7,997 1,464 Real estate – residential 61,573 58,734 $ 70,914 $ 60,231 |
Schedule of Past Due Financial Receivables | The following table presents an analysis of past-due loans as of June 30, 2023 and December 31, 2022: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 June 30, 2023 Commercial, financial and agricultural $ 12,380 $ 5,976 $ 10,370 $ 28,726 $ 2,690,105 $ 2,718,831 $ 4,385 Consumer 5,111 815 435 6,361 301,125 307,486 331 Indirect automobile 138 49 136 323 62,908 63,231 — Mortgage warehouse — — — — 1,147,413 1,147,413 — Municipal — — — — 510,410 510,410 — Premium finance 6,795 9,087 8,387 24,269 964,462 988,731 8,387 Real estate – construction and development 1,061 19 764 1,844 2,215,900 2,217,744 321 Real estate – commercial and farmland 2,782 2,883 7,755 13,420 7,802,359 7,815,779 — Real estate – residential 31,604 12,691 102,664 146,959 4,555,175 4,702,134 — Total $ 59,871 $ 31,520 $ 130,511 $ 221,902 $ 20,249,857 $ 20,471,759 $ 13,424 December 31, 2022 Commercial, financial and agricultural $ 16,219 $ 5,451 $ 11,632 $ 33,302 $ 2,646,101 $ 2,679,403 $ 3,267 Consumer 2,539 3,163 741 6,443 377,594 384,037 472 Indirect automobile 466 77 267 810 107,838 108,648 — Mortgage warehouse — — — — 1,038,924 1,038,924 — Municipal — — — — 509,151 509,151 — Premium finance 13,859 10,620 13,626 38,105 985,374 1,023,479 13,626 Real estate – construction and development 25,367 3,829 966 30,162 2,056,276 2,086,438 500 Real estate – commercial and farmland 1,738 168 10,223 12,129 7,592,738 7,604,867 — Real estate – residential 35,015 11,329 106,170 152,514 4,267,792 4,420,306 — Total $ 95,203 $ 34,637 $ 143,625 $ 273,465 $ 19,581,788 $ 19,855,253 $ 17,865 |
Schedule of 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, 2023 December 31, 2022 (dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 3,941 $ 670 $ 7,128 $ 6,294 Mortgage warehouse — — — — Premium finance 736 — 3,233 — Real estate – construction and development 601 94 780 13 Real estate – commercial and farmland 9,139 286 15,168 1,428 Real estate – residential 18,437 4,902 15,464 2,066 $ 32,854 $ 5,952 $ 41,773 $ 9,801 |
Schedule 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, 2023 and December 31, 2022. 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 8 or 9 at June 30, 2023 or December 31, 2022. As of June 30, 2023 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 546,295 $ 919,283 $ 454,312 $ 133,061 $ 79,731 $ 67,945 $ 496,253 $ 2,696,880 6 25 608 75 118 163 2,301 913 4,203 7 3,548 2,233 2,561 1,185 3,079 2,895 2,247 17,748 Total commercial, financial and agricultural $ 549,868 $ 922,124 $ 456,948 $ 134,364 $ 82,973 $ 73,141 $ 499,413 $ 2,718,831 Current-period gross charge offs 978 12,715 7,700 961 610 2,560 25 25,549 Consumer Risk Grade: Pass $ 29,695 $ 23,736 $ 8,734 $ 31,252 $ 19,417 $ 25,483 $ 167,962 $ 306,279 6 — 7 — 1 — 93 198 299 7 12 111 39 99 98 463 86 908 Total consumer $ 29,707 $ 23,854 $ 8,773 $ 31,352 $ 19,515 $ 26,039 $ 168,246 $ 307,486 Current-period gross charge offs 2 222 50 1,076 671 968 203 3,192 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ — $ 8,614 $ 54,028 $ — $ 62,642 6 — — — — — 2 — 2 7 — — — — 35 552 — 587 Total indirect automobile $ — $ — $ — $ — $ 8,649 $ 54,582 $ — $ 63,231 Current-period gross charge offs — — — — — 99 — 99 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 1,064,769 $ 1,064,769 6 — — — — — — 82,644 82,644 7 — — — — — — — — Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 1,147,413 $ 1,147,413 Current-period gross charge offs — — — — — — — — Municipal Risk Grade: Pass $ 2,569 $ 25,452 $ 54,458 $ 184,799 $ 15,112 $ 228,020 $ — $ 510,410 Total municipal $ 2,569 $ 25,452 $ 54,458 $ 184,799 $ 15,112 $ 228,020 $ — $ 510,410 Current-period gross charge offs — — — — — — — — Premium Finance Risk Grade: Pass $ 797,510 $ 178,702 $ 4,132 $ — $ — $ — $ — $ 980,344 7 1,621 6,766 — — — — — 8,387 Total premium finance $ 799,131 $ 185,468 $ 4,132 $ — $ — $ — $ — $ 988,731 Current-period gross charge offs 4 2,955 310 — — — — 3,269 As of June 30, 2023 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Real Estate – Construction and Development Risk Grade: Pass $ 218,089 $ 841,086 $ 792,121 $ 191,193 $ 48,648 $ 35,502 $ 75,878 $ 2,202,517 6 — — — — — 517 — 517 7 — 592 304 164 — 13,650 — 14,710 Total real estate – construction and development $ 218,089 $ 841,678 $ 792,425 $ 191,357 $ 48,648 $ 49,669 $ 75,878 $ 2,217,744 Current-period gross charge offs — — — — — — — — Real Estate – Commercial and Farmland Risk Grade: Pass $ 351,788 $ 1,807,366 $ 1,926,491 $ 1,148,117 $ 813,499 $ 1,556,760 $ 99,724 $ 7,703,745 6 — 348 — 1,232 30,476 46,854 500 79,410 7 — 198 449 2,651 4,398 24,928 — 32,624 Total real estate – commercial and farmland $ 351,788 $ 1,807,912 $ 1,926,940 $ 1,152,000 $ 848,373 $ 1,628,542 $ 100,224 $ 7,815,779 Current-period gross charge offs — — — — 3,151 169 — 3,320 Real Estate - Residential Risk Grade: Pass $ 451,392 $ 1,462,604 $ 1,181,824 $ 525,870 $ 253,419 $ 466,163 $ 245,958 $ 4,587,230 6 — 233 142 266 676 2,406 237 3,960 7 809 14,196 21,021 25,900 20,687 26,533 1,798 110,944 Total real estate - residential $ 452,201 $ 1,477,033 $ 1,202,987 $ 552,036 $ 274,782 $ 495,102 $ 247,993 $ 4,702,134 Current-period gross charge offs 24 — 9 — — 105 59 197 Total Loans Risk Grade: Pass $ 2,397,338 $ 5,258,229 $ 4,422,072 $ 2,214,292 $ 1,238,440 $ 2,433,901 $ 2,150,544 $ 20,114,816 6 25 1,196 217 1,617 31,315 52,173 84,492 171,035 7 5,990 24,096 24,374 29,999 28,297 69,021 4,131 185,908 Total loans $ 2,403,353 $ 5,283,521 $ 4,446,663 $ 2,245,908 $ 1,298,052 $ 2,555,095 $ 2,239,167 $ 20,471,759 Total current-period gross charge offs 1,008 15,892 8,069 2,037 4,432 3,901 287 35,626 As of December 31, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Commercial, Financial and Agricultural Risk Grade: Pass $ 1,127,120 $ 526,043 $ 174,120 $ 109,091 $ 56,657 $ 41,612 $ 621,784 $ 2,656,427 6 — 13 94 183 895 1,774 317 3,276 7 8,565 1,214 1,182 3,314 545 2,759 2,121 19,700 Total commercial, financial and agricultural $ 1,135,685 $ 527,270 $ 175,396 $ 112,588 $ 58,097 $ 46,145 $ 624,222 $ 2,679,403 Consumer Risk Grade: Pass $ 41,487 $ 12,692 $ 37,906 $ 23,454 $ 17,144 $ 13,825 $ 236,113 $ 382,621 6 38 — — — — 98 196 332 7 68 62 216 106 118 431 83 1,084 Total consumer $ 41,593 $ 12,754 $ 38,122 $ 23,560 $ 17,262 $ 14,354 $ 236,392 $ 384,037 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ 11,900 $ 50,749 $ 45,120 $ — $ 107,769 6 — — — — — 11 — 11 7 — — — 41 149 678 — 868 Total indirect automobile $ — $ — $ — $ 11,941 $ 50,898 $ 45,809 $ — $ 108,648 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 990,106 $ 990,106 6 — — — — — — 22,831 22,831 7 — — — — — — 25,987 25,987 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 1,038,924 $ 1,038,924 Municipal Risk Grade: Pass $ 18,074 $ 46,809 $ 188,507 $ 9,752 $ 4,358 $ 241,651 $ — $ 509,151 Total municipal $ 18,074 $ 46,809 $ 188,507 $ 9,752 $ 4,358 $ 241,651 $ — $ 509,151 Premium Finance Risk Grade: Pass $ 1,000,214 $ 9,667 $ 12 $ — $ — $ — $ — $ 1,009,893 7 13,051 535 — — — — — 13,586 Total premium finance $ 1,013,265 $ 10,202 $ 12 $ — $ — $ — $ — $ 1,023,479 Real Estate – Construction and Development Risk Grade: Pass $ 834,831 $ 793,723 $ 306,084 $ 69,596 $ 7,934 $ 31,490 $ 27,474 $ 2,071,132 6 277 — — — 173 165 — 615 7 — 783 164 5 13,159 580 — 14,691 Total real estate – construction and development $ 835,108 $ 794,506 $ 306,248 $ 69,601 $ 21,266 $ 32,235 $ 27,474 $ 2,086,438 As of December 31, 2022 Term Loans by Origination Year Revolving Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Real Estate – Commercial and Farmland Risk Grade: Pass $ 1,739,021 $ 1,975,003 $ 1,085,086 $ 869,116 $ 447,311 $ 1,259,763 $ 110,848 $ 7,486,148 6 607 17,974 — 30,841 4,801 18,289 — 72,512 7 387 2,810 3,078 12,007 6,527 21,398 — 46,207 Total real estate – commercial and farmland $ 1,740,015 $ 1,995,787 $ 1,088,164 $ 911,964 $ 458,639 $ 1,299,450 $ 110,848 $ 7,604,867 Real Estate - Residential Risk Grade: Pass $ 1,524,021 $ 1,214,724 $ 548,968 $ 268,821 $ 115,693 $ 393,570 $ 234,684 $ 4,300,481 6 236 145 94 688 364 2,910 600 5,037 7 6,735 21,283 25,860 27,173 14,396 17,665 1,676 114,788 Total real estate - residential $ 1,530,992 $ 1,236,152 $ 574,922 $ 296,682 $ 130,453 $ 414,145 $ 236,960 $ 4,420,306 Total Loans Risk Grade: Pass $ 6,284,768 $ 4,578,661 $ 2,340,683 $ 1,361,730 $ 699,846 $ 2,027,031 $ 2,221,009 $ 19,513,728 6 1,158 18,132 188 31,712 6,233 23,247 23,944 104,614 7 28,806 26,687 30,500 42,646 34,894 43,511 29,867 236,911 Total loans $ 6,314,732 $ 4,623,480 $ 2,371,371 $ 1,436,088 $ 740,973 $ 2,093,789 $ 2,274,820 $ 19,855,253 |
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, 2023 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, March 31, 2023 $ 45,238 $ 4,893 $ 137 $ 1,924 $ 354 $ 893 Provision for loan losses 15,322 1,513 (199) 411 3 51 Loans charged off (13,316) (2,052) (65) — — (1,848) Recoveries of loans previously charged off 3,545 194 225 — — 1,680 Balance, June 30, 2023 $ 50,789 $ 4,548 $ 98 $ 2,335 $ 357 $ 776 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, March 31, 2023 $ 42,841 $ 87,124 $ 59,254 $ 242,658 Provision for loan losses 11,276 12,275 2,991 43,643 Loans charged off — (3,320) (69) (20,670) Recoveries of loans previously charged off 472 61 263 6,440 Balance, June 30, 2023 $ 54,589 $ 96,140 $ 62,439 $ 272,071 Six Months Ended June 30, 2023 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Balance, December 31, 2022 $ 39,455 $ 5,413 $ 174 $ 2,118 $ 357 $ 1,025 Adjustment to allowance for adoption of ASU 2022-02 (105) — — — — — Provision for loan losses 31,400 1,836 (418) 217 — (42) Loans charged off (25,549) (3,192) (99) — — (3,269) Recoveries of loans previously charged off 5,588 491 441 — — 3,062 Balance, June 30, 2023 $ 50,789 $ 4,548 $ 98 $ 2,335 $ 357 $ 776 Real Estate – Construction and Development Real Estate – Real Estate – Total Balance, December 31, 2022 $ 32,659 $ 67,433 $ 57,043 $ 205,677 Adjustment to allowance for adoption of ASU 2022-02 (37) (722) (847) (1,711) Provision for loan losses 21,395 32,644 5,987 93,019 Loans charged off — (3,320) (197) (35,626) Recoveries of loans previously charged off 572 105 453 10,712 Balance, June 30, 2023 $ 54,589 $ 96,140 $ 62,439 $ 272,071 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 |
