Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
Document Transition Report | false |
Entity File Number | 0-13660 |
Entity Registrant Name | Seacoast Banking Corporation of Florida |
Entity Incorporation, State or Country Code | FL |
Entity Tax Identification Number | 59-2260678 |
Entity Address, Address Line One | 815 COLORADO AVENUE, |
Entity Address, City or Town | STUART |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34994 |
City Area Code | (772) |
Local Phone Number | 287-4000 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SBCF |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 84,609,320 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000730708 |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Interest and fees on loans | $ 135,168 | $ 67,118 |
Interest and dividends on securities | 19,349 | 10,181 |
Interest on interest bearing deposits and other investments | 3,474 | 933 |
Total Interest Income | 157,991 | 78,232 |
Interest on deposits | 16,033 | 767 |
Interest on time certificates | 5,552 | 468 |
Interest on borrowed money | 5,254 | 475 |
Total Interest Expense | 26,839 | 1,710 |
Net Interest Income | 131,152 | 76,522 |
Provision for credit losses | 31,598 | 6,556 |
Net Interest Income after Provision for Credit Losses | 99,554 | 69,966 |
Noninterest income: | ||
Service charges on deposit accounts | 4,242 | 2,801 |
Interchange income | 4,694 | 4,128 |
Wealth management income | 3,063 | 2,659 |
Mortgage banking fees | 426 | 1,686 |
Insurance agency income | 1,101 | 0 |
SBA gains | 322 | 156 |
BOLI income | 1,916 | 1,334 |
Other | 6,574 | 3,061 |
Noninterest income, excluding securities gains (losses) | 22,338 | 15,825 |
Securities gains (losses), net | 107 | (452) |
Total Noninterest Income | 22,445 | 15,373 |
Noninterest Expense: | ||
Salaries and wages | 47,616 | 28,219 |
Employee benefits | 8,562 | 5,501 |
Outsourced data processing costs | 14,553 | 6,156 |
Telephone / data lines | 1,081 | 733 |
Occupancy | 6,938 | 3,986 |
Furniture and equipment | 2,267 | 1,426 |
Marketing | 2,238 | 1,171 |
Legal and professional fees | 7,479 | 4,789 |
FDIC assessments | 1,443 | 789 |
Amortization of intangibles | 6,727 | 1,446 |
Foreclosed property expense and net loss (gain) on sale | 195 | (164) |
Provision for credit losses on unfunded commitments | 1,239 | 142 |
Other | 7,137 | 4,723 |
Total Noninterest Expense | 107,475 | 58,917 |
Income Before Income Taxes | 14,524 | 26,422 |
Provision for income taxes | 2,697 | 5,834 |
Net Income | $ 11,827 | $ 20,588 |
Net income per share of common stock | ||
Diluted (in dollars per share) | $ 0.15 | $ 0.33 |
Basic (in dollars per share) | $ 0.15 | $ 0.34 |
Average common shares outstanding | ||
Diluted (in shares) | 80,717 | 61,704 |
Basic (in shares) | 80,151 | 61,127 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 11,827 | $ 20,588 |
Other comprehensive income (loss): | ||
Unrealized gains (losses) on available-for-sale securities, net of tax expense of $5.9 million and net of tax benefit of $20.6 million for the three months ended March 31, 2023 and 2022, respectively | 18,516 | (66,012) |
Amortization of unrealized (gains) losses on securities transferred to held-to-maturity, net of tax benefit of $3 thousand and net of tax expense of $7 thousand for the three months ended March 31, 2023 and 2022, respectively | (10) | 36 |
Reclassification adjustment for gains included in net income, net of tax expense of $1 thousand for the three months ended March 31, 2023 | (4) | 0 |
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $33 thousand and net of tax benefit of $22 thousand for the three months ended March 31, 2023 and 2022, respectively | 98 | (64) |
Total other comprehensive income (loss) | 18,600 | (66,040) |
Comprehensive Income (Loss) | $ 30,427 | $ (45,452) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized losses on available-for-sale securities, tax (benefit) expense | $ 5,900 | $ (20,600) |
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, tax expense (benefit) | (3) | 7 |
Reclassification adjustment for (gains) included in net income, tax expense (benefit) | 1 | |
Unrealized gains (losses) on cash flow hedging derivatives, net of reclassifications, tax expense (benefit) | $ 33 | $ (22) |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 180,607 | $ 120,748 |
Interest bearing deposits with other banks | 610,636 | 81,192 |
Total cash and cash equivalents | 791,243 | 201,940 |
Time deposits with other banks | 3,236 | 3,236 |
Debt securities: | ||
Securities available-for-sale (at fair value) | 2,015,967 | 1,871,742 |
Securities held-to-maturity (fair value $618.8 million at March 31, 2023 and $617.7 million at December 31, 2022) | 737,911 | 747,408 |
Total debt securities | 2,753,878 | 2,619,150 |
Loans held for sale (at fair value) | 2,838 | 3,151 |
Loans | 10,134,395 | 8,144,724 |
Less: Allowance for credit losses | (155,640) | (113,895) |
Loans, net of allowance for credit losses | 9,978,755 | 8,030,829 |
Bank premises and equipment, net | 116,522 | 116,892 |
Other real estate owned | 7,756 | 2,301 |
Goodwill | 728,396 | 480,319 |
Other intangible assets, net | 117,409 | 75,451 |
Bank owned life insurance | 292,545 | 237,824 |
Net deferred tax assets | 124,301 | 94,457 |
Other assets | 338,529 | 280,212 |
Total Assets | 15,255,408 | 12,145,762 |
Liabilities | ||
Deposits | 12,309,701 | 9,981,595 |
Securities sold under agreements to repurchase, maturing within 30 days | 267,606 | 172,029 |
Federal Home Loan Bank ("FHLB") borrowings | 385,000 | 150,000 |
Subordinated debt | 105,804 | 84,533 |
Other liabilities | 136,213 | 149,830 |
Total Liabilities | 13,204,324 | 10,537,987 |
Shareholders' Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 85,093,864 and outstanding 84,609,320 at March 31, 2023, and authorized 120,000,000, issued 72,099,136 and outstanding 71,617,852 shares at December 31, 2022 | 8,461 | 7,162 |
Additional paid-in-capital | 1,803,898 | 1,377,802 |
Retained earnings | 421,271 | 423,863 |
Less: Treasury stock | (13,113) | (13,019) |
Total shareholders' equity, before accumulated other comprehensive (loss) income, net | 2,220,517 | 1,795,808 |
Accumulated other comprehensive loss, net | (169,433) | (188,033) |
Total Shareholders' Equity | 2,051,084 | 1,607,775 |
Total Liabilities and Shareholders' Equity | $ 15,255,408 | $ 12,145,762 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 618,776 | $ 617,741 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 85,093,864 | 72,099,136 |
Common stock, shares outstanding (in shares) | 84,609,320 | 71,617,852 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash Flows from Operating Activities | |||
Net income | $ 11,827 | $ 20,588 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 2,066 | 1,420 | |
Amortization of premiums and discounts on securities, net | (44) | 361 | |
Amortization of operating lease right-of-use assets | 1,863 | 990 | |
Other amortization and accretion, net | (6,636) | (1,173) | |
Stock based compensation | 2,642 | 1,419 | |
Origination of loans designated for sale | (27,576) | (57,625) | |
Sale of loans designated for sale | 28,749 | 71,210 | |
Provision for credit losses | 31,598 | 6,556 | |
Deferred income taxes | (17,952) | 866 | |
Gains on sale of securities | (5) | 0 | |
Gains on sale of loans | (860) | (2,324) | |
Gains on sale and write-downs of other real estate owned | 0 | (255) | |
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 1,154 | 31 | |
Changes in operating assets and liabilities, net of effects from acquired companies: | |||
Net decrease in other assets | 22,516 | 15,471 | |
Net decrease in other liabilities | (36,297) | (3,001) | |
Net cash provided by operating activities | 13,045 | 54,534 | |
Cash Flows from Investing Activities | |||
Maturities and repayments of debt securities available-for-sale | 36,850 | 95,398 | |
Maturities and repayments of debt securities held-to-maturity | 11,829 | 26,430 | |
Proceeds from sale of debt securities available-for-sale | 30,490 | 26,011 | |
Purchases of debt securities available-for-sale | (22,402) | (244,551) | |
Purchases of debt securities held-to-maturity | 0 | (134,941) | |
Maturities of time deposits with other banks | 0 | 498 | |
Net new loans and principal repayments | 25,883 | (44,256) | |
Purchases of loans held for investment | 0 | (111,292) | |
Proceeds from sale of other real estate owned | 0 | 3,742 | |
Additions to other real estate owned | 0 | (319) | |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 28,848 | 0 | |
Purchase of FHLB and Federal Reserve Bank Stock | (54,642) | (3,347) | |
Net cash from bank acquisitions | 141,674 | 208,933 | |
Additions to bank premises and equipment | (5,812) | (825) | |
Net cash provided by (used in) investing activities | 192,718 | (178,519) | |
Cash Flows from Financing Activities | |||
Net increase in deposits | 208,765 | 613,899 | |
Net increase (decrease) in repurchase agreements | 95,577 | (643) | |
Net decrease in FHLB borrowings with original maturities of three months or less | 40,000 | 0 | |
Proceeds from FHLB borrowings with original maturities of more than three months | 50,000 | 0 | |
Stock based employee benefit plans | 3,617 | 3,509 | |
Dividends paid | (14,419) | (7,994) | |
Net cash provided by financing activities | 383,540 | 608,771 | |
Net increase in cash and cash equivalents | 589,303 | 484,786 | |
Cash and cash equivalents at beginning of period | 201,940 | 737,729 | |
Cash and cash equivalents at end of period | 791,243 | 1,222,515 | |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 23,457 | 1,673 | |
Cash paid during the period for taxes | 6 | 0 | |
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | 1,610 | 3,370 | |
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | 1,610 | 3,370 | |
Supplemental disclosure of non-cash investing activities: 1 | |||
Transfers from bank premises to other real estate owned | [1] | $ 5,455 | $ 1,008 |
[1] 1 See "Note 11 - Business Combinations" for common stock issued in business combinations. |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2021 | 58,504,000 | |||||
Beginning balance at Dec. 31, 2021 | $ 1,310,736 | $ 5,850 | $ 963,851 | $ 358,598 | $ (10,569) | $ (6,994) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (45,452) | 20,588 | (66,040) | |||
Stock based compensation expense | 1,419 | 1,419 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 7,000 | |||||
Common stock transactions related to stock based employee benefit plans | 106 | $ 1 | (5) | 110 | ||
Common stock issued for stock options (in shares) | 178,000 | |||||
Common stock issued for stock options | 3,403 | $ 18 | 3,385 | |||
Issuance of common stock, pursuant to acquisitions (in shares) | 2,550,000 | |||||
Issuance of common stock, pursuant to acquisitions | 90,234 | $ 255 | 89,979 | |||
Conversion of options, pursuant to acquisition | 3,833 | 3,833 | ||||
Dividends on common stock | (7,994) | (7,994) | ||||
Increase (decrease) in shares during period (in shares) | 2,735,000 | |||||
Increase (decrease) in stockholders' equity during period | 45,549 | $ 274 | 98,611 | 12,594 | 110 | (66,040) |
Ending balance (in shares) at Mar. 31, 2022 | 61,239,000 | |||||
Ending balance at Mar. 31, 2022 | $ 1,356,285 | $ 6,124 | 1,062,462 | 371,192 | (10,459) | (73,034) |
Beginning balance (in shares) at Dec. 31, 2022 | 71,617,852 | 71,618,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,607,775 | $ 7,162 | 1,377,802 | 423,863 | (13,019) | (188,033) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 30,427 | 11,827 | 18,600 | |||
Stock based compensation expense | 2,642 | 2,642 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 71,000 | |||||
Common stock transactions related to stock based employee benefit plans | (165) | $ 8 | (79) | (94) | ||
Common stock issued for stock options (in shares) | 128,000 | |||||
Common stock issued for stock options | 3,782 | $ 12 | 3,770 | |||
Issuance of common stock, pursuant to acquisitions (in shares) | 12,792,000 | |||||
Issuance of common stock, pursuant to acquisitions | 410,738 | $ 1,279 | 409,459 | |||
Conversion of options, pursuant to acquisition | 10,304 | 10,304 | ||||
Dividends on common stock | (14,419) | (14,419) | ||||
Increase (decrease) in shares during period (in shares) | 12,991,000 | |||||
Increase (decrease) in stockholders' equity during period | $ 443,309 | $ 1,299 | 426,096 | (2,592) | (94) | 18,600 |
Ending balance (in shares) at Mar. 31, 2023 | 84,609,320 | 84,609,000 | ||||
