Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-13253 | |
Entity Registrant Name | RENASANT CORP | |
Entity Incorporation, State or Country Code | MS | |
Entity Tax Identification Number | 64-0676974 | |
Entity Address, Address Line One | 209 Troy Street, | |
Entity Address, City or Town | Tupelo, | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 38804-4827 | |
City Area Code | 662 | |
Local Phone Number | 680-1001 | |
Title of 12(b) Security | Common stock, $5.00 par value per share | |
Trading Symbol | RNST | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,337,024 | |
Entity Central Index Key | 0000715072 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 174,349 | $ 206,680 |
Interest-bearing balances with banks | 670,051 | 594,671 |
Cash and cash equivalents | 844,400 | 801,351 |
Securities held to maturity (net of allowance for credit losses of $32 at each of March 31, 2024 and December 31, 2023) (fair value of $1,085,085 and $1,121,830, respectively) | 1,199,111 | 1,221,464 |
Securities available for sale, at fair value | 764,486 | 923,279 |
Loans held for sale, at fair value | 191,440 | 179,756 |
Loans, net of unearned income: | ||
Loans held for investment, net of unearned income | 12,500,525 | 12,351,230 |
Allowance for credit losses on loans | (201,052) | (198,578) |
Loans, net | 12,299,473 | 12,152,652 |
Premises and equipment, net | 282,193 | 283,195 |
Other real estate owned, net | 9,142 | 9,622 |
Goodwill | 991,665 | 991,665 |
Other intangible assets, net | 17,583 | 18,795 |
Bank-owned life insurance | 385,186 | 382,584 |
Mortgage servicing rights | 71,596 | 91,688 |
Other assets | 289,466 | 304,484 |
Total assets | 17,345,741 | 17,360,535 |
Deposits | ||
Noninterest-bearing | 3,516,164 | 3,583,675 |
Interest-bearing | 10,720,999 | 10,493,110 |
Total deposits | 14,237,163 | 14,076,785 |
Short-term borrowings | 108,121 | 307,577 |
Long-term debt | 428,047 | 429,400 |
Other liabilities | 250,060 | 249,390 |
Total liabilities | 15,023,391 | 15,063,152 |
Shareholders’ equity | ||
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,304,860 and 56,142,207 shares outstanding, respectively | 296,483 | 296,483 |
Treasury stock, at cost – 2,991,865 and 3,154,518 shares, respectively | (99,683) | (105,249) |
Additional paid-in capital | 1,303,613 | 1,308,281 |
Retained earnings | 978,880 | 952,124 |
Accumulated other comprehensive loss, net of taxes | (156,943) | (154,256) |
Total shareholders’ equity | 2,322,350 | 2,297,383 |
Total liabilities and shareholders’ equity | $ 17,345,741 | $ 17,360,535 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses - held to maturity securities | $ 32 | $ 32 |
Securities held to maturity | $ 1,085,085 | $ 1,121,830 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 59,296,725 | 59,296,725 |
Common stock, shares outstanding (in shares) | 56,304,860 | 56,142,207 |
Treasury stock (in shares) | 2,991,865 | 3,154,518 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans | $ 194,698 | $ 163,524 |
Securities | ||
Taxable | 9,505 | 13,253 |
Tax-exempt | 1,195 | 1,838 |
Other | 7,781 | 5,430 |
Total interest income | 213,179 | 184,045 |
Interest expense | ||
Deposits | 82,613 | 32,866 |
Borrowings | 7,276 | 15,404 |
Total interest expense | 89,889 | 48,270 |
Net interest income | 123,290 | 135,775 |
Provision for credit losses on loans | 2,638 | 7,960 |
Recovery of credit losses on unfunded commitments | (200) | (1,500) |
Provision for credit losses | 2,438 | 6,460 |
Net interest income after provision for credit losses | 120,852 | 129,315 |
Noninterest income | ||
Service charges on deposit accounts | 10,506 | 9,120 |
Fees and commissions | 3,949 | 4,676 |
Insurance commissions | 2,716 | 2,446 |
Wealth management revenue | 5,669 | 5,140 |
Mortgage banking income | 11,370 | 8,517 |
Gain on debt extinguishment | 56 | 0 |
BOLI income | 2,691 | 3,003 |
Other | 4,424 | 4,391 |
Total noninterest income | 41,381 | 37,293 |
Noninterest expense | ||
Salaries and employee benefits | 71,470 | 69,832 |
Data processing | 3,807 | 3,633 |
Net occupancy and equipment | 11,389 | 11,405 |
Other real estate owned | 107 | 30 |
Professional fees | 3,348 | 3,467 |
Advertising and public relations | 4,886 | 4,686 |
Intangible amortization | 1,212 | 1,426 |
Communications | 2,024 | 1,980 |
Other | 14,669 | 12,749 |
Total noninterest expense | 112,912 | 109,208 |
Income (loss) before income taxes | 49,321 | 57,400 |
Income taxes | 9,912 | 11,322 |
Net income (loss) | $ 39,409 | $ 46,078 |
Basic earnings per share (in usd per share) | $ 0.70 | $ 0.82 |
Diluted earnings per share (in usd per share) | 0.70 | 0.82 |
Cash dividends per common share (in usd per share) | $ 0.22 | $ 0.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 39,409 | $ 46,078 |
Securities available for sale: | ||
Unrealized holding (losses) gains on securities | (4,634) | 15,531 |
Amortization of unrealized holding losses on securities transferred to the held to maturity category | 2,438 | 2,328 |
Total securities available for sale | (2,196) | 17,859 |
Derivative instruments: | ||
Unrealized holding losses on derivative instruments | (570) | (1,232) |
Total derivative instruments | (570) | (1,232) |
Defined benefit pension and post-retirement benefit plans: | ||
Amortization of net actuarial loss recognized in net periodic pension cost | 79 | 86 |
Total defined benefit pension and post-retirement benefit plans | 79 | 86 |
Other comprehensive (loss) income, net of tax | (2,687) | 16,713 |
Comprehensive income | $ 36,722 | $ 62,791 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2022 | 55,953,104 | |||||
Beginning balance at Dec. 31, 2022 | $ 2,136,016 | $ 296,483 | $ (111,577) | $ 1,302,422 | $ 857,725 | $ (209,037) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 46,078 | 46,078 | ||||
Other comprehensive income (loss) | 16,713 | 16,713 | ||||
Comprehensive income | 62,791 | |||||
Cash dividends | (12,561) | (12,561) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 120,554 | |||||
Issuance of common stock for stock-based compensation awards | (2,391) | 4,018 | (6,409) | |||
Stock-based compensation expense | 3,445 | 3,445 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 56,073,658 | |||||
Ending balance at Mar. 31, 2023 | $ 2,187,300 | $ 296,483 | (107,559) | 1,299,458 | 891,242 | (192,324) |
Beginning balance (in shares) at Dec. 31, 2023 | 56,142,207 | 56,142,207 | ||||
Beginning balance at Dec. 31, 2023 | $ 2,297,383 | $ 296,483 | (105,249) | 1,308,281 | 952,124 | (154,256) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 39,409 | 39,409 | ||||
Other comprehensive income (loss) | (2,687) | (2,687) | ||||
Comprehensive income | 36,722 | |||||
Cash dividends | (12,653) | (12,653) | ||||
Issuance of common stock for stock-based compensation awards (in shares) | 162,653 | |||||
Issuance of common stock for stock-based compensation awards | (3,094) | 5,566 | (8,660) | |||
Stock-based compensation expense | $ 3,992 | 3,992 | ||||
Ending balance (in shares) at Mar. 31, 2024 | 56,304,860 | 56,304,860 | ||||
Ending balance at Mar. 31, 2024 | $ 2,322,350 | $ 296,483 | $ (99,683) | $ 1,303,613 | $ 978,880 | $ (156,943) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share (in usd per share) | $ 0.22 | $ 0.22 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income | $ 39,409,000 | $ 46,078,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 2,438,000 | 6,460,000 |
Depreciation, amortization and accretion | 8,097,000 | 9,237,000 |
Deferred income tax expense | 1,706,000 | 2,667,000 |
Proceeds from sale of MSR | 23,011,000 | 0 |
Gain on sale of MSR | (3,472,000) | 0 |
Funding of mortgage loans held for sale | (260,424,000) | (258,946,000) |
Proceeds from sales of mortgage loans held for sale | 250,399,000 | 212,755,000 |
Gains on sales of mortgage loans held for sale | (4,535,000) | (4,769,000) |
Debt prepayment benefit | (56,000) | 0 |
Losses on sales of premises and equipment | 50,000 | 2,000 |
Stock-based compensation expense | 3,992,000 | 3,445,000 |
Decrease (increase) in other assets | 9,904,000 | (10,945,000) |
Increase in other liabilities | (5,462,000) | (13,366,000) |
Net cash provided by (used in) operating activities | 65,057,000 | (7,382,000) |
Investing activities | ||
Purchases of securities available for sale | (46,975,000) | 0 |
Proceeds from sales of securities available for sale | 177,185,000 | 0 |
Proceeds from call/maturities of securities available for sale | 22,148,000 | 45,342,000 |
Proceeds from call/maturities of securities held to maturity | 24,159,000 | 25,424,000 |
Net increase in loans | (148,854,000) | (195,617,000) |
Purchases of premises and equipment | (3,296,000) | (8,237,000) |
Proceeds from sales of premises and equipment | 256,000 | 0 |
Net change in FHLB stock | 5,120,000 | (22,130,000) |
Proceeds from sales of other assets | 132,000 | 647,000 |
Other, net | 93,000 | 1,340,000 |
Net cash provided by (used in) investing activities | 29,968,000 | (153,231,000) |
Financing activities | ||
Net decrease in noninterest-bearing deposits | (67,511,000) | (313,879,000) |
Net increase in interest-bearing deposits | 227,889,000 | 738,933,000 |
Net (decrease) increase in short-term borrowings | (199,456,000) | 19,825,000 |
Repayment of long-term debt | (245,000) | 0 |
Cash paid for dividends | (12,653,000) | (12,561,000) |
Net cash (used in) provided by financing activities | (51,976,000) | 432,318,000 |
Net increase in cash and cash equivalents | 43,049,000 | 271,705,000 |
Cash and cash equivalents at beginning of period | 801,351,000 | 575,992,000 |
Cash and cash equivalents at end of period | 844,400,000 | 847,697,000 |
Supplemental disclosures | ||
Cash paid for interest | 91,121,000 | 41,239,000 |
Cash paid for income taxes | 0 | 17,443,000 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 195,000 | 3,623,000 |
Recognition of operating right-of-use assets | 1,157,000 | 531,000 |
Recognition of operating lease liabilities | $ 1,157,000 | $ 531,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (In Thousands) Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”). Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis. Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 23, 2024. Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. Impact of Recently-Issued Accounting Standards and Pronouncements : In March 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) , which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 was effective on January 1, 2024. The adoption of this accounting pronouncement will have no impact on the Company’s historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively. In October 2023, FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). ASU 2023-06 adds a number of disclosure requirements to the Codification in response to the Securities and Exchange Commission (“SEC”) initiative to update and simplify disclosure requirements. ASU 2023-06 is to be applied prospectively, and early adoption is prohibited. For SEC reporting entities, the effective dates will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entities. ASU 2023-06 is not expected to have significant impact on our financial statements. In November 2023, FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. ASU 2023-07 was effective January 1, 2024 and did not have a significant impact on our financial statements or segment disclosures. In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 will require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2024 or December 31, 2023. Amortized Gross Gross Fair March 31, 2024 Obligations of states and political subdivisions $ 21,669 $ 88 $ (1,994) $ 19,763 Residential mortgage backed securities: Government agency mortgage backed securities 198,253 99 (26,073) 172,279 Government agency collateralized mortgage obligations 431,344 — (90,453) 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 6,023 — (679) 5,344 Government agency collateralized mortgage obligations 137,524 — (22,702) 114,822 Other debt securities 115,235 583 (4,431) 111,387 $ 910,048 $ 770 $ (146,332) $ 764,486 Amortized Gross Gross Fair December 31, 2023 Obligations of states and political subdivisions $ 36,374 $ 119 $ (1,883) $ 34,610 Residential mortgage backed securities: Government agency mortgage backed securities 301,400 172 (24,968) 276,604 Government agency collateralized mortgage obligations 485,164 — (85,883) 399,281 Commercial mortgage backed securities: Government agency mortgage backed securities 6,029 — (637) 5,392 Government agency collateralized mortgage obligations 161,299 24 (21,965) 139,358 Other debt securities 72,383 109 (4,458) 68,034 $ 1,062,649 $ 424 $ (139,794) $ 923,279 The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Gross Gross Fair March 31, 2024 Obligations of states and political subdivisions $ 287,255 $ 51 $ (37,550) $ 249,756 Residential mortgage backed securities Government agency mortgage backed securities 414,485 — (24,465) 390,020 Government agency collateralized mortgage obligations 379,244 — (36,971) 342,273 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 — (3,056) 13,921 Government agency collateralized mortgage obligations 44,360 — (7,411) 36,949 Other debt securities 56,822 — (4,656) 52,166 $ 1,199,143 $ 51 $ (114,109) $ 1,085,085 Allowance for credit losses - held to maturity securities (32) Held to maturity securities, net of allowance for credit losses $ 1,199,111 Amortized Gross Gross Fair December 31, 2023 Obligations of states and political subdivisions $ 288,154 $ 74 $ (33,688) $ 254,540 Residential mortgage backed securities Government agency mortgage backed securities 426,264 — (20,314) 405,950 Government agency collateralized mortgage obligations 387,208 — (31,670) 355,538 Commercial mortgage backed securities: Government agency mortgage backed securities 16,983 — (2,972) 14,011 Government agency collateralized mortgage obligations 44,514 — (6,977) 37,537 Other debt securities 58,373 — (4,119) 54,254 $ 1,221,496 $ 74 $ (99,740) $ 1,121,830 Allowance for credit losses - held to maturity securities (32) Held to maturity securities, net of allowance for credit losses $ 1,221,464 Securities sold were as follows for the three months ended March 31, 2024. The Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023. There were no securities sold during the first quarter of 2023. Carrying Value Immediately Prior to Sale Net Proceeds Impairment Recognized in December 2023 Three months ended March 31, 2024 Obligations of states and political subdivisions $ 12,301 $ 11,360 $ (941) Residential mortgage backed securities: Government agency mortgage backed securities 107,389 95,922 (11,467) Government agency collateralized mortgage obligations 48,300 43,990 (4,310) Commercial mortgage backed securities: Government agency collateralized mortgage obligations 28,547 25,913 (2,634) $ 196,537 $ 177,185 $ (19,352) At March 31, 2024 and December 31, 2023, securities with a carrying value of $799,198 and $880,715, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $14,106 and $14,329 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2024 and December 31, 2023, respectively. The amortized cost and fair value of securities at March 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Fair Amortized Fair Due within one year $ — $ — $ 2,274 $ 2,231 Due after one year through five years 7,705 7,249 35,762 36,003 Due after five years through ten years 112,024 99,428 38,877 34,712 Due after ten years 224,348 195,245 52,283 51,365 Residential mortgage backed securities: Government agency mortgage backed securities 414,485 390,020 198,253 172,279 Government agency collateralized mortgage obligations 379,244 342,273 431,344 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 13,921 6,023 5,344 Government agency collateralized mortgage obligations 44,360 36,949 137,524 114,822 Other debt securities — — 7,708 6,839 $ 1,199,143 $ 1,085,085 $ 910,048 $ 764,486 The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for Sale: March 31, 2024 Obligations of states and political subdivisions — $ — $ — 7 $ 13,253 $ (1,994) 7 $ 13,253 $ (1,994) Residential mortgage backed securities: Government agency mortgage backed securities 4 6,720 (45) 36 161,215 (26,028) 40 167,935 (26,073) Government agency collateralized mortgage obligations — — — 37 340,806 (90,453) 37 340,806 (90,453) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,344 (679) 2 5,344 (679) Government agency collateralized mortgage obligations 2 7,694 (87) 25 107,128 (22,615) 27 114,822 (22,702) Other debt securities — — — 21 37,296 (4,431) 21 37,296 (4,431) Total 6 $ 14,414 $ (132) 128 $ 665,042 $ (146,200) 134 $ 679,456 $ (146,332) December 31, 2023 Obligations of states and political subdivisions 3 $ 2,914 $ (2) 9 $ 15,198 $ (1,881) 12 $ 18,112 $ (1,883) Residential mortgage backed securities: Government agency mortgage backed securities 1 806 (25) 35 166,963 (24,943) 36 167,769 (24,968) Government agency collateralized mortgage obligations — — — 37 354,574 (85,883) 37 354,574 (85,883) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,392 (637) 2 5,392 (637) Government agency collateralized mortgage obligations — — — 25 108,575 (21,965) 25 108,575 (21,965) Other debt securities 2 3,099 (195) 19 35,072 (4,263) 21 38,171 (4,458) Total 6 $ 6,819 $ (222) 127 $ 685,774 $ (139,572) 133 $ 692,593 $ (139,794) Less than 12 Months 12 Months or More Total # Fair Unrealized # Fair Unrealized # Fair Unrealized Held to Maturity: March 31, 2024 Obligations of states and political subdivisions 1 $ 2,372 $ (16) 127 $ 245,670 $ (37,534) 128 $ 248,042 $ (37,550) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 390,021 (24,465) 70 390,021 (24,465) Government agency collateralized mortgage obligations — — — 18 342,272 (36,971) 18 342,272 (36,971) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 13,921 (3,056) 1 13,921 (3,056) Government agency collateralized mortgage obligations — — — 9 36,949 (7,411) 9 36,949 (7,411) Other debt securities — — — 10 52,167 (4,656) 10 52,167 (4,656) Total 1 $ 2,372 $ (16) 235 $ 1,081,000 $ (114,093) 236 $ 1,083,372 $ (114,109) December 31, 2023 Obligations of states and political subdivisions 2 $ 2,807 $ (25) 126 $ 249,995 $ (33,663) 128 $ 252,802 $ (33,688) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 405,950 (20,314) 70 405,950 (20,314) Government agency collateralized mortgage obligations — — — 18 355,538 (31,670) 18 355,538 (31,670) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 14,011 (2,972) 1 14,011 (2,972) Government agency collateralized mortgage obligations — — — 9 37,537 (6,977) 9 37,537 (6,977) Other debt securities — — — 10 54,254 (4,119) 10 54,254 (4,119) Total 2 $ 2,807 $ (25) 234 $ 1,117,285 $ (99,715) 236 $ 1,120,092 $ (99,740) The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax. As of March 31, 2024, the Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, more than 90% of available for sale securities have the explicit or implicit backing of the federal government. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs. Based upon its review of these factors as of March 31, 2024, the Company determined that all such losses resulted from factors not deemed credit-related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss). See Note 12, “Other Comprehensive Income (Loss)” for more information on the Company’s unrealized losses on securities. The allowance for credit losses on held to maturity securities was $32 at March 31, 2024 and December 31, 2023. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from agencies. As of March 31, 2024, all of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans (In Thousands, Except Number of Loans) For purposes of this Note 3, all references to “loans” mean loans excluding loans held for sale. The following is a summary of loans and leases as of the dates presented: March 31, December 31, 2023 Commercial, financial, agricultural $ 1,869,408 $ 1,871,821 Lease financing 113,070 122,807 Real estate – construction: Residential 271,966 269,616 Commercial 971,569 1,063,781 Total real estate – construction 1,243,535 1,333,397 Real estate – 1-4 family mortgage: Primary 2,404,521 2,422,482 Home equity 525,346 522,688 Rental/investment 387,556 373,755 Land development 111,863 120,994 Total real estate – 1-4 family mortgage 3,429,286 3,439,919 Real estate – commercial mortgage: Owner-occupied 1,678,911 1,648,961 Non-owner occupied 3,970,881 3,733,174 Land development 103,438 104,415 Total real estate – commercial mortgage 5,753,230 5,486,550 Installment loans to individuals 97,592 103,523 Gross loans 12,506,121 12,358,017 Unearned income (5,596) (6,787) Loans, net of unearned income $ 12,500,525 $ 12,351,230 Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. For loans that are placed on nonaccrual status or charged-off, all interest accrued for the current year but not collected is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return 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. The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days 90 Days Current Total 30-89 Days 90 Days Current Total Total March 31, 2024 Commercial, financial, agricultural $ 3,276 $ 227 $ 1,859,544 $ 1,863,047 $ 195 $ 1,200 $ 4,966 $ 6,361 $ 1,869,408 Lease financing — — 113,070 113,070 — — — — 113,070 Real estate – construction: Residential 225 — 271,741 271,966 — — — — 271,966 Commercial — — 971,569 971,569 — — — — 971,569 Total real estate – construction 225 — 1,243,310 1,243,535 — — — — 1,243,535 Real estate – 1-4 family mortgage: Primary 38,827 219 2,315,561 2,354,607 13,360 22,688 13,866 49,914 2,404,521 Home equity 3,829 — 518,610 522,439 697 1,050 1,160 2,907 525,346 Rental/investment 124 — 385,261 385,385 316 1,786 69 2,171 387,556 Land development 25 — 111,661 111,686 — 177 — 177 111,863 Total real estate – 1-4 family mortgage 42,805 219 3,331,093 3,374,117 14,373 25,701 15,095 55,169 3,429,286 Real estate – commercial mortgage: Owner-occupied 5,965 — 1,670,777 1,676,742 — 231 1,938 2,169 1,678,911 Non-owner occupied 3,048 — 3,958,352 3,961,400 — — 9,481 9,481 3,970,881 Land development 3,388 — 99,855 103,243 2 89 104 195 103,438 Total real estate – commercial mortgage 12,401 — 5,728,984 5,741,385 2 320 11,523 11,845 5,753,230 Installment loans to individuals 925 5 96,263 97,193 39 92 268 399 97,592 Unearned income — — (5,596) (5,596) — — — — (5,596) Loans, net of unearned income $ 59,632 $ 451 $ 12,366,668 $ 12,426,751 $ 14,609 $ 27,313 $ 31,852 $ 73,774 $ 12,500,525 Accruing Loans Nonaccruing Loans 30-89 Days 90 Days Current Total 30-89 Days 90 Days Current Total Total December 31, 2023 Commercial, financial, agricultural $ 1,098 $ 483 $ 1,864,441 $ 1,866,022 $ 1,310 $ 1,296 $ 3,193 $ 5,799 $ 1,871,821 Lease financing 687 — 122,120 122,807 — — — — 122,807 Real estate – construction: Residential — — 269,616 269,616 — — — — 269,616 Commercial — — 1,063,781 1,063,781 — — — — 1,063,781 Total real estate – construction — — 1,333,397 1,333,397 — — — — 1,333,397 Real estate – 1-4 family mortgage: Primary 33,679 — 2,344,629 2,378,308 9,454 19,394 15,326 44,174 2,422,482 Home equity 3,004 — 516,835 519,839 987 868 994 2,849 522,688 Rental/investment 9 58 371,508 371,575 43 1,786 351 2,180 373,755 Land development 206 — 120,769 120,975 — 19 — 19 120,994 Total real estate – 1-4 family mortgage 36,898 58 3,353,741 3,390,697 10,484 22,067 16,671 49,222 3,439,919 Real estate – commercial mortgage: Owner-occupied 4,867 — 1,640,721 1,645,588 131 1,904 1,338 3,373 1,648,961 Non-owner occupied 9,161 — 3,714,239 3,723,400 6,740 — 3,034 9,774 3,733,174 Land development 90 — 104,025 104,115 — 259 41 300 104,415 Total real estate – commercial mortgage 14,118 — 5,458,985 5,473,103 6,871 2,163 4,413 13,447 5,486,550 Installment loans to individuals 1,230 13 101,932 103,175 13 4 331 348 103,523 Unearned income — — (6,787) (6,787) — — — — (6,787) Loans, net of unearned income $ 54,031 $ 554 $ 12,227,829 $ 12,282,414 $ 18,678 $ 25,530 $ 24,608 $ 68,816 $ 12,351,230 Certain Modifications to Borrowers Experiencing Financial Difficulty Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (including extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). All modifications for the three months ended March 31, 2024 and 2023 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at March 31, 2024 and 2023, respectively. Unused commitments totaled $85 at March 31, 2024. There were no unused commitments at March 31, 2023. Upon the Company’s determination that a modification has been subsequently deemed uncollectible, the loan, or portion of the loan, is charged off, the amortized cost basis of the loan is reduced by the uncollectible amount, and the allowance for credit losses is adjusted accordingly. See Note 4, “Allowance for Credit Losses,” for more information on the allowance for credit losses. The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three months ended March 31, 2024 and 2023, respectively and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification. The percentage of the amortized cost basis for each class of disclosed modifications as compared to the amortized cost basis of each class of loans is also presented below. Three Months Ended March 31, 2024 Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction and Term Extension Total % Total Loans by Class Commercial, financial, agricultural $ 1,741 $ 165 $ — $ 517 $ — $ 2,423 0.13 % Real estate – 1-4 family mortgage: Primary — 33 246 — — 279 0.01 Real estate – commercial mortgage: Owner-occupied 7,431 187 — — 270 7,888 0.47 Non-owner occupied — — 89 — — 89 — Total real estate – commercial mortgage 7,431 187 89 — 270 7,977 0.14 Installment loans to individuals — — 14 — — 14 0.01 Loans, net of unearned income $ 9,172 $ 385 $ 349 $ 517 $ 270 $ 10,693 0.09 % Note: payment delay includes extension of the amortization period. Three Months Ended March 31, 2023 Interest Rate Reduction % Total Loans by Class Real estate – commercial mortgage: Owner-occupied $ 155 0.01 % Non-owner occupied 1,029 0.03 Loans, net of unearned income $ 1,184 0.01 % The following tables present the weighted average financial effect of loan modifications requiring disclosure under ASU 2022-02 by class of financing receivable for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 Interest Rate Reduction (in basis points) Term Extension (in months) Payment Delay (in months) Commercial, financial, agricultural 39 7.5 — Real estate – 1-4 family mortgage: Primary — 24.0 35.7 Real estate – commercial mortgage: Owner-occupied 47 10.0 — Non-owner occupied — — 9.0 Installment loans to individuals — — 17.0 Note: payment delay includes extension of the amortization period. Three months ended March 31, 2024 Loan Type Financial Effect Combination - Term Extension and Payment Delay Commercial, financial, agricultural Extended the term and delayed the payment 42 months Combination - Interest Rate Reduction and Term Extension Real Estate - Commercial Mortgage - Owner-Occupied Reduced the interest rate by 275 basis points and extended the term 21 months Note: payment delay includes extension of the amortization period. Three Months Ended March 31, 2023 Interest Rate Reduction (in basis points) Real estate – commercial mortgage: Owner-occupied 68 Non-owner occupied 12 Credit Quality For loans with a commercial purpose, internal risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 