Schedule of Financing Receivable, Loan Modification | The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: (dollars in thousands) Payment Deferral Term Extension Total Percentage of Total Class of Financial Receivable Commercial, financial and agricultural $ 1,207 $ 1,997 $ 3,204 0.1 % Real estate – construction and development — 286 286 — % Real estate – commercial and farmland — 1,206 1,206 — % Total $ 1,207 $ 3,489 $ 4,696 — % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023: Payment Deferral Loan Type Financial Effect Commercial, financial and agricultural Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter. Commercial, financial and agricultural Payments were reduced approximately 73% for four months before requiring full repayment. Term Extension Loan Type Financial Effect Commercial, financial and agricultural Maturity dates were extended for an average of 10.5 months. Real estate – construction and development Maturity date was extended for 11 months. Real estate – commercial and farmland Maturity dates were extended for an average of 10.5 months. The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months: (dollars in thousands) Current 30-59 60-89 90 or More Days Past Due Total Commercial, financial and agricultural $ 2,707 $ 497 $ — $ — $ 3,204 Real estate – construction and development 286 — — — 286 Real estate – commercial and farmland 706 500 — — 1,206 Total $ 3,699 $ 997 $ — $ — $ 4,696 The following table provides the amortized cost basis of financing receivables that had a payment default during both the three and six months ended June 30, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty. (dollars in thousands) Term Extension Commercial, financial and agricultural $ 497 Real estate – commercial and farmland 500 Total $ 997 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Other Borrowings | Other borrowings consist of the following: (dollars in thousands) June 30, 2023 December 31, 2022 FHLB borrowings: Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% $ — $ 300,000 Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% — 50,000 Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% — 50,000 Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% — 50,000 Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% — 350,000 Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% — 150,000 Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% — 200,000 Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% — 50,000 Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% — 150,000 Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% — 100,000 Fixed Rate Advance due July 19, 2023; fixed interest rate of 5.210% 500,000 — Fixed Rate Advance due July 20, 2023; fixed interest rate of 5.210% 100,000 — Fixed Rate Advance due July 21, 2023; fixed interest rate of 5.200% 100,000 — Fixed Rate Advance due July 24, 2023; fixed interest rate of 5.200% 175,000 — Fixed Rate Advance due July 31, 2023; fixed interest rate of 5.240% 200,000 — Daily Rate Credit due December 5, 2023, fixed interest rate of 5.320% 100,000 — Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% 15,000 15,000 Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% 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% 1,383 1,389 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 958 961 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,202 1,275 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% — 74,449 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,436 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% 109,064 118,320 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $845 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% 75,845 75,906 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,463 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% 108,537 108,436 Other Debt: Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% 10,000 — Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% 10,000 — $ 1,536,989 $ 1,875,736 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents a summary of the accumulated other comprehensive income (loss) balances, net of tax, for the periods indicated: (dollars in thousands) Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (35,581) Unrealized loss on debt securities available-for-sales, net of tax (15,037) Balance, June 30, 2023 $ (50,618) Three Months Ended June 30, 2022 Balance, June 30, 2022 $ (1,841) Unrealized loss on debt securities available-for-sales, net of tax (10,794) Balance, June 30, 2022 $ (12,635) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (46,507) Unrealized loss on debt securities available-for-sales, net of tax (4,111) Balance, June 30, 2023 $ (50,618) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ 15,590 Unrealized loss on debt securities available-for-sales, net of tax (28,225) Balance, June 30, 2022 $ (12,635) |
WEIGHTED AVERAGE SHARES OUTST_2
WEIGHTED AVERAGE SHARES OUTSTANDING (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule 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) 2023 2022 2023 2022 Average common shares outstanding 68,990 69,136 69,085 69,246 Common share equivalents: Stock options — 16 — 24 Nonvested restricted share grants — 46 57 97 Performance stock units 45 118 50 118 Average common shares outstanding, assuming dilution 69,035 69,316 69,192 69,485 |
FAIR VALUE MEASURES (Tables)
FAIR VALUE MEASURES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2023 December 31, 2022 Mortgage loans held for sale $ 391,212 $ 390,583 SBA loans held for sale 260 1,495 Total loans held for sale $ 391,472 $ 392,078 |
Schedule of 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, 2023 and December 31, 2022: (dollars in thousands) June 30, 2023 December 31, 2022 Aggregate fair value of mortgage loans held for sale $ 391,212 $ 390,583 Aggregate unpaid principal balance of mortgage loans held for sale 387,893 389,610 Past-due loans of 90 days or more 2,018 — Nonaccrual loans 2,018 — Unpaid principal balance of nonaccrual loans 1,980 — 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, 2023 and December 31, 2022: (dollars in thousands) June 30, 2023 December 31, 2022 Aggregate fair value of SBA loans held for sale $ 260 $ 1,495 Aggregate unpaid principal balance of SBA loans held for sale 240 1,350 Past-due loans of 90 days or more — — Nonaccrual loans — — |
Schedule of 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, 2023 and December 31, 2022: Recurring Basis June 30, 2023 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 758,666 $ 758,666 $ — $ — U.S. government sponsored agencies 972 — 972 — State, county and municipal securities 32,228 — 32,228 — Corporate debt securities 15,055 — 14,080 975 SBA pool securities 23,826 — 23,826 — Mortgage-backed securities 629,609 — 629,609 — Loans held for sale 391,472 — 391,472 — Derivative financial instruments 7,186 — 7,186 — Mortgage banking derivative instruments 9,016 — 9,016 — Total recurring assets at fair value $ 1,868,030 $ 758,666 $ 1,108,389 $ 975 Financial liabilities: Derivative financial instruments $ 7,400 $ — $ 7,400 $ — Total recurring liabilities at fair value $ 7,400 $ — $ 7,400 $ — Recurring Basis December 31, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: Investment securities available-for-sale: U.S. Treasuries $ 759,534 $ 759,534 $ — $ — U.S. government sponsored agencies 979 — 979 — State, county and municipal securities 34,195 — 34,195 — Corporate debt securities 15,926 — 14,771 1,155 SBA pool securities 27,398 — 27,398 — Mortgage-backed securities 662,028 — 662,028 — Loans held for sale 392,078 — 392,078 — Derivative financial instruments 4,580 — 4,580 — Mortgage banking derivative instruments 3,933 — 3,933 — Total recurring assets at fair value $ 1,900,651 $ 759,534 $ 1,139,962 $ 1,155 Financial liabilities: Derivative financial instruments $ 4,574 $ — $ 4,574 $ — Total recurring liabilities at fair value $ 4,574 $ — $ 4,574 $ — |
Schedule 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, 2023 and December 31, 2022: Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2023 Collateral-dependent loans $ 26,902 $ — $ — $ 26,902 Total nonrecurring assets at fair value $ 26,902 $ — $ — $ 26,902 December 31, 2022 Collateral-dependent loans $ 31,972 $ — $ — $ 31,972 Total nonrecurring assets at fair value $ 31,972 $ — $ — $ 31,972 |
Schedule 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, 2023 Recurring: Debt securities available-for-sale $ 975 Discounted cash flows Probability of Default 13.2% 13.2% Loss Given Default 44% 44% Nonrecurring: Collateral-dependent loans $ 26,902 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 75% 29% December 31, 2022 Recurring: Debt securities available-for-sale $ 1,155 Discounted cash flows Probability of Default 12.1% 12.1% Loss Given Default 41% 41% Nonrecurring: Collateral-dependent loans $ 31,972 Third-party appraisals and discounted cash flows Collateral discounts and 0% - 48% 27% |
Schedule of 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, 2023 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 284,552 $ 284,552 $ — $ — $ 284,552 Federal funds sold and interest-bearing accounts 1,034,578 1,034,578 — — 1,034,578 Debt securities held-to-maturity 142,513 — 121,891 — 121,891 Loans, net 20,172,786 — — 19,515,996 19,515,996 Accrued interest receivable 77,360 — 7,537 69,823 77,360 Financial liabilities: Deposits 20,443,125 — 20,452,110 — 20,452,110 Other borrowings 1,536,989 — 1,522,335 — 1,522,335 Subordinated deferrable interest debentures 129,319 — 141,225 — 141,225 Accrued interest payable 24,929 — 24,929 — 24,929 Fair Value Measurements December 31, 2022 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 284,567 $ 284,567 $ — $ — $ 284,567 Federal funds sold and interest-bearing accounts 833,565 833,565 — — 833,565 Debt securities held-to-maturity 134,864 — 114,538 114,538 Loans, net 19,617,604 — — 19,067,612 19,067,612 Accrued interest receivable 77,042 — 7,694 69,348 77,042 Financial liabilities: Deposits 19,462,738 — 19,455,187 — 19,455,187 Other borrowings 1,875,736 — 1,861,850 — 1,861,850 Subordinated deferrable interest debentures 128,322 — 125,988 — 125,988 Accrued interest payable 10,530 — 10,530 — 10,530 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | A summary of the Company’s commitments is as follows: (dollars in thousands) June 30, 2023 December 31, 2022 Commitments to extend credit $ 5,398,013 $ 6,318,039 Unused home equity lines of credit 376,944 345,001 Financial standby letters of credit 39,096 33,557 Mortgage interest rate lock commitments 302,208 148,148 |