Ending balance at Mar. 31, 2023 | $ 2,051,084 | $ 8,461 | $ 1,803,898 | $ 421,271 | $ (13,113) | $ (169,433) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.17 | $ 0.13 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. Adoption of New Accounting Pronouncement |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For the three months ended March 31, 2023, 161,251 options to purchase shares of the Company’s common stock were anti-dilutive. For the three months ended March 31, 2022, no options to purchase shares of the Company's common stock were anti-dilutive. Three Months Ended March 31, (Dollars in thousands, except per share data) 2023 2022 Basic earnings per share Net income $ 11,827 $ 20,588 Average common shares outstanding 80,151 61,127 Net income per share $ 0.15 $ 0.34 Diluted earnings per share Net income $ 11,827 $ 20,588 Average common shares outstanding 80,151 61,127 Add: Dilutive effect of employee restricted stock and stock options 566 577 Average diluted shares outstanding 80,717 61,704 Net income per share $ 0.15 $ 0.33 Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 43,448 $ 267 $ (331) $ 43,384 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,657,149 1,002 (203,663) 1,454,488 Private mortgage-backed securities and collateralized mortgage obligations 175,629 104 (12,359) 163,374 Collateralized loan obligations 312,086 — (6,609) 305,477 Obligations of state and political subdivisions 22,016 38 (1,383) 20,671 Other debt securities 28,799 184 (410) 28,573 Totals $ 2,239,127 $ 1,595 $ (224,755) $ 2,015,967 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 737,911 $ — $ (119,135) $ 618,776 Totals $ 737,911 $ — $ (119,135) $ 618,776 December 31, 2022 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 13,813 $ 173 $ (339) $ 13,647 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,561,197 539 (223,083) 1,338,653 Private mortgage-backed securities and collateralized mortgage obligations 179,148 70 (12,831) 166,387 Collateralized loan obligations 313,155 — (10,251) 302,904 Obligations of state and political subdivisions 29,350 122 (1,731) 27,741 Other debt securities 22,640 197 (427) 22,410 Totals $ 2,119,303 $ 1,101 $ (248,662) $ 1,871,742 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,408 $ 64 $ (129,731) $ 617,741 Totals $ 747,408 $ 64 $ (129,731) $ 617,741 During the three months ended March 31, 2023, debt securities with a fair value of $22.1 million obtained in the acquisition of Professional Holding Corp. (“Professional”) were sold. No gain or loss was recognized on the sale. There were $8.4 million in other sales of securities during the three months ended March 31, 2023, with gross gains of $24 thousand and gross losses of $19 thousand. Also included in “Securities gains (losses), net” is an increase of $0.1 million and a decrease of $0.5 million for the three months ended March 31, 2023 and 2022, respectively, in the value of an investment in shares of a mutual fund that invests in CRA-qualified debt securities. At March 31, 2023, debt securities with a fair value of $2.0 billion were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities at March 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. March 31, 2023 Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 1,708 $ 1,684 Due after one year through five years — — 14,321 14,270 Due after five years through ten years — — 15,460 15,377 Due after ten years — — 33,975 32,724 — — 65,464 64,055 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 737,911 618,776 1,657,149 1,454,488 Private mortgage-backed securities and collateralized mortgage obligations — — 175,629 163,374 Collateralized loan obligations — — 312,086 305,477 Other debt securities — — 28,799 28,573 Totals $ 737,911 $ 618,776 $ 2,239,127 $ 2,015,967 The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, or using observable market data. The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2023 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 31,886 $ (316) $ 451 $ (15) $ 32,337 $ (331) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 499,606 (23,670) 907,243 (179,993) 1,406,849 (203,663) Private mortgage-backed securities and collateralized mortgage obligations 76,503 (3,870) 58,387 (8,489) 134,890 (12,359) Collateralized loan obligations 58,915 (1,395) 246,562 (5,214) 305,477 (6,609) Obligations of state and political subdivisions 10,417 (128) 5,551 (1,255) 15,968 (1,383) Other debt securities 18,058 (410) — — 18,058 (410) Totals $ 695,385 $ (29,789) $ 1,218,194 $ (194,966) $ 1,913,579 $ (224,755) December 31, 2022 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 3,788 $ (328) $ 249 $ (11) $ 4,037 $ (339) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 646,651 (54,956) 667,520 (168,127) 1,314,171 (223,083) Private mortgage-backed securities and collateralized mortgage obligations 130,488 (8,255) 25,234 (4,576) 155,722 (12,831) Collateralized loan obligations 242,370 (8,343) 60,534 (1,908) 302,904 (10,251) Obligations of state and political subdivisions 23,804 (1,656) 425 (75) 24,229 (1,731) Other debt securities 11,459 (427) — — 11,459 (427) Totals $ 1,058,560 $ (73,965) $ 753,962 $ (174,697) $ 1,812,522 $ (248,662) At March 31, 2023, the Company had unrealized losses of $203.7 million on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.4 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2023, no allowance for credit losses has been recorded. At March 31, 2023, the Company had $12.4 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $134.9 million. The securities have weighted average credit support of 22%. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2023, no allowance for credit losses has been recorded. At March 31, 2023, the Company had $6.6 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $305.5 million. CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2023, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 36% and 25%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2023, no allowance for credit losses has been recorded. At March 31, 2023, the Company had $1.4 million of unrealized losses on municipal securities having a fair value of $16.0 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of March 31, 2023, no allowance for credit losses has been recorded. At March 31, 2023, the Company had $0.3 million of unrealized losses on floating rate student loan asset-backed securities having a fair value of $10.8 million. These securities were issued under the U.S. Department of Education’s Federal Family Education Loan program, which generally provides a minimum of 97% U.S. Department of Education guarantee of principal. These securities also have added credit enhancement through over-collateralization and have average credit support of 9%. Based on the assessment of all relevant factors, the Company believes any unrealized loss positions are a function of changes in investment spreads and interest rate movement and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2023, no allowance for credit losses has been recorded. All held-to-maturity (“HTM”) debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. As a result, as of March 31, 2023, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity. Included in Other Assets at March 31, 2023 is $78.9 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on available-for-sale (“AFS”) and HTM debt securities of $7.8 million and $1.3 million, respectively, at March 31, 2023, and $7.0 million and $1.3 million, respectively, at December 31, 2022, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.7 million and $8.2 million at March 31, 2023 and December 31, 2022, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans | Loans Loans held for investment are categorized into the following segments: • Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property. • Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property. • Commercial real estate - non-owner occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property. • Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment are largely dependent on the occupant of the residential property. • Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. • Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized. The following tables present net loan balances by segment as of: March 31, 2023 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 358,960 $ 370,353 $ 28,522 $ 757,835 Commercial real estate - owner occupied 998,479 613,636 40,376 1,652,491 Commercial real estate - non-owner occupied 1,787,839 1,476,543 147,669 3,412,051 Residential real estate 1,589,025 739,396 25,973 2,354,394 Commercial and financial 1,143,961 447,593 58,931 1,650,485 Consumer 169,088 128,865 3,787 301,740 PPP Loans 1,101 4,298 — 5,399 Totals $ 6,048,453 $ 3,780,684 $ 305,258 $ 10,134,395 December 31, 2022 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 364,900 $ 201,333 $ 21,100 $ 587,332 Commercial real estate - owner occupied 995,154 451,202 31,946 1,478,302 Commercial real estate - non-owner occupied 1,695,411 767,138 127,225 2,589,774 Residential real estate 1,558,643 271,378 19,482 1,849,503 Commercial and financial 1,151,273 182,124 15,238 1,348,636 Consumer 177,338 89,458 19,791 286,587 PPP Loans 1,474 3,116 — 4,590 Totals $ 5,944,193 $ 1,965,749 $ 234,782 $ 8,144,724 The amortized cost basis of loans at March 31, 2023 included net deferred costs of $35.7 million. At December 31, 2022, the amortized cost basis included net deferred costs of $35.1 million. At March 31, 2023, the remaining fair value adjustments on acquired loans were $216.0 million, or 5.0% of the outstanding acquired loan balances, compared to $97.7 million, or 4.3% of the acquired loan balances at December 31, 2022. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $34.4 million and $28.2 million at March 31, 2023 and December 31, 2022, respectively. The following tables present the status of net loan balances as of March 31, 2023 and December 31, 2022. March 31, 2023 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 358,954 $ — $ — $ — $ 6 $ 358,960 Commercial real estate - owner occupied 997,282 142 — — 1,055 998,479 Commercial real estate - non-owner occupied 1,772,837 — 421 — 14,581 1,787,839 Residential real estate 1,578,686 2,972 69 — 7,298 1,589,025 Commercial and financial 1,134,951 2,396 — — 6,614 1,143,961 Consumer 168,106 743 50 — 189 169,088 PPP Loans 1,018 — — 83 — 1,101 Total Portfolio Loans $ 6,011,834 $ 6,253 $ 540 $ 83 $ 29,743 $ 6,048,453 Acquired Non-PCD Loans Construction and land development $ 370,305 $ — $ 48 $ — $ — $ 370,353 Commercial real estate - owner occupied 613,636 — — — — 613,636 Commercial real estate - non-owner occupied 1,472,452 926 — — 3,165 1,476,543 Residential real estate 736,548 1,296 188 — 1,364 739,396 Commercial and financial 446,684 218 — — 691 447,593 Consumer 122,844 4,374 781 866 — 128,865 PPP Loans 4,277 — 21 — — 4,298 Total Acquired Non-PCD Loans $ 3,766,746 $ 6,814 $ 1,038 $ 866 $ 5,220 $ 3,780,684 PCD Loans Construction and land development $ 28,150 $ 370 $ — $ — $ 2 $ 28,522 Commercial real estate - owner occupied 36,324 — 279 — 3,773 40,376 Commercial real estate - non-owner occupied 142,111 — 47 — 5,511 147,669 Residential real estate 23,426 504 715 — 1,328 25,973 Commercial and financial 53,643 280 — — 5,008 58,931 Consumer 3,373 122 90 — 202 3,787 Total PCD Loans $ 287,027 $ 1,276 $ 1,131 $ — $ 15,824 $ 305,258 Total Loans $ 10,065,607 $ 14,343 $ 2,709 $ 949 $ 50,787 $ 10,134,395 December 31, 2022 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 364,841 $ — $ — $ — $ 59 $ 364,900 Commercial real estate - owner occupied 993,690 — 67 440 957 995,154 Commercial real estate - non-owner occupied 1,695,381 — — — 30 1,695,411 Residential real estate 1,550,040 1,172 147 — 7,284 1,558,643 Commercial and financial 1,142,536 1,032 476 — 7,229 1,151,273 Consumer 176,444 550 252 1 91 177,338 PPP Loans 1,099 33 — 342 — 1,474 Total Portfolio Loans $ 5,924,031 $ 2,787 $ 942 $ 783 $ 15,650 $ 5,944,193 Acquired Non-PCD Loans Construction and land development $ 201,263 $ — $ — $ — $ 70 $ 201,333 Commercial real estate - owner occupied 450,109 796 297 — — 451,202 Commercial real estate - non-owner occupied 765,633 162 — — 1,343 767,138 Residential real estate 270,215 577 — — 586 271,378 Commercial and financial 180,837 790 87 — 410 182,124 Consumer 87,317 779 616 525 221 89,458 PPP Loans 3,116 — — — — 3,116 Total Acquired Non-PCD Loans $ 1,958,490 $ 3,104 $ 1,000 $ 525 $ 2,630 $ 1,965,749 PCD Loans Construction and land development $ 20,680 $ — $ — $ — $ 420 $ 21,100 Commercial real estate - owner occupied 30,517 23 23 — 1,383 31,946 Commercial real estate - non-owner occupied 124,115 — — — 3,110 127,225 Residential real estate 17,885 10 — — 1,587 19,482 Commercial and financial 11,201 4 — — 4,033 15,238 Consumer 17,884 1,001 336 540 30 19,791 Total PCD Loans $ 222,282 $ 1,038 $ 359 $ 540 $ 10,563 $ 234,782 Total Loans $ 8,104,803 $ 6,929 $ 2,301 $ 1,848 $ 28,843 $ 8,144,724 All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is reduced to zero. 