10 and 95, with 10 being loans with the least credit risk. Loans within the “Pass” grade (those with a risk rating between 10 and 60) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Special Mention” grade (those with a risk rating of 70) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, if left uncorrected, could result in deterioration of the credit quality of the loan. Loans that migrate toward the “Substandard” grade (those with a risk rating between 80 and 95) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total March 31, 2024 Commercial, Financial, Agricultural $ 77,044 $ 290,663 $ 270,335 $ 156,083 $ 94,343 $ 82,457 $ 873,299 $ 4,834 $ 1,849,058 Pass 69,435 289,225 255,011 155,263 93,524 77,012 796,122 3,761 1,739,353 Special Mention 44 814 222 299 172 473 44,848 1 46,873 Substandard 7,565 624 15,102 521 647 4,972 32,329 1,072 62,832 Lease Financing Receivables $ 5,619 $ 30,940 $ 46,897 $ 11,487 $ 5,441 $ 6,380 $ — $ — $ 106,764 Pass 5,619 29,491 42,561 11,211 3,791 5,928 — — 98,601 Special Mention — 1,449 3,898 276 1,650 452 — — 7,725 Substandard — — 438 — — — — — 438 Real Estate - Construction $ 78,762 $ 296,194 $ 549,456 $ 224,073 $ — $ 364 $ 1,063 $ — $ 1,149,912 Residential 47,902 118,273 10,741 — — 364 1,063 — 178,343 Pass 47,734 115,241 9,072 — — 364 1,063 — 173,474 Special Mention 168 2,750 — — — — — — 2,918 Substandard — 282 1,669 — — — — — 1,951 Commercial 30,860 177,921 538,715 224,073 — — — — 971,569 Pass 30,860 165,618 538,715 224,073 — — — — 959,266 Special Mention — 12,303 — — — — — — 12,303 Substandard — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 37,476 $ 140,317 $ 163,320 $ 92,100 $ 39,290 $ 45,732 $ 30,963 $ 1,999 $ 551,197 Primary 1,136 7,431 8,127 6,158 3,420 9,860 1,901 886 38,919 Pass 1,136 7,239 7,940 5,714 3,420 9,535 1,901 886 37,771 Special Mention — — — — — 28 — — 28 Substandard — 192 187 444 — 297 — — 1,120 Home Equity — 1,028 10 981 — — 22,387 58 24,464 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Pass — 1,028 10 981 — — 22,184 — 24,203 Special Mention — — — — — — 203 — 203 Substandard — — — — — — — 58 58 Rental/Investment 20,318 95,046 126,021 72,768 35,505 32,292 4,489 1,055 387,494 Pass 20,261 94,436 125,868 72,157 33,685 31,500 4,489 806 383,202 Special Mention — 61 46 197 43 49 — — 396 Substandard 57 549 107 414 1,777 743 — 249 3,896 Land Development 16,022 36,812 29,162 12,193 365 3,580 2,186 — 100,320 Pass 16,022 36,775 29,162 12,193 365 3,479 2,186 — 100,182 Special Mention — — — — — 101 — — 101 Substandard — 37 — — — — — — 37 Real Estate - Commercial Mortgage $ 212,539 $ 711,453 $ 1,693,169 $ 1,115,209 $ 719,748 $ 1,066,371 $ 178,775 $ 43,804 $ 5,741,068 Owner-Occupied 58,853 261,181 366,383 309,977 210,035 414,837 54,321 3,195 1,678,782 Pass 58,853 257,650 349,540 307,144 208,132 403,233 49,955 2,925 1,637,432 Special Mention — 306 7,324 880 140 6,572 — — 15,222 Substandard — 3,225 9,519 1,953 1,763 5,032 4,366 270 26,128 Non-Owner Occupied 140,443 433,821 1,293,909 793,498 505,910 643,075 119,774 40,427 3,970,857 Pass 140,440 429,833 1,291,004 774,632 501,667 577,219 119,774 32,053 3,866,622 Special Mention 3 1,326 2,723 18,509 4,068 22,198 — — 48,827 Substandard — 2,662 182 357 175 43,658 — 8,374 55,408 Land Development 13,243 16,451 32,877 11,734 3,803 8,459 4,680 182 91,429 Pass 13,243 16,010 29,184 11,512 3,665 8,239 4,656 182 86,691 Special Mention — 417 3,316 35 — — — — 3,768 Substandard — 24 377 187 138 220 24 — 970 Installment loans to individuals $ 49 $ — $ — $ — $ — $ — $ — $ — $ 49 Pass 49 — — — — — — — 49 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total loans subject to risk rating $ 411,489 $ 1,469,567 $ 2,723,177 $ 1,598,952 $ 858,822 $ 1,201,304 $ 1,084,100 $ 50,637 $ 9,398,048 Pass 403,652 1,442,546 2,678,067 1,574,880 848,249 1,116,509 1,002,330 40,613 9,106,846 Special Mention 215 19,426 17,529 20,196 6,073 29,873 45,051 1 138,364 Substandard 7,622 7,595 27,581 3,876 4,500 54,922 36,719 10,023 152,838 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total December 31, 2023 Commercial, Financial, Agricultural $ 312,902 $ 289,264 $ 162,535 $ 98,894 $ 51,162 $ 38,518 $ 883,302 $ 19,440 $ 1,856,017 Pass 311,312 288,249 161,902 97,771 50,936 32,169 870,792 19,338 1,832,469 Special Mention 893 364 10 294 — 291 914 63 2,829 Substandard 697 651 623 829 226 6,058 11,596 39 20,719 Lease Financing Receivables $ 32,842 $ 49,628 $ 12,317 $ 13,553 $ 5,969 $ 1,700 $ — $ — $ 116,009 Pass 32,842 47,050 12,317 11,735 5,443 1,395 — — 110,782 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total Watch — 2,578 — 1,818 526 305 — — 5,227 Substandard — — — — — — — — — Real Estate - Construction $ 320,889 $ 581,201 $ 308,442 $ 16,066 $ — $ 1,823 $ 1,225 $ — $ 1,229,646 Residential 149,399 12,883 1,989 — — 369 1,225 — 165,865 Pass 146,535 10,147 1,989 — — 369 1,225 — 160,265 Special Mention 2,415 — — — — — — — 2,415 Substandard 449 2,736 — — — — — — 3,185 Commercial 171,490 568,318 306,453 16,066 — 1,454 — — 1,063,781 Pass 142,917 568,318 306,453 16,066 — 1,454 — — 1,035,208 Special Mention 28,573 — — — — — — — 28,573 Substandard — — — — — — — — — Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total Real Estate - 1-4 Family Mortgage $ 145,568 $ 176,724 $ 100,757 $ 41,542 $ 19,753 $ 30,783 $ 30,889 $ 1,834 $ 547,850 Primary 8,512 8,729 6,194 3,943 1,792 8,573 3,272 915 41,930 Pass 8,134 8,511 5,859 3,943 1,781 8,140 3,272 915 40,555 Special Mention 183 — — — — 34 — — 217 Substandard 195 218 335 — 11 399 — — 1,158 Home Equity 1,107 10 996 — — 16 20,628 74 22,831 Pass 1,107 10 996 — — 1 20,628 — 22,742 Special Mention — — — — — — — — — Substandard — — — — — 15 — 74 89 Rental/Investment 89,760 129,241 75,457 37,171 17,817 18,721 4,678 845 373,690 Pass 89,135 128,939 74,330 35,388 16,670 18,109 4,678 583 367,832 Special Mention 63 47 256 4 50 42 — — 462 Substandard 562 255 871 1,779 1,097 570 — 262 5,396 Land Development 46,189 38,744 18,110 428 144 3,473 2,311 — 109,399 Pass 46,151 38,744 18,110 409 144 3,372 2,311 — 109,241 Special Mention — — — — — 101 — — 101 Substandard 38 — — 19 — — — — 57 Real Estate - Commercial Mortgage $ 716,844 $ 1,572,099 $ 1,111,564 $ 717,571 $ 429,783 $ 723,344 $ 176,617 $ 26,252 $ 5,474,074 Owner-Occupied 264,589 336,491 321,491 214,365 164,931 283,517 60,200 3,247 1,648,831 Pass 260,831 325,575 318,391 212,368 159,552 275,088 56,453 2,977 1,611,235 Special Mention 562 1,147 890 107 3,385 2,953 25 — 9,069 Substandard 3,196 9,769 2,210 1,890 1,994 5,476 3,722 270 28,527 Non-Owner Occupied 432,769 1,195,500 776,264 499,290 260,355 434,541 111,609 22,821 3,733,149 Pass 428,740 1,194,864 761,476 494,971 223,264 398,188 111,609 13,774 3,626,886 Special Mention 1,339 454 14,422 4,111 14,001 12,677 — — 47,004 Substandard 2,690 182 366 208 23,090 23,676 — 9,047 59,259 Land Development 19,486 40,108 13,809 3,916 4,497 5,286 4,808 184 92,094 Pass 18,996 36,479 13,567 3,775 4,479 5,046 4,776 184 87,302 Special Mention 432 3,334 36 — — — — — 3,802 Substandard 58 295 206 141 18 240 32 — 990 Installment loans to individuals $ — $ — $ — $ — $ 3 $ — $ — $ — $ 3 Pass — — — — 3 — — — 3 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total loans subject to risk rating $ 1,529,045 $ 2,668,916 $ 1,695,615 $ 887,626 $ 506,670 $ 796,168 $ 1,092,033 $ 47,526 $ 9,223,599 Pass 1,486,700 2,646,886 1,675,390 876,426 462,272 743,331 1,075,744 37,771 9,004,520 Special Mention 34,460 7,924 15,614 6,334 17,962 16,403 939 63 99,699 Substandard 7,885 14,106 4,611 4,866 26,436 36,434 15,350 9,692 119,380 The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total March 31, 2024 Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 20,350 $ — $ — $ 20,350 Performing Loans — — — — — 20,350 — — 20,350 Non-Performing Loans — — — — — — — — — Lease Financing Receivables $ — $ — $ — $ — $ — $ 710 $ — $ — $ 710 Performing Loans — — — — — 710 — — 710 Non-Performing Loans — — — — — — — — — Real Estate - Construction $ 2,232 $ 51,330 $ 29,288 $ 9,902 $ — $ — $ 865 $ 6 $ 93,623 Residential 2,232 51,330 29,288 9,902 — — 865 6 93,623 Performing Loans 2,232 51,330 29,288 9,902 — — 865 6 93,623 Non-Performing Loans — — — — — — — — — Commercial — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 12,152 $ 342,732 $ 733,486 $ 527,566 $ 305,436 $ 456,357 $ 490,616 $ 9,744 $ 2,878,089 Primary 11,116 338,124 730,573 525,749 304,650 455,349 — 41 2,365,602 Performing Loans 11,116 336,745 721,389 518,782 294,198 433,351 — 41 2,315,622 Non-Performing Loans — 1,379 9,184 6,967 10,452 21,998 — — 49,980 Home Equity — — — 111 — 452 490,616 9,703 500,882 Performing Loans — — — 111 — 446 490,306 7,111 497,974 Non-Performing Loans — — — — — 6 310 2,592 2,908 Rental/Investment — — — — — 62 — — 62 Performing Loans — — — — — 62 — — 62 Non-Performing Loans — — — — — — — — — Land Development 1,036 4,608 2,913 1,706 786 494 — — 11,543 Performing Loans 1,036 4,608 2,736 1,706 786 494 — — 11,366 Non-Performing Loans — — 177 — — — — — 177 Real Estate - Commercial Mortgage $ 557 $ 3,562 $ 2,393 $ 2,882 $ 1,782 $ 986 $ — $ — $ 12,162 Owner-Occupied — — — — 125 4 — — 129 Performing Loans — — — — 125 4 — — 129 Non-Performing Loans — — — — — — — — — Non-Owner Occupied — — — — 24 — — — 24 Performing Loans — — — — 24 — — — 24 Non-Performing Loans — — — — — — — — — Land Development 557 3,562 2,393 2,882 1,633 982 — — 12,009 Performing Loans 557 3,562 2,200 2,882 1,631 982 — — 11,814 Non-Performing Loans — — 193 — 2 — — — 195 Installment loans to individuals $ 10,221 $ 27,172 $ 14,231 $ 6,224 $ 2,338 $ 23,676 $ 13,554 $ 127 $ 97,543 Performing Loans 10,221 26,987 14,160 6,210 2,338 23,554 13,553 116 97,139 Non-Performing Loans — 185 71 14 — 122 1 11 404 Total loans not subject to risk rating $ 25,162 $ 424,796 $ 779,398 $ 546,574 $ 309,556 $ 502,079 $ 505,035 $ 9,877 $ 3,102,477 Performing Loans 25,162 423,232 769,773 539,593 299,102 479,953 504,724 7,274 3,048,813 Non-Performing Loans — 1,564 9,625 6,981 10,454 22,126 311 2,603 53,664 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total December 31, 2023 Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 15,804 $ — $ — $ 15,804 Performing Loans — — — — — 15,804 — — 15,804 Non-Performing Loans — — — — — — — — — Lease Financing Receivables $ — $ — $ — $ — $ — $ 11 $ — $ — $ 11 Performing Loans — — — — — 11 — — 11 Non-Performing Loans — — — — — — — — — Real Estate - Construction $ 48,003 $ 41,070 $ 14,158 $ — $ — $ — $ 490 $ 30 $ 103,751 Residential 48,003 41,070 14,158 — — — 490 30 103,751 Performing Loans 48,003 41,070 14,158 — — — 490 30 103,751 Non-Performing Loans — — — — — — — — — Commercial — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 339,406 $ 731,088 $ 536,544 $ 312,015 $ 133,852 $ 339,842 $ 493,515 $ 5,807 $ 2,892,069 Primary 334,103 727,993 534,667 311,199 133,433 339,111 — 46 2,380,552 Performing Loans 333,751 720,759 528,383 302,065 128,859 322,677 — 46 2,336,540 Non-Performing Loans 352 7,234 6,284 9,134 4,574 16,434 — — 44,012 Home Equity — — 111 — — 470 493,515 5,761 499,857 Performing Loans — — 111 — — 466 491,849 4,584 497,010 Non-Performing Loans — — — — — 4 1,666 1,177 2,847 Rental/Investment — — — — — 65 — — 65 Performing Loans — — — — — 65 — — 65 Non-Performing Loans — — — — — — — — — Land Development 5,303 3,095 1,766 816 419 196 — — 11,595 Performing Loans 5,303 3,095 1,766 816 419 196 — — 11,595 Non-Performing Loans — — — — — — — — — Real Estate - Commercial Mortgage $ 3,640 $ 2,674 $ 3,054 $ 1,890 $ 902 $ 316 $ — $ — $ 12,476 Owner-Occupied — — — 126 — 4 — — 130 Performing Loans — — — 126 — 4 — — 130 Non-Performing Loans — — — — — — — — — Non-Owner Occupied — — — 25 — — — — 25 Performing Loans — — — 25 — — — — 25 Non-Performing Loans — — — — — — — — — Land Development 3,640 2,674 3,054 1,739 902 312 — — 12,321 Performing Loans 3,640 2,383 3,054 1,736 902 312 — — 12,027 Non-Performing Loans — 291 — 3 — — — — 294 Installment loans to individuals $ 35,274 $ 17,322 $ 7,121 $ 2,827 $ 9,786 $ 17,276 $ 13,769 $ 145 $ 103,520 Performing Loans 35,112 17,229 7,121 2,824 9,754 17,206 13,769 145 103,160 Non-Performing Loans 162 93 — 3 32 70 — — 360 Total loans not subject to risk rating $ 426,323 $ 792,154 $ 560,877 $ 316,732 $ 144,540 $ 373,249 $ 507,774 $ 5,982 $ 3,127,631 Performing Loans 425,809 784,536 554,593 307,592 139,934 356,741 506,108 4,805 3,080,118 Non-Performing Loans 514 7,618 6,284 9,140 4,606 16,508 1,666 1,177 47,513 The following tables disclose gross charge-offs by year of origination as of the dates presented: March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Charge-offs Commercial, financial, agricultural $ — $ — $ 9 $ — $ — $ 129 $ 211 $ 349 Real estate – 1-4 family mortgage: Primary — — — 13 — — — 13 Home equity — — — — — 24 — 24 Rental/investment — — — — — 45 — 45 Total real estate – 1-4 family mortgage — — — 13 — 69 — 82 Installment loans to individuals — 27 16 — — 436 — 479 Loans, net of unearned income $ — $ 27 $ 25 $ 13 $ — $ 634 $ 211 $ 910 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Charge-offs Commercial, financial, agricultural $ 898 $ 1,909 $ 235 $ 131 $ 635 $ 4,165 $ 865 $ 8,838 Lease financing 883 273 248 72 48 — — 1,524 Real estate – construction: Residential — 57 — — — — — 57 Real estate – 1-4 family mortgage: Primary — 17 — — — 92 — 109 Home equity — — — — 25 90 — 115 Rental/investment — — 91 72 10 20 — 193 Total real estate – 1-4 family mortgage — 17 91 72 35 202 — 417 Real estate – commercial mortgage: Owner-occupied — — — — — 582 — 582 Non-owner occupied — — — — — 4,986 — 4,986 Total real estate – commercial mortgage — — — — — 5,568 — 5,568 Installment loans to individuals 29 45 43 35 7 2,477 — 2,636 Loans, net of unearned income $ 1,810 $ 2,301 $ 617 $ 310 $ 725 $ 12,412 $ 865 $ 19,040 |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses (In Thousands) Allowance for Credit Losses on Loans The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses on loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed and such losses are reasonably quantified. Subsequent recoveries, if any, are credited to the allowance. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses in the Company’s loan portfolio. As of March 31, 2024 and December 31, 2023, the Company had accrued interest receivable for loans of $56,176 and $54,804, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program established in 2020 in response to the COVID-19 pandemic of $1,245 as of March 31, 2024 and December 31, 2023. The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented: Commercial Real Estate - Real Estate - Real Estate - Lease Financing Installment Total Three Months Ended March 31, 2024 Allowance for credit losses: Beginning balance $ 43,980 $ 18,612 $ 47,283 $ 77,020 $ 2,515 $ 9,168 $ 198,578 Charge-offs (349) — (82) — — (479) (910) Recoveries 346 — 48 6 8 338 746 Net (charge-offs) recoveries (3) — (34) 6 8 (141) (164) Provision for (recovery of) credit losses on loans 1,944 (1,295) 317 1,699 31 (58) 2,638 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 Period-End Amount Allocated to: Individually evaluated $ 9,104 $ — $ — $ 573 $ — $ 270 $ 9,947 Collectively evaluated 36,817 17,317 47,566 78,152 2,554 8,699 191,105 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 Loans: Individually evaluated $ 15,861 $ — $ 7,327 $ 13,033 $ — $ 270 $ 36,491 Collectively evaluated 1,853,547 1,243,535 3,421,959 5,740,197 107,474 97,322 12,464,034 Ending balance $ 1,869,408 $ 1,243,535 $ 3,429,286 $ 5,753,230 $ 107,474 $ 97,592 $ 12,500,525 Nonaccruing loans with no allowance for credit losses $ 157 $ — $ 7,328 $ 10,130 $ — $ — $ 17,615 Commercial Real Estate - Real Estate - Real Estate - Lease Financing Installment Loans to Individuals Total Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 44,255 $ 19,114 $ 44,727 $ 71,798 $ 2,463 $ 9,733 $ 192,090 Initial impact of PCD loans acquired (26) — — — — — (26) Charge-offs (529) — (3) (5,115) — (810) (6,457) Recoveries 725 — 24 211 5 760 1,725 Net (charge-offs) recoveries 196 — 21 (4,904) 5 (50) (4,732) Provision for (recovery of) credit losses on loans 253 845 1,233 5,876 (31) (216) 7,960 Ending balance $ 44,678 $ 19,959 $ 45,981 $ 72,770 $ 2,437 $ 9,467 $ 195,292 Period-End Amount Allocated to: Individually evaluated $ 14,162 $ 35 $ 608 $ 1,734 $ — $ 270 $ 16,809 Collectively evaluated 30,516 19,924 45,373 71,036 2,437 9,197 178,483 Ending balance $ 44,678 $ 19,959 $ 45,981 $ 72,770 $ 2,437 $ 9,467 $ 195,292 Loans: Individually evaluated $ 24,985 $ 652 $ 12,637 $ 10,375 $ — $ 274 $ 48,923 Collectively evaluated 1,715,793 1,423,700 3,266,343 5,075,438 121,146 115,082 11,717,502 Ending balance $ 1,740,778 $ 1,424,352 $ 3,278,980 $ 5,085,813 $ 121,146 $ 115,356 $ 11,766,425 Nonaccruing loans with no allowance for credit losses $ 768 $ — $ 9,710 $ 5,511 $ — $ 5 $ 15,994 The Company recorded a provision for credit losses on loans of $2,638 during the first quarter of 2024, as compared to a provision for credit losses on loans of $7,960 recorded in the first quarter of 2023. The Company’s allowance for credit losses model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. The provision for credit losses on loans of $2,638 in the first quarter of 2024 was primarily driven by loan growth. Allowance for Credit Losses on Unfunded Loan Commitments The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented. Three Months Ended March 31, 2024 2023 Allowance for credit losses on unfunded loan commitments: Beginning balance $ 16,918 $ 20,118 Recovery of credit losses on unfunded loan commitments (200) (1,500) Ending balance $ 16,718 $ 18,618 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented: March 31, 2024 December 31, 2023 Residential real estate $ 1,244 $ 1,211 Commercial real estate 7,872 8,407 Residential land development 19 4 Commercial land development 7 — Total $ 9,142 $ 9,622 Changes in the Company’s OREO were as follows: Total Balance at January 1, 2024 $ 9,622 Transfers of loans 195 Impairments (28) Dispositions (119) Other (528) Balance at March 31, 2024 $ 9,142 At March 31, 2024 and December 31, 2023, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $2,555 and $395, respectively. Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Repairs and maintenance $ 64 $ 16 Property taxes and insurance 29 111 Impairments 28 — Net gains on OREO sales (13) (95) Rental income (1) (2) Total $ 107 $ 30 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the three months ended March 31, 2024 are set forth in the table below. Community Banks Insurance Total Balance at January 1, 2024 $ 988,898 $ 2,767 $ 991,665 Additions to goodwill and other adjustments — — — Balance at March 31, 2024 $ 988,898 $ 2,767 $ 991,665 The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Accumulated Net Carrying March 31, 2024 Core deposit intangibles $ 82,492 $ (69,297) $ 13,195 Customer relationship intangible 7,670 (3,282) 4,388 Total finite-lived intangible assets $ 90,162 $ (72,579) $ 17,583 December 31, 2023 Core deposit intangibles $ 82,492 $ (68,383) $ 14,109 Customer relationship intangible 7,670 (2,984) 4,686 Total finite-lived intangible assets $ 90,162 $ (71,367) $ 18,795 Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended March 31, 2024 2023 Amortization expense for: Core deposit intangibles $ 914 $ 1,092 Customer relationship intangible 298 334 Total intangible amortization $ 1,212 $ 1,426 The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2024 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2024 $ 3,498 $ 1,192 $ 4,690 2025 3,102 1,048 4,150 2026 2,899 860 3,759 2027 2,774 628 3,402 2028 1,836 483 2,319 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions, including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. For example, an increase in mortgage interest rates or a decrease in actual prepayment speeds may cause positive adjustments to the valuation of the Company’s MSRs. MSRs are evaluated for impairment (or reversals of prior impairments) quarterly based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, 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 income” on the Consolidated Statements of Income. There was no valuation adjustment on MSRs during the three months ended March 31, 2024 or 2023. During the first quarter of 2024, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance of $2,013,235 to a third party for net proceeds of $23,011, resulting in a gain of $3,472. Changes in the Company’s MSRs were as follows: Balance at January 1, 2024 $ 91,688 Sale of MSRs (19,539) Capitalization 2,026 Amortization (2,579) Balance at March 31, 2024 $ 71,596 Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: March 31, 2024 December 31, 2023 Unpaid principal balance $ 5,860,523 $ 7,826,182 Weighted-average prepayment speed (CPR) 8.96 % 8.77 % Estimated impact of a 10% increase $ (2,046) $ (2,653) Estimated impact of a 20% increase (4,230) (5,457) Discount rate 11.10 % 10.85 % Estimated impact of a 10% increase $ (3,875) $ (4,753) Estimated impact of a 20% increase (7,461) (9,149) Weighted-average coupon interest rate 4.05 % 3.88 % Weighted-average servicing fee (basis points) 36.15 33.24 Weighted-average remaining maturity (in years) 7.50 7.50 |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Interest cost $ 227 $ 249 $ 5 $ 6 Expected return on plan assets (248) (309) — — Recognized actuarial loss (gain) 129 131 (23) (15) Net periodic benefit cost (return) $ 108 $ 71 $ (18) $ (9) Incentive Compensation Plans The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the three months ended March 31, 2024 or 2023. The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2024: Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time-Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period 169,575 $ 36.38 779,564 $ 36.20 Awarded 95,048 33.44 312,940 33.19 Vested — — (219,951) 36.33 Cancelled — — (3,599) 34.04 Nonvested at end of period 264,623 $ 35.32 868,954 $ 35.10 During the three months ended March 31, 2024, the Company reissued 162,653 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,992 and $3,445 for the three months ended March 31, 2024 and 2023, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments (In Thousands) The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions. Non-hedge derivatives The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate contracts Other Assets $ 631,264 $ 13,758 $ 532,279 $ 13,567 Interest rate lock commitments Other Assets 111,462 2,279 61,957 1,483 Forward commitments Other Assets 74,000 179 20,000 43 Totals $ 816,726 $ 16,216 $ 614,236 $ 15,093 Derivative liabilities: Interest rate contracts Other Liabilities $ 631,264 $ 13,758 $ 535,725 $ 13,567 Interest rate lock commitments Other Liabilities 6,220 18 2,292 — Forward commitments Other Liabilities 155,000 674 165,000 2,605 Totals $ 792,484 $ 14,450 $ 703,017 $ 16,172 Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented: Three Months Ended March 31, 2024 2023 Interest rate contracts: Included in interest income on loans $ 3,191 $ 1,742 Interest rate lock commitments: Included in mortgage banking income 808 2,237 Forward commitments Included in mortgage banking income 2,067 (490) Total $ 6,066 $ 3,489 Derivatives designated as cash flow hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flow or other forecasted transactions. The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings. The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed interest rate. The collar hedging strategy stabilizes interest rate fluctuation by setting both a floor and a cap. The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate swaps Other Assets $ 130,000 $ 23,655 $ 130,000 $ 21,486 Interest rate collars Other Assets — — 200,000 572 Total $ 130,000 $ 23,655 $ 330,000 $ 22,058 Derivative liabilities: Interest rate collars Other Liabilities 450,000 2,746 250,000 384 Totals $ 450,000 $ 2,746 $ 250,000 $ 384 Changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the three months ended March 31, 2024 or 2023. The impact on other comprehensive income for the three months ended March 31, 2024 and 2023 is discussed in Note 12, “Other Comprehensive Income (Loss).” Derivatives designated as fair value hedges Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to variable interest rates. The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative liabilities: Interest rate swaps Other Liabilities $ 100,000 $ 18,563 $ 100,000 $ 17,052 The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented: Amount of Gain (Loss) Recognized in Income Income Statement Three Months Ended March 31, Location 2024 2023 Derivative liabilities: Interest rate swaps - subordinated notes Interest Expense $ (1,511) $ 2,521 Derivative liabilities - hedged items: Interest rate swaps - subordinated notes Interest Expense $ 1,511 $ (2,521) The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented: Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability Balance Sheet Location March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt $ 80,324 $ 81,791 $ 18,563 $ 17,052 Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: Offsetting Derivative Assets Offsetting Derivative Liabilities March 31, December 31, 2023 March 31, December 31, 2023 Gross amounts recognized $ 34,905 $ 29,284 $ 33,054 $ 26,425 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 34,905 29,284 33,054 26,425 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 29,798 23,863 29,798 23,863 Financial collateral pledged — — 318 1,074 Net amounts $ 5,107 $ 5,421 $ 2,938 $ 1,488 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. March 31, December 31, 2024 2023 Deferred tax assets Allowance for credit losses $ 53,963 $ 53,432 Loans 1,437 1,631 Deferred compensation 12,192 15,310 Net unrealized losses on securities 52,103 51,211 Impairment of assets 284 138 Tax credits 4,711 4,035 Net operating loss carryforwards 4 33 Investment in partnerships 1,637 1,491 Lease liabilities under operating leases 12,974 13,066 Realized losses on securities 48 4,892 Other 2,748 2,660 Total deferred tax assets 142,101 147,899 Deferred tax liabilities Fixed assets 11,022 11,023 Mortgage servicing rights 16,367 21,282 Junior subordinated debt 1,647 1,708 Intangibles 2,371 2,447 Lease right-of-use asset 12,322 12,399 Other 3,490 3,344 Total deferred tax liabilities 47,219 52,203 Net deferred tax assets $ 94,882 $ 95,696 For the three months ended March 31, 2024 and 2023, the Company recorded a provision for income taxes totaling $9,912 and $11,322, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state departments of revenue for the years ending December 31, 2021 through December 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (In Thousands) Fair Value Measurements and the Fair Level Hierarchy Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, obligations of states and political subdivisions and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments : Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps, interest rate collars and other interest rate contracts such as interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale in loans held for sale : Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals March 31, 2024 Financial assets: Securities available for sale $ — $ 764,486 $ — $ 764,486 Derivative instruments — 39,871 — 39,871 Mortgage loans held for sale in loans held for sale — 191,440 — 191,440 Total financial assets $ — $ 995,797 $ — $ 995,797 Financial liabilities: Derivative instruments: $ — $ 35,759 $ — $ 35,759 Level 1 Level 2 Level 3 Totals December 31, 2023 Financial assets: Securities available for sale $ — $ 923,279 $ — $ 923,279 Derivative instruments — 37,151 — 37,151 Mortgage loans held for sale in loans held for sale — 179,756 — 179,756 Total financial assets $ — $ 1,140,186 $ — $ 1,140,186 Financial liabilities: Derivative instruments $ — $ 33,608 $ — $ 33,608 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the three months ended March 31, 2024. For the three months ended March 31, 2024 and 2023, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. Nonrecurring Fair Value Measurements Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: March 31, 2024 Level 1 Level 2 Level 3 Totals Individually evaluated loans, net of allowance for credit losses $ — $ — $ 6,690 $ 6,690 OREO — — 74 74 Total $ — $ — $ 6,764 $ 6,764 December 31, 2023 Level 1 Level 2 Level 3 Totals Individually evaluated loans, net of allowance for credit losses $ — $ — $ 27,762 $ 27,762 Total $ — $ — $ 27,762 $ 27,762 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis: Individually evaluated loans: Individually evaluated loans are reviewed and evaluated for credit losses on at least a quarterly basis for additional impairment and adjusted accordingly, taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $11,348 and $37,515 at March 31, 2024 and December 31, 2023, respectively, and a specific reserve for these loans of $4,658 and $9,753 was included in the allowance for credit losses as of such dates. Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of March 31, 2024. There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023. March 31, Carrying amount prior to remeasurement $ 103 Impairment recognized in results of operations (29) Fair value $ 74 Mortgage servicing rights : Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at March 31, 2024 and December 31, 2023. There were no valuation adjustments on MSRs during the three months ended March 31, 2024 or 2023. The following table presents information as of March 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Valuation Technique Significant Range of Inputs Individually evaluated loans, net of allowance for credit losses $ 6,690 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 74 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% Fair Value Option The Company has elected to measure all mortgage loans held for sale at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. A net loss of $1,703 and net gain of $1,780 resulting from fair value changes of these mortgage loans were recorded in income during the three months ended March 31, 2024 and 2023, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2024 and December 31, 2023: Aggregate Aggregate Difference March 31, 2024 Mortgage loans held for sale measured at fair value $ 191,440 $ 187,881 $ 3,559 December 31, 2023 Mortgage loans held for sale measured at fair value $ 179,756 $ 174,471 $ 5,285 Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value As of March 31, 2024 Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 844,400 $ 844,400 $ — $ — $ 844,400 Securities held to maturity 1,199,111 — 1,085,085 — 1,085,085 Securities available for sale 764,486 — 764,486 — 764,486 Loans held for sale 191,440 — 191,440 — 191,440 Loans, net 12,299,473 — — 11,757,985 11,757,985 Mortgage servicing rights 71,596 — — 96,622 96,622 Derivative instruments 39,871 — 39,871 — 39,871 Financial liabilities Deposits $ 14,237,163 $ 11,501,780 $ 2,719,369 $ — $ 14,221,149 Short-term borrowings 108,121 108,121 — — 108,121 Junior subordinated debentures 113,213 — 97,071 — 97,071 Subordinated notes 314,834 — 263,983 — 263,983 Derivative instruments 35,759 — 35,759 — 35,759 Fair Value As of December 31, 2023 Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 801,351 $ 801,351 $ — $ — $ 801,351 Securities held to maturity 1,221,464 — 1,121,830 — 1,121,830 Securities available for sale 923,279 — 923,279 — 923,279 Loans held for sale 179,756 — 179,756 — 179,756 Loans, net 12,152,652 — — 11,594,363 11,594,363 Mortgage servicing rights 91,688 — — 117,664 117,664 Derivative instruments 37,151 — 37,151 — 37,151 Financial liabilities Deposits $ 14,076,785 $ 11,381,556 $ 2,678,494 $ — $ 14,060,050 Short-term borrowings 307,577 307,577 — — 307,577 Junior subordinated debentures 112,978 — 96,435 — 96,435 Subordinated notes 316,422 — 255,192 — 255,192 Derivative instruments 33,608 — 33,608 — 33,608 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense Net of Tax Three months ended March 31, 2024 Securities available for sale: Unrealized holding losses on securities $ (6,192) $ (1,558) $ (4,634) Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,275 837 2,438 Total securities available for sale (2,917) (721) (2,196) Derivative instruments: Unrealized holding losses on derivative instruments (765) (195) (570) Total derivative instruments (765) (195) (570) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 106 27 79 Total defined benefit pension and post-retirement benefit plans 106 27 79 Total other comprehensive loss $ (3,576) $ (889) $ (2,687) Three months ended March 31, 2023 Securities available for sale: Unrealized holding gains on securities $ 20,714 $ 5,183 $ 15,531 Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,128 800 2,328 Total securities available for sale 23,842 5,983 17,859 Derivative instruments: Unrealized holding losses on derivative instruments (1,656) (424) (1,232) Total derivative instruments (1,656) (424) (1,232) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 116 30 86 Total defined benefit pension and post-retirement benefit plans 116 30 86 Total other comprehensive income $ 22,302 $ 5,589 $ 16,713 The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented: March 31, December 31, 2023 Unrealized losses on securities $ (165,680) $ (163,484) Unrealized gains on derivative instruments 16,481 17,051 Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,744) (7,823) Total accumulated other comprehensive loss $ (156,943) $ (154,256) |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: Three Months Ended March 31, 2024 2023 Basic Net income applicable to common stock $ 39,409 $ 46,078 Average common shares outstanding 56,208,348 56,008,741 Net income per common share - basic $ 0.70 $ 0.82 Diluted Net income applicable to common stock $ 39,409 $ 46,078 Average common shares outstanding 56,208,348 56,008,741 Effect of dilutive stock-based compensation 322,730 261,478 Average common shares outstanding - diluted 56,531,078 56,270,219 Net income per common share - diluted $ 0.70 $ 0.82 Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Number of shares 78,296 68,771 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Interest [Abstract] | |
Regulatory Matters | Regulatory Matters (In Thousands) 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 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 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. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented: March 31, 2024 December 31, 2023 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,594,020 9.75 % $ 1,578,918 9.62 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,484,398 10.59 % 1,469,531 10.52 % Tier 1 Capital to Risk-Weighted Assets 1,594,020 11.37 % 1,578,918 11.30 % Total Capital to Risk-Weighted Assets 2,102,933 15.00 % 2,085,531 14.93 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,728,934 10.57 % $ 1,714,965 10.45 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,728,934 12.31 % 1,714,965 12.25 % Tier 1 Capital to Risk-Weighted Assets 1,728,934 12.31 % 1,714,965 12.25 % Total Capital to Risk-Weighted Assets 1,904,816 13.56 % 1,888,104 13.49 % The Company elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of ASC Topic 326, “Financial Instruments - Credit Losses” |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows: • The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities. • The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. • The Wealth Management segment, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer. To give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following tables provide financial information for the Company’s operating segments as of and for the periods presented: Community Insurance Wealth Other Consolidated Three months ended March 31, 2024 Net interest income (loss) $ 129,691 $ 481 $ 11 $ (6,893) $ 123,290 Provision for credit losses 2,438 — — — 2,438 Noninterest income (loss) 31,491 3,596 6,633 (339) 41,381 Noninterest expense 105,167 2,147 5,185 413 112,912 Income (loss) before income taxes 53,577 1,930 1,459 (7,645) 49,321 Income tax expense (benefit) 11,364 501 20 (1,973) 9,912 Net income (loss) $ 42,213 $ 1,429 $ 1,439 $ (5,672) $ 39,409 Total assets $ 17,303,709 $ 41,905 $ 5,409 $ (5,282) $ 17,345,741 Goodwill $ 988,898 $ 2,767 — — $ 991,665 Three months ended March 31, 2023 Net interest income (loss) $ 141,796 $ 286 $ 11 $ (6,318) $ 135,775 Provision for credit losses 6,460 — — — 6,460 Noninterest income (loss) 28,493 3,362 5,812 (374) 37,293 Noninterest expense 101,881 2,039 4,928 360 109,208 Income (loss) before income taxes 61,948 1,609 895 (7,052) 57,400 Income tax expense (benefit) 12,722 416 4 (1,820) 11,322 Net income (loss) $ 49,226 $ 1,193 $ 891 $ (5,232) $ 46,078 Total assets $ 17,362,799 $ 37,168 $ 79,452 $ (5,336) $ 17,474,083 Goodwill $ 988,898 $ 2,767 — — $ 991,665 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 39,409 | $ 46,078 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 23, 2024. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. |
Impact of Recently-Issued Accounting Standards and Pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements : In March 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) , which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 was effective on January 1, 2024. The adoption of this accounting pronouncement will have no impact on the Company’s historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively. In October 2023, FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). ASU 2023-06 adds a number of disclosure requirements to the Codification in response to the Securities and Exchange Commission (“SEC”) initiative to update and simplify disclosure requirements. ASU 2023-06 is to be applied prospectively, and early adoption is prohibited. For SEC reporting entities, the effective dates will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entities. ASU 2023-06 is not expected to have significant impact on our financial statements. In November 2023, FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. ASU 2023-07 was effective January 1, 2024 and did not have a significant impact on our financial statements or segment disclosures. In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 will require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2024 or December 31, 2023. Amortized Gross Gross Fair March 31, 2024 Obligations of states and political subdivisions $ 21,669 $ 88 $ (1,994) $ 19,763 Residential mortgage backed securities: Government agency mortgage backed securities 198,253 99 (26,073) 172,279 Government agency collateralized mortgage obligations 431,344 — (90,453) 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 6,023 — (679) 5,344 Government agency collateralized mortgage obligations 137,524 — (22,702) 114,822 Other debt securities 115,235 583 (4,431) 111,387 $ 910,048 $ 770 $ (146,332) $ 764,486 Amortized Gross Gross Fair December 31, 2023 Obligations of states and political subdivisions $ 36,374 $ 119 $ (1,883) $ 34,610 Residential mortgage backed securities: Government agency mortgage backed securities 301,400 172 (24,968) 276,604 Government agency collateralized mortgage obligations 485,164 — (85,883) 399,281 Commercial mortgage backed securities: Government agency mortgage backed securities 6,029 — (637) 5,392 Government agency collateralized mortgage obligations 161,299 24 (21,965) 139,358 Other debt securities 72,383 109 (4,458) 68,034 $ 1,062,649 $ 424 $ (139,794) $ 923,279 The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Gross Gross Fair March 31, 2024 Obligations of states and political subdivisions $ 287,255 $ 51 $ (37,550) $ 249,756 Residential mortgage backed securities Government agency mortgage backed securities 414,485 — (24,465) 390,020 Government agency collateralized mortgage obligations 379,244 — (36,971) 342,273 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 — (3,056) 13,921 Government agency collateralized mortgage obligations 44,360 — (7,411) 36,949 Other debt securities 56,822 — (4,656) 52,166 $ 1,199,143 $ 51 $ (114,109) $ 1,085,085 Allowance for credit losses - held to maturity securities (32) Held to maturity securities, net of allowance for credit losses $ 1,199,111 Amortized Gross Gross Fair December 31, 2023 Obligations of states and political subdivisions $ 288,154 $ 74 $ (33,688) $ 254,540 Residential mortgage backed securities Government agency mortgage backed securities 426,264 — (20,314) 405,950 Government agency collateralized mortgage obligations 387,208 — (31,670) 355,538 Commercial mortgage backed securities: Government agency mortgage backed securities 16,983 — (2,972) 14,011 Government agency collateralized mortgage obligations 44,514 — (6,977) 37,537 Other debt securities 58,373 — (4,119) 54,254 $ 1,221,496 $ 74 $ (99,740) $ 1,121,830 Allowance for credit losses - held to maturity securities (32) Held to maturity securities, net of allowance for credit losses $ 1,221,464 |
Schedule of Realized Gain (Loss) | Securities sold were as follows for the three months ended March 31, 2024. The Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023. There were no securities sold during the first quarter of 2023. Carrying Value Immediately Prior to Sale Net Proceeds Impairment Recognized in December 2023 Three months ended March 31, 2024 Obligations of states and political subdivisions $ 12,301 $ 11,360 $ (941) Residential mortgage backed securities: Government agency mortgage backed securities 107,389 95,922 (11,467) Government agency collateralized mortgage obligations 48,300 43,990 (4,310) Commercial mortgage backed securities: Government agency collateralized mortgage obligations 28,547 25,913 (2,634) $ 196,537 $ 177,185 $ (19,352) |
Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Fair Amortized Fair Due within one year $ — $ — $ 2,274 $ 2,231 Due after one year through five years 7,705 7,249 35,762 36,003 Due after five years through ten years 112,024 99,428 38,877 34,712 Due after ten years 224,348 195,245 52,283 51,365 Residential mortgage backed securities: Government agency mortgage backed securities 414,485 390,020 198,253 172,279 Government agency collateralized mortgage obligations 379,244 342,273 431,344 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 13,921 6,023 5,344 Government agency collateralized mortgage obligations 44,360 36,949 137,524 114,822 Other debt securities — — 7,708 6,839 $ 1,199,143 $ 1,085,085 $ 910,048 $ 764,486 |
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Securities | The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for Sale: March 31, 2024 Obligations of states and political subdivisions — $ — $ — 7 $ 13,253 $ (1,994) 7 $ 13,253 $ (1,994) Residential mortgage backed securities: Government agency mortgage backed securities 4 6,720 (45) 36 161,215 (26,028) 40 167,935 (26,073) Government agency collateralized mortgage obligations — — — 37 340,806 (90,453) 37 340,806 (90,453) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,344 (679) 2 5,344 (679) Government agency collateralized mortgage obligations 2 7,694 (87) 25 107,128 (22,615) 27 114,822 (22,702) Other debt securities — — — 21 37,296 (4,431) 21 37,296 (4,431) Total 6 $ 14,414 $ (132) 128 $ 665,042 $ (146,200) 134 $ 679,456 $ (146,332) December 31, 2023 Obligations of states and political subdivisions 3 $ 2,914 $ (2) 9 $ 15,198 $ (1,881) 12 $ 18,112 $ (1,883) Residential mortgage backed securities: Government agency mortgage backed securities 1 806 (25) 35 166,963 (24,943) 36 167,769 (24,968) Government agency collateralized mortgage obligations — — — 37 354,574 (85,883) 37 354,574 (85,883) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,392 (637) 2 5,392 (637) Government agency collateralized mortgage obligations — — — 25 108,575 (21,965) 25 108,575 (21,965) Other debt securities 2 3,099 (195) 19 35,072 (4,263) 21 38,171 (4,458) Total 6 $ 6,819 $ (222) 127 $ 685,774 $ (139,572) 133 $ 692,593 $ (139,794) |
Schedule of Gross Unrealized Losses and Fair Value of Held-to-Maturity Securities | Less than 12 Months 12 Months or More Total # Fair Unrealized # Fair Unrealized # Fair Unrealized Held to Maturity: March 31, 2024 Obligations of states and political subdivisions 1 $ 2,372 $ (16) 127 $ 245,670 $ (37,534) 128 $ 248,042 $ (37,550) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 390,021 (24,465) 70 390,021 (24,465) Government agency collateralized mortgage obligations — — — 18 342,272 (36,971) 18 342,272 (36,971) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 13,921 (3,056) 1 13,921 (3,056) Government agency collateralized mortgage obligations — — — 9 36,949 (7,411) 9 36,949 (7,411) Other debt securities — — — 10 52,167 (4,656) 10 52,167 (4,656) Total 1 $ 2,372 $ (16) 235 $ 1,081,000 $ (114,093) 236 $ 1,083,372 $ (114,109) December 31, 2023 Obligations of states and political subdivisions 2 $ 2,807 $ (25) 126 $ 249,995 $ (33,663) 128 $ 252,802 $ (33,688) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 405,950 (20,314) 70 405,950 (20,314) Government agency collateralized mortgage obligations — — — 18 355,538 (31,670) 18 355,538 (31,670) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 14,011 (2,972) 1 14,011 (2,972) Government agency collateralized mortgage obligations — — — 9 37,537 (6,977) 9 37,537 (6,977) Other debt securities — — — 10 54,254 (4,119) 10 54,254 (4,119) Total 2 $ 2,807 $ (25) 234 $ 1,117,285 $ (99,715) 236 $ 1,120,092 $ (99,740) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Non-Purchased Loans and Leases | The following is a summary of loans and leases as of the dates presented: March 31, December 31, 2023 Commercial, financial, agricultural $ 1,869,408 $ 1,871,821 Lease financing 113,070 122,807 Real estate – construction: Residential 271,966 269,616 Commercial 971,569 1,063,781 Total real estate – construction 1,243,535 1,333,397 Real estate – 1-4 family mortgage: Primary 2,404,521 2,422,482 Home equity 525,346 522,688 Rental/investment 387,556 373,755 Land development 111,863 120,994 Total real estate – 1-4 family mortgage 3,429,286 3,439,919 Real estate – commercial mortgage: Owner-occupied 1,678,911 1,648,961 Non-owner occupied 3,970,881 3,733,174 Land development 103,438 104,415 Total real estate – commercial mortgage 5,753,230 5,486,550 Installment loans to individuals 97,592 103,523 Gross loans 12,506,121 12,358,017 Unearned income (5,596) (6,787) Loans, net of unearned income $ 12,500,525 $ 12,351,230 |
Schedule of Aging of Past Due and Nonaccrual Loans | The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days 90 Days Current Total 30-89 Days 90 Days Current Total Total March 31, 2024 Commercial, financial, agricultural $ 3,276 $ 227 $ 1,859,544 $ 1,863,047 $ 195 $ 1,200 $ 4,966 $ 6,361 $ 1,869,408 Lease financing — — 113,070 113,070 — — — — 113,070 Real estate – construction: Residential 225 — 271,741 271,966 — — — — 271,966 Commercial — — 971,569 971,569 — — — — 971,569 Total real estate – construction 225 — 1,243,310 1,243,535 — — — — 1,243,535 Real estate – 1-4 family mortgage: Primary 38,827 219 2,315,561 2,354,607 13,360 22,688 13,866 49,914 2,404,521 Home equity 3,829 — 518,610 522,439 697 1,050 1,160 2,907 525,346 Rental/investment 124 — 385,261 385,385 316 1,786 69 2,171 387,556 Land development 25 — 111,661 111,686 — 177 — 177 111,863 Total real estate – 1-4 family mortgage 42,805 219 3,331,093 3,374,117 14,373 25,701 15,095 55,169 3,429,286 Real estate – commercial mortgage: Owner-occupied 5,965 — 1,670,777 1,676,742 — 231 1,938 2,169 1,678,911 Non-owner occupied 3,048 — 3,958,352 3,961,400 — — 9,481 9,481 3,970,881 Land development 3,388 — 99,855 103,243 2 89 104 195 103,438 Total real estate – commercial mortgage 12,401 — 5,728,984 5,741,385 2 320 11,523 11,845 5,753,230 Installment loans to individuals 925 5 96,263 97,193 39 92 268 399 97,592 Unearned income — — (5,596) (5,596) — — — — (5,596) Loans, net of unearned income $ 59,632 $ 451 $ 12,366,668 $ 12,426,751 $ 14,609 $ 27,313 $ 31,852 $ 73,774 $ 12,500,525 Accruing Loans Nonaccruing Loans 30-89 Days 90 Days Current Total 30-89 Days 90 Days Current Total Total December 31, 2023 Commercial, financial, agricultural $ 1,098 $ 483 $ 1,864,441 $ 1,866,022 $ 1,310 $ 1,296 $ 3,193 $ 5,799 $ 1,871,821 Lease financing 687 — 122,120 122,807 — — — — 122,807 Real estate – construction: Residential — — 269,616 269,616 — — — — 269,616 Commercial — — 1,063,781 1,063,781 — — — — 1,063,781 Total real estate – construction — — 1,333,397 1,333,397 — — — — 1,333,397 Real estate – 1-4 family mortgage: Primary 33,679 — 2,344,629 2,378,308 9,454 19,394 15,326 44,174 2,422,482 Home equity 3,004 — 516,835 519,839 987 868 994 2,849 522,688 Rental/investment 9 58 371,508 371,575 43 1,786 351 2,180 373,755 Land development 206 — 120,769 120,975 — 19 — 19 120,994 Total real estate – 1-4 family mortgage 36,898 58 3,353,741 3,390,697 10,484 22,067 16,671 49,222 3,439,919 Real estate – commercial mortgage: Owner-occupied 4,867 — 1,640,721 1,645,588 131 1,904 1,338 3,373 1,648,961 Non-owner occupied 9,161 — 3,714,239 3,723,400 6,740 — 3,034 9,774 3,733,174 Land development 90 — 104,025 104,115 — 259 41 300 104,415 Total real estate – commercial mortgage 14,118 — 5,458,985 5,473,103 6,871 2,163 4,413 13,447 5,486,550 Installment loans to individuals 1,230 13 101,932 103,175 13 4 331 348 103,523 Unearned income — — (6,787) (6,787) — — — — (6,787) Loans, net of unearned income $ 54,031 $ 554 $ 12,227,829 $ 12,282,414 $ 18,678 $ 25,530 $ 24,608 $ 68,816 $ 12,351,230 |
Schedule of Amortized Cost Basis of Loan Modifications | The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three months ended March 31, 2024 and 2023, respectively and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification. The percentage of the amortized cost basis for each class of disclosed modifications as compared to the amortized cost basis of each class of loans is also presented below. Three Months Ended March 31, 2024 Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction and Term Extension Total % Total Loans by Class Commercial, financial, agricultural $ 1,741 $ 165 $ — $ 517 $ — $ 2,423 0.13 % Real estate – 1-4 family mortgage: Primary — 33 246 — — 279 0.01 Real estate – commercial mortgage: Owner-occupied 7,431 187 — — 270 7,888 0.47 Non-owner occupied — — 89 — — 89 — Total real estate – commercial mortgage 7,431 187 89 — 270 7,977 0.14 Installment loans to individuals — — 14 — — 14 0.01 Loans, net of unearned income $ 9,172 $ 385 $ 349 $ 517 $ 270 $ 10,693 0.09 % Note: payment delay includes extension of the amortization period. Three Months Ended March 31, 2023 Interest Rate Reduction % Total Loans by Class Real estate – commercial mortgage: Owner-occupied $ 155 0.01 % Non-owner occupied 1,029 0.03 Loans, net of unearned income $ 1,184 0.01 % The following tables present the weighted average financial effect of loan modifications requiring disclosure under ASU 2022-02 by class of financing receivable for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 Interest Rate Reduction (in basis points) Term Extension (in months) Payment Delay (in months) Commercial, financial, agricultural 39 7.5 — Real estate – 1-4 family mortgage: Primary — 24.0 35.7 Real estate – commercial mortgage: Owner-occupied 47 10.0 — Non-owner occupied — — 9.0 Installment loans to individuals — — 17.0 Note: payment delay includes extension of the amortization period. Three months ended March 31, 2024 Loan Type Financial Effect Combination - Term Extension and Payment Delay Commercial, financial, agricultural Extended the term and delayed the payment 42 months Combination - Interest Rate Reduction and Term Extension Real Estate - Commercial Mortgage - Owner-Occupied Reduced the interest rate by 275 basis points and extended the term 21 months Note: payment delay includes extension of the amortization period. Three Months Ended March 31, 2023 Interest Rate Reduction (in basis points) Real estate – commercial mortgage: Owner-occupied 68 Non-owner occupied 12 |