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) 2023 2022 2023 2022 Balance at beginning of period $ 52,757 $ 42,194 $ 52,411 $ 33,185 Provision for unfunded commitments 1,873 1,779 2,219 10,788 Balance at end of period $ 54,630 $ 43,973 $ 54,630 $ 43,973 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022: Three Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 225,284 $ 52,867 $ 18,960 $ 4,915 $ 19,926 $ 321,952 Interest expense 53,843 31,450 12,794 2,584 11,741 112,412 Net interest income 171,441 21,417 6,166 2,331 8,185 209,540 Provision for credit losses 40,831 3,278 411 424 572 45,516 Noninterest income 24,652 39,808 1,404 1,476 9 67,349 Noninterest expense Salaries and employee benefits 55,196 21,930 772 1,316 2,122 81,336 Occupancy and equipment 11,175 1,224 — 40 83 12,522 Data processing and communications expenses 11,898 1,397 44 46 66 13,451 Other expenses 27,643 11,859 223 333 1,036 41,094 Total noninterest expense 105,912 36,410 1,039 1,735 3,307 148,403 Income before income tax expense 49,350 21,537 6,120 1,648 4,315 82,970 Income tax expense 13,312 4,523 1,285 346 869 20,335 Net income $ 36,038 $ 17,014 $ 4,835 $ 1,302 $ 3,446 $ 62,635 Total assets $ 18,274,738 $ 4,921,354 $ 1,152,690 $ 257,350 $ 1,194,486 $ 25,800,618 Goodwill 951,148 — — — 64,498 1,015,646 Other intangible assets, net 89,335 — — — 7,465 96,800 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 Six Months Ended (dollars in thousands) Banking Retail Warehouse SBA Premium Total Interest income $ 433,499 $ 101,456 $ 35,574 $ 9,290 $ 37,849 $ 617,668 Interest expense 86,730 60,012 23,708 5,002 21,024 196,476 Net interest income 346,769 41,444 11,866 4,288 16,825 421,192 Provision for credit losses 87,971 6,131 217 320 606 95,245 Noninterest income 48,550 70,866 1,884 2,081 18 123,399 Noninterest expense Salaries and employee benefits 111,638 42,090 1,574 2,625 4,319 162,246 Occupancy and equipment 22,781 2,507 1 77 142 25,508 Data processing and communications expenses 23,695 2,466 90 83 151 26,485 Other expenses 46,666 23,606 425 755 2,133 73,585 Total noninterest expense 204,780 70,669 2,090 3,540 6,745 287,824 Income before income tax expense 102,568 35,510 11,443 2,509 9,492 161,522 Income tax expense 26,160 7,457 2,403 527 1,919 38,466 Net income $ 76,408 $ 28,053 $ 9,040 $ 1,982 $ 7,573 $ 123,056 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 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 December 31, 2022 Loan Servicing Rights Residential mortgage $ 160,021 $ 147,014 SBA 3,097 3,443 Total loan servicing rights $ 163,118 $ 150,457 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 2023 2022 2023 2022 Beginning carrying value, net $ 149,986 $ 232,236 $ 147,014 $ 206,944 Additions 14,731 21,551 22,461 43,252 Amortization (4,696) (7,514) (9,454) (13,576) Recoveries — 10,839 — 20,492 Ending carrying value, net $ 160,021 $ 257,112 $ 160,021 $ 257,112 (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, Residential mortgage servicing valuation allowance 2023 2022 2023 2022 Beginning balance $ — $ 16,129 $ — $ 25,782 Recoveries — (10,839) — (20,492) Ending balance $ — $ 5,290 $ — $ 5,290 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 2023 2022 2023 2022 Beginning carrying value, net $ 3,166 $ 5,384 $ 3,443 $ 5,556 Additions 271 236 315 774 Amortization (340) (666) (661) (1,376) Ending carrying value, net $ 3,097 $ 4,954 $ 3,097 $ 4,954 |
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, 2023 December 31, 2022 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 11,373,015 $ 10,046,052 Composition of residential loans serviced for others: FHLMC 17.21 % 16.80 % FNMA 50.32 % 50.09 % GNMA 32.47 % 33.11 % Total 100.00 % 100.00 % Weighted average term (months) 354 353 Weighted average age (months) 25 22 Modeled prepayment speed 8.47 % 8.22 % Decline in fair value due to a 10% adverse change (3,682) (5,800) Decline in fair value due to a 20% adverse change (7,839) (11,184) Weighted average discount rate 11.13 % 10.00 % Decline in fair value due to a 10% adverse change (4,584) (6,413) Decline in fair value due to a 20% adverse change (10,070) (12,330) (dollars in thousands) June 30, 2023 December 31, 2022 SBA servicing rights Unpaid principal balance of loans serviced for others $ 318,994 $ 326,418 Weighted average life (in years) 3.64 3.69 Modeled prepayment speed 18.78 % 18.24 % Decline in fair value due to a 10% adverse change (201) (177) Decline in fair value due to a 20% adverse change (385) (340) Weighted average discount rate 14.84 % 19.57 % Decline in fair value due to a 100 basis point adverse change (92) (83) Decline in fair value due to a 200 basis point adverse change (181) (163) |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | Jun. 30, 2023 USD ($) branch | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of branches operated | branch | 164 | ||||||
Restricted cash | $ 0 | $ 0 | |||||
Reduction to allowance for credit losses | (272,071) | $ (242,658) | (205,677) | $ (172,642) | $ (161,251) | $ (167,582) | |
Increase to retained earnings | $ 1,414,742 | $ 1,311,258 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reduction to allowance for credit losses | $ 1,700 | ||||||
Increase to retained earnings | $ 1,300 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 1,524,818 | $ 1,559,005 | ||||
Allowance for Credit Losses | (82) | $ (82) | (75) | $ (88) | $ 0 | $ 0 |
Gross Unrealized Gains | 20 | 264 | ||||
Gross Unrealized Losses | (64,400) | (59,134) | ||||
Estimated Fair Value | 1,460,356 | 1,500,060 | ||||
U.S. Treasuries | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 779,382 | 775,784 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 0 | 131 | ||||
Gross Unrealized Losses | (20,716) | (16,381) | ||||
Estimated Fair Value | 758,666 | 759,534 | ||||
U.S. government-sponsored agencies | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 1,029 | 1,036 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | (57) | (57) | ||||
Estimated Fair Value | 972 | 979 | ||||
State, county and municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 33,340 | 35,358 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 1 | 17 | ||||
Gross Unrealized Losses | (1,113) | (1,180) | ||||
Estimated Fair Value | 32,228 | 34,195 | ||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 15,897 | 16,397 | ||||
Allowance for Credit Losses | (82) | (75) | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | (760) | (396) | ||||
Estimated Fair Value | 15,055 | 15,926 | ||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 25,799 | 29,422 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 3 | 3 | ||||
Gross Unrealized Losses | (1,976) | (2,027) | ||||
Estimated Fair Value | 23,826 | 27,398 | ||||
Mortgage-backed securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 669,371 | 701,008 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 16 | 113 | ||||
Gross Unrealized Losses | (39,778) | (39,093) | ||||
Estimated Fair Value | $ 629,609 | $ 662,028 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 142,513 | $ 134,864 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (20,622) | (20,326) |
Estimated Fair Value | 121,891 | 114,538 |
State, county and municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,905 | 31,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,297) | (5,380) |
Estimated Fair Value | 26,608 | 26,525 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 110,608 | 102,959 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (15,325) | (14,946) |
Estimated Fair Value | $ 95,283 | $ 88,013 |
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, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 95,908 | |
Due from one year to five years | 724,844 | |
Due from five to ten years | 12,849 | |
Due after ten years | 21,846 | |
Mortgage-backed securities | 669,371 | |
Amortized Cost | 1,524,818 | $ 1,559,005 |
Estimated Fair Value | ||
Due in one year or less | 94,723 | |
Due from one year to five years | 704,037 | |
Due from five to ten years | 12,129 | |
Due after ten years | 19,858 | |
Mortgage-backed securities | 629,609 | |
Estimated Fair Value | 1,460,356 | 1,500,060 |
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 | 110,608 | |
Amortized Cost | 142,513 | 134,864 |
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 | 26,608 | |
Mortgage-backed securities | 95,283 | |
Estimated Fair Value | $ 121,891 | $ 114,538 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit loss | $ | $ 82 | $ 82 | $ 75 | $ 88 | $ 0 | $ 0 |
Unrealized losses | $ | 64,400 | 59,134 | ||||
Expected credit losses | $ | 0 | |||||
Debt securities, held-to-maturity, allowance for credit loss | $ | $ 0 | 0 | ||||
Debt Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in portfolio | security | 429 | |||||
Number of securities in unrealized loss position | security | 423 | |||||
Number of securities in portfolio | security | 27 | |||||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 327 | |||||
Number of securities in unrealized loss position | security | 21 | |||||
SBA pool securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 30 | |||||
Allowance for credit loss | $ | $ 0 | 0 | ||||
Unrealized losses | $ | $ 1,976 | 2,027 | ||||
State, County And Municipal Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 31 | |||||
Corporate debt securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 6 | |||||
Allowance for credit loss | $ | $ 82 | 75 | ||||
Unrealized losses | $ | $ 760 | 396 | ||||
U.S. government sponsored agency security | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 1 | |||||
State, county and municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of securities in unrealized loss position | security | 28 | |||||
Number of securities in unrealized loss position | security | 6 | |||||
Allowance for credit loss | $ | $ 0 | 0 | ||||
Unrealized losses | $ | 1,113 | 1,180 | ||||
Collateral Pledged | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Pledged securities, carrying value | $ | $ 860,600 | $ 861,600 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Less than 12 months, estimated fair value | $ 871,706 | $ 1,405,288 |
12 months or more, estimated fair value | 584,961 | 27,331 |
Total estimated fair value | 1,456,667 | 1,432,619 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (28,919) | (56,816) |
12 months or more, unrealized losses | (35,481) | (2,318) |
Total unrealized losses | (64,400) | (59,134) |
U.S. Treasuries | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 522,853 | 725,250 |
12 months or more, estimated fair value | 235,813 | 0 |
Total estimated fair value | 758,666 | 725,250 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (11,833) | (16,381) |
12 months or more, unrealized losses | (8,883) | 0 |
Total unrealized losses | (20,716) | (16,381) |
U.S. government-sponsored agencies | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 0 | 979 |
12 months or more, estimated fair value | 972 | 0 |
Total estimated fair value | 972 | 979 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 0 | (57) |
12 months or more, unrealized losses | (57) | 0 |
Total unrealized losses | (57) | (57) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 19,141 | 27,438 |
12 months or more, estimated fair value | 12,002 | 0 |
Total estimated fair value | 31,143 | 27,438 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (337) | (1,180) |
12 months or more, unrealized losses | (776) | 0 |
Total unrealized losses | (1,113) | (1,180) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 867 | 13,271 |
12 months or more, estimated fair value | 13,188 | 1,155 |
Total estimated fair value | 14,055 | 14,426 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (30) | (126) |
12 months or more, unrealized losses | (730) | (270) |
Total unrealized losses | (760) | (396) |
SBA pool securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 465 | 17,806 |
12 months or more, estimated fair value | 23,198 | 9,329 |
Total estimated fair value | 23,663 | 27,135 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (28) | (1,298) |
12 months or more, unrealized losses | (1,948) | (729) |
Total unrealized losses | (1,976) | (2,027) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 328,380 | 620,544 |
12 months or more, estimated fair value | 299,788 | 16,847 |
Total estimated fair value | 628,168 | 637,391 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (16,691) | (37,774) |
12 months or more, unrealized losses | (23,087) | (1,319) |
Total unrealized losses | $ (39,778) | $ (39,093) |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Held-to-Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Less than 12 months, estimated fair value | $ 39,014 | $ 48,983 |