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 Company recognized $0.1 million and $0.8 million in interest income on nonaccrual loans during each of the three months ended March 31, 2023 and 2022, respectively. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 31, 2023 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 6 $ 2 $ 8 $ — Commercial real estate - owner occupied 2,078 2,751 4,829 126 Commercial real estate - non-owner occupied 982 22,274 23,256 585 Residential real estate 2,966 7,023 9,989 135 Commercial and financial 4,220 8,093 12,313 2,677 Consumer 37 355 392 290 Totals $ 10,289 $ 40,498 $ 50,787 $ 3,813 December 31, 2022 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 615 $ — $ 615 $ — Commercial real estate - owner occupied 957 1,641 2,597 41 Commercial real estate - non-owner occupied 3,347 837 4,184 230 Residential real estate 8,072 1,036 9,109 58 Commercial and financial 4,724 6,891 11,615 2,319 Consumer 40 683 723 257 Totals $ 17,755 $ 11,088 $ 28,843 $ 2,905 Collateral-Dependent Loans Loans are considered collateral-dependent when the repayment, based on the Company's assessment as of the reporting date, is expected to be provided substantially through the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. The following table presents collateral-dependent loans as of: (In thousands) March 31, 2023 December 31, 2022 Construction and land development $ 6 $ 59 Commercial real estate - owner occupied 5,278 2,733 Commercial real estate - non-owner occupied 37,902 1,698 Residential real estate 21,678 11,333 Commercial and financial 7,480 10,448 Consumer 202 426 Totals $ 72,546 $ 26,697 Loans by Risk Rating The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: • Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. • Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. • Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Substandard Impaired: Loans typically placed on nonaccrual and considered to be collateral-dependent. • Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off. The following tables present the risk rating of loans by year of origination as of: March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 20,907 $ 322,371 $ 241,044 $ 45,943 $ 33,641 $ 61,203 $ 5,435 $ 730,544 Special Mention — 2,051 467 — 3,803 2 — $ 6,323 Substandard — — 9,407 — — 11,555 — $ 20,962 Substandard Impaired — — — — — 6 — $ 6 Doubtful — — — — — — — — Total $ 20,907 $ 324,422 $ 250,918 $ 45,943 $ 37,444 $ 72,766 $ 5,435 $ 757,835 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 24,300 $ 272,169 $ 312,366 $ 177,419 $ 195,904 $ 626,242 $ 70 $ 1,608,470 Special Mention — 2 2,120 — 4,882 11,868 — $ 18,872 Substandard — 691 2,336 7,105 2,604 9,552 — $ 22,288 Substandard Impaired — — — — 323 2,538 — $ 2,861 Doubtful — — — — — — — — Total $ 24,300 $ 272,862 $ 316,822 $ 184,524 $ 203,713 $ 650,200 $ 70 $ 1,652,491 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 86,801 $ 861,624 $ 673,294 $ 331,702 $ 421,185 $ 952,125 $ 145 $ 3,326,876 Special Mention — — 1,727 11,228 7,839 16,534 — $ 37,328 Substandard — — 191 4,672 6,008 13,937 — $ 24,808 Substandard Impaired — — — 15,526 1,849 5,664 — $ 23,039 Doubtful — — — — — — — — Total $ 86,801 $ 861,624 $ 675,212 $ 363,128 $ 436,881 $ 988,260 $ 145 $ 3,412,051 Gross Charge Offs $ — $ — $ — $ 109 $ — $ — $ — $ 109 Residential real estate Risk Ratings: Pass $ 66,554 $ 561,374 $ 733,887 $ 231,100 $ 152,377 $ 564,550 $ 34,658 $ 2,344,500 Special Mention — — — — — — — $ — Substandard — — — — — — — $ — March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Substandard Impaired — 75 566 155 612 8,418 68 $ 9,894 Doubtful — — — — — — — — Total $ 66,554 $ 561,449 $ 734,453 $ 231,255 $ 152,989 $ 572,968 $ 34,726 $ 2,354,394 Gross Charge Offs $ — $ — $ — $ — $ — $ 159 $ — $ 159 Commercial and financial Risk Ratings: Pass $ 58,767 $ 482,995 $ 462,755 $ 170,255 $ 104,402 $ 281,433 $ 13,797 $ 1,574,404 Special Mention — 5,230 15,682 3,530 4,156 3,779 — $ 32,377 Substandard — 1,487 14,762 5,863 5,713 4,594 — $ 32,419 Substandard Impaired — 55 59 3,973 1,077 4,682 — $ 9,846 Doubtful — — — 65 — 1,374 — 1,439 Total $ 58,767 $ 489,767 $ 493,258 $ 183,686 $ 115,348 $ 295,862 $ 13,797 $ 1,650,485 Gross Charge Offs $ — $ — $ 56 $ 1,334 $ 204 $ 848 $ 200 $ 2,642 Consumer Risk Ratings: Pass $ 9,269 $ 100,987 $ 91,072 $ 28,799 $ 34,956 $ 32,088 $ 3,442 $ 300,613 Special Mention — — — — — — $ — Substandard — — 742 44 — 14 — $ 800 Substandard Impaired — 39 — 13 — 275 — $ 327 Doubtful — — — — — — — — Total $ 9,269 $ 101,026 $ 91,814 $ 28,856 $ 34,956 $ 32,377 $ 3,442 $ 301,740 Gross Charge Offs $ — $ 39 $ 395 $ 213 $ 18 $ — $ 30 $ 695 Paycheck Protection Program Risk Ratings: Pass $ — $ — $ 2,661 $ 2,655 $ — $ — $ — $ 5,316 Substandard — — 14 69 — — — $ 83 Substandard Impaired — — — — — — — — Total $ — $ — $ 2,675 $ 2,724 $ — $ — $ — $ 5,399 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Consolidated Risk Ratings: Pass $ 266,598 $ 2,601,520 $ 2,517,079 $ 987,873 $ 942,465 $ 2,517,641 $ 57,547 $ 9,890,723 Special Mention — 7,283 20,010 14,827 20,680 32,183 — 94,900 Substandard — 2,178 27,438 17,684 14,325 39,652 — 101,360 Substandard Impaired — 169 625 19,667 3,861 21,583 68 45,973 Doubtful — — — 65 — 1,374 — 1,439 Total $ 266,598 $ 2,611,150 $ 2,565,152 $ 1,040,116 $ 981,331 $ 2,612,433 $ 57,615 $ 10,134,395 Gross Charge Offs $ — $ 39 $ 451 $ 1,656 $ 222 $ 1,007 $ 230 $ 3,605 December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 223,204 $ 209,738 $ 18,239 $ 24,600 $ 12,783 $ 19,022 $ 50,960 $ 558,546 Special Mention 14,523 452 — 3,153 — — 15 18,143 Substandard — 9,227 — — 959 — — 10,186 Substandard Impaired — 52 — — — 405 — 457 Doubtful — — — — — — — — Total $ 237,727 $ 219,469 $ 18,239 $ 27,753 $ 13,742 $ 19,427 $ 50,975 $ 587,332 Commercial real estate - owner occupied Risk Ratings: December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Pass $ 215,453 $ 251,638 $ 180,081 $ 185,286 $ 121,568 $ 467,963 $ 32,253 $ 1,454,242 Special Mention 694 — 2,363 4,403 2,548 2,869 — 12,877 Substandard — — 667 2,625 573 4,444 — 8,309 Substandard Impaired — — — 311 294 2,269 — 2,874 Doubtful — — — — — — — — Total $ 216,147 $ 251,638 $ 183,111 $ 192,625 $ 124,983 $ 477,545 $ 32,253 $ 1,478,302 Commercial real estate - non-owner occupied Risk Ratings: Pass $ 593,364 $ 530,462 $ 231,693 $ 331,173 $ 228,077 $ 575,656 $ 35,326 $ 2,525,751 Special Mention — 16,257 735 5,438 — 4,975 — 27,405 Substandard — 192 19,315 — 5,515 7,412 — 32,434 Substandard Impaired — — 1,044 1,849 30 1,261 — 4,184 Doubtful — — — — — — — — Total $ 593,364 $ 546,911 $ 252,787 $ 338,460 $ 233,622 $ 589,304 $ 35,326 $ 2,589,774 Residential real estate Risk Ratings: Pass $ 270,054 $ 552,950 $ 121,879 $ 77,100 $ 97,900 $ 292,867 $ 423,764 $ 1,836,514 Special Mention — — 50 — 25 269 884 1,228 Substandard — — — — — 343 85 428 Substandard Impaired — — 133 32 83 9,515 1,570 11,333 Doubtful — — — — — — — — Total $ 270,054 $ 552,950 $ 122,062 $ 77,132 $ 98,008 $ 302,994 $ 426,303 $ 1,849,503 Commercial and financial Risk Ratings: Pass $ 359,833 $ 320,307 $ 140,450 $ 77,562 $ 57,924 $ 58,648 $ 292,818 $ 1,307,542 Special Mention 1,244 423 106 474 195 259 2,998 5,699 Substandard — 67 942 6,304 1,603 1,683 13,114 23,713 Substandard Impaired 5 58 5,109 147 3,642 2,545 176 11,682 Doubtful — — — — — — — — Total $ 361,082 $ 320,855 $ 146,607 $ 84,487 $ 63,364 $ 63,135 $ 309,106 $ 1,348,636 Consumer Risk Ratings: Pass $ 93,012 $ 77,889 $ 27,982 $ 28,772 $ 11,690 $ 16,480 $ 29,725 $ 285,550 Special Mention — — — 250 2 134 30 416 Substandard — — 11 — — 191 — 202 Substandard Impaired — — 18 55 36 103 207 419 Doubtful — — — — — — — — Total $ 93,012 $ 77,889 $ 28,011 $ 29,077 $ 11,728 $ 16,908 $ 29,962 $ 286,587 Paycheck Protection Program Risk Ratings: Pass $ — $ 2,708 $ 1,882 $ — $ — $ — $ — $ 4,590 Substandard $ — $ — $ — $ — $ — $ — $ — $ — Substandard Impaired $ — $ — $ — $ — $ — $ — $ — $ — Total $ — $ 2,708 $ 1,882 $ — $ — $ — $ — $ 4,590 Consolidated Risk Ratings: Pass $ 1,754,920 $ 1,945,692 $ 720,324 $ 724,493 $ 529,942 $ 1,430,636 $ 864,846 $ 7,972,735 Special Mention 16,461 17,132 3,254 13,718 2,770 8,506 3,927 65,768 Substandard — 9,486 20,935 8,929 8,650 14,073 13,199 75,272 Substandard Impaired 5 110 6,304 2,394 4,085 16,098 1,953 30,949 Doubtful — — — — — — — — December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Total $ 1,771,386 $ 1,972,420 $ 750,817 $ 749,534 $ 545,447 $ 1,469,313 $ 883,925 $ 8,144,724 Troubled Borrower Modifications On January 1, 2023, the Company adopted ASU 2022-02 which includes disclosure requirements related to certain modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as troubled borrower modifications (“TBMs”). TBMs are typically in the form of an interest rate reduction, an extension of the amortization period and/or converting the loan to interest only for a limited period of time. In addition to the change in payment terms, the Company seeks to obtain additional collateral and/or guarantors to provide additional support for the loan. The Company does not typically provide forgiveness of principal as a modification. During the three months ended March 31, 2023, there was one loan totaling $29 thousand that was a TBM, which is considered immaterial. To the extent there are additional modifications in subsequent periods, the Company will disclose additional information about the nature of the modifications, the financial effect of the modifications and payment defaults of TBMs in the 12 months prior to default, among any other relevant disclosures. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2023 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision Charge- Recoveries Ending Construction and land development $ 6,464 $ 5 $ 69 $ — $ 2 $ 6,540 Commercial real estate - owner occupied 6,051 139 101 — 1 6,292 Commercial real estate - non-owner occupied 43,258 647 9,715 (109) 64 53,575 Residential real estate 29,605 400 9,898 (159) 150 39,894 Commercial and financial 15,648 11,983 6,414 (2,642) 190 31,593 Consumer 12,869 161 5,401 (695) 10 17,746 Totals $ 113,895 $ 13,335 $ 31,598 $ (3,605) $ 417 $ 155,640 Three Months Ended March 31, 2022 (In thousands) Beginning Balance Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 2,751 $ — $ (493) $ — $ 10 $ — $ 2,268 Commercial real estate - owner occupied 8,579 — 715 — — — 9,294 Commercial real estate - non-owner occupied 36,617 31 7,274 — — — 43,922 Residential real estate 12,811 17 1,060 (1) 191 (3) 14,075 Commercial and financial 19,744 3 (1,628) (569) 177 — 17,727 Consumer 2,813 — (372) (95) 208 (2) 2,552 Totals $ 83,315 $ 51 $ 6,556 $ (665) $ 586 $ (5) $ 89,838 Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s Analytics (“Moody’s”), a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. As of March 31, 2023 and December 31, 2022, the Company utilized a blend of Moody’s most recent “U.S. Macroeconomic Outlook Baseline” and “Alternative Scenario 3 - Downside - 90th Percentile” scenarios and considered the uncertainty associated with the assumptions in both scenarios, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions, the ongoing Russia-Ukraine conflict and the magnitude of the resulting market disruption, the potential impact of persistent high inflation on economic growth and expectations around a recession occurring over the next 12 to 24 months. Outcomes in any or all of these factors could differ from the scenarios identified above, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk not captured in the quantitative model. The following section discusses changes in the level of the allowance for credit losses for the three months ended March 31, 2023. The acquisition of Professional on January 31, 2023, added approximately $2.0 billion in loans, contributing to the increase in allowance in each segment. In the Construction and Land Development segment, the increase in the allowance is attributed to higher loan balances. In this segment, the primary source of repayment is typically from proceeds of the sale, refinancing, or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses. In the Commercial Real Estate - Owner-Occupied segment, the increase in the allowance is attributed to higher loan balances. Risk characteristics include but are not limited to, collateral type, note structure and loan seasoning. In the Commercial Real Estate - Non Owner-Occupied segment, the increase in the allowance is attributed to higher loan balances. Repayment is often dependent upon rental income from the successful operation of the underlying property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure and loan seasoning are among the risk characteristics analyzed for this segment. The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. The increase in the allowance is due to higher loan balances and the increasing likelihood of economic recession reflected within the forecast. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, loan to value ratios and loan seasoning. In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The increase in reserves is attributed to the acquisition of Commercial and Financial loans from Professional, which includes a reserve for individually evaluated purchased credit deteriorated loans of $12.0 million. Industry, collateral type, estimated collateral values and loan seasoning are among the relevant factors in assessing expected losses. Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score. The increase in the allowance reflects the increasing likelihood of economic recession reflected within the forecast, in addition to an increase in loan balances. The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2023 and December 31, 2022 are shown in the following tables: March 31, 2023 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 6 $ — $ 757,829 $ 6,540 $ 757,835 $ 6,540 Commercial real estate - owner occupied 4,843 126 1,647,648 6,166 1,652,491 6,292 Commercial real estate - non-owner occupied 23,072 386 3,388,979 53,189 3,412,051 53,575 Residential real estate 12,986 177 2,341,408 39,717 2,354,394 39,894 Commercial and financial 39,355 14,798 1,616,529 16,795 1,655,884 31,593 Consumer 1,254 1,189 300,486 16,557 301,740 17,746 Totals $ 81,516 $ 16,676 $ 10,052,879 $ 138,964 $ 10,134,395 $ 155,640 December 31, 2022 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 59 $ — $ 587,273 $ 6,464 $ 587,332 $ 6,464 Commercial real estate - owner occupied 3,346 41 1,474,956 6,010 1,478,302 6,051 Commercial real estate - non-owner occupied 4,183 230 2,585,591 43,028 2,589,774 43,258 Residential real estate 11,333 275 1,838,170 29,330 1,849,503 29,605 Commercial and financial 12,167 2,639 1,341,059 13,009 1,353,226 15,648 Consumer 426 362 286,161 12,507 286,587 12,869 Totals $ 31,514 $ 3,547 $ 8,113,210 $ 110,348 $ 8,144,724 $ 113,895 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Back-to-Back Swaps The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps qualify as freestanding financial derivatives with the fair values reported in Other Assets and Other Liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income. No net gains or losses have been recognized to date on these instruments. As of March 31, 2023, the interest rate swaps had an aggregate notional value of $430.4 million, with a fair value of $25.2 million recorded in Other Assets and Other Liabilities. As of December 31, 2022, the interest rate swaps had an aggregate notional value of $312.8 million, with a fair value of $23.1 million recorded in Other Assets and Other Liabilities. The weighted average maturity was 7.1 years at March 31, 2023 and 6.7 years at December 31, 2022. Interest Rate Floors Designated as Cash Flow Hedges The Company has entered into interest rate floor contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During 2020, the Company entered into two interest rate floor contracts, each with a notional amount of $150.0 million, maturing in October 2023 and November 2023. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. As of March 31, 2023 and December 31, 2022, the interest rate floors had a fair value of $6 thousand and $2 thousand, respectively, and are recorded in Other Assets in the consolidated balance sheet. For the three months ended March 31, 2023, the Company recognized nominal gains through other comprehensive income in the three months ended March 31, 2023 and losses of $0.2 million in the prior year quarter, and reclassified $0.1 million and $0.1 million, respectively, out of accumulated other comprehensive income and into interest income. During the next twelve months, the Company expects to reclassify $0.4 million from accumulated other comprehensive income into interest income related to these agreements. (In thousands) Notional Amount Fair Value Balance Sheet Category At March 31, 2023 Back-to-back swaps $ 430,380 $ 25,241 Other Assets and Other Liabilities Interest rate floors 300,000 6 Other Assets At December 31, 2022 Back-to-back swaps $ 312,808 $ 23,140 Other Assets and Other Liabilities Interest rate floors 300,000 2 Other Assets |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2023 December 31, 2022 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 278,252 $ 184,967 |
Equity Capital
Equity Capital | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Equity Capital | Equity CapitalThe Company is well-capitalized and at March 31, 2023, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent LiabilitiesThe Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2023 and December 31, 2022 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2023 Financial Assets Available-for-sale debt securities 1 $ 2,015,967 $ 188 $ 2,015,779 $ — Derivative financial instruments 2 25,247 — 25,247 — Loans held for sale 2 2,838 — 2,838 — Loans 3 55,245 — 10,277 44,968 Other real estate owned 4 7,756 — 7,756 — Equity securities 5 13,683 13,683 — — Financial Liabilities Derivative financial instruments 2 $ 25,241 $ — $ 25,241 $ — At December 31, 2022 Financial Assets Available-for-sale debt securities 1 $ 1,871,742 $ 186 $ 1,871,556 $ — Derivative financial instruments 2 23,142 — 23,142 — Loans held for sale 2 3,151 — 3,151 — Loans 3 8,513 — 1,183 7,330 Other real estate owned 4 2,301 — 2,301 — Equity securities 5 8,220 8,220 — — Financial Liabilities Derivative financial instruments 2 $ 23,142 $ — $ 23,142 $ — 1 See “Note 3 – Securities” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “Note 4 – Loans.” N onrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. Available-for-sale debt securities : Level 1 securities consist of U.S. Treasury securities. Other securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Derivative financial instruments : The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Other derivatives consist of interest rate floors designated as cash flow hedges. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate floors designated as cash flow hedges are classified within Level 2. Loans held for sale : Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of March 31, 2023 and December 31, 2022. The aggregate fair value and contractual balance of loans held for sale as of March 31, 2023 and December 31, 2022 is as follows: (In thousands) March 31, 2023 December 31, 2022 Aggregate fair value $ 2,838 $ 3,151 Contractual balance 2,765 3,071 Excess 73 80 Loans : Loans carried at fair value consist of collateral-dependent real estate loans. Fair value is based on recent real estate appraisals less estimated costs of sale. For these loans, evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At March 31, 2023, capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 6.7%. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. If such adjustments are made, the fair value of these loans is considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $71.9 million with a specific reserve of $16.7 million at March 31, 2023, compared to $10.2 million with a specific reserve of $2.9 million at December 31, 2022. For loans classified as Level 3, changes included loan additions of $39.1 million offset by $1.6 million in paydowns and charge-offs for the three months ended March 31, 2023. Other real estate owned : When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a Level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three months ended March 31, 2023, there were no such transfers. The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2023 and December 31, 2022 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2023 Financial Assets Debt securities held-to-maturity 1 $ 737,911 $ — $ 618,776 $ — Time deposits with other banks 3,236 — 3,000 — Loans, net 9,923,510 — — 9,764,669 Financial Liabilities Deposit liabilities 12,309,701 — — 12,297,399 Federal Home Loan Bank (“FHLB”) borrowings 385,000 — — 382,523 Subordinated debt, net 105,804 — 97,985 — December 31, 2022 Debt securities held-to-maturity 1 $ 747,408 $ — $ 617,741 $ — Time deposits with other banks 3,236 — 2,989 — Loans, net 8,022,316 — — 7,845,375 Financial Liabilities Deposit liabilities 9,981,595 — — 9,976,125 Federal Home Loan Bank (“FHLB”) borrowings 150,000 — — 149,450 Subordinated debt 84,533 — 82,226 — 1 See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, short-term FHLB borrowings and securities sold under agreements to repurchase. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2023 and December 31, 2022: Held-to-maturity debt securities : These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Acquisition of Professional Holding Corp. On January 31, 2023, the Company completed its acquisition of Professional Holding Corp. (“Professional”). Simultaneously, upon completion of the merger of Professional and the Company, Professional Bank was merged with and into Seacoast Bank. Prior to the acquisition, Professional Bank operated nine branches across South Florida. The transaction further expands the Company’s presence in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach counties, Florida’s largest MSA and the 8 th largest in the nation. The Company acquired 100% of the outstanding common stock of Professional. Under the terms of the merger agreement, Professional shareholders received 0.8909 shares of Seacoast common stock for each share of Professional common stock held immediately prior to the merger, and Professional option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.8909 exchange ratio. (In thousands, except per share data) January 31, 2023 Number of Professional common shares outstanding 14,358 Per share exchange ratio 0.8909 Number of shares of SBCF common stock issued 12,792 Multiplied by common stock price per share at January 31, 2023 $ 32.11 Value of SBCF common stock issued $ 410,738 Cash paid for fractional shares 5 Fair value of Professional options converted 10,304 Total purchase price $ 421,047 The acquisition of Professional was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $248.1 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the acquisition of Professional, options were granted to replace outstanding Professional options. These options were fully vested upon acquisition. The full value of the replacement options, $10.3 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration. Measured (In thousands) January 31, 2023 Assets: Cash and cash equivalents $ 141,680 Investment securities 167,059 Loans 1,991,713 Bank premises and equipment 2,478 Core deposit intangibles 48,885 Goodwill 248,091 BOLI 55,071 Other Assets 74,232 Total Assets $ 2,729,209 Liabilities: Deposits $ 2,119,341 Subordinated debt 21,141 Other Liabilities 167,680 Total Liabilities $ 2,308,162 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 31, 2023 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 156,048 $ 151,012 Commercial real estate - owner occupied 293,473 274,068 Commercial real estate - non-owner occupied 752,393 692,746 Residential real estate 509,305 483,611 Commercial and financial 392,396 356,172 Consumer 33,656 32,153 PPP Loans 1,951 1,951 Total acquired loans $ 2,139,222 $ 1,991,713 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 31, 2023 Book balance of loans at acquisition $ 155,031 Allowance for credit losses at acquisition (13,335) Non-credit related discount (12,361) Total PCD loans acquired $ 129,335 The acquisition of Professional resulted in the addition of $39.9 million in allowance for credit losses, including the $13.3 million identified in the table above for PCD loans, and $26.6 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Apollo Bancshares, Inc. On October 7, 2022, the Company completed its acquisition of Apollo Bancshares, Inc. (“Apollo”). Simultaneously, upon completion of the merger of Apollo and the Company, Apollo Bank was merged with and into Seacoast Bank. Prior to the acquisition, Apollo Bank operated five branches in Miami-Dade County. As a result of this acquisition, the Company expects to expand its customer base and leverage operating costs through economies of scale, and positively affect the Company’s operating results. Apollo shareholders received 1.006529 shares of Seacoast common stock for each share of Apollo common stock, and the minority interest holders in Apollo Bank received 1.195651 shares of Seacoast common stock for each share of Apollo Bank common stock. (In thousands, except per share data) October 7, 2022 Number of Apollo common shares outstanding 3,766 Per share exchange ratio 1.0065 Number of shares of SBCF common stock issued 3,791 Number of Apollo Bank minority interest shares outstanding 609 Per share exchange ratio 1.1957 Number of shares of SBCF common stock issued 728 Total number of shares of SBCF common stock issued 4,519 Multiplied by common stock price per share at October 7, 2022 $ 30.83 Value of SBCF common stock issued $ 139,307 Cash paid for fractional shares 5 Fair value of Apollo options and warrants converted 6,530 Total purchase price $ 145,842 The acquisition of Apollo was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $90.