Schedule of Loan Portfolio by Risk-Rating Grades | The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total March 31, 2024 Commercial, Financial, Agricultural $ 77,044 $ 290,663 $ 270,335 $ 156,083 $ 94,343 $ 82,457 $ 873,299 $ 4,834 $ 1,849,058 Pass 69,435 289,225 255,011 155,263 93,524 77,012 796,122 3,761 1,739,353 Special Mention 44 814 222 299 172 473 44,848 1 46,873 Substandard 7,565 624 15,102 521 647 4,972 32,329 1,072 62,832 Lease Financing Receivables $ 5,619 $ 30,940 $ 46,897 $ 11,487 $ 5,441 $ 6,380 $ — $ — $ 106,764 Pass 5,619 29,491 42,561 11,211 3,791 5,928 — — 98,601 Special Mention — 1,449 3,898 276 1,650 452 — — 7,725 Substandard — — 438 — — — — — 438 Real Estate - Construction $ 78,762 $ 296,194 $ 549,456 $ 224,073 $ — $ 364 $ 1,063 $ — $ 1,149,912 Residential 47,902 118,273 10,741 — — 364 1,063 — 178,343 Pass 47,734 115,241 9,072 — — 364 1,063 — 173,474 Special Mention 168 2,750 — — — — — — 2,918 Substandard — 282 1,669 — — — — — 1,951 Commercial 30,860 177,921 538,715 224,073 — — — — 971,569 Pass 30,860 165,618 538,715 224,073 — — — — 959,266 Special Mention — 12,303 — — — — — — 12,303 Substandard — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 37,476 $ 140,317 $ 163,320 $ 92,100 $ 39,290 $ 45,732 $ 30,963 $ 1,999 $ 551,197 Primary 1,136 7,431 8,127 6,158 3,420 9,860 1,901 886 38,919 Pass 1,136 7,239 7,940 5,714 3,420 9,535 1,901 886 37,771 Special Mention — — — — — 28 — — 28 Substandard — 192 187 444 — 297 — — 1,120 Home Equity — 1,028 10 981 — — 22,387 58 24,464 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Pass — 1,028 10 981 — — 22,184 — 24,203 Special Mention — — — — — — 203 — 203 Substandard — — — — — — — 58 58 Rental/Investment 20,318 95,046 126,021 72,768 35,505 32,292 4,489 1,055 387,494 Pass 20,261 94,436 125,868 72,157 33,685 31,500 4,489 806 383,202 Special Mention — 61 46 197 43 49 — — 396 Substandard 57 549 107 414 1,777 743 — 249 3,896 Land Development 16,022 36,812 29,162 12,193 365 3,580 2,186 — 100,320 Pass 16,022 36,775 29,162 12,193 365 3,479 2,186 — 100,182 Special Mention — — — — — 101 — — 101 Substandard — 37 — — — — — — 37 Real Estate - Commercial Mortgage $ 212,539 $ 711,453 $ 1,693,169 $ 1,115,209 $ 719,748 $ 1,066,371 $ 178,775 $ 43,804 $ 5,741,068 Owner-Occupied 58,853 261,181 366,383 309,977 210,035 414,837 54,321 3,195 1,678,782 Pass 58,853 257,650 349,540 307,144 208,132 403,233 49,955 2,925 1,637,432 Special Mention — 306 7,324 880 140 6,572 — — 15,222 Substandard — 3,225 9,519 1,953 1,763 5,032 4,366 270 26,128 Non-Owner Occupied 140,443 433,821 1,293,909 793,498 505,910 643,075 119,774 40,427 3,970,857 Pass 140,440 429,833 1,291,004 774,632 501,667 577,219 119,774 32,053 3,866,622 Special Mention 3 1,326 2,723 18,509 4,068 22,198 — — 48,827 Substandard — 2,662 182 357 175 43,658 — 8,374 55,408 Land Development 13,243 16,451 32,877 11,734 3,803 8,459 4,680 182 91,429 Pass 13,243 16,010 29,184 11,512 3,665 8,239 4,656 182 86,691 Special Mention — 417 3,316 35 — — — — 3,768 Substandard — 24 377 187 138 220 24 — 970 Installment loans to individuals $ 49 $ — $ — $ — $ — $ — $ — $ — $ 49 Pass 49 — — — — — — — 49 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total loans subject to risk rating $ 411,489 $ 1,469,567 $ 2,723,177 $ 1,598,952 $ 858,822 $ 1,201,304 $ 1,084,100 $ 50,637 $ 9,398,048 Pass 403,652 1,442,546 2,678,067 1,574,880 848,249 1,116,509 1,002,330 40,613 9,106,846 Special Mention 215 19,426 17,529 20,196 6,073 29,873 45,051 1 138,364 Substandard 7,622 7,595 27,581 3,876 4,500 54,922 36,719 10,023 152,838 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total December 31, 2023 Commercial, Financial, Agricultural $ 312,902 $ 289,264 $ 162,535 $ 98,894 $ 51,162 $ 38,518 $ 883,302 $ 19,440 $ 1,856,017 Pass 311,312 288,249 161,902 97,771 50,936 32,169 870,792 19,338 1,832,469 Special Mention 893 364 10 294 — 291 914 63 2,829 Substandard 697 651 623 829 226 6,058 11,596 39 20,719 Lease Financing Receivables $ 32,842 $ 49,628 $ 12,317 $ 13,553 $ 5,969 $ 1,700 $ — $ — $ 116,009 Pass 32,842 47,050 12,317 11,735 5,443 1,395 — — 110,782 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total Watch — 2,578 — 1,818 526 305 — — 5,227 Substandard — — — — — — — — — Real Estate - Construction $ 320,889 $ 581,201 $ 308,442 $ 16,066 $ — $ 1,823 $ 1,225 $ — $ 1,229,646 Residential 149,399 12,883 1,989 — — 369 1,225 — 165,865 Pass 146,535 10,147 1,989 — — 369 1,225 — 160,265 Special Mention 2,415 — — — — — — — 2,415 Substandard 449 2,736 — — — — — — 3,185 Commercial 171,490 568,318 306,453 16,066 — 1,454 — — 1,063,781 Pass 142,917 568,318 306,453 16,066 — 1,454 — — 1,035,208 Special Mention 28,573 — — — — — — — 28,573 Substandard — — — — — — — — — Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total Real Estate - 1-4 Family Mortgage $ 145,568 $ 176,724 $ 100,757 $ 41,542 $ 19,753 $ 30,783 $ 30,889 $ 1,834 $ 547,850 Primary 8,512 8,729 6,194 3,943 1,792 8,573 3,272 915 41,930 Pass 8,134 8,511 5,859 3,943 1,781 8,140 3,272 915 40,555 Special Mention 183 — — — — 34 — — 217 Substandard 195 218 335 — 11 399 — — 1,158 Home Equity 1,107 10 996 — — 16 20,628 74 22,831 Pass 1,107 10 996 — — 1 20,628 — 22,742 Special Mention — — — — — — — — — Substandard — — — — — 15 — 74 89 Rental/Investment 89,760 129,241 75,457 37,171 17,817 18,721 4,678 845 373,690 Pass 89,135 128,939 74,330 35,388 16,670 18,109 4,678 583 367,832 Special Mention 63 47 256 4 50 42 — — 462 Substandard 562 255 871 1,779 1,097 570 — 262 5,396 Land Development 46,189 38,744 18,110 428 144 3,473 2,311 — 109,399 Pass 46,151 38,744 18,110 409 144 3,372 2,311 — 109,241 Special Mention — — — — — 101 — — 101 Substandard 38 — — 19 — — — — 57 Real Estate - Commercial Mortgage $ 716,844 $ 1,572,099 $ 1,111,564 $ 717,571 $ 429,783 $ 723,344 $ 176,617 $ 26,252 $ 5,474,074 Owner-Occupied 264,589 336,491 321,491 214,365 164,931 283,517 60,200 3,247 1,648,831 Pass 260,831 325,575 318,391 212,368 159,552 275,088 56,453 2,977 1,611,235 Special Mention 562 1,147 890 107 3,385 2,953 25 — 9,069 Substandard 3,196 9,769 2,210 1,890 1,994 5,476 3,722 270 28,527 Non-Owner Occupied 432,769 1,195,500 776,264 499,290 260,355 434,541 111,609 22,821 3,733,149 Pass 428,740 1,194,864 761,476 494,971 223,264 398,188 111,609 13,774 3,626,886 Special Mention 1,339 454 14,422 4,111 14,001 12,677 — — 47,004 Substandard 2,690 182 366 208 23,090 23,676 — 9,047 59,259 Land Development 19,486 40,108 13,809 3,916 4,497 5,286 4,808 184 92,094 Pass 18,996 36,479 13,567 3,775 4,479 5,046 4,776 184 87,302 Special Mention 432 3,334 36 — — — — — 3,802 Substandard 58 295 206 141 18 240 32 — 990 Installment loans to individuals $ — $ — $ — $ — $ 3 $ — $ — $ — $ 3 Pass — — — — 3 — — — 3 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total loans subject to risk rating $ 1,529,045 $ 2,668,916 $ 1,695,615 $ 887,626 $ 506,670 $ 796,168 $ 1,092,033 $ 47,526 $ 9,223,599 Pass 1,486,700 2,646,886 1,675,390 876,426 462,272 743,331 1,075,744 37,771 9,004,520 Special Mention 34,460 7,924 15,614 6,334 17,962 16,403 939 63 99,699 Substandard 7,885 14,106 4,611 4,866 26,436 36,434 15,350 9,692 119,380 The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total March 31, 2024 Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 20,350 $ — $ — $ 20,350 Performing Loans — — — — — 20,350 — — 20,350 Non-Performing Loans — — — — — — — — — Lease Financing Receivables $ — $ — $ — $ — $ — $ 710 $ — $ — $ 710 Performing Loans — — — — — 710 — — 710 Non-Performing Loans — — — — — — — — — Real Estate - Construction $ 2,232 $ 51,330 $ 29,288 $ 9,902 $ — $ — $ 865 $ 6 $ 93,623 Residential 2,232 51,330 29,288 9,902 — — 865 6 93,623 Performing Loans 2,232 51,330 29,288 9,902 — — 865 6 93,623 Non-Performing Loans — — — — — — — — — Commercial — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 12,152 $ 342,732 $ 733,486 $ 527,566 $ 305,436 $ 456,357 $ 490,616 $ 9,744 $ 2,878,089 Primary 11,116 338,124 730,573 525,749 304,650 455,349 — 41 2,365,602 Performing Loans 11,116 336,745 721,389 518,782 294,198 433,351 — 41 2,315,622 Non-Performing Loans — 1,379 9,184 6,967 10,452 21,998 — — 49,980 Home Equity — — — 111 — 452 490,616 9,703 500,882 Performing Loans — — — 111 — 446 490,306 7,111 497,974 Non-Performing Loans — — — — — 6 310 2,592 2,908 Rental/Investment — — — — — 62 — — 62 Performing Loans — — — — — 62 — — 62 Non-Performing Loans — — — — — — — — — Land Development 1,036 4,608 2,913 1,706 786 494 — — 11,543 Performing Loans 1,036 4,608 2,736 1,706 786 494 — — 11,366 Non-Performing Loans — — 177 — — — — — 177 Real Estate - Commercial Mortgage $ 557 $ 3,562 $ 2,393 $ 2,882 $ 1,782 $ 986 $ — $ — $ 12,162 Owner-Occupied — — — — 125 4 — — 129 Performing Loans — — — — 125 4 — — 129 Non-Performing Loans — — — — — — — — — Non-Owner Occupied — — — — 24 — — — 24 Performing Loans — — — — 24 — — — 24 Non-Performing Loans — — — — — — — — — Land Development 557 3,562 2,393 2,882 1,633 982 — — 12,009 Performing Loans 557 3,562 2,200 2,882 1,631 982 — — 11,814 Non-Performing Loans — — 193 — 2 — — — 195 Installment loans to individuals $ 10,221 $ 27,172 $ 14,231 $ 6,224 $ 2,338 $ 23,676 $ 13,554 $ 127 $ 97,543 Performing Loans 10,221 26,987 14,160 6,210 2,338 23,554 13,553 116 97,139 Non-Performing Loans — 185 71 14 — 122 1 11 404 Total loans not subject to risk rating $ 25,162 $ 424,796 $ 779,398 $ 546,574 $ 309,556 $ 502,079 $ 505,035 $ 9,877 $ 3,102,477 Performing Loans 25,162 423,232 769,773 539,593 299,102 479,953 504,724 7,274 3,048,813 Non-Performing Loans — 1,564 9,625 6,981 10,454 22,126 311 2,603 53,664 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total December 31, 2023 Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 15,804 $ — $ — $ 15,804 Performing Loans — — — — — 15,804 — — 15,804 Non-Performing Loans — — — — — — — — — Lease Financing Receivables $ — $ — $ — $ — $ — $ 11 $ — $ — $ 11 Performing Loans — — — — — 11 — — 11 Non-Performing Loans — — — — — — — — — Real Estate - Construction $ 48,003 $ 41,070 $ 14,158 $ — $ — $ — $ 490 $ 30 $ 103,751 Residential 48,003 41,070 14,158 — — — 490 30 103,751 Performing Loans 48,003 41,070 14,158 — — — 490 30 103,751 Non-Performing Loans — — — — — — — — — Commercial — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 339,406 $ 731,088 $ 536,544 $ 312,015 $ 133,852 $ 339,842 $ 493,515 $ 5,807 $ 2,892,069 Primary 334,103 727,993 534,667 311,199 133,433 339,111 — 46 2,380,552 Performing Loans 333,751 720,759 528,383 302,065 128,859 322,677 — 46 2,336,540 Non-Performing Loans 352 7,234 6,284 9,134 4,574 16,434 — — 44,012 Home Equity — — 111 — — 470 493,515 5,761 499,857 Performing Loans — — 111 — — 466 491,849 4,584 497,010 Non-Performing Loans — — — — — 4 1,666 1,177 2,847 Rental/Investment — — — — — 65 — — 65 Performing Loans — — — — — 65 — — 65 Non-Performing Loans — — — — — — — — — Land Development 5,303 3,095 1,766 816 419 196 — — 11,595 Performing Loans 5,303 3,095 1,766 816 419 196 — — 11,595 Non-Performing Loans — — — — — — — — — Real Estate - Commercial Mortgage $ 3,640 $ 2,674 $ 3,054 $ 1,890 $ 902 $ 316 $ — $ — $ 12,476 Owner-Occupied — — — 126 — 4 — — 130 Performing Loans — — — 126 — 4 — — 130 Non-Performing Loans — — — — — — — — — Non-Owner Occupied — — — 25 — — — — 25 Performing Loans — — — 25 — — — — 25 Non-Performing Loans — — — — — — — — — Land Development 3,640 2,674 3,054 1,739 902 312 — — 12,321 Performing Loans 3,640 2,383 3,054 1,736 902 312 — — 12,027 Non-Performing Loans — 291 — 3 — — — — 294 Installment loans to individuals $ 35,274 $ 17,322 $ 7,121 $ 2,827 $ 9,786 $ 17,276 $ 13,769 $ 145 $ 103,520 Performing Loans 35,112 17,229 7,121 2,824 9,754 17,206 13,769 145 103,160 Non-Performing Loans 162 93 — 3 32 70 — — 360 Total loans not subject to risk rating $ 426,323 $ 792,154 $ 560,877 $ 316,732 $ 144,540 $ 373,249 $ 507,774 $ 5,982 $ 3,127,631 Performing Loans 425,809 784,536 554,593 307,592 139,934 356,741 506,108 4,805 3,080,118 Non-Performing Loans 514 7,618 6,284 9,140 4,606 16,508 1,666 1,177 47,513 The following tables disclose gross charge-offs by year of origination as of the dates presented: March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Charge-offs Commercial, financial, agricultural $ — $ — $ 9 $ — $ — $ 129 $ 211 $ 349 Real estate – 1-4 family mortgage: Primary — — — 13 — — — 13 Home equity — — — — — 24 — 24 Rental/investment — — — — — 45 — 45 Total real estate – 1-4 family mortgage — — — 13 — 69 — 82 Installment loans to individuals — 27 16 — — 436 — 479 Loans, net of unearned income $ — $ 27 $ 25 $ 13 $ — $ 634 $ 211 $ 910 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Charge-offs Commercial, financial, agricultural $ 898 $ 1,909 $ 235 $ 131 $ 635 $ 4,165 $ 865 $ 8,838 Lease financing 883 273 248 72 48 — — 1,524 Real estate – construction: Residential — 57 — — — — — 57 Real estate – 1-4 family mortgage: Primary — 17 — — — 92 — 109 Home equity — — — — 25 90 — 115 Rental/investment — — 91 72 10 20 — 193 Total real estate – 1-4 family mortgage — 17 91 72 35 202 — 417 Real estate – commercial mortgage: Owner-occupied — — — — — 582 — 582 Non-owner occupied — — — — — 4,986 — 4,986 Total real estate – commercial mortgage — — — — — 5,568 — 5,568 Installment loans to individuals 29 45 43 35 7 2,477 — 2,636 Loans, net of unearned income $ 1,810 $ 2,301 $ 617 $ 310 $ 725 $ 12,412 $ 865 $ 19,040 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Roll Forward of The Allowance for Loan Losses | The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented: Commercial Real Estate - Real Estate - Real Estate - Lease Financing Installment Total Three Months Ended March 31, 2024 Allowance for credit losses: Beginning balance $ 43,980 $ 18,612 $ 47,283 $ 77,020 $ 2,515 $ 9,168 $ 198,578 Charge-offs (349) — (82) — — (479) (910) Recoveries 346 — 48 6 8 338 746 Net (charge-offs) recoveries (3) — (34) 6 8 (141) (164) Provision for (recovery of) credit losses on loans 1,944 (1,295) 317 1,699 31 (58) 2,638 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 Period-End Amount Allocated to: Individually evaluated $ 9,104 $ — $ — $ 573 $ — $ 270 $ 9,947 Collectively evaluated 36,817 17,317 47,566 78,152 2,554 8,699 191,105 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 Loans: Individually evaluated $ 15,861 $ — $ 7,327 $ 13,033 $ — $ 270 $ 36,491 Collectively evaluated 1,853,547 1,243,535 3,421,959 5,740,197 107,474 97,322 12,464,034 Ending balance $ 1,869,408 $ 1,243,535 $ 3,429,286 $ 5,753,230 $ 107,474 $ 97,592 $ 12,500,525 Nonaccruing loans with no allowance for credit losses $ 157 $ — $ 7,328 $ 10,130 $ — $ — $ 17,615 Commercial Real Estate - Real Estate - Real Estate - Lease Financing Installment Loans to Individuals Total Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 44,255 $ 19,114 $ 44,727 $ 71,798 $ 2,463 $ 9,733 $ 192,090 Initial impact of PCD loans acquired (26) — — — — — (26) Charge-offs (529) — (3) (5,115) — (810) (6,457) Recoveries 725 — 24 211 5 760 1,725 Net (charge-offs) recoveries 196 — 21 (4,904) 5 (50) (4,732) Provision for (recovery of) credit losses on loans 253 845 1,233 5,876 (31) (216) 7,960 Ending balance $ 44,678 $ 19,959 $ 45,981 $ 72,770 $ 2,437 $ 9,467 $ 195,292 Period-End Amount Allocated to: Individually evaluated $ 14,162 $ 35 $ 608 $ 1,734 $ — $ 270 $ 16,809 Collectively evaluated 30,516 19,924 45,373 71,036 2,437 9,197 178,483 Ending balance $ 44,678 $ 19,959 $ 45,981 $ 72,770 $ 2,437 $ 9,467 $ 195,292 Loans: Individually evaluated $ 24,985 $ 652 $ 12,637 $ 10,375 $ — $ 274 $ 48,923 Collectively evaluated 1,715,793 1,423,700 3,266,343 5,075,438 121,146 115,082 11,717,502 Ending balance $ 1,740,778 $ 1,424,352 $ 3,278,980 $ 5,085,813 $ 121,146 $ 115,356 $ 11,766,425 Nonaccruing loans with no allowance for credit losses $ 768 $ — $ 9,710 $ 5,511 $ — $ 5 $ 15,994 |
Schedule of Unfunded Loan Commitments, Allowance for Credit Losses | The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented. Three Months Ended March 31, 2024 2023 Allowance for credit losses on unfunded loan commitments: Beginning balance $ 16,918 $ 20,118 Recovery of credit losses on unfunded loan commitments (200) (1,500) Ending balance $ 16,718 $ 18,618 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Schedule of Other Real Estate Owned (OREO) Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs | The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented: March 31, 2024 December 31, 2023 Residential real estate $ 1,244 $ 1,211 Commercial real estate 7,872 8,407 Residential land development 19 4 Commercial land development 7 — Total $ 9,142 $ 9,622 |
Schedule of Changes in Company’s OREO | Changes in the Company’s OREO were as follows: Total Balance at January 1, 2024 $ 9,622 Transfers of loans 195 Impairments (28) Dispositions (119) Other (528) Balance at March 31, 2024 $ 9,142 |
Schedule of Components of OREO in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Repairs and maintenance $ 64 $ 16 Property taxes and insurance 29 111 Impairments 28 — Net gains on OREO sales (13) (95) Rental income (1) (2) Total $ 107 $ 30 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amounts of Goodwill by Operating Segments | The carrying amounts of goodwill by operating segments for the three months ended March 31, 2024 are set forth in the table below. Community Banks Insurance Total Balance at January 1, 2024 $ 988,898 $ 2,767 $ 991,665 Additions to goodwill and other adjustments — — — Balance at March 31, 2024 $ 988,898 $ 2,767 $ 991,665 |
Schedule of Finite-Lived Intangible Assets | The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Accumulated Net Carrying March 31, 2024 Core deposit intangibles $ 82,492 $ (69,297) $ 13,195 Customer relationship intangible 7,670 (3,282) 4,388 Total finite-lived intangible assets $ 90,162 $ (72,579) $ 17,583 December 31, 2023 Core deposit intangibles $ 82,492 $ (68,383) $ 14,109 Customer relationship intangible 7,670 (2,984) 4,686 Total finite-lived intangible assets $ 90,162 $ (71,367) $ 18,795 |
Schedule of Current Year Amortization Expense for Finite-Lived Intangible Assets | Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended March 31, 2024 2023 Amortization expense for: Core deposit intangibles $ 914 $ 1,092 Customer relationship intangible 298 334 Total intangible amortization $ 1,212 $ 1,426 |
Schedule of Estimated Amortization Expense of Finite-Lived Intangible Assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2024 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2024 $ 3,498 $ 1,192 $ 4,690 2025 3,102 1,048 4,150 2026 2,899 860 3,759 2027 2,774 628 3,402 2028 1,836 483 2,319 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Schedule of Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows: Balance at January 1, 2024 $ 91,688 Sale of MSRs (19,539) Capitalization 2,026 Amortization (2,579) Balance at March 31, 2024 $ 71,596 |
Schedule of Data and Key Economic Assumptions Related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: March 31, 2024 December 31, 2023 Unpaid principal balance $ 5,860,523 $ 7,826,182 Weighted-average prepayment speed (CPR) 8.96 % 8.77 % Estimated impact of a 10% increase $ (2,046) $ (2,653) Estimated impact of a 20% increase (4,230) (5,457) Discount rate 11.10 % 10.85 % Estimated impact of a 10% increase $ (3,875) $ (4,753) Estimated impact of a 20% increase (7,461) (9,149) Weighted-average coupon interest rate 4.05 % 3.88 % Weighted-average servicing fee (basis points) 36.15 33.24 Weighted-average remaining maturity (in years) 7.50 7.50 |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans | Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Interest cost $ 227 $ 249 $ 5 $ 6 Expected return on plan assets (248) (309) — — Recognized actuarial loss (gain) 129 131 (23) (15) Net periodic benefit cost (return) $ 108 $ 71 $ (18) $ (9) |
Schedule of The Changes in Stock Options and Restricted Stock | The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2024: Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time-Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period 169,575 $ 36.38 779,564 $ 36.20 Awarded 95,048 33.44 312,940 33.19 Vested — — (219,951) 36.33 Cancelled — — (3,599) 34.04 Nonvested at end of period 264,623 $ 35.32 868,954 $ 35.10 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate contracts Other Assets $ 631,264 $ 13,758 $ 532,279 $ 13,567 Interest rate lock commitments Other Assets 111,462 2,279 61,957 1,483 Forward commitments Other Assets 74,000 179 20,000 43 Totals $ 816,726 $ 16,216 $ 614,236 $ 15,093 Derivative liabilities: Interest rate contracts Other Liabilities $ 631,264 $ 13,758 $ 535,725 $ 13,567 Interest rate lock commitments Other Liabilities 6,220 18 2,292 — Forward commitments Other Liabilities 155,000 674 165,000 2,605 Totals $ 792,484 $ 14,450 $ 703,017 $ 16,172 The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate swaps Other Assets $ 130,000 $ 23,655 $ 130,000 $ 21,486 Interest rate collars Other Assets — — 200,000 572 Total $ 130,000 $ 23,655 $ 330,000 $ 22,058 Derivative liabilities: Interest rate collars Other Liabilities 450,000 2,746 250,000 384 Totals $ 450,000 $ 2,746 $ 250,000 $ 384 The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented: Balance Sheet March 31, 2024 December 31, 2023 Location Notional Amount Fair Value Notional Amount Fair Value Derivative liabilities: Interest rate swaps Other Liabilities $ 100,000 $ 18,563 $ 100,000 $ 17,052 |
Schedule of Gains (Losses) on Derivative Financial Instruments Included in the Consolidated Statements of Income | Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented: Three Months Ended March 31, 2024 2023 Interest rate contracts: Included in interest income on loans $ 3,191 $ 1,742 Interest rate lock commitments: Included in mortgage banking income 808 2,237 Forward commitments Included in mortgage banking income 2,067 (490) Total $ 6,066 $ 3,489 The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented: Amount of Gain (Loss) Recognized in Income Income Statement Three Months Ended March 31, Location 2024 2023 Derivative liabilities: Interest rate swaps - subordinated notes Interest Expense $ (1,511) $ 2,521 Derivative liabilities - hedged items: Interest rate swaps - subordinated notes Interest Expense $ 1,511 $ (2,521) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented: Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability Balance Sheet Location March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt $ 80,324 $ 81,791 $ 18,563 $ 17,052 |
Schedule of Offsetting Assets | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: Offsetting Derivative Assets Offsetting Derivative Liabilities March 31, December 31, 2023 March 31, December 31, 2023 Gross amounts recognized $ 34,905 $ 29,284 $ 33,054 $ 26,425 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 34,905 29,284 33,054 26,425 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 29,798 23,863 29,798 23,863 Financial collateral pledged — — 318 1,074 Net amounts $ 5,107 $ 5,421 $ 2,938 $ 1,488 |
Schedule of Offsetting Liabilities | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: Offsetting Derivative Assets Offsetting Derivative Liabilities March 31, December 31, 2023 March 31, December 31, 2023 Gross amounts recognized $ 34,905 $ 29,284 $ 33,054 $ 26,425 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 34,905 29,284 33,054 26,425 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 29,798 23,863 29,798 23,863 Financial collateral pledged — — 318 1,074 Net amounts $ 5,107 $ 5,421 $ 2,938 $ 1,488 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities | The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. March 31, December 31, 2024 2023 Deferred tax assets Allowance for credit losses $ 53,963 $ 53,432 Loans 1,437 1,631 Deferred compensation 12,192 15,310 Net unrealized losses on securities 52,103 51,211 Impairment of assets 284 138 Tax credits 4,711 4,035 Net operating loss carryforwards 4 33 Investment in partnerships 1,637 1,491 Lease liabilities under operating leases 12,974 13,066 Realized losses on securities 48 4,892 Other 2,748 2,660 Total deferred tax assets 142,101 147,899 Deferred tax liabilities Fixed assets 11,022 11,023 Mortgage servicing rights 16,367 21,282 Junior subordinated debt 1,647 1,708 Intangibles 2,371 2,447 Lease right-of-use asset 12,322 12,399 Other 3,490 3,344 Total deferred tax liabilities 47,219 52,203 Net deferred tax assets $ 94,882 $ 95,696 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals March 31, 2024 Financial assets: Securities available for sale $ — $ 764,486 $ — $ 764,486 Derivative instruments — 39,871 — 39,871 Mortgage loans held for sale in loans held for sale — 191,440 — 191,440 Total financial assets $ — $ 995,797 $ — $ 995,797 Financial liabilities: Derivative instruments: $ — $ 35,759 $ — $ 35,759 Level 1 Level 2 Level 3 Totals December 31, 2023 Financial assets: Securities available for sale $ — $ 923,279 $ — $ 923,279 Derivative instruments — 37,151 — 37,151 Mortgage loans held for sale in loans held for sale — 179,756 — 179,756 Total financial assets $ — $ 1,140,186 $ — $ 1,140,186 Financial liabilities: Derivative instruments $ — $ 33,608 $ — $ 33,608 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: March 31, 2024 Level 1 Level 2 Level 3 Totals Individually evaluated loans, net of allowance for credit losses $ — $ — $ 6,690 $ 6,690 OREO — — 74 74 Total $ — $ — $ 6,764 $ 6,764 December 31, 2023 Level 1 Level 2 Level 3 Totals Individually evaluated loans, net of allowance for credit losses $ — $ — $ 27,762 $ 27,762 Total $ — $ — $ 27,762 $ 27,762 |
Schedule of OREO Measured at Fair Value on a Nonrecurring Basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of March 31, 2024. There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023. March 31, Carrying amount prior to remeasurement $ 103 Impairment recognized in results of operations (29) Fair value $ 74 |
Schedule of Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non Recurring Basis | The following table presents information as of March 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Valuation Technique Significant Range of Inputs Individually evaluated loans, net of allowance for credit losses $ 6,690 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 74 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% |
Schedule of Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2024 and December 31, 2023: Aggregate Aggregate Difference March 31, 2024 Mortgage loans held for sale measured at fair value $ 191,440 $ 187,881 $ 3,559 December 31, 2023 Mortgage loans held for sale measured at fair value $ 179,756 $ 174,471 $ 5,285 |
Schedule of Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value As of March 31, 2024 Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 844,400 $ 844,400 $ — $ — $ 844,400 Securities held to maturity 1,199,111 — 1,085,085 — 1,085,085 Securities available for sale 764,486 — 764,486 — 764,486 Loans held for sale 191,440 — 191,440 — 191,440 Loans, net 12,299,473 — — 11,757,985 11,757,985 Mortgage servicing rights 71,596 — — 96,622 96,622 Derivative instruments 39,871 — 39,871 — 39,871 Financial liabilities Deposits $ 14,237,163 $ 11,501,780 $ 2,719,369 $ — $ 14,221,149 Short-term borrowings 108,121 108,121 — — 108,121 Junior subordinated debentures 113,213 — 97,071 — 97,071 Subordinated notes 314,834 — 263,983 — 263,983 Derivative instruments 35,759 — 35,759 — 35,759 Fair Value As of December 31, 2023 Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 801,351 $ 801,351 $ — $ — $ 801,351 Securities held to maturity 1,221,464 — 1,121,830 — 1,121,830 Securities available for sale 923,279 — 923,279 — 923,279 Loans held for sale 179,756 — 179,756 — 179,756 Loans, net 12,152,652 — — 11,594,363 11,594,363 Mortgage servicing rights 91,688 — — 117,664 117,664 Derivative instruments 37,151 — 37,151 — 37,151 Financial liabilities Deposits $ 14,076,785 $ 11,381,556 $ 2,678,494 $ — $ 14,060,050 Short-term borrowings 307,577 307,577 — — 307,577 Junior subordinated debentures 112,978 — 96,435 — 96,435 Subordinated notes 316,422 — 255,192 — 255,192 Derivative instruments 33,608 — 33,608 — 33,608 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Changes in the Components of Other Comprehensive Income (Loss) | Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense Net of Tax Three months ended March 31, 2024 Securities available for sale: Unrealized holding losses on securities $ (6,192) $ (1,558) $ (4,634) Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,275 837 2,438 Total securities available for sale (2,917) (721) (2,196) Derivative instruments: Unrealized holding losses on derivative instruments (765) (195) (570) Total derivative instruments (765) (195) (570) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 106 27 79 Total defined benefit pension and post-retirement benefit plans 106 27 79 Total other comprehensive loss $ (3,576) $ (889) $ (2,687) Three months ended March 31, 2023 Securities available for sale: Unrealized holding gains on securities $ 20,714 $ 5,183 $ 15,531 Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,128 800 2,328 Total securities available for sale 23,842 5,983 17,859 Derivative instruments: Unrealized holding losses on derivative instruments (1,656) (424) (1,232) Total derivative instruments (1,656) (424) (1,232) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 116 30 86 Total defined benefit pension and post-retirement benefit plans 116 30 86 Total other comprehensive income $ 22,302 $ 5,589 $ 16,713 |
Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax | The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented: March 31, December 31, 2023 Unrealized losses on securities $ (165,680) $ (163,484) Unrealized gains on derivative instruments 16,481 17,051 Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,744) (7,823) Total accumulated other comprehensive loss $ (156,943) $ (154,256) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Common Share | Basic and diluted net income per common share calculations are as follows for the periods presented: Three Months Ended March 31, 2024 2023 Basic Net income applicable to common stock $ 39,409 $ 46,078 Average common shares outstanding 56,208,348 56,008,741 Net income per common share - basic $ 0.70 $ 0.82 Diluted Net income applicable to common stock $ 39,409 $ 46,078 Average common shares outstanding 56,208,348 56,008,741 Effect of dilutive stock-based compensation 322,730 261,478 Average common shares outstanding - diluted 56,531,078 56,270,219 Net income per common share - diluted $ 0.70 $ 0.82 |
