Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Road 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,230 | ||
Entity Common Stock, Shares Outstanding | 69,030,167 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated into Part III hereof by reference. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000351569 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Atlanta, GA |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 230,470 | $ 284,567 |
Interest-bearing deposits in banks | 936,834 | 833,565 |
Cash and cash equivalents | 1,167,304 | 1,118,132 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $69 and $75 | 1,402,944 | 1,500,060 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $122,731 and $114,538) | 141,512 | 134,864 |
Other investments | 71,794 | 110,992 |
Loans held for sale, at fair value | 281,332 | 392,078 |
Loans, net of unearned income | 20,269,303 | 19,855,253 |
Allowance for credit losses | (307,100) | (205,677) |
Loans, net | 19,962,203 | 19,649,576 |
Other real estate owned, net | 6,199 | 843 |
Premises and equipment, net | 216,435 | 220,283 |
Goodwill | 1,015,646 | 1,015,646 |
Other intangible assets, net | 87,949 | 106,194 |
Cash value of bank owned life insurance | 395,778 | 388,405 |
Other assets | 454,603 | 416,213 |
Total assets | 25,203,699 | 25,053,286 |
Deposits | ||
Noninterest-bearing | 6,491,639 | 7,929,579 |
Interest-bearing | 14,216,870 | 11,533,159 |
Total deposits | 20,708,509 | 19,462,738 |
Other borrowings | 509,586 | 1,875,736 |
Subordinated deferrable interest debentures, net | 130,315 | 128,322 |
Other liabilities | 428,542 | 389,090 |
Total liabilities | 21,776,952 | 21,855,886 |
Commitments and Contingencies (Note 19) | ||
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; 72,516,079 and 72,263,727 shares issued | 72,516 | 72,264 |
Capital surplus | 1,945,385 | 1,935,211 |
Retained earnings | 1,539,957 | 1,311,258 |
Accumulated other comprehensive income (loss), net of tax | (35,939) | (46,507) |
Treasury stock, at cost, 3,462,738 and 2,894,677 shares | (95,172) | (74,826) |
Total shareholders’ equity | 3,426,747 | 3,197,400 |
Total liabilities and shareholders’ equity | $ 25,203,699 | $ 25,053,286 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt securities available-for-sale, allowance for credit loss | $ 69 | $ 75 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 |
Estimated fair value | $ 122,731 | $ 114,538 |
Preferred stock, par or stated value per share (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 or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (in shares) | 72,516,079 | 72,263,727 |
Treasury stock (in shares) | 3,462,738 | 2,894,677 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Interest and fees on loans | $ 1,172,162 | $ 834,969 | $ 676,089 |
Interest on taxable securities | 59,002 | 34,656 | 22,524 |
Interest on nontaxable securities | 1,335 | 1,176 | 575 |
Interest on deposits in other banks | 47,936 | 23,008 | 3,882 |
Interest on federal funds sold | 0 | 77 | 42 |
Total interest income | 1,280,435 | 893,886 | 703,112 |
Interest expense | |||
Interest on deposits | 356,017 | 56,105 | 22,357 |
Interest on other borrowings | 89,374 | 36,755 | 25,428 |
Total interest expense | 445,391 | 92,860 | 47,785 |
Net interest income | 835,044 | 801,026 | 655,327 |
Provision for loan losses | 153,515 | 52,610 | (35,081) |
Provision for unfunded commitments | (10,853) | 19,226 | 332 |
Provision for other credit losses | (6) | (139) | (616) |
Provision for credit losses | 142,656 | 71,697 | (35,365) |
Net interest income after provision for credit losses | 692,388 | 729,329 | 690,692 |
Noninterest income | |||
Service charges on deposit accounts | 46,575 | 44,499 | 45,106 |
Mortgage banking activity | 139,885 | 184,904 | 285,900 |
Other service charges, commissions and fees | 4,401 | 3,875 | 4,188 |
Net gain (loss) on securities | (304) | 203 | 515 |
Gain on sale of SBA loans | 1,557 | 5,552 | 6,623 |
Other noninterest income | 50,714 | 45,391 | 23,212 |
Total noninterest income | 242,828 | 284,424 | 365,544 |
Noninterest expense | |||
Salaries and employee benefits | 320,110 | 319,719 | 337,776 |
Occupancy and equipment | 51,450 | 51,361 | 48,066 |
Advertising and marketing | 11,856 | 12,481 | 8,434 |
Amortization of intangible assets | 18,244 | 19,744 | 14,965 |
Data processing and communications expenses | 53,486 | 49,228 | 45,976 |
Legal and other professional fees | 17,726 | 16,439 | 11,920 |
Credit resolution-related expenses | 80 | 29 | 3,538 |
Merger and conversion charges | 0 | 1,212 | 4,206 |
FDIC insurance | 26,940 | 8,063 | 5,614 |
Loan servicing expenses | 35,283 | 36,835 | 26,481 |
Other noninterest expenses | 43,106 | 45,544 | 53,148 |
Total noninterest expense | 578,281 | 560,655 | 560,124 |
Income before income tax expense | 356,935 | 453,098 | 496,112 |
Income tax expense | 87,830 | 106,558 | 119,199 |
Net income | $ 269,105 | $ 346,540 | $ 376,913 |
Basic earnings per common share (in dollars per share) | $ 3.90 | $ 5.01 | $ 5.43 |
Diluted earnings per common share (in dollars per share) | $ 3.89 | $ 4.99 | $ 5.40 |
Weighted average common shares outstanding | |||
Basic (in shares) | 68,977,453 | 69,193,591 | 69,431,860 |
Diluted (in shares) | 69,104,158 | 69,419,721 | 69,761,394 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 269,105 | $ 346,540 | $ 376,913 |
Other comprehensive income (loss) | |||
Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of $3,598, ($16,507) and ($4,762) | 10,339 | (62,097) | (17,915) |
Reclassification adjustment for losses on investment securities included in earnings, net of tax of $80, $0 and $0 | 229 | 0 | 0 |
Total other comprehensive income (loss) | 10,568 | (62,097) | (17,915) |
Comprehensive income | $ 279,673 | $ 284,443 | $ 358,998 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) from unrealized holding gains (losses) on securities arising during period | $ 3,598 | $ (16,507) | $ (4,762) |
Reclassification adjustment for losses on investment securities included in earnings, net of tax | $ 80 | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital Surplus | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 71,753,705 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 2,647,088 | $ 71,754 | $ 1,913,285 | $ 671,510 | $ 33,505 | $ (42,966) | ||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 2,212,224 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 99,308 | |||||||
Issuance of restricted shares | 599 | $ 99 | 500 | |||||
Forfeitures of restricted shares (in shares) | (2,695) | |||||||
Forfeitures of restricted shares | (53) | $ (3) | (50) | |||||
Exercise of stock options (in shares) | 166,808 | |||||||
Exercise of stock options | 4,532 | $ 167 | 4,365 | |||||
Share-based compensation | 6,713 | 6,713 | ||||||
Purchase of treasury shares (in shares) | 195,674 | |||||||
Purchase of treasury shares | (9,439) | $ (9,439) | ||||||
Net income | 376,913 | 376,913 | ||||||
Dividends on common shares | (41,987) | (41,987) | ||||||
Other comprehensive income (loss) during the period | (17,915) | (17,915) | ||||||
Balance at end of period (in shares) at Dec. 31, 2021 | 72,017,126 | |||||||
Balance at end 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, 2021 | 2,407,898 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted shares (in shares) | 165,687 | |||||||
Issuance of restricted shares | 1,341 | $ 166 | 1,175 | |||||
Forfeitures of restricted shares (in shares) | (14,889) | |||||||
Forfeitures of restricted shares | (143) | $ (15) | (128) | |||||
Exercise of stock options (in shares) | 95,803 | |||||||
Exercise of stock options | 2,799 | $ 96 | 2,703 | |||||
Share-based compensation | 6,648 | 6,648 | ||||||
Purchase of treasury shares (in shares) | 486,779 | |||||||
Purchase of treasury shares | (22,421) | $ (22,421) | ||||||
Net income | 346,540 | 346,540 | ||||||
Dividends on common shares | (41,718) | (41,718) | ||||||
Other comprehensive income (loss) during the period | $ (62,097) | (62,097) | ||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 [Member] | |||||||
Balance at end of period (in shares) at Dec. 31, 2022 | 72,263,727 | 72,263,727 | ||||||
Balance at end of period at Dec. 31, 2022 | $ 3,197,400 | $ 72,264 | 1,935,211 | 1,311,258 | (46,507) | $ (74,826) | ||
Balance at end of period (in shares) at Dec. 31, 2022 | 2,894,677 | 2,894,677 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting principle for ASU 2022-02 | $ 1,277 | $ 1,277 | ||||||
Issuance of restricted shares (in shares) | 133,430 | |||||||
Issuance of restricted shares | $ 0 | $ 133 | (133) | |||||
Issuance of common shares pursuant to PSU agreements (in shares) | 105,005 | |||||||
Issuance of common shares pursuant to PSU agreements | 0 | $ 105 | (105) | |||||
Forfeitures of restricted shares (in shares) | (2,083) | |||||||
Forfeitures of restricted shares | (32) | $ (2) | (30) | |||||
Exercise of stock options (in shares) | 16,000 | |||||||
Exercise of stock options | 476 | $ 16 | 460 | |||||
Share-based compensation | 9,982 | 9,982 | ||||||
Purchase of treasury shares (in shares) | 568,061 | |||||||
Purchase of treasury shares | (20,346) | $ (20,346) | ||||||
Net income | 269,105 | 269,105 | ||||||
Dividends on common shares | (41,683) | (41,683) | ||||||
Other comprehensive income (loss) during the period | $ 10,568 | 10,568 | ||||||
Balance at end of period (in shares) at Dec. 31, 2023 | 72,516,079 | 72,516,079 | ||||||
Balance at end of period at Dec. 31, 2023 | $ 3,426,747 | $ 72,516 | $ 1,945,385 | $ 1,539,957 | $ (35,939) | $ (95,172) | ||
Balance at end of period (in shares) at Dec. 31, 2023 | 3,462,738 | 3,462,738 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common share (in dollars per share) | $ 0.60 | $ 0.60 | $ 0.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 269,105 | $ 346,540 | $ 376,913 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation | 19,112 | 18,416 | 17,225 |
Net (gains) losses on sale or disposal of premises and equipment | (1,658) | 156 | 2,882 |
Net write-downs on other assets | 0 | 0 | 260 |
Provision for credit losses | 142,656 | 71,697 | (35,365) |
Net write-downs and (gains) losses on sale of other real estate owned | (1,595) | (1,773) | 538 |
Share-based compensation expense | 9,950 | 6,706 | 7,948 |
Amortization of intangible assets | 18,244 | 19,744 | 14,965 |
Amortization of operating lease right of use assets | 11,363 | 12,639 | 15,739 |
Provision for deferred taxes | (20,468) | (35,677) | 38,411 |
Net (accretion) amortization of debt securities available-for-sale | (5,616) | (644) | 2,786 |
Net (accretion) amortization of debt securities held-to-maturity | (187) | 37 | 40 |
Net amortization of other investments | 1,091 | 722 | 62 |
Net loss (gain) on securities | 304 | (203) | (515) |
Accretion of discount on purchased loans, net | (910) | 285 | (16,349) |
Net amortization on other borrowings | 843 | 433 | 438 |
Amortization of subordinated deferrable interest debentures | 1,993 | 1,994 | 1,983 |
Loan servicing asset impairment (recovery) | 0 | (21,824) | (14,530) |
Originations of mortgage loans held for sale | (3,620,664) | (3,949,676) | (7,780,436) |
Payments received on mortgage loans held for sale | 15,269 | 23,324 | 53,313 |
Proceeds from sales of mortgage loans held for sale | 3,695,259 | 4,493,742 | 7,459,163 |
Net (gains) losses on mortgage loans held for sale | 2,072 | 93,133 | (152,422) |
Originations of SBA loans | (27,410) | (46,479) | (67,865) |
Proceeds from sales of SBA loans | 30,462 | 57,171 | 71,610 |
Net gains on sales of SBA loans | (1,557) | (5,552) | (6,623) |
Increase in cash surrender value of bank owned life insurance | (8,777) | (7,305) | (5,385) |
Gain on bank owned life insurance proceeds | (486) | (55) | (603) |
Gains on sale of other loans held for sale | 0 | 0 | (457) |
Gain on sale of mortgage servicing rights | 0 | (1,356) | 0 |
Gain on debt redemption | (1,148) | 0 | 0 |
(Increase) decrease in interest receivable | (9,662) | (20,125) | 19,337 |
Increase (decrease) in interest payable | 26,946 | 6,217 | (1,175) |
Increase (decrease) in taxes payable | 2,271 | 5,177 | 7,005 |
Change attributable to other operating activities | 22,157 | (4,991) | 247 |
Net cash provided by operating activities | 568,959 | 1,062,473 | 9,140 |
Investing Activities, net of effects of business combinations | |||
Proceeds from maturities of time deposits in other banks | 0 | 0 | 249 |
Purchases of securities available-for-sale | (30,548) | (1,172,323) | 0 |
Purchases of securities held-to-maturity | (8,543) | (57,408) | (80,355) |
Proceeds from prepayments and maturities of securities available-for-sale | 142,082 | 186,849 | 364,907 |
Proceeds from prepayments and maturities of securities held-to-maturity | 2,082 | 2,357 | 465 |
Proceeds from sale of securities available-for-sale | 5,141 | 0 | 0 |
Net (increase) decrease in other investments | 38,112 | (63,959) | (18,897) |
Net increase in loans | (485,459) | (3,345,287) | (566,237) |
Payments received on other loans held for sale | 0 | 0 | 9,136 |
Purchase of loan pool | 0 | (472,266) | 0 |
Proceeds from sale of mortgage servicing rights | 0 | 119,845 | 0 |
Purchases of premises and equipment | (17,531) | (13,568) | (25,448) |
Proceeds from sale of premises and equipment | 3,925 | 46 | 1,958 |
Proceeds from sales of other real estate owned | 10,655 | 5,086 | 11,790 |
Purchase of bank owned life insurance | 0 | (50,000) | (150,000) |
Proceeds from bank owned life insurance | 1,890 | 101 | 1,309 |
Proceeds from sales of other loans held for sale | 0 | 0 | 156,803 |
Net cash proceeds paid in acquisitions | 0 | (14,003) | (126,664) |
Net cash used in investing activities | (338,194) | (4,874,530) | (420,984) |
Financing Activities, net of effects of business combinations | |||
Net increase (decrease) in deposits | 1,245,771 | (202,815) | 2,708,021 |
Net decrease in securities sold under agreements to repurchase | 0 | (5,845) | (5,796) |
Proceeds from other borrowings | 15,842,000 | 3,950,000 | 0 |
Repayment of other borrowings | (17,207,845) | (2,814,576) | (296,325) |
Proceeds from exercise of stock options | 476 | 2,799 | 4,532 |
Dividends paid - common stock | (41,649) | (41,610) | (41,798) |
Purchase of treasury shares | (20,346) | (22,421) | (9,439) |
Net cash provided by (used in) financing activities | (181,593) | 865,532 | 2,359,195 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 49,172 | (2,946,525) | 1,947,351 |
Cash, cash equivalents and restricted cash at beginning of period | 1,118,132 | 4,064,657 | 2,117,306 |
Cash, cash equivalents and restricted cash at end of period | 1,167,304 | 1,118,132 | 4,064,657 |
Cash paid during the year for: | |||
Interest | 418,445 | 86,643 | 48,960 |
Income taxes | 101,328 | 133,894 | 71,807 |
Loans transferred to other real estate owned | 14,416 | 346 | 4,258 |
Loans transferred from loans held for sale to loans held for investment | 0 | 196,891 | 170,435 |
Loans provided for the sales of other real estate owned | 0 | 2,288 | 1,052 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,827 | 7,226 | 12,792 |
Assets acquired in business combination | 0 | 3,216 | 886,553 |
Liabilities assumed in business combination | 0 | (10,787) | 690,116 |
Change in unrealized gain (loss) on securities available-for-sale, net of tax | $ 10,568 | $ (62,097) | $ (17,915) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Ameris Bancorp and subsidiaries (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia, and whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank also engages in mortgage banking activities, and, as such, originates, acquires, sells and services one-to-four family residential mortgage loans in the Southeast. The Bank also originates, administers and services commercial insurance premium loans, equipment finance loans and SBA loans made to borrowers throughout the United States. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. Basis of Presentation and Accounting Estimates The consolidated financial statements include the accounts of the Company and its subsidiaries. Variable Interest Entities for which the Company or its subsidiaries have been determined to be the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Acquisition Accounting In accounting for business combinations, the Company uses the acquisition method of accounting in accordance with ASC 805, Business Combinations . Under the acquisition method of accounting, assets acquired, liabilities assumed and consideration exchanged are recorded at their respective acquisition date fair values. Any identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented or exchanged separately from the entity). If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. In addition, management will assess and record the deferred tax assets and deferred tax liabilities resulting from differences in the carrying value of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes, including acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Section 382 of the Internal Revenue Code of 1986, as amended. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Loans which have experienced more-than-insignificant deterioration in credit quality since origination, as determined by the Company's assessment, are considered purchased credit deteriorated ("PCD") loans. At acquisition, expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent to the acquisition date, the change in the allowance for credit losses on PCD loans is recognized through provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. Purchased loans which do not meet the criteria to be classified as PCD loans are recorded at fair value as of the acquisition date and no allowance for credit losses is carried over from the seller. The resulting purchase discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the non-PCD loan on a level-yield basis. Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. 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 either December 31, 2023 and 2022. Investment Securities The Company classifies its debt securities in one of three categories: (i) trading, (ii) held-to-maturity or (iii) available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other debt securities are classified as available-for-sale. Available-for-sale securities are carried at fair value. Unrealized holding gains and losses, net of the related deferred tax effect, on available-for-sale securities are excluded from earnings and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Held-to-maturity securities are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2023, 2022 and 2021. Accrued interest receivable on debt securities totaled $7.5 million and $7.7 million as of December 31, 2023 and 2022, respectively. The Company evaluates available-for-sale securities in an unrealized loss position to determine if credit-related impairment exists. The Company first evaluates whether it intends 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, the Company evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related impairment exists, the Company recognizes an allowance for credit losses ("ACL"), limited to the amount by which the fair value is less than the amortized cost basis. Refer to Note 3 for additional information related to the ACL for available-for-sale securities. Any impairment not recognized through an ACL is recognized in other comprehensive income, net of tax, as a non credit-related impairment. The Company uses a systematic methodology to determine its ACL for debt securities held-to-maturity considering the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. The Company monitors the held-to-maturity portfolio on a quarterly basis to determine whether a valuation account would need to be recorded. As of December 31, 2023 and 2022, the Company had $141.5 million and $134.9 million held-to-maturity securities, respectively, and no related valuation account. Other Investments Other investments include Federal Home Loan Bank (“FHLB”) stock. These investments do not have readily determinable fair values due to restrictions placed on transferability and therefore are carried at cost. These investments are periodically evaluated for impairment based on ultimate recovery of par value or cost basis. Both cash and stock dividends are reported as income. Also included in other investments are 57,611 Visa Class B restricted shares owned by the Bank with a carrying value of approximately $242,000 as of December 31, 2023. These shares are transferable only under limited circumstances until they can be converted into the publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which will be indemnified by Visa members, including the Bank. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account be insufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Visa Class B conversion ratio to unrestricted Visa Class A shares. As of December 31, 2023, the conversion ratio was 1.5875. On January 23, 2024, Visa’s common stockholders approved amendments to the Visa’s certificate of incorporation authorizing Visa to implement an exchange offer program that would have the effect of releasing transfer restrictions on portions of the Visa’s class B common stock. The certificate of incorporation amendments automatically redenominate all shares of class B common stock as class B-1 common stock with no changes to the par value, conversion features, rights and privileges of the class B common stock. The amendments also authorized new classes of class B common stock that will only be issuable in connection with an exchange offer where a preceding class of B common stock was tendered in exchange and retired. Loans Held for Sale Mortgage and SBA loans held for sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held for sale and realized gains and losses upon ultimate sale of the mortgage loans held for sale are classified as mortgage banking activity in the consolidated statements of income. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of SBA loans held for sale and realized gains and losses upon ultimate sale of the SBA loans held for sale are classified as gain on sale of SBA loans in the consolidated statements of income. Other loans held for sale are carried at the lower of amortized cost or fair value. Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity or gain on sale of SBA loans accordingly. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing fee income, which is reported on the income statement in mortgage banking activity for serviced mortgage loans and other noninterest income for all other serviced loans, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into strata based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized for a particular stratum through a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular stratum, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in mortgage banking activity and other noninterest income on the income statement. Refer to Note 23 for additional information related to the valuation allowance on servicing rights. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Loans Loans are reported at their outstanding principal balances less unearned income, net of deferred fees, origination costs and unaccreted or unamortized non-credit purchase discounts or premiums, respectively. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest received on nonaccrual loans is applied against principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Credit Losses - Loans Under the current expected credit loss model, the allowance for credit losses (“ACL”) on loans is a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company estimates the ACL on loans based on the underlying loans’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets and totaled $79.2 million and $69.3 million at December 31, 2023 and 2022, respectively. Expected credit losses are reflected in the allowance for credit losses through a charge to provision for credit losses. The Company measures expected credit losses of loans on a collective (pool) basis, when the loans share similar risk characteristics. Depending on the nature of the pool of loans with similar risk characteristics, the Company estimates a quantitative component which currently uses the discounted cash flow (“DCF”) method or the PD×LGD method which may be adjusted for qualitative factors as discussed further below. The Company’s methodologies for estimating the ACL 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 over a period that has been determined to be reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when it can no longer develop reasonable and supportable forecasts. The Company has identified the following pools of loans with similar risk characteristics for measuring expected credit losses: Commercial, financial, and agricultural - These loans and leases include both secured and unsecured borrowings for working capital, expansion, crop production, equipment finance and other business purposes. Commercial, financial and agricultural loans also include certain U.S. Small Business Administration (“SBA”) loans, including loans outstanding under the SBA's Paycheck Protection Program. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Bank evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans. Consumer - These loans include home improvement loans, direct automobile loans, boat and recreational vehicle financing, personal lines of credit, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default. Indirect automobile - Indirect automobile loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within selected states. Repayment of these loans depends largely on the personal income of the borrowers which can be affected by changes in economic conditions such as unemployment levels. Collateral consists of rapidly depreciating assets that may not provide an adequate source of repayment of the loan in the event of default. Mortgage warehouse - Mortgage warehouse facilities are provided to unaffiliated mortgage origination companies and are collateralized by one-to-four family residential loans or mortgage servicing rights. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Bank provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Bank has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Bank is repaid with the proceeds received from sale of the mortgage loan to the final investor. Municipal - Municipal loans consists of loans made to counties, municipalities and political subdivisions. The source of repayment for these loans is either general revenue of the municipality or revenues of the project being financed by the loan. These loans may be secured by real estate, machinery, equipment or assignment of certain revenues. Premium Finance - Premium finance provides loans for the acquisition of certain commercial insurance policies. Repayment of these loans is dependent on the cash flow of the insured which can be affected by changes in economic conditions. The Bank has procedures in place to cancel the insurance policy after default by the borrower to minimize the risk of loss. Real Estate - Construction and Development - Construction and development loans include loans for the development of residential neighborhoods, one-to-four family home residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied and investment properties. The Company limits its construction lending risk through adherence to established underwriting procedures. Real Estate - Commercial and Farmland - Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Lodging (hotel / motel) loans are a subsegment of commercial real estate loans. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. Real Estate - Residential - The Company's residential loans include permanent mortgage financing and home equity lines of credit secured by residential properties located within the Bank's market areas. Residential real estate loans also include purchased loan pools secured by residential properties located outside the Bank's market area. Discounted Cash Flow Method The Company uses the discounted cash flow method to estimate expected credit losses for the commercial, financial and agricultural, consumer, real estate - construction and development, real estate - commercial and farmland and real estate - residential loan segments. For each of these loan segments, the Company generates cash flow projections at the loan level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds and curtailment rates are based on historical internal data. The prepayment speeds additionally utilize a forward-looking third-party prepayment model, which considers current conditions and reasonable and supportable forecasts of future economic conditions. The Company uses regression analysis of historical internal and peer loss data to determine suitable macroeconomic variables to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the macroeconomic variables over a reasonable and supportable forecast period. For all loan pools utilizing the DCF method, the Company uses a combination of national and regional data including gross domestic product, commercial real estate price indices, home price indices, unemployment rates, retail sales, and rental vacancy rates depending on the nature of the underlying loan pool and how well that macroeconomic variable correlates to expected future losses. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections comprising multiple weighted scenarios from a reputable and independent third party to inform its macroeconomic variable forecasts over the four-quarter forecast period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the loan level. Loan effective yield is calculated, net of the impacts of prepayment assumptions, and the loan expected cash flows are then discounted at that effective yield to produce a loan-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the loan’s NPV and amortized cost basis. PD×LGD Method The Company uses the PD×LGD method to estimate expected credit losses (“EL”) for the indirect automobile, municipal and premium finance loan segments. Under the PD×LGD method, the loss rate is a function of two components: (1) the lifetime default rate (“PD”); and (2) the loss given default (“LGD”). For the indirect automobile and premium finance loan segments, calculations of lifetime default rates and corresponding loss given default rates of static pools are performed. The PD×LGD method uses the default rates and loss given default rates of different static pools to quantify the relationship between those rates and the credit mix of the pools and applies that relationship on a going forward basis. The Company has not incurred any historical defaults or charge offs in its municipal portfolio. Therefore, in lieu of historical loss rates, the Company applies historical benchmarking PD and LGD ratios provided by a reputable and independent third party to the current municipal loan balance. Qualitative Factors The Company uses qualitative factors for model limitations and risk uncertainty as well as for loan segment specific risks that cannot be addressed in the quantitative methods. Any additional qualitative factor reserves needed will be approved by the Allowance Committee quarterly. Sources for quantitative metrics for qualitative factor adjustments include, but are not limited to, third-party economic and forecast analysis, default rate & loss studies, academic studies, historical loss rate benchmarking (internal & external) and statistical modeling and adjustments. Individually Evaluated Assets Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the expected credit loss as the amount by which the amortized cost basis of the loan exceeds the estimated fair value of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the loan exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan. The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the loans. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected modification. 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. Modifications are evaluated to determine if the restructuring results in more than a minor modification, considered to be a change in present value of remaining cash flows under the original instrument and under the modified terms. If the modification is determined to be more than minor, the modification is booked as a new loan and any existing deferred fees or costs are recognized immediately. Otherwise, the modification is booked as a continuation of the existing loan. Charge-offs and Recoveries Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, 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 a loan risk rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged-off. Loan Commitments and Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s consolidated statements of income. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees and is included in other liabilities on the Company’s consolidated balance sheets. Premises and Equipment Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years, furniture and equipment useful lives range from three three Leases The Company has en |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Balboa Capital Corporation |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows: (dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2023 U.S. Treasuries $ 732,636 $ — $ 34 $ (11,793) $ 720,877 U.S. government-sponsored agencies 1,023 — — (38) 985 State, county and municipal securities 28,986 — 9 (944) 28,051 Corporate debt securities 10,946 (69) — (850) 10,027 SBA pool securities 53,033 — 2 (1,519) 51,516 Mortgage-backed securities 621,013 — 67 (29,592) 591,488 Total debt securities available-for-sale $ 1,447,637 $ (69) $ 112 $ (44,736) $ 1,402,944 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 December 31, 2023 State, county and municipal securities $ 31,905 $ — $ (5,051) $ 26,854 Mortgage-backed securities 109,607 — (13,730) 95,877 Total debt securities held-to-maturity $ 141,512 $ — $ (18,781) $ 122,731 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 December 31, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the 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 Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 331,452 $ 329,133 $ — $ — Due from one year to five years 436,955 426,410 — — Due from five to ten years 9,253 8,764 — — Due after ten years 48,964 47,149 31,905 26,854 Mortgage-backed securities 621,013 591,488 109,607 95,877 $ 1,447,637 $ 1,402,944 $ 141,512 $ 122,731 Securities with a carrying value of approximately $532.6 million and $861.6 million at December 31, 2023 and 2022, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law. The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2023 and 2022. Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses December 31, 2023 U.S. Treasuries $ 159,667 $ (827) $ 537,313 $ (10,966) $ 696,980 $ (11,793) U.S. government-sponsored agencies — — 985 (38) 985 (38) State, county and municipal securities 1,923 — 19,754 (944) 21,677 (944) Corporate debt securities 500 — 8,527 (850) 9,027 (850) SBA pool securities 42 — 21,267 (1,519) 21,309 (1,519) Mortgage-backed securities 126 — 566,707 (29,592) 566,833 (29,592) Total debt securities $ 162,258 $ (827) $ 1,154,553 $ (43,909) $ 1,316,811 $ (44,736) Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses 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 $ 1,405,288 $ (56,816) $ 27,331 $ (2,318) $ 1,432,619 $ (59,134) As of December 31, 2023, the Company’s available-for-sale security portfolio consisted of 412 securities, 396 of which were in an unrealized loss position. At December 31, 2023, the Company held 310 mortgage-backed securities that were in an unrealized loss position. At December 31, 2023, the Company also held 30 SBA pool securities, 22 state, county and municipal securities, seven corporate securities, 26 U.S. treasury securities and one U.S. government-sponsored agency security 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 December 31, 2023 and 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2023 State, county and municipal securities $ — $ — $ 26,854 $ (5,051) $ 26,854 $ (5,051) Mortgage-backed securities 13,612 (227) 82,265 (13,503) 95,877 (13,730) Total debt securities held-to-maturity $ 13,612 $ (227) $ 109,119 $ (18,554) $ 122,731 $ (18,781) 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 December 31, 2023, the Company’s held-to-maturity security portfolio consisted of 27 securities, all of which were in an unrealized loss position. At December 31, 2023, the Company held 21 mortgage-backed securities and six state, county and municipal securities that were in an unrealized loss position. At December 31, 2023 and 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”) evaluates 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 investment securities at an unrealized loss position at December 31, 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 December 31, 2023, management determined $69,000 was attributable to credit impairment and decreased the allowance for credit losses accordingly. The remaining $44.7 million in unrealized loss was determined to be from factors other than credit, primarily changes in market interest rates. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Allowance for credit losses Beginning balance $ 75 $ — $ 112 Current-period provision for expected credit losses (6) 75 (112) Ending balance $ 69 $ 75 $ — The Company's held-to-maturity securities have no expected credit losses and no related allowance for credit losses has been established. The following table is a summary of sales activities in the Company's investment securities available for sale: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Gross losses on sales of securities $ (310) $ — $ — Net realized losses on sales of securities available for sale $ (310) $ — $ — Sales proceeds $ 5,141 $ — $ — Net gain on securities reported on the consolidated statements of income is comprised of the following: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Net realized losses on sales of securities available-for-sale $ (310) $ — $ — Unrealized holding gains (losses) on equity securities 6 (67) (17) Net realized gains on sales of other investments — 270 532 Net gain (loss) on securities $ (304) $ 203 $ 515 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table. December 31, (dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 2,688,929 $ 2,679,403 Consumer 241,552 384,037 Indirect automobile 34,257 108,648 Mortgage warehouse 818,728 1,038,924 Municipal 492,668 509,151 Premium finance 946,562 1,023,479 Real estate – construction and development 2,129,187 2,086,438 Real estate – commercial and farmland 8,059,754 7,604,867 Real estate – residential 4,857,666 4,420,306 $ 20,269,303 $ 19,855,253 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 against interest income. Interest received 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: December 31, (dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 8,059 $ 11,094 Consumer 1,153 420 Indirect automobile 299 346 Real estate – construction and development 282 523 Real estate – commercial and farmland 11,295 13,203 Real estate – residential (1) 130,029 109,222 $ 151,117 $ 134,808 (1) Included in real estate - residential were $90.2 million and $69.6 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2023 and 2022, respectively. Interest income recognized on nonaccrual loans during the years ended December 31, 2023 and 2022 was not material. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) December 31, December 31, Commercial, financial and agricultural $ 2,049 $ 33 Real estate – commercial and farmland 9,109 1,464 Real estate – residential 75,419 58,734 $ 86,577 $ 60,231 The following tables present an analysis of past-due loans as of December 31, 2023 and 2022: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 December 31, 2023 Commercial, financial and agricultural $ 11,023 $ 5,439 $ 9,733 $ 26,195 $ 2,662,734 $ 2,688,929 $ 5,310 Consumer 2,155 1,037 498 3,690 237,862 241,552 — Indirect automobile 153 17 78 248 34,009 34,257 — Mortgage warehouse — — — — 818,728 818,728 — Municipal — — — — 492,668 492,668 — Premium finance 12,379 6,832 11,678 30,889 915,673 946,562 11,678 Real estate – construction and development 2,094 — 282 2,376 2,126,811 2,129,187 — Real estate – commercial and farmland 5,070 1,656 6,352 13,078 8,046,676 8,059,754 — Real estate – residential 49,976 19,300 127,087 196,363 4,661,303 4,857,666 — Total $ 82,850 $ 34,281 $ 155,708 $ 272,839 $ 19,996,464 $ 20,269,303 $ 16,988 (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 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 collateral value 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 exceeded the estimated fair value of the collateral. As of December 31, 2023 and 2022, there were $40.4 million and $41.8 million, respectively, of collateral-dependent loans which are primarily secured by real estate, equipment and receivables. The following table presents an analysis of collateral-dependent financial assets and related allowance for credit losses: (dollars in thousands) December 31, 2023 December 31, 2022 Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 5,889 $ 567 $ 7,128 $ 6,294 Premium finance 1,990 45 3,233 — Real estate – construction and development 280 23 780 13 Real estate – commercial and farmland 11,114 108 15,168 1,428 Real estate – residential 21,102 2,654 15,464 2,066 $ 40,375 $ 3,397 $ 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 table presents the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands). Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the table 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 December 31, 2023 and 2022. Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Commercial, Financial and Agricultural Risk Grade: Pass $ 892,951 $ 758,471 $ 384,830 $ 95,055 $ 56,447 $ 41,095 $ 432,472 $ 2,661,321 6 — 335 5,722 92 109 451 803 7,512 7 1,512 3,595 3,222 1,140 3,533 5,748 1,346 20,096 Total commercial, financial and agricultural $ 894,463 $ 762,401 $ 393,774 $ 96,287 $ 60,089 $ 47,294 $ 434,621 $ 2,688,929 Current-period gross charge offs $ 7,485 $ 26,331 $ 18,263 $ 1,746 $ 1,568 $ 2,851 $ 368 $ 58,612 Consumer Risk Grade: Pass $ 44,736 $ 17,661 $ 5,878 $ 25,654 $ 15,838 $ 20,937 $ 109,214 $ 239,918 6 — 5 — — — 26 — 31 7 154 181 41 334 197 531 165 1,603 Total consumer $ 44,890 $ 17,847 $ 5,919 $ 25,988 $ 16,035 $ 21,494 $ 109,379 $ 241,552 Current-period gross charge offs $ 115 $ 388 $ 97 $ 1,649 $ 1,205 $ 1,474 $ 370 $ 5,298 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ — $ 6,086 $ 27,646 $ — $ 33,732 7 — — — — 55 470 — 525 Total indirect automobile $ — $ — $ — $ — $ 6,141 $ 28,116 $ — $ 34,257 Current-period gross charge offs $ — $ — $ — $ — $ — $ 155 $ — $ 155 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 772,366 $ 772,366 6 — — — — — — 46,362 46,362 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 818,728 $ 818,728 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Municipal Risk Grade: Pass $ 14,216 $ 27,346 $ 48,941 $ 177,156 $ 14,655 $ 208,236 $ 2,118 $ 492,668 Total municipal $ 14,216 $ 27,346 $ 48,941 $ 177,156 $ 14,655 $ 208,236 $ 2,118 $ 492,668 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Premium Finance Risk Grade: Pass $ 928,930 $ 4,038 $ 1,916 $ — $ — $ — $ — $ 934,884 7 10,777 901 — — — — — 11,678 Total premium finance $ 939,707 $ 4,939 $ 1,916 $ — $ — $ — $ — $ 946,562 Current-period gross charge offs $ 942 $ 5,316 $ 309 $ — $ — $ — $ — $ 6,567 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Real Estate – Construction and Development Risk Grade: Pass $ 457,077 $ 938,909 $ 505,254 $ 58,840 $ 54,646 $ 30,042 $ 81,662 $ 2,126,430 6 — — — — — 479 — 479 7 — 266 1,512 — — 500 — 2,278 Total real estate – construction and development $ 457,077 $ 939,175 $ 506,766 $ 58,840 $ 54,646 $ 31,021 $ 81,662 $ 2,129,187 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Real Estate – Commercial and Farmland Risk Grade: Pass $ 450,315 $ 1,890,498 $ 2,133,833 $ 1,090,735 $ 765,640 $ 1,437,323 $ 100,206 $ 7,868,550 6 — 17,131 53,329 — 30,200 46,370 — 147,030 7 428 418 15,578 2,660 6,106 18,984 — 44,174 Total real estate – commercial and farmland $ 450,743 $ 1,908,047 $ 2,202,740 $ 1,093,395 $ 801,946 $ 1,502,677 $ 100,206 $ 8,059,754 Current-period gross charge offs $ — $ — $ — $ — $ 3,151 $ 1,136 $ 40 $ 4,327 Real Estate - Residential Risk Grade: Pass $ 714,684 $ 1,425,186 $ 1,148,092 $ 506,137 $ 236,147 $ 423,648 $ 262,968 $ 4,716,862 6 13 — 72 201 234 1,411 380 2,311 7 5,057 26,171 28,459 30,566 19,357 25,263 3,620 138,493 Total real estate - residential $ 719,754 $ 1,451,357 $ 1,176,623 $ 536,904 $ 255,738 $ 450,322 $ 266,968 $ 4,857,666 Current-period gross charge offs $ 24 $ 8 $ 27 $ — $ — $ 111 $ 89 $ 259 Total Loans Risk Grade: Pass $ 3,502,909 $ 5,062,109 $ 4,228,744 $ 1,953,577 $ 1,149,459 $ 2,188,927 $ 1,761,006 $ 19,846,731 6 13 17,471 59,123 293 30,543 48,737 47,545 203,725 7 17,928 31,532 48,812 34,700 29,248 51,496 5,131 218,847 Total loans $ 3,520,850 $ 5,111,112 $ 4,336,679 $ 1,988,570 $ 1,209,250 $ 2,289,160 $ 1,813,682 $ 20,269,303 Current-period gross charge offs $ 8,566 $ 32,043 $ 18,696 $ 3,395 $ 5,924 $ 5,727 $ 867 $ 75,218 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 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 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 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 as of December 31, 2023: (dollars in thousands) Payment Deferral Term Extension Interest Rate Reduction Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable Commercial, financial and agricultural $ 2,212 $ 2,960 $ — $ — $ 5,172 0.2 % Real estate – commercial and farmland 3,905 3,101 815 — 7,821 0.1 % Real estate – residential 1,029 5,539 — 804 7,372 0.2 % Total $ 7,146 $ 11,600 $ 815 $ 804 $ 20,365 0.1 % The Company has unfunded commitments of $1.5 million 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 twelve months ended December 31, 2023: Payment Deferral Loan Type Financial Effect Commercial, financial and agricultural Payments were deferred for a weighted average of five Real estate – commercial and farmland Payments were deferred for a weighted average of six Real estate – residential Payments were deferred for a weighted average of four Term Extension Loan Type Financial Effect Commercial, financial and agricultural Maturity dates were extended for a weighted average of nine Real estate – commercial and farmland Maturity dates were extended for an average of 13 months. Real estate - residential Maturity dates were extended for a weighted average of 103 months Interest Rate Reduction Loan Type Financial Effect Real estate – commercial and farmland Interest rate was reduced by 4.75% Combination of Term Extension and Rate Reduction Loan Type Financial Effect Real estate - residential Maturity date was extended for a weighted average of 120 months and rate was reduced by a weighted average 0.95% 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 $ 4,018 $ 355 $ — $ 799 $ 5,172 Real estate – commercial and farmland 6,692 1,129 — — 7,821 Real estate – residential 5,113 711 442 1,106 7,372 Total $ 15,823 $ 2,195 $ 442 $ 1,905 $ 20,365 The following table provides the amortized cost basis of financing receivables at December 31, 2023 that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty. (dollars in thousands) Term Extension Payment Deferral Commercial, financial and agricultural $ — $ 1,154 Real estate – commercial and farmland — 1,129 Real estate – residential 2,067 192 Total $ 2,067 $ 2,475 Related Party Loans In the ordinary course of business, the Company has granted loans to certain executive officers, directors and their affiliates. These loans are made on substantially the same terms as those prevailing at the time for comparable transaction and do not involve more than normal credit risk. Changes in related party loans are summarized as follows: December 31, (dollars in thousands) 2023 2022 Balance, January 1 $ 80,746 $ 59,214 Advances 61,764 36,234 Repayments (2,453) (14,702) Ending balance $ 140,057 $ 80,746 Allowance for Credit Losses The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets adjusted for prepayments. 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. The allowance for credit losses was determined at both December 31, 2023 and 2022 using the Moody's baseline scenario economic forecast representing management's best estimate over the reasonable and supportable forecast period. During the year ended December 31, 2023, the allowance for credit losses increased primarily due to the updated economic forecast and organic loan growth during the period. The current forecast reflects, among other things, a decrease in forecast levels of commercial real estate prices, partially offset by improvements in forecast levels of home prices and gross domestic product compared with the forecast at December 31, 2022. During the year ended December 31, 2022, the Company purchased a pool of lines of credit secured by cash value life insurance totaling $472.3 million. This purchase resulted in additions to the allowance for credit losses of approximately $1.8 million between the commercial, financial and agricultural and consumer loan segments. The following table details activity 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. (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 68,349 2,963 (745) (440) (12) 343 Loans charged off (58,612) (5,298) (155) — — (6,567) Recoveries of loans previously charged off 14,966 824 776 — — 5,801 Balance, December 31, 2023 $ 64,053 $ 3,902 $ 50 $ 1,678 $ 345 $ 602 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 27,446 47,079 8,532 153,515 Loans charged off — (4,327) (259) (75,218) Recoveries of loans previously charged off 949 634 887 24,837 Balance, December 31, 2023 $ 61,017 $ 110,097 $ 65,356 $ 307,100 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Year ended December 31, 2022 Balance, January 1, 2022 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Provision for loan losses 21,307 3,360 (1,082) (1,113) (44) (1,317) Loans charged off (18,635) (4,926) (265) — — (5,452) Recoveries of loans previously charged off 9,954 882 1,045 — — 5,065 Balance, December 31, 2022 $ 39,455 $ 5,413 $ 174 $ 2,118 $ 357 $ 1,025 Real Estate – Construction and Development Real Estate – Real Estate – Total Year ended December 31, 2022 Balance, January 1, 2022 $ 22,045 $ 77,831 $ 27,943 $ 167,582 Provision for loan losses 9,749 (7,049) 28,799 52,610 Loans charged off (27) (3,574) (196) (33,075) Recoveries of loans previously charged off 892 225 497 18,560 Balance, December 31, 2022 $ 32,659 $ 67,433 $ 57,043 $ 205,677 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Year ended December 31, 2021 Balance, January 1, 2021 $ 7,359 $ 4,076 $ 1,929 $ 3,666 $ 791 $ 3,879 Provision for loan losses 12,071 7,330 (1,944) (435) (390) (2,352) Initial allowance for PCD assets 9,432 — — — — — Loans charged off (7,760) (6,248) (1,188) — — (3,668) Recoveries of loans previously charged off 5,727 939 1,679 — — 4,870 Balance, December 31, 2021 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Real Estate – Construction and Development Real Estate – Real Estate – Total Year ended December 31, 2021 Balance, January 1, 2021 $ 45,304 $ 88,894 $ 43,524 $ 199,422 Provision for loan losses (23,532) (9,784) (16,045) (35,081) Initial allowance for PCD assets — — — 9,432 Loans charged off (233) (1,852) (667) (21,616) Recoveries of loans previously charged off 506 573 1,131 15,425 Balance, December 31, 2021 $ 22,045 $ 77,831 $ 27,943 $ 167,582 Purchased Credit Deteriorated Loans The Company acquired $952,000 in PCD loans from Balboa during the year ended December 31, 2021. A reconciliation of the purchase price to the par value, or unpaid principal balance ("UPB"), of the assets is below. (dollars in thousands) Commercial, Financial and Agricultural Par value (UPB) $ 10,505 Allowance for Credit Losses (9,432) Discount (121) Purchase Price $ 952 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, (dollars in thousands) 2023 2022 Land $ 69,478 $ 69,387 Buildings and leasehold improvements 174,562 176,153 Furniture and equipment 89,756 85,217 Construction in progress 3,997 2,343 Premises and equipment, gross 337,793 333,100 Accumulated depreciation (121,358) (112,817) Premises and equipment, net $ 216,435 $ 220,283 Depreciation expense was approximately $19.1 million, $18.4 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, estimated costs to complete construction projects in progress and other binding commitments for capital expenditures were not a material amount. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The change in the carrying value of goodwill for the years ended December 31, 2023 and 2022 is summarized below for both the total Company and by the Company's reporting units. December 31, (dollars in thousands) 2023 2022 Consolidated Carrying amount of goodwill at beginning of year $ 1,015,646 $ 1,012,620 Fair value adjustments related to acquisitions in prior year — 3,026 Carrying amount of goodwill at end of year $ 1,015,646 $ 1,015,646 Banking Carrying amount of goodwill at beginning of year $ 951,148 $ 948,122 Fair value adjustments related to acquisitions in prior year — 3,026 Carrying amount of goodwill at end of year $ 951,148 $ 951,148 Premium Finance Division Carrying amount of goodwill at beginning of year $ 64,498 $ 64,498 Carrying amount of goodwill at end of year $ 64,498 $ 64,498 During 2022, the Company recorded subsequent goodwill fair value adjustments of $3.0 million related to the Balboa acquisition. The Company performs its annual impairment test at December 31 of each year and more frequently if a triggering event occurs. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair 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 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 and determined no impairment existed at June 30, 2023. At September 30, 2023, the Company assessed the indicators of goodwill impairment and determined a triggering event had not occurred and no impairment test was performed At December 31, 2023, the Company performed its annual qualitative assessment and determined that it was more likely than not that the reporting units fair values exceeded their carrying values. The carrying value of intangible assets as of December 31, 2023 and 2022 was $87.9 million and $106.2 million, respectively. Intangible assets are comprised of core deposit intangibles, referral relationships intangibles, trade name intangibles and non-compete agreement intangibles. The following is a summary of information related to acquired intangible assets: As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Core deposit premiums $ 86,454 $ 59,045 $ 99,032 $ 63,518 Referral relationships 88,651 29,790 88,651 20,367 Trade names 2,734 1,581 2,734 1,096 Patent 420 84 420 42 Non-compete agreements 570 380 732 352 $ 178,829 $ 90,880 $ 191,569 $ 85,375 The aggregate amortization expense for intangible assets was approximately $18.2 million, $19.7 million and $15.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): 2024 $ 17,189 2025 15,937 2026 12,394 2027 11,126 2028 10,005 Thereafter 21,298 $ 87,949 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
DEPOSITS | DEPOSITS The scheduled maturities of time deposits at December 31, 2023 for each of the next five years and thereafter are as follows: (dollars in thousands) 2024 $ 3,333,066 2025 85,333 2026 21,751 2027 16,553 2028 10,451 Thereafter 752 $ 3,467,906 The aggregate amount of time deposits in denominations of $250,000 or more at December 31, 2023 and 2022 was $809.2 million and $381.1 million, respectively. As of December 31, 2023, the Company had brokered deposits of $1.14 billion. As of December 31, 2022, the Company had brokered deposits of $280.5 million. Deposits from principal officers, directors, and their affiliates at December 31, 2023 and 2022 were $24.0 million and $33.5 million, respectively. |
OTHER BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | OTHER BORROWINGS Other borrowings consist of the following: December 31, (dollars in thousands) 2023 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 January 10, 2024; fixed interest rate of 5.450% 50,000 — Fixed Rate Advance due January 17, 2024; fixed interest rate of 5.460% 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 4.550% 1,378 1,389 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% 954 961 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,128 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% (2027 subordinated notes) — 74,449 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) 106,704 118,320 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) 75,784 75,906 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,362 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% (2030 subordinated notes) 108,638 108,436 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 — $ 509,586 $ 1,875,736 (1) Previously was to migrate to three-month LIBOR plus 3.63%, but will now migrate to three-month SOFR plus a comparable tenor spread beginning June 1, 2025 through the end of the term, as three-month LIBOR ceased to be published effective July 1, 2023. 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 December 31, 2023, $4.28 billion was available for additional borrowing on lines with the FHLB. As of December 31, 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 December 31, 2023, the Company had $3.62 billion of loans pledged at the Federal Reserve discount window and had $2.67 billion available for borrowing. Subordinated Notes Payable On March 13, 2017, the Company completed the public offering and sale of $75.0 million in aggregate principal amount of its 5.75% Fixed-To-Floating Rate Subordinated Notes due 2027 (the “2027 subordinated notes”). The 2027 subordinated notes were sold to the public at par pursuant to an underwriting agreement and were issued pursuant to an indenture and a supplemental indenture. The 2027 subordinated notes will mature on March 15, 2027 and through March 14, 2022 will bear a fixed rate of interest of 5.75% per annum, payable semi-annually in arrears on September 15 and March 15 of each year. Beginning March 15, 2022, the interest rate on the 2027 subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month LIBOR plus 3.616%, payable quarterly in arrears on June 15, September 15, December 15 and March 15 of each year to the maturity date or earlier redemption. On any scheduled interest payment date beginning March 15, 2022, the Company may, at its option, redeem the 2027 subordinated notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. The Company elected to redeem all the outstanding notes on March 15, 2023. On December 6, 2019, the Company completed the public offering and sale of $120.0 million in aggregate principal amount of its 4.25% Fixed-To-Floating Rate Subordinated Notes due 2029 (the “2029 subordinated notes”). The 2029 subordinated notes were sold to the public at par pursuant to an underwriting agreement and were issued pursuant to an indenture and a supplemental indenture. The 2029 subordinated notes will mature on December 15, 2029 and through December 14, 2024 will bear a fixed rate of interest of 4.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year. Beginning December 15, 2024, the interest rate on the 2029 subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 2.94%, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year to the maturity date or earlier redemption. On any scheduled interest payment date beginning December 15, 2024, the Company may, at its option, redeem the 2029 subordinated notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. During 2023, the Company repurchased on the open market and redeemed $12.0 million in aggregate principal of the 2029 subordinated notes. On September 28, 2020, the Company completed the public offering and sale of $110.0 million in aggregate principal amount of its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030 (the “2030 subordinated notes”). The 2030 subordinated notes were sold to the public at par pursuant to an underwriting agreement and were issued pursuant to an indenture and a supplemental indenture. The 2030 subordinated notes will mature on October 1, 2030 and through September 30, 2025 will bear a fixed rate of interest of 3.875% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. Beginning October 1, 2025, the interest rate on the 2030 subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 3.753%, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year to the maturity date or earlier redemption. On any scheduled interest payment date beginning October 1, 2025, the Company may, at its option, redeem the 2030 subordinated notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. The 2029 and 2030 subordinated notes are unsecured and rank equally with all other unsecured subordinated indebtedness of the Company, including any subordinated indebtedness issued in the future under the indenture governing the 2029 and 2030 subordinated notes. The 2029 and 2030 subordinated notes are subordinated in right of payment to all senior indebtedness of the Company. The 2029 and 2030 subordinated notes are obligations of the Company only and are not guaranteed by any subsidiaries, including the Bank. Additionally, the 2029 and 2030 subordinated notes are structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries, meaning that creditors of the Company’s subsidiaries (including, in the case of the Bank, its depositors) generally will be paid from those subsidiaries’ assets before holders of the 2029 and 2030 subordinated notes have any claim to those assets. As a result of the Fidelity acquisition on July 1, 2019, the Bank assumed $75.0 million in aggregate principal amount of 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 (the "Bank subordinated notes"). The Bank subordinated notes were acquired inclusive of an unaccreted purchase accounting fair value adjustment of $1.3 million. The Bank subordinated notes will mature on May 31, 2030, and through May 31, 2025 will bear a fixed rate of interest of 5.875% per annum, payable semi-annually in arrears on December 1 and June 1 of each year. Beginning on June 1, 2025, the interest rate on the Bank subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 3.63%, payable quarterly in arrears on September 1, December 1, March 1 and June 1 of each year to the maturity date or earlier redemption. On any scheduled interest payment date beginning June 1, 2025, the Bank may, at its option, redeem the Bank subordinated notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. The Bank subordinated notes of the Bank are unsecured and structurally rank senior to all other unsecured subordinated indebtedness of the Company. The Bank subordinated notes are subordinated in right of payment to all senior indebtedness of the Bank. For regulatory capital adequacy purposes, the Bank subordinated notes qualify as Tier 2 capital for the Bank and the 2029, 2030 and Bank subordinated notes (collectively "subordinated notes") qualify as Tier 2 capital for the Company. If in the future the subordinated notes no longer qualify as Tier 2 capital, the subordinated notes may be redeemed by the Bank or Company at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, subject to prior approval by the Board of Governors of the Federal Reserve System. As a result of the Balboa acquisition in December 2021, the Bank assumed Balboa's $50.0 million principal amount 5.50% Fixed Rate Subordinated Note due June 1, 2026 (the "Balboa Note"). The Balboa Note was assumed inclusive of an unaccreted purchase accounting fair value adjustment of $500,000. In January 2022, the Bank fully redeemed the Balboa Note, which was redeemable in whole or in part prior to maturity upon a qualifying change of control or at any time on or after the third anniversary of the issue date. |
SUBORDINATED DEFERRABLE INTERES
SUBORDINATED DEFERRABLE INTEREST DEBENTURES | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer [Abstract] | |
SUBORDINATED DEFERRABLE INTEREST DEBENTURES | SUBORDINATED DEFERRABLE INTEREST DEBENTURES Through formation and various acquisitions, the Company has assumed subordinated deferrable interest debenture obligations related to trusts that issued trust preferred securities. Under applicable accounting standards, the assets and liabilities of such trusts, as well as the related income and expenses, are excluded from the Company’s consolidated financial statements. However, the subordinated deferrable interest debentures issued by the Company and purchased by the trusts remain on the consolidated balance sheets. The Company's investment in the common stock of the trusts is included in other assets and totaled $4.7 million at December 31, 2023 and 2022. In addition, the related interest expense continues to be included in the consolidated statements of income. For regulatory capital purposes, the trust preferred securities qualify as a component of Tier 2 Capital. At any interest payment date, the Company may redeem the debentures at par and thereby cause a redemption of the trust preferred securities in whole or in part. The following table summarizes the terms of the Company's outstanding subordinated deferrable interest debentures as of December 31, 2023: December 31, 2023 (dollars in thousands) Name of Trust Issuance Date Rate (1) Rate at December 31, 2023 Maturity Date Issuance Amount Unaccreted Purchase Discount Carrying Value Prosperity Bank Statutory Trust II March 2003 3-month SOFR plus 3.15% 8.77% March 26, 2033 $ 4,640 $ 732 $ 3,908 Fidelity Southern Statutory Trust I June 2003 3-month SOFR plus 3.10% 8.72% June 26, 2033 15,464 933 14,531 Coastal Bankshares Statutory Trust I August 2003 3-month SOFR plus 3.15% 8.81% October 7, 2033 5,155 755 4,400 Jacksonville Statutory Trust I June 2004 3-month SOFR plus 2.63% 8.27% June 17, 2034 4,124 630 3,494 Prosperity Banking Capital Trust I June 2004 3-month SOFR plus 2.57% 8.16% June 30, 2034 5,155 1,074 4,081 Merchants & Southern Statutory Trust I March 2005 3-month SOFR plus 1.90% 7.54% March 17, 2035 3,093 710 2,383 Fidelity Southern Statutory Trust II March 2005 3-month SOFR plus 1.89% 7.53% March 17, 2035 10,310 1,616 8,694 Atlantic BancGroup, Inc. Statutory Trust I September 2005 3-month SOFR plus 1.50% 7.15% September 15, 2035 3,093 906 2,187 Coastal Bankshares Statutory Trust II December 2005 3-month SOFR plus 1.60% 7.25% December 15, 2035 10,310 2,739 7,571 Cherokee Statutory Trust I November 2005 3-month SOFR plus 1.50% 7.15% December 15, 2035 3,093 548 2,545 Prosperity Bank Statutory Trust III January 2006 3-month SOFR plus 1.60% 7.25% March 15, 2036 10,310 3,057 7,253 Merchants & Southern Statutory Trust II March 2006 3-month SOFR plus 1.50% 7.15% June 15, 2036 3,093 840 2,253 Jacksonville Statutory Trust II December 2006 3-month SOFR plus 1.73% 7.38% December 15, 2036 3,093 758 2,335 Ameris Statutory Trust I December 2006 3-month SOFR plus 1.63% 7.28% December 15, 2036 37,114 — 37,114 Fidelity Southern Statutory Trust III August 2007 3-month SOFR plus 1.40% 7.05% September 15, 2037 20,619 4,549 16,070 Prosperity Bank Statutory Trust IV September 2007 3-month SOFR plus 1.54% 7.19% December 15, 2037 7,940 3,403 4,537 Jacksonville Bancorp, Inc. Statutory Trust III June 2008 3-month SOFR plus 3.75% 9.40% September 15, 2038 7,784 825 6,959 Total $ 154,390 $ 24,075 $ 130,315 (1) Rate transitioned to 3-month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as 3-month LIBOR ceased to be published effective July 1, 2023. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The following tables present a summary of the accumulated other comprehensive income (loss) balances, net of tax, as of December 31, 2023, 2022 and 2021. (dollars in thousands) Unrealized Gain (Loss) on Securities Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2022 $ (46,507) $ (46,507) Reclassification for losses included in net income, net of tax 229 229 Current year changes, net of tax 10,339 10,339 Balance, December 31, 2023 $ (35,939) $ (35,939) (dollars in thousands) Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2021 $ 15,590 $ 15,590 Current year changes, net of tax (62,097) (62,097) Balance, December 31, 2022 $ (46,507) $ (46,507) (dollars in thousands) Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2020 $ 33,505 $ 33,505 Current year changes, net of tax (17,915) (17,915) Balance, December 31, 2021 $ 15,590 $ 15,590 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The following provides information on noninterest income categories that contain ASC 606 Revenue for the periods indicated. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Service charges on deposit accounts ASC 606 revenue items Debit card interchange fees $ 16,161 $ 15,884 $ 16,798 Overdraft fees 15,793 15,813 16,113 Other service charges on deposit accounts 14,621 12,802 12,195 Total ASC 606 revenue included in service charges on deposits accounts 46,575 44,499 45,106 Total service charges on deposit accounts $ 46,575 $ 44,499 $ 45,106 Other service charges, commissions and fees ASC 606 revenue items ATM fees $ 3,856 $ 3,508 $ 3,751 Total ASC 606 revenue included in other service charges, commission and fees 3,856 3,508 3,751 Other 545 367 437 Total other service charges, commission and fees $ 4,401 $ 3,875 $ 4,188 For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Other noninterest income ASC 606 revenue items Trust and wealth management $ 114 $ 4,554 $ 4,985 Total ASC 606 revenue included in other noninterest income 114 4,554 4,985 Other 50,600 40,837 18,227 Total other noninterest income $ 50,714 $ 45,391 $ 23,212 The following provides information on net gains recognized on the sale of OREO for the periods indicated. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Net gains recognized on sale of OREO $ 2,214 $ 2,130 $ 131 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax expense in the consolidated statements of income consists of the following: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Current - federal $ 84,835 $ 114,346 $ 67,076 Current - state 23,463 27,889 13,712 Deferred - federal (16,882) (27,408) 30,321 Deferred - state (3,586) (8,269) 8,090 $ 87,830 $ 106,558 $ 119,199 The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Federal income statutory rate 21 % 21 % 21 % Tax at federal income tax rate $ 74,956 $ 95,151 $ 104,166 Change resulting from: State income tax, net of federal benefit 14,950 13,763 18,923 Tax-exempt interest (1,907) (2,775) (3,479) Increase in cash value of bank owned life insurance (1,701) (1,399) (997) Excess tax (benefit) deficiency from stock compensation (518) (510) (277) Nondeductible merger expenses — 167 142 Other 2,050 2,161 721 Provision for income taxes $ 87,830 $ 106,558 $ 119,199 The components of deferred income taxes are as follows: December 31, (dollars in thousands) 2023 2022 Deferred tax assets Allowance for credit losses $ 88,494 $ 64,742 Deferred compensation 13,822 13,287 Deferred loan fees — 668 Purchase accounting adjustments 3,442 5,153 Other real estate owned 18 201 Net operating loss tax carryforward 12,779 14,070 Tax credit carryforwards 139 149 Unrealized loss on securities available for sale 11,218 14,635 Capitalized costs, accrued expenses and other 8,297 3,432 Lease liability 15,081 16,505 153,290 132,842 Deferred tax liabilities Premises and equipment 12,167 12,680 Mortgage servicing rights 34,989 30,903 Subordinated debentures 6,149 6,551 Lease financing 9,753 9,442 Goodwill and intangible assets 22,918 24,946 Origination costs 9,984 6,239 Right of use lease asset 12,854 14,280 Deferred loan fees 318 — 109,132 105,041 Net deferred tax asset (liability) $ 44,158 $ 27,801 At December 31, 2023, the Company had federal net operating loss carryforwards of approximately $50.7 million which expire at various dates from 2028 to 2036. At December 31, 2023, the Company had state net operating loss carryforwards of approximately $50.0 million which expire at various dates from 2028 to 2036. The federal net operating loss carryforwards are subject to limitations pursuant to Section 382 of the Internal Revenue Code and are expected to be recovered over the next 13 years. The state net operating loss carryforwards are subject to similar limitations and are expected to be recovered over the next 13 years. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets at December 31, 2023. As described in Note 2 to the consolidated financial statements, in December 2021 Ameris Bank acquired Balboa Capital Corporation. The Company completed its analysis of the tax effects of this transaction during 2022. The consolidated balance sheet reflects this final analysis. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the various states. The Company is no longer subject to examination by federal taxing authorities for years before 2020 and state taxing authorities for years before 2019. Although Ameris is unable to determine the ultimate outcome of current and future events, Ameris believes that the liability recorded for uncertain tax positions is adequate. A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows. For the Years Ended December 31, (dollars in thousands) 2023 2022 Beginning Balance $ 1,001 $ 1,903 Current Activity: Additions for tax positions of prior years 479 2,319 Additions from acquisitions — 1,001 Reductions for statutes of limitations expiring (870) — Settlements — (4,222) Ending Balance $ 610 $ 1,001 Accrued interest and penalties related to unrecognized income tax benefits are included as a component of income tax expense. Accrued interest and penalties on unrecognized income tax benefits totaled $133,000 and $11,000 as of December 31, 2023 and 2022, respectively. Unrecognized income tax benefits as of December 31, 2023 and 2022, that, if recognized, would affect the effective income tax rate totaled $582,000 and $919,000 (net of the federal benefit on state income tax issues), respectively. Accruals of penalties and interest resulted in a expense of $100 and $153,000 in 2023 and 2022, respectively. Ameris expects that $585,000 of uncertain income tax positions will be either settled or resolved during the next twelve months. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company has established a retirement plan for eligible employees. The Ameris Bancorp 401(k) Profit Sharing Plan allows a participant to defer a portion of their compensation and provides that the Company will match a portion of the deferred compensation. The Plan also provides for non-elective and discretionary contributions. All full-time and part-time employees are eligible to participate in the Plan provided they have met the eligibility requirements. An employee is eligible to participate in the Plan after 30 days of employment and having attained an age of 18 years. The aggregate expense under the Plan charged to operations during 2023, 2022 and 2021 amounted to $7.9 million, $6.3 million and $5.4 million, respectively. |