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the acquisition of Apollo, options and warrants were granted to replace outstanding Apollo awards. These awards were fully vested upon acquisition. The full value of the replacement awards, $6.5 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration. Measured (In thousands) October 7, 2022 Assets: Cash and cash equivalents $ 41,001 Investment securities 203,596 Loans 666,522 Bank premises and equipment 7,809 Core deposit intangibles 28,699 Goodwill 90,237 Other Assets 52,724 Total Assets $ 1,090,588 Liabilities: Deposits $ 854,774 Other Liabilities 89,972 Total Liabilities $ 944,746 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. October 7, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 74,126 $ 70,654 Commercial real estate - owner occupied 131,093 121,600 Commercial real estate - non-owner occupied 374,673 340,561 Residential real estate 76,254 75,957 Commercial and financial 50,125 46,695 Consumer 11,307 11,055 Total acquired loans $ 717,578 $ 666,522 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) October 7, 2022 Book balance of loans at acquisition $ 107,744 Allowance for credit losses at acquisition (2,658) Non-credit related discount (14,191) Total PCD loans acquired $ 90,895 The acquisition of Apollo resulted in the addition of $7.8 million in allowance for credit losses, including the $2.7 million identified in the table above for PCD loans, and $5.1 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Drummond Banking Company. On October 7, 2022, the Company completed its acquisition of Drummond Banking Company (“Drummond”). Simultaneously, upon completion of the merger of Drummond and the Company, Drummond’s wholly owned subsidiary bank, Drummond Community Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Drummond Community Bank operated 18 branches across North Florida. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Drummond. Under the terms of the definitive agreement, common stock was converted into the right to receive 51.9561 shares of Seacoast common stock. (In thousands, except per share data) October 7, 2022 Number of Drummond common shares outstanding 99 Per share exchange ratio 51.9561 Number of shares of SBCF common stock issued 5,136 Multiplied by common stock price per share at October 7, 2022 $ 30.83 Total purchase price $ 158,332 The acquisition of Drummond was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $103.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. Measured (In thousands) October 7, 2022 Assets: Cash and cash equivalents $ 31,805 Investment securities 327,852 Loans 544,694 Bank premises and equipment 29,370 Core deposit and other intangibles 32,983 Goodwill 103,476 Other Assets 49,812 Total Assets $ 1,119,992 Liabilities: Deposits $ 881,281 Other Liabilities 80,379 Total Liabilities $ 961,660 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. October 7, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 155,041 $ 140,401 Commercial real estate - owner occupied 112,768 106,152 Commercial real estate - non-owner occupied 26,520 24,744 Residential real estate 85,767 78,663 Commercial and financial 88,026 82,067 Consumer 118,880 112,667 Total acquired loans $ 587,002 $ 544,694 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) October 7, 2022 Book balance of loans at acquisition $ 58,878 Allowance for credit losses at acquisition (2,566) Non-credit related discount (4,607) Total PCD loans acquired $ 51,705 The acquisition of Drummond resulted in the addition of $12.5 million in allowance for credit losses, including the $2.6 million identified in the table above for PCD loans, and $9.9 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Business Bank of Florida, Corp. On January 3, 2022, the Company completed its acquisition of Business Bank of Florida, Corp., (“BBFC”). Simultaneously, upon completion of the merger of BBFC and the Company, BBFC’s wholly owned subsidiary bank, Florida Business Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Florida Business Bank operated one branch in Melbourne, Florida. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of BBFC. Under the terms of the definitive agreement, each share of BBFC common stock was converted into the right to receive 0.7997 of a share of Seacoast common stock. (In thousands, except per share data) January 3, 2022 Number of BBFC common shares outstanding 1,112 Per share exchange ratio 0.7997 Number of shares of SBCF common stock issued 889 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of SBCF common stock issued $ 31,480 Fair value of BBFC options converted 497 Total purchase price $ 31,977 The acquisition of BBFC was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $8.0 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. As part of the BBFC acquisition, options were granted to replace outstanding BBFC options. These options were fully vested upon acquisition. The full value of the replacement options, $0.5 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration. (In thousands) Measured Assets: Cash $ 38,332 Investment securities 26,011 Loans 121,774 Bank premises and equipment 2,102 Core deposit intangibles 2,621 Goodwill 7,962 Total assets $ 198,802 Liabilities: Deposits 166,326 Other liabilities 499 Total liabilities $ 166,825 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 8,677 $ 8,414 Commercial real estate - owner occupied 45,403 44,564 Commercial real estate - non-owner occupied 53,065 52,034 Residential real estate 5,377 5,421 Commercial and financial 11,335 11,280 Consumer 59 61 Total acquired loans $ 123,916 $ 121,774 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 714 Allowance for credit losses at acquisition (15) Non-credit related discount (48) Total PCD loans acquired $ 651 The acquisition of BBFC resulted in the addition of $1.8 million in allowance for credit losses, including the $15 thousand identified in the table above for PCD loans, and $1.8 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Sabal Palm Bancorp, Inc. On January 3, 2022, the Company completed its acquisition of Sabal Palm Bancorp, Inc. (“Sabal Palm”). Simultaneously, upon completion of the merger of Sabal Palm and the Company, Sabal Palm’s wholly owned subsidiary bank, Sabal Palm Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Sabal Palm Bank operated three branches in the Sarasota area. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Sabal Palm. Under the terms of the definitive agreement, each share of Sabal Palm common stock was converted into the right to receive 0.2203 of a share of Seacoast common stock. (In thousands, except per share data) January 3, 2022 Number of Sabal Palm common shares outstanding 7,536 Per share exchange ratio 0.2203 Number of shares of SBCF common stock issued 1,660 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of SBCF common stock issued $ 58,762 Fair value of Sabal Palm options converted 3,336 Total purchase price $ 62,098 The acquisition of Sabal Palm was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $26.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. As part of the Sabal Palm acquisition, options were granted to replace outstanding Sabal Palm options. These options were fully vested upon acquisition. The full value of the replacement options, $3.3 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration. (In thousands) Measured Assets: Cash $ 170,609 Time deposits with other banks 6,473 Loans 246,152 Bank premises and equipment 1,745 Core deposit intangibles 5,587 Goodwill 26,489 Other assets 5,189 Total assets $ 462,244 Liabilities: Deposits 395,952 Other liabilities 4,194 Total liabilities $ 400,146 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,256 $ 9,009 Commercial real estate - owner occupied 57,690 56,591 Commercial real estate - non-owner occupied 89,153 87,280 Residential real estate 71,469 72,227 Commercial and financial 21,109 20,813 Consumer 233 232 Total acquired loans $ 248,910 $ 246,152 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 3,703 Allowance for credit losses at acquisition (37) Non-credit related discount (663) Total PCD loans acquired $ 3,003 The acquisition of Sabal Palm resulted in the addition of $3.4 million in allowance for credit losses, including the $37 thousand identified in the table above for PCD loans, and $3.4 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition Costs Acquisition costs included in the Company's income statement for the three months ended March 31, 2023, and 2022 were $17.5 million and $6.7 million, respectively. Pro-Forma Information Pro-forma data as of March 31, 2023 and 2022 present information as if the acquisition of Professional occurred at the beginning of 2022. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates. Three Months Ended March 31, (In thousands, except per share data) 2023 2022 Net interest income $ 141,920 $ 105,597 Net income available to common shareholders 36,090 12,809 EPS - basic 0.43 0.17 EPS - diluted 0.42 0.17 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. |
Adoption of New Accounting Pronouncement | Adoption of New Accounting PronouncementOn January 1, 2023, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2022-02, “Troubled Debt Restructurings and Vintage Disclosures”. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross write-offs by year of origination for financing receivables held at amortized cost. Upon adoption, the Company eliminated the separate allowance for credit loss estimation process for loans classified as TDRs. The adoption did not have a material impact to the consolidated financial statements. For additional information on the loans modified for borrowers in financial difficulty and for the disclosure of current-period gross write-offs by year of origination, see “Note 4 – Loans”. |
Fair Value Measurement | Held-to-maturity debt securities : These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (Dollars in thousands, except per share data) 2023 2022 Basic earnings per share Net income $ 11,827 $ 20,588 Average common shares outstanding 80,151 61,127 Net income per share $ 0.15 $ 0.34 Diluted earnings per share Net income $ 11,827 $ 20,588 Average common shares outstanding 80,151 61,127 Add: Dilutive effect of employee restricted stock and stock options 566 577 Average diluted shares outstanding 80,717 61,704 Net income per share $ 0.15 $ 0.33 Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 43,448 $ 267 $ (331) $ 43,384 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,657,149 1,002 (203,663) 1,454,488 Private mortgage-backed securities and collateralized mortgage obligations 175,629 104 (12,359) 163,374 Collateralized loan obligations 312,086 — (6,609) 305,477 Obligations of state and political subdivisions 22,016 38 (1,383) 20,671 Other debt securities 28,799 184 (410) 28,573 Totals $ 2,239,127 $ 1,595 $ (224,755) $ 2,015,967 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 737,911 $ — $ (119,135) $ 618,776 Totals $ 737,911 $ — $ (119,135) $ 618,776 December 31, 2022 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 13,813 $ 173 $ (339) $ 13,647 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,561,197 539 (223,083) 1,338,653 Private mortgage-backed securities and collateralized mortgage obligations 179,148 70 (12,831) 166,387 Collateralized loan obligations 313,155 — (10,251) 302,904 Obligations of state and political subdivisions 29,350 122 (1,731) 27,741 Other debt securities 22,640 197 (427) 22,410 Totals $ 2,119,303 $ 1,101 $ (248,662) $ 1,871,742 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,408 $ 64 $ (129,731) $ 617,741 Totals $ 747,408 $ 64 $ (129,731) $ 617,741 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 43,448 $ 267 $ (331) $ 43,384 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,657,149 1,002 (203,663) 1,454,488 Private mortgage-backed securities and collateralized mortgage obligations 175,629 104 (12,359) 163,374 Collateralized loan obligations 312,086 — (6,609) 305,477 Obligations of state and political subdivisions 22,016 38 (1,383) 20,671 Other debt securities 28,799 184 (410) 28,573 Totals $ 2,239,127 $ 1,595 $ (224,755) $ 2,015,967 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 737,911 $ — $ (119,135) $ 618,776 Totals $ 737,911 $ — $ (119,135) $ 618,776 December 31, 2022 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 13,813 $ 173 $ (339) $ 13,647 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,561,197 539 (223,083) 1,338,653 Private mortgage-backed securities and collateralized mortgage obligations 179,148 70 (12,831) 166,387 Collateralized loan obligations 313,155 — (10,251) 302,904 Obligations of state and political subdivisions 29,350 122 (1,731) 27,741 Other debt securities 22,640 197 (427) 22,410 Totals $ 2,119,303 $ 1,101 $ (248,662) $ 1,871,742 Held-to-Maturity Debt Securities Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,408 $ 64 $ (129,731) $ 617,741 Totals $ 747,408 $ 64 $ (129,731) $ 617,741 |
Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately. March 31, 2023 Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 1,708 $ 1,684 Due after one year through five years — — 14,321 14,270 Due after five years through ten years — — 15,460 15,377 Due after ten years — — 33,975 32,724 — — 65,464 64,055 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 737,911 618,776 1,657,149 1,454,488 Private mortgage-backed securities and collateralized mortgage obligations — — 175,629 163,374 Collateralized loan obligations — — 312,086 305,477 Other debt securities — — 28,799 28,573 Totals $ 737,911 $ 618,776 $ 2,239,127 $ 2,015,967 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2023 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 31,886 $ (316) $ 451 $ (15) $ 32,337 $ (331) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 499,606 (23,670) 907,243 (179,993) 1,406,849 (203,663) Private mortgage-backed securities and collateralized mortgage obligations 76,503 (3,870) 58,387 (8,489) 134,890 (12,359) Collateralized loan obligations 58,915 (1,395) 246,562 (5,214) 305,477 (6,609) Obligations of state and political subdivisions 10,417 (128) 5,551 (1,255) 15,968 (1,383) Other debt securities 18,058 (410) — — 18,058 (410) Totals $ 695,385 $ (29,789) $ 1,218,194 $ (194,966) $ 1,913,579 $ (224,755) December 31, 2022 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 3,788 $ (328) $ 249 $ (11) $ 4,037 $ (339) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 646,651 (54,956) 667,520 (168,127) 1,314,171 (223,083) Private mortgage-backed securities and collateralized mortgage obligations 130,488 (8,255) 25,234 (4,576) 155,722 (12,831) Collateralized loan obligations 242,370 (8,343) 60,534 (1,908) 302,904 (10,251) Obligations of state and political subdivisions 23,804 (1,656) 425 (75) 24,229 (1,731) Other debt securities 11,459 (427) — — 11,459 (427) Totals $ 1,058,560 $ (73,965) $ 753,962 $ (174,697) $ 1,812,522 $ (248,662) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment as of: March 31, 2023 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 358,960 $ 370,353 $ 28,522 $ 757,835 Commercial real estate - owner occupied 998,479 613,636 40,376 1,652,491 Commercial real estate - non-owner occupied 1,787,839 1,476,543 147,669 3,412,051 Residential real estate 1,589,025 739,396 25,973 2,354,394 Commercial and financial 1,143,961 447,593 58,931 1,650,485 Consumer 169,088 128,865 3,787 301,740 PPP Loans 1,101 4,298 — 5,399 Totals $ 6,048,453 $ 3,780,684 $ 305,258 $ 10,134,395 December 31, 2022 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 364,900 $ 201,333 $ 21,100 $ 587,332 Commercial real estate - owner occupied 995,154 451,202 31,946 1,478,302 Commercial real estate - non-owner occupied 1,695,411 767,138 127,225 2,589,774 Residential real estate 1,558,643 271,378 19,482 1,849,503 Commercial and financial 1,151,273 182,124 15,238 1,348,636 Consumer 177,338 89,458 19,791 286,587 PPP Loans 1,474 3,116 — 4,590 Totals $ 5,944,193 $ 1,965,749 $ 234,782 $ 8,144,724 |
Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of March 31, 2023 and December 31, 2022. March 31, 2023 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 358,954 $ — $ — $ — $ 6 $ 358,960 Commercial real estate - owner occupied 997,282 142 — — 1,055 998,479 Commercial real estate - non-owner occupied 1,772,837 — 421 — 14,581 1,787,839 Residential real estate 1,578,686 2,972 69 — 7,298 1,589,025 Commercial and financial 1,134,951 2,396 — — 6,614 1,143,961 Consumer 168,106 743 50 — 189 169,088 PPP Loans 1,018 — — 83 — 1,101 Total Portfolio Loans $ 6,011,834 $ 6,253 $ 540 $ 83 $ 29,743 $ 6,048,453 Acquired Non-PCD Loans Construction and land development $ 370,305 $ — $ 48 $ — $ — $ 370,353 Commercial real estate - owner occupied 613,636 — — — — 613,636 Commercial real estate - non-owner occupied 1,472,452 926 — — 3,165 1,476,543 Residential real estate 736,548 1,296 188 — 1,364 739,396 Commercial and financial 446,684 218 — — 691 447,593 Consumer 122,844 4,374 781 866 — 128,865 PPP Loans 4,277 — 21 — — 4,298 Total Acquired Non-PCD Loans $ 3,766,746 $ 6,814 $ 1,038 $ 866 $ 5,220 $ 3,780,684 PCD Loans Construction and land development $ 28,150 $ 370 $ — $ — $ 2 $ 28,522 Commercial real estate - owner occupied 36,324 — 279 — 3,773 40,376 Commercial real estate - non-owner occupied 142,111 — 47 — 5,511 147,669 Residential real estate 23,426 504 715 — 1,328 25,973 Commercial and financial 53,643 280 — — 5,008 58,931 Consumer 3,373 122 90 — 202 3,787 Total PCD Loans $ 287,027 $ 1,276 $ 1,131 $ — $ 15,824 $ 305,258 Total Loans $ 10,065,607 $ 14,343 $ 2,709 $ 949 $ 50,787 $ 10,134,395 December 31, 2022 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 364,841 $ — $ — $ — $ 59 $ 364,900 Commercial real estate - owner occupied 993,690 — 67 440 957 995,154 Commercial real estate - non-owner occupied 1,695,381 — — — 30 1,695,411 Residential real estate 1,550,040 1,172 147 — 7,284 1,558,643 Commercial and financial 1,142,536 1,032 476 — 7,229 1,151,273 Consumer 176,444 550 252 1 91 177,338 PPP Loans 1,099 33 — 342 — 1,474 Total Portfolio Loans $ 5,924,031 $ 2,787 $ 942 $ 783 $ 15,650 $ 5,944,193 Acquired Non-PCD Loans Construction and land development $ 201,263 $ — $ — $ — $ 70 $ 201,333 Commercial real estate - owner occupied 450,109 796 297 — — 451,202 Commercial real estate - non-owner occupied 765,633 162 — — 1,343 767,138 Residential real estate 270,215 577 — — 586 271,378 Commercial and financial 180,837 790 87 — 410 182,124 Consumer 87,317 779 616 525 221 89,458 PPP Loans 3,116 — — — — 3,116 Total Acquired Non-PCD Loans $ 1,958,490 $ 3,104 $ 1,000 $ 525 $ 2,630 $ 1,965,749 PCD Loans Construction and land development $ 20,680 $ — $ — $ — $ 420 $ 21,100 Commercial real estate - owner occupied 30,517 23 23 — 1,383 31,946 Commercial real estate - non-owner occupied 124,115 — — — 3,110 127,225 Residential real estate 17,885 10 — — 1,587 19,482 Commercial and financial 11,201 4 — — 4,033 15,238 Consumer 17,884 1,001 336 540 30 19,791 Total PCD Loans $ 222,282 $ 1,038 $ 359 $ 540 $ 10,563 $ 234,782 Total Loans $ 8,104,803 $ 6,929 $ 2,301 $ 1,848 $ 28,843 $ 8,144,724 |
Schedule of Nonaccrual Loans by Loan Category | The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 31, 2023 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 6 $ 2 $ 8 $ — Commercial real estate - owner occupied 2,078 2,751 4,829 126 Commercial real estate - non-owner occupied 982 22,274 23,256 585 Residential real estate 2,966 7,023 9,989 135 Commercial and financial 4,220 8,093 12,313 2,677 Consumer 37 355 392 290 Totals $ 10,289 $ 40,498 $ 50,787 $ 3,813 December 31, 2022 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 615 $ — $ 615 $ — Commercial real estate - owner occupied 957 1,641 2,597 41 Commercial real estate - non-owner occupied 3,347 837 4,184 230 Residential real estate 8,072 1,036 9,109 58 Commercial and financial 4,724 6,891 11,615 2,319 Consumer 40 683 723 257 Totals $ 17,755 $ 11,088 $ 28,843 $ 2,905 |
Schedule of Collateral Dependent Loans | The following table presents collateral-dependent loans as of: (In thousands) March 31, 2023 December 31, 2022 Construction and land development $ 6 $ 59 Commercial real estate - owner occupied 5,278 2,733 Commercial real estate - non-owner occupied 37,902 1,698 Residential real estate 21,678 11,333 Commercial and financial 7,480 10,448 Consumer 202 426 Totals $ 72,546 $ 26,697 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans by year of origination as of: March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 20,907 $ 322,371 $ 241,044 $ 45,943 $ 33,641 $ 61,203 $ 5,435 $ 730,544 Special Mention — 2,051 467 — 3,803 2 — $ 6,323 Substandard — — 9,407 — — 11,555 — $ 20,962 Substandard Impaired — — — — — 6 — $ 6 Doubtful — — — — — — — — Total $ 20,907 $ 324,422 $ 250,918 $ 45,943 $ 37,444 $ 72,766 $ 5,435 $ 757,835 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 24,300 $ 272,169 $ 312,366 $ 177,419 $ 195,904 $ 626,242 $ 70 $ 1,608,470 Special Mention — 2 2,120 — 4,882 11,868 — $ 18,872 Substandard — 691 2,336 7,105 2,604 9,552 — $ 22,288 Substandard Impaired — — — — 323 2,538 — $ 2,861 Doubtful — — — — — — — — Total $ 24,300 $ 272,862 $ 316,822 $ 184,524 $ 203,713 $ 650,200 $ 70 $ 1,652,491 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 86,801 $ 861,624 $ 673,294 $ 331,702 $ 421,185 $ 952,125 $ 145 $ 3,326,876 Special Mention — — 1,727 11,228 7,839 16,534 — $ 37,328 Substandard — — 191 4,672 6,008 13,937 — $ 24,808 Substandard Impaired — — — 15,526 1,849 5,664 — $ 23,039 Doubtful — — — — — — — — Total $ 86,801 $ 861,624 $ 675,212 $ 363,128 $ 436,881 $ 988,260 $ 145 $ 3,412,051 Gross Charge Offs $ — $ — $ — $ 109 $ — $ — $ — $ 109 Residential real estate Risk Ratings: Pass $ 66,554 $ 561,374 $ 733,887 $ 231,100 $ 152,377 $ 564,550 $ 34,658 $ 2,344,500 Special Mention — — — — — — — $ — Substandard — — — — — — — $ — March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Substandard Impaired — 75 566 155 612 8,418 68 $ 9,894 Doubtful — — — — — — — — Total $ 66,554 $ 561,449 $ 734,453 $ 231,255 $ 152,989 $ 572,968 $ 34,726 $ 2,354,394 Gross Charge Offs $ — $ — $ — $ — $ — $ 159 $ — $ 159 Commercial and financial Risk Ratings: Pass $ 58,767 $ 482,995 $ 462,755 $ 170,255 $ 104,402 $ 281,433 $ 13,797 $ 1,574,404 Special Mention — 5,230 15,682 3,530 4,156 3,779 — $ 32,377 Substandard — 1,487 14,762 5,863 5,713 4,594 — $ 32,419 Substandard Impaired — 55 59 3,973 1,077 4,682 — $ 9,846 Doubtful — — — 65 — 1,374 — 1,439 Total $ 58,767 $ 489,767 $ 493,258 $ 183,686 $ 115,348 $ 295,862 $ 13,797 $ 1,650,485 Gross Charge Offs $ — $ — $ 56 $ 1,334 $ 204 $ 848 $ 200 $ 2,642 Consumer Risk Ratings: Pass $ 9,269 $ 100,987 $ 91,072 $ 28,799 $ 34,956 $ 32,088 $ 3,442 $ 300,613 Special Mention — — — — — — $ — Substandard — — 742 44 — 14 — $ 800 Substandard Impaired — 39 — 13 — 275 — $ 327 Doubtful — — — — — — — — Total $ 9,269 $ 101,026 $ 91,814 $ 28,856 $ 34,956 $ 32,377 $ 3,442 $ 301,740 Gross Charge Offs $ — $ 39 $ 395 $ 213 $ 18 $ — $ 30 $ 695 Paycheck Protection Program Risk Ratings: Pass $ — $ — $ 2,661 $ 2,655 $ — $ — $ — $ 5,316 Substandard — — 14 69 — — — $ 83 Substandard Impaired — — — — — — — — Total $ — $ — $ 2,675 $ 2,724 $ — $ — $ — $ 5,399 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Consolidated Risk Ratings: Pass $ 266,598 $ 2,601,520 $ 2,517,079 $ 987,873 $ 942,465 $ 2,517,641 $ 57,547 $ 9,890,723 Special Mention — 7,283 20,010 14,827 20,680 32,183 — 94,900 Substandard — 2,178 27,438 17,684 14,325 39,652 — 101,360 Substandard Impaired — 169 625 19,667 3,861 21,583 68 45,973 Doubtful — — — 65 — 1,374 — 1,439 Total $ 266,598 $ 2,611,150 $ 2,565,152 $ 1,040,116 $ 981,331 $ 2,612,433 $ 57,615 $ 10,134,395 Gross Charge Offs $ — $ 39 $ 451 $ 1,656 $ 222 $ 1,007 $ 230 $ 3,605 December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 223,204 $ 209,738 $ 18,239 $ 24,600 $ 12,783 $ 19,022 $ 50,960 $ 558,546 Special Mention 14,523 452 — 3,153 — — 15 18,143 Substandard — 9,227 — — 959 — — 10,186 Substandard Impaired — 52 — — — 405 — 457 Doubtful — — — — — — — — Total $ 237,727 $ 219,469 $ 18,239 $ 27,753 $ 13,742 $ 19,427 $ 50,975 $ 587,332 Commercial real estate - owner occupied Risk Ratings: December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Pass $ 215,453 $ 251,638 $ 180,081 $ 185,286 $ 121,568 $ 467,963 $ 32,253 $ 1,454,242 Special Mention 694 — 2,363 4,403 2,548 2,869 — 12,877 Substandard — — 667 2,625 573 4,444 — 8,309 Substandard Impaired — — — 311 294 2,269 — 2,874 Doubtful — — — — — — — — Total $ 216,147 $ 251,638 $ 183,111 $ 192,625 $ 124,983 $ 477,545 $ 32,253 $ 1,478,302 Commercial real estate - non-owner occupied Risk Ratings: Pass $ 593,364 $ 530,462 $ 231,693 $ 331,173 $ 228,077 $ 575,656 $ 35,326 $ 2,525,751 Special Mention — 16,257 735 5,438 — 4,975 — 27,405 Substandard — 192 19,315 — 5,515 7,412 — 32,434 Substandard Impaired — — 1,044 1,849 30 1,261 — 4,184 Doubtful — — — — — — — — Total $ 593,364 $ 546,911 $ 252,787 $ 338,460 $ 233,622 $ 589,304 $ 35,326 $ 2,589,774 Residential real estate Risk Ratings: Pass $ 270,054 $ 552,950 $ 121,879 $ 77,100 $ 97,900 $ 292,867 $ 423,764 $ 1,836,514 Special Mention — — 50 — 25 269 884 1,228 Substandard — — — — — 343 85 428 Substandard Impaired — — 133 32 