Schedule of Antidilutive Securities | Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Number of shares 78,296 68,771 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Guidelines Governing the Classification of Capital Tiers | Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% |
Schedule of Capital and Risk-Based Capital and Leverage Ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented: March 31, 2024 December 31, 2023 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,594,020 9.75 % $ 1,578,918 9.62 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,484,398 10.59 % 1,469,531 10.52 % Tier 1 Capital to Risk-Weighted Assets 1,594,020 11.37 % 1,578,918 11.30 % Total Capital to Risk-Weighted Assets 2,102,933 15.00 % 2,085,531 14.93 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,728,934 10.57 % $ 1,714,965 10.45 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,728,934 12.31 % 1,714,965 12.25 % Tier 1 Capital to Risk-Weighted Assets 1,728,934 12.31 % 1,714,965 12.25 % Total Capital to Risk-Weighted Assets 1,904,816 13.56 % 1,888,104 13.49 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for the Company's Operating Segments | The following tables provide financial information for the Company’s operating segments as of and for the periods presented: Community Insurance Wealth Other Consolidated Three months ended March 31, 2024 Net interest income (loss) $ 129,691 $ 481 $ 11 $ (6,893) $ 123,290 Provision for credit losses 2,438 — — — 2,438 Noninterest income (loss) 31,491 3,596 6,633 (339) 41,381 Noninterest expense 105,167 2,147 5,185 413 112,912 Income (loss) before income taxes 53,577 1,930 1,459 (7,645) 49,321 Income tax expense (benefit) 11,364 501 20 (1,973) 9,912 Net income (loss) $ 42,213 $ 1,429 $ 1,439 $ (5,672) $ 39,409 Total assets $ 17,303,709 $ 41,905 $ 5,409 $ (5,282) $ 17,345,741 Goodwill $ 988,898 $ 2,767 — — $ 991,665 Three months ended March 31, 2023 Net interest income (loss) $ 141,796 $ 286 $ 11 $ (6,318) $ 135,775 Provision for credit losses 6,460 — — — 6,460 Noninterest income (loss) 28,493 3,362 5,812 (374) 37,293 Noninterest expense 101,881 2,039 4,928 360 109,208 Income (loss) before income taxes 61,948 1,609 895 (7,052) 57,400 Income tax expense (benefit) 12,722 416 4 (1,820) 11,322 Net income (loss) $ 49,226 $ 1,193 $ 891 $ (5,232) $ 46,078 Total assets $ 17,362,799 $ 37,168 $ 79,452 $ (5,336) $ 17,474,083 Goodwill $ 988,898 $ 2,767 — — $ 991,665 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | $ 910,048 | $ 1,062,649 |
Gross Unrealized Gains | 770 | 424 |
Gross Unrealized Losses | (146,332) | (139,794) |
Fair Value | 764,486 | 923,279 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 21,669 | 36,374 |
Gross Unrealized Gains | 88 | 119 |
Gross Unrealized Losses | (1,994) | (1,883) |
Fair Value | 19,763 | 34,610 |
Other debt securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 115,235 | 72,383 |
Gross Unrealized Gains | 583 | 109 |
Gross Unrealized Losses | (4,431) | (4,458) |
Fair Value | 111,387 | 68,034 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 198,253 | 301,400 |
Gross Unrealized Gains | 99 | 172 |
Gross Unrealized Losses | (26,073) | (24,968) |
Fair Value | 172,279 | 276,604 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 6,023 | 6,029 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (679) | (637) |
Fair Value | 5,344 | 5,392 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 431,344 | 485,164 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (90,453) | (85,883) |
Fair Value | 340,891 | 399,281 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 137,524 | 161,299 |
Gross Unrealized Gains | 0 | 24 |
Gross Unrealized Losses | (22,702) | (21,965) |
Fair Value | $ 114,822 | $ 139,358 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value, Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,199,143 | $ 1,221,496 |
Gross Unrealized Gains | 51 | 74 |
Gross Unrealized Losses | (114,109) | (99,740) |
Fair Value | 1,085,085 | 1,121,830 |
Allowance for credit losses - held to maturity securities | (32) | (32) |
Held to maturity securities, net of allowance for credit losses | 1,199,111 | 1,221,464 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 287,255 | 288,154 |
Gross Unrealized Gains | 51 | 74 |
Gross Unrealized Losses | (37,550) | (33,688) |
Fair Value | 249,756 | 254,540 |
Residential mortgage backed securities: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 379,244 | 387,208 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (36,971) | (31,670) |
Fair Value | 342,273 | 355,538 |
Residential mortgage backed securities: | Government agency mortgage backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 414,485 | 426,264 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (24,465) | (20,314) |
Fair Value | 390,020 | 405,950 |
Commercial mortgage backed securities: | Government agency mortgage backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 16,977 | 16,983 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,056) | (2,972) |
Fair Value | 13,921 | 14,011 |
Commercial mortgage backed securities: | Government agency collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 44,360 | 44,514 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,411) | (6,977) |
Fair Value | 36,949 | 37,537 |
Other debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 56,822 | 58,373 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,656) | (4,119) |
Fair Value | $ 52,166 | $ 54,254 |
Securities - Securities Sold (D
Securities - Securities Sold (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Carrying Value Immediately Prior to Sale | $ 196,537,000 | |
Net Proceeds | 177,185,000 | $ 0 |
Impairment Recognized in December 2023 | (19,352,000) | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying Value Immediately Prior to Sale | 12,301,000 | |
Net Proceeds | 11,360,000 | |
Impairment Recognized in December 2023 | (941,000) | |
Residential mortgage backed securities: | Government agency mortgage backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying Value Immediately Prior to Sale | 107,389,000 | |
Net Proceeds | 95,922,000 | |
Impairment Recognized in December 2023 | (11,467,000) | |
Residential mortgage backed securities: | Government agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying Value Immediately Prior to Sale | 48,300,000 | |
Net Proceeds | 43,990,000 | |
Impairment Recognized in December 2023 | (4,310,000) | |
Commercial mortgage backed securities: | Government agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying Value Immediately Prior to Sale | 28,547,000 | |
Net Proceeds | 25,913,000 | |
Impairment Recognized in December 2023 | $ (2,634,000) |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses - held to maturity securities | $ 32 | $ 32 |
Secure government, public and trust deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged as collateral | 799,198 | 880,715 |
Short-term borrowings | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged as collateral | $ 14,106 | $ 14,329 |
Securities - Contractual Maturi
Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due within one year | $ 0 | |
Due after one year through five years | 7,705 | |
Due after five years through ten years | 112,024 | |
Due after ten years | 224,348 | |
Amortized Cost | 1,199,143 | $ 1,221,496 |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 7,249 | |
Due after five years through ten years | 99,428 | |
Due after ten years | 195,245 | |
Fair Value | 1,085,085 | 1,121,830 |
Amortized Cost | ||
Due within one year | 2,274 | |
Due after one year through five years | 35,762 | |
Due after five years through ten years | 38,877 | |
Due after ten years | 52,283 | |
Amortized Cost | 910,048 | 1,062,649 |
Fair Value | ||
Due within one year | 2,231 | |
Due after one year through five years | 36,003 | |
Due after five years through ten years | 34,712 | |
Due after ten years | 51,365 | |
Fair Value | 764,486 | 923,279 |
Residential mortgage backed securities: | ||
Amortized Cost | ||
Amortized Cost | 379,244 | 387,208 |
Fair Value | ||
Fair Value | 342,273 | 355,538 |
Other debt securities | ||
Amortized Cost | ||
Without single maturity date, amortized cost | 0 | |
Amortized Cost | 56,822 | 58,373 |
Fair Value | ||
Without single maturity date, fair value | 0 | |
Fair Value | 52,166 | 54,254 |
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 7,708 | |
Amortized Cost | 115,235 | 72,383 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 6,839 | |
Fair Value | 111,387 | 68,034 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized Cost | ||
Without single maturity date, amortized cost | 414,485 | |
Amortized Cost | 414,485 | 426,264 |
Fair Value | ||
Without single maturity date, fair value | 390,020 | |
Fair Value | 390,020 | 405,950 |
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 198,253 | |
Amortized Cost | 198,253 | 301,400 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 172,279 | |
Fair Value | 172,279 | 276,604 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized Cost | ||
Without single maturity date, amortized cost | 16,977 | |
Amortized Cost | 16,977 | 16,983 |
Fair Value | ||
Without single maturity date, fair value | 13,921 | |
Fair Value | 13,921 | 14,011 |
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 6,023 | |
Amortized Cost | 6,023 | 6,029 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 5,344 | |
Fair Value | 5,344 | 5,392 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized Cost | ||
Without single maturity date, amortized cost | 379,244 | |
Fair Value | ||
Without single maturity date, fair value | 342,273 | |
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 431,344 | |
Amortized Cost | 431,344 | 485,164 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 340,891 | |
Fair Value | 340,891 | 399,281 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized Cost | ||
Without single maturity date, amortized cost | 44,360 | |
Amortized Cost | 44,360 | 44,514 |
Fair Value | ||
Without single maturity date, fair value | 36,949 | |
Fair Value | 36,949 | 37,537 |
Amortized Cost | ||
Debt securities, without fixed maturity, amortized cost | 137,524 | |
Amortized Cost | 137,524 | 161,299 |
Fair Value | ||
Debt securities, without fixed maturity, fair value | 114,822 | |
Fair Value | $ 114,822 | $ 139,358 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 6 | 6 |
Fair Value, Less than 12 Months | $ 14,414 | $ 6,819 |
Unrealized Losses, Less than 12 Months | $ (132) | $ (222) |
Number of positions, 12 Months or More | security | 128 | 127 |
Fair value, 12 Months or More | $ 665,042 | $ 685,774 |
Unrealized Losses, 12 Months or More | $ (146,200) | $ (139,572) |
Number of positions | security | 134 | 133 |
Fair Value | $ 679,456 | $ 692,593 |
Unrealized Losses | $ (146,332) | $ (139,794) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 1 | 2 |
Fair Value, Less than 12 Months | $ 2,372 | $ 2,807 |
Unrealized Losses, Less than 12 Months | $ (16) | $ (25) |
Number of positions, 12 Months or More | security | 235 | 234 |
Fair Value, 12 Months or More | $ 1,081,000 | $ 1,117,285 |
Unrealized Losses, 12 Months or More | $ (114,093) | $ (99,715) |
Number of positions | security | 236 | 236 |
Fair Value | $ 1,083,372 | $ 1,120,092 |
Unrealized Losses | $ (114,109) | $ (99,740) |
Obligations of states and political subdivisions | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 3 |
Fair Value, Less than 12 Months | $ 0 | $ 2,914 |
Unrealized Losses, Less than 12 Months | $ 0 | $ (2) |
Number of positions, 12 Months or More | security | 7 | 9 |
Fair value, 12 Months or More | $ 13,253 | $ 15,198 |
Unrealized Losses, 12 Months or More | $ (1,994) | $ (1,881) |
Number of positions | security | 7 | 12 |
Fair Value | $ 13,253 | $ 18,112 |
Unrealized Losses | $ (1,994) | $ (1,883) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 1 | 2 |
Fair Value, Less than 12 Months | $ 2,372 | $ 2,807 |
Unrealized Losses, Less than 12 Months | $ (16) | $ (25) |
Number of positions, 12 Months or More | security | 127 | 126 |
Fair Value, 12 Months or More | $ 245,670 | $ 249,995 |
Unrealized Losses, 12 Months or More | $ (37,534) | $ (33,663) |
Number of positions | security | 128 | 128 |
Fair Value | $ 248,042 | $ 252,802 |
Unrealized Losses | $ (37,550) | $ (33,688) |
Other debt securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 2 |
Fair Value, Less than 12 Months | $ 0 | $ 3,099 |
Unrealized Losses, Less than 12 Months | $ 0 | $ (195) |
Number of positions, 12 Months or More | security | 21 | 19 |
Fair value, 12 Months or More | $ 37,296 | $ 35,072 |
Unrealized Losses, 12 Months or More | $ (4,431) | $ (4,263) |
Number of positions | security | 21 | 21 |
Fair Value | $ 37,296 | $ 38,171 |
Unrealized Losses | $ (4,431) | $ (4,458) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 10 | 10 |
Fair Value, 12 Months or More | $ 52,167 | $ 54,254 |
Unrealized Losses, 12 Months or More | $ (4,656) | $ (4,119) |
Number of positions | security | 10 | 10 |
Fair Value | $ 52,167 | $ 54,254 |
Unrealized Losses | $ (4,656) | $ (4,119) |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 4 | 1 |
Fair Value, Less than 12 Months | $ 6,720 | $ 806 |
Unrealized Losses, Less than 12 Months | $ (45) | $ (25) |
Number of positions, 12 Months or More | security | 36 | 35 |
Fair value, 12 Months or More | $ 161,215 | $ 166,963 |
Unrealized Losses, 12 Months or More | $ (26,028) | $ (24,943) |
Number of positions | security | 40 | 36 |
Fair Value | $ 167,935 | $ 167,769 |
Unrealized Losses | $ (26,073) | $ (24,968) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 70 | 70 |
Fair Value, 12 Months or More | $ 390,021 | $ 405,950 |
Unrealized Losses, 12 Months or More | $ (24,465) | $ (20,314) |
Number of positions | security | 70 | 70 |
Fair Value | $ 390,021 | $ 405,950 |
Unrealized Losses | $ (24,465) | $ (20,314) |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 5,344 | $ 5,392 |
Unrealized Losses, 12 Months or More | $ (679) | $ (637) |
Number of positions | security | 2 | 2 |
Fair Value | $ 5,344 | $ 5,392 |
Unrealized Losses | $ (679) | $ (637) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 1 | 1 |
Fair Value, 12 Months or More | $ 13,921 | $ 14,011 |
Unrealized Losses, 12 Months or More | $ (3,056) | $ (2,972) |
Number of positions | security | 1 | 1 |
Fair Value | $ 13,921 | $ 14,011 |
Unrealized Losses | $ (3,056) | $ (2,972) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 37 | 37 |
Fair value, 12 Months or More | $ 340,806 | $ 354,574 |
Unrealized Losses, 12 Months or More | $ (90,453) | $ (85,883) |
Number of positions | security | 37 | 37 |
Fair Value | $ 340,806 | $ 354,574 |
Unrealized Losses | $ (90,453) | $ (85,883) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 18 | 18 |
Fair Value, 12 Months or More | $ 342,272 | $ 355,538 |
Unrealized Losses, 12 Months or More | $ (36,971) | $ (31,670) |
Number of positions | security | 18 | 18 |
Fair Value | $ 342,272 | $ 355,538 |
Unrealized Losses | $ (36,971) | $ (31,670) |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 2 | 0 |
Fair Value, Less than 12 Months | $ 7,694 | $ 0 |
Unrealized Losses, Less than 12 Months | $ (87) | $ 0 |
Number of positions, 12 Months or More | security | 25 | 25 |
Fair value, 12 Months or More | $ 107,128 | $ 108,575 |
Unrealized Losses, 12 Months or More | $ (22,615) | $ (21,965) |
Number of positions | security | 27 | 25 |
Fair Value | $ 114,822 | $ 108,575 |
Unrealized Losses | $ (22,702) | $ (21,965) |
Held to Maturity: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 9 | 9 |
Fair Value, 12 Months or More | $ 36,949 | $ 37,537 |
Unrealized Losses, 12 Months or More | $ (7,411) | $ (6,977) |
Number of positions | security | 9 | 9 |
Fair Value | $ 36,949 | $ 37,537 |
Unrealized Losses | $ (7,411) | $ (6,977) |
Loans - Schedule of Non-Purchas
Loans - Schedule of Non-Purchased Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Summary of loans | |||
Gross loans | $ 12,506,121 | $ 12,358,017 | |
Unearned income | (5,596) | (6,787) | |
Loans, net of unearned income | 12,500,525 | 12,351,230 | $ 11,766,425 |
Commercial, financial, agricultural | |||
Summary of loans | |||
Gross loans | 1,869,408 | 1,871,821 | |
Loans, net of unearned income | 1,869,408 | 1,740,778 | |
Lease financing | |||
Summary of loans | |||
Gross loans | 113,070 | 122,807 | |
Loans, net of unearned income | 107,474 | 121,146 | |
Real estate – construction: | |||
Summary of loans | |||
Gross loans | 1,243,535 | 1,333,397 | |
Loans, net of unearned income | 1,243,535 | 1,424,352 | |
Real estate – construction: | Residential | |||
Summary of loans | |||
Gross loans | 271,966 | 269,616 | |
Real estate – construction: | Commercial | |||
Summary of loans | |||
Gross loans | 971,569 | 1,063,781 | |
Real estate – 1-4 family mortgage: | |||
Summary of loans | |||
Gross loans | 3,429,286 | 3,439,919 | |
Loans, net of unearned income | 3,429,286 | 3,278,980 | |
Real estate – 1-4 family mortgage: | Primary | |||
Summary of loans | |||
Gross loans | 2,404,521 | 2,422,482 | |
Real estate – 1-4 family mortgage: | Home equity | |||
Summary of loans | |||
Gross loans | 525,346 | 522,688 | |
Real estate – 1-4 family mortgage: | Rental/investment | |||
Summary of loans | |||
Gross loans | 387,556 | 373,755 | |
Real estate – 1-4 family mortgage: | Land development | |||
Summary of loans | |||
Gross loans | 111,863 | 120,994 | |
Real estate – 1-4 family mortgage: | Land development | |||
Summary of loans | |||
Gross loans | 111,863 | 120,994 | |
Real estate – commercial mortgage: | |||
Summary of loans | |||
Gross loans | 5,753,230 | 5,486,550 | |
Loans, net of unearned income | 5,753,230 | 5,085,813 | |
Real estate – commercial mortgage: | Owner-occupied | |||
Summary of loans | |||
Gross loans | 1,678,911 | 1,648,961 | |
Real estate – commercial mortgage: | Non-owner occupied | |||
Summary of loans | |||
Gross loans | 3,970,881 | 3,733,174 | |
Real estate – commercial mortgage: | Land development | |||
Summary of loans | |||
Gross loans | 103,438 | 104,415 | |
Installment loans to individuals | |||
Summary of loans | |||
Gross loans | 97,592 | $ 103,523 | |
Loans, net of unearned income | $ 97,592 | $ 115,356 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Mortgage and commercial loans discontinued past due period | 90 days | |
Consumer and other retail loans charged-off past due period | 120 days | |
Unused commitments | $ 85 | $ 0 |
Internal Investment Grade | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 10 | |
Special Mention | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 70 | |
Minimum | Internal Investment Grade | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 10 | |
Minimum | Pass | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 10 | |
Minimum | Substandard | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 80 | |
Maximum | Internal Investment Grade | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 95 | |
Maximum | Pass | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 60 | |
Maximum | Substandard | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Financing receivable, credit quality risk rating grade | 95 |
Loans - Aging of Past Due and N
Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 12,506,121 | $ 12,358,017 | |
Unearned income | (5,596) | (6,787) | |
Loans held for investment, net of unearned income | 12,500,525 | 12,351,230 | $ 11,766,425 |
Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | (5,596) | (6,787) | |
Loans held for investment, net of unearned income | 12,426,751 | 12,282,414 | |
Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 73,774 | 68,816 | |
30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 59,632 | 54,031 | |
30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 14,609 | 18,678 | |
90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 451 | 554 | |
90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 27,313 | 25,530 | |
Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | (5,596) | (6,787) | |
Loans held for investment, net of unearned income | 12,366,668 | 12,227,829 | |
Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, net of unearned income | 31,852 | 24,608 | |
Commercial, financial, agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,869,408 | 1,871,821 | |
Loans held for investment, net of unearned income | 1,869,408 | 1,740,778 | |
Commercial, financial, agricultural | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,863,047 | 1,866,022 | |
Commercial, financial, agricultural | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 6,361 | 5,799 | |
Commercial, financial, agricultural | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,276 | 1,098 | |
Commercial, financial, agricultural | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 195 | 1,310 | |
Commercial, financial, agricultural | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 227 | 483 | |
Commercial, financial, agricultural | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,200 | 1,296 | |
Commercial, financial, agricultural | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,859,544 | 1,864,441 | |
Commercial, financial, agricultural | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 4,966 | 3,193 | |
Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 113,070 | 122,807 | |
Loans held for investment, net of unearned income | 107,474 | 121,146 | |
Lease financing | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 113,070 | 122,807 | |
Lease financing | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Lease financing | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 687 | |
Lease financing | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Lease financing | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Lease financing | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Lease financing | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 113,070 | 122,120 | |
Lease financing | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – construction: | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,243,535 | 1,333,397 | |
Loans held for investment, net of unearned income | 1,243,535 | 1,424,352 | |
Real estate – construction: | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,243,535 | 1,333,397 | |
Real estate – construction: | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – construction: | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 225 | 0 | |
Real estate – construction: | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – construction: | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – construction: | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – construction: | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,243,310 | 1,333,397 | |
Real estate – construction: | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – 1-4 family mortgage: | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,429,286 | 3,439,919 | |
Loans held for investment, net of unearned income | 3,429,286 | 3,278,980 | |
Real estate – 1-4 family mortgage: | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,374,117 | 3,390,697 | |
Real estate – 1-4 family mortgage: | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 55,169 | 49,222 | |
Real estate – 1-4 family mortgage: | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 42,805 | 36,898 | |
Real estate – 1-4 family mortgage: | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 14,373 | 10,484 | |
Real estate – 1-4 family mortgage: | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 219 | 58 | |
Real estate – 1-4 family mortgage: | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 25,701 | 22,067 | |
Real estate – 1-4 family mortgage: | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,331,093 | 3,353,741 | |
Real estate – 1-4 family mortgage: | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 15,095 | 16,671 | |
Real estate – 1-4 family mortgage: | Primary | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,404,521 | 2,422,482 | |
Real estate – 1-4 family mortgage: | Primary | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,354,607 | 2,378,308 | |
Real estate – 1-4 family mortgage: | Primary | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 49,914 | 44,174 | |
Real estate – 1-4 family mortgage: | Primary | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 38,827 | 33,679 | |
Real estate – 1-4 family mortgage: | Primary | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 13,360 | 9,454 | |
Real estate – 1-4 family mortgage: | Primary | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 219 | 0 | |
Real estate – 1-4 family mortgage: | Primary | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 22,688 | 19,394 | |
Real estate – 1-4 family mortgage: | Primary | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,315,561 | 2,344,629 | |
Real estate – 1-4 family mortgage: | Primary | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 13,866 | 15,326 | |
Real estate – 1-4 family mortgage: | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 525,346 | 522,688 | |
Real estate – 1-4 family mortgage: | Home equity | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 522,439 | 519,839 | |
Real estate – 1-4 family mortgage: | Home equity | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,907 | 2,849 | |
Real estate – 1-4 family mortgage: | Home equity | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,829 | 3,004 | |
Real estate – 1-4 family mortgage: | Home equity | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 697 | 987 | |
Real estate – 1-4 family mortgage: | Home equity | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – 1-4 family mortgage: | Home equity | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,050 | 868 | |
Real estate – 1-4 family mortgage: | Home equity | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 518,610 | 516,835 | |
Real estate – 1-4 family mortgage: | Home equity | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,160 | 994 | |
Real estate – 1-4 family mortgage: | Rental/investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 387,556 | 373,755 | |
Real estate – 1-4 family mortgage: | Rental/investment | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 385,385 | 371,575 | |
Real estate – 1-4 family mortgage: | Rental/investment | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,171 | 2,180 | |
Real estate – 1-4 family mortgage: | Rental/investment | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 124 | 9 | |
Real estate – 1-4 family mortgage: | Rental/investment | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 316 | 43 | |
Real estate – 1-4 family mortgage: | Rental/investment | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 58 | |
Real estate – 1-4 family mortgage: | Rental/investment | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,786 | 1,786 | |