DEFERRED COMPENSATION PLANS
DEFERRED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Compensation Arrangements [Abstract] | |
DEFERRED COMPENSATION PLANS | DEFERRED COMPENSATION PLANS The Company and the Bank have entered into separate deferred compensation arrangements and supplemental executive retirement plans with certain executive officers and directors. The plans call for certain amounts payable at retirement, death or disability. The estimated present value of the deferred compensation is being accrued over the expected service period. The Company and the Bank have purchased life insurance policies which they intend to use to fund these liabilities. The cash surrender value of the life insurance was $395.8 million and $388.4 million at December 31, 2023 and 2022, respectively. The Company and the Bank assumed certain split dollar agreements in the acquisition of Fidelity which provide for death benefits to designated beneficiaries of the executive or director. Accrued deferred compensation of $257,000 and $277,000 at December 31, 2023 and 2022, respectively, is included in other liabilities. Accrued supplemental executive retirement plan and split dollar agreement liabilities of $7.1 million and $11.3 million at December 31, 2023 and 2022, respectively, is also included in other liabilities. Aggregate compensation expense under the plans was $78,000, $776,000 and $877,000 per year for 2023, 2022 and 2021, respectively, which is included in salaries and employee benefits. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Company awards its employees and directors various forms of share-based incentives under certain plans approved by its shareholders. Awards granted under the plans may be in the form of qualified or nonqualified stock options, restricted stock, stock appreciation rights (“SARs”), long-term incentive compensation units consisting of cash and common stock, or any combination thereof within the limitations set forth in the plans. The plans provide that the aggregate number of shares of the Company’s common stock which may be subject to award may not exceed 2,784,262 subject to adjustment in certain circumstances to prevent dilution. At December 31, 2023, there were 2,382,880 shares available to be issued under the plans. All stock options have an exercise price that is equal to the closing fair market value of the Company’s stock on the date the options were granted. Options granted under the plans generally vest over a five-year period and have a 10-year maximum term. The Company did not grant any options during 2023, 2022 or 2021. As of December 31, 2023, there was no unrecognized compensation cost related to options. As of December 31, 2023, the Company has 257,673 outstanding restricted shares granted under the plans as compensation to certain employees and directors. These shares carry dividend and voting rights. Sales of these shares are restricted prior to the date of vesting, which is one It is the Company’s policy to issue new shares for stock option exercises and restricted stock rather than issue treasury shares. The Company recognizes share-based compensation expense on a straight-line basis over the options’ related vesting term. The Company did not record any share-based compensation expense related to stock options during 2023, 2022 and 2021. The total income tax benefit related to stock options was approximately $41,000, $339,000 and $631,000 in 2023, 2022 and 2021, respectively. A summary of the activity of non-performance-based options as of and for the years ended December 31, 2023, and 2022 is presented below. 2023 2022 Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Under option, beginning of year 16,000 $ 29.69 117,135 $ 28.79 Exercised (16,000) 29.69 $ 258 (97,135) 29.22 $ 1,936 Forfeited — — (4,000) 29.31 Under option, end of year — $ — 0.00 $ — 16,000 $ 29.69 0.05 $ 279 Exercisable at end of year — $ — 0.00 $ — 16,000 $ 29.69 0.05 $ 279 A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2023, and 2022 is presented below. 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested shares at beginning of year 222,280 $ 43.31 225,869 $ 38.06 Granted 133,430 44.84 165,686 47.67 Vested (95,954) 37.99 (154,386) 40.72 Forfeited (2,083) 48.00 (14,889) 38.92 Nonvested shares at end of year 257,673 46.05 222,280 43.31 The balance of unearned compensation related to restricted stock grants as of December 31, 2023, 2022 and 2021 was approximately $6.1 million, $5.6 million, and $3.8 million, respectively. At December 31, 2023, the cost is expected to be recognized over a weighted-average period of 1.7 years. During 2023 and 2022, the Company issued 42,242 and 35,108 performance stock units ("PSUs") with a weighted average grant date fair value of $49.21 and $47.71, respectively, subject to a performance condition tied to tangible book value growth over a three-year period. The 2023 tangible book value awards also contain a potential modifier subject to a total shareholder return ("TSR") performance metric The Company also granted 42,245 and 35,108 PSUs in 2023 and 2022, respectively, subject to a three-year performance metric of return on tangible common equity relative to a market index with a potential modifier subject to a TSR performance metric with a weighted average grant date fair value of $49.21 and $48.53, respectively. The fair value of the PSUs subject to TSR at the grant date was determined using a Monte Carlo simulation method. The Company communicates threshold, target and maximum performance PSUs and performance targets to the applicable employees at the beginning of the performance periods. Dividends are not paid in respect of the awards during the performance period, although dividend equivalents do accrue over the life of the award and will vest, if at all, at the same time as the PSUs to which they relate. The number of PSUs that ultimately vest at the end of the three-year performance period, if any, will be based on the Company's performance relative to the applicable performance metrics. In 2023, 2022 and 2021, the Company recognized compensation cost related to these grants of approximately $4.6 million, $2.3 million and $2.6 million, respectively. The balance of unearned compensation related to PSU grants as of December 31, 2023, 2022 and 2021 was approximately $4.4 million, $3.1 million and $3.2 million, respectively. A summary of the Company's nonvested PSUs for the years ended December 31, 2023, and 2022 is presented below: 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested units at beginning of year 110,254 $ 47.15 121,270 $ 32.71 Granted 84,487 49.21 70,216 48.12 Vested (43,182) 45.65 (68,955) 24.88 Forfeited (4,947) 48.92 (12,277) 35.19 Nonvested units at end of year 146,612 48.72 110,254 47.15 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Mortgage Banking Derivatives The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates. The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market. These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income. Customer Related Derivative Positions The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate swap agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income. Risk Participation Agreement The Company has entered into a risk participation agreement swap, that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty. The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Fair Value Fair Value (dollars in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Interest rate contracts (3) $ 736,188 $ 5,937 $ 6,203 $ 244,422 $ 4,580 $ 4,574 Risk participation agreement 26,163 — 65 — — — Mortgage derivatives - interest rate lock commitments 171,750 3,636 — 148,148 1,434 — Mortgage derivatives - forward contracts related to mortgage loans held for sale 663,015 — 5,790 689,500 2,499 — (1) Derivative assets are included in other assets (2) Derivative liabilities are included in other liabilities (3) Includes interest rate contracts for client swaps and offsetting positions. The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, (dollars in thousands) Location 2023 2022 2021 Interest rate contracts (1) Other noninterest income $ (272) $ 6 $ — Risk participation agreement Other noninterest income 195 — — Interest rate lock commitments Mortgage banking activity 2,201 (10,506) (39,816) Forward contracts related to mortgage loans held for sale Mortgage banking activity (8,289) 3,209 15,705 (1) |
FAIR VALUE MEASURES
FAIR VALUE MEASURES | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASURES | 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: December 31, (dollars in thousands) 2023 2022 Mortgage loans held for sale $ 281,332 $ 390,583 SBA loans held for sale — 1,495 Total loans held for sale $ 281,332 $ 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 statement of 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 with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities. A net gain of $6.4 million and net losses of $35.4 million and $14.2 million resulting from fair value changes of these mortgage loans were recorded in income during the years ended December 31, 2023, 2022 and 2021, respectively. These amounts do not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. 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. Net losses of $6.1 million, $7.3 million and $24.1 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 years ended December 31, 2023, 2022 and 2021, respectively. 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 December 31, 2023 and 2022. December 31, (dollars in thousands) 2023 2022 Aggregate fair value of mortgage loans held for sale $ 281,332 $ 390,583 Aggregate unpaid principal balance of mortgage loans held for sale 273,915 389,610 Past due loans of 90 days or more 781 — Nonaccrual loans 781 — Unpaid principal balance of nonaccrual loans 774 — 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 December 31, 2023 and 2022. December 31, (dollars in thousands) 2023 2022 Aggregate fair value of SBA loans held for sale $ — $ 1,495 Aggregate unpaid principal balance of SBA loans held for sale — 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 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. Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used by the Company in estimating the fair value of its assets and liabilities recorded at fair value and for estimating the fair value of its financial instruments: Cash and Due From Banks and Interest-Bearing Deposits in Banks: Cash and due from banks and interest-bearing deposits in banks are repriced on a short-term basis; as such, the carrying value approximates fair value approximates fair value. Debt Securities: The fair value of debt securities is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows, and are classified within Level 2 of the valuation hierarchy and includes certain U.S. agency bonds, mortgage-backed securities, collateralized mortgage and debt obligations, SBA pool securities and municipal securities. The Level 2 fair value pricing is provided by an independent third party and is based upon similar securities in an active market. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and may include certain residual municipal securities and other less liquid securities. Loans Held for Sale: The Company records mortgage and SBA loans held for sale at fair value under the fair value option. The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Other loans held for sale are carried at the lower of cost or fair value. Loans: The fair value for loans held for investment is estimated using an exit price methodology. An exit price methodology considers expected cash flows that take into account contractual loan terms, as applicable, prepayment expectations, probability of default, loss severity in the event of default, recovery lag and, in the case of variable rate loans, expectations for future interest rate movements. These cash flows are present valued at a risk adjusted discount rate, which considers the cost of funding, liquidity, servicing costs, and other factors. Because observable quoted prices seldom exist for identical or similar assets carried in loans held for investment, Level 3 inputs are primarily used to determine fair value exit pricing. The fair value of collateral-dependent loans is estimated based on discounted cash flows or underlying collateral values, where applicable. When foreclosure is probable, the fair value of collateral-dependent loans is determined based on collateral values less estimated costs to sell. The fair value of collateral dependent-loans for which foreclosure is not probable is measured either using discounted cash flows or estimated collateral value. Management has determined that the majority of collateral-dependent loans are Level 3 assets due to the extensive use of market appraisals. Other Real Estate Owned: The fair value of OREO is determined using certified appraisals and internal evaluations that value the property at its highest and best use by applying traditional valuation methods common to the industry. The Company does not hold any OREO for profit purposes and all other real estate is actively marketed for sale. In most cases, management has determined that additional write-downs are required beyond what is calculable from the appraisal to carry the property at levels that would attract buyers. Because this additional write-down is not based on observable inputs, management has determined that OREO should be classified as Level 3. Deposits: The carrying amount of demand deposits, savings deposits and variable-rate certificates of deposit approximates fair value due to those products having no stated maturity. The fair value of fixed-rate certificates of deposit is estimated based on discounted contractual cash flows using interest rates currently being offered for certificates of similar maturities. Other Borrowings: The carrying amount of variable rate other borrowings approximates fair value and is classified as Level 1. The fair value of fixed rate other borrowings is estimated based on discounted contractual cash flows using the current incremental borrowing rates for similar borrowing arrangements and is classified as Level 2. Subordinated Deferrable Interest Debentures: The fair value of the Company’s trust preferred securities is based on discounted cash flows using rates for securities with similar terms and remaining maturities and are classified as Level 2. Off-Balance-Sheet Instruments: Because commitments to extend credit and standby letters of credit are typically made using variable rates and have short maturities, the carrying value and fair value are immaterial for disclosure. Derivatives: The Company has entered into derivative financial instruments to manage interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the derivatives is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves derived from observable market interest rate curves). The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting any applicable credit enhancements such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself or the counterparty. However, as of December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. 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 December 31, 2023 and 2022. Recurring Basis Fair Value Measurements December 31, 2023 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: U.S. Treasuries $ 720,877 $ 720,877 $ — $ — U.S. government-sponsored agencies 985 — 985 — State, county and municipal securities 28,051 — 28,051 — Corporate debt securities 10,027 — 9,037 990 SBA pool securities 51,516 — 51,516 — Mortgage-backed securities 591,488 — 591,488 — Loans held for sale 281,332 — 281,332 — Derivative financial instruments 5,937 — 5,937 — Mortgage banking derivative instruments 3,636 — 3,636 — Total recurring assets at fair value $ 1,693,849 $ 720,877 $ 971,982 $ 990 Financial liabilities: Derivative financial instruments $ 6,203 $ — $ 6,203 $ — Mortgage banking derivative instruments 5,790 — 5,790 — Total recurring liabilities at fair value $ 11,993 $ — $ 11,993 $ — Recurring Basis Fair Value Measurements December 31, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: 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 December 31, 2023 and 2022. Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2023 Collateral-dependent loans $ 36,978 $ — $ — $ 36,978 Other real estate owned 5,324 — — 5,324 Total nonrecurring assets at fair value $ 42,302 $ — $ — $ 42,302 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. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates. For the years ended December 31, 2023 and 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 Range of Discounts Weighted Average Discount As of December 31, 2023 Recurring: Debt securities available-for-sale $ 990 Discounted cash flows Probability of Default 11% 11% Loss Given Default 42% 42% Nonrecurring: Collateral-dependent loans $ 36,978 Third-party appraisals and discounted cash flows Collateral 11% - 60% 28% Other real estate owned $ 5,324 Third party appraisals Collateral 15% - 33% 22% As of 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 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 December 31, 2023 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 230,470 $ 230,470 $ — $ — $ 230,470 Federal funds sold and interest-bearing accounts 936,834 936,834 — — 936,834 Debt securities held-to-maturity 141,512 — 122,731 — 122,731 Loans, net 19,925,225 — — 19,332,899 19,332,899 Financial liabilities: Deposits 20,708,509 — 20,707,463 — 20,707,463 Other borrowings 509,586 — 501,723 — 501,723 Subordinated deferrable interest debentures 130,315 — 141,407 — 141,407 Fair Value Measurements December 31, 2022 (dollars in thousands) Carrying Amount 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 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 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Operating lease cost was $12.3 million, $11.6 million and $12.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, sublease income offsetting operating lease cost was not material. Variable rent expense and short-term lease expense were not material for the years ended December 31, 2023 and 2022. The following table presents the impact of leases on the Company's consolidated balance sheets at December 31, 2023 and 2022: December 31, (dollars in thousands) Location 2023 2022 Operating lease right-of-use assets Other assets $ 49,864 $ 56,333 Operating lease liabilities Other liabilities 58,521 65,088 Future maturities of the Company's operating lease liabilities are summarized as follows: (dollars in thousands) Year Ended December 31, Lease Liability 2024 $ 11,245 2025 9,125 2026 8,592 2027 7,558 2028 6,007 Thereafter 20,533 Total lease payments $ 63,060 Less: Interest (4,539) Present value of lease liabilities $ 58,521 (dollars in thousands) December 31, Supplemental lease information 2023 2022 2021 Weighted-average remaining lease term (years) 7.6 8.1 8.3 Weighted-average discount rate 1.68 % 1.46 % 1.36 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (cash payments) $ 12,045 $ 12,013 $ 12,334 Operating cash flows from operating leases (lease liability reduction) $ 12,045 $ 12,064 $ 12,563 Operating lease right-of-use assets obtained in exchange for leases entered into during the year, net of business combinations $ 2,827 $ 7,226 $ 10,426 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES 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 consolidated 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: December 31, (dollars in thousands) 2023 2022 Commitments to extend credit $ 4,412,818 $ 6,318,039 Unused home equity lines of credit 386,574 345,001 Financial standby letters of credit 37,546 33,557 Mortgage interest rate lock commitments 171,750 148,148 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 years ended December 31, 2023 and 2022. The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheet. The following table presents activity in the allowance for unfunded commitments for the periods presented. Years Ended December 31, (dollars in thousands) 2023 2022 2021 Balance at beginning of period $ 52,411 $ 33,185 $ 32,853 Provision for unfunded commitments (10,853) 19,226 332 Balance at end of period $ 41,558 $ 52,411 $ 33,185 Other Commitments As of December 31, 2023, letters of credit issued by the FHLB totaling $950.0 million were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances. Litigation and Regulatory Contingencies From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal 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. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS The Bank is subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval. At December 31, 2023, $149.3 million of retained earnings were available for dividend declaration without regulatory approval. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Under the regulatory capital frameworks adopted by the Federal Reserve and the FDIC, Ameris and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. Ameris and the Bank are also required to maintain a capital conservation buffer of common equity Tier 1 capital of at least 2.5% of risk-weighted assets in addition to the minimum risk-based capital ratios in order to avoid certain restrictions on capital distributions and discretionary bonus payments. In March 2020, the Office of the Comptroller of the Currency, the Federal Reserve and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020. As of December 31, 2023 and 2022, the most recent notification from the regulatory authorities categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. Prompt corrective action provisions are not applicable to bank holding companies. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 Leverage Ratio (tier 1 capital to average assets): Company $ 2,417,341 9.93 % $ 974,053 4.00 % —N/A— Bank $ 2,600,274 10.69 % $ 973,023 4.00 % $ 1,216,279 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Company $ 2,417,341 11.23 % $ 1,506,241 7.00 % —N/A— Bank $ 2,600,274 12.09 % $ 1,505,318 7.00 % $ 1,397,795 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Company $ 2,417,341 11.23 % $ 1,829,007 8.50 % —N/A— Bank $ 2,600,274 12.09 % $ 1,827,886 8.50 % $ 1,720,363 8.00 % Total Capital Ratio (total capital to risk weighted assets): Company $ 3,110,025 14.45 % $ 2,259,362 10.50 % —N/A— Bank $ 2,944,480 13.69 % $ 2,257,977 10.50 % $ 2,150,454 10.00 % As of December 31, 2022 Tier 1 Leverage Ratio (tier 1 capital to average assets): Company $ 2,185,694 9.36 % $ 933,928 4.00 % —N/A— Bank $ 2,464,589 10.56 % $ 933,284 4.00 % $ 1,166,605 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Company $ 2,185,694 9.86 % $ 1,551,305 7.00 % —N/A— Bank $ 2,464,589 11.12 % $ 1,551,185 7.00 % $ 1,440,386 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Company $ 2,185,694 9.86 % $ 1,883,727 8.50 % —N/A— Bank $ 2,464,589 11.12 % $ 1,883,581 8.50 % $ 1,772,782 8.00 % Total Capital Ratio (total capital to risk weighted assets): Company $ 2,859,680 12.90 % $ 2,326,957 10.50 % —N/A— Bank $ 2,720,253 12.28 % $ 2,326,777 10.50 % $ 2,215,978 10.00 % |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2023, 2022 and 2021. Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 894,514 $ 212,106 $ 71,110 $ 18,925 $ 83,780 $ 1,280,435 Interest expense 214,036 123,804 47,271 10,507 49,773 445,391 Net interest income 680,478 88,302 23,839 8,418 34,007 835,044 Provision for credit losses 129,998 9,535 (440) 2,791 772 142,656 Noninterest income 98,864 137,145 3,475 3,313 31 242,828 Noninterest expense Salaries and employee benefits 223,551 80,317 2,794 4,848 8,600 320,110 Occupancy and equipment expenses 46,083 4,899 5 149 314 51,450 Data processing and communications expenses 48,021 4,836 171 134 324 53,486 Other expenses 100,029 47,393 873 723 4,217 153,235 Total noninterest expense 417,684 137,445 3,843 5,854 13,455 578,281 Income before income tax expense 231,660 78,467 23,911 3,086 19,811 356,935 Income tax expense 61,649 16,478 5,021 648 4,034 87,830 Net income $ 170,011 $ 61,989 $ 18,890 $ 2,438 $ 15,777 $ 269,105 Total assets $ 18,041,865 $ 4,916,753 $ 825,415 $ 249,761 $ 1,169,905 $ 25,203,699 Goodwill $ 951,148 $ — $ — $ — $ 64,498 $ 1,015,646 Other intangible assets, net $ 81,959 $ — $ — $ — $ 5,990 $ 87,949 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 628,459 $ 155,533 $ 43,521 $ 19,850 $ 46,523 $ 893,886 Interest expense (17,824) 76,339 16,794 5,126 12,425 92,860 Net interest income 646,283 79,194 26,727 14,724 34,098 801,026 Provision for credit losses 61,898 12,351 (1,074) (349) (1,129) 71,697 Noninterest income 91,550 182,039 4,537 6,265 33 284,424 Noninterest expense Salaries and employee benefits 196,823 107,810 1,973 5,305 7,808 319,719 Occupancy and equipment expenses 45,081 5,579 4 360 337 51,361 Data processing and communications expenses 43,957 4,580 187 116 388 49,228 Other expenses 85,953 48,224 830 1,387 3,953 140,347 Total noninterest expense 371,814 166,193 2,994 7,168 12,486 560,655 Income before income tax expense 304,121 82,689 29,344 14,170 22,774 453,098 Income tax expense 75,367 17,364 6,162 2,976 4,689 106,558 Net income $ 228,754 $ 65,325 $ 23,182 $ 11,194 $ 18,085 $ 346,540 Total assets $ 17,848,972 $ 4,739,612 $ 1,016,192 $ 256,077 $ 1,192,433 $ 25,053,286 Goodwill $ 951,148 $ — $ — $ — $ 64,498 $ 1,015,646 Other intangible assets, net $ 97,254 $ — $ — $ — $ 8,940 $ 106,194 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 449,955 $ 130,140 $ 36,784 $ 56,597 $ 29,636 $ 703,112 Interest expense (7,627) 47,422 1,383 5,062 1,545 47,785 Net interest income 457,582 82,718 35,401 51,535 28,091 655,327 Provision for credit losses (32,866) 2,947 (514) (2,921) (2,011) (35,365) Noninterest income 69,664 281,900 4,603 9,360 17 365,544 Noninterest expense Salaries and employee benefits 157,079 167,796 1,130 4,856 6,915 337,776 Occupancy and equipment expenses 41,065 6,206 3 475 317 48,066 Data processing and communications expenses 39,802 5,551 232 47 344 45,976 Other expenses 84,244 38,295 490 1,594 3,683 128,306 Total noninterest expense 322,190 217,848 1,855 6,972 11,259 560,124 Income before income tax expense 237,922 143,823 38,663 56,844 18,860 496,112 Income tax expense 64,446 30,203 8,120 11,937 4,493 119,199 Net income $ 173,476 $ 113,620 $ 30,543 $ 44,907 $ 14,367 $ 376,913 Total assets $ 17,537,221 $ 4,231,767 $ 760,546 $ 419,040 $ 909,747 $ 23,858,321 Goodwill $ 948,122 $ — $ — $ — $ 64,498 $ 1,012,620 Other intangible assets, net $ 114,048 $ — $ — $ — $ 11,890 $ 125,938 |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) | CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2023 and 2022 (dollars in thousands ) 2023 2022 Assets Cash and due from banks $ 165,179 $ 153,099 Investment in subsidiaries 3,611,093 3,477,917 Other assets 29,898 19,896 Total assets $ 3,806,170 $ 3,650,912 Liabilities Other liabilities $ 33,766 $ 23,985 Other borrowings 215,342 301,205 Subordinated deferrable interest debentures 130,315 128,322 Total liabilities 379,423 453,512 Shareholders' equity 3,426,747 3,197,400 Total liabilities and shareholders' equity $ 3,806,170 $ 3,650,912 Condensed Statements of Income Years Ended December 31, 2023, 2022 and 2021 (dollars in thousands) 2023 2022 2021 Income Dividends from subsidiaries $ 175,000 $ 50,000 $ 142,000 Other income 462 175 101 Securities gains — 270 — Total income 175,462 50,445 142,101 Expense Interest expense 24,568 22,170 19,610 Other expense 13,858 11,154 13,031 Total expense 38,426 33,324 32,641 Income before taxes and equity in undistributed income of subsidiaries 137,036 17,121 109,460 Income tax benefit 10,738 8,553 6,878 Income before equity in undistributed income of subsidiaries 147,774 25,674 116,338 Equity in undistributed income of subsidiaries 121,331 320,866 260,575 Net income $ 269,105 $ 346,540 $ 376,913 Condensed Statements of Cash Flows Years Ended December 31, 2023, 2022 and 2021 (dollars in thousands) 2023 2022 2021 OPERATING ACTIVITIES Net income $ 269,105 $ 346,540 $ 376,913 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense 9,950 6,706 7,948 Undistributed earnings of subsidiaries (121,331) (320,866) (260,575) Decrease increase in interest payable (319) (961) (36) (Increase) decrease in tax receivable 3,021 8,596 (6,238) Provision for deferred taxes (1,165) (649) 1,694 Gain on sale of other investments — (270) — Change attributable to other operating activities 1,188 200 3,678 Total adjustments (108,656) (307,244) (253,529) Net cash provided by operating activities 160,449 39,296 123,384 INVESTING ACTIVITIES Net (increase) decrease in other investments — 213 (4,500) Investment in subsidiary — (65,000) — Net cash used in investing activities — (64,787) (4,500) FINANCING ACTIVITIES Purchase of treasury shares (20,346) (22,421) (9,439) Dividends paid - common stock (41,649) (41,610) (41,798) Repayment of other borrowings (86,850) — — Proceeds from exercise of stock options 476 2,799 4,532 Net cash used in by financing activities (148,369) (61,232) (46,705) Net change in cash and cash equivalents 12,080 (86,723) 72,179 Cash and cash equivalents at beginning of year 153,099 239,822 167,643 Cash and cash equivalents at end of year $ 165,179 $ 153,099 $ 239,822 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for interest $ 24,887 $ 23,131 $ 19,646 Cash received during the year for income taxes $ (12,593) $ (16,499) $ (2,367) |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