12 months or more, estimated fair value | 82,877 | 65,555 |
Total estimated fair value | 121,891 | 114,538 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (1,784) | (3,413) |
12 months or more, unrealized losses | (18,838) | (16,913) |
Total unrealized losses | (20,622) | (20,326) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 7,486 | 16,512 |
12 months or more, estimated fair value | 19,122 | 10,013 |
Total estimated fair value | 26,608 | 26,525 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (514) | (1,488) |
12 months or more, unrealized losses | (4,783) | (3,892) |
Total unrealized losses | (5,297) | (5,380) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months, estimated fair value | 31,528 | 32,471 |
12 months or more, estimated fair value | 63,755 | 55,542 |
Total estimated fair value | 95,283 | 88,013 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | (1,270) | (1,925) |
12 months or more, unrealized losses | (14,055) | (13,021) |
Total unrealized losses | $ (15,325) | $ (14,946) |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 82 | $ 0 | $ 75 | $ 0 |
Provision for other credit losses | 0 | 88 | 7 | 88 |
Ending balance | $ 82 | $ 88 | $ 82 | $ 88 |
INVESTMENT SECURITIES - Sched_4
INVESTMENT SECURITIES - Schedule of Gain on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized holding gains (losses) on equity securities | $ (6) | $ (22) | $ 0 | $ (49) |
Net realized gains on sales of other investments | 0 | 270 | 0 | 270 |
Net gain (loss) on securities | $ (6) | $ 248 | $ 0 | $ 221 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 20,471,759 | $ 19,855,253 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,718,831 | 2,679,403 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 307,486 | 384,037 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 63,231 | 108,648 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,147,413 | 1,038,924 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 510,410 | 509,151 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 988,731 | 1,023,479 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,217,744 | 2,086,438 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 7,815,779 | 7,604,867 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 4,702,134 | $ 4,420,306 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on nonaccrual loans | $ 0 | $ 0 | |
Loans, net of unearned income | $ 20,471,759 | $ 19,855,253 | |
Financing receivable, moody's baseline scenario was weighted percentage | 75% | ||
Financing receivable, moody's upside scenario in weighted percentage | 25% | ||
9 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of unearned income | $ 0 | 0 | |
Loan Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 69,800 | $ 69,300 |
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, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 126,680 | $ 134,808 |
Financing receivable, nonaccrual, no allowance | 70,914 | 60,231 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 8,774 | 11,094 |
Financing receivable, nonaccrual, no allowance | 1,344 | 33 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 235 | 420 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 318 | 346 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 447 | 523 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 10,657 | 13,203 |
Financing receivable, nonaccrual, no allowance | 7,997 | 1,464 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 106,249 | 109,222 |
Financing receivable, nonaccrual, no allowance | 61,573 | 58,734 |
Real estate – residential | GNMA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 69,700 | $ 69,600 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 20,471,759 | $ 19,855,253 |
Loans 90 Days or More Past Due and Still Accruing | 13,424 | 17,865 |
Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 221,902 | 273,465 |
Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 59,871 | 95,203 |
Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 31,520 | 34,637 |
Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 130,511 | 143,625 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 20,249,857 | 19,581,788 |
Commercial, financial and agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,718,831 | 2,679,403 |
Loans 90 Days or More Past Due and Still Accruing | 4,385 | 3,267 |
Commercial, financial and agricultural | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 28,726 | 33,302 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 12,380 | 16,219 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,976 | 5,451 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 10,370 | 11,632 |
Commercial, financial and agricultural | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,690,105 | 2,646,101 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 307,486 | 384,037 |
Loans 90 Days or More Past Due and Still Accruing | 331 | 472 |
Consumer | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,361 | 6,443 |
Consumer | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,111 | 2,539 |
Consumer | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 815 | 3,163 |
Consumer | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 435 | 741 |
Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 301,125 | 377,594 |
Indirect automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 63,231 | 108,648 |
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 | 323 | 810 |
Indirect automobile | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 138 | 466 |
Indirect automobile | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 49 | 77 |
Indirect automobile | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 136 | 267 |
Indirect automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 62,908 | 107,838 |
Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,147,413 | 1,038,924 |
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 | 1,147,413 | 1,038,924 |
Municipal | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 510,410 | 509,151 |
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 | 510,410 | 509,151 |
Premium finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 988,731 | 1,023,479 |
Loans 90 Days or More Past Due and Still Accruing | 8,387 | 13,626 |
Premium finance | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 24,269 | 38,105 |
Premium finance | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 6,795 | 13,859 |
Premium finance | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 9,087 | 10,620 |
Premium finance | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8,387 | 13,626 |
Premium finance | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 964,462 | 985,374 |
Real estate – construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,217,744 | 2,086,438 |
Loans 90 Days or More Past Due and Still Accruing | 321 | 500 |
Real estate – construction and development | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,844 | 30,162 |
Real estate – construction and development | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,061 | 25,367 |
Real estate – construction and development | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 19 | 3,829 |
Real estate – construction and development | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 764 | 966 |
Real estate – construction and development | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,215,900 | 2,056,276 |
Real estate – commercial and farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,815,779 | 7,604,867 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – commercial and farmland | Total Loans Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 13,420 | 12,129 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,782 | 1,738 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 2,883 | 168 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,755 | 10,223 |
Real estate – commercial and farmland | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,802,359 | 7,592,738 |
Real estate – residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,702,134 | 4,420,306 |
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 | 146,959 | 152,514 |
Real estate – residential | Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 31,604 | 35,015 |
Real estate – residential | Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 12,691 | 11,329 |
Real estate – residential | Loans 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 102,664 | 106,170 |
Real estate – residential | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 4,555,175 | $ 4,267,792 |
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, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 32,854 | $ 41,773 |
Allowance for Credit Losses | 5,952 | 9,801 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 3,941 | 7,128 |
Allowance for Credit Losses | 670 | 6,294 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 736 | 3,233 |
Allowance for Credit Losses | 0 | 0 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 601 | 780 |
Allowance for Credit Losses | 94 | 13 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 9,139 | 15,168 |
Allowance for Credit Losses | 286 | 1,428 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 18,437 | 15,464 |
Allowance for Credit Losses | $ 4,902 | $ 2,066 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Risk Grade (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | $ 2,403,353 | $ 6,314,732 |
Year two | 5,283,521 | 4,623,480 |
Year three | 4,446,663 | 2,371,371 |
Year four | 2,245,908 | 1,436,088 |
Year five | 1,298,052 | 740,973 |
Prior | 2,555,095 | 2,093,789 |
Revolving Loans Amortized Cost Basis | 2,239,167 | 2,274,820 |
Loans, net of unearned income | 20,471,759 | 19,855,253 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 549,868 | 1,135,685 |
Year two | 922,124 | 527,270 |
Year three | 456,948 | 175,396 |
Year four | 134,364 | 112,588 |
Year five | 82,973 | 58,097 |
Prior | 73,141 | 46,145 |
Revolving Loans Amortized Cost Basis | 499,413 | 624,222 |
Loans, net of unearned income | 2,718,831 | 2,679,403 |
Current-period gross charge offs, year one | 978 | |
Current-period gross charge offs, year two | 12,715 | |
Current-period gross charge offs, year three | 7,700 | |
Current-period gross charge offs, year four | 961 | |
Current-period gross charge offs, year five | 610 | |
Current-period gross charge offs, prior | 2,560 | |
Current-period gross charge offs, revolving loans amortized cost basis | 25 | |
Current-period gross charge offs | 25,549 | |
Commercial, financial and agricultural | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 546,295 | 1,127,120 |
Year two | 919,283 | 526,043 |
Year three | 454,312 | 174,120 |
Year four | 133,061 | 109,091 |
Year five | 79,731 | 56,657 |
Prior | 67,945 | 41,612 |
Revolving Loans Amortized Cost Basis | 496,253 | 621,784 |
Loans, net of unearned income | 2,696,880 | 2,656,427 |
Commercial, financial and agricultural | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 25 | 0 |
Year two | 608 | 13 |
Year three | 75 | 94 |
Year four | 118 | 183 |