Real estate – 1-4 family mortgage: | Rental/investment | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 385,261 | 371,508 | |
Real estate – 1-4 family mortgage: | Rental/investment | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 69 | 351 | |
Real estate – 1-4 family mortgage: | Land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 111,863 | 120,994 | |
Real estate – 1-4 family mortgage: | Land development | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 111,686 | 120,975 | |
Real estate – 1-4 family mortgage: | Land development | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 177 | 19 | |
Real estate – 1-4 family mortgage: | Land development | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 25 | 206 | |
Real estate – 1-4 family mortgage: | Land development | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – 1-4 family mortgage: | Land development | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real estate – 1-4 family mortgage: | Land development | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 177 | 19 | |
Real estate – 1-4 family mortgage: | Land development | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 111,661 | 120,769 | |
Real estate – 1-4 family mortgage: | Land development | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 5,753,230 | 5,486,550 | |
Loans held for investment, net of unearned income | 5,753,230 | 5,085,813 | |
Real Estate - Commercial Mortgage | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 5,741,385 | 5,473,103 | |
Real Estate - Commercial Mortgage | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 11,845 | 13,447 | |
Real Estate - Commercial Mortgage | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 12,401 | 14,118 | |
Real Estate - Commercial Mortgage | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2 | 6,871 | |
Real Estate - Commercial Mortgage | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 320 | 2,163 | |
Real Estate - Commercial Mortgage | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 5,728,984 | 5,458,985 | |
Real Estate - Commercial Mortgage | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 11,523 | 4,413 | |
Real Estate - Commercial Mortgage | Land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 103,438 | 104,415 | |
Real Estate - Commercial Mortgage | Land development | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 103,243 | 104,115 | |
Real Estate - Commercial Mortgage | Land development | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 195 | 300 | |
Real Estate - Commercial Mortgage | Land development | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,388 | 90 | |
Real Estate - Commercial Mortgage | Land development | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2 | 0 | |
Real Estate - Commercial Mortgage | Land development | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | Land development | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 89 | 259 | |
Real Estate - Commercial Mortgage | Land development | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 99,855 | 104,025 | |
Real Estate - Commercial Mortgage | Land development | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 104 | 41 | |
Real Estate - Commercial Mortgage | Owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,678,911 | 1,648,961 | |
Real Estate - Commercial Mortgage | Owner-occupied | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,676,742 | 1,645,588 | |
Real Estate - Commercial Mortgage | Owner-occupied | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 2,169 | 3,373 | |
Real Estate - Commercial Mortgage | Owner-occupied | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 5,965 | 4,867 | |
Real Estate - Commercial Mortgage | Owner-occupied | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 131 | |
Real Estate - Commercial Mortgage | Owner-occupied | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | Owner-occupied | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 231 | 1,904 | |
Real Estate - Commercial Mortgage | Owner-occupied | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,670,777 | 1,640,721 | |
Real Estate - Commercial Mortgage | Owner-occupied | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,938 | 1,338 | |
Real Estate - Commercial Mortgage | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,970,881 | 3,733,174 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,961,400 | 3,723,400 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 9,481 | 9,774 | |
Real Estate - Commercial Mortgage | Non-owner occupied | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,048 | 9,161 | |
Real Estate - Commercial Mortgage | Non-owner occupied | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 6,740 | |
Real Estate - Commercial Mortgage | Non-owner occupied | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | Non-owner occupied | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 3,958,352 | 3,714,239 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 9,481 | 3,034 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 97,592 | 103,523 | |
Loans held for investment, net of unearned income | 97,592 | $ 115,356 | |
Installment loans to individuals | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 97,193 | 103,175 | |
Installment loans to individuals | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 399 | 348 | |
Installment loans to individuals | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 925 | 1,230 | |
Installment loans to individuals | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 39 | 13 | |
Installment loans to individuals | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 5 | 13 | |
Installment loans to individuals | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 92 | 4 | |
Installment loans to individuals | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 96,263 | 101,932 | |
Installment loans to individuals | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 268 | 331 | |
Residential | Real estate – construction: | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 271,966 | 269,616 | |
Residential | Real estate – construction: | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 271,966 | 269,616 | |
Residential | Real estate – construction: | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Residential | Real estate – construction: | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 225 | 0 | |
Residential | Real estate – construction: | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Residential | Real estate – construction: | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Residential | Real estate – construction: | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Residential | Real estate – construction: | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 271,741 | 269,616 | |
Residential | Real estate – construction: | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 971,569 | 1,063,781 | |
Commercial | Real estate – construction: | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 971,569 | 1,063,781 | |
Commercial | Real estate – construction: | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | 30-89 Days Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | 30-89 Days Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | 90 Days or More Past Due | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | 90 Days or More Past Due | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 0 | 0 | |
Commercial | Real estate – construction: | Current Loans | Accruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 971,569 | 1,063,781 | |
Commercial | Real estate – construction: | Current Loans | Nonaccruing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 0 | $ 0 |
Loans - Schedule of Amortized C
Loans - Schedule of Amortized Cost Basis of Loan Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 10,693 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.09% | 0.01% |
Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 9,172 | $ 1,184 |
Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 385 | |
Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 349 | |
Term Extension and Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 517 | |
Interest Rate Reduction and Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 270 | |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 2,423 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.13% | |
Commercial, financial, agricultural | Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 1,741 | |
Financing receivable, modified, weighted average interest rate decrease from modification | 0.39% | |
Commercial, financial, agricultural | Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 165 | |
Financing receivable, modified, weighted average term increase from modification | 7 months 15 days | |
Commercial, financial, agricultural | Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Commercial, financial, agricultural | Term Extension and Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 517 | |
Financing receivable, modified, weighted average term increase from modification | 42 months | |
Commercial, financial, agricultural | Interest Rate Reduction and Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Real estate – 1-4 family mortgage: | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 279 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.01% | |
Real estate – 1-4 family mortgage: | Interest Rate Reduction | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Financing receivable, modified, weighted average interest rate decrease from modification | 0% | |
Real estate – 1-4 family mortgage: | Term Extension | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 33 | |
Financing receivable, modified, weighted average term increase from modification | 24 months | |
Real estate – 1-4 family mortgage: | Payment Delay | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 246 | |
Real estate – 1-4 family mortgage: | Term Extension and Payment Delay | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 0 | |
Real estate – 1-4 family mortgage: | Interest Rate Reduction and Term Extension | Primary | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 0 | |
Real Estate - Commercial Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 7,977 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.14% | |
Real Estate - Commercial Mortgage | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 7,888 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.47% | 0.01% |
Real Estate - Commercial Mortgage | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 89 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0% | 0.03% |
Real Estate - Commercial Mortgage | Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 7,431 | |
Real Estate - Commercial Mortgage | Interest Rate Reduction | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 7,431 | $ 155 |
Financing receivable, modified, weighted average interest rate decrease from modification | 0.47% | 0.68% |
Real Estate - Commercial Mortgage | Interest Rate Reduction | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | $ 1,029 |
Financing receivable, modified, weighted average interest rate decrease from modification | 0% | 0.12% |
Real Estate - Commercial Mortgage | Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 187 | |
Real Estate - Commercial Mortgage | Term Extension | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 187 | |
Financing receivable, modified, weighted average term increase from modification | 10 months | |
Real Estate - Commercial Mortgage | Term Extension | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Real Estate - Commercial Mortgage | Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 89 | |
Real Estate - Commercial Mortgage | Payment Delay | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Financing receivable, modified, weighted average term increase from modification | 35 months 21 days | |
Real Estate - Commercial Mortgage | Payment Delay | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 89 | |
Financing receivable, modified, weighted average term increase from modification | 9 months | |
Real Estate - Commercial Mortgage | Term Extension and Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Real Estate - Commercial Mortgage | Term Extension and Payment Delay | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 0 | |
Real Estate - Commercial Mortgage | Term Extension and Payment Delay | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 0 | |
Real Estate - Commercial Mortgage | Interest Rate Reduction and Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | 270 | |
Real Estate - Commercial Mortgage | Interest Rate Reduction and Term Extension | Owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 270 | |
Financing receivable, modified, weighted average interest rate decrease from modification | 2.75% | |
Financing receivable, modified, weighted average term increase from modification | 21 months | |
Real Estate - Commercial Mortgage | Interest Rate Reduction and Term Extension | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 14 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percentage | 0.01% | |
Installment loans to individuals | Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Financing receivable, modified, weighted average interest rate decrease from modification | 0% | |
Installment loans to individuals | Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Installment loans to individuals | Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 14 | |
Financing receivable, modified, weighted average term increase from modification | 17 months | |
Installment loans to individuals | Term Extension and Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 | |
Installment loans to individuals | Interest Rate Reduction and Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, excluding accrued interest, modification period | $ 0 |
Loans - Loan Portfolio by Risk-
Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | $ 12,500,525 | $ 12,351,230 | $ 11,766,425 |
Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 411,489 | 1,529,045 | |
Prior year | 1,469,567 | 2,668,916 | |
Two years prior | 2,723,177 | 1,695,615 | |
Three years prior | 1,598,952 | 887,626 | |
Four years prior | 858,822 | 506,670 | |
Prior | 1,201,304 | 796,168 | |
Revolving Loans | 1,084,100 | 1,092,033 | |
Revolving Loans Converted to Term | 50,637 | 47,526 | |
Loans, net of unearned income | 9,398,048 | 9,223,599 | |
Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 403,652 | 1,486,700 | |
Prior year | 1,442,546 | 2,646,886 | |
Two years prior | 2,678,067 | 1,675,390 | |
Three years prior | 1,574,880 | 876,426 | |
Four years prior | 848,249 | 462,272 | |
Prior | 1,116,509 | 743,331 | |
Revolving Loans | 1,002,330 | 1,075,744 | |
Revolving Loans Converted to Term | 40,613 | 37,771 | |
Loans, net of unearned income | 9,106,846 | 9,004,520 | |
Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 215 | 34,460 | |
Prior year | 19,426 | 7,924 | |
Two years prior | 17,529 | 15,614 | |
Three years prior | 20,196 | 6,334 | |
Four years prior | 6,073 | 17,962 | |
Prior | 29,873 | 16,403 | |
Revolving Loans | 45,051 | 939 | |
Revolving Loans Converted to Term | 1 | 63 | |
Loans, net of unearned income | 138,364 | 99,699 | |
Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 7,622 | 7,885 | |
Prior year | 7,595 | 14,106 | |
Two years prior | 27,581 | 4,611 | |
Three years prior | 3,876 | 4,866 | |
Four years prior | 4,500 | 26,436 | |
Prior | 54,922 | 36,434 | |
Revolving Loans | 36,719 | 15,350 | |
Revolving Loans Converted to Term | 10,023 | 9,692 | |
Loans, net of unearned income | 152,838 | 119,380 | |
Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 25,162 | 426,323 | |
Prior year | 424,796 | 792,154 | |
Two years prior | 779,398 | 560,877 | |
Three years prior | 546,574 | 316,732 | |
Four years prior | 309,556 | 144,540 | |
Prior | 502,079 | 373,249 | |
Revolving Loans | 505,035 | 507,774 | |
Revolving Loans Converted to Term | 9,877 | 5,982 | |
Loans, net of unearned income | 3,102,477 | 3,127,631 | |
Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 25,162 | 425,809 | |
Prior year | 423,232 | 784,536 | |
Two years prior | 769,773 | 554,593 | |
Three years prior | 539,593 | 307,592 | |
Four years prior | 299,102 | 139,934 | |
Prior | 479,953 | 356,741 | |
Revolving Loans | 504,724 | 506,108 | |
Revolving Loans Converted to Term | 7,274 | 4,805 | |
Loans, net of unearned income | 3,048,813 | 3,080,118 | |
Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 514 | |
Prior year | 1,564 | 7,618 | |
Two years prior | 9,625 | 6,284 | |
Three years prior | 6,981 | 9,140 | |
Four years prior | 10,454 | 4,606 | |
Prior | 22,126 | 16,508 | |
Revolving Loans | 311 | 1,666 | |
Revolving Loans Converted to Term | 2,603 | 1,177 | |
Loans, net of unearned income | 53,664 | 47,513 | |
Commercial | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Commercial | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Commercial | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Commercial, financial, agricultural | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 1,869,408 | 1,740,778 | |
Commercial, financial, agricultural | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 77,044 | 312,902 | |
Prior year | 290,663 | 289,264 | |
Two years prior | 270,335 | 162,535 | |
Three years prior | 156,083 | 98,894 | |
Four years prior | 94,343 | 51,162 | |
Prior | 82,457 | 38,518 | |
Revolving Loans | 873,299 | 883,302 | |
Revolving Loans Converted to Term | 4,834 | 19,440 | |
Loans, net of unearned income | 1,849,058 | 1,856,017 | |
Commercial, financial, agricultural | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 69,435 | 311,312 | |
Prior year | 289,225 | 288,249 | |
Two years prior | 255,011 | 161,902 | |
Three years prior | 155,263 | 97,771 | |
Four years prior | 93,524 | 50,936 | |
Prior | 77,012 | 32,169 | |
Revolving Loans | 796,122 | 870,792 | |
Revolving Loans Converted to Term | 3,761 | 19,338 | |
Loans, net of unearned income | 1,739,353 | 1,832,469 | |
Commercial, financial, agricultural | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 44 | 893 | |
Prior year | 814 | 364 | |
Two years prior | 222 | 10 | |
Three years prior | 299 | 294 | |
Four years prior | 172 | 0 | |
Prior | 473 | 291 | |
Revolving Loans | 44,848 | 914 | |
Revolving Loans Converted to Term | 1 | 63 | |
Loans, net of unearned income | 46,873 | 2,829 | |
Commercial, financial, agricultural | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 7,565 | 697 | |
Prior year | 624 | 651 | |
Two years prior | 15,102 | 623 | |
Three years prior | 521 | 829 | |
Four years prior | 647 | 226 | |
Prior | 4,972 | 6,058 | |
Revolving Loans | 32,329 | 11,596 | |
Revolving Loans Converted to Term | 1,072 | 39 | |
Loans, net of unearned income | 62,832 | 20,719 | |
Commercial, financial, agricultural | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 20,350 | 15,804 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 20,350 | 15,804 | |
Commercial, financial, agricultural | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 20,350 | 15,804 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 20,350 | 15,804 | |
Commercial, financial, agricultural | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Lease Financing Receivables | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 107,474 | 121,146 | |
Lease Financing Receivables | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 5,619 | 32,842 | |
Prior year | 30,940 | 49,628 | |
Two years prior | 46,897 | 12,317 | |
Three years prior | 11,487 | 13,553 | |
Four years prior | 5,441 | 5,969 | |
Prior | 6,380 | 1,700 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 106,764 | 116,009 | |
Lease Financing Receivables | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 5,619 | 32,842 | |
Prior year | 29,491 | 47,050 | |
Two years prior | 42,561 | 12,317 | |
Three years prior | 11,211 | 11,735 | |
Four years prior | 3,791 | 5,443 | |
Prior | 5,928 | 1,395 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 98,601 | 110,782 | |
Lease Financing Receivables | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 1,449 | ||
Two years prior | 3,898 | ||
Three years prior | 276 | ||
Four years prior | 1,650 | ||
Prior | 452 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 7,725 | ||
Lease Financing Receivables | Watch | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 2,578 | ||
Two years prior | 0 | ||
Three years prior | 1,818 | ||
Four years prior | 526 | ||
Prior | 305 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 5,227 | ||
Lease Financing Receivables | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 438 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 438 | 0 | |
Lease Financing Receivables | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 710 | 11 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 710 | 11 | |
Lease Financing Receivables | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 710 | 11 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 710 | 11 | |
Lease Financing Receivables | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Real estate – construction: | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 1,243,535 | 1,424,352 | |
Real estate – construction: | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 78,762 | 320,889 | |
Prior year | 296,194 | 581,201 | |
Two years prior | 549,456 | 308,442 | |
Three years prior | 224,073 | 16,066 | |
Four years prior | 0 | 0 | |
Prior | 364 | 1,823 | |
Revolving Loans | 1,063 | 1,225 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 1,149,912 | 1,229,646 | |
Real estate – construction: | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 2,232 | 48,003 | |
Prior year | 51,330 | 41,070 | |
Two years prior | 29,288 | 14,158 | |
Three years prior | 9,902 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 865 | 490 | |
Revolving Loans Converted to Term | 6 | 30 | |
Loans, net of unearned income | 93,623 | 103,751 | |
Real estate – construction: | Residential | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 47,902 | 149,399 | |
Prior year | 118,273 | 12,883 | |
Two years prior | 10,741 | 1,989 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 364 | 369 | |
Revolving Loans | 1,063 | 1,225 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 178,343 | 165,865 | |
Real estate – construction: | Residential | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 47,734 | 146,535 | |
Prior year | 115,241 | 10,147 | |
Two years prior | 9,072 | 1,989 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 364 | 369 | |
Revolving Loans | 1,063 | 1,225 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 173,474 | 160,265 | |
Real estate – construction: | Residential | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 168 | 2,415 | |
Prior year | 2,750 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 2,918 | 2,415 | |
Real estate – construction: | Residential | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 449 | |
Prior year | 282 | 2,736 | |
Two years prior | 1,669 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 1,951 | 3,185 | |
Real estate – construction: | Residential | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 2,232 | 48,003 | |
Prior year | 51,330 | 41,070 | |
Two years prior | 29,288 | 14,158 | |
Three years prior | 9,902 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 865 | 490 | |
Revolving Loans Converted to Term | 6 | 30 | |
Loans, net of unearned income | 93,623 | 103,751 | |
Real estate – construction: | Residential | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 2,232 | 48,003 | |
Prior year | 51,330 | 41,070 | |
Two years prior | 29,288 | 14,158 | |
Three years prior | 9,902 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 865 | 490 | |
Revolving Loans Converted to Term | 6 | 30 | |
Loans, net of unearned income | 93,623 | 103,751 | |
Real estate – construction: | Residential | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Real estate – construction: | Commercial | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 30,860 | 171,490 | |
Prior year | 177,921 | 568,318 | |
Two years prior | 538,715 | 306,453 | |
Three years prior | 224,073 | 16,066 | |
Four years prior | 0 | 0 | |
Prior | 0 | 1,454 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 971,569 | 1,063,781 | |
Real estate – construction: | Commercial | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 30,860 | 142,917 | |
Prior year | 165,618 | 568,318 | |
Two years prior | 538,715 | 306,453 | |
Three years prior | 224,073 | 16,066 | |
Four years prior | 0 | 0 | |
Prior | 0 | 1,454 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 959,266 | 1,035,208 | |
Real estate – construction: | Commercial | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 28,573 | |
Prior year | 12,303 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 12,303 | 28,573 | |
Real estate – construction: | Commercial | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Real estate – construction: | Commercial | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Real estate – construction: | Commercial | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Real estate – construction: | Commercial | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Loans, net of unearned income | 0 | ||
Real estate – 1-4 family mortgage: | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 3,429,286 | 3,278,980 | |
Real estate – 1-4 family mortgage: | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 37,476 | 145,568 | |
Prior year | 140,317 | 176,724 | |
Two years prior | 163,320 | 100,757 | |
Three years prior | 92,100 | 41,542 | |
Four years prior | 39,290 | 19,753 | |
Prior | 45,732 | 30,783 | |
Revolving Loans | 30,963 | 30,889 | |
Revolving Loans Converted to Term | 1,999 | 1,834 | |
Loans, net of unearned income | 551,197 | 547,850 | |
Real estate – 1-4 family mortgage: | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 12,152 | 339,406 | |
Prior year | 342,732 | 731,088 | |
Two years prior | 733,486 | 536,544 | |
Three years prior | 527,566 | 312,015 | |
Four years prior | 305,436 | 133,852 | |
Prior | 456,357 | 339,842 | |
Revolving Loans | 490,616 | 493,515 | |
Revolving Loans Converted to Term | 9,744 | 5,807 | |
Loans, net of unearned income | 2,878,089 | 2,892,069 | |
Real estate – 1-4 family mortgage: | Primary | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 1,136 | 8,512 | |
Prior year | 7,431 | 8,729 | |
Two years prior | 8,127 | 6,194 | |
Three years prior | 6,158 | 3,943 | |
Four years prior | 3,420 | 1,792 | |
Prior | 9,860 | 8,573 | |
Revolving Loans | 1,901 | 3,272 | |
Revolving Loans Converted to Term | 886 | 915 | |
Loans, net of unearned income | 38,919 | 41,930 | |
Real estate – 1-4 family mortgage: | Primary | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 1,136 | 8,134 | |
Prior year | 7,239 | 8,511 | |
Two years prior | 7,940 | 5,859 | |
Three years prior | 5,714 | 3,943 | |
Four years prior | 3,420 | 1,781 | |
Prior | 9,535 | 8,140 | |
Revolving Loans | 1,901 | 3,272 | |
Revolving Loans Converted to Term | 886 | 915 | |
Loans, net of unearned income | 37,771 | 40,555 | |