LOAN SERVICING RIGHTS | LOAN SERVICING RIGHTS The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired portfolios of residential mortgage and SBA loans serviced for others. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets. The carrying value of the loan servicing rights assets is shown in the table below: (dollars in thousands) December 31, 2023 December 31, 2022 Loan Servicing Rights Residential mortgage $ 171,915 $ 147,014 SBA 2,737 3,443 Total loan servicing rights $ 174,652 $ 150,457 Residential Mortgage Loans The Company sells certain first-lien residential mortgage loans to third party investors, primarily Federal National Mortgage Association (“FNMA”), Government National Mortgage Association (“GNMA”), and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees on certain of these loans. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income as part of mortgage banking activity. During the years ended December 31, 2023, 2022 and 2021, the Company recorded servicing fee income of $61.8 million, $70.0 million and $51.4 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 impairment: Years Ended December 31, (dollars in thousands) 2023 2022 2021 Residential mortgage servicing rights Beginning carrying value, net $ 147,014 $ 206,944 $ 130,630 Additions 44,305 64,020 93,229 Amortization (19,404) (24,995) (30,540) (Impairment)/recoveries — 21,824 13,625 Disposals — (120,779) — Ending carrying value, net $ 171,915 $ 147,014 $ 206,944 Years Ended December 31, (dollars in thousands) 2023 2022 2021 Residential mortgage servicing impairment Beginning balance $ — $ 25,782 $ 39,407 Additions — — 1,398 Recoveries — (21,824) (15,023) Reduction due to disposal — (3,958) — Ending balance $ — $ — $ 25,782 The key metrics and the sensitivity of the residential mortgage servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) December 31, 2023 December 31, 2022 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 12,454,454 $ 10,046,052 Composition of residential loans serviced for others: FHLMC 17.54 % 16.80 % FNMA 50.51 % 50.09 % GNMA 31.95 % 33.11 % Total 100.00 % 100.00 % Weighted average term (months) 355 353 Weighted average age (months) 27 22 Modeled prepayment speed 8.56 % 8.22 % Decline in fair value due to a 10% adverse change (4,492) (5,800) Decline in fair value due to a 20% adverse change (9,444) (11,184) Weighted average discount rate 10.98 % 10.00 % Decline in fair value due to a 10% adverse change (5,110) (6,413) Decline in fair value due to a 20% adverse change (11,181) (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 as part of other noninterest income. During the years ended December 31, 2023, 2022 and 2021, the Company recorded servicing fee income of $2.8 million, $3.6 million and $4.0 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period. The table below is an analysis of the activity in the Company’s SBA loan servicing rights and impairment: Years Ended December 31, (dollars in thousands) 2023 2022 2021 SBA servicing rights Beginning carrying value, net $ 3,443 $ 5,556 $ 5,839 Additions 392 889 954 Amortization (1,098) (3,002) (2,142) (Impairment)/recovery — — 905 Ending carrying value, net $ 2,737 $ 3,443 $ 5,556 Years Ended December 31, (dollars in thousands) 2023 2022 2021 SBA servicing impairment Beginning balance $ — $ — $ 905 Additions — — — Recoveries — — (905) Ending balance $ — $ — $ — The key metrics and the sensitivity of the SBA servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) December 31, 2023 December 31, 2022 SBA servicing rights Unpaid principal balance of loans serviced for others $ 271,164 $ 326,418 Weighted average life (in years) 3.31 3.69 Modeled prepayment speed 20.83 % 18.24 % Decline in fair value due to a 10% adverse change (171) (177) Decline in fair value due to a 20% adverse change (327) (340) Weighted average discount rate 14.70 % 19.57 % Decline in fair value due to a 100 basis point adverse change (69) (83) Decline in fair value due to a 200 basis point adverse change (135) (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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 269,105 | $ 346,540 | $ 376,913 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Ameris Bancorp and subsidiaries (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia, and whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank also engages in mortgage banking activities, and, as such, originates, acquires, sells and services one-to-four family residential mortgage loans in the Southeast. The Bank also originates, administers and services commercial insurance premium loans, equipment finance loans and SBA loans made to borrowers throughout the United States. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates The consolidated financial statements include the accounts of the Company and its subsidiaries. Variable Interest Entities for which the Company or its subsidiaries have been determined to be the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Acquisition Accounting | Acquisition Accounting In accounting for business combinations, the Company uses the acquisition method of accounting in accordance with ASC 805, Business Combinations . Under the acquisition method of accounting, assets acquired, liabilities assumed and consideration exchanged are recorded at their respective acquisition date fair values. Any identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented or exchanged separately from the entity). If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. In addition, management will assess and record the deferred tax assets and deferred tax liabilities resulting from differences in the carrying value of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes, including acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Section 382 of the Internal Revenue Code of 1986, as amended. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Loans which have experienced more-than-insignificant deterioration in credit quality since origination, as determined by the Company's assessment, are considered purchased credit deteriorated ("PCD") loans. At acquisition, expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent to the acquisition date, the change in the allowance for credit losses on PCD loans is recognized through provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. Purchased loans which do not meet the criteria to be classified as PCD loans are recorded at fair value as of the acquisition date and no allowance for credit losses is carried over from the seller. The resulting purchase discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the non-PCD loan on a level-yield basis. |
Transfer of financial assets | Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Cash and Cash Equivalents | 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 either December 31, 2023 and 2022. |
Investment Securities | Investment Securities The Company classifies its debt securities in one of three categories: (i) trading, (ii) held-to-maturity or (iii) available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other debt securities are classified as available-for-sale. Available-for-sale securities are carried at fair value. Unrealized holding gains and losses, net of the related deferred tax effect, on available-for-sale securities are excluded from earnings and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Held-to-maturity securities are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2023, 2022 and 2021. Accrued interest receivable on debt securities totaled $7.5 million and $7.7 million as of December 31, 2023 and 2022, respectively. The Company evaluates available-for-sale securities in an unrealized loss position to determine if credit-related impairment exists. The Company first evaluates whether it intends 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, the Company evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related impairment exists, the Company recognizes an allowance for credit losses ("ACL"), limited to the amount by which the fair value is less than the amortized cost basis. Refer to Note 3 for additional information related to the ACL for available-for-sale securities. Any impairment not recognized through an ACL is recognized in other comprehensive income, net of tax, as a non credit-related impairment. The Company uses a systematic methodology to determine its ACL for debt securities held-to-maturity considering the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. The Company monitors the held-to-maturity portfolio on a quarterly basis to determine whether a valuation account would need to be recorded. As of December 31, 2023 and 2022, the Company had $141.5 million and $134.9 million held-to-maturity securities, respectively, and no related valuation account. |
Other Investments | Other Investments Other investments include Federal Home Loan Bank (“FHLB”) stock. These investments do not have readily determinable fair values due to restrictions placed on transferability and therefore are carried at cost. These investments are periodically evaluated for impairment based on ultimate recovery of par value or cost basis. Both cash and stock dividends are reported as income. |
Loans Held-for-Sale | Loans Held for Sale Mortgage and SBA loans held for sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held for sale and realized gains and losses upon ultimate sale of the mortgage loans held for sale are classified as mortgage banking activity in the consolidated statements of income. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of SBA loans held for sale and realized gains and losses upon ultimate sale of the SBA loans held for sale are classified as gain on sale of SBA loans in the consolidated statements of income. Other loans held for sale are carried at the lower of amortized cost or fair value. |
Servicing Rights | Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity or gain on sale of SBA loans accordingly. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing fee income, which is reported on the income statement in mortgage banking activity for serviced mortgage loans and other noninterest income for all other serviced loans, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into strata based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized for a particular stratum through a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular stratum, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in mortgage banking activity and other noninterest income on the income statement. Refer to Note 23 for additional information related to the valuation allowance on servicing rights. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. |
Loans and Allowance for Credit Losses - Loans | Loans Loans are reported at their outstanding principal balances less unearned income, net of deferred fees, origination costs and unaccreted or unamortized non-credit purchase discounts or premiums, respectively. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest received on nonaccrual loans is applied against principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Credit Losses - Loans Under the current expected credit loss model, the allowance for credit losses (“ACL”) on loans is a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company estimates the ACL on loans based on the underlying loans’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets and totaled $79.2 million and $69.3 million at December 31, 2023 and 2022, respectively. Expected credit losses are reflected in the allowance for credit losses through a charge to provision for credit losses. The Company measures expected credit losses of loans on a collective (pool) basis, when the loans share similar risk characteristics. Depending on the nature of the pool of loans with similar risk characteristics, the Company estimates a quantitative component which currently uses the discounted cash flow (“DCF”) method or the PD×LGD method which may be adjusted for qualitative factors as discussed further below. The Company’s methodologies for estimating the ACL 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 over a period that has been determined to be reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when it can no longer develop reasonable and supportable forecasts. The Company has identified the following pools of loans with similar risk characteristics for measuring expected credit losses: Commercial, financial, and agricultural - These loans and leases include both secured and unsecured borrowings for working capital, expansion, crop production, equipment finance and other business purposes. Commercial, financial and agricultural loans also include certain U.S. Small Business Administration (“SBA”) loans, including loans outstanding under the SBA's Paycheck Protection Program. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Bank evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans. Consumer - These loans include home improvement loans, direct automobile loans, boat and recreational vehicle financing, personal lines of credit, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default. Indirect automobile - Indirect automobile loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within selected states. Repayment of these loans depends largely on the personal income of the borrowers which can be affected by changes in economic conditions such as unemployment levels. Collateral consists of rapidly depreciating assets that may not provide an adequate source of repayment of the loan in the event of default. Mortgage warehouse - Mortgage warehouse facilities are provided to unaffiliated mortgage origination companies and are collateralized by one-to-four family residential loans or mortgage servicing rights. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Bank provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Bank has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Bank is repaid with the proceeds received from sale of the mortgage loan to the final investor. Municipal - Municipal loans consists of loans made to counties, municipalities and political subdivisions. The source of repayment for these loans is either general revenue of the municipality or revenues of the project being financed by the loan. These loans may be secured by real estate, machinery, equipment or assignment of certain revenues. Premium Finance - Premium finance provides loans for the acquisition of certain commercial insurance policies. Repayment of these loans is dependent on the cash flow of the insured which can be affected by changes in economic conditions. The Bank has procedures in place to cancel the insurance policy after default by the borrower to minimize the risk of loss. Real Estate - Construction and Development - Construction and development loans include loans for the development of residential neighborhoods, one-to-four family home residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied and investment properties. The Company limits its construction lending risk through adherence to established underwriting procedures. Real Estate - Commercial and Farmland - Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Lodging (hotel / motel) loans are a subsegment of commercial real estate loans. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. Real Estate - Residential - The Company's residential loans include permanent mortgage financing and home equity lines of credit secured by residential properties located within the Bank's market areas. Residential real estate loans also include purchased loan pools secured by residential properties located outside the Bank's market area. Discounted Cash Flow Method The Company uses the discounted cash flow method to estimate expected credit losses for the commercial, financial and agricultural, consumer, real estate - construction and development, real estate - commercial and farmland and real estate - residential loan segments. For each of these loan segments, the Company generates cash flow projections at the loan level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds and curtailment rates are based on historical internal data. The prepayment speeds additionally utilize a forward-looking third-party prepayment model, which considers current conditions and reasonable and supportable forecasts of future economic conditions. The Company uses regression analysis of historical internal and peer loss data to determine suitable macroeconomic variables to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the macroeconomic variables over a reasonable and supportable forecast period. For all loan pools utilizing the DCF method, the Company uses a combination of national and regional data including gross domestic product, commercial real estate price indices, home price indices, unemployment rates, retail sales, and rental vacancy rates depending on the nature of the underlying loan pool and how well that macroeconomic variable correlates to expected future losses. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections comprising multiple weighted scenarios from a reputable and independent third party to inform its macroeconomic variable forecasts over the four-quarter forecast period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the loan level. Loan effective yield is calculated, net of the impacts of prepayment assumptions, and the loan expected cash flows are then discounted at that effective yield to produce a loan-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the loan’s NPV and amortized cost basis. PD×LGD Method The Company uses the PD×LGD method to estimate expected credit losses (“EL”) for the indirect automobile, municipal and premium finance loan segments. Under the PD×LGD method, the loss rate is a function of two components: (1) the lifetime default rate (“PD”); and (2) the loss given default (“LGD”). For the indirect automobile and premium finance loan segments, calculations of lifetime default rates and corresponding loss given default rates of static pools are performed. The PD×LGD method uses the default rates and loss given default rates of different static pools to quantify the relationship between those rates and the credit mix of the pools and applies that relationship on a going forward basis. The Company has not incurred any historical defaults or charge offs in its municipal portfolio. Therefore, in lieu of historical loss rates, the Company applies historical benchmarking PD and LGD ratios provided by a reputable and independent third party to the current municipal loan balance. Qualitative Factors The Company uses qualitative factors for model limitations and risk uncertainty as well as for loan segment specific risks that cannot be addressed in the quantitative methods. Any additional qualitative factor reserves needed will be approved by the Allowance Committee quarterly. Sources for quantitative metrics for qualitative factor adjustments include, but are not limited to, third-party economic and forecast analysis, default rate & loss studies, academic studies, historical loss rate benchmarking (internal & external) and statistical modeling and adjustments. Individually Evaluated Assets Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the expected credit loss as the amount by which the amortized cost basis of the loan exceeds the estimated fair value of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the loan exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan. The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the loans. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected modification. 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. Modifications are evaluated to determine if the restructuring results in more than a minor modification, considered to be a change in present value of remaining cash flows under the original instrument and under the modified terms. If the modification is determined to be more than minor, the modification is booked as a new loan and any existing deferred fees or costs are recognized immediately. Otherwise, the modification is booked as a continuation of the existing loan. Charge-offs and Recoveries Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, 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 a loan risk rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged-off. |
Loan Commitments and Financial Instruments | Loan Commitments and Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s consolidated statements of income. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees and is included in other liabilities on the Company’s consolidated balance sheets. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years, furniture and equipment useful lives range from three three |
Leases | Leases |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of the net assets purchased in business combinations. Goodwill is required to be tested annually for impairment or whenever events occur that may indicate that the recoverability of the carrying amount is not probable. In the event of an impairment, the amount by which the carrying amount exceeds the fair value is charged to earnings. The Company performs its annual impairment testing of goodwill in the fourth quarter of each year. Refer to Note 6 for additional information related to goodwill. Intangible assets include core deposit premiums from various past bank acquisitions as well as intangible assets recorded in connection with certain non-bank acquisitions for referral relationships, trade names, non-compete agreements and patent assets. Intangible assets are initially recognized based on a valuation performed as of the acquisition date. Core deposit premiums acquired in various past bank acquisitions are based on the established value of acquired customer deposits. The core deposit premium is amortized over an estimated useful life of seven The referral relationship intangibles are amortized over an estimated useful life of eight five |
Cash Value of Bank Owned Life Insurance | Cash Value of Bank Owned Life Insurance The Company has purchased life insurance policies on certain officers. The life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Other Real Estate Owned | Other Real Estate Owned |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are the expected future tax amounts for temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such assets is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company evaluates income tax positions using the recognition and cumulative probability measurement thresholds. The Company includes the current and deferred tax effects of its tax positions in the financial statements only when it is more likely than not that the position would be sustained based on their technical merits. For positions that meet that recognition threshold, the Company utilizes the cumulative probability measurement and records the largest amount, considering possible settlement outcomes, that is greater than 50% likely of realization upon settlement with the taxing authorities. In determining whether it is more likely than not that a tax position will be sustained based on its technical merits as of the reporting date, the Company assumes the taxing authority will examine the position and have full knowledge of all relevant information. The Company recognizes interest and penalties related to income tax matters in other noninterest expenses. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Share-Based Compensation | Share-Based Compensation |
Treasury Stock | Treasury Stock The Company’s repurchases of shares of its common stock are recorded at cost as treasury stock and result in a reduction of shareholders' equity. |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share are computed by dividing net income by the sum of the weighted-average number of shares of common stock outstanding and the effect of the issuance of potential common shares that are dilutive. Potential common shares consist of stock options and restricted shares for the years ended December 31, 2023, 2022 and 2021, and are determined using the treasury stock method. The Company has determined that certain of its outstanding non-vested stock awards are participating securities, since all dividends on these awards are paid similar to other dividends. The difference between earnings per share calculated under the treasury method versus under the two class method which is required when participating securities exist is immaterial. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The goal of the Company’s interest rate risk management process is to minimize the volatility in the net interest margin caused by changes in interest rates. Derivative instruments are used to hedge certain assets or liabilities as a part of this process. The Company is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. All derivative instruments are required to be carried at fair value on the balance sheet. Mortgage Banking Derivatives The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in mortgage banking activity in the Company's consolidated statement of income. Customer Derivatives The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. The interest rate derivative agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in other noninterest income in the Company's consolidated statements of income. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets. Risk Participation Agreements The Company also may enter into risk participation agreements with a financial institution counterparty for an interest rate derivative contract related to a loan in which the Company may be a participant or the agent bank. The risk participation agreement provides credit protection to the agent bank should the borrower fail to perform on its interest rate derivative contracts with the agent bank. The Company manages its credit risk on risk participation agreements by monitoring the creditworthiness of the borrower, which follows the same credit review process as derivative instruments entered into directly |
Mortgage Banking Derivatives | Mortgage Banking Derivatives |
Revenue Recognition | Revenue Recognition With the exception of gains/losses on the sale of OREO discussed below, revenue from contracts with customers ("ASC 606 Revenue") is recorded in the service charges on deposit accounts category, the other service charges, commissions and fees category and the other noninterest income category in the Company's consolidated statement of income as part of noninterest income. Substantially all ASC 606 Revenue is recorded in the Banking Division. Debit Card Interchange Fees - The Company earns debit card interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from debit cardholders transactions represent a percentage of the underlying transaction amount and are recognized daily, concurrently with the transaction processing services provided to the debit cardholder. Overdraft Fees - Overdraft fees are recognized at the point in time that the overdraft occurs. Other Service Charges on Deposit Accounts - Other service charges on deposit accounts include both transaction-based fees and account maintenance fees. Transaction based fees, which include wire transfer fees, stop payment charges, statement rendering, and automated clearing house ("ACH") fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. ATM Fees - Transaction-based ATM usage fees are recognized at the time the transaction is executed as that is the point at which the Company satisfies the performance obligation. Gains on the Sale of OREO - |
Trust and Wealth Management | Trust and Wealth Management - Trust and wealth management income is primarily comprised of fees earned from personal trust administration, estate settlement, investment management, employee benefit plan administration, custody, United States tax code sections 1031/1033 exchanges ("Sections 1031/1033 exchanges") and escrow accounts. Personal trust administration, investment management, employee benefit plan administration and custody fees are generally earned/accrued monthly with billings typically done monthly, and are based on the assets/trust under management or administration and services with certain annual minimum fees provided as outlined in the applicable fee schedule. Sections 1031/1033 exchanges and escrow accounts fees are based on a contractual agreement. The Company’s fiduciary obligations are generally satisfied over time and the resulting fees are recognized monthly, based upon the monthly average market value of the assets under management and the applicable fee rate. Payment is typically received in the following month. The Company does not earn performance-based incentives. |
Comprehensive Income | Comprehensive Income The Company’s comprehensive income consists of net income and changes in the net unrealized holding gains and losses of securities available-for-sale. These amounts are carried in accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income and are presented net of taxes. |
Fair Value Measures | Fair Value Measures Fair values of assets and liabilities are estimated using relevant market information and other assumptions, as more fully disclosed in Note 17. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular assets and liabilities. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Operating Segments The Company has five reportable segments, the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division, the SBA Division and the Premium Finance Division. The Banking Division derives its revenues from the delivery of full service financial services to include 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 and residential mortgage servicing rights. 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. |
Variable Interest Entities | Variable Interest Entities The Company has assumed certain securitization transactions which involve the use of variable interest entities ("VIE"). A VIE is consolidated when it is determined to be the primary beneficiary. When a company has a variable interest in a VIE, it qualitatively assesses whether it has a controlling financial interest in the entity and, if so, whether it is the primary beneficiary. In applying the qualitative assessment to identify the primary beneficiary of a VIE, the company is determined to have a controlling financial interest if it has (i) the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company considers the VIE's purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. Economic interest in the securitized and sold assets are generally retained in the form of senior or subordinated interest, cash reserve accounts, residual interest and servicing rights. The Company was determined to be the primary beneficiary of the VIE and the VIEs are consolidated in the Company's financial statements. The securitizations are accounted for as secured borrowings. Each of the securitization facilities was fully redeemed in January 2022. The investors in the securitizations generally have no recourse to the Company's other assets outside the customary market representation and warranty provisions. |
Accounting Standards Adopted in 2023 and Pending Adoption | 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. ASU No. 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU No. 2022-06 extends the temporary relief in Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The objective of this guidance is to provide temporary relief during the transition period away from LIBOR toward new interest rate benchmarks. This update was effective upon issuance. The Company adopted the guidance in Topic 848 effective January 1, 2023 and the adoption was not material to the consolidated financial statements. Accounting Standards Pending Adoption ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances segment disclosures to include significant segment expenses, disclose the amount of and provide a description of its composition a category of other segment items for items not included in significant segment expenses, require previous annual disclosures in interim periods and identify the position and title of the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments of ASU 2023-07 should be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of reporting segments. ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") . ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes. |
Reclassifications | Reclassifications Certain reclassifications of prior year amounts have been made to conform with the current year presentations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share | Presented below is a summary of the components used to calculate basic and diluted earnings per share. Years Ended December 31, (dollars in thousands) 2023 2022 2021 Net income available to common shareholders $ 269,105 $ 346,540 $ 376,913 Weighted average number of common shares outstanding 68,977,453 69,193,591 69,431,860 Effect of dilutive stock options 45 17,276 61,705 Effect of dilutive restricted stock awards 62,534 79,536 143,001 Effect of performance stock units 64,126 129,318 124,828 Weighted average number of common shares outstanding used to calculate diluted earnings per share 69,104,158 69,419,721 69,761,394 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale | The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows: (dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2023 U.S. Treasuries $ 732,636 $ — $ 34 $ (11,793) $ 720,877 U.S. government-sponsored agencies 1,023 — — (38) 985 State, county and municipal securities 28,986 — 9 (944) 28,051 Corporate debt securities 10,946 (69) — (850) 10,027 SBA pool securities 53,033 — 2 (1,519) 51,516 Mortgage-backed securities 621,013 — 67 (29,592) 591,488 Total debt securities available-for-sale $ 1,447,637 $ (69) $ 112 $ (44,736) $ 1,402,944 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 following table is a summary of sales activities in the Company's investment securities available for sale: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Gross losses on sales of securities $ (310) $ — $ — Net realized losses on sales of securities available for sale $ (310) $ — $ — Sales proceeds $ 5,141 $ — $ — |
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 December 31, 2023 State, county and municipal securities $ 31,905 $ — $ (5,051) $ 26,854 Mortgage-backed securities 109,607 — (13,730) 95,877 Total debt securities held-to-maturity $ 141,512 $ — $ (18,781) $ 122,731 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 Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of December 31, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the 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 Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 331,452 $ 329,133 $ — $ — Due from one year to five years 436,955 426,410 — — Due from five to ten years 9,253 8,764 — — Due after ten years 48,964 47,149 31,905 26,854 Mortgage-backed securities 621,013 591,488 109,607 95,877 $ 1,447,637 $ 1,402,944 $ 141,512 $ 122,731 |
Schedule of Gross Unrealized Losses and Fair Value of Securities | 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 December 31, 2023 and 2022. Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses December 31, 2023 U.S. Treasuries $ 159,667 $ (827) $ 537,313 $ (10,966) $ 696,980 $ (11,793) U.S. government-sponsored agencies — — 985 (38) 985 (38) State, county and municipal securities 1,923 — 19,754 (944) 21,677 (944) Corporate debt securities 500 — 8,527 (850) 9,027 (850) SBA pool securities 42 — 21,267 (1,519) 21,309 (1,519) Mortgage-backed securities 126 — 566,707 (29,592) 566,833 (29,592) Total debt securities $ 162,258 $ (827) $ 1,154,553 $ (43,909) $ 1,316,811 $ (44,736) Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses 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 $ 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 December 31, 2023 and 2022: Less Than 12 Months 12 Months or More Total (dollars in thousands) Securities held-to-maturity Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2023 State, county and municipal securities $ — $ — $ 26,854 $ (5,051) $ 26,854 $ (5,051) Mortgage-backed securities 13,612 (227) 82,265 (13,503) 95,877 (13,730) Total debt securities held-to-maturity $ 13,612 $ (227) $ 109,119 $ (18,554) $ 122,731 $ (18,781) 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 $44.7 million in unrealized loss was determined to be from factors other than credit, primarily changes in market interest rates. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Allowance for credit losses Beginning balance $ 75 $ — $ 112 Current-period provision for expected credit losses (6) 75 (112) Ending balance $ 69 $ 75 $ — |
Schedule of Gain (Loss) on Investments | Net gain on securities reported on the consolidated statements of income is comprised of the following: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Net realized losses on sales of securities available-for-sale $ (310) $ — $ — Unrealized holding gains (losses) on equity securities 6 (67) (17) Net realized gains on sales of other investments — 270 532 Net gain (loss) on securities $ (304) $ 203 $ 515 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, (dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 2,688,929 $ 2,679,403 Consumer 241,552 384,037 Indirect automobile 34,257 108,648 Mortgage warehouse 818,728 1,038,924 Municipal 492,668 509,151 Premium finance 946,562 1,023,479 Real estate – construction and development 2,129,187 2,086,438 Real estate – commercial and farmland 8,059,754 7,604,867 Real estate – residential 4,857,666 4,420,306 $ 20,269,303 $ 19,855,253 |