Year five | 163 | 895 |
Prior | 2,301 | 1,774 |
Revolving Loans Amortized Cost Basis | 913 | 317 |
Loans, net of unearned income | 4,203 | 3,276 |
Commercial, financial and agricultural | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 3,548 | 8,565 |
Year two | 2,233 | 1,214 |
Year three | 2,561 | 1,182 |
Year four | 1,185 | 3,314 |
Year five | 3,079 | 545 |
Prior | 2,895 | 2,759 |
Revolving Loans Amortized Cost Basis | 2,247 | 2,121 |
Loans, net of unearned income | 17,748 | 19,700 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 29,707 | 41,593 |
Year two | 23,854 | 12,754 |
Year three | 8,773 | 38,122 |
Year four | 31,352 | 23,560 |
Year five | 19,515 | 17,262 |
Prior | 26,039 | 14,354 |
Revolving Loans Amortized Cost Basis | 168,246 | 236,392 |
Loans, net of unearned income | 307,486 | 384,037 |
Current-period gross charge offs, year one | 2 | |
Current-period gross charge offs, year two | 222 | |
Current-period gross charge offs, year three | 50 | |
Current-period gross charge offs, year four | 1,076 | |
Current-period gross charge offs, year five | 671 | |
Current-period gross charge offs, prior | 968 | |
Current-period gross charge offs, revolving loans amortized cost basis | 203 | |
Current-period gross charge offs | 3,192 | |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 29,695 | 41,487 |
Year two | 23,736 | 12,692 |
Year three | 8,734 | 37,906 |
Year four | 31,252 | 23,454 |
Year five | 19,417 | 17,144 |
Prior | 25,483 | 13,825 |
Revolving Loans Amortized Cost Basis | 167,962 | 236,113 |
Loans, net of unearned income | 306,279 | 382,621 |
Consumer | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 38 |
Year two | 7 | 0 |
Year three | 0 | 0 |
Year four | 1 | 0 |
Year five | 0 | 0 |
Prior | 93 | 98 |
Revolving Loans Amortized Cost Basis | 198 | 196 |
Loans, net of unearned income | 299 | 332 |
Consumer | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 12 | 68 |
Year two | 111 | 62 |
Year three | 39 | 216 |
Year four | 99 | 106 |
Year five | 98 | 118 |
Prior | 463 | 431 |
Revolving Loans Amortized Cost Basis | 86 | 83 |
Loans, net of unearned income | 908 | 1,084 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 11,941 |
Year five | 8,649 | 50,898 |
Prior | 54,582 | 45,809 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 63,231 | 108,648 |
Current-period gross charge offs, year one | 0 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 0 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 99 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 99 | |
Indirect automobile | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 11,900 |
Year five | 8,614 | 50,749 |
Prior | 54,028 | 45,120 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 62,642 | 107,769 |
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 | 0 |
Year five | 0 | 0 |
Prior | 2 | 11 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 2 | 11 |
Indirect automobile | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 41 |
Year five | 35 | 149 |
Prior | 552 | 678 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 587 | 868 |
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 | 1,147,413 | 1,038,924 |
Loans, net of unearned income | 1,147,413 | 1,038,924 |
Current-period gross charge offs, year one | 0 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 0 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 0 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 0 | |
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 | 1,064,769 | 990,106 |
Loans, net of unearned income | 1,064,769 | 990,106 |
Mortgage warehouse | 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 | 0 | 0 |
Revolving Loans Amortized Cost Basis | 82,644 | 22,831 |
Loans, net of unearned income | 82,644 | 22,831 |
Mortgage warehouse | 7 | ||
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 | 0 | 25,987 |
Loans, net of unearned income | 0 | 25,987 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 2,569 | 18,074 |
Year two | 25,452 | 46,809 |
Year three | 54,458 | 188,507 |
Year four | 184,799 | 9,752 |
Year five | 15,112 | 4,358 |
Prior | 228,020 | 241,651 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 510,410 | 509,151 |
Current-period gross charge offs, year one | 0 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 0 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 0 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 0 | |
Municipal | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 2,569 | 18,074 |
Year two | 25,452 | 46,809 |
Year three | 54,458 | 188,507 |
Year four | 184,799 | 9,752 |
Year five | 15,112 | 4,358 |
Prior | 228,020 | 241,651 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 510,410 | 509,151 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 799,131 | 1,013,265 |
Year two | 185,468 | 10,202 |
Year three | 4,132 | 12 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 988,731 | 1,023,479 |
Current-period gross charge offs, year one | 4 | |
Current-period gross charge offs, year two | 2,955 | |
Current-period gross charge offs, year three | 310 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 0 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 3,269 | |
Premium finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 797,510 | 1,000,214 |
Year two | 178,702 | 9,667 |
Year three | 4,132 | 12 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 980,344 | 1,009,893 |
Premium finance | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 1,621 | 13,051 |
Year two | 6,766 | 535 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 8,387 | 13,586 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 218,089 | 835,108 |
Year two | 841,678 | 794,506 |
Year three | 792,425 | 306,248 |
Year four | 191,357 | 69,601 |
Year five | 48,648 | 21,266 |
Prior | 49,669 | 32,235 |
Revolving Loans Amortized Cost Basis | 75,878 | 27,474 |
Loans, net of unearned income | 2,217,744 | 2,086,438 |
Current-period gross charge offs, year one | 0 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 0 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 0 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 0 | |
Real estate – construction and development | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 218,089 | 834,831 |
Year two | 841,086 | 793,723 |
Year three | 792,121 | 306,084 |
Year four | 191,193 | 69,596 |
Year five | 48,648 | 7,934 |
Prior | 35,502 | 31,490 |
Revolving Loans Amortized Cost Basis | 75,878 | 27,474 |
Loans, net of unearned income | 2,202,517 | 2,071,132 |
Real estate – construction and development | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 277 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 173 |
Prior | 517 | 165 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 517 | 615 |
Real estate – construction and development | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 0 |
Year two | 592 | 783 |
Year three | 304 | 164 |
Year four | 164 | 5 |
Year five | 0 | 13,159 |
Prior | 13,650 | 580 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 14,710 | 14,691 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 351,788 | 1,740,015 |
Year two | 1,807,912 | 1,995,787 |
Year three | 1,926,940 | 1,088,164 |
Year four | 1,152,000 | 911,964 |
Year five | 848,373 | 458,639 |
Prior | 1,628,542 | 1,299,450 |
Revolving Loans Amortized Cost Basis | 100,224 | 110,848 |
Loans, net of unearned income | 7,815,779 | 7,604,867 |
Current-period gross charge offs, year one | 0 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 0 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 3,151 | |
Current-period gross charge offs, prior | 169 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 3,320 | |
Real estate – commercial and farmland | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 351,788 | 1,739,021 |
Year two | 1,807,366 | 1,975,003 |
Year three | 1,926,491 | 1,085,086 |
Year four | 1,148,117 | 869,116 |
Year five | 813,499 | 447,311 |
Prior | 1,556,760 | 1,259,763 |
Revolving Loans Amortized Cost Basis | 99,724 | 110,848 |
Loans, net of unearned income | 7,703,745 | 7,486,148 |
Real estate – commercial and farmland | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 607 |
Year two | 348 | 17,974 |
Year three | 0 | 0 |
Year four | 1,232 | 30,841 |
Year five | 30,476 | 4,801 |
Prior | 46,854 | 18,289 |
Revolving Loans Amortized Cost Basis | 500 | 0 |
Loans, net of unearned income | 79,410 | 72,512 |
Real estate – commercial and farmland | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 387 |
Year two | 198 | 2,810 |
Year three | 449 | 3,078 |
Year four | 2,651 | 12,007 |
Year five | 4,398 | 6,527 |
Prior | 24,928 | 21,398 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 32,624 | 46,207 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 452,201 | 1,530,992 |
Year two | 1,477,033 | 1,236,152 |
Year three | 1,202,987 | 574,922 |
Year four | 552,036 | 296,682 |
Year five | 274,782 | 130,453 |
Prior | 495,102 | 414,145 |
Revolving Loans Amortized Cost Basis | 247,993 | 236,960 |
Loans, net of unearned income | 4,702,134 | 4,420,306 |
Current-period gross charge offs, year one | 24 | |
Current-period gross charge offs, year two | 0 | |
Current-period gross charge offs, year three | 9 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 105 | |
Current-period gross charge offs, revolving loans amortized cost basis | 59 | |
Current-period gross charge offs | 197 | |
Real estate – residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 451,392 | 1,524,021 |
Year two | 1,462,604 | 1,214,724 |
Year three | 1,181,824 | 548,968 |
Year four | 525,870 | 268,821 |
Year five | 253,419 | 115,693 |
Prior | 466,163 | 393,570 |
Revolving Loans Amortized Cost Basis | 245,958 | 234,684 |
Loans, net of unearned income | 4,587,230 | 4,300,481 |
Real estate – residential | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 0 | 236 |
Year two | 233 | 145 |
Year three | 142 | 94 |
Year four | 266 | 688 |
Year five | 676 | 364 |
Prior | 2,406 | 2,910 |
Revolving Loans Amortized Cost Basis | 237 | 600 |
Loans, net of unearned income | 3,960 | 5,037 |
Real estate – residential | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 809 | 6,735 |
Year two | 14,196 | 21,283 |
Year three | 21,021 | 25,860 |
Year four | 25,900 | 27,173 |
Year five | 20,687 | 14,396 |
Prior | 26,533 | 17,665 |
Revolving Loans Amortized Cost Basis | 1,798 | 1,676 |
Loans, net of unearned income | 110,944 | 114,788 |
Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current-period gross charge offs, year one | 1,008 | |
Current-period gross charge offs, year two | 15,892 | |
Current-period gross charge offs, year three | 8,069 | |
Current-period gross charge offs, year four | 2,037 | |
Current-period gross charge offs, year five | 4,432 | |
Current-period gross charge offs, prior | 3,901 | |
Current-period gross charge offs, revolving loans amortized cost basis | 287 | |
Current-period gross charge offs | 35,626 | |
Total Loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 2,397,338 | 6,284,768 |
Year two | 5,258,229 | 4,578,661 |
Year three | 4,422,072 | 2,340,683 |
Year four | 2,214,292 | 1,361,730 |
Year five | 1,238,440 | 699,846 |
Prior | 2,433,901 | 2,027,031 |