83 9,515 1,570 11,333 Doubtful — — — — — — — — Total $ 270,054 $ 552,950 $ 122,062 $ 77,132 $ 98,008 $ 302,994 $ 426,303 $ 1,849,503 Commercial and financial Risk Ratings: Pass $ 359,833 $ 320,307 $ 140,450 $ 77,562 $ 57,924 $ 58,648 $ 292,818 $ 1,307,542 Special Mention 1,244 423 106 474 195 259 2,998 5,699 Substandard — 67 942 6,304 1,603 1,683 13,114 23,713 Substandard Impaired 5 58 5,109 147 3,642 2,545 176 11,682 Doubtful — — — — — — — — Total $ 361,082 $ 320,855 $ 146,607 $ 84,487 $ 63,364 $ 63,135 $ 309,106 $ 1,348,636 Consumer Risk Ratings: Pass $ 93,012 $ 77,889 $ 27,982 $ 28,772 $ 11,690 $ 16,480 $ 29,725 $ 285,550 Special Mention — — — 250 2 134 30 416 Substandard — — 11 — — 191 — 202 Substandard Impaired — — 18 55 36 103 207 419 Doubtful — — — — — — — — Total $ 93,012 $ 77,889 $ 28,011 $ 29,077 $ 11,728 $ 16,908 $ 29,962 $ 286,587 Paycheck Protection Program Risk Ratings: Pass $ — $ 2,708 $ 1,882 $ — $ — $ — $ — $ 4,590 Substandard $ — $ — $ — $ — $ — $ — $ — $ — Substandard Impaired $ — $ — $ — $ — $ — $ — $ — $ — Total $ — $ 2,708 $ 1,882 $ — $ — $ — $ — $ 4,590 Consolidated Risk Ratings: Pass $ 1,754,920 $ 1,945,692 $ 720,324 $ 724,493 $ 529,942 $ 1,430,636 $ 864,846 $ 7,972,735 Special Mention 16,461 17,132 3,254 13,718 2,770 8,506 3,927 65,768 Substandard — 9,486 20,935 8,929 8,650 14,073 13,199 75,272 Substandard Impaired 5 110 6,304 2,394 4,085 16,098 1,953 30,949 Doubtful — — — — — — — — December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Total $ 1,771,386 $ 1,972,420 $ 750,817 $ 749,534 $ 545,447 $ 1,469,313 $ 883,925 $ 8,144,724 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Allowance for Credit Losses | Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2023 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision Charge- Recoveries Ending Construction and land development $ 6,464 $ 5 $ 69 $ — $ 2 $ 6,540 Commercial real estate - owner occupied 6,051 139 101 — 1 6,292 Commercial real estate - non-owner occupied 43,258 647 9,715 (109) 64 53,575 Residential real estate 29,605 400 9,898 (159) 150 39,894 Commercial and financial 15,648 11,983 6,414 (2,642) 190 31,593 Consumer 12,869 161 5,401 (695) 10 17,746 Totals $ 113,895 $ 13,335 $ 31,598 $ (3,605) $ 417 $ 155,640 Three Months Ended March 31, 2022 (In thousands) Beginning Balance Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 2,751 $ — $ (493) $ — $ 10 $ — $ 2,268 Commercial real estate - owner occupied 8,579 — 715 — — — 9,294 Commercial real estate - non-owner occupied 36,617 31 7,274 — — — 43,922 Residential real estate 12,811 17 1,060 (1) 191 (3) 14,075 Commercial and financial 19,744 3 (1,628) (569) 177 — 17,727 Consumer 2,813 — (372) (95) 208 (2) 2,552 Totals $ 83,315 $ 51 $ 6,556 $ (665) $ 586 $ (5) $ 89,838 |
Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2023 and December 31, 2022 are shown in the following tables: March 31, 2023 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 6 $ — $ 757,829 $ 6,540 $ 757,835 $ 6,540 Commercial real estate - owner occupied 4,843 126 1,647,648 6,166 1,652,491 6,292 Commercial real estate - non-owner occupied 23,072 386 3,388,979 53,189 3,412,051 53,575 Residential real estate 12,986 177 2,341,408 39,717 2,354,394 39,894 Commercial and financial 39,355 14,798 1,616,529 16,795 1,655,884 31,593 Consumer 1,254 1,189 300,486 16,557 301,740 17,746 Totals $ 81,516 $ 16,676 $ 10,052,879 $ 138,964 $ 10,134,395 $ 155,640 December 31, 2022 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 59 $ — $ 587,273 $ 6,464 $ 587,332 $ 6,464 Commercial real estate - owner occupied 3,346 41 1,474,956 6,010 1,478,302 6,051 Commercial real estate - non-owner occupied 4,183 230 2,585,591 43,028 2,589,774 43,258 Residential real estate 11,333 275 1,838,170 29,330 1,849,503 29,605 Commercial and financial 12,167 2,639 1,341,059 13,009 1,353,226 15,648 Consumer 426 362 286,161 12,507 286,587 12,869 Totals $ 31,514 $ 3,547 $ 8,113,210 $ 110,348 $ 8,144,724 $ 113,895 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (In thousands) Notional Amount Fair Value Balance Sheet Category At March 31, 2023 Back-to-back swaps $ 430,380 $ 25,241 Other Assets and Other Liabilities Interest rate floors 300,000 6 Other Assets At December 31, 2022 Back-to-back swaps $ 312,808 $ 23,140 Other Assets and Other Liabilities Interest rate floors 300,000 2 Other Assets |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2023 December 31, 2022 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 278,252 $ 184,967 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2023 and December 31, 2022 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2023 Financial Assets Available-for-sale debt securities 1 $ 2,015,967 $ 188 $ 2,015,779 $ — Derivative financial instruments 2 25,247 — 25,247 — Loans held for sale 2 2,838 — 2,838 — Loans 3 55,245 — 10,277 44,968 Other real estate owned 4 7,756 — 7,756 — Equity securities 5 13,683 13,683 — — Financial Liabilities Derivative financial instruments 2 $ 25,241 $ — $ 25,241 $ — At December 31, 2022 Financial Assets Available-for-sale debt securities 1 $ 1,871,742 $ 186 $ 1,871,556 $ — Derivative financial instruments 2 23,142 — 23,142 — Loans held for sale 2 3,151 — 3,151 — Loans 3 8,513 — 1,183 7,330 Other real estate owned 4 2,301 — 2,301 — Equity securities 5 8,220 8,220 — — Financial Liabilities Derivative financial instruments 2 $ 23,142 $ — $ 23,142 $ — 1 See “Note 3 – Securities” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “Note 4 – Loans.” N onrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of March 31, 2023 and December 31, 2022 is as follows: (In thousands) March 31, 2023 December 31, 2022 Aggregate fair value $ 2,838 $ 3,151 Contractual balance 2,765 3,071 Excess 73 80 |
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2023 and December 31, 2022 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2023 Financial Assets Debt securities held-to-maturity 1 $ 737,911 $ — $ 618,776 $ — Time deposits with other banks 3,236 — 3,000 — Loans, net 9,923,510 — — 9,764,669 Financial Liabilities Deposit liabilities 12,309,701 — — 12,297,399 Federal Home Loan Bank (“FHLB”) borrowings 385,000 — — 382,523 Subordinated debt, net 105,804 — 97,985 — December 31, 2022 Debt securities held-to-maturity 1 $ 747,408 $ — $ 617,741 $ — Time deposits with other banks 3,236 — 2,989 — Loans, net 8,022,316 — — 7,845,375 Financial Liabilities Deposit liabilities 9,981,595 — — 9,976,125 Federal Home Loan Bank (“FHLB”) borrowings 150,000 — — 149,450 Subordinated debt 84,533 — 82,226 — 1 See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Calculation | (In thousands, except per share data) January 31, 2023 Number of Professional common shares outstanding 14,358 Per share exchange ratio 0.8909 Number of shares of SBCF common stock issued 12,792 Multiplied by common stock price per share at January 31, 2023 $ 32.11 Value of SBCF common stock issued $ 410,738 Cash paid for fractional shares 5 Fair value of Professional options converted 10,304 Total purchase price $ 421,047 (In thousands, except per share data) October 7, 2022 Number of Apollo common shares outstanding 3,766 Per share exchange ratio 1.0065 Number of shares of SBCF common stock issued 3,791 Number of Apollo Bank minority interest shares outstanding 609 Per share exchange ratio 1.1957 Number of shares of SBCF common stock issued 728 Total number of shares of SBCF common stock issued 4,519 Multiplied by common stock price per share at October 7, 2022 $ 30.83 Value of SBCF common stock issued $ 139,307 Cash paid for fractional shares 5 Fair value of Apollo options and warrants converted 6,530 Total purchase price $ 145,842 (In thousands, except per share data) October 7, 2022 Number of Drummond common shares outstanding 99 Per share exchange ratio 51.9561 Number of shares of SBCF common stock issued 5,136 Multiplied by common stock price per share at October 7, 2022 $ 30.83 Total purchase price $ 158,332 (In thousands, except per share data) January 3, 2022 Number of BBFC common shares outstanding 1,112 Per share exchange ratio 0.7997 Number of shares of SBCF common stock issued 889 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of SBCF common stock issued $ 31,480 Fair value of BBFC options converted 497 Total purchase price $ 31,977 (In thousands, except per share data) January 3, 2022 Number of Sabal Palm common shares outstanding 7,536 Per share exchange ratio 0.2203 Number of shares of SBCF common stock issued 1,660 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of SBCF common stock issued $ 58,762 Fair value of Sabal Palm options converted 3,336 Total purchase price $ 62,098 |
Schedule of Business Acquisitions | Measured (In thousands) January 31, 2023 Assets: Cash and cash equivalents $ 141,680 Investment securities 167,059 Loans 1,991,713 Bank premises and equipment 2,478 Core deposit intangibles 48,885 Goodwill 248,091 BOLI 55,071 Other Assets 74,232 Total Assets $ 2,729,209 Liabilities: Deposits $ 2,119,341 Subordinated debt 21,141 Other Liabilities 167,680 Total Liabilities $ 2,308,162 Measured (In thousands) October 7, 2022 Assets: Cash and cash equivalents $ 41,001 Investment securities 203,596 Loans 666,522 Bank premises and equipment 7,809 Core deposit intangibles 28,699 Goodwill 90,237 Other Assets 52,724 Total Assets $ 1,090,588 Liabilities: Deposits $ 854,774 Other Liabilities 89,972 Total Liabilities $ 944,746 Measured (In thousands) October 7, 2022 Assets: Cash and cash equivalents $ 31,805 Investment securities 327,852 Loans 544,694 Bank premises and equipment 29,370 Core deposit and other intangibles 32,983 Goodwill 103,476 Other Assets 49,812 Total Assets $ 1,119,992 Liabilities: Deposits $ 881,281 Other Liabilities 80,379 Total Liabilities $ 961,660 (In thousands) Measured Assets: Cash $ 38,332 Investment securities 26,011 Loans 121,774 Bank premises and equipment 2,102 Core deposit intangibles 2,621 Goodwill 7,962 Total assets $ 198,802 Liabilities: Deposits 166,326 Other liabilities 499 Total liabilities $ 166,825 (In thousands) Measured Assets: Cash $ 170,609 Time deposits with other banks 6,473 Loans 246,152 Bank premises and equipment 1,745 Core deposit intangibles 5,587 Goodwill 26,489 Other assets 5,189 Total assets $ 462,244 Liabilities: Deposits 395,952 Other liabilities 4,194 Total liabilities $ 400,146 |
Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses | The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 31, 2023 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 156,048 $ 151,012 Commercial real estate - owner occupied 293,473 274,068 Commercial real estate - non-owner occupied 752,393 692,746 Residential real estate 509,305 483,611 Commercial and financial 392,396 356,172 Consumer 33,656 32,153 PPP Loans 1,951 1,951 Total acquired loans $ 2,139,222 $ 1,991,713 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. October 7, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 74,126 $ 70,654 Commercial real estate - owner occupied 131,093 121,600 Commercial real estate - non-owner occupied 374,673 340,561 Residential real estate 76,254 75,957 Commercial and financial 50,125 46,695 Consumer 11,307 11,055 Total acquired loans $ 717,578 $ 666,522 October 7, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 155,041 $ 140,401 Commercial real estate - owner occupied 112,768 106,152 Commercial real estate - non-owner occupied 26,520 24,744 Residential real estate 85,767 78,663 Commercial and financial 88,026 82,067 Consumer 118,880 112,667 Total acquired loans $ 587,002 $ 544,694 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 8,677 $ 8,414 Commercial real estate - owner occupied 45,403 44,564 Commercial real estate - non-owner occupied 53,065 52,034 Residential real estate 5,377 5,421 Commercial and financial 11,335 11,280 Consumer 59 61 Total acquired loans $ 123,916 $ 121,774 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,256 $ 9,009 Commercial real estate - owner occupied 57,690 56,591 Commercial real estate - non-owner occupied 89,153 87,280 Residential real estate 71,469 72,227 Commercial and financial 21,109 20,813 Consumer 233 232 Total acquired loans $ 248,910 $ 246,152 |
Schedule Purchase Credit Deteriorated Loans Acquired | The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 31, 2023 Book balance of loans at acquisition $ 155,031 Allowance for credit losses at acquisition (13,335) Non-credit related discount (12,361) Total PCD loans acquired $ 129,335 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) October 7, 2022 Book balance of loans at acquisition $ 107,744 Allowance for credit losses at acquisition (2,658) Non-credit related discount (14,191) Total PCD loans acquired $ 90,895 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) October 7, 2022 Book balance of loans at acquisition $ 58,878 Allowance for credit losses at acquisition (2,566) Non-credit related discount (4,607) Total PCD loans acquired $ 51,705 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 714 Allowance for credit losses at acquisition (15) Non-credit related discount (48) Total PCD loans acquired $ 651 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 3,703 Allowance for credit losses at acquisition (37) Non-credit related discount (663) Total PCD loans acquired $ 3,003 |