Schedule of Financial Receivable Nonaccrual Basis | The following table presents an analysis of loans accounted for on a nonaccrual basis: December 31, (dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 8,059 $ 11,094 Consumer 1,153 420 Indirect automobile 299 346 Real estate – construction and development 282 523 Real estate – commercial and farmland 11,295 13,203 Real estate – residential (1) 130,029 109,222 $ 151,117 $ 134,808 (1) Included in real estate - residential were $90.2 million and $69.6 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2023 and 2022, respectively. The following table presents an analysis of nonaccrual loans with no related allowance for credit losses: (dollars in thousands) December 31, December 31, Commercial, financial and agricultural $ 2,049 $ 33 Real estate – commercial and farmland 9,109 1,464 Real estate – residential 75,419 58,734 $ 86,577 $ 60,231 The following table presents an analysis of collateral-dependent financial assets and related allowance for credit losses: (dollars in thousands) December 31, 2023 December 31, 2022 Balance Allowance for Credit Losses Balance Allowance for Credit Losses Commercial, financial and agricultural $ 5,889 $ 567 $ 7,128 $ 6,294 Premium finance 1,990 45 3,233 — Real estate – construction and development 280 23 780 13 Real estate – commercial and farmland 11,114 108 15,168 1,428 Real estate – residential 21,102 2,654 15,464 2,066 $ 40,375 $ 3,397 $ 41,773 $ 9,801 |
Schedule of Past Due Financial Receivables | The following tables present an analysis of past-due loans as of December 31, 2023 and 2022: (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 December 31, 2023 Commercial, financial and agricultural $ 11,023 $ 5,439 $ 9,733 $ 26,195 $ 2,662,734 $ 2,688,929 $ 5,310 Consumer 2,155 1,037 498 3,690 237,862 241,552 — Indirect automobile 153 17 78 248 34,009 34,257 — Mortgage warehouse — — — — 818,728 818,728 — Municipal — — — — 492,668 492,668 — Premium finance 12,379 6,832 11,678 30,889 915,673 946,562 11,678 Real estate – construction and development 2,094 — 282 2,376 2,126,811 2,129,187 — Real estate – commercial and farmland 5,070 1,656 6,352 13,078 8,046,676 8,059,754 — Real estate – residential 49,976 19,300 127,087 196,363 4,661,303 4,857,666 — Total $ 82,850 $ 34,281 $ 155,708 $ 272,839 $ 19,996,464 $ 20,269,303 $ 16,988 (dollars in thousands) Loans Loans Loans 90 Total Current Total Loans 90 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 Credit Quality Indicate Financial Receivable | The following table presents the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands). Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the table 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 December 31, 2023 and 2022. Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Commercial, Financial and Agricultural Risk Grade: Pass $ 892,951 $ 758,471 $ 384,830 $ 95,055 $ 56,447 $ 41,095 $ 432,472 $ 2,661,321 6 — 335 5,722 92 109 451 803 7,512 7 1,512 3,595 3,222 1,140 3,533 5,748 1,346 20,096 Total commercial, financial and agricultural $ 894,463 $ 762,401 $ 393,774 $ 96,287 $ 60,089 $ 47,294 $ 434,621 $ 2,688,929 Current-period gross charge offs $ 7,485 $ 26,331 $ 18,263 $ 1,746 $ 1,568 $ 2,851 $ 368 $ 58,612 Consumer Risk Grade: Pass $ 44,736 $ 17,661 $ 5,878 $ 25,654 $ 15,838 $ 20,937 $ 109,214 $ 239,918 6 — 5 — — — 26 — 31 7 154 181 41 334 197 531 165 1,603 Total consumer $ 44,890 $ 17,847 $ 5,919 $ 25,988 $ 16,035 $ 21,494 $ 109,379 $ 241,552 Current-period gross charge offs $ 115 $ 388 $ 97 $ 1,649 $ 1,205 $ 1,474 $ 370 $ 5,298 Indirect Automobile Risk Grade: Pass $ — $ — $ — $ — $ 6,086 $ 27,646 $ — $ 33,732 7 — — — — 55 470 — 525 Total indirect automobile $ — $ — $ — $ — $ 6,141 $ 28,116 $ — $ 34,257 Current-period gross charge offs $ — $ — $ — $ — $ — $ 155 $ — $ 155 Mortgage Warehouse Risk Grade: Pass $ — $ — $ — $ — $ — $ — $ 772,366 $ 772,366 6 — — — — — — 46,362 46,362 Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ 818,728 $ 818,728 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Municipal Risk Grade: Pass $ 14,216 $ 27,346 $ 48,941 $ 177,156 $ 14,655 $ 208,236 $ 2,118 $ 492,668 Total municipal $ 14,216 $ 27,346 $ 48,941 $ 177,156 $ 14,655 $ 208,236 $ 2,118 $ 492,668 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Premium Finance Risk Grade: Pass $ 928,930 $ 4,038 $ 1,916 $ — $ — $ — $ — $ 934,884 7 10,777 901 — — — — — 11,678 Total premium finance $ 939,707 $ 4,939 $ 1,916 $ — $ — $ — $ — $ 946,562 Current-period gross charge offs $ 942 $ 5,316 $ 309 $ — $ — $ — $ — $ 6,567 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Real Estate – Construction and Development Risk Grade: Pass $ 457,077 $ 938,909 $ 505,254 $ 58,840 $ 54,646 $ 30,042 $ 81,662 $ 2,126,430 6 — — — — — 479 — 479 7 — 266 1,512 — — 500 — 2,278 Total real estate – construction and development $ 457,077 $ 939,175 $ 506,766 $ 58,840 $ 54,646 $ 31,021 $ 81,662 $ 2,129,187 Current-period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — Real Estate – Commercial and Farmland Risk Grade: Pass $ 450,315 $ 1,890,498 $ 2,133,833 $ 1,090,735 $ 765,640 $ 1,437,323 $ 100,206 $ 7,868,550 6 — 17,131 53,329 — 30,200 46,370 — 147,030 7 428 418 15,578 2,660 6,106 18,984 — 44,174 Total real estate – commercial and farmland $ 450,743 $ 1,908,047 $ 2,202,740 $ 1,093,395 $ 801,946 $ 1,502,677 $ 100,206 $ 8,059,754 Current-period gross charge offs $ — $ — $ — $ — $ 3,151 $ 1,136 $ 40 $ 4,327 Real Estate - Residential Risk Grade: Pass $ 714,684 $ 1,425,186 $ 1,148,092 $ 506,137 $ 236,147 $ 423,648 $ 262,968 $ 4,716,862 6 13 — 72 201 234 1,411 380 2,311 7 5,057 26,171 28,459 30,566 19,357 25,263 3,620 138,493 Total real estate - residential $ 719,754 $ 1,451,357 $ 1,176,623 $ 536,904 $ 255,738 $ 450,322 $ 266,968 $ 4,857,666 Current-period gross charge offs $ 24 $ 8 $ 27 $ — $ — $ 111 $ 89 $ 259 Total Loans Risk Grade: Pass $ 3,502,909 $ 5,062,109 $ 4,228,744 $ 1,953,577 $ 1,149,459 $ 2,188,927 $ 1,761,006 $ 19,846,731 6 13 17,471 59,123 293 30,543 48,737 47,545 203,725 7 17,928 31,532 48,812 34,700 29,248 51,496 5,131 218,847 Total loans $ 3,520,850 $ 5,111,112 $ 4,336,679 $ 1,988,570 $ 1,209,250 $ 2,289,160 $ 1,813,682 $ 20,269,303 Current-period gross charge offs $ 8,566 $ 32,043 $ 18,696 $ 3,395 $ 5,924 $ 5,727 $ 867 $ 75,218 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 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 Term Loans by Origination Year Revolving Loans Amortized Cost Basis Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Troubled Debt Restructurings by Loan Class | 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 as of December 31, 2023: (dollars in thousands) Payment Deferral Term Extension Interest Rate Reduction Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable Commercial, financial and agricultural $ 2,212 $ 2,960 $ — $ — $ 5,172 0.2 % Real estate – commercial and farmland 3,905 3,101 815 — 7,821 0.1 % Real estate – residential 1,029 5,539 — 804 7,372 0.2 % Total $ 7,146 $ 11,600 $ 815 $ 804 $ 20,365 0.1 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2023: Payment Deferral Loan Type Financial Effect Commercial, financial and agricultural Payments were deferred for a weighted average of five Real estate – commercial and farmland Payments were deferred for a weighted average of six Real estate – residential Payments were deferred for a weighted average of four Term Extension Loan Type Financial Effect Commercial, financial and agricultural Maturity dates were extended for a weighted average of nine Real estate – commercial and farmland Maturity dates were extended for an average of 13 months. Real estate - residential Maturity dates were extended for a weighted average of 103 months Interest Rate Reduction Loan Type Financial Effect Real estate – commercial and farmland Interest rate was reduced by 4.75% Combination of Term Extension and Rate Reduction Loan Type Financial Effect Real estate - residential Maturity date was extended for a weighted average of 120 months and rate was reduced by a weighted average 0.95% 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 $ 4,018 $ 355 $ — $ 799 $ 5,172 Real estate – commercial and farmland 6,692 1,129 — — 7,821 Real estate – residential 5,113 711 442 1,106 7,372 Total $ 15,823 $ 2,195 $ 442 $ 1,905 $ 20,365 The following table provides the amortized cost basis of financing receivables at December 31, 2023 that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty. (dollars in thousands) Term Extension Payment Deferral Commercial, financial and agricultural $ — $ 1,154 Real estate – commercial and farmland — 1,129 Real estate – residential 2,067 192 Total $ 2,067 $ 2,475 |
Schedule of Changes in Related Party Loans | Changes in related party loans are summarized as follows: December 31, (dollars in thousands) 2023 2022 Balance, January 1 $ 80,746 $ 59,214 Advances 61,764 36,234 Repayments (2,453) (14,702) Ending balance $ 140,057 $ 80,746 |
Schedule of Allowances for Loan Losses by Portfolio Segment | The following table details activity 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. (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 68,349 2,963 (745) (440) (12) 343 Loans charged off (58,612) (5,298) (155) — — (6,567) Recoveries of loans previously charged off 14,966 824 776 — — 5,801 Balance, December 31, 2023 $ 64,053 $ 3,902 $ 50 $ 1,678 $ 345 $ 602 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 27,446 47,079 8,532 153,515 Loans charged off — (4,327) (259) (75,218) Recoveries of loans previously charged off 949 634 887 24,837 Balance, December 31, 2023 $ 61,017 $ 110,097 $ 65,356 $ 307,100 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Year ended December 31, 2022 Balance, January 1, 2022 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Provision for loan losses 21,307 3,360 (1,082) (1,113) (44) (1,317) Loans charged off (18,635) (4,926) (265) — — (5,452) Recoveries of loans previously charged off 9,954 882 1,045 — — 5,065 Balance, December 31, 2022 $ 39,455 $ 5,413 $ 174 $ 2,118 $ 357 $ 1,025 Real Estate – Construction and Development Real Estate – Real Estate – Total Year ended December 31, 2022 Balance, January 1, 2022 $ 22,045 $ 77,831 $ 27,943 $ 167,582 Provision for loan losses 9,749 (7,049) 28,799 52,610 Loans charged off (27) (3,574) (196) (33,075) Recoveries of loans previously charged off 892 225 497 18,560 Balance, December 31, 2022 $ 32,659 $ 67,433 $ 57,043 $ 205,677 (dollars in thousands) Commercial, Consumer Indirect Automobile Mortgage Warehouse Municipal Premium Finance Year ended December 31, 2021 Balance, January 1, 2021 $ 7,359 $ 4,076 $ 1,929 $ 3,666 $ 791 $ 3,879 Provision for loan losses 12,071 7,330 (1,944) (435) (390) (2,352) Initial allowance for PCD assets 9,432 — — — — — Loans charged off (7,760) (6,248) (1,188) — — (3,668) Recoveries of loans previously charged off 5,727 939 1,679 — — 4,870 Balance, December 31, 2021 $ 26,829 $ 6,097 $ 476 $ 3,231 $ 401 $ 2,729 Real Estate – Construction and Development Real Estate – Real Estate – Total Year ended December 31, 2021 Balance, January 1, 2021 $ 45,304 $ 88,894 $ 43,524 $ 199,422 Provision for loan losses (23,532) (9,784) (16,045) (35,081) Initial allowance for PCD assets — — — 9,432 Loans charged off (233) (1,852) (667) (21,616) Recoveries of loans previously charged off 506 573 1,131 15,425 Balance, December 31, 2021 $ 22,045 $ 77,831 $ 27,943 $ 167,582 |
Schedule of Securities Purchased under Agreements, Allowance for Credit Loss | The Company acquired $952,000 in PCD loans from Balboa during the year ended December 31, 2021. A reconciliation of the purchase price to the par value, or unpaid principal balance ("UPB"), of the assets is below. (dollars in thousands) Commercial, Financial and Agricultural Par value (UPB) $ 10,505 Allowance for Credit Losses (9,432) Discount (121) Purchase Price $ 952 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: December 31, (dollars in thousands) 2023 2022 Land $ 69,478 $ 69,387 Buildings and leasehold improvements 174,562 176,153 Furniture and equipment 89,756 85,217 Construction in progress 3,997 2,343 Premises and equipment, gross 337,793 333,100 Accumulated depreciation (121,358) (112,817) Premises and equipment, net $ 216,435 $ 220,283 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in the Carrying Value of Goodwill | The change in the carrying value of goodwill for the years ended December 31, 2023 and 2022 is summarized below for both the total Company and by the Company's reporting units. December 31, (dollars in thousands) 2023 2022 Consolidated Carrying amount of goodwill at beginning of year $ 1,015,646 $ 1,012,620 Fair value adjustments related to acquisitions in prior year — 3,026 Carrying amount of goodwill at end of year $ 1,015,646 $ 1,015,646 Banking Carrying amount of goodwill at beginning of year $ 951,148 $ 948,122 Fair value adjustments related to acquisitions in prior year — 3,026 Carrying amount of goodwill at end of year $ 951,148 $ 951,148 Premium Finance Division Carrying amount of goodwill at beginning of year $ 64,498 $ 64,498 Carrying amount of goodwill at end of year $ 64,498 $ 64,498 |
Schedule of Information Related to Acquired Intangible Assets | The following is a summary of information related to acquired intangible assets: As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Core deposit premiums $ 86,454 $ 59,045 $ 99,032 $ 63,518 Referral relationships 88,651 29,790 88,651 20,367 Trade names 2,734 1,581 2,734 1,096 Patent 420 84 420 42 Non-compete agreements 570 380 732 352 $ 178,829 $ 90,880 $ 191,569 $ 85,375 |
Schedule of Estimated Amortization Expense | The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): 2024 $ 17,189 2025 15,937 2026 12,394 2027 11,126 2028 10,005 Thereafter 21,298 $ 87,949 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2023 for each of the next five years and thereafter are as follows: (dollars in thousands) 2024 $ 3,333,066 2025 85,333 2026 21,751 2027 16,553 2028 10,451 Thereafter 752 $ 3,467,906 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Other Borrowings | Other borrowings consist of the following: December 31, (dollars in thousands) 2023 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 January 10, 2024; fixed interest rate of 5.450% 50,000 — Fixed Rate Advance due January 17, 2024; fixed interest rate of 5.460% 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 4.550% 1,378 1,389 Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% 954 961 Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,128 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% (2027 subordinated notes) — 74,449 Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) 106,704 118,320 Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) 75,784 75,906 Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,362 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% (2030 subordinated notes) 108,638 108,436 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 — $ 509,586 $ 1,875,736 (1) Previously was to migrate to three-month LIBOR plus 3.63%, but will now migrate to three-month SOFR plus a comparable tenor spread beginning June 1, 2025 through the end of the term, as three-month LIBOR ceased to be published effective July 1, 2023. |
SUBORDINATED DEFERRABLE INTER_2
SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer [Abstract] | |
Schedule of Subordinated Deferrable Interest Debentures | The following table summarizes the terms of the Company's outstanding subordinated deferrable interest debentures as of December 31, 2023: December 31, 2023 (dollars in thousands) Name of Trust Issuance Date Rate (1) Rate at December 31, 2023 Maturity Date Issuance Amount Unaccreted Purchase Discount Carrying Value Prosperity Bank Statutory Trust II March 2003 3-month SOFR plus 3.15% 8.77% March 26, 2033 $ 4,640 $ 732 $ 3,908 Fidelity Southern Statutory Trust I June 2003 3-month SOFR plus 3.10% 8.72% June 26, 2033 15,464 933 14,531 Coastal Bankshares Statutory Trust I August 2003 3-month SOFR plus 3.15% 8.81% October 7, 2033 5,155 755 4,400 Jacksonville Statutory Trust I June 2004 3-month SOFR plus 2.63% 8.27% June 17, 2034 4,124 630 3,494 Prosperity Banking Capital Trust I June 2004 3-month SOFR plus 2.57% 8.16% June 30, 2034 5,155 1,074 4,081 Merchants & Southern Statutory Trust I March 2005 3-month SOFR plus 1.90% 7.54% March 17, 2035 3,093 710 2,383 Fidelity Southern Statutory Trust II March 2005 3-month SOFR plus 1.89% 7.53% March 17, 2035 10,310 1,616 8,694 Atlantic BancGroup, Inc. Statutory Trust I September 2005 3-month SOFR plus 1.50% 7.15% September 15, 2035 3,093 906 2,187 Coastal Bankshares Statutory Trust II December 2005 3-month SOFR plus 1.60% 7.25% December 15, 2035 10,310 2,739 7,571 Cherokee Statutory Trust I November 2005 3-month SOFR plus 1.50% 7.15% December 15, 2035 3,093 548 2,545 Prosperity Bank Statutory Trust III January 2006 3-month SOFR plus 1.60% 7.25% March 15, 2036 10,310 3,057 7,253 Merchants & Southern Statutory Trust II March 2006 3-month SOFR plus 1.50% 7.15% June 15, 2036 3,093 840 2,253 Jacksonville Statutory Trust II December 2006 3-month SOFR plus 1.73% 7.38% December 15, 2036 3,093 758 2,335 Ameris Statutory Trust I December 2006 3-month SOFR plus 1.63% 7.28% December 15, 2036 37,114 — 37,114 Fidelity Southern Statutory Trust III August 2007 3-month SOFR plus 1.40% 7.05% September 15, 2037 20,619 4,549 16,070 Prosperity Bank Statutory Trust IV September 2007 3-month SOFR plus 1.54% 7.19% December 15, 2037 7,940 3,403 4,537 Jacksonville Bancorp, Inc. Statutory Trust III June 2008 3-month SOFR plus 3.75% 9.40% September 15, 2038 7,784 825 6,959 Total $ 154,390 $ 24,075 $ 130,315 (1) Rate transitioned to 3-month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as 3-month LIBOR ceased to be published effective July 1, 2023. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present a summary of the accumulated other comprehensive income (loss) balances, net of tax, as of December 31, 2023, 2022 and 2021. (dollars in thousands) Unrealized Gain (Loss) on Securities Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2022 $ (46,507) $ (46,507) Reclassification for losses included in net income, net of tax 229 229 Current year changes, net of tax 10,339 10,339 Balance, December 31, 2023 $ (35,939) $ (35,939) (dollars in thousands) Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2021 $ 15,590 $ 15,590 Current year changes, net of tax (62,097) (62,097) Balance, December 31, 2022 $ (46,507) $ (46,507) (dollars in thousands) Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2020 $ 33,505 $ 33,505 Current year changes, net of tax (17,915) (17,915) Balance, December 31, 2021 $ 15,590 $ 15,590 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following provides information on noninterest income categories that contain ASC 606 Revenue for the periods indicated. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Service charges on deposit accounts ASC 606 revenue items Debit card interchange fees $ 16,161 $ 15,884 $ 16,798 Overdraft fees 15,793 15,813 16,113 Other service charges on deposit accounts 14,621 12,802 12,195 Total ASC 606 revenue included in service charges on deposits accounts 46,575 44,499 45,106 Total service charges on deposit accounts $ 46,575 $ 44,499 $ 45,106 Other service charges, commissions and fees ASC 606 revenue items ATM fees $ 3,856 $ 3,508 $ 3,751 Total ASC 606 revenue included in other service charges, commission and fees 3,856 3,508 3,751 Other 545 367 437 Total other service charges, commission and fees $ 4,401 $ 3,875 $ 4,188 For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Other noninterest income ASC 606 revenue items Trust and wealth management $ 114 $ 4,554 $ 4,985 Total ASC 606 revenue included in other noninterest income 114 4,554 4,985 Other 50,600 40,837 18,227 Total other noninterest income $ 50,714 $ 45,391 $ 23,212 |
Schedule of Other Real Estate Owned, Gain (Loss) Recognized | The following provides information on net gains recognized on the sale of OREO for the periods indicated. For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Net gains recognized on sale of OREO $ 2,214 $ 2,130 $ 131 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense in Consolidated Statements of Income | The income tax expense in the consolidated statements of income consists of the following: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Current - federal $ 84,835 $ 114,346 $ 67,076 Current - state 23,463 27,889 13,712 Deferred - federal (16,882) (27,408) 30,321 Deferred - state (3,586) (8,269) 8,090 $ 87,830 $ 106,558 $ 119,199 |
Schedule of Reconciliation of Differences in Company's Income Tax Expense | The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: For the Years Ended December 31, (dollars in thousands) 2023 2022 2021 Federal income statutory rate 21 % 21 % 21 % Tax at federal income tax rate $ 74,956 $ 95,151 $ 104,166 Change resulting from: State income tax, net of federal benefit 14,950 13,763 18,923 Tax-exempt interest (1,907) (2,775) (3,479) Increase in cash value of bank owned life insurance (1,701) (1,399) (997) Excess tax (benefit) deficiency from stock compensation (518) (510) (277) Nondeductible merger expenses — 167 142 Other 2,050 2,161 721 Provision for income taxes $ 87,830 $ 106,558 $ 119,199 |
Schedule of Components of Deferred Income Taxes | The components of deferred income taxes are as follows: December 31, (dollars in thousands) 2023 2022 Deferred tax assets Allowance for credit losses $ 88,494 $ 64,742 Deferred compensation 13,822 13,287 Deferred loan fees — 668 Purchase accounting adjustments 3,442 5,153 Other real estate owned 18 201 Net operating loss tax carryforward 12,779 14,070 Tax credit carryforwards 139 149 Unrealized loss on securities available for sale 11,218 14,635 Capitalized costs, accrued expenses and other 8,297 3,432 Lease liability 15,081 16,505 153,290 132,842 Deferred tax liabilities Premises and equipment 12,167 12,680 Mortgage servicing rights 34,989 30,903 Subordinated debentures 6,149 6,551 Lease financing 9,753 9,442 Goodwill and intangible assets 22,918 24,946 Origination costs 9,984 6,239 Right of use lease asset 12,854 14,280 Deferred loan fees 318 — 109,132 105,041 Net deferred tax asset (liability) $ 44,158 $ 27,801 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows. For the Years Ended December 31, (dollars in thousands) 2023 2022 Beginning Balance $ 1,001 $ 1,903 Current Activity: Additions for tax positions of prior years 479 2,319 Additions from acquisitions — 1,001 Reductions for statutes of limitations expiring (870) — Settlements — (4,222) Ending Balance $ 610 $ 1,001 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Activity of Non-Performance Based and Performance Based Options | A summary of the activity of non-performance-based options as of and for the years ended December 31, 2023, and 2022 is presented below. 2023 2022 Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Under option, beginning of year 16,000 $ 29.69 117,135 $ 28.79 Exercised (16,000) 29.69 $ 258 (97,135) 29.22 $ 1,936 Forfeited — — (4,000) 29.31 Under option, end of year — $ — 0.00 $ — 16,000 $ 29.69 0.05 $ 279 Exercisable at end of year — $ — 0.00 $ — 16,000 $ 29.69 0.05 $ 279 |
Schedule of the Status of the Company's Restricted Stock Awards | A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2023, and 2022 is presented below. 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested shares at beginning of year 222,280 $ 43.31 225,869 $ 38.06 Granted 133,430 44.84 165,686 47.67 Vested (95,954) 37.99 (154,386) 40.72 Forfeited (2,083) 48.00 (14,889) 38.92 Nonvested shares at end of year 257,673 46.05 222,280 43.31 |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company's nonvested PSUs for the years ended December 31, 2023, and 2022 is presented below: 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested units at beginning of year 110,254 $ 47.15 121,270 $ 32.71 Granted 84,487 49.21 70,216 48.12 Vested (43,182) 45.65 (68,955) 24.88 Forfeited (4,947) 48.92 (12,277) 35.19 Nonvested units at end of year 146,612 48.72 110,254 47.15 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Fair Value Fair Value (dollars in thousands) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) Interest rate contracts (3) $ 736,188 $ 5,937 $ 6,203 $ 244,422 $ 4,580 $ 4,574 Risk participation agreement 26,163 — 65 — — — Mortgage derivatives - interest rate lock commitments 171,750 3,636 — 148,148 1,434 — Mortgage derivatives - forward contracts related to mortgage loans held for sale 663,015 — 5,790 689,500 2,499 — (1) Derivative assets are included in other assets (2) Derivative liabilities are included in other liabilities (3) Includes interest rate contracts for client swaps and offsetting positions. |
Schedule of Net Gains (losses) Relating to Free-Standing Derivative Instruments | The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, (dollars in thousands) Location 2023 2022 2021 Interest rate contracts (1) Other noninterest income $ (272) $ 6 $ — Risk participation agreement Other noninterest income 195 — — Interest rate lock commitments Mortgage banking activity 2,201 (10,506) (39,816) Forward contracts related to mortgage loans held for sale Mortgage banking activity (8,289) 3,209 15,705 (1) |
FAIR VALUE MEASURES (Tables)
FAIR VALUE MEASURES (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, (dollars in thousands) 2023 2022 Mortgage loans held for sale $ 281,332 $ 390,583 SBA loans held for sale — 1,495 Total loans held for sale $ 281,332 $ 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 December 31, 2023 and 2022. December 31, (dollars in thousands) 2023 2022 Aggregate fair value of mortgage loans held for sale $ 281,332 $ 390,583 Aggregate unpaid principal balance of mortgage loans held for sale 273,915 389,610 Past due loans of 90 days or more 781 — Nonaccrual loans 781 — Unpaid principal balance of nonaccrual loans 774 — 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 December 31, 2023 and 2022. December 31, (dollars in thousands) 2023 2022 Aggregate fair value of SBA loans held for sale $ — $ 1,495 Aggregate unpaid principal balance of SBA loans held for sale — 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 December 31, 2023 and 2022. Recurring Basis Fair Value Measurements December 31, 2023 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: U.S. Treasuries $ 720,877 $ 720,877 $ — $ — U.S. government-sponsored agencies 985 — 985 — State, county and municipal securities 28,051 — 28,051 — Corporate debt securities 10,027 — 9,037 990 SBA pool securities 51,516 — 51,516 — Mortgage-backed securities 591,488 — 591,488 — Loans held for sale 281,332 — 281,332 — Derivative financial instruments 5,937 — 5,937 — Mortgage banking derivative instruments 3,636 — 3,636 — Total recurring assets at fair value $ 1,693,849 $ 720,877 $ 971,982 $ 990 Financial liabilities: Derivative financial instruments $ 6,203 $ — $ 6,203 $ — Mortgage banking derivative instruments 5,790 — 5,790 — Total recurring liabilities at fair value $ 11,993 $ — $ 11,993 $ — Recurring Basis Fair Value Measurements December 31, 2022 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Financial assets: 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 December 31, 2023 and 2022. Nonrecurring Basis (dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2023 Collateral-dependent loans $ 36,978 $ — $ — $ 36,978 Other real estate owned 5,324 — — 5,324 Total nonrecurring assets at fair value $ 42,302 $ — $ — $ 42,302 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 Range of Discounts Weighted Average Discount As of December 31, 2023 Recurring: Debt securities available-for-sale $ 990 Discounted cash flows Probability of Default 11% 11% Loss Given Default 42% 42% Nonrecurring: Collateral-dependent loans $ 36,978 Third-party appraisals and discounted cash flows Collateral 11% - 60% 28% Other real estate owned $ 5,324 Third party appraisals Collateral 15% - 33% 22% As of 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 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 December 31, 2023 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 230,470 $ 230,470 $ — $ — $ 230,470 Federal funds sold and interest-bearing accounts 936,834 936,834 — — 936,834 Debt securities held-to-maturity 141,512 — 122,731 — 122,731 Loans, net 19,925,225 — — 19,332,899 19,332,899 Financial liabilities: Deposits 20,708,509 — 20,707,463 — 20,707,463 Other borrowings 509,586 — 501,723 — 501,723 Subordinated deferrable interest debentures 130,315 — 141,407 — 141,407 Fair Value Measurements December 31, 2022 (dollars in thousands) Carrying Amount 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 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 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities, Lessee | The following table presents the impact of leases on the Company's consolidated balance sheets at December 31, 2023 and 2022: December 31, (dollars in thousands) Location 2023 2022 Operating lease right-of-use assets Other assets $ 49,864 $ 56,333 Operating lease liabilities Other liabilities 58,521 65,088 |
Schedule of Future Maturities of Operating Lease Liabilities | Future maturities of the Company's operating lease liabilities are summarized as follows: (dollars in thousands) Year Ended December 31, Lease Liability 2024 $ 11,245 2025 9,125 2026 8,592 2027 7,558 2028 6,007 Thereafter 20,533 Total lease payments $ 63,060 Less: Interest (4,539) Present value of lease liabilities $ 58,521 |
Schedule of Supplemental Lease Information | (dollars in thousands) December 31, Supplemental lease information 2023 2022 2021 Weighted-average remaining lease term (years) 7.6 8.1 8.3 Weighted-average discount rate 1.68 % 1.46 % 1.36 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (cash payments) $ 12,045 $ 12,013 $ 12,334 Operating cash flows from operating leases (lease liability reduction) $ 12,045 $ 12,064 $ 12,563 Operating lease right-of-use assets obtained in exchange for leases entered into during the year, net of business combinations $ 2,827 $ 7,226 $ 10,426 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | A summary of the Company’s commitments is as follows: December 31, (dollars in thousands) 2023 2022 Commitments to extend credit $ 4,412,818 $ 6,318,039 Unused home equity lines of credit 386,574 345,001 Financial standby letters of credit 37,546 33,557 Mortgage interest rate lock commitments 171,750 148,148 |
Schedule of Financing Receivable, Allowance for Credit Loss | The following table presents activity in the allowance for unfunded commitments for the periods presented. Years Ended December 31, (dollars in thousands) 2023 2022 2021 Balance at beginning of period $ 52,411 $ 33,185 $ 32,853 Provision for unfunded commitments (10,853) 19,226 332 Balance at end of period $ 41,558 $ 52,411 $ 33,185 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Company's and Bank's Actual Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 Leverage Ratio (tier 1 capital to average assets): Company $ 2,417,341 9.93 % $ 974,053 4.00 % —N/A— Bank $ 2,600,274 10.69 % $ 973,023 4.00 % $ 1,216,279 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Company $ 2,417,341 11.23 % $ 1,506,241 7.00 % —N/A— Bank $ 2,600,274 12.09 % $ 1,505,318 7.00 % $ 1,397,795 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Company $ 2,417,341 11.23 % $ 1,829,007 8.50 % —N/A— Bank $ 2,600,274 12.09 % $ 1,827,886 8.50 % $ 1,720,363 8.00 % Total Capital Ratio (total capital to risk weighted assets): Company $ 3,110,025 14.45 % $ 2,259,362 10.50 % —N/A— Bank $ 2,944,480 13.69 % $ 2,257,977 10.50 % $ 2,150,454 10.00 % As of December 31, 2022 Tier 1 Leverage Ratio (tier 1 capital to average assets): Company $ 2,185,694 9.36 % $ 933,928 4.00 % —N/A— Bank $ 2,464,589 10.56 % $ 933,284 4.00 % $ 1,166,605 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Company $ 2,185,694 9.86 % $ 1,551,305 7.00 % —N/A— Bank $ 2,464,589 11.12 % $ 1,551,185 7.00 % $ 1,440,386 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Company $ 2,185,694 9.86 % $ 1,883,727 8.50 % —N/A— Bank $ 2,464,589 11.12 % $ 1,883,581 8.50 % $ 1,772,782 8.00 % Total Capital Ratio (total capital to risk weighted assets): Company $ 2,859,680 12.90 % $ 2,326,957 10.50 % —N/A— Bank $ 2,720,253 12.28 % $ 2,326,777 10.50 % $ 2,215,978 10.00 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information with Respect to Company's Reportable Business Segments | The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2023, 2022 and 2021. Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 894,514 $ 212,106 $ 71,110 $ 18,925 $ 83,780 $ 1,280,435 Interest expense 214,036 123,804 47,271 10,507 49,773 445,391 Net interest income 680,478 88,302 23,839 8,418 34,007 835,044 Provision for credit losses 129,998 9,535 (440) 2,791 772 142,656 Noninterest income 98,864 137,145 3,475 3,313 31 242,828 Noninterest expense Salaries and employee benefits 223,551 80,317 2,794 4,848 8,600 320,110 Occupancy and equipment expenses 46,083 4,899 5 149 314 51,450 Data processing and communications expenses 48,021 4,836 171 134 324 53,486 Other expenses 100,029 47,393 873 723 4,217 153,235 Total noninterest expense 417,684 137,445 3,843 5,854 13,455 578,281 Income before income tax expense 231,660 78,467 23,911 3,086 19,811 356,935 Income tax expense 61,649 16,478 5,021 648 4,034 87,830 Net income $ 170,011 $ 61,989 $ 18,890 $ 2,438 $ 15,777 $ 269,105 Total assets $ 18,041,865 $ 4,916,753 $ 825,415 $ 249,761 $ 1,169,905 $ 25,203,699 Goodwill $ 951,148 $ — $ — $ — $ 64,498 $ 1,015,646 Other intangible assets, net $ 81,959 $ — $ — $ — $ 5,990 $ 87,949 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 628,459 $ 155,533 $ 43,521 $ 19,850 $ 46,523 $ 893,886 Interest expense (17,824) 76,339 16,794 5,126 12,425 92,860 Net interest income 646,283 79,194 26,727 14,724 34,098 801,026 Provision for credit losses 61,898 12,351 (1,074) (349) (1,129) 71,697 Noninterest income 91,550 182,039 4,537 6,265 33 284,424 Noninterest expense Salaries and employee benefits 196,823 107,810 1,973 5,305 7,808 319,719 Occupancy and equipment expenses 45,081 5,579 4 360 337 51,361 Data processing and communications expenses 43,957 4,580 187 116 388 49,228 Other expenses 85,953 48,224 830 1,387 3,953 140,347 Total noninterest expense 371,814 166,193 2,994 7,168 12,486 560,655 Income before income tax expense 304,121 82,689 29,344 14,170 22,774 453,098 Income tax expense 75,367 17,364 6,162 2,976 4,689 106,558 Net income $ 228,754 $ 65,325 $ 23,182 $ 11,194 $ 18,085 $ 346,540 Total assets $ 17,848,972 $ 4,739,612 $ 1,016,192 $ 256,077 $ 1,192,433 $ 25,053,286 Goodwill $ 951,148 $ — $ — $ — $ 64,498 $ 1,015,646 Other intangible assets, net $ 97,254 $ — $ — $ — $ 8,940 $ 106,194 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 449,955 $ 130,140 $ 36,784 $ 56,597 $ 29,636 $ 703,112 Interest expense (7,627) 47,422 1,383 5,062 1,545 47,785 Net interest income 457,582 82,718 35,401 51,535 28,091 655,327 Provision for credit losses (32,866) 2,947 (514) (2,921) (2,011) (35,365) Noninterest income 69,664 281,900 4,603 9,360 17 365,544 Noninterest expense Salaries and employee benefits 157,079 167,796 1,130 4,856 6,915 337,776 Occupancy and equipment expenses 41,065 6,206 3 475 317 48,066 Data processing and communications expenses 39,802 5,551 232 47 344 45,976 Other expenses 84,244 38,295 490 1,594 3,683 128,306 Total noninterest expense 322,190 217,848 1,855 6,972 11,259 560,124 Income before income tax expense 237,922 143,823 38,663 56,844 18,860 496,112 Income tax expense 64,446 30,203 8,120 11,937 4,493 119,199 Net income $ 173,476 $ 113,620 $ 30,543 $ 44,907 $ 14,367 $ 376,913 Total assets $ 17,537,221 $ 4,231,767 $ 760,546 $ 419,040 $ 909,747 $ 23,858,321 Goodwill $ 948,122 $ — $ — $ — $ 64,498 $ 1,012,620 Other intangible assets, net $ 114,048 $ — $ — $ — $ 11,890 $ 125,938 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, 2023 and 2022 (dollars in thousands ) 2023 2022 Assets Cash and due from banks $ 165,179 $ 153,099 Investment in subsidiaries 3,611,093 3,477,917 Other assets 29,898 19,896 Total assets $ 3,806,170 $ 3,650,912 Liabilities Other liabilities $ 33,766 $ 23,985 Other borrowings 215,342 301,205 Subordinated deferrable interest debentures 130,315 128,322 Total liabilities 379,423 453,512 Shareholders' equity 3,426,747 3,197,400 Total liabilities and shareholders' equity $ 3,806,170 $ 3,650,912 |