Revolving Loans Amortized Cost Basis | 2,150,544 | 2,221,009 |
Loans, net of unearned income | 20,114,816 | 19,513,728 |
Total Loans | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 25 | 1,158 |
Year two | 1,196 | 18,132 |
Year three | 217 | 188 |
Year four | 1,617 | 31,712 |
Year five | 31,315 | 6,233 |
Prior | 52,173 | 23,247 |
Revolving Loans Amortized Cost Basis | 84,492 | 23,944 |
Loans, net of unearned income | 171,035 | 104,614 |
Total Loans | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Year one | 5,990 | 28,806 |
Year two | 24,096 | 26,687 |
Year three | 24,374 | 30,500 |
Year four | 29,999 | 42,646 |
Year five | 28,297 | 34,894 |
Prior | 69,021 | 43,511 |
Revolving Loans Amortized Cost Basis | 4,131 | 29,867 |
Loans, net of unearned income | $ 185,908 | $ 236,911 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ 242,658 | $ 161,251 | $ 205,677 | $ 167,582 |
Provision for loan losses | 43,643 | 13,227 | 93,019 | 10,493 |
Loans charged off | (20,670) | (6,853) | (35,626) | (15,432) |
Recoveries of loans previously charged off | 6,440 | 5,017 | 10,712 | 9,999 |
Ending balance, Allowance | 272,071 | 172,642 | 272,071 | 172,642 |
Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | (1,711) | |||
Commercial, financial and agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 45,238 | 25,526 | 39,455 | 26,829 |
Provision for loan losses | 15,322 | 1,738 | 31,400 | 1,953 |
Loans charged off | (13,316) | (4,391) | (25,549) | (8,805) |
Recoveries of loans previously charged off | 3,545 | 2,785 | 5,588 | 5,681 |
Ending balance, Allowance | 50,789 | 25,658 | 50,789 | 25,658 |
Commercial, financial and agricultural | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | (105) | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 4,893 | 5,619 | 5,413 | 6,097 |
Provision for loan losses | 1,513 | 557 | 1,836 | 1,346 |
Loans charged off | (2,052) | (1,137) | (3,192) | (2,562) |
Recoveries of loans previously charged off | 194 | 230 | 491 | 388 |
Ending balance, Allowance | 4,548 | 5,269 | 4,548 | 5,269 |
Consumer | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 0 | |||
Indirect automobile | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 137 | 373 | 174 | 476 |
Provision for loan losses | (199) | (306) | (418) | (596) |
Loans charged off | (65) | (41) | (99) | (129) |
Recoveries of loans previously charged off | 225 | 265 | 441 | 540 |
Ending balance, Allowance | 98 | 291 | 98 | 291 |
Indirect automobile | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 0 | |||
Mortgage warehouse | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 1,924 | 3,010 | 2,118 | 3,231 |
Provision for loan losses | 411 | 875 | 217 | 654 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 2,335 | 3,885 | 2,335 | 3,885 |
Mortgage warehouse | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 0 | |||
Municipal | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 354 | 384 | 357 | 401 |
Provision for loan losses | 3 | (13) | 0 | (30) |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance, Allowance | 357 | 371 | 357 | 371 |
Municipal | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 0 | |||
Premium finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 893 | 2,515 | 1,025 | 2,729 |
Provision for loan losses | 51 | 200 | (42) | 108 |
Loans charged off | (1,848) | (1,066) | (3,269) | (2,435) |
Recoveries of loans previously charged off | 1,680 | 1,113 | 3,062 | 2,360 |
Ending balance, Allowance | 776 | 2,762 | 776 | 2,762 |
Premium finance | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 0 | |||
Real estate – construction and development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 42,841 | 26,831 | 32,659 | 22,045 |
Provision for loan losses | 11,276 | (3,954) | 21,395 | 614 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 472 | 355 | 572 | 573 |
Ending balance, Allowance | 54,589 | 23,232 | 54,589 | 23,232 |
Real estate – construction and development | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | (37) | |||
Real estate – commercial and farmland | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 87,124 | 67,033 | 67,433 | 77,831 |
Provision for loan losses | 12,275 | (7,647) | 32,644 | (17,199) |
Loans charged off | (3,320) | (81) | (3,320) | (1,364) |
Recoveries of loans previously charged off | 61 | 44 | 105 | 81 |
Ending balance, Allowance | 96,140 | 59,349 | 96,140 | 59,349 |
Real estate – commercial and farmland | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | (722) | |||
Real estate – residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 59,254 | 29,960 | 57,043 | 27,943 |
Provision for loan losses | 2,991 | 21,777 | 5,987 | 23,643 |
Loans charged off | (69) | (137) | (197) | (137) |
Recoveries of loans previously charged off | 263 | 225 | 453 | 376 |
Ending balance, Allowance | $ 62,439 | $ 51,825 | 62,439 | $ 51,825 |
Real estate – residential | Cumulative effect of change in accounting principle for ASU 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | $ (847) |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Modified of Amortized Cost Basis (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 4,696 |
Percentage of Total Class of Financial Receivable | 0% |
Payment Deferral | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,207 |
Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,489 |
Commercial, financial and agricultural | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 3,204 |
Percentage of Total Class of Financial Receivable | 0.10% |
Commercial, financial and agricultural | Payment Deferral | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,207 |
Commercial, financial and agricultural | Payment Deferral | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financial effect, percent reduction of payments | 73% |
Commercial, financial and agricultural | Payment Deferral | Financial Asset, 90 Days Or Less Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financial effect, percent reduction of payments | 32% |
Commercial, financial and agricultural | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,997 |
Financing receivable, modified, weighted average term increase from modification | 10 months 15 days |
Real estate – construction and development | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 286 |
Percentage of Total Class of Financial Receivable | 0% |
Real estate – construction and development | Payment Deferral | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 0 |
Real estate – construction and development | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 286 |
Financing receivable, modified, weighted average term increase from modification | 11 months |
Real estate – commercial and farmland | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,206 |
Percentage of Total Class of Financial Receivable | 0% |
Real estate – commercial and farmland | Payment Deferral | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 0 |
Real estate – commercial and farmland | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,206 |
Financing receivable, modified, weighted average term increase from modification | 10 months 15 days |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Depicts Performance of Loans Modified In Last 12 Months (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 4,696 |
Current Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,699 |
Current Loans | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 997 |
Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 997 |
Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial, financial and agricultural | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,204 |
Commercial, financial and agricultural | Current Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,707 |
Commercial, financial and agricultural | Current Loans | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 497 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 497 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Real estate – construction and development | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 286 |
Real estate – construction and development | Current Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 286 |
Real estate – construction and development | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Real estate – construction and development | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Real estate – construction and development | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Real estate – commercial and farmland | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 1,206 |
Real estate – commercial and farmland | Current Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 706 |
Real estate – commercial and farmland | Current Loans | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 500 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 500 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 0 |
OTHER BORROWINGS - Schedule of
OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 129,319 | $ 128,322 |
Other borrowings | 1,536,989 | 1,875,736 |
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 300,000 |
Debt instrument, interest rate, effective percentage | 4.15% | |
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage | 4.11% | |
Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage | 4.14% | |
Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage | 4.15% | |
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 350,000 |
Debt instrument, interest rate, effective percentage | 4.17% | |
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 150,000 |
Debt instrument, interest rate, effective percentage | 4.25% | |
Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 200,000 |
Debt instrument, interest rate, effective percentage | 4.26% | |
Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage | 4.23% | |
Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 150,000 |
Debt instrument, interest rate, effective percentage | 4.22% | |
Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 0 | 100,000 |
Debt instrument, interest rate, effective percentage | 4.23% | |
Fixed Rate Advance due July 19, 2023; fixed interest rate of 5.210% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 500,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.21% | |
Fixed Rate Advance due July 20, 2023; fixed interest rate of 5.210% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 100,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.21% | |
Fixed Rate Advance due July 21, 2023; fixed interest rate of 5.200% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 100,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.20% | |
Fixed Rate Advance due July 24, 2023; fixed interest rate of 5.200% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 175,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.20% | |
Fixed Rate Advance due July 31, 2023; fixed interest rate of 5.240% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 200,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.24% | |
Daily Rate Credit due December 5, 2023, fixed interest rate of 5.320% | ||
Other Borrowings [Line Items] | ||