Real estate – 1-4 family mortgage: | Primary | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 183 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 28 | 34 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 28 | 217 | |
Real estate – 1-4 family mortgage: | Primary | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 195 | |
Prior year | 192 | 218 | |
Two years prior | 187 | 335 | |
Three years prior | 444 | 0 | |
Four years prior | 0 | 11 | |
Prior | 297 | 399 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 1,120 | 1,158 | |
Real estate – 1-4 family mortgage: | Primary | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 11,116 | 334,103 | |
Prior year | 338,124 | 727,993 | |
Two years prior | 730,573 | 534,667 | |
Three years prior | 525,749 | 311,199 | |
Four years prior | 304,650 | 133,433 | |
Prior | 455,349 | 339,111 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 41 | 46 | |
Loans, net of unearned income | 2,365,602 | 2,380,552 | |
Real estate – 1-4 family mortgage: | Primary | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 11,116 | 333,751 | |
Prior year | 336,745 | 720,759 | |
Two years prior | 721,389 | 528,383 | |
Three years prior | 518,782 | 302,065 | |
Four years prior | 294,198 | 128,859 | |
Prior | 433,351 | 322,677 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 41 | 46 | |
Loans, net of unearned income | 2,315,622 | 2,336,540 | |
Real estate – 1-4 family mortgage: | Primary | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 352 | |
Prior year | 1,379 | 7,234 | |
Two years prior | 9,184 | 6,284 | |
Three years prior | 6,967 | 9,134 | |
Four years prior | 10,452 | 4,574 | |
Prior | 21,998 | 16,434 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 49,980 | 44,012 | |
Real estate – 1-4 family mortgage: | Home equity | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 1,107 | |
Prior year | 1,028 | 10 | |
Two years prior | 10 | 996 | |
Three years prior | 981 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 16 | |
Revolving Loans | 22,387 | 20,628 | |
Revolving Loans Converted to Term | 58 | 74 | |
Loans, net of unearned income | 24,464 | 22,831 | |
Real estate – 1-4 family mortgage: | Home equity | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 1,107 | |
Prior year | 1,028 | 10 | |
Two years prior | 10 | 996 | |
Three years prior | 981 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 1 | |
Revolving Loans | 22,184 | 20,628 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 24,203 | 22,742 | |
Real estate – 1-4 family mortgage: | Home equity | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 203 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 203 | 0 | |
Real estate – 1-4 family mortgage: | Home equity | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 15 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 58 | 74 | |
Loans, net of unearned income | 58 | 89 | |
Real estate – 1-4 family mortgage: | Home equity | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 111 | |
Three years prior | 111 | 0 | |
Four years prior | 0 | 0 | |
Prior | 452 | 470 | |
Revolving Loans | 490,616 | 493,515 | |
Revolving Loans Converted to Term | 9,703 | 5,761 | |
Loans, net of unearned income | 500,882 | 499,857 | |
Real estate – 1-4 family mortgage: | Home equity | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 111 | |
Three years prior | 111 | 0 | |
Four years prior | 0 | 0 | |
Prior | 446 | 466 | |
Revolving Loans | 490,306 | 491,849 | |
Revolving Loans Converted to Term | 7,111 | 4,584 | |
Loans, net of unearned income | 497,974 | 497,010 | |
Real estate – 1-4 family mortgage: | Home equity | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 6 | 4 | |
Revolving Loans | 310 | 1,666 | |
Revolving Loans Converted to Term | 2,592 | 1,177 | |
Loans, net of unearned income | 2,908 | 2,847 | |
Real estate – 1-4 family mortgage: | Rental/investment | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 20,318 | 89,760 | |
Prior year | 95,046 | 129,241 | |
Two years prior | 126,021 | 75,457 | |
Three years prior | 72,768 | 37,171 | |
Four years prior | 35,505 | 17,817 | |
Prior | 32,292 | 18,721 | |
Revolving Loans | 4,489 | 4,678 | |
Revolving Loans Converted to Term | 1,055 | 845 | |
Loans, net of unearned income | 387,494 | 373,690 | |
Real estate – 1-4 family mortgage: | Rental/investment | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 20,261 | 89,135 | |
Prior year | 94,436 | 128,939 | |
Two years prior | 125,868 | 74,330 | |
Three years prior | 72,157 | 35,388 | |
Four years prior | 33,685 | 16,670 | |
Prior | 31,500 | 18,109 | |
Revolving Loans | 4,489 | 4,678 | |
Revolving Loans Converted to Term | 806 | 583 | |
Loans, net of unearned income | 383,202 | 367,832 | |
Real estate – 1-4 family mortgage: | Rental/investment | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 63 | |
Prior year | 61 | 47 | |
Two years prior | 46 | 256 | |
Three years prior | 197 | 4 | |
Four years prior | 43 | 50 | |
Prior | 49 | 42 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 396 | 462 | |
Real estate – 1-4 family mortgage: | Rental/investment | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 57 | 562 | |
Prior year | 549 | 255 | |
Two years prior | 107 | 871 | |
Three years prior | 414 | 1,779 | |
Four years prior | 1,777 | 1,097 | |
Prior | 743 | 570 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 249 | 262 | |
Loans, net of unearned income | 3,896 | 5,396 | |
Real estate – 1-4 family mortgage: | Rental/investment | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 62 | 65 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 62 | 65 | |
Real estate – 1-4 family mortgage: | Rental/investment | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 62 | 65 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 62 | 65 | |
Real estate – 1-4 family mortgage: | Rental/investment | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Real estate – 1-4 family mortgage: | Land development | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 16,022 | 46,189 | |
Prior year | 36,812 | 38,744 | |
Two years prior | 29,162 | 18,110 | |
Three years prior | 12,193 | 428 | |
Four years prior | 365 | 144 | |
Prior | 3,580 | 3,473 | |
Revolving Loans | 2,186 | 2,311 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 100,320 | 109,399 | |
Real estate – 1-4 family mortgage: | Land development | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 16,022 | 46,151 | |
Prior year | 36,775 | 38,744 | |
Two years prior | 29,162 | 18,110 | |
Three years prior | 12,193 | 409 | |
Four years prior | 365 | 144 | |
Prior | 3,479 | 3,372 | |
Revolving Loans | 2,186 | 2,311 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 100,182 | 109,241 | |
Real estate – 1-4 family mortgage: | Land development | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 101 | 101 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 101 | 101 | |
Real estate – 1-4 family mortgage: | Land development | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 38 | |
Prior year | 37 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 19 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 37 | 57 | |
Real estate – 1-4 family mortgage: | Land development | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 1,036 | 5,303 | |
Prior year | 4,608 | 3,095 | |
Two years prior | 2,913 | 1,766 | |
Three years prior | 1,706 | 816 | |
Four years prior | 786 | 419 | |
Prior | 494 | 196 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 11,543 | 11,595 | |
Real estate – 1-4 family mortgage: | Land development | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 1,036 | 5,303 | |
Prior year | 4,608 | 3,095 | |
Two years prior | 2,736 | 1,766 | |
Three years prior | 1,706 | 816 | |
Four years prior | 786 | 419 | |
Prior | 494 | 196 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 11,366 | 11,595 | |
Real estate – 1-4 family mortgage: | Land development | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 177 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 177 | 0 | |
Real Estate - Commercial Mortgage | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 5,753,230 | 5,085,813 | |
Real Estate - Commercial Mortgage | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 212,539 | 716,844 | |
Prior year | 711,453 | 1,572,099 | |
Two years prior | 1,693,169 | 1,111,564 | |
Three years prior | 1,115,209 | 717,571 | |
Four years prior | 719,748 | 429,783 | |
Prior | 1,066,371 | 723,344 | |
Revolving Loans | 178,775 | 176,617 | |
Revolving Loans Converted to Term | 43,804 | 26,252 | |
Loans, net of unearned income | 5,741,068 | 5,474,074 | |
Real Estate - Commercial Mortgage | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 557 | 3,640 | |
Prior year | 3,562 | 2,674 | |
Two years prior | 2,393 | 3,054 | |
Three years prior | 2,882 | 1,890 | |
Four years prior | 1,782 | 902 | |
Prior | 986 | 316 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 12,162 | 12,476 | |
Real Estate - Commercial Mortgage | Land development | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 13,243 | 19,486 | |
Prior year | 16,451 | 40,108 | |
Two years prior | 32,877 | 13,809 | |
Three years prior | 11,734 | 3,916 | |
Four years prior | 3,803 | 4,497 | |
Prior | 8,459 | 5,286 | |
Revolving Loans | 4,680 | 4,808 | |
Revolving Loans Converted to Term | 182 | 184 | |
Loans, net of unearned income | 91,429 | 92,094 | |
Real Estate - Commercial Mortgage | Land development | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 13,243 | 18,996 | |
Prior year | 16,010 | 36,479 | |
Two years prior | 29,184 | 13,567 | |
Three years prior | 11,512 | 3,775 | |
Four years prior | 3,665 | 4,479 | |
Prior | 8,239 | 5,046 | |
Revolving Loans | 4,656 | 4,776 | |
Revolving Loans Converted to Term | 182 | 184 | |
Loans, net of unearned income | 86,691 | 87,302 | |
Real Estate - Commercial Mortgage | Land development | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 432 | |
Prior year | 417 | 3,334 | |
Two years prior | 3,316 | 36 | |
Three years prior | 35 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 3,768 | 3,802 | |
Real Estate - Commercial Mortgage | Land development | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 58 | |
Prior year | 24 | 295 | |
Two years prior | 377 | 206 | |
Three years prior | 187 | 141 | |
Four years prior | 138 | 18 | |
Prior | 220 | 240 | |
Revolving Loans | 24 | 32 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 970 | 990 | |
Real Estate - Commercial Mortgage | Land development | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 557 | 3,640 | |
Prior year | 3,562 | 2,674 | |
Two years prior | 2,393 | 3,054 | |
Three years prior | 2,882 | 1,739 | |
Four years prior | 1,633 | 902 | |
Prior | 982 | 312 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 12,009 | 12,321 | |
Real Estate - Commercial Mortgage | Land development | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 557 | 3,640 | |
Prior year | 3,562 | 2,383 | |
Two years prior | 2,200 | 3,054 | |
Three years prior | 2,882 | 1,736 | |
Four years prior | 1,631 | 902 | |
Prior | 982 | 312 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 11,814 | 12,027 | |
Real Estate - Commercial Mortgage | Land development | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 291 | |
Two years prior | 193 | 0 | |
Three years prior | 0 | 3 | |
Four years prior | 2 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 195 | 294 | |
Real Estate - Commercial Mortgage | Owner-occupied | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 58,853 | 264,589 | |
Prior year | 261,181 | 336,491 | |
Two years prior | 366,383 | 321,491 | |
Three years prior | 309,977 | 214,365 | |
Four years prior | 210,035 | 164,931 | |
Prior | 414,837 | 283,517 | |
Revolving Loans | 54,321 | 60,200 | |
Revolving Loans Converted to Term | 3,195 | 3,247 | |
Loans, net of unearned income | 1,678,782 | 1,648,831 | |
Real Estate - Commercial Mortgage | Owner-occupied | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 58,853 | 260,831 | |
Prior year | 257,650 | 325,575 | |
Two years prior | 349,540 | 318,391 | |
Three years prior | 307,144 | 212,368 | |
Four years prior | 208,132 | 159,552 | |
Prior | 403,233 | 275,088 | |
Revolving Loans | 49,955 | 56,453 | |
Revolving Loans Converted to Term | 2,925 | 2,977 | |
Loans, net of unearned income | 1,637,432 | 1,611,235 | |
Real Estate - Commercial Mortgage | Owner-occupied | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 562 | |
Prior year | 306 | 1,147 | |
Two years prior | 7,324 | 890 | |
Three years prior | 880 | 107 | |
Four years prior | 140 | 3,385 | |
Prior | 6,572 | 2,953 | |
Revolving Loans | 0 | 25 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 15,222 | 9,069 | |
Real Estate - Commercial Mortgage | Owner-occupied | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 3,196 | |
Prior year | 3,225 | 9,769 | |
Two years prior | 9,519 | 2,210 | |
Three years prior | 1,953 | 1,890 | |
Four years prior | 1,763 | 1,994 | |
Prior | 5,032 | 5,476 | |
Revolving Loans | 4,366 | 3,722 | |
Revolving Loans Converted to Term | 270 | 270 | |
Loans, net of unearned income | 26,128 | 28,527 | |
Real Estate - Commercial Mortgage | Owner-occupied | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 126 | |
Four years prior | 125 | 0 | |
Prior | 4 | 4 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 129 | 130 | |
Real Estate - Commercial Mortgage | Owner-occupied | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 126 | |
Four years prior | 125 | 0 | |
Prior | 4 | 4 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 129 | 130 | |
Real Estate - Commercial Mortgage | Owner-occupied | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 140,443 | 432,769 | |
Prior year | 433,821 | 1,195,500 | |
Two years prior | 1,293,909 | 776,264 | |
Three years prior | 793,498 | 499,290 | |
Four years prior | 505,910 | 260,355 | |
Prior | 643,075 | 434,541 | |
Revolving Loans | 119,774 | 111,609 | |
Revolving Loans Converted to Term | 40,427 | 22,821 | |
Loans, net of unearned income | 3,970,857 | 3,733,149 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 140,440 | 428,740 | |
Prior year | 429,833 | 1,194,864 | |
Two years prior | 1,291,004 | 761,476 | |
Three years prior | 774,632 | 494,971 | |
Four years prior | 501,667 | 223,264 | |
Prior | 577,219 | 398,188 | |
Revolving Loans | 119,774 | 111,609 | |
Revolving Loans Converted to Term | 32,053 | 13,774 | |
Loans, net of unearned income | 3,866,622 | 3,626,886 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 3 | 1,339 | |
Prior year | 1,326 | 454 | |
Two years prior | 2,723 | 14,422 | |
Three years prior | 18,509 | 4,111 | |
Four years prior | 4,068 | 14,001 | |
Prior | 22,198 | 12,677 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 48,827 | 47,004 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 2,690 | |
Prior year | 2,662 | 182 | |
Two years prior | 182 | 366 | |
Three years prior | 357 | 208 | |
Four years prior | 175 | 23,090 | |
Prior | 43,658 | 23,676 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 8,374 | 9,047 | |
Loans, net of unearned income | 55,408 | 59,259 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 25 | |
Four years prior | 24 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 24 | 25 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 25 | |
Four years prior | 24 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 24 | 25 | |
Real Estate - Commercial Mortgage | Non-owner occupied | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Installment loans to individuals | |||
Loan portfolio by risk-rating grades | |||
Loans, net of unearned income | 97,592 | $ 115,356 | |
Installment loans to individuals | Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 49 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 3 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 49 | 3 | |
Installment loans to individuals | Pass | |||
Loan portfolio by risk-rating grades | |||
Current year | 49 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 3 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 49 | 3 | |
Installment loans to individuals | Special Mention | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Installment loans to individuals | Substandard | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Loans, net of unearned income | 0 | 0 | |
Installment loans to individuals | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 10,221 | 35,274 | |
Prior year | 27,172 | 17,322 | |
Two years prior | 14,231 | 7,121 | |
Three years prior | 6,224 | 2,827 | |
Four years prior | 2,338 | 9,786 | |
Prior | 23,676 | 17,276 | |
Revolving Loans | 13,554 | 13,769 | |
Revolving Loans Converted to Term | 127 | 145 | |
Loans, net of unearned income | 97,543 | 103,520 | |
Installment loans to individuals | Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 10,221 | 35,112 | |
Prior year | 26,987 | 17,229 | |
Two years prior | 14,160 | 7,121 | |
Three years prior | 6,210 | 2,824 | |
Four years prior | 2,338 | 9,754 | |
Prior | 23,554 | 17,206 | |
Revolving Loans | 13,553 | 13,769 | |
Revolving Loans Converted to Term | 116 | 145 | |
Loans, net of unearned income | 97,139 | 103,160 | |
Installment loans to individuals | Non-Performing Loans | Not Subject to Credit Risk Assessment | |||
Loan portfolio by risk-rating grades | |||
Current year | 0 | 162 | |
Prior year | 185 | 93 | |
Two years prior | 71 | 0 | |
Three years prior | 14 | 3 | |
Four years prior | 0 | 32 | |
Prior | 122 | 70 | |
Revolving Loans | 1 | 0 | |
Revolving Loans Converted to Term | 11 | 0 | |
Loans, net of unearned income | $ 404 | $ 360 |
Loans - Gross Charge-Offs (Deta
Loans - Gross Charge-Offs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | $ 0 | $ 1,810 | |
Prior year | 27 | 2,301 | |
Two years prior | 25 | 617 | |
Three years prior | 13 | 310 | |
Four years prior | 0 | 725 | |
Prior | 634 | 12,412 | |
Revolving Loans | 211 | 865 | |
Total Charge-offs | 910 | $ 6,457 | 19,040 |
Commercial, financial, agricultural | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 898 | |
Prior year | 0 | 1,909 | |
Two years prior | 9 | 235 | |
Three years prior | 0 | 131 | |
Four years prior | 0 | 635 | |
Prior | 129 | 4,165 | |
Revolving Loans | 211 | 865 | |
Total Charge-offs | 349 | 529 | 8,838 |
Lease financing | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 883 | ||
Prior year | 273 | ||
Two years prior | 248 | ||
Three years prior | 72 | ||
Four years prior | 48 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total Charge-offs | 0 | 0 | 1,524 |
Real estate – construction: | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Total Charge-offs | 0 | 0 | |
Real estate – construction: | Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | ||
Prior year | 57 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total Charge-offs | 57 | ||
Real estate – 1-4 family mortgage: | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 0 | |
Prior year | 0 | 17 | |
Two years prior | 0 | 91 | |
Three years prior | 13 | 72 | |
Four years prior | 0 | 35 | |
Prior | 69 | 202 | |
Revolving Loans | 0 | 0 | |
Total Charge-offs | 82 | 3 | 417 |
Real estate – 1-4 family mortgage: | Primary | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 0 | |
Prior year | 0 | 17 | |
Two years prior | 0 | 0 | |
Three years prior | 13 | 0 | |
Four years prior | 0 | 0 | |
Prior | 0 | 92 | |
Revolving Loans | 0 | 0 | |
Total Charge-offs | 13 | 109 | |
Real estate – 1-4 family mortgage: | Home equity | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 0 | 25 | |
Prior | 24 | 90 | |
Revolving Loans | 0 | 0 | |
Total Charge-offs | 24 | 115 | |
Real estate – 1-4 family mortgage: | Rental/investment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 0 | |
Prior year | 0 | 0 | |
Two years prior | 0 | 91 | |
Three years prior | 0 | 72 | |
Four years prior | 0 | 10 | |
Prior | 45 | 20 | |
Revolving Loans | 0 | 0 | |
Total Charge-offs | 45 | 193 | |
Real Estate - Commercial Mortgage | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 5,568 | ||
Revolving Loans | 0 | ||
Total Charge-offs | 0 | 5,115 | 5,568 |
Real Estate - Commercial Mortgage | Owner-occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 582 | ||
Revolving Loans | 0 | ||
Total Charge-offs | 582 | ||
Real Estate - Commercial Mortgage | Non-owner occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | ||
Prior year | 0 | ||
Two years prior | 0 | ||
Three years prior | 0 | ||
Four years prior | 0 | ||
Prior | 4,986 | ||
Revolving Loans | 0 | ||
Total Charge-offs | 4,986 | ||
Installment loans to individuals | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Current year | 0 | 29 | |
Prior year | 27 | 45 | |
Two years prior | 16 | 43 | |
Three years prior | 0 | 35 | |
Four years prior | 0 | 7 | |
Prior | 436 | 2,477 | |
Revolving Loans | 0 | 0 | |
Total Charge-offs | $ 479 | $ 810 | $ 2,636 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Receivables [Abstract] | |||
Interest receivable | $ 56,176 | $ 54,804 | |
Deferred interest, allowance for credit loss | 1,245 | $ 1,245 | |
Provision for credit losses on loans | $ 2,638 | $ 7,960 | |
Supportable period | 2 years |
Allowance for Credit Losses - R
Allowance for Credit Losses - Roll Forward Of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for credit losses: | |||
Beginning balance | $ 198,578 | $ 192,090 | $ 192,090 |
Charge-offs | (910) | (6,457) | (19,040) |
Recoveries | 746 | 1,725 | |
Net (charge-offs) recoveries | (164) | (4,732) | |
Provision for (recovery of) credit losses on loans | 2,638 | 7,960 | |
Ending balance | 201,052 | 195,292 | 198,578 |
Individually evaluated | 9,947 | 16,809 | |
Collectively evaluated | 191,105 | 178,483 | |
Loans: | |||
Individually evaluated | 36,491 | 48,923 | |
Collectively evaluated | 12,464,034 | 11,717,502 | |
Loans, net of unearned income | 12,500,525 | 11,766,425 | 12,351,230 |
Nonaccruing loans with no allowance for credit losses | 17,615 | 15,994 | |
Commercial, financial, agricultural | |||
Allowance for credit losses: | |||
Beginning balance | 43,980 | 44,255 | 44,255 |
Charge-offs | (349) | (529) | (8,838) |
Recoveries | 346 | 725 | |
Net (charge-offs) recoveries | (3) | 196 | |
Provision for (recovery of) credit losses on loans | 1,944 | 253 | |
Ending balance | 45,921 | 44,678 | 43,980 |
Individually evaluated | 9,104 | 14,162 | |
Collectively evaluated | 36,817 | 30,516 | |
Loans: | |||
Individually evaluated | 15,861 | 24,985 | |
Collectively evaluated | 1,853,547 | 1,715,793 | |
Loans, net of unearned income | 1,869,408 | 1,740,778 | |
Nonaccruing loans with no allowance for credit losses | 157 | 768 | |
Real estate – construction: | |||
Allowance for credit losses: | |||
Beginning balance | 18,612 | 19,114 | 19,114 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
Provision for (recovery of) credit losses on loans | (1,295) | 845 | |
Ending balance | 17,317 | 19,959 | 18,612 |
Individually evaluated | 0 | 35 | |
Collectively evaluated | 17,317 | 19,924 | |
Loans: | |||
Individually evaluated | 0 | 652 | |
Collectively evaluated | 1,243,535 | 1,423,700 | |
Loans, net of unearned income | 1,243,535 | 1,424,352 | |
Nonaccruing loans with no allowance for credit losses | 0 | 0 | |
Real estate – 1-4 family mortgage: | |||
Allowance for credit losses: | |||
Beginning balance | 47,283 | 44,727 | 44,727 |
Charge-offs | (82) | (3) | (417) |
Recoveries | 48 | 24 | |
Net (charge-offs) recoveries | (34) | 21 | |
Provision for (recovery of) credit losses on loans | 317 | 1,233 | |
Ending balance | 47,566 | 45,981 | 47,283 |
Individually evaluated | 0 | 608 | |
Collectively evaluated | 47,566 | 45,373 | |
Loans: | |||
Individually evaluated | 7,327 | 12,637 | |
Collectively evaluated | 3,421,959 | 3,266,343 | |
Loans, net of unearned income | 3,429,286 | 3,278,980 | |
Nonaccruing loans with no allowance for credit losses | 7,328 | 9,710 | |
Real estate – commercial mortgage: | |||
Allowance for credit losses: | |||
Beginning balance | 77,020 | 71,798 | 71,798 |
Charge-offs | 0 | (5,115) | (5,568) |
Recoveries | 6 | 211 | |
Net (charge-offs) recoveries | 6 | (4,904) | |
Provision for (recovery of) credit losses on loans | 1,699 | 5,876 | |
Ending balance | 78,725 | 72,770 | 77,020 |
Individually evaluated | 573 | 1,734 | |
Collectively evaluated | 78,152 | 71,036 | |
Loans: | |||
Individually evaluated | 13,033 | 10,375 | |
Collectively evaluated | 5,740,197 | 5,075,438 | |
Loans, net of unearned income | 5,753,230 | 5,085,813 | |
Nonaccruing loans with no allowance for credit losses | 10,130 | 5,511 | |
Lease financing | |||
Allowance for credit losses: | |||
Beginning balance | 2,515 | 2,463 | 2,463 |
Charge-offs | 0 | 0 | (1,524) |
Recoveries | 8 | 5 | |
Net (charge-offs) recoveries | 8 | 5 | |
Provision for (recovery of) credit losses on loans | 31 | (31) | |
Ending balance | 2,554 | 2,437 | 2,515 |
Individually evaluated | 0 | 0 | |
Collectively evaluated | 2,554 | 2,437 | |
Loans: | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 107,474 | 121,146 | |
Loans, net of unearned income | 107,474 | 121,146 | |
Nonaccruing loans with no allowance for credit losses | 0 | 0 | |
Installment Loans to Individuals | |||
Allowance for credit losses: | |||
Beginning balance | 9,168 | 9,733 | 9,733 |
Charge-offs | (479) | (810) | (2,636) |
Recoveries | 338 | 760 | |
Net (charge-offs) recoveries | (141) | (50) | |
Provision for (recovery of) credit losses on loans | (58) | (216) | |
Ending balance | 8,969 | 9,467 | 9,168 |
Individually evaluated | 270 | 270 | |
Collectively evaluated | 8,699 | 9,197 | |
Loans: | |||
Individually evaluated | 270 | 274 | |
Collectively evaluated | 97,322 | 115,082 | |
Loans, net of unearned income | 97,592 | 115,356 | |
Nonaccruing loans with no allowance for credit losses | $ 0 | 5 | |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for credit losses: | |||
Beginning balance | (26) | (26) | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial, financial, agricultural | |||
Allowance for credit losses: | |||
Beginning balance | (26) | (26) | |
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – construction: | |||
Allowance for credit losses: | |||
Beginning balance | 0 | 0 | |
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – 1-4 family mortgage: | |||
Allowance for credit losses: | |||
Beginning balance | 0 | 0 | |
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – commercial mortgage: | |||
Allowance for credit losses: | |||
Beginning balance | 0 | 0 | |
Cumulative Effect, Period Of Adoption, Adjustment | Lease financing | |||
Allowance for credit losses: | |||
Beginning balance | 0 | 0 | |
Cumulative Effect, Period Of Adoption, Adjustment | Installment Loans to Individuals | |||
Allowance for credit losses: | |||
Beginning balance | $ 0 | $ 0 |
Allowance for Credit Losses - U
Allowance for Credit Losses - Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for credit losses on unfunded loan commitments: | ||
Beginning balance | $ 16,918 | $ 20,118 |
Recovery of credit losses on unfunded loan commitments | (200) | (1,500) |
Ending balance | $ 16,718 | $ 18,618 |
Other Real Estate Owned - Cover
Other Real Estate Owned - Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate Properties [Line Items] | ||
Total | $ 9,142 | $ 9,622 |
Residential real estate | ||
Real Estate Properties [Line Items] | ||
Total | 1,244 | 1,211 |
Commercial real estate | ||
Real Estate Properties [Line Items] | ||
Total | 7,872 | 8,407 |