Schedule of Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, 2023, 2022 and 2021 (dollars in thousands) 2023 2022 2021 Income Dividends from subsidiaries $ 175,000 $ 50,000 $ 142,000 Other income 462 175 101 Securities gains — 270 — Total income 175,462 50,445 142,101 Expense Interest expense 24,568 22,170 19,610 Other expense 13,858 11,154 13,031 Total expense 38,426 33,324 32,641 Income before taxes and equity in undistributed income of subsidiaries 137,036 17,121 109,460 Income tax benefit 10,738 8,553 6,878 Income before equity in undistributed income of subsidiaries 147,774 25,674 116,338 Equity in undistributed income of subsidiaries 121,331 320,866 260,575 Net income $ 269,105 $ 346,540 $ 376,913 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, 2023, 2022 and 2021 (dollars in thousands) 2023 2022 2021 OPERATING ACTIVITIES Net income $ 269,105 $ 346,540 $ 376,913 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense 9,950 6,706 7,948 Undistributed earnings of subsidiaries (121,331) (320,866) (260,575) Decrease increase in interest payable (319) (961) (36) (Increase) decrease in tax receivable 3,021 8,596 (6,238) Provision for deferred taxes (1,165) (649) 1,694 Gain on sale of other investments — (270) — Change attributable to other operating activities 1,188 200 3,678 Total adjustments (108,656) (307,244) (253,529) Net cash provided by operating activities 160,449 39,296 123,384 INVESTING ACTIVITIES Net (increase) decrease in other investments — 213 (4,500) Investment in subsidiary — (65,000) — Net cash used in investing activities — (64,787) (4,500) FINANCING ACTIVITIES Purchase of treasury shares (20,346) (22,421) (9,439) Dividends paid - common stock (41,649) (41,610) (41,798) Repayment of other borrowings (86,850) — — Proceeds from exercise of stock options 476 2,799 4,532 Net cash used in by financing activities (148,369) (61,232) (46,705) Net change in cash and cash equivalents 12,080 (86,723) 72,179 Cash and cash equivalents at beginning of year 153,099 239,822 167,643 Cash and cash equivalents at end of year $ 165,179 $ 153,099 $ 239,822 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for interest $ 24,887 $ 23,131 $ 19,646 Cash received during the year for income taxes $ (12,593) $ (16,499) $ (2,367) |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets at Fair Value | The carrying value of the loan servicing rights assets is shown in the table below: (dollars in thousands) December 31, 2023 December 31, 2022 Loan Servicing Rights Residential mortgage $ 171,915 $ 147,014 SBA 2,737 3,443 Total loan servicing rights $ 174,652 $ 150,457 The table below is an analysis of the activity in the Company’s MSRs and impairment: Years Ended December 31, (dollars in thousands) 2023 2022 2021 Residential mortgage servicing rights Beginning carrying value, net $ 147,014 $ 206,944 $ 130,630 Additions 44,305 64,020 93,229 Amortization (19,404) (24,995) (30,540) (Impairment)/recoveries — 21,824 13,625 Disposals — (120,779) — Ending carrying value, net $ 171,915 $ 147,014 $ 206,944 Years Ended December 31, (dollars in thousands) 2023 2022 2021 Residential mortgage servicing impairment Beginning balance $ — $ 25,782 $ 39,407 Additions — — 1,398 Recoveries — (21,824) (15,023) Reduction due to disposal — (3,958) — Ending balance $ — $ — $ 25,782 The table below is an analysis of the activity in the Company’s SBA loan servicing rights and impairment: Years Ended December 31, (dollars in thousands) 2023 2022 2021 SBA servicing rights Beginning carrying value, net $ 3,443 $ 5,556 $ 5,839 Additions 392 889 954 Amortization (1,098) (3,002) (2,142) (Impairment)/recovery — — 905 Ending carrying value, net $ 2,737 $ 3,443 $ 5,556 Years Ended December 31, (dollars in thousands) 2023 2022 2021 SBA servicing impairment Beginning balance $ — $ — $ 905 Additions — — — Recoveries — — (905) Ending balance $ — $ — $ — |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | The key metrics and the sensitivity of the residential mortgage servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) December 31, 2023 December 31, 2022 Residential mortgage servicing rights Unpaid principal balance of loans serviced for others $ 12,454,454 $ 10,046,052 Composition of residential loans serviced for others: FHLMC 17.54 % 16.80 % FNMA 50.51 % 50.09 % GNMA 31.95 % 33.11 % Total 100.00 % 100.00 % Weighted average term (months) 355 353 Weighted average age (months) 27 22 Modeled prepayment speed 8.56 % 8.22 % Decline in fair value due to a 10% adverse change (4,492) (5,800) Decline in fair value due to a 20% adverse change (9,444) (11,184) Weighted average discount rate 10.98 % 10.00 % Decline in fair value due to a 10% adverse change (5,110) (6,413) Decline in fair value due to a 20% adverse change (11,181) (12,330) The key metrics and the sensitivity of the SBA servicing rights fair value to adverse changes in model inputs and/or assumptions are summarized below: (dollars in thousands) December 31, 2023 December 31, 2022 SBA servicing rights Unpaid principal balance of loans serviced for others $ 271,164 $ 326,418 Weighted average life (in years) 3.31 3.69 Modeled prepayment speed 20.83 % 18.24 % Decline in fair value due to a 10% adverse change (171) (177) Decline in fair value due to a 20% adverse change (327) (340) Weighted average discount rate 14.70 % 19.57 % Decline in fair value due to a 100 basis point adverse change (69) (83) Decline in fair value due to a 200 basis point adverse change (135) (163) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) segment shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Jan. 01, 2023 USD ($) | Dec. 31, 2020 USD ($) | |
Other Investments | |||||
Interest receivable | $ 7,500 | $ 7,700 | |||
Debt securities held-to-maturity, at amortized cost | 141,512 | 134,864 | |||
Held-to-maturity securities | 0 | 0 | |||
Other investments | 71,794 | 110,992 | |||
Allowance for Credit Losses | |||||
Interest receivable | $ 7,500 | 7,700 | |||
Leases | |||||
Initial lease terms (in years) | 13 years | ||||
Share-based Compensation | |||||
Company stock-based compensation cost | $ 10,000 | $ 6,700 | $ 7,900 | ||
Earnings Per Share | |||||
Anti-dilutive common shares excluded (in shares) | shares | 0 | 0 | |||
Operating Segments | |||||
Number of reportable segments | segment | 5 | ||||
Accounting Standards Adopted | |||||
Allowance for credit losses | $ (307,100) | $ (205,677) | $ (167,582) | $ (199,422) | |
Retained earnings (accumulated deficit) | $ 1,539,957 | 1,311,258 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Accounting Standards Adopted | |||||
Allowance for credit losses | $ 1,700 | ||||
Retained earnings (accumulated deficit) | $ 1,300 | ||||
Minimum | Core deposit premiums | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 7 years | ||||
Maximum | Core deposit premiums | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 10 years | ||||
Financing Receivable | |||||
Other Investments | |||||
Interest receivable | $ 79,200 | 69,300 | |||
Allowance for Credit Losses | |||||
Interest receivable | $ 79,200 | $ 69,300 | |||
Buildings and leasehold improvements | Maximum | |||||
Premises and Equipment | |||||
Estimated useful lives, premises and equipment (in years) | 40 years | ||||
Furniture and equipment | Minimum | |||||
Premises and Equipment | |||||
Estimated useful lives, premises and equipment (in years) | 3 years | ||||
Furniture and equipment | Maximum | |||||
Premises and Equipment | |||||
Estimated useful lives, premises and equipment (in years) | 20 years | ||||
Software And Computer Equipment | Minimum | |||||
Premises and Equipment | |||||
Estimated useful lives, premises and equipment (in years) | 3 years | ||||
Software And Computer Equipment | Maximum | |||||
Premises and Equipment | |||||
Estimated useful lives, premises and equipment (in years) | 5 years | ||||
US Premium Financing Holding Company | Minimum | Referral relationships | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 8 years | ||||
US Premium Financing Holding Company | Minimum | Trade names | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years | ||||
US Premium Financing Holding Company | Minimum | Non-compete agreements | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 3 years | ||||
US Premium Financing Holding Company | Maximum | Referral relationships | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 10 years | ||||
US Premium Financing Holding Company | Maximum | Trade names | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 7 years | ||||
US Premium Financing Holding Company | Maximum | Non-compete agreements | |||||
Goodwill and Intangible Assets | |||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 10 years | ||||
Visa Class B Shares | |||||
Other Investments | |||||
Shares held in other investment (in shares) | shares | 57,611 | ||||
Other investments | $ 242,000 | ||||
Conversation ratio | 1.5875 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income available to common shareholders | $ 269,105 | $ 346,540 | $ 376,913 |
Weighted average number of common shares outstanding (in shares) | 68,977,453 | 69,193,591 | 69,431,860 |
Effect of dilutive stock options (in shares) | 45 | 17,276 | 61,705 |
Effect of dilutive restricted stock awards (in shares) | 62,534 | 79,536 | 143,001 |
Effect of performance share units (in shares) | 64,126 | 129,318 | 124,828 |
Weighted average number of common shares outstanding used to calculate diluted earnings per share (in shares) | 69,104,158 | 69,419,721 | 69,761,394 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 13, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,015,646 | $ 1,015,646 | $ 1,012,620 | |
Balboa Capital Corporation | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 87,600 | |||
Other intangible | 68,900 | |||
Goodwill expected to be deductible for tax purposes | $ 0 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 1,447,637 | $ 1,559,005 | ||
Allowance for Credit Losses | (69) | (75) | $ 0 | $ (112) |
Gross Unrealized Gains | 112 | 264 | ||
Gross Unrealized Losses | (44,736) | (59,134) | ||
Estimated Fair Value | 1,402,944 | 1,500,060 | ||
U.S. Treasuries | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 732,636 | 775,784 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 34 | 131 | ||
Gross Unrealized Losses | (11,793) | (16,381) | ||
Estimated Fair Value | 720,877 | 759,534 | ||
U.S. government-sponsored agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,023 | 1,036 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (38) | (57) | ||
Estimated Fair Value | 985 | 979 | ||
State, county and municipal securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 28,986 | 35,358 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 9 | 17 | ||
Gross Unrealized Losses | (944) | (1,180) | ||
Estimated Fair Value | 28,051 | 34,195 | ||
Corporate debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 10,946 | 16,397 | ||
Allowance for Credit Losses | (69) | (75) | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (850) | (396) | ||
Estimated Fair Value | 10,027 | 15,926 | ||
SBA pool securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 53,033 | 29,422 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 2 | 3 | ||
Gross Unrealized Losses | (1,519) | (2,027) | ||
Estimated Fair Value | 51,516 | 27,398 | ||
Mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 621,013 | 701,008 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 67 | 113 | ||
Gross Unrealized Losses | (29,592) | (39,093) | ||
Estimated Fair Value | $ 591,488 | $ 662,028 |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 141,512 | $ 134,864 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (18,781) | (20,326) |
Estimated Fair Value | 122,731 | 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 | (5,051) | (5,380) |
Estimated Fair Value | 26,854 | 26,525 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 109,607 | 102,959 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13,730) | (14,946) |
Estimated Fair Value | $ 95,877 | $ 88,013 |
INVESTMENT SECURITIES - Sched_3
INVESTMENT SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities, Available for Sale, by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 331,452 | |
Due from one year to five years | 436,955 | |
Due from five to ten years | 9,253 | |
Due after ten years | 48,964 | |
Mortgage-backed securities | 621,013 | |
Debt securities, available-for-sale, amortized cost, total | 1,447,637 | $ 1,559,005 |
Estimated Fair Value | ||
Due in one year or less | 329,133 | |
Due from one year to five years | 426,410 | |
Due from five to ten years | 8,764 | |
Due after ten years | 47,149 | |
Mortgage-backed securities | 591,488 | |
Debt securities, available-for-sale, estimated fair value, total | 1,402,944 | 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 | 109,607 | |
Amortized Cost | 141,512 | 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 | 26,854 | |
Due after ten years | 95,877 | |
Estimated Fair Value | $ 122,731 | $ 114,538 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) security branch | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Allowance for credit losses | $ 69 | $ 75 | $ 0 | $ 112 |
Unrealized losses | 44,736 | 59,134 | ||
Expected credit losses | 0 | 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 | 412 | |||
Number of securities in unrealized loss position | security | 396 | |||
Number of securities in security 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 | 310 | |||
Number of securities in unrealized loss position | branch | 21 | |||
SBA pool securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss position | security | 30 | |||
Allowance for credit losses | $ 0 | 0 | ||
Unrealized losses | $ 1,519 | 2,027 | ||
State, County And Municipal Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss position | security | 22 | |||
Corporate debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss position | security | 7 | |||
Allowance for credit losses | $ 69 | 75 | ||
Unrealized losses | $ 850 | 396 | ||
U.S. Treasuries | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss position | security | 26 | |||
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 | branch | 6 | |||
Allowance for credit losses | $ 0 | 0 | ||
Unrealized losses | 944 | 1,180 | ||
Collateral Pledged | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Pledged securities, carrying value | $ 532,600 | $ 861,600 |
INVESTMENT SECURITIES - Sched_4
INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Less Than 12 Months | $ 162,258 | $ 1,405,288 |
12 Months or More | 1,154,553 | 27,331 |
Total | 1,316,811 | 1,432,619 |
Unrealized Losses | ||
Less Than 12 Months | (827) | (56,816) |
12 Months or More | (43,909) | (2,318) |
Total | (44,736) | (59,134) |
U.S. Treasuries | ||
Estimated Fair Value | ||
Less Than 12 Months | 159,667 | 725,250 |
12 Months or More | 537,313 | 0 |
Total | 696,980 | 725,250 |
Unrealized Losses | ||
Less Than 12 Months | (827) | (16,381) |
12 Months or More | (10,966) | 0 |
Total | (11,793) | (16,381) |
U.S. government-sponsored agencies | ||
Estimated Fair Value | ||
Less Than 12 Months | 0 | 979 |
12 Months or More | 985 | 0 |
Total | 985 | 979 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (57) |
12 Months or More | (38) | 0 |
Total | (38) | (57) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 1,923 | 27,438 |
12 Months or More | 19,754 | 0 |
Total | 21,677 | 27,438 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (1,180) |
12 Months or More | (944) | 0 |
Total | (944) | (1,180) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 500 | 13,271 |
12 Months or More | 8,527 | 1,155 |
Total | 9,027 | 14,426 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (126) |
12 Months or More | (850) | (270) |
Total | (850) | (396) |
SBA pool securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 42 | 17,806 |
12 Months or More | 21,267 | 9,329 |
Total | 21,309 | 27,135 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (1,298) |
12 Months or More | (1,519) | (729) |
Total | (1,519) | (2,027) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 126 | 620,544 |
12 Months or More | 566,707 | 16,847 |
Total | 566,833 | 637,391 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (37,774) |
12 Months or More | (29,592) | (1,319) |
Total | $ (29,592) | $ (39,093) |
INVESTMENT SECURITIES - Sched_5
INVESTMENT SECURITIES - Schedule of Held-to-Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Less Than 12 Months, Estimated Fair Value | $ 13,612 | $ 48,983 |
12 Months or More, Estimated Fair Value | 109,119 | 65,555 |
Total Estimated Fair Value | 122,731 | 114,538 |
Unrealized Losses | ||
Less Than 12 Months, Unrealized Losses | (227) | (3,413) |
12 Months or More, Unrealized Losses | (18,554) | (16,913) |
Total Unrealized Losses | (18,781) | (20,326) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less Than 12 Months, Estimated Fair Value | 0 | 16,512 |
12 Months or More, Estimated Fair Value | 26,854 | 10,013 |
Total Estimated Fair Value | 26,854 | 26,525 |
Unrealized Losses | ||
Less Than 12 Months, Unrealized Losses | 0 | (1,488) |
12 Months or More, Unrealized Losses | (5,051) | (3,892) |
Total Unrealized Losses | (5,051) | (5,380) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less Than 12 Months, Estimated Fair Value | 13,612 | 32,471 |
12 Months or More, Estimated Fair Value | 82,265 | 55,542 |
Total Estimated Fair Value | 95,877 | 88,013 |
Unrealized Losses | ||
Less Than 12 Months, Unrealized Losses | (227) | (1,925) |
12 Months or More, Unrealized Losses | (13,503) | (13,021) |
Total Unrealized Losses | $ (13,730) | $ (14,946) |
INVESTMENT SECURITIES - Sched_6
INVESTMENT SECURITIES - Schedule of Investments Available-for-sale, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 75 | $ 0 | $ 112 |
Current-period provision for expected credit losses | (6) | 75 | (112) |
Ending balance | $ 69 | $ 75 | $ 0 |
INVESTMENT SECURITIES - Sched_7
INVESTMENT SECURITIES - Schedule of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross losses on sales of securities | $ (310) | $ 0 | $ 0 |
Net realized losses on sales of securities available for sale | (310) | 0 | 0 |
Sales proceeds | $ 5,141 | $ 0 | $ 0 |
INVESTMENT SECURITIES - Sched_8
INVESTMENT SECURITIES - Schedule of Gain (Loss) on Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net realized losses on sales of securities available-for-sale | $ (310) | $ 0 | $ 0 |
Unrealized holding gains (losses) on equity securities | 6 | (67) | (17) |
Net realized gains on sales of other investments | 0 | 270 | 532 |
Net gain (loss) on securities | $ (304) | $ 203 | $ 515 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 20,269,303 | $ 19,855,253 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,688,929 | 2,679,403 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 241,552 | 384,037 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 34,257 | 108,648 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 818,728 | 1,038,924 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 492,668 | 509,151 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 946,562 | $ 1,023,479 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, nonaccrual | $ 151,117 | $ 134,808 | |
Balance | 40,375 | 41,773 | |
Loans charged off | 75,218 | 33,075 | $ 21,616 |
Release of provision for loan losses | (153,515) | (52,610) | 35,081 |
Loans, net of unearned income | 20,269,303 | 19,855,253 | |
Unfunded commitments | 20,365 | ||
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, nonaccrual | 8,059 | 11,094 | |
Balance | 5,889 | 7,128 | |
Loans charged off | 58,612 | 18,635 | 7,760 |
Release of provision for loan losses | (68,349) | (21,307) | (12,071) |
Loans, net of unearned income | 2,688,929 | 2,679,403 | |
Unfunded commitments | 5,172 | ||
Real estate – commercial and farmland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, nonaccrual | 11,295 | 13,203 | |
Balance | 11,114 | 15,168 | |
Loans charged off | 4,327 | 3,574 | 1,852 |
Release of provision for loan losses | (47,079) | 7,049 | 9,784 |
Loans, net of unearned income | 8,059,754 | 7,604,867 | |
Unfunded commitments | 7,821 | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, nonaccrual | 1,153 | 420 | |
Loans charged off | 5,298 | 4,926 | 6,248 |
Release of provision for loan losses | (2,963) | (3,360) | (7,330) |
Loans, net of unearned income | 241,552 | 384,037 | |
Cash Value Life Insurance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchase price | 472,300 | ||
Increase in allowance for credit losses | 1,800 | ||
Unfunded Loan Commitment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Release of provision for loan losses | 10,853 | (19,226) | $ (332) |
Unfunded commitments | 1,500 | ||
9 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Accounted for on a Nonaccrual Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 151,117 | $ 134,808 |
Financing receivable, nonaccrual, no allowance | 86,577 | 60,231 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 8,059 | 11,094 |
Financing receivable, nonaccrual, no allowance | 2,049 | 33 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 1,153 | 420 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 299 | 346 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 282 | 523 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 11,295 | 13,203 |
Financing receivable, nonaccrual, no allowance | 9,109 | 1,464 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | 130,029 | 109,222 |
Financing receivable, nonaccrual, no allowance | 75,419 | 58,734 |
Real estate – residential | GNMA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, nonaccrual | $ 90,200 | $ 69,600 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 20,269,303 | $ 19,855,253 |
Loans 90 Days or More Past Due and Still Accruing | 16,988 | 17,865 |
Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 272,839 | 273,465 |
Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 82,850 | 95,203 |
Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 34,281 | 34,637 |
Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 155,708 | 143,625 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 19,996,464 | 19,581,788 |
Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,688,929 | 2,679,403 |
Loans 90 Days or More Past Due and Still Accruing | 5,310 | 3,267 |
Commercial, financial and agricultural | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 26,195 | 33,302 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 11,023 | 16,219 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,439 | 5,451 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 9,733 | 11,632 |
Commercial, financial and agricultural | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,662,734 | 2,646,101 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 241,552 | 384,037 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 472 |
Consumer | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,690 | 6,443 |
Consumer | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,155 | 2,539 |
Consumer | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,037 | 3,163 |
Consumer | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 498 | 741 |
Consumer | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 237,862 | 377,594 |
Indirect automobile | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 34,257 | 108,648 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Indirect automobile | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 248 | 810 |
Indirect automobile | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 153 | 466 |
Indirect automobile | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 17 | 77 |
Indirect automobile | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 78 | 267 |
Indirect automobile | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 34,009 | 107,838 |
Mortgage warehouse | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 818,728 | 1,038,924 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Mortgage warehouse | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Mortgage warehouse | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Mortgage warehouse | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Mortgage warehouse | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Mortgage warehouse | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 818,728 | 1,038,924 |
Municipal | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 492,668 | 509,151 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Municipal | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Municipal | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Municipal | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Municipal | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Municipal | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 492,668 | 509,151 |
Premium finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 946,562 | 1,023,479 |
Loans 90 Days or More Past Due and Still Accruing | 11,678 | 13,626 |
Premium finance | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 30,889 | 38,105 |
Premium finance | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 12,379 | 13,859 |
Premium finance | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6,832 | 10,620 |
Premium finance | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 11,678 | 13,626 |
Premium finance | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 915,673 | 985,374 |
Real estate – construction and development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,129,187 | 2,086,438 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 500 |
Real estate – construction and development | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,376 | 30,162 |
Real estate – construction and development | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,094 | 25,367 |
Real estate – construction and development | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 3,829 |
Real estate – construction and development | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 282 | 966 |
Real estate – construction and development | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,126,811 | 2,056,276 |
Real estate – commercial and farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,059,754 | 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, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 13,078 | 12,129 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,070 | 1,738 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,656 | 168 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6,352 | 10,223 |
Real estate – commercial and farmland | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,046,676 | 7,592,738 |
Real estate – residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 4,857,666 | 4,420,306 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – residential | Total Loans Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 196,363 | 152,514 |
Real estate – residential | Loans 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 49,976 | 35,015 |
Real estate – residential | Loans 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 19,300 | 11,329 |
Real estate – residential | Loans 90 or More Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 127,087 | 106,170 |
Real estate – residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 4,661,303 | $ 4,267,792 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 40,375 | $ 41,773 |
Allowance for Credit Losses | 3,397 | 9,801 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 5,889 | 7,128 |
Allowance for Credit Losses | 567 | 6,294 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,990 | 3,233 |
Allowance for Credit Losses | 45 | 0 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 280 | 780 |
Allowance for Credit Losses | 23 | 13 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 11,114 | 15,168 |
Allowance for Credit Losses | 108 | 1,428 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 21,102 | 15,464 |
Allowance for Credit Losses | $ 2,654 | $ 2,066 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans by Risk Grade (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | $ 3,520,850 | $ 6,314,732 |
2022 | 5,111,112 | 4,623,480 |
2021 | 4,336,679 | 2,371,371 |
2020 | 1,988,570 | 1,436,088 |
2019 | 1,209,250 | 740,973 |
Prior | 2,289,160 | 2,093,789 |
Revolving Loans Amortized Cost Basis | 1,813,682 | 2,274,820 |
Loans, net of unearned income | 20,269,303 | 19,855,253 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 3,502,909 | 6,284,768 |
2022 | 5,062,109 | 4,578,661 |
2021 | 4,228,744 | 2,340,683 |
2020 | 1,953,577 | 1,361,730 |
2019 | 1,149,459 | 699,846 |
Prior | 2,188,927 | 2,027,031 |
Revolving Loans Amortized Cost Basis | 1,761,006 | 2,221,009 |
Loans, net of unearned income | 19,846,731 | 19,513,728 |
6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 13 | 1,158 |
2022 | 17,471 | 18,132 |
2021 | 59,123 | 188 |
2020 | 293 | 31,712 |
2019 | 30,543 | 6,233 |
Prior | 48,737 | 23,247 |
Revolving Loans Amortized Cost Basis | 47,545 | 23,944 |
Loans, net of unearned income | 203,725 | 104,614 |
7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 17,928 | 28,806 |
2022 | 31,532 | 26,687 |
2021 | 48,812 | 30,500 |
2020 | 34,700 | 42,646 |
2019 | 29,248 | 34,894 |
Prior | 51,496 | 43,511 |
Revolving Loans Amortized Cost Basis | 5,131 | 29,867 |
Loans, net of unearned income | 218,847 | 236,911 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 894,463 | 1,135,685 |
2022 | 762,401 | 527,270 |
2021 | 393,774 | 175,396 |
2020 | 96,287 | 112,588 |
2019 | 60,089 | 58,097 |
Prior | 47,294 | 46,145 |
Revolving Loans Amortized Cost Basis | 434,621 | 624,222 |
Loans, net of unearned income | 2,688,929 | 2,679,403 |
Current-period gross charge offs, year one | 7,485 | |
Current-period gross charge offs, year two | 26,331 | |
Current-period gross charge offs, year three | 18,263 | |
Current-period gross charge offs, year four | 1,746 | |
Current-period gross charge offs, year five | 1,568 | |
Current-period gross charge offs, prior | 2,851 | |
Current-period gross charge offs, revolving loans amortized cost basis | 368 | |
Current-period gross charge offs | 58,612 | |
Commercial, financial and agricultural | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 892,951 | 1,127,120 |
2022 | 758,471 | 526,043 |
2021 | 384,830 | 174,120 |
2020 | 95,055 | 109,091 |
2019 | 56,447 | 56,657 |
Prior | 41,095 | 41,612 |
Revolving Loans Amortized Cost Basis | 432,472 | 621,784 |
Loans, net of unearned income | 2,661,321 | 2,656,427 |
Commercial, financial and agricultural | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 335 | 13 |
2021 | 5,722 | 94 |
2020 | 92 | 183 |
2019 | 109 | 895 |
Prior | 451 | 1,774 |
Revolving Loans Amortized Cost Basis | 803 | 317 |
Loans, net of unearned income | 7,512 | 3,276 |
Commercial, financial and agricultural | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 1,512 | 8,565 |
2022 | 3,595 | 1,214 |
2021 | 3,222 | 1,182 |
2020 | 1,140 | 3,314 |
2019 | 3,533 | 545 |
Prior | 5,748 | 2,759 |
Revolving Loans Amortized Cost Basis | 1,346 | 2,121 |
Loans, net of unearned income | 20,096 | 19,700 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 44,890 | 41,593 |
2022 | 17,847 | 12,754 |
2021 | 5,919 | 38,122 |
2020 | 25,988 | 23,560 |
2019 | 16,035 | 17,262 |
Prior | 21,494 | 14,354 |
Revolving Loans Amortized Cost Basis | 109,379 | 236,392 |
Loans, net of unearned income | 241,552 | 384,037 |
Current-period gross charge offs, year one | 115 | |
Current-period gross charge offs, year two | 388 | |
Current-period gross charge offs, year three | 97 | |
Current-period gross charge offs, year four | 1,649 | |
Current-period gross charge offs, year five | 1,205 | |
Current-period gross charge offs, prior | 1,474 | |
Current-period gross charge offs, revolving loans amortized cost basis | 370 | |
Current-period gross charge offs | 5,298 | |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 44,736 | 41,487 |
2022 | 17,661 | 12,692 |
2021 | 5,878 | 37,906 |
2020 | 25,654 | 23,454 |
2019 | 15,838 | 17,144 |
Prior | 20,937 | 13,825 |
Revolving Loans Amortized Cost Basis | 109,214 | 236,113 |
Loans, net of unearned income | 239,918 | 382,621 |
Consumer | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 38 |
2022 | 5 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 26 | 98 |
Revolving Loans Amortized Cost Basis | 0 | 196 |
Loans, net of unearned income | 31 | 332 |
Consumer | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 154 | 68 |
2022 | 181 | 62 |
2021 | 41 | 216 |
2020 | 334 | 106 |
2019 | 197 | 118 |
Prior | 531 | 431 |
Revolving Loans Amortized Cost Basis | 165 | 83 |
Loans, net of unearned income | 1,603 | 1,084 |
Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 11,941 |
2019 | 6,141 | 50,898 |
Prior | 28,116 | 45,809 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 34,257 | 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 | 155 | |
Current-period gross charge offs, revolving loans amortized cost basis | 0 | |
Current-period gross charge offs | 155 | |
Indirect automobile | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 11,900 |
2019 | 6,086 | 50,749 |
Prior | 27,646 | 45,120 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 33,732 | 107,769 |
Indirect automobile | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 11 | |
Revolving Loans Amortized Cost Basis | 0 | |
Loans, net of unearned income | 11 | |
Indirect automobile | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 41 |
2019 | 55 | 149 |
Prior | 470 | 678 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 525 | 868 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 818,728 | 1,038,924 |
Loans, net of unearned income | 818,728 | 1,038,924 |
Mortgage warehouse | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 772,366 | 990,106 |
Loans, net of unearned income | 772,366 | 990,106 |
Mortgage warehouse | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 46,362 | 22,831 |
Loans, net of unearned income | 46,362 | 22,831 |
Mortgage warehouse | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 25,987 | |
Loans, net of unearned income | 25,987 | |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 14,216 | 18,074 |
2022 | 27,346 | 46,809 |
2021 | 48,941 | 188,507 |
2020 | 177,156 | 9,752 |
2019 | 14,655 | 4,358 |
Prior | 208,236 | 241,651 |
Revolving Loans Amortized Cost Basis | 2,118 | 0 |
Loans, net of unearned income | 492,668 | 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] | ||
2023 | 14,216 | 18,074 |
2022 | 27,346 | 46,809 |
2021 | 48,941 | 188,507 |
2020 | 177,156 | 9,752 |
2019 | 14,655 | 4,358 |
Prior | 208,236 | 241,651 |
Revolving Loans Amortized Cost Basis | 2,118 | 0 |
Loans, net of unearned income | 492,668 | 509,151 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 939,707 | 1,013,265 |
2022 | 4,939 | 10,202 |
2021 | 1,916 | 12 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 946,562 | 1,023,479 |
Current-period gross charge offs, year one | 942 | |
Current-period gross charge offs, year two | 5,316 | |
Current-period gross charge offs, year three | 309 | |
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 | 6,567 | |
Premium finance | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 928,930 | 1,000,214 |
2022 | 4,038 | 9,667 |
2021 | 1,916 | 12 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 934,884 | 1,009,893 |
Premium finance | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 10,777 | 13,051 |