Advance from correspondent bank | $ 100,000 | 0 |
Debt instrument, interest rate, effective percentage | 5.32% | |
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 | $ 1,383 | 1,389 |
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 | $ 958 | 961 |
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 | $ 1,202 | 1,275 |
Debt instrument, interest rate, effective percentage | 3.095% | |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 0 | 74,449 |
Debt instrument, interest rate, effective percentage | 5.75% | |
Unamortized debt issuance expense | $ 0 | 551 |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | 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 $1,436 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 109,064 | 118,320 |
Debt instrument, interest rate, effective percentage | 4.25% | |
Unamortized debt issuance expense | $ 1,436 | 1,680 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,436 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 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 $845 and $906, 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 | $ 75,845 | 75,906 |
Debt instrument, interest rate, effective percentage | 5.875% | |
Unaccreted purchase accounting fair value adjustment | $ (845) | (906) |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $845 and $906, 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 $1,463 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | ||
Other Borrowings [Line Items] | ||
Subordinated deferrable interest debentures | $ 108,537 | 108,436 |
Debt instrument, interest rate, effective percentage | 3.875% | |
Unamortized debt issuance expense | $ 1,463 | 1,564 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,463 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | Secured Overnight Financing Rate (SOFR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 3.753% | |
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% | ||
Other Borrowings [Line Items] | ||
Other borrowings | $ 10,000 | 0 |
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% | Secured Overnight Financing Rate (SOFR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | ||
Other Borrowings [Line Items] | ||
Other borrowings | $ 10,000 | $ 0 |
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | Secured Overnight Financing Rate (SOFR) | ||
Other Borrowings [Line Items] | ||
Basis spread on variable rate | 2.65% |
OTHER BORROWINGS - Narrative (D
OTHER BORROWINGS - Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | $ 3,300 |
Credit arrangements for federal funds purchase | 127 |
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value | 3,580 |
Loans pledged at federal reserve discount window available for borrowing | $ 2,630 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 3,253,195 | $ 3,007,159 | $ 3,197,400 | $ 2,966,451 |
Unrealized loss on debt securities available-for-sales, net of tax | (15,037) | (10,794) | (4,111) | (28,225) |
Balance at end of period | 3,284,630 | 3,073,376 | 3,284,630 | 3,073,376 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (35,581) | (1,841) | (46,507) | 15,590 |
Balance at end of period | $ (50,618) | $ (12,635) | $ (50,618) | $ (12,635) |
WEIGHTED AVERAGE SHARES OUTST_3
WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Average common shares outstanding (in shares) | 68,990 | 69,136 | 69,085 | 69,246 |
Common share equivalents: | ||||
Stock options (in shares) | 0 | 16 | 0 | 24 |
Nonvested restricted share grants (in shares) | 0 | 46 | 57 | 97 |
Performance share units (in shares) | 45 | 118 | 50 | 118 |
Average common shares outstanding, assuming dilution (in shares) | 69,035 | 69,316 | 69,192 | 69,485 |
Potential common shares with strike prices that would cause them to be anti-dilutive (in shares) | 345,576 | 33,536 | 84,487 | 0 |
FAIR VALUE MEASURES - Loans Hel
FAIR VALUE MEASURES - Loans Held for Sale Under the Fair Value Option (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 391,472 | $ 392,078 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 391,212 | 390,583 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 260 | $ 1,495 |
FAIR VALUE MEASURES - Narrative
FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Net gains (losses) from change in fair value of mortgages loans held for sale | $ (3.3) | $ 11.2 | $ 2.3 | $ (32.7) |
Net (losses) gains from change in fair value of derivative financial instruments | $ 7.9 | $ (27.1) | $ 5.1 | $ (1.2) |
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, 2023 | Dec. 31, 2022 |
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 | $ 391,212 | $ 390,583 |
Aggregate unpaid principal balance of loans held for sale | 387,893 | 389,610 |
Past-due loans of 90 days or more | 2,018 | 0 |
Nonaccrual loans | 2,018 | 0 |
Unpaid principal balance of nonaccrual loans | 1,980 | 0 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of loans held for sale | 260 | 1,495 |
Aggregate unpaid principal balance of loans held for sale | 240 | 1,350 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 391,472 | $ 392,078 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 391,472 | 392,078 |
Total recurring assets at fair value | 1,868,030 | 1,900,651 |
Total recurring liabilities at fair value | 7,400 | 4,574 |
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 | 758,666 | 759,534 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 391,472 | 392,078 |
Total recurring assets at fair value | 1,108,389 | 1,139,962 |
Total recurring liabilities at fair value | 7,400 | 4,574 |
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 | 975 | 1,155 |
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 975 | 1,155 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivative financial instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 7,186 | 4,580 |
Derivative liability | 7,400 | 4,574 |
Fair Value, Measurements, Recurring | Derivative financial instruments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | Derivative financial instruments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 7,186 | 4,580 |
Derivative liability | 7,400 | 4,574 |
Fair Value, Measurements, Recurring | Derivative financial instruments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative instruments | 9,016 | 3,933 |
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 |
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 | 9,016 | 3,933 |
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 |
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 | 758,666 | 759,534 |
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 | 758,666 | 759,534 |
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 | 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 | 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 | 972 | 979 |
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 | 972 | 979 |
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 | 32,228 | 34,195 |
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 | 32,228 | 34,195 |
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 | 15,055 | 15,926 |
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 | 14,080 | 14,771 |
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 | 975 | 1,155 |
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 | 23,826 | 27,398 |
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 | 23,826 | 27,398 |
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 | 629,609 | 662,028 |
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 | 629,609 | 662,028 |
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, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 26,902 | $ 31,972 |
Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 26,902 | 31,972 |
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 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 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 26,902 | 31,972 |
Level 3 | Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 26,902 | $ 31,972 |
FAIR VALUE MEASURES - Significa
FAIR VALUE MEASURES - Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Details) - Level 3 $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, at fair value | $ 975 | $ 1,155 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, at fair value | $ 26,902 | $ 31,972 |
Discounted cash flows | Discount rate | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.132 | 0.121 |
Discounted cash flows | Discount rate | Fair Value, Measurements, Recurring | Weighted Average Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.132 | 0.121 |
Discounted cash flows | Loss Given Default | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.44 | 0.41 |
Discounted cash flows | Loss Given Default | Fair Value, Measurements, Recurring | Weighted Average Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.44 | 0.41 |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Minimum | ||
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 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 75% | 48% |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Weighted Average Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 29% | 27% |
FAIR VALUE MEASURES - Carrying
FAIR VALUE MEASURES - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Cash and due from banks | $ 284,552 | $ 284,567 |
Federal funds sold and interest-bearing accounts | 1,034,578 | 833,565 |
Debt securities held-to-maturity | 121,891 | 114,538 |
Financial liabilities: | ||
Other borrowings | 1,536,989 | 1,875,736 |
Subordinated deferrable interest debentures | 129,319 | 128,322 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 284,552 | 284,567 |
Federal funds sold and interest-bearing accounts | 1,034,578 | 833,565 |
Debt securities held-to-maturity | 142,513 | 134,864 |
Loans, net | 20,172,786 | 19,617,604 |
Accrued interest receivable | 77,360 | 77,042 |
Financial liabilities: | ||
Deposits | 20,443,125 | 19,462,738 |
Other borrowings | 1,536,989 | 1,875,736 |
Subordinated deferrable interest debentures | 129,319 | 128,322 |
Accrued interest payable | 24,929 | 10,530 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 284,552 | 284,567 |
Federal funds sold and interest-bearing accounts | 1,034,578 | 833,565 |
Debt securities held-to-maturity | 121,891 | 114,538 |
Loans, net | 19,515,996 | 19,067,612 |
Accrued interest receivable | 77,360 | 77,042 |
Financial liabilities: | ||
Deposits | 20,452,110 | 19,455,187 |
Other borrowings | 1,522,335 | 1,861,850 |
Subordinated deferrable interest debentures | 141,225 | 125,988 |
Accrued interest payable | 24,929 | 10,530 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 284,552 | 284,567 |
Federal funds sold and interest-bearing accounts | 1,034,578 | 833,565 |
Debt securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
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 | 121,891 | 114,538 |
Loans, net | 0 | 0 |
Accrued interest receivable | 7,537 | 7,694 |
Financial liabilities: | ||
Deposits | 20,452,110 | 19,455,187 |
Other borrowings | 1,522,335 | 1,861,850 |
Subordinated deferrable interest debentures | 141,225 | 125,988 |
Accrued interest payable | 24,929 | 10,530 |
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 | |