Residential land development | ||
Real Estate Properties [Line Items] | ||
Total | 19 | 4 |
Commercial land development | ||
Real Estate Properties [Line Items] | ||
Total | $ 7 | $ 0 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Total OREO | |
Balance at January 1, 2024 | $ 9,622 |
Transfers of loans | 195 |
Impairments | (28) |
Dispositions | (119) |
Other | (528) |
Balance at March 31, 2024 | $ 9,142 |
Other Real Estate Owned - Compo
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Real Estate Properties [Line Items] | |||
Repairs and maintenance | $ 64 | $ 16 | |
Property taxes and insurance | 29 | 111 | |
Impairments | 28 | 0 | |
Net gains on OREO sales | (13) | (95) | |
Rental income | (1) | (2) | |
Total | 107 | $ 30 | |
Residential | |||
Real Estate Properties [Line Items] | |||
Amortized cost of loans in foreclosure | $ 2,555 | $ 395 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2024 | $ 991,665 |
Additions to goodwill and other adjustments | 0 |
Balance at March 31, 2024 | 991,665 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2024 | 988,898 |
Additions to goodwill and other adjustments | 0 |
Balance at March 31, 2024 | 988,898 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2024 | 2,767 |
Additions to goodwill and other adjustments | 0 |
Balance at March 31, 2024 | $ 2,767 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 90,162 | $ 90,162 |
Accumulated Amortization | (72,579) | (71,367) |
Net Carrying Amount | 17,583 | 18,795 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 82,492 | 82,492 |
Accumulated Amortization | (69,297) | (68,383) |
Net Carrying Amount | 13,195 | 14,109 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 7,670 | 7,670 |
Accumulated Amortization | (3,282) | (2,984) |
Net Carrying Amount | $ 4,388 | $ 4,686 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | $ 1,212 | $ 1,426 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | 914 | 1,092 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | $ 298 | $ 334 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 4,690 |
2025 | 4,150 |
2026 | 3,759 |
2027 | 3,402 |
2028 | 2,319 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 3,498 |
2025 | 3,102 |
2026 | 2,899 |
2027 | 2,774 |
2028 | 1,836 |
Customer relationship intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 1,192 |
2025 | 1,048 |
2026 | 860 |
2027 | 628 |
2028 | $ 483 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
(Positive) negative valuation adjustment to MSR | $ 0 | $ 0 |
Aggregate unpaid principal balance | 2,013,235,000 | |
Proceeds from sale of MSRs | 23,011,000 | |
Gain on sale of MSRs, before tax | 3,472,000 | |
Bank Servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,088,000 | $ 4,265,000 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Changes in mortgage servicing rights | |
Balance at January 1, 2024 | $ 91,688 |
Sale of MSRs | (19,539) |
Capitalization | 2,026 |
Amortization | (2,579) |
Balance at March 31, 2024 | $ 71,596 |
Mortgage Servicing Rights - Dat
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 5,860,523 | $ 7,826,182 |
Weighted-average prepayment speed (CPR) | 8.96% | 8.77% |
Estimated impact of a 10% increase | $ (2,046) | $ (2,653) |
Estimated impact of a 20% increase | $ (4,230) | $ (5,457) |
Discount rate | 11.10% | 10.85% |
Estimated impact of a 10% increase | $ (3,875) | $ (4,753) |
Estimated impact of a 20% increase | $ (7,461) | $ (9,149) |
Weighted-average coupon interest rate | 4.05% | 3.88% |
Weighted-average servicing fee (basis points) | 36.15% | 33.24% |
Weighted-average remaining maturity (in years) | 7 years 6 months | 7 years 6 months |
Employee Benefit and Deferred_3
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Interest cost | $ 227 | $ 249 |
Expected return on plan assets | (248) | (309) |
Recognized actuarial loss (gain) | 129 | 131 |
Net periodic benefit cost (return) | 108 | 71 |
Other Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Interest cost | 5 | 6 |
Expected return on plan assets | 0 | 0 |
Recognized actuarial loss (gain) | (23) | (15) |
Net periodic benefit cost (return) | $ (18) | $ (9) |
Employee Benefit and Deferred_4
Employee Benefit and Deferred Compensation Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Stock options granted (in shares) | 0 | 0 |
Share outstanding (in shares) | 0 | 0 |
Treasury shares reissued (in shares) | 162,653 | |
Total stock-based compensation expense | $ 3,992 | $ 3,445 |
Employee Benefit and Deferred_5
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Restricted Stock (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Performance shares | |
Performance-Based Restricted Stock | |
Nonvested at beginning of period (in shares) | shares | 169,575 |
Awarded (in shares) | shares | 95,048 |
Vested (in shares) | shares | 0 |
Cancelled (in shares) | shares | 0 |
Nonvested at end of period (in shares) | shares | 264,623 |
Weighted Average Grant-Date Fair Value | |
Nonvested at beginning balance (in usd per share) | $ / shares | $ 36.38 |
Awarded (in usd per share) | $ / shares | 33.44 |
Vested (in usd per share) | $ / shares | 0 |
Cancelled (in usd per share) | $ / shares | 0 |
Nonvested at end balance (in usd per share) | $ / shares | $ 35.32 |
Restricted stock | |
Performance-Based Restricted Stock | |
Nonvested at beginning of period (in shares) | shares | 779,564 |
Awarded (in shares) | shares | 312,940 |
Vested (in shares) | shares | (219,951) |
Cancelled (in shares) | shares | (3,599) |
Nonvested at end of period (in shares) | shares | 868,954 |
Weighted Average Grant-Date Fair Value | |
Nonvested at beginning balance (in usd per share) | $ / shares | $ 36.20 |
Awarded (in usd per share) | $ / shares | 33.19 |
Vested (in usd per share) | $ / shares | 36.33 |
Cancelled (in usd per share) | $ / shares | 34.04 |
Nonvested at end balance (in usd per share) | $ / shares | $ 35.10 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional and Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $ 34,905 | $ 29,284 |
Derivative liabilities, fair value | $ 33,054 | $ 26,425 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | $ 816,726 | $ 614,236 |
Derivative assets, fair value | 16,216 | 15,093 |
Derivative liabilities, notional amount | 792,484 | 703,017 |
Derivative liabilities, fair value | 14,450 | 16,172 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 130,000 | 330,000 |
Derivative assets, fair value | 23,655 | 22,058 |
Derivative liabilities, notional amount | 450,000 | 250,000 |
Derivative liabilities, fair value | 2,746 | 384 |
Other Assets | Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 631,264 | 532,279 |
Derivative assets, fair value | 13,758 | 13,567 |
Other Assets | Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 111,462 | 61,957 |
Derivative assets, fair value | 2,279 | 1,483 |
Other Assets | Not Designated as Hedging Instrument | Forward commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 74,000 | 20,000 |
Derivative assets, fair value | 179 | 43 |
Other Assets | Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 130,000 | 130,000 |
Derivative assets, fair value | 23,655 | 21,486 |
Other Assets | Designated as Hedging Instrument | Interest rate collars | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 0 | 200,000 |
Derivative assets, fair value | 0 | 572 |
Other Liabilities | Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, notional amount | 631,264 | 535,725 |
Derivative liabilities, fair value | 13,758 | 13,567 |
Other Liabilities | Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, notional amount | 6,220 | 2,292 |
Derivative liabilities, fair value | 18 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Forward commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, notional amount | 155,000 | 165,000 |
Derivative liabilities, fair value | 674 | 2,605 |
Other Liabilities | Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, notional amount | 100,000 | 100,000 |
Derivative liabilities, fair value | 18,563 | 17,052 |
Other Liabilities | Designated as Hedging Instrument | Interest rate collars | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, notional amount | 450,000 | 250,000 |
Derivative liabilities, fair value | $ 2,746 | $ 384 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) of Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ||
Gains (losses) on derivative financial instruments | $ 6,066 | $ 3,489 |
Interest rate contracts | ||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ||
Gains (losses) on derivative financial instruments | $ 3,191 | $ 1,742 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Fee Income, Loans and Leases | Interest and Fee Income, Loans and Leases |
Interest rate lock commitments | ||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ||
Gains (losses) on derivative financial instruments | $ 808 | $ 2,237 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage banking income | Mortgage banking income |
Forward commitments | ||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ||
Gains (losses) on derivative financial instruments | $ 2,067 | $ (490) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage banking income | Mortgage banking income |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Hedge Impact on Statement of Income (Details) - Interest rate swaps - Designated as Hedging Instrument - Interest Expense - Fair Value Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Change in unrealized gain (loss) on fair value hedging instruments | $ (1,511) | $ 2,521 |
Change in unrealized gain (loss) on hedged item in fair value hedge | $ 1,511 | $ (2,521) |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Hedge Impact on Balance Sheet (Details) - Long-term Debt - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Liability | $ 80,324 | $ 81,791 |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | $ 18,563 | $ 17,052 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 34,905 | $ 29,284 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 34,905 | 29,284 |
Financial instruments | 29,798 | 23,863 |
Financial collateral pledged | 0 | 0 |
Net amounts | 5,107 | 5,421 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 33,054 | 26,425 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 33,054 | 26,425 |
Financial instruments | 29,798 | 23,863 |
Financial collateral pledged | 318 | 1,074 |
Net amounts | $ 2,938 | $ 1,488 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred tax assets | ||
Allowance for credit losses | $ 53,963 | $ 53,432 |
Loans | 1,437 | 1,631 |
Deferred compensation | 12,192 | 15,310 |
Net unrealized losses on securities | 52,103 | 51,211 |
Impairment of assets | 284 | 138 |
Tax credits | 4,711 | 4,035 |
Net operating loss carryforwards | 4 | 33 |
Investment in partnerships | 1,637 | 1,491 |
Lease liabilities under operating leases | 12,974 | 13,066 |
Realized losses on securities | 48 | 4,892 |
Other | 2,748 | 2,660 |
Total deferred tax assets | 142,101 | 147,899 |
Deferred tax liabilities | ||
Fixed assets | 11,022 | 11,023 |
Mortgage servicing rights | 16,367 | 21,282 |
Junior subordinated debt | 1,647 | 1,708 |
Intangibles | 2,371 | 2,447 |
Lease right-of-use asset | 12,322 | 12,399 |
Other | 3,490 | 3,344 |
Total deferred tax liabilities | 47,219 | 52,203 |
Net deferred tax assets | $ 94,882 | $ 95,696 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income taxes | $ 9,912 | $ 11,322 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Securities available for sale, at fair value | $ 764,486 | $ 923,279 |
Derivative instruments | 34,905 | 29,284 |
Financial liabilities: | ||
Derivative instruments: | 33,054 | 26,425 |
Recurring | ||
Financial assets: | ||
Derivative instruments | 39,871 | 37,151 |
Mortgage loans held for sale in loans held for sale | 191,440 | 179,756 |
Total financial assets | 995,797 | 1,140,186 |
Financial liabilities: | ||
Derivative instruments: | 35,759 | 33,608 |
Recurring | Securities available for sale | ||
Financial assets: | ||
Securities available for sale, at fair value | 764,486 | 923,279 |
Recurring | Level 1 | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Mortgage loans held for sale in loans held for sale | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments: | 0 | 0 |
Recurring | Level 1 | Securities available for sale | ||
Financial assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
Derivative instruments | 39,871 | 37,151 |
Mortgage loans held for sale in loans held for sale | 191,440 | 179,756 |
Total financial assets | 995,797 | 1,140,186 |
Financial liabilities: | ||
Derivative instruments: | 35,759 | 33,608 |
Recurring | Level 2 | Securities available for sale | ||
Financial assets: | ||
Securities available for sale, at fair value | 764,486 | 923,279 |
Recurring | Level 3 | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Mortgage loans held for sale in loans held for sale | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments: | 0 | 0 |
Recurring | Level 3 | Securities available for sale | ||
Financial assets: | ||
Securities available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, measurements, nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Individually evaluated loans, net of allowance for credit losses | $ 6,690 | $ 27,762 |
OREO | 74 | |
Total financial assets | 6,764 | 27,762 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Individually evaluated loans, net of allowance for credit losses | 0 | 0 |
OREO | 0 | |
Total financial assets | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Individually evaluated loans, net of allowance for credit losses | 0 | 0 |
OREO | 0 | |
Total financial assets | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Individually evaluated loans, net of allowance for credit losses | 6,690 | 27,762 |
OREO | 74 | |
Total financial assets | $ 6,764 | $ 27,762 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered under loss-share agreements | $ 11,348,000 | $ 37,515,000 | |
Valuation adjustment | 0 | $ 0 | |
Changes in fair value losses | (1,703,000) | $ 1,780,000 | |
Impaired Loans, not covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 4,658,000 | $ 9,753,000 |
Fair Value Measurements - OREO
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, measurements, nonrecurring $ in Thousands | Mar. 31, 2024 USD ($) |
OREO measured at fair value on a nonrecurring basis | |
Carrying amount prior to remeasurement | $ 103 |
Impairment recognized in results of operations | (29) |
Fair value | $ 74 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Level 3 $ in Thousands | Mar. 31, 2024 USD ($) |
Individually evaluated loans, net of allowance for credit losses | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 6,690 |
OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 74 |
Measurement input, price volatility | Minimum | Individually evaluated loans, net of allowance for credit losses | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Debt instrument, measurement input range | 0.04 |
Measurement input, price volatility | Minimum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
OREO, measurement input range | 0.04 |
Measurement input, price volatility | Maximum | Individually evaluated loans, net of allowance for credit losses | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Debt instrument, measurement input range | 0.10 |
Measurement input, price volatility | Maximum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
OREO, measurement input range | 0.10 |
Fair Value Measurements - Summa
Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Aggregate Fair Value | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | $ 191,440 | $ 179,756 |
Aggregate Unpaid Principal Balance | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | 187,881 | 174,471 |
Difference | ||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ||
Mortgage loans held for sale measured at fair value | $ 3,559 | $ 5,285 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Securities held to maturity | $ 1,085,085 | $ 1,121,830 |
Securities available for sale | 764,486 | 923,279 |
Loans held for sale | 191,440 | 179,756 |
Mortgage servicing rights | 71,596 | 91,688 |
Derivative instruments | 34,905 | 29,284 |
Financial liabilities | ||
Derivative instruments | 33,054 | 26,425 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 844,400 | 801,351 |
Securities held to maturity | 1,199,111 | 1,221,464 |
Securities available for sale | 764,486 | 923,279 |
Loans held for sale | 191,440 | 179,756 |
Loans, net | 12,299,473 | 12,152,652 |
Mortgage servicing rights | 71,596 | 91,688 |
Derivative instruments | 39,871 | 37,151 |
Financial liabilities | ||
Deposits | 14,237,163 | 14,076,785 |
Short-term borrowings | 108,121 | 307,577 |
Junior subordinated debentures | 113,213 | 112,978 |
Subordinated notes | 314,834 | 316,422 |
Derivative instruments | 35,759 | 33,608 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 844,400 | 801,351 |
Securities held to maturity | 1,085,085 | 1,121,830 |
Securities available for sale | 764,486 | 923,279 |
Loans held for sale | 191,440 | 179,756 |
Loans, net | 11,757,985 | 11,594,363 |
Mortgage servicing rights | 96,622 | 117,664 |
Derivative instruments | 39,871 | 37,151 |
Financial liabilities | ||
Deposits | 14,221,149 | 14,060,050 |
Short-term borrowings | 108,121 | 307,577 |
Junior subordinated debentures | 97,071 | 96,435 |
Subordinated notes | 263,983 | 255,192 |
Derivative instruments | 35,759 | 33,608 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 844,400 | 801,351 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 11,501,780 | 11,381,556 |
Short-term borrowings | 108,121 | 307,577 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 1,085,085 | 1,121,830 |
Securities available for sale | 764,486 | 923,279 |
Loans held for sale | 191,440 | 179,756 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 39,871 | 37,151 |
Financial liabilities | ||
Deposits | 2,719,369 | 2,678,494 |
Short-term borrowings | 0 | 0 |
Junior subordinated debentures | 97,071 | 96,435 |
Subordinated notes | 263,983 | 255,192 |
Derivative instruments | 35,759 | 33,608 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 11,757,985 | 11,594,363 |
Mortgage servicing rights | 96,622 | 117,664 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Changes in the Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | $ (3,576) | $ 22,302 |
Total other comprehensive income (loss), tax expense (benefit) | (889) | 5,589 |
Other comprehensive (loss) income, net of tax | (2,687) | 16,713 |
Securities available for sale: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before reclassifications, pre-tax | (6,192) | 20,714 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (1,558) | 5,183 |
Other comprehensive income (loss), before reclassifications, net of tax | (4,634) | 15,531 |
Amortization of unrealized holding losses on securities transferred to held to maturity category, pre tax | 3,275 | 3,128 |
Amortization of unrealized holding losses on securities transferred to held to maturity category, tax expense (benefit) | 837 | 800 |
Amortization of unrealized holding losses on securities transferred to held to maturity category, net of tax | 2,438 | 2,328 |
Total other comprehensive income (loss), pre-tax | (2,917) | 23,842 |
Total other comprehensive income (loss), tax expense (benefit) | (721) | 5,983 |
Other comprehensive (loss) income, net of tax | (2,196) | 17,859 |
Derivative instruments: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before reclassifications, pre-tax | (765) | (1,656) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (195) | (424) |
Other comprehensive income (loss), before reclassifications, net of tax | (570) | (1,232) |
Total other comprehensive income (loss), pre-tax | (765) | (1,656) |
Total other comprehensive income (loss), tax expense (benefit) | (195) | (424) |
Other comprehensive (loss) income, net of tax | (570) | (1,232) |
Amortization of net actuarial loss recognized in net periodic pension cost | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from AOCI, pre-tax | 106 | 116 |
Reclassification from AOCI, tax expense (benefit) | 27 | 30 |
Reclassification from AOCI, net of tax | 79 | 86 |
Total defined benefit pension and post-retirement benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | 106 | 116 |
Total other comprehensive income (loss), tax expense (benefit) | 27 | 30 |
Other comprehensive (loss) income, net of tax | $ 79 | $ 86 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ 2,322,350 | $ 2,297,383 | $ 2,187,300 | $ 2,136,016 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (156,943) | (154,256) | $ (192,324) | $ (209,037) |
Unrealized losses on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (165,680) | (163,484) | ||
Unrealized gains on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | 16,481 | 17,051 | ||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (7,744) | $ (7,823) |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic | ||
Net income applicable to common stock | $ 39,409 | $ 46,078 |
Average common shares outstanding (in shares) | 56,208,348 | 56,008,741 |
Net income per common share - basic (in usd per share) | $ 0.70 | $ 0.82 |
Diluted | ||
Net income applicable to common stock | $ 39,409 | $ 46,078 |
Average common shares outstanding (in shares) | 56,208,348 | 56,008,741 |
Effect of dilutive stock-based compensation (in shares) | 322,730 | 261,478 |
Average common shares outstanding - diluted (in shares) | 56,531,078 | 56,270,219 |
Net income per common share - diluted (in usd per share) | $ 0.70 | $ 0.82 |
Net Income Per Common Share - A
Net Income Per Common Share - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option | ||
Schedule of antidilutive securities excluded from computation of earnings per share | ||
Number of shares (in shares) | 78,296 | 68,771 |
Regulatory Matters - Guidelines
Regulatory Matters - Guidelines Governing the Classification of Capital Tiers (Details) | Mar. 31, 2024 |
Banking and Thrift, Interest [Abstract] | |
Tier 1 Capital to Average Assets (Leverage), Well capitalized | 0.05 |
Tier 1 Capital to Average Assets (Leverage), Adequately capitalized | 0.04 |
Tier 1 Capital to Average Assets (Leverage), Undercapitalized | 4% |
Tier 1 Capital to Average Assets (Leverage), Significantly undercapitalized | 3% |
Common Equity Tier 1 to Risk-Weighted Assets, Well capitalized | 6.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Adequately capitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Undercapitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Significantly undercapitalized | 3% |
Tier 1 Capital to Risk-Weighted Assets, Well capitalized | 0.08 |
Tier 1 Capital to Risk-Weighted Assets, Adequately capitalized | 0.06 |
Tier 1 Capital to Risk-Weighted Assets, Undercapitalized | 6% |
Tier 1 Capital to Risk-Weighted Assets, Significantly undercapitalized | 4% |
Total Capital to Risk-Weighted Assets, Well capitalized | 0.10 |
Total Capital to Risk-Weighted Assets, Adequately capitalized | 0.08 |
Total Capital to Risk-Weighted Assets, Undercapitalized | 8% |
Total Capital to Risk-Weighted Assets, Significantly undercapitalized | 6% |
Critically undercapitalized | 2% |
Regulatory Matters - Capital an
Regulatory Matters - Capital and Risk-Based Capital and Leverage Ratios (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets (Leverage) - Amount | $ 1,594,020 | $ 1,578,918 |
Tier 1 Capital to Average Assets (Leverage) - Ratio | 0.0975 | 0.0962 |
Common Equity Tier 1 Capital to Risk-Weighted Assets - Amount | $ 1,484,398 | $ 1,469,531 |
Common Equity Tier 1 Capital to Risk-Weighted Assets - Ratio | 10.59% | 10.52% |
Tier 1 Capital to Risk-Weighted Assets - Amount | $ 1,594,020 | $ 1,578,918 |
Tier 1 Capital to Risk-Weighted Assets - Ratio | 0.1137 | 0.1130 |
Total Capital to Risk-Weighted Assets - Amount | $ 2,102,933 | $ 2,085,531 |
Total Capital to Risk-Weighted Assets - Ratio | 0.1500 | 0.1493 |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets (Leverage) - Amount | $ 1,728,934 | $ 1,714,965 |
Tier 1 Capital to Average Assets (Leverage) - Ratio | 0.1057 | 0.1045 |
Common Equity Tier 1 Capital to Risk-Weighted Assets - Amount | $ 1,728,934 | $ 1,714,965 |
Common Equity Tier 1 Capital to Risk-Weighted Assets - Ratio | 12.31% | 12.25% |
Tier 1 Capital to Risk-Weighted Assets - Amount | $ 1,728,934 | $ 1,714,965 |
Tier 1 Capital to Risk-Weighted Assets - Ratio | 0.1231 | 0.1225 |
Total Capital to Risk-Weighted Assets - Amount | $ 1,904,816 | $ 1,888,104 |
Total Capital to Risk-Weighted Assets - Ratio | 0.1356 | 0.1349 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) | Jan. 01, 2022 |
Banking and Thrift, Interest [Abstract] | |
Regulatory capital, transitional period to phase out capital benefit | 3 years |
Segment Reporting - Financial I
Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financial information for the Company's operating segments | |||
Net interest income (loss) | $ 123,290 | $ 135,775 | |
Provision for credit losses | 2,438 | 6,460 | |
Noninterest income (loss) | 41,381 | 37,293 | |
Noninterest expense | 112,912 | 109,208 | |
Income (loss) before income taxes | 49,321 | 57,400 | |
Income tax expense (benefit) | 9,912 | 11,322 | |
Net income (loss) | 39,409 | 46,078 | |
Total assets | 17,345,741 | 17,474,083 | $ 17,360,535 |
Goodwill | 991,665 | 991,665 | 991,665 |
Community Banks | |||
Financial information for the Company's operating segments | |||
Goodwill | 988,898 | 988,898 | |
Insurance | |||
Financial information for the Company's operating segments | |||
Goodwill | 2,767 | $ 2,767 | |
Operating segments | Community Banks | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | 129,691 | 141,796 | |
Provision for credit losses | 2,438 | 6,460 | |
Noninterest income (loss) | 31,491 | 28,493 | |
Noninterest expense | 105,167 | 101,881 | |
Income (loss) before income taxes | 53,577 | 61,948 | |
Income tax expense (benefit) | 11,364 | 12,722 | |
Net income (loss) | 42,213 | 49,226 | |
Total assets | 17,303,709 | 17,362,799 | |
Goodwill | 988,898 | 988,898 | |
Operating segments | Insurance | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | 481 | 286 | |
Provision for credit losses | 0 | 0 | |
Noninterest income (loss) | 3,596 | 3,362 | |
Noninterest expense | 2,147 | 2,039 | |
Income (loss) before income taxes | 1,930 | 1,609 | |
Income tax expense (benefit) | 501 | 416 | |
Net income (loss) | 1,429 | 1,193 | |
Total assets | 41,905 | 37,168 | |
Goodwill | 2,767 | 2,767 | |
Operating segments | Wealth Management | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | 11 | 11 | |
Provision for credit losses | 0 | 0 | |
Noninterest income (loss) | 6,633 | 5,812 | |
Noninterest expense | 5,185 | 4,928 | |
Income (loss) before income taxes | 1,459 | 895 | |
Income tax expense (benefit) | 20 | 4 | |
Net income (loss) | 1,439 | 891 | |
Total assets | 5,409 | 79,452 | |
Goodwill | 0 | 0 | |
Other | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | (6,893) | (6,318) | |
Provision for credit losses | 0 | 0 | |
Noninterest income (loss) | (339) | (374) | |
Noninterest expense | 413 | 360 | |
Income (loss) before income taxes | (7,645) | (7,052) | |
Income tax expense (benefit) | (1,973) | (1,820) | |
Net income (loss) | (5,672) | (5,232) | |
Total assets | (5,282) | (5,336) | |
Goodwill | $ 0 | $ 0 |