2022 | 901 | 535 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 11,678 | 13,586 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 457,077 | 835,108 |
2022 | 939,175 | 794,506 |
2021 | 506,766 | 306,248 |
2020 | 58,840 | 69,601 |
2019 | 54,646 | 21,266 |
Prior | 31,021 | 32,235 |
Revolving Loans Amortized Cost Basis | 81,662 | 27,474 |
Loans, net of unearned income | 2,129,187 | 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] | ||
2023 | 457,077 | 834,831 |
2022 | 938,909 | 793,723 |
2021 | 505,254 | 306,084 |
2020 | 58,840 | 69,596 |
2019 | 54,646 | 7,934 |
Prior | 30,042 | 31,490 |
Revolving Loans Amortized Cost Basis | 81,662 | 27,474 |
Loans, net of unearned income | 2,126,430 | 2,071,132 |
Real estate – construction and development | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 277 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 173 |
Prior | 479 | 165 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 479 | 615 |
Real estate – construction and development | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 0 |
2022 | 266 | 783 |
2021 | 1,512 | 164 |
2020 | 0 | 5 |
2019 | 0 | 13,159 |
Prior | 500 | 580 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 2,278 | 14,691 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 450,743 | 1,740,015 |
2022 | 1,908,047 | 1,995,787 |
2021 | 2,202,740 | 1,088,164 |
2020 | 1,093,395 | 911,964 |
2019 | 801,946 | 458,639 |
Prior | 1,502,677 | 1,299,450 |
Revolving Loans Amortized Cost Basis | 100,206 | 110,848 |
Loans, net of unearned income | 8,059,754 | 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 | 1,136 | |
Current-period gross charge offs, revolving loans amortized cost basis | 40 | |
Current-period gross charge offs | 4,327 | |
Real estate – commercial and farmland | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 450,315 | 1,739,021 |
2022 | 1,890,498 | 1,975,003 |
2021 | 2,133,833 | 1,085,086 |
2020 | 1,090,735 | 869,116 |
2019 | 765,640 | 447,311 |
Prior | 1,437,323 | 1,259,763 |
Revolving Loans Amortized Cost Basis | 100,206 | 110,848 |
Loans, net of unearned income | 7,868,550 | 7,486,148 |
Real estate – commercial and farmland | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 0 | 607 |
2022 | 17,131 | 17,974 |
2021 | 53,329 | 0 |
2020 | 0 | 30,841 |
2019 | 30,200 | 4,801 |
Prior | 46,370 | 18,289 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 147,030 | 72,512 |
Real estate – commercial and farmland | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 428 | 387 |
2022 | 418 | 2,810 |
2021 | 15,578 | 3,078 |
2020 | 2,660 | 12,007 |
2019 | 6,106 | 6,527 |
Prior | 18,984 | 21,398 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans, net of unearned income | 44,174 | 46,207 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 719,754 | 1,530,992 |
2022 | 1,451,357 | 1,236,152 |
2021 | 1,176,623 | 574,922 |
2020 | 536,904 | 296,682 |
2019 | 255,738 | 130,453 |
Prior | 450,322 | 414,145 |
Revolving Loans Amortized Cost Basis | 266,968 | 236,960 |
Loans, net of unearned income | 4,857,666 | 4,420,306 |
Current-period gross charge offs, year one | 24 | |
Current-period gross charge offs, year two | 8 | |
Current-period gross charge offs, year three | 27 | |
Current-period gross charge offs, year four | 0 | |
Current-period gross charge offs, year five | 0 | |
Current-period gross charge offs, prior | 111 | |
Current-period gross charge offs, revolving loans amortized cost basis | 89 | |
Current-period gross charge offs | 259 | |
Real estate – residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 714,684 | 1,524,021 |
2022 | 1,425,186 | 1,214,724 |
2021 | 1,148,092 | 548,968 |
2020 | 506,137 | 268,821 |
2019 | 236,147 | 115,693 |
Prior | 423,648 | 393,570 |
Revolving Loans Amortized Cost Basis | 262,968 | 234,684 |
Loans, net of unearned income | 4,716,862 | 4,300,481 |
Real estate – residential | 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 13 | 236 |
2022 | 0 | 145 |
2021 | 72 | 94 |
2020 | 201 | 688 |
2019 | 234 | 364 |
Prior | 1,411 | 2,910 |
Revolving Loans Amortized Cost Basis | 380 | 600 |
Loans, net of unearned income | 2,311 | 5,037 |
Real estate – residential | 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2023 | 5,057 | 6,735 |
2022 | 26,171 | 21,283 |
2021 | 28,459 | 25,860 |
2020 | 30,566 | 27,173 |
2019 | 19,357 | 14,396 |
Prior | 25,263 | 17,665 |
Revolving Loans Amortized Cost Basis | 3,620 | 1,676 |
Loans, net of unearned income | 138,493 | $ 114,788 |
Mortgage Warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
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 | |
Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current-period gross charge offs, year one | 8,566 | |
Current-period gross charge offs, year two | 32,043 | |
Current-period gross charge offs, year three | 18,696 | |
Current-period gross charge offs, year four | 3,395 | |
Current-period gross charge offs, year five | 5,924 | |
Current-period gross charge offs, prior | 5,727 | |
Current-period gross charge offs, revolving loans amortized cost basis | 867 | |
Current-period gross charge offs | $ 75,218 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, January 1 | $ 80,746 | $ 59,214 |
Advances | 61,764 | 36,234 |
Repayments | (2,453) | (14,702) |
Ending balance | $ 140,057 | $ 80,746 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 205,677 | $ 167,582 | $ 199,422 |
Provision for credit losses | 153,515 | 52,610 | (35,081) |
Loans charged off | (75,218) | (33,075) | (21,616) |
Recoveries of loans previously charged off | 24,837 | 18,560 | 15,425 |
Balance at end of period | 307,100 | 205,677 | 167,582 |
Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (1,711) | ||
Balance at end of period | (1,711) | ||
Accounting Standards Update 2016-13 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | 9,432 | ||
Commercial, financial and agricultural | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 39,455 | 26,829 | 7,359 |
Provision for credit losses | 68,349 | 21,307 | 12,071 |
Initial allowance for PCD assets | 9,432 | ||
Loans charged off | (58,612) | (18,635) | (7,760) |
Recoveries of loans previously charged off | 14,966 | 9,954 | 5,727 |
Balance at end of period | 64,053 | 39,455 | 26,829 |
Commercial, financial and agricultural | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (105) | ||
Balance at end of period | (105) | ||
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 5,413 | 6,097 | 4,076 |
Provision for credit losses | 2,963 | 3,360 | 7,330 |
Initial allowance for PCD assets | 0 | ||
Loans charged off | (5,298) | (4,926) | (6,248) |
Recoveries of loans previously charged off | 824 | 882 | 939 |
Balance at end of period | 3,902 | 5,413 | 6,097 |
Consumer | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Indirect automobile | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 174 | 476 | 1,929 |
Provision for credit losses | (745) | (1,082) | (1,944) |
Initial allowance for PCD assets | 0 | ||
Loans charged off | (155) | (265) | (1,188) |
Recoveries of loans previously charged off | 776 | 1,045 | 1,679 |
Balance at end of period | 50 | 174 | 476 |
Indirect automobile | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Mortgage warehouse | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 2,118 | 3,231 | 3,666 |
Provision for credit losses | (440) | (1,113) | (435) |
Initial allowance for PCD assets | 0 | ||
Loans charged off | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 |
Balance at end of period | 1,678 | 2,118 | 3,231 |
Mortgage warehouse | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Municipal | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 357 | 401 | 791 |
Provision for credit losses | (12) | (44) | (390) |
Initial allowance for PCD assets | 0 | ||
Loans charged off | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 |
Balance at end of period | 345 | 357 | 401 |
Municipal | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Premium finance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 1,025 | 2,729 | 3,879 |
Provision for credit losses | 343 | (1,317) | (2,352) |
Initial allowance for PCD assets | 0 | ||
Loans charged off | (6,567) | (5,452) | (3,668) |
Recoveries of loans previously charged off | 5,801 | 5,065 | 4,870 |
Balance at end of period | 602 | 1,025 | 2,729 |
Premium finance | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Real estate – construction and development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 32,659 | 22,045 | 45,304 |
Provision for credit losses | 27,446 | 9,749 | (23,532) |
Loans charged off | 0 | (27) | (233) |
Recoveries of loans previously charged off | 949 | 892 | 506 |
Balance at end of period | 61,017 | 32,659 | 22,045 |
Real estate – construction and development | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (37) | ||
Balance at end of period | (37) | ||
Real estate – construction and development | Accounting Standards Update 2016-13 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | 0 | ||
Real estate – commercial and farmland | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 67,433 | 77,831 | 88,894 |
Provision for credit losses | 47,079 | (7,049) | (9,784) |
Loans charged off | (4,327) | (3,574) | (1,852) |
Recoveries of loans previously charged off | 634 | 225 | 573 |
Balance at end of period | 110,097 | 67,433 | 77,831 |
Real estate – commercial and farmland | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (722) | ||
Balance at end of period | (722) | ||
Real estate – commercial and farmland | Accounting Standards Update 2016-13 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | 0 | ||
Real estate – residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 57,043 | 27,943 | 43,524 |
Provision for credit losses | 8,532 | 28,799 | (16,045) |
Loans charged off | (259) | (196) | (667) |
Recoveries of loans previously charged off | 887 | 497 | 1,131 |
Balance at end of period | 65,356 | 57,043 | 27,943 |
Real estate – residential | Accounting Standards Update 2022-02 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ (847) | ||
Balance at end of period | $ (847) | ||
Real estate – residential | Accounting Standards Update 2016-13 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | $ 0 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Purchased credit deteriorated loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Receivables [Abstract] | |
Addition due to acquisition | $ 952 |
Par value (UPB) | 10,505 |
Allowance for Credit Losses | (9,432) |
Discount | (121) |
Purchase Price | $ 952 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Modified of Amortized Cost Basis (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 20,365 |
Percentage of Total Class of Financial Receivable | 0.10% |
Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 7,146 |
Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 11,600 |
Interest Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 815 |
Combination of Term Extension and Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 804 |
Commercial, financial and agricultural | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 5,172 |
Percentage of Total Class of Financial Receivable | 0.20% |
Commercial, financial and agricultural | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 2,212 |
Weighted average term for payments deferred | 5 months |
Commercial, financial and agricultural | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 2,960 |
Financing receivable, modified, weighted average term increase from modification | 9 months |
Commercial, financial and agricultural | Interest Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 0 |
Commercial, financial and agricultural | Combination of Term Extension and Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Real estate – commercial and farmland | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 7,821 |
Percentage of Total Class of Financial Receivable | 0.10% |
Real estate – commercial and farmland | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 3,905 |
Weighted average term for payments deferred | 6 months |
Real estate – commercial and farmland | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 3,101 |
Financing receivable, modified, weighted average term increase from modification | 13 months |
Real estate – commercial and farmland | Interest Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 815 |
Financing receivable, modified, weighted average interest rate decrease from modification | 4.75% |
Real estate – commercial and farmland | Combination of Term Extension and Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 0 |
Real estate – residential | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 7,372 |
Percentage of Total Class of Financial Receivable | 0.20% |
Real estate – residential | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 1,029 |
Weighted average term for payments deferred | 4 months |
Real estate – residential | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 5,539 |
Financing receivable, modified, weighted average term increase from modification | 103 months |
Real estate – residential | Interest Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 0 |
Real estate – residential | Combination of Term Extension and Rate Reduction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 804 |
Financing receivable, modified, weighted average term increase from modification | 120 months |
Financing receivable, modified, weighted average interest rate decrease from modification | 0.95% |
LOANS AND ALLOWANCE FOR CRED_13
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Depicts Performance of Loans Modified In Last 12 Months (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 20,365 |
Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,067 |
Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,475 |
Current Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 15,823 |
Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,195 |
Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 442 |
Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,905 |
Commercial, financial and agricultural | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 5,172 |
Commercial, financial and agricultural | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial, financial and agricultural | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,154 |
Commercial, financial and agricultural | Current Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 4,018 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 355 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 799 |
Real estate – commercial and farmland | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 7,821 |
Real estate – commercial and farmland | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Real estate – commercial and farmland | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,129 |
Real estate – commercial and farmland | Current Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 6,692 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,129 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Real estate – residential | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 7,372 |
Real estate – residential | Term Extension | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,067 |
Real estate – residential | Payment Deferral | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 192 |
Real estate – residential | Current Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 5,113 |
Real estate – residential | Loans 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 711 |
Real estate – residential | Loans 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 442 |
Real estate – residential | Loans 90 or More Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 1,106 |
PREMISES AND EQUIPMENT - Schedu
PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 337,793 | $ 333,100 |
Accumulated depreciation | (121,358) | (112,817) |
Premises and equipment, net | 216,435 | 220,283 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 69,478 | 69,387 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 174,562 | 176,153 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 89,756 | 85,217 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 3,997 | $ 2,343 |
PREMISES AND EQUIPMENT - Narrat
PREMISES AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 19,112 | $ 18,416 | $ 17,225 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | $ 1,015,646 | $ 1,012,620 |
Fair value adjustments related to acquisitions in prior year | 0 | 3,026 |
Carrying amount of goodwill at end of year | 1,015,646 | 1,015,646 |
Banking Division | ||
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | 951,148 | 948,122 |
Fair value adjustments related to acquisitions in prior year | 0 | 3,026 |
Carrying amount of goodwill at end of year | 951,148 | 951,148 |
Premium Finance Division | ||
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | 64,498 | 64,498 |
Carrying amount of goodwill at end of year | $ 64,498 | $ 64,498 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Subsequent fair value adjustments | $ 0 | $ 3,026 | |
Carrying value of intangible assets | 87,949 | 106,200 | |
Amortization of intangible assets | $ 18,244 | 19,744 | $ 14,965 |
Balboa Capital Corporation | |||
Goodwill [Line Items] | |||
Subsequent fair value adjustments | $ 3,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 178,829 | $ 191,569 |
Accumulated Amortization | 90,880 | 85,375 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 86,454 | 99,032 |
Accumulated Amortization | 59,045 | 63,518 |
Referral relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 88,651 | 88,651 |
Accumulated Amortization | 29,790 | 20,367 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 2,734 | 2,734 |
Accumulated Amortization | 1,581 | 1,096 |
Patent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 420 | 420 |
Accumulated Amortization | 84 | 42 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 570 | 732 |
Accumulated Amortization | $ 380 | $ 352 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 17,189 | |
2025 | 15,937 | |
2026 | 12,394 | |
2027 | 11,126 | |
2028 | 10,005 | |
Thereafter | 21,298 | |
Total | $ 87,949 | $ 106,200 |
DEPOSITS - Scheduled Maturities
DEPOSITS - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Banking and Thrift, Interest [Abstract] | |
2024 | $ 3,333,066 |
2025 | 85,333 |
2026 | 21,751 |
2027 | 16,553 |
2028 | 10,451 |
Thereafter | 752 |
Total | $ 3,467,906 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Banking and Thrift, Interest [Abstract] | ||
Time deposits | $ 809.2 | $ 381.1 |
Brokered deposits | 1,140 | 280.5 |
Related party deposit liabilities | $ 24 | $ 33.5 |
OTHER BORROWINGS - Schedule of
OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Subordinated deferrable interest debentures, net | $ 130,315 | $ 128,322 |
Other borrowings | 509,586 | 1,875,736 |
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 300,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.15% | |
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.11% | |
Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.14% | |
Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.15% | |
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 350,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.17% | |
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 150,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.25% | |
Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 200,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.26% | |
Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 50,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.23% | |
Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 150,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.22% | |
Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 0 | 100,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.23% | |
Fixed Rate Advance due January 10, 2024; fixed interest rate of 5.450% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 50,000 | 0 |
Debt instrument, interest rate, effective percentage (as a percent) | 5.45% | |
Fixed Rate Advance due January 17, 2024; fixed interest rate of 5.460% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 100,000 | 0 |
Debt instrument, interest rate, effective percentage (as a percent) | 5.46% | |
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 1.208% | |
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 1.445% | |
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 15,000 | 15,000 |
Debt instrument, interest rate, effective percentage (as a percent) | 1.606% | |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 1,378 | 1,389 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.55% | |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 954 | 961 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.55% | |
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | ||
Debt Instrument [Line Items] | ||
Advance from correspondent bank | $ 1,128 | 1,275 |
Debt instrument, interest rate, effective percentage (as a percent) | 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% (2027 subordinated notes) | ||
Debt Instrument [Line Items] | ||
Subordinated deferrable interest debentures, net | $ 0 | 74,449 |
Debt instrument, interest rate, effective percentage (as a percent) | 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% (2027 subordinated notes) | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.616% | |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | ||
Debt Instrument [Line Items] | ||
Subordinated deferrable interest debentures, net | $ 106,704 | 118,320 |
Debt instrument, interest rate, effective percentage (as a percent) | 4.25% | |
Unamortized debt issuance expense | $ 1,296 | 1,680 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.94% | |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | ||
Debt Instrument [Line Items] | ||
Subordinated deferrable interest debentures, net | $ 75,784 | 75,906 |
Debt instrument, interest rate, effective percentage (as a percent) | 5.875% | |
Unaccreted portion of fair value adjustment net | $ 784 | 906 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.63% | |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.63% | |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,362 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% (2030 subordinated notes) | ||
Debt Instrument [Line Items] | ||
Subordinated deferrable interest debentures, net | $ 108,638 | 108,436 |
Debt instrument, interest rate, effective percentage (as a percent) | 3.875% | |
Unamortized debt issuance expense | $ 1,362 | 1,564 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,362 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% (2030 subordinated notes) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 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% | ||
Debt Instrument [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) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 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% | ||
Debt Instrument [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) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.65% |
OTHER BORROWINGS - Narrative (D
OTHER BORROWINGS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2025 | Jun. 01, 2025 | Dec. 15, 2024 | Mar. 15, 2022 | Jul. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 13, 2021 | Sep. 28, 2020 | Dec. 06, 2019 | Mar. 13, 2017 | |
Debt Instrument [Line Items] | |||||||||||
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | $ 4,280,000 | ||||||||||
Credit arrangements for federal funds purchase | 127,000 | ||||||||||
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value | 3,620,000 | ||||||||||
Loans pledged at federal reserve discount window available for borrowing | $ 2,670,000 | ||||||||||
Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price (as a percent) | 100% | ||||||||||
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% (2027 subordinated notes) | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.616% | ||||||||||
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% (2027 subordinated notes) | Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 75,000 | ||||||||||
Interest rate, stated (as a percent) | 5.75% | ||||||||||
Redemption price (as a percent) | 100% | ||||||||||
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% (2027 subordinated notes) | Senior Subordinated Notes | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.616% | ||||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 2.94% | ||||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 12,000 | $ 110,000 | $ 120,000 | ||||||||
Interest rate, stated (as a percent) | 3.875% | 4.25% | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | Scenario, Forecast | Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price (as a percent) | 100% | 100% | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 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% (2029 subordinated notes) | Scenario, Forecast | Senior Subordinated Notes | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.753% | 2.94% | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.63% | ||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.63% | ||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 75,000 | $ 50,000 | |||||||||
Interest rate, stated (as a percent) | 5.875% | 5.50% | |||||||||
Unaccreted purchase accounting fair value adjustment | $ 1,300 | $ 500 | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | Scenario, Forecast | Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price (as a percent) | 100% | ||||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | Scenario, Forecast | Senior Subordinated Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 3.63% |
SUBORDINATED DEFERRABLE INTER_3
SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Broker-Dealer [Abstract] | ||
Employee stock trust | $ 4.7 | $ 4.7 |
SUBORDINATED DEFERRABLE INTER_4
SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Subordinated Deferrable Interest Debentures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Securities Financing Transaction [Line Items] | |
Issuance Amount | $ 154,390 |
Unaccreted Purchase Discount | 24,075 |
Carrying Value | $ 130,315 |
Prosperity Bank Statutory Trust II | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 3.15% |
Trust preferred securities interest rate (as a percent) | 8.77% |
Issuance Amount | $ 4,640 |
Unaccreted Purchase Discount | 732 |
Carrying Value | $ 3,908 |
Fidelity Southern Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 3.10% |
Trust preferred securities interest rate (as a percent) | 8.72% |
Issuance Amount | $ 15,464 |
Unaccreted Purchase Discount | 933 |
Carrying Value | $ 14,531 |
Coastal Bankshares Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 3.15% |
Trust preferred securities interest rate (as a percent) | 8.81% |
Issuance Amount | $ 5,155 |
Unaccreted Purchase Discount | 755 |
Carrying Value | $ 4,400 |
Jacksonville Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 2.63% |
Trust preferred securities interest rate (as a percent) | 8.27% |
Issuance Amount | $ 4,124 |
Unaccreted Purchase Discount | 630 |
Carrying Value | $ 3,494 |
Prosperity Banking Capital Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 2.57% |
Trust preferred securities interest rate (as a percent) | 8.16% |
Issuance Amount | $ 5,155 |
Unaccreted Purchase Discount | 1,074 |
Carrying Value | $ 4,081 |
Merchants & Southern Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.90% |
Trust preferred securities interest rate (as a percent) | 7.54% |
Issuance Amount | $ 3,093 |
Unaccreted Purchase Discount | 710 |
Carrying Value | $ 2,383 |
Fidelity Southern Statutory Trust II | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.89% |
Trust preferred securities interest rate (as a percent) | 7.53% |
Issuance Amount | $ 10,310 |
Unaccreted Purchase Discount | 1,616 |
Carrying Value | $ 8,694 |
Atlantic BancGroup, Inc. Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.50% |
Trust preferred securities interest rate (as a percent) | 7.15% |
Issuance Amount | $ 3,093 |
Unaccreted Purchase Discount | 906 |
Carrying Value | $ 2,187 |
Coastal Bankshares Statutory Trust II | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.60% |
Trust preferred securities interest rate (as a percent) | 7.25% |
Issuance Amount | $ 10,310 |
Unaccreted Purchase Discount | 2,739 |
Carrying Value | $ 7,571 |
Cherokee Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.50% |
Trust preferred securities interest rate (as a percent) | 7.15% |
Issuance Amount | $ 3,093 |
Unaccreted Purchase Discount | 548 |
Carrying Value | $ 2,545 |
Prosperity Bank Statutory Trust III | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.60% |
Trust preferred securities interest rate (as a percent) | 7.25% |
Issuance Amount | $ 10,310 |
Unaccreted Purchase Discount | 3,057 |
Carrying Value | $ 7,253 |
Merchants & Southern Statutory Trust II | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.50% |
Trust preferred securities interest rate (as a percent) | 7.15% |
Issuance Amount | $ 3,093 |
Unaccreted Purchase Discount | 840 |
Carrying Value | $ 2,253 |
Jacksonville Statutory Trust II | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.73% |
Trust preferred securities interest rate (as a percent) | 7.38% |
Issuance Amount | $ 3,093 |
Unaccreted Purchase Discount | 758 |
Carrying Value | $ 2,335 |
Ameris Statutory Trust I | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.63% |
Trust preferred securities interest rate (as a percent) | 7.28% |
Issuance Amount | $ 37,114 |
Unaccreted Purchase Discount | 0 |
Carrying Value | $ 37,114 |
Fidelity Southern Statutory Trust III | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.40% |
Trust preferred securities interest rate (as a percent) | 7.05% |
Issuance Amount | $ 20,619 |
Unaccreted Purchase Discount | 4,549 |
Carrying Value | $ 16,070 |
Prosperity Bank Statutory Trust IV | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 1.54% |
Trust preferred securities interest rate (as a percent) | 7.19% |
Issuance Amount | $ 7,940 |
Unaccreted Purchase Discount | 3,403 |
Carrying Value | $ 4,537 |
Jacksonville Bancorp, Inc. Statutory Trust III | |
Securities Financing Transaction [Line Items] | |
Trust preferred securities, variable basis spread (as a percent) | 3.75% |
Trust preferred securities interest rate (as a percent) | 9.40% |
Issuance Amount | $ 7,784 |
Unaccreted Purchase Discount | 825 |
Carrying Value | $ 6,959 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ 3,197,400 | $ 2,966,451 | $ 2,647,088 |
Reclassification for losses included in net income, net of tax | 229 | 0 | 0 |
Current year changes, net of tax | 10,339 | (62,097) | (17,915) |
Balance at end of period | 3,426,747 | 3,197,400 | 2,966,451 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (46,507) | 15,590 | 33,505 |
Balance at end of period | (35,939) | (46,507) | 15,590 |
Unrealized Gain (Loss) on Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (46,507) | 15,590 | 33,505 |
Reclassification for losses included in net income, net of tax | 229 | ||
Current year changes, net of tax | 10,339 | (62,097) | (17,915) |
Balance at end of period | $ (35,939) | $ (46,507) | $ 15,590 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total service charges on deposit accounts | $ 46,575 | $ 44,499 | $ 45,106 |
Total other service charges, commission and fees | 4,401 | 3,875 | 4,188 |
Total other noninterest income | 50,714 | 45,391 | 23,212 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 46,575 | 44,499 | 45,106 |
Debit card interchange fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 16,161 | 15,884 | 16,798 |
Overdraft fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 15,793 | 15,813 | 16,113 |
Other service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 14,621 | 12,802 | 12,195 |
Other service charges, commissions and fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 3,856 | 3,508 | 3,751 |
Other | 545 | 367 | 437 |
ATM fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 3,856 | 3,508 | 3,751 |
Other noninterest income | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | 114 | 4,554 | 4,985 |
Other | 50,600 | 40,837 | 18,227 |
Trust and wealth management | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 revenue items | $ 114 | $ 4,554 | $ 4,985 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Gains on the Sale of OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net gains recognized on sale of OREO | $ 1,595 | $ 1,773 | $ (538) |
Credit Resolution Related Expense | |||
Disaggregation of Revenue [Line Items] | |||
Net gains recognized on sale of OREO | $ 2,214 | $ 2,130 | $ 131 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current - federal | $ 84,835 | $ 114,346 | $ 67,076 |
Current - state | 23,463 | 27,889 | 13,712 |
Deferred - federal | (16,882) | (27,408) | 30,321 |
Deferred - state | (3,586) | (8,269) | 8,090 |
Provision for income taxes | $ 87,830 | $ 106,558 | $ 119,199 |
INCOME TAXES - Schedule Reconci
INCOME TAXES - Schedule Reconciliation Effective Income Tax Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal income statutory rate | 21% | 21% | 21% |
Tax at federal income tax rate | $ 74,956 | $ 95,151 | $ 104,166 |
Change resulting from: | |||
State income tax, net of federal benefit | 14,950 | 13,763 | 18,923 |
Tax-exempt interest | (1,907) | (2,775) | (3,479) |
Increase in cash value of bank owned life insurance | (1,701) | (1,399) | (997) |
Excess tax (benefit) deficiency from stock compensation | (518) | (510) | (277) |
Nondeductible merger expenses | 0 | 167 | 142 |
Other | 2,050 | 2,161 | 721 |
Provision for income taxes | $ 87,830 | $ 106,558 | $ 119,199 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Allowance for credit losses | $ 88,494 | $ 64,742 |
Deferred compensation | 13,822 | 13,287 |
Deferred loan fees | 0 | 668 |
Purchase accounting adjustments | 3,442 | 5,153 |
Other real estate owned | 18 | 201 |
Net operating loss tax carryforward | 12,779 | 14,070 |
Tax credit carryforwards | 139 | 149 |
Unrealized loss on securities available for sale | 11,218 | 14,635 |
Capitalized costs, accrued expenses and other | 8,297 | 3,432 |
Lease liability | 15,081 | 16,505 |
Deferred tax assets, net of valuation allowance, total | 153,290 | 132,842 |
Deferred tax liabilities | ||
Premises and equipment | 12,167 | 12,680 |
Mortgage servicing rights | 34,989 | 30,903 |
Subordinated debentures | 6,149 | 6,551 |
Lease financing | 9,753 | 9,442 |
Goodwill and intangible assets | 22,918 | 24,946 |
Origination costs | 9,984 | 6,239 |
Right of use lease asset | 12,854 | 14,280 |
Deferred loan fees | 318 | 0 |
Deferred tax liabilities | 109,132 | 105,041 |
Net deferred tax asset (liability) | $ 44,158 | $ 27,801 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Unrecognized income tax benefits | $ 133 | $ 11 |
Effective income tax rate | 582 | 919 |
Unrecognized tax benefits, income tax penalties accrued | 100 | $ 153 |
Unrecognized tax benefits, uncertain income tax positions expected to settle or resolve | 585 | |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 50,700 | |
Domestic Tax Authority | Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, recovery period ( in years) | 13 years | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 50,000 | |
State and Local Jurisdiction | Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, recovery period ( in years) | 13 years |
INCOME TAXES - Schedule of Unre
INCOME TAXES - Schedule of Unrecognized income tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning balance | $ 1,001 | $ 1,903 |
Additions for tax positions of prior years | 479 | 2,319 |