Loans, net | 19,515,996 | 19,067,612 |
Accrued interest receivable | 69,823 | 69,348 |
Financial liabilities: | ||
Deposits | 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, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $ 5,398,013 | $ 6,318,039 |
Unused home equity lines of credit | 376,944 | 345,001 |
Financial standby letters of credit | 39,096 | 33,557 |
Mortgage interest rate lock commitments | $ 302,208 | $ 148,148 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for unfunded commitments | $ 43,643 | $ 13,227 | $ 93,019 | $ 10,493 |
Unfunded Loan Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance, Allowance | 52,757 | 42,194 | 52,411 | 33,185 |
Provision for unfunded commitments | 1,873 | 1,779 | 2,219 | 10,788 |
Ending balance, Allowance | $ 54,630 | $ 43,973 | $ 54,630 | $ 43,973 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Federal Home Loan Bank | Letter of Credit | |
Loss Contingencies [Line Items] | |
Letter of credit | $ 900 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 321,952 | $ 202,568 | $ 617,668 | $ 385,942 | |
Interest expense | 112,412 | 11,204 | 196,476 | 22,034 | |
Net interest income | 209,540 | 191,364 | 421,192 | 363,908 | |
Provision for credit losses | 45,516 | 14,924 | 95,245 | 21,155 | |
Noninterest income | 67,349 | 83,841 | 123,399 | 170,752 | |
Noninterest expense | |||||
Salaries and employee benefits | 81,336 | 81,545 | 162,246 | 165,826 | |
Occupancy and equipment | 12,522 | 12,746 | 25,508 | 25,473 | |
Data processing and communications expenses | 13,451 | 12,155 | 26,485 | 24,727 | |
Other expenses | 41,094 | 35,750 | 73,585 | 69,990 | |
Total noninterest expense | 148,403 | 142,196 | 287,824 | 286,016 | |
Income before income tax expense | 82,970 | 118,085 | 161,522 | 227,489 | |
Income tax expense | 20,335 | 28,019 | 38,466 | 55,725 | |
Net income | 62,635 | 90,066 | 123,056 | 171,764 | |
Total assets | 25,800,618 | 23,687,470 | 25,800,618 | 23,687,470 | $ 25,053,286 |
Goodwill | 1,015,646 | 1,023,056 | 1,015,646 | 1,023,056 | 1,015,646 |
Other intangible assets, net | 96,800 | 115,613 | 96,800 | 115,613 | 106,194 |
Banking Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 225,284 | 141,844 | 433,499 | 271,134 | |
Interest expense | 53,843 | (10,278) | 86,730 | (14,733) | |
Net interest income | 171,441 | 152,122 | 346,769 | 285,867 | |
Provision for credit losses | 40,831 | 10,175 | 87,971 | 15,401 | |
Noninterest income | 24,652 | 23,469 | 48,550 | 44,833 | |
Noninterest expense | |||||
Salaries and employee benefits | 55,196 | 46,733 | 111,638 | 95,928 | |
Occupancy and equipment | 11,175 | 11,168 | 22,781 | 22,242 | |
Data processing and communications expenses | 11,898 | 10,863 | 23,695 | 22,093 | |
Other expenses | 27,643 | 21,123 | 46,666 | 41,168 | |
Total noninterest expense | 105,912 | 89,887 | 204,780 | 181,431 | |
Income before income tax expense | 49,350 | 75,529 | 102,568 | 133,868 | |
Income tax expense | 13,312 | 19,120 | 26,160 | 36,116 | |
Net income | 36,038 | 56,409 | 76,408 | 97,752 | |
Total assets | 18,274,738 | 17,009,855 | 18,274,738 | 17,009,855 | |
Goodwill | 951,148 | 958,558 | 951,148 | 958,558 | 951,100 |
Other intangible assets, net | 89,335 | 105,198 | 89,335 | 105,198 | |
Retail Mortgage Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 52,867 | 38,055 | 101,456 | 70,887 | |
Interest expense | 31,450 | 17,276 | 60,012 | 30,813 | |
Net interest income | 21,417 | 20,779 | 41,444 | 40,074 | |
Provision for credit losses | 3,278 | 4,499 | 6,131 | 6,086 | |
Noninterest income | 39,808 | 57,795 | 70,866 | 119,444 | |
Noninterest expense | |||||
Salaries and employee benefits | 21,930 | 31,219 | 42,090 | 62,833 | |
Occupancy and equipment | 1,224 | 1,406 | 2,507 | 2,877 | |
Data processing and communications expenses | 1,397 | 1,123 | 2,466 | 2,295 | |
Other expenses | 11,859 | 12,812 | 23,606 | 25,457 | |
Total noninterest expense | 36,410 | 46,560 | 70,669 | 93,462 | |
Income before income tax expense | 21,537 | 27,515 | 35,510 | 59,970 | |
Income tax expense | 4,523 | 5,779 | 7,457 | 12,594 | |
Net income | 17,014 | 21,736 | 28,053 | 47,376 | |
Total assets | 4,921,354 | 4,418,211 | 4,921,354 | 4,418,211 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Warehouse Lending Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 18,960 | 8,476 | 35,574 | 15,289 | |
Interest expense | 12,794 | 1,776 | 23,708 | 2,142 | |
Net interest income | 6,166 | 6,700 | 11,866 | 13,147 | |
Provision for credit losses | 411 | 867 | 217 | 645 | |
Noninterest income | 1,404 | 1,041 | 1,884 | 2,442 | |
Noninterest expense | |||||
Salaries and employee benefits | 772 | 208 | 1,574 | 491 | |
Occupancy and equipment | 0 | 1 | 1 | 2 | |
Data processing and communications expenses | 44 | 48 | 90 | 95 | |
Other expenses | 223 | 212 | 425 | 430 | |
Total noninterest expense | 1,039 | 469 | 2,090 | 1,018 | |
Income before income tax expense | 6,120 | 6,405 | 11,443 | 13,926 | |
Income tax expense | 1,285 | 1,346 | 2,403 | 2,925 | |
Net income | 4,835 | 5,059 | 9,040 | 11,001 | |
Total assets | 1,152,690 | 923,829 | 1,152,690 | 923,829 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
SBA Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 4,915 | 4,757 | 9,290 | 11,537 | |
Interest expense | 2,584 | 959 | 5,002 | 1,728 | |
Net interest income | 2,331 | 3,798 | 4,288 | 9,809 | |
Provision for credit losses | 424 | (523) | 320 | (666) | |
Noninterest income | 1,476 | 1,526 | 2,081 | 4,017 | |
Noninterest expense | |||||
Salaries and employee benefits | 1,316 | 1,316 | 2,625 | 2,587 | |
Occupancy and equipment | 40 | 81 | 77 | 180 | |
Data processing and communications expenses | 46 | 29 | 83 | 57 | |
Other expenses | 333 | 539 | 755 | 919 | |
Total noninterest expense | 1,735 | 1,965 | 3,540 | 3,743 | |
Income before income tax expense | 1,648 | 3,882 | 2,509 | 10,749 | |
Income tax expense | 346 | 815 | 527 | 2,257 | |
Net income | 1,302 | 3,067 | 1,982 | 8,492 | |
Total assets | 257,350 | 264,227 | 257,350 | 264,227 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | |
Premium Finance Division | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 19,926 | 9,436 | 37,849 | 17,095 | |
Interest expense | 11,741 | 1,471 | 21,024 | 2,084 | |
Net interest income | 8,185 | 7,965 | 16,825 | 15,011 | |
Provision for credit losses | 572 | (94) | 606 | (311) | |
Noninterest income | 9 | 10 | 18 | 16 | |
Noninterest expense | |||||
Salaries and employee benefits | 2,122 | 2,069 | 4,319 | 3,987 | |
Occupancy and equipment | 83 | 90 | 142 | 172 | |
Data processing and communications expenses | 66 | 92 | 151 | 187 | |
Other expenses | 1,036 | 1,064 | 2,133 | 2,016 | |
Total noninterest expense | 3,307 | 3,315 | 6,745 | 6,362 | |
Income before income tax expense | 4,315 | 4,754 | 9,492 | 8,976 | |
Income tax expense | 869 | 959 | 1,919 | 1,833 | |
Net income | 3,446 | 3,795 | 7,573 | 7,143 | |
Total assets | 1,194,486 | 1,071,348 | 1,194,486 | 1,071,348 | |
Goodwill | 64,498 | 64,498 | 64,498 | 64,498 | $ 64,500 |
Other intangible assets, net | $ 7,465 | $ 10,415 | $ 7,465 | $ 10,415 |
LOAN SERVICING RIGHTS - Schedul
LOAN SERVICING RIGHTS - Schedule of Carrying Value of Loan Servicing Rights Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 163,118 | $ 150,457 | ||||
Residential mortgage | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | 160,021 | $ 149,986 | 147,014 | $ 257,112 | $ 232,236 | $ 206,944 |
SBA | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Loan servicing rights | $ 3,097 | $ 3,166 | $ 3,443 | $ 4,954 | $ 5,384 | $ 5,556 |
LOAN SERVICING RIGHTS - Narrati
LOAN SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Residential mortgage | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 15,000 | $ 18,900 | $ 29,200 | $ 36,300 |
SBA servicing rights | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Servicing fee income | $ 758 | $ 1,000 | $ 1,500 | $ 1,900 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | $ 150,457 | |||
Ending balance | $ 163,118 | 163,118 | ||
Residential mortgage servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 149,986 | $ 232,236 | 147,014 | $ 206,944 |
Additions | 14,731 | 21,551 | 22,461 | 43,252 |
Amortization | (4,696) | (7,514) | (9,454) | (13,576) |
Recoveries | 0 | 10,839 | 0 | 20,492 |
Ending balance | 160,021 | 257,112 | 160,021 | 257,112 |
Residential mortgage servicing valuation allowance | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 0 | 16,129 | 0 | 25,782 |
Recoveries | 0 | (10,839) | 0 | (20,492) |
Ending balance | 0 | 5,290 | 0 | 5,290 |
SBA servicing rights | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 3,166 | 5,384 | 3,443 | 5,556 |
Additions | 271 | 236 | 315 | 774 |
Amortization | (340) | (666) | (661) | (1,376) |
Ending balance | $ 3,097 | $ 4,954 | $ 3,097 | $ 4,954 |
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, 2023 | Dec. 31, 2022 | |
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 | $ 11,373,015 | $ 10,046,052 |
Composition of residential loans serviced for others: | 100% | 100% |
Weighted average term (months) | 354 months | 353 months |
Weighted average age (months) | 25 months | 22 months |
Modeled prepayment speed | 8.47% | 8.22% |
Decline in fair value due to a 10% adverse change | $ (3,682) | $ (5,800) |
Decline in fair value due to a 20% adverse change | $ (7,839) | $ (11,184) |
Weighted average discount rate | 11.13% | 10% |
Decline in fair value due to a 10% adverse change | $ (4,584) | $ (6,413) |
Decline in fair value due to a 20% adverse change | $ (10,070) | $ (12,330) |
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] | ||
Composition of residential loans serviced for others: | 17.21% | 16.80% |
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] | ||
Composition of residential loans serviced for others: | 50.32% | 50.09% |
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] | ||
Composition of residential loans serviced for others: | 32.47% | 33.11% |
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 | $ 318,994 | $ 326,418 |
Weighted average term (months) | 3 years 7 months 20 days | 3 years 8 months 8 days |
Modeled prepayment speed | 18.78% | 18.24% |
Decline in fair value due to a 10% adverse change | $ (201) | $ (177) |
Decline in fair value due to a 20% adverse change | $ (385) | $ (340) |
Weighted average discount rate | 14.84% | 19.57% |
Decline in fair value due to a 10% adverse change | $ (92) | $ (83) |
Decline in fair value due to a 20% adverse change | $ (181) | $ (163) |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Goodwill [Line Items] | |||
Goodwill | $ 1,015,646 | $ 1,015,646 | $ 1,023,056 |
Valuation, Market Approach | |||
Goodwill [Line Items] | |||
Percent of fair value in excess of carrying amount | 9% | ||
Banking Division | |||
Goodwill [Line Items] | |||
Goodwill | $ 951,148 | 951,100 | 958,558 |
Banking Division | Discounted cash flows | |||
Goodwill [Line Items] | |||
Percent of fair value in excess of carrying amount | 20% | ||
Premium Finance Division | |||
Goodwill [Line Items] | |||
Goodwill | $ 64,498 | $ 64,500 | $ 64,498 |
Premium Finance Division | Discounted cash flows | |||
Goodwill [Line Items] | |||
Percent of fair value in excess of carrying amount | 8% |