Additions from acquisitions | 0 | 1,001 |
Reductions for statutes of limitations expiring | (870) | 0 |
Settlements | 0 | (4,222) |
Unrecognized tax benefits, ending balance | $ 610 | $ 1,001 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plan expenses | $ 7.9 | $ 6.3 | $ 5.4 |
Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum term employees required to work to be eligible in plan (in days) | 30 days | ||
Minimum age eligibility of employee (in years) | 18 years |
DEFERRED COMPENSATION PLANS (De
DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | $ 395,800 | $ 388,400 | |
Deferred compensation arrangement with individual, recorded liability | 257 | 277 | |
Deferred compensation arrangement with individual, compensation expense | 78 | 776 | $ 877 |
Supplemental Employee Retirement Plan | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement with individual, recorded liability | $ 7,100 | $ 11,300 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement with individual, shares authorized for issuance (in shares) | 2,784,262 | ||
Deferred compensation arrangement with individual, shares issued (in shares) | 2,382,880 | ||
Granted (in shares) | 0 | 0 | 0 |
Unrecognized compensation cost | $ 0 | ||
Share-based compensation expense | $ 9,950,000 | $ 6,706,000 | $ 7,948,000 |
Weighted-average period (in years) | 1 year 8 months 12 days | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Share-based compensation expense | $ 0 | 0 | 0 |
Employee service share-based compensation, tax benefit from compensation expense | $ 41,000 | $ 339,000 | $ 631,000 |
Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 10 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding restricted shares granted (in shares) | 257,673 | 222,280 | 225,869 |
Share-based compensation expense | $ 5,300,000 | $ 4,400,000 | $ 5,300,000 |
Employee service share-based compensation, tax benefit from compensation expense | 770,000 | 293,000 | 338,000 |
Unearned stock based compensation expense | $ 6,100,000 | $ 5,600,000 | $ 3,800,000 |
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
PSUs, Tied To Tangible Book Value Growth | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Granted (in shares) | 42,242 | 35,108 | |
Granted (in dollars per shares) | $ 49.21 | $ 47.71 | |
PSUs, Tied To Total Shareholder Return | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Granted (in shares) | 42,245 | 35,108 | |
Granted (in dollars per shares) | $ 49.21 | $ 48.53 | |
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Outstanding restricted shares granted (in shares) | 146,612 | 110,254 | 121,270 |
Share-based compensation expense | $ 4,600,000 | $ 2,300,000 | $ 2,600,000 |
Unearned stock based compensation expense | $ 4,400,000 | $ 3,100,000 | $ 3,200,000 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Activity of Non-Performance-Based & Performance-Based Options (Details) - Non Performance Based Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Shares | ||
Under option, beginning of year (in shares) | 16,000 | 117,135 |
Exercised (in shares) | (16,000) | (97,135) |
Forfeitures (in shares) | 0 | (4,000) |
Under option, end of year (in shares) | 0 | 16,000 |
Exercisable at end of year (in shares) | 0 | 16,000 |
Weighted Average Exercise Price | ||
Under option, beginning of year, Weighted-Average Exercise Price (in dollars per share) | $ 29.69 | $ 28.79 |
Exercised, Weighted-Average Exercise Price (in dollars per share) | 29.69 | 29.22 |
Forfeited, Weighted-Average Exercise Price (in dollars per share) | 0 | 29.31 |
Under option, end of year, Weighted-Average Exercise Price (in dollars per share) | 0 | 29.69 |
Exercisable at end of year, Weighted-Average Exercise Price (in dollars per share) | $ 0 | $ 29.69 |
Stock Option Activity, Additional Disclosures | ||
Under option, end of year, Weighted Average Contractual Term | 0 years | 18 days |
Exercisable at end of year, Weighted Average Contractual Term | 0 years | 18 days |
Exercised, Aggregate Intrinsic Value | $ 258 | $ 1,936 |
Under option, end of year, Aggregate Intrinsic Value | 0 | 279 |
Exercisable at end of year, Aggregate Intrinsic Value | $ 0 | $ 279 |
SHARE-BASED COMPENSATION - Sc_2
SHARE-BASED COMPENSATION - Schedule of the Status of the Company's Restricted Stock Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock | ||
Shares | ||
Nonvested shares at beginning of year (in shares) | 222,280 | 225,869 |
Granted (in shares) | 133,430 | 165,686 |
Vested (in shares) | (95,954) | (154,386) |
Forfeited (in shares) | (2,083) | (14,889) |
Nonvested shares at end of year (in shares) | 257,673 | 222,280 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares at beginning of year (in dollars per share) | $ 43.31 | $ 38.06 |
Granted (in dollars per share) | 44.84 | 47.67 |
Vested (in dollars per share) | 37.99 | 40.72 |
Forfeited (in dollars per share) | 48 | 38.92 |
Nonvested shares at end of year (in dollars per share) | $ 46.05 | $ 43.31 |
Performance Share Units | ||
Shares | ||
Nonvested shares at beginning of year (in shares) | 110,254 | 121,270 |
Granted (in shares) | 84,487 | 70,216 |
Vested (in shares) | (43,182) | (68,955) |
Forfeited (in shares) | (4,947) | (12,277) |
Nonvested shares at end of year (in shares) | 146,612 | 110,254 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares at beginning of year (in dollars per share) | $ 47.15 | $ 32.71 |
Granted (in dollars per share) | 49.21 | 48.12 |
Vested (in dollars per share) | 45.65 | 24.88 |
Forfeited (in dollars per share) | 48.92 | 35.19 |
Nonvested shares at end of year (in dollars per share) | $ 48.72 | $ 47.15 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Interest rate contract | ||
Derivative [Line Items] | ||
Notional Amount | $ 736,188 | $ 244,422 |
Derivative Assets | 5,937 | 4,580 |
Derivative Liabilities | 6,203 | 4,574 |
Risk participation agreement | Mortgages | ||
Derivative [Line Items] | ||
Notional Amount | 26,163 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 65 | 0 |
Mortgage derivatives - interest rate lock commitments | Mortgages | ||
Derivative [Line Items] | ||
Notional Amount | 171,750 | 148,148 |
Derivative Assets | 3,636 | 1,434 |
Derivative Liabilities | 0 | 0 |
Mortgage derivatives - forward contracts related to mortgage loans held for sale | Mortgages | ||
Derivative [Line Items] | ||
Notional Amount | 663,015 | 689,500 |
Derivative Assets | 0 | 2,499 |
Derivative Liabilities | $ 5,790 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Net Gains (Losses) Relating to Free-Standing Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other noninterest income | Interest rate contract | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | $ (272) | $ 6 | $ 0 |
Other noninterest income | Risk participation agreement | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | 195 | 0 | 0 |
Mortgage banking activity | Interest rate lock commitments | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | 2,201 | (10,506) | (39,816) |
Mortgage banking activity | Forward contracts related to mortgage loans held for sale | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | $ (8,289) | $ 3,209 | $ 15,705 |
FAIR VALUE MEASURES - Schedule
FAIR VALUE MEASURES - Schedule of Loans Held for Sale Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 281,332 | $ 392,078 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 281,332 | 390,583 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 0 | $ 1,495 |
FAIR VALUE MEASURES - Narrative
FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Net gains (losses) from change in fair value of mortgages loans held for sale | $ 6.4 | $ (35.4) | $ (14.2) |
Net loss from changes in fair value of related derivative financial instruments | $ 6.1 | $ 7.3 | $ 24.1 |
FAIR VALUE MEASURES - Schedul_2
FAIR VALUE MEASURES - Schedule of Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 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 mortgage loans held for sale | $ 281,332 | $ 390,583 |
Aggregate unpaid principal balance of mortgage loans held for sale | 273,915 | 389,610 |
Past due loans of 90 days or more | 781 | 0 |
Nonaccrual loans | 781 | 0 |
Unpaid principal balance of nonaccrual loans | 774 | 0 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate unpaid principal balance of mortgage loans held for sale | 0 | 1,350 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | $ 0 | $ 0 |
FAIR VALUE MEASURES - Schedul_3
FAIR VALUE MEASURES - Schedule of Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 281,332 | $ 392,078 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 281,332 | 392,078 |
Total recurring assets at fair value | 1,693,849 | 1,900,651 |
Total recurring liabilities at fair value | 11,993 | 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 | 720,877 | 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 | 281,332 | 392,078 |
Total recurring assets at fair value | 971,982 | 1,139,962 |
Total recurring liabilities at fair value | 11,993 | 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 | 990 | 1,155 |
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 990 | 1,155 |
Total recurring liabilities at fair value | 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 | 720,877 | 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 | 720,877 | 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 | 985 | 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 | 985 | 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 | 28,051 | 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 | 28,051 | 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 | 10,027 | 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 | 9,037 | 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 | 990 | 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 | 51,516 | 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 | 51,516 | 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 | 591,488 | 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 | 591,488 | 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 |
Derivative financial instruments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 5,937 | 4,580 |
Derivative financial instruments | 6,203 | 4,574 |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 5,937 | 4,580 |
Derivative financial instruments | 6,203 | 4,574 |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Mortgage banking activity | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3,636 | 3,933 |
Derivative financial instruments | 5,790 | |
Mortgage banking activity | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative financial instruments | 0 | |
Mortgage banking activity | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3,636 | 3,933 |
Derivative financial instruments | 5,790 | |
Mortgage banking activity | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | $ 0 |
Derivative financial instruments | $ 0 |
FAIR VALUE MEASURES - Schedul_4
FAIR VALUE MEASURES - Schedule of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 42,302 | $ 31,972 |
Level 1 | ||
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 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 42,302 | 31,972 |
Collateral-dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 36,978 | 31,972 |
Collateral-dependent loans | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Collateral-dependent loans | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Collateral-dependent loans | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 36,978 | $ 31,972 |
Other Real Estate Owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 5,324 | |
Other Real Estate Owned | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | |
Other Real Estate Owned | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | |
Other Real Estate Owned | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 5,324 |
FAIR VALUE MEASURES - Schedul_5
FAIR VALUE MEASURES - Schedule of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | $ 6,199 | $ 843 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, at fair value | 990 | 1,155 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans | 36,978 | $ 31,972 |
Other real estate owned | $ 5,324 | |
Discounted cash flows | Probability of Default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.11 | 0.121 |
Discounted cash flows | Probability of Default | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.11 | 0.121 |
Discounted cash flows | Loss Given Default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.42 | |
Discounted cash flows | Loss Given Default | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.42 | |
Discounted cash flows | Probability of Default | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.41 | |
Discounted cash flows | Probability of Default | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available for sale, measurement input | 0.41 | |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 0.11 | 0 |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 0.60 | 0.48 |
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, measurement input | 0.28 | 0.27 |
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.15 | |
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.33 | |
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, measurement input | 0.22 |
FAIR VALUE MEASURES - Schedul_6
FAIR VALUE MEASURES - Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Cash and due from banks | $ 230,470 | $ 284,567 |
Debt securities held-to-maturity | 122,731 | 114,538 |
Financial liabilities: | ||
Other borrowings | 509,586 | 1,875,736 |
Subordinated deferrable interest debentures | 130,315 | 128,322 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 230,470 | 284,567 |
Federal funds sold and interest-bearing accounts | 936,834 | 833,565 |
Debt securities held-to-maturity | 141,512 | 134,864 |
Loans, net | 19,925,225 | 19,617,604 |
Financial liabilities: | ||
Deposits | 20,708,509 | 19,462,738 |
Other borrowings | 509,586 | 1,875,736 |
Subordinated deferrable interest debentures | 130,315 | 128,322 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 230,470 | 284,567 |
Federal funds sold and interest-bearing accounts | 936,834 | 833,565 |
Debt securities held-to-maturity | 122,731 | 114,538 |
Loans, net | 19,332,899 | 19,067,612 |
Financial liabilities: | ||
Deposits | 20,707,463 | 19,455,187 |
Other borrowings | 501,723 | 1,861,850 |
Subordinated deferrable interest debentures | 141,407 | 125,988 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 230,470 | 284,567 |
Federal funds sold and interest-bearing accounts | 936,834 | 833,565 |
Debt securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | 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 | 122,731 | 114,538 |
Loans, net | 0 | 0 |
Financial liabilities: | ||
Deposits | 20,707,463 | 19,455,187 |
Other borrowings | 501,723 | 1,861,850 |
Subordinated deferrable interest debentures | 141,407 | 125,988 |
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 | 19,332,899 | 19,067,612 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | $ 0 | $ 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 12.3 | $ 11.6 | $ 12.3 |
LEASES - Schedule of Impact of
LEASES - Schedule of Impact of Leases on Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 49,864 | $ 56,333 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Operating lease liabilities | $ 58,521 | $ 65,088 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 11,245 | |
2025 | 9,125 | |
2026 | 8,592 | |
2027 | 7,558 | |
2028 | 6,007 | |
Thereafter | 20,533 | |
Total lease payments | 63,060 | |
Less: Interest | (4,539) | |
Present value of lease liabilities | $ 58,521 | $ 65,088 |
LEASES - Schedule of Supplement
LEASES - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Weighted-average remaining lease term (years) | 7 years 7 months 6 days | 8 years 1 month 6 days | 8 years 3 months 18 days |
Weighted-average discount rate | 1.68% | 1.46% | 1.36% |
Operating cash flows from operating leases (cash payments) | $ 12,045 | $ 12,013 | $ 12,334 |
Operating cash flows from operating leases (lease liability reduction) | 12,045 | 12,064 | 12,563 |
Operating lease right-of-use assets obtained in exchange for leases entered into during the year, net of business combinations | $ 2,827 | $ 7,226 | $ 10,426 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Guarantor Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $ 4,412,818 | $ 6,318,039 |
Unused home equity lines of credit | 386,574 | 345,001 |
Financial standby letters of credit | 37,546 | 33,557 |
Mortgage interest rate lock commitments | $ 171,750 | $ 148,148 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Provision for loan losses | $ 153,515 | $ 52,610 | $ (35,081) |
Unfunded Loan Commitment | |||
Loss Contingencies [Line Items] | |||
Balance at beginning of period | 52,411 | 33,185 | 32,853 |
Provision for loan losses | (10,853) | 19,226 | 332 |
Balance at end of period | $ 41,558 | $ 52,411 | $ 33,185 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Federal Home Loan Bank | Letter of Credit | |
Loss Contingencies [Line Items] | |
Letter of credit | $ 950 |
REGULATORY MATTERS - Narrative
REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Banking and Thrift, Interest [Abstract] | |||
Retained earnings, unappropriated | $ 149.3 | ||
Transition relief allowed under the interim final rule (in years) | 5 years | ||
Percentage of capital conservation buffer for capital adequacy purposes (as a percent) | 2.50% | 2.50% |
REGULATORY MATTERS - Schedule o
REGULATORY MATTERS - Schedule of Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Amount | $ 2,417,341 | $ 2,185,694 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Ratio | 0.0993 | 0.0936 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Amount | $ 974,053 | $ 933,928 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Ratio | 0.0400 | 0.0400 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Amount | $ 2,417,341 | $ 2,185,694 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Ratio | 11.23% | 9.86% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Amount | $ 1,506,241 | $ 1,551,305 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Ratio | 7% | 7% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Amount | $ 2,417,341 | $ 2,185,694 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Ratio | 0.1123 | 0.0986 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 1,829,007 | $ 1,883,727 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 0.0850 | 0.0850 |
Total Capital Ratio (total capital to risk weighted assets) Actual Amount | $ 3,110,025 | $ 2,859,680 |
Total Capital Ratio (total capital to risk weighted assets) Actual Ratio | 0.1445 | 0.1290 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 2,259,362 | $ 2,326,957 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 0.1050 | 0.1050 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Amount | $ 2,600,274 | $ 2,464,589 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Ratio | 0.1069 | 0.1056 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Amount | $ 973,023 | $ 933,284 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Ratio | 0.0400 | 0.0400 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,216,279 | $ 1,166,605 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Amount | $ 2,600,274 | $ 2,464,589 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Ratio | 12.09% | 11.12% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Amount | $ 1,505,318 | $ 1,551,185 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Ratio | 7% | 7% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,397,795 | $ 1,440,386 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Amount | $ 2,600,274 | $ 2,464,589 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Ratio | 0.1209 | 0.1112 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 1,827,886 | $ 1,883,581 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 0.0850 | 0.0850 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,720,363 | $ 1,772,782 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Total Capital Ratio (total capital to risk weighted assets) Actual Amount | $ 2,944,480 | $ 2,720,253 |
Total Capital Ratio (total capital to risk weighted assets) Actual Ratio | 0.1369 | 0.1228 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 2,257,977 | $ 2,326,777 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 0.1050 | 0.1050 |
Total Capital Ratio (total capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 2,150,454 | $ 2,215,978 |
Total Capital Ratio (total capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Financial Information with Respect to Company's Reportable Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 1,280,435 | $ 893,886 | $ 703,112 |
Interest expense | 445,391 | 92,860 | 47,785 |
Net interest income | 835,044 | 801,026 | 655,327 |
Provision for credit losses | 142,656 | 71,697 | (35,365) |
Noninterest income | 242,828 | 284,424 | 365,544 |
Noninterest expense | |||
Salaries and employee benefits | 320,110 | 319,719 | 337,776 |
Occupancy and equipment expenses | 51,450 | 51,361 | 48,066 |
Data processing and communications expenses | 53,486 | 49,228 | 45,976 |
Other expenses | 153,235 | 140,347 | 128,306 |
Total noninterest expense | 578,281 | 560,655 | 560,124 |
Income before income tax expense | 356,935 | 453,098 | 496,112 |
Income tax expense | 87,830 | 106,558 | 119,199 |
Net income | 269,105 | 346,540 | 376,913 |
Total assets | 25,203,699 | 25,053,286 | 23,858,321 |
Goodwill | 1,015,646 | 1,015,646 | 1,012,620 |
Other intangible assets, net | 87,949 | 106,194 | 125,938 |
Banking Division | |||
Segment Reporting Information [Line Items] | |||
Interest income | 894,514 | 628,459 | 449,955 |
Interest expense | 214,036 | (17,824) | (7,627) |
Net interest income | 680,478 | 646,283 | 457,582 |
Provision for credit losses | 129,998 | 61,898 | (32,866) |
Noninterest income | 98,864 | 91,550 | 69,664 |
Noninterest expense | |||
Salaries and employee benefits | 223,551 | 196,823 | 157,079 |
Occupancy and equipment expenses | 46,083 | 45,081 | 41,065 |
Data processing and communications expenses | 48,021 | 43,957 | 39,802 |
Other expenses | 100,029 | 85,953 | 84,244 |
Total noninterest expense | 417,684 | 371,814 | 322,190 |
Income before income tax expense | 231,660 | 304,121 | 237,922 |
Income tax expense | 61,649 | 75,367 | 64,446 |
Net income | 170,011 | 228,754 | 173,476 |
Total assets | 18,041,865 | 17,848,972 | 17,537,221 |
Goodwill | 951,148 | 951,148 | 948,122 |
Other intangible assets, net | 81,959 | 97,254 | 114,048 |
Retail Mortgage Division | |||
Segment Reporting Information [Line Items] | |||
Interest income | 212,106 | 155,533 | 130,140 |
Interest expense | 123,804 | 76,339 | 47,422 |
Net interest income | 88,302 | 79,194 | 82,718 |
Provision for credit losses | 9,535 | 12,351 | 2,947 |
Noninterest income | 137,145 | 182,039 | 281,900 |
Noninterest expense | |||
Salaries and employee benefits | 80,317 | 107,810 | 167,796 |
Occupancy and equipment expenses | 4,899 | 5,579 | 6,206 |
Data processing and communications expenses | 4,836 | 4,580 | 5,551 |
Other expenses | 47,393 | 48,224 | 38,295 |
Total noninterest expense | 137,445 | 166,193 | 217,848 |
Income before income tax expense | 78,467 | 82,689 | 143,823 |
Income tax expense | 16,478 | 17,364 | 30,203 |
Net income | 61,989 | 65,325 | 113,620 |
Total assets | 4,916,753 | 4,739,612 | 4,231,767 |
Goodwill | 0 | 0 | 0 |
Other intangible assets, net | 0 | 0 | 0 |
Warehouse Lending Division | |||
Segment Reporting Information [Line Items] | |||
Interest income | 71,110 | 43,521 | 36,784 |
Interest expense | 47,271 | 16,794 | 1,383 |
Net interest income | 23,839 | 26,727 | 35,401 |
Provision for credit losses | (440) | (1,074) | (514) |
Noninterest income | 3,475 | 4,537 | 4,603 |
Noninterest expense | |||
Salaries and employee benefits | 2,794 | 1,973 | 1,130 |
Occupancy and equipment expenses | 5 | 4 | 3 |
Data processing and communications expenses | 171 | 187 | 232 |
Other expenses | 873 | 830 | 490 |
Total noninterest expense | 3,843 | 2,994 | 1,855 |
Income before income tax expense | 23,911 | 29,344 | 38,663 |
Income tax expense | 5,021 | 6,162 | 8,120 |
Net income | 18,890 | 23,182 | 30,543 |
Total assets | 825,415 | 1,016,192 | 760,546 |
Goodwill | 0 | 0 | 0 |
Other intangible assets, net | 0 | 0 | 0 |
SBA Division | |||
Segment Reporting Information [Line Items] | |||
Interest income | 18,925 | 19,850 | 56,597 |
Interest expense | 10,507 | 5,126 | 5,062 |
Net interest income | 8,418 | 14,724 | 51,535 |
Provision for credit losses | 2,791 | (349) | (2,921) |
Noninterest income | 3,313 | 6,265 | 9,360 |
Noninterest expense | |||
Salaries and employee benefits | 4,848 | 5,305 | 4,856 |
Occupancy and equipment expenses | 149 | 360 | 475 |
Data processing and communications expenses | 134 | 116 | 47 |
Other expenses | 723 | 1,387 | 1,594 |
Total noninterest expense | 5,854 | 7,168 | 6,972 |
Income before income tax expense | 3,086 | 14,170 | 56,844 |
Income tax expense | 648 | 2,976 | 11,937 |
Net income | 2,438 | 11,194 | 44,907 |
Total assets | 249,761 | 256,077 | 419,040 |
Goodwill | 0 | 0 | 0 |
Other intangible assets, net | 0 | 0 | 0 |
Premium Finance Division | |||
Segment Reporting Information [Line Items] | |||
Interest income | 83,780 | 46,523 | 29,636 |
Interest expense | 49,773 | 12,425 | 1,545 |
Net interest income | 34,007 | 34,098 | 28,091 |
Provision for credit losses | 772 | (1,129) | (2,011) |
Noninterest income | 31 | 33 | 17 |
Noninterest expense | |||
Salaries and employee benefits | 8,600 | 7,808 | 6,915 |
Occupancy and equipment expenses | 314 | 337 | 317 |
Data processing and communications expenses | 324 | 388 | 344 |
Other expenses | 4,217 | 3,953 | 3,683 |
Total noninterest expense | 13,455 | 12,486 | 11,259 |
Income before income tax expense | 19,811 | 22,774 | 18,860 |
Income tax expense | 4,034 | 4,689 | 4,493 |
Net income | 15,777 | 18,085 | 14,367 |
Total assets | 1,169,905 | 1,192,433 | 909,747 |
Goodwill | 64,498 | 64,498 | 64,498 |
Other intangible assets, net | $ 5,990 | $ 8,940 | $ 11,890 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Schedule of Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and due from banks | $ 230,470 | $ 284,567 | ||
Other assets | 454,603 | 416,213 | ||
Total assets | 25,203,699 | 25,053,286 | $ 23,858,321 | |
Liabilities | ||||
Other liabilities | 428,542 | 389,090 | ||
Other borrowings | 509,586 | 1,875,736 | ||
Subordinated deferrable interest debentures | 130,315 | 128,322 | ||
Total liabilities | 21,776,952 | 21,855,886 | ||
Shareholders' equity | 3,426,747 | 3,197,400 | $ 2,966,451 | $ 2,647,088 |
Total liabilities and shareholders’ equity | 25,203,699 | 25,053,286 | ||
Ameris Bancorp | ||||
Assets | ||||
Cash and due from banks | 165,179 | 153,099 | ||
Investment in subsidiaries | 3,611,093 | 3,477,917 | ||
Other assets | 29,898 | 19,896 | ||
Total assets | 3,806,170 | 3,650,912 | ||
Liabilities | ||||
Other liabilities | 33,766 | 23,985 | ||
Other borrowings | 215,342 | 301,205 | ||
Subordinated deferrable interest debentures | 130,315 | 128,322 | ||
Total liabilities | 379,423 | 453,512 | ||
Shareholders' equity | 3,426,747 | 3,197,400 | ||
Total liabilities and shareholders’ equity | $ 3,806,170 | $ 3,650,912 |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Schedule of Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Securities gains | $ 0 | $ 270 | $ 0 |
Total interest income | 1,280,435 | 893,886 | 703,112 |
Expense | |||
Interest expense | 445,391 | 92,860 | 47,785 |
Other expense | 43,106 | 45,544 | 53,148 |
Income tax benefit | (87,830) | (106,558) | (119,199) |
Net income | 269,105 | 346,540 | 376,913 |
Ameris Bancorp | |||
Income | |||
Dividends from subsidiaries | 175,000 | 50,000 | 142,000 |
Other income | 462 | 175 | 101 |
Total interest income | 175,462 | 50,445 | 142,101 |
Expense | |||
Interest expense | 24,568 | 22,170 | 19,610 |
Other expense | 13,858 | 11,154 | 13,031 |
Total noninterest expense | 38,426 | 33,324 | 32,641 |
Income before income tax expense | 137,036 | 17,121 | 109,460 |
Income tax benefit | 10,738 | 8,553 | 6,878 |
Income before equity in undistributed income of subsidiaries | 147,774 | 25,674 | 116,338 |
Equity in undistributed income of subsidiaries | 121,331 | 320,866 | 260,575 |
Net income | $ 269,105 | $ 346,540 | $ 376,913 |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 269,105 | $ 346,540 | $ 376,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation expense | 9,950 | 6,706 | 7,948 |
Decrease increase in interest payable | 26,946 | 6,217 | (1,175) |
(Increase) decrease in tax receivable | 2,271 | 5,177 | 7,005 |
Provision for deferred taxes | (20,468) | (35,677) | 38,411 |
Gain on sale of other investments | 0 | (270) | (532) |
Change attributable to other operating activities | 22,157 | (4,991) | 247 |
Net cash provided by operating activities | 568,959 | 1,062,473 | 9,140 |
INVESTING ACTIVITIES | |||
Net cash used in investing activities | (338,194) | (4,874,530) | (420,984) |
Financing Activities, net of effects of business combinations | |||
Purchase of treasury shares | (20,346) | (22,421) | (9,439) |
Dividends paid - common stock | (41,649) | (41,610) | (41,798) |
Repayment of other borrowings | (17,207,845) | (2,814,576) | (296,325) |
Proceeds from exercise of stock options | 476 | 2,799 | 4,532 |
Net cash provided by (used in) financing activities | (181,593) | 865,532 | 2,359,195 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 49,172 | (2,946,525) | 1,947,351 |
Cash, cash equivalents and restricted cash at beginning of period | 1,118,132 | 4,064,657 | 2,117,306 |
Cash, cash equivalents and restricted cash at end of period | 1,167,304 | 1,118,132 | 4,064,657 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest | 418,445 | 86,643 | 48,960 |
Cash received during the year for income taxes | 101,328 | 133,894 | 71,807 |
Ameris Bancorp | |||
OPERATING ACTIVITIES | |||
Net income | 269,105 | 346,540 | 376,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation expense | 9,950 | 6,706 | 7,948 |
Undistributed earnings of subsidiaries | (121,331) | (320,866) | (260,575) |
Decrease increase in interest payable | (319) | (961) | (36) |
(Increase) decrease in tax receivable | 3,021 | 8,596 | (6,238) |
Provision for deferred taxes | (1,165) | (649) | 1,694 |
Gain on sale of other investments | 0 | (270) | 0 |
Change attributable to other operating activities | 1,188 | 200 | 3,678 |
Total adjustments | (108,656) | (307,244) | (253,529) |
Net cash provided by operating activities | 160,449 | 39,296 | 123,384 |
INVESTING ACTIVITIES | |||
Net (increase) decrease in other investments | 0 | 213 | (4,500) |
Investment in subsidiary | 0 | (65,000) | 0 |
Net cash used in investing activities | 0 | (64,787) | (4,500) |
Financing Activities, net of effects of business combinations | |||
Purchase of treasury shares | (20,346) | (22,421) | (9,439) |
Dividends paid - common stock | (41,649) | (41,610) | (41,798) |
Repayment of other borrowings | (86,850) | 0 | 0 |
Proceeds from exercise of stock options | 476 | 2,799 | 4,532 |
Net cash provided by (used in) financing activities | (148,369) | (61,232) | (46,705) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 12,080 | (86,723) | 72,179 |
Cash, cash equivalents and restricted cash at beginning of period | 153,099 | 239,822 | 167,643 |
Cash, cash equivalents and restricted cash at end of period | 165,179 | 153,099 | 239,822 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest | 24,887 | 23,131 | 19,646 |
Cash received during the year for income taxes | $ (12,593) | $ (16,499) | $ (2,367) |
LOAN SERVICING RIGHTS - Schedul
LOAN SERVICING RIGHTS - Schedule of Carrying Value of Loan Servicing Rights Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Servicing Assets at Fair Value [Line Items] | ||||
Loan servicing rights | $ 174,652 | $ 150,457 | ||
Residential mortgage | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Loan servicing rights | 171,915 | 147,014 | $ 206,944 | $ 130,630 |
SBA | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Loan servicing rights | 2,737 | 3,443 | 5,556 | 5,839 |
Residential mortgage servicing impairment | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Loan servicing rights | $ 0 | $ 0 | $ 25,782 | $ 39,407 |
LOAN SERVICING RIGHTS - Narrati
LOAN SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Residential mortgage | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Servicing fee income | $ 61.8 | $ 70 | $ 51.4 |
SBA | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Servicing fee income | $ 2.8 | $ 3.6 | $ 4 |
LOAN SERVICING RIGHTS - Sched_2
LOAN SERVICING RIGHTS - Schedule of Activity of Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | $ 150,457 | ||
Amortization | (1,098) | ||
Ending carrying value, net | 174,652 | $ 150,457 | |
Residential mortgage | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | 147,014 | 206,944 | $ 130,630 |
Additions | 44,305 | 64,020 | 93,229 |
Amortization | (19,404) | (24,995) | (30,540) |
(Impairment)/recoveries | 0 | 21,824 | 13,625 |
Disposals | 0 | (120,779) | 0 |
Ending carrying value, net | 171,915 | 147,014 | 206,944 |
SBA | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | 3,443 | 5,556 | 5,839 |
Additions | 392 | 889 | 954 |
Amortization | (3,002) | (2,142) | |
(Impairment)/recoveries | 0 | 0 | 905 |
Ending carrying value, net | $ 2,737 | $ 3,443 | $ 5,556 |
LOAN SERVICING RIGHTS - Sched_3
LOAN SERVICING RIGHTS - Schedule of Activity of Servicing Rights Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | $ 150,457 | ||
Ending carrying value, net | 174,652 | $ 150,457 | |
Residential mortgage servicing impairment | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | 0 | 25,782 | $ 39,407 |
Additions | 0 | 0 | 1,398 |
Recoveries | 0 | (21,824) | (15,023) |
Disposals | 0 | (3,958) | 0 |
Ending carrying value, net | 0 | 0 | 25,782 |
SBA servicing impairment | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning carrying value, net | 0 | 0 | 905 |
Additions | 0 | 0 | 0 |
Recoveries | 0 | 0 | (905) |
Ending carrying value, net | $ 0 | $ 0 | $ 0 |
LOAN SERVICING RIGHTS - Sched_4
LOAN SERVICING RIGHTS - Schedule of Sensitivity of Fair Value to Adverse Changes in Model Inputs and/or Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 271,164 | $ 326,418 |
Weighted average term (months) | 3 years 3 months 21 days | 3 years 8 months 8 days |
Modeled prepayment speed | 20.83% | 18.24% |
Decline in fair value due to a 10% adverse change | $ (171) | $ (177) |
Decline in fair value due to a 20% adverse change | $ (327) | $ (340) |
Weighted average discount rate | 14.70% | 19.57% |
Decline in fair value due to a 10% adverse change | $ (69) | $ (83) |
Decline in fair value due to a 20% adverse change | (135) | (163) |
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 | $ 12,454,454 | $ 10,046,052 |
Loans serviced For others, percentage | 100% | 100% |
Weighted average term (months) | 355 months | 353 months |
Weighted average age (months) | 27 months | 22 months |
Modeled prepayment speed | 8.56% | 8.22% |
Decline in fair value due to a 10% adverse change | $ (4,492) | $ (5,800) |
Decline in fair value due to a 20% adverse change | $ (9,444) | $ (11,184) |
Weighted average discount rate | 10.98% | 10% |
Decline in fair value due to a 10% adverse change | $ (5,110) | $ (6,413) |
Decline in fair value due to a 20% adverse change | $ (11,181) | $ (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] | ||
Loans serviced For others, percentage | 17.54% | 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] | ||
Loans serviced For others, percentage | 50.51% | 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] | ||
Loans serviced For others, percentage | 31.95% | 33.11% |