Schedule of Pro-Forma Data | Pro-forma data as of March 31, 2023 and 2022 present information as if the acquisition of Professional occurred at the beginning of 2022. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates. Three Months Ended March 31, (In thousands, except per share data) 2023 2022 Net interest income $ 141,920 $ 105,597 Net income available to common shareholders 36,090 12,809 EPS - basic 0.43 0.17 EPS - diluted 0.42 0.17 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 161,251 | 0 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic earnings per share | ||
Net income | $ 11,827 | $ 20,588 |
Average common shares outstanding (in shares) | 80,151 | 61,127 |
Net income per share (in dollars per share) | $ 0.15 | $ 0.34 |
Diluted earnings per share | ||
Average common shares outstanding (in shares) | 80,151 | 61,127 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 566 | 577 |
Average diluted shares outstanding (in shares) | 80,717 | 61,704 |
Net income per share (in dollars per share) | $ 0.15 | $ 0.33 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | $ 2,239,127 | $ 2,119,303 |
Available for sale, gross unrealized gains | 1,595 | 1,101 |
Available for sale, gross unrealized losses | (224,755) | (248,662) |
Available for sale, fair value | 2,015,967 | 1,871,742 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 737,911 | 747,408 |
Held to maturity, gross unrealized gains | 0 | 64 |
Held to maturity, gross unrealized losses | (119,135) | (129,731) |
Held to maturity, fair value | 618,776 | 617,741 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 43,448 | 13,813 |
Available for sale, gross unrealized gains | 267 | 173 |
Available for sale, gross unrealized losses | (331) | (339) |
Available for sale, fair value | 43,384 | 13,647 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 1,657,149 | 1,561,197 |
Available for sale, gross unrealized gains | 1,002 | 539 |
Available for sale, gross unrealized losses | (203,663) | (223,083) |
Available for sale, fair value | 1,454,488 | 1,338,653 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 747,408 | |
Held to maturity, gross unrealized gains | 64 | |
Held to maturity, gross unrealized losses | (129,731) | |
Held to maturity, fair value | 617,741 | |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 175,629 | 179,148 |
Available for sale, gross unrealized gains | 104 | 70 |
Available for sale, gross unrealized losses | (12,359) | (12,831) |
Available for sale, fair value | 163,374 | 166,387 |
Collateralized loan obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 312,086 | 313,155 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (6,609) | (10,251) |
Available for sale, fair value | 305,477 | 302,904 |
Obligations of state and political subdivisions | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 22,016 | 29,350 |
Available for sale, gross unrealized gains | 38 | 122 |
Available for sale, gross unrealized losses | (1,383) | (1,731) |
Available for sale, fair value | 20,671 | 27,741 |
Other debt securities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 28,799 | 22,640 |
Available for sale, gross unrealized gains | 184 | 197 |
Available for sale, gross unrealized losses | (410) | (427) |
Available for sale, fair value | 28,573 | $ 22,410 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 737,911 | |
Held to maturity, gross unrealized gains | 0 | |
Held to maturity, gross unrealized losses | (119,135) | |
Held to maturity, fair value | $ 618,776 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||
Gross gains from sale of securities | $ 24,000 | ||
Gross losses from sale of securities | 19,000 | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 224,755,000 | $ 248,662,000 | |
Fair value of securities in unrealized loss position | 1,913,579,000 | 1,812,522,000 | |
Held-to-maturity securities, allowance for credit loss | 0 | ||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 78,900,000 | ||
Accrued interest receivable on AFS debt securities | 7,800,000 | 7,000,000 | |
Accrued interest receivable on HTM debt securities | $ 1,300,000 | $ 1,300,000 | |
Common stock, shares outstanding (in shares) | 84,609,320 | 71,617,852 | |
Visa | Common Class B | |||
Debt Securities, Available-for-sale [Line Items] | |||
Common stock, shares outstanding (in shares) | 11,330 | ||
Visa | Common Class A | |||
Debt Securities, Available-for-sale [Line Items] | |||
Conversion rate of Class A stock for each share of Class B stock (in dollars per share) | $ 1.5991 | ||
Shares issued (in shares) | 18,117 | ||
Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of debt securities pledged as collateral | $ 2,000,000,000 | ||
Other debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale debt securities, including legacy securities | 8,400,000 | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 410,000 | $ 427,000 | |
Fair value of securities in unrealized loss position | 18,058,000 | 11,459,000 | |
CRA - Qualified Mutual Fund | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross gains from sale of securities | 100,000 | ||
Gross losses from sale of securities | $ (500,000) | ||
Investment in mutual fund carried at fair value | 13,700,000 | 8,200,000 | |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 203,663,000 | 223,083,000 | |
Fair value of securities in unrealized loss position | 1,406,849,000 | 1,314,171,000 | |
Allowance for credit losses on AFS debt securities | 0 | ||
Private mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 12,359,000 | 12,831,000 | |
Fair value of securities in unrealized loss position | 134,890,000 | 155,722,000 | |
Allowance for credit losses on AFS debt securities | $ 0 | ||
Average credit support percentage | 22% | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 6,609,000 | 10,251,000 | |
Fair value of securities in unrealized loss position | 305,477,000 | 302,904,000 | |
Allowance for credit losses on AFS debt securities | $ 0 | ||
Collateralized loan obligations | Standard & Poor's, AAA Rating | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of positions held, percentage of total | 36% | ||
Collateralized loan obligations | Standard & Poor's, AA Rating | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of positions held, percentage of total | 25% | ||
Obligations of state and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 1,383,000 | 1,731,000 | |
Fair value of securities in unrealized loss position | 15,968,000 | $ 24,229,000 | |
Allowance for credit losses on AFS debt securities | 0 | ||
Asset-back securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 300,000 | ||
Fair value of securities in unrealized loss position | 10,800,000 | ||
Allowance for credit losses on AFS debt securities | 0 | ||
Professional Holding Corp. | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale debt securities, including legacy securities | $ 22,100,000 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in less than one year | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Held to maturity loans with maturity date, amortized cost, total | 0 | |
Held to maturity, amortized cost, total | 737,911 | $ 747,408 |
Fair Value | ||
Due in less than one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Held to maturity loans with maturity date, fair value, total | 0 | |
Held to maturity, fair value, total | 618,776 | 617,741 |
Amortized Cost | ||
Due in less than one year | 1,708 | |
Due after one year through five years | 14,321 | |
Due after five years through ten years | 15,460 | |
Due after ten years | 33,975 | |
Available for sale loans with maturity date, amortized cost, total | 65,464 | |
Available for sale, amortized cost, total | 2,239,127 | 2,119,303 |
Fair Value | ||
Due in less than one year | 1,684 | |
Due after one year through five years | 14,270 | |
Due after five years through ten years | 15,377 | |
Due after ten years | 32,724 | |
Available for sale loans with maturity date, fair value, total | 64,055 | |
Available for sale, fair value, total | 2,015,967 | 1,871,742 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Loans without single maturity date | 737,911 | |
Held to maturity, amortized cost, total | 747,408 | |
Fair Value | ||
Loans without single maturity date | 618,776 | |
Held to maturity, fair value, total | 617,741 | |
Amortized Cost | ||
Loans without single maturity date | 1,657,149 | |
Available for sale, amortized cost, total | 1,657,149 | 1,561,197 |
Fair Value | ||
Loans without single maturity date | 1,454,488 | |
Available for sale, fair value, total | 1,454,488 | 1,338,653 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 175,629 | |
Available for sale, amortized cost, total | 175,629 | 179,148 |
Fair Value | ||
Loans without single maturity date | 163,374 | |
Available for sale, fair value, total | 163,374 | 166,387 |
Collateralized loan obligations | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 312,086 | |
Available for sale, amortized cost, total | 312,086 | 313,155 |
Fair Value | ||
Loans without single maturity date | 305,477 | |
Available for sale, fair value, total | 305,477 | 302,904 |
Other debt securities | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 28,799 | |
Available for sale, amortized cost, total | 28,799 | 22,640 |
Fair Value | ||
Loans without single maturity date | 28,573 | |
Available for sale, fair value, total | $ 28,573 | $ 22,410 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less Than 12 Months | $ 695,385 | $ 1,058,560 |
12 Months or Longer | 1,218,194 | 753,962 |
Total | 1,913,579 | 1,812,522 |
Unrealized Losses | ||
Less Than 12 Months | (29,789) | (73,965) |
12 Months or Longer | (194,966) | (174,697) |
Total | (224,755) | (248,662) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | 31,886 | 3,788 |
12 Months or Longer | 451 | 249 |
Total | 32,337 | 4,037 |
Unrealized Losses | ||
Less Than 12 Months | (316) | (328) |
12 Months or Longer | (15) | (11) |
Total | (331) | (339) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 499,606 | 646,651 |
12 Months or Longer | 907,243 | 667,520 |
Total | 1,406,849 | 1,314,171 |
Unrealized Losses | ||
Less Than 12 Months | (23,670) | (54,956) |
12 Months or Longer | (179,993) | (168,127) |
Total | (203,663) | (223,083) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 76,503 | 130,488 |
12 Months or Longer | 58,387 | 25,234 |
Total | 134,890 | 155,722 |
Unrealized Losses | ||
Less Than 12 Months | (3,870) | (8,255) |
12 Months or Longer | (8,489) | (4,576) |
Total | (12,359) | (12,831) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 58,915 | 242,370 |
12 Months or Longer | 246,562 | 60,534 |
Total | 305,477 | 302,904 |
Unrealized Losses | ||
Less Than 12 Months | (1,395) | (8,343) |
12 Months or Longer | (5,214) | (1,908) |
Total | (6,609) | (10,251) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 10,417 | 23,804 |
12 Months or Longer | 5,551 | 425 |
Total | 15,968 | 24,229 |
Unrealized Losses | ||
Less Than 12 Months | (128) | (1,656) |
12 Months or Longer | (1,255) | (75) |
Total | (1,383) | (1,731) |
Other debt securities | ||
Fair Value | ||
Less Than 12 Months | 18,058 | 11,459 |
12 Months or Longer | 0 | 0 |
Total | 18,058 | 11,459 |
Unrealized Losses | ||
Less Than 12 Months | (410) | (427) |
12 Months or Longer | 0 | 0 |
Total | $ (410) | $ (427) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,134,395 | $ 8,144,724 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 757,835 | 587,332 |
Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,652,491 | 1,478,302 |
Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,412,051 | 2,589,774 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,354,394 | 1,849,503 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,650,485 | 1,348,636 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 301,740 | 286,587 |
PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,399 | 4,590 |
Acquired Non-PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,780,684 | 1,965,749 |
Acquired Non-PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 370,353 | 201,333 |
Acquired Non-PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 613,636 | 451,202 |
Acquired Non-PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,476,543 | 767,138 |
Acquired Non-PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 739,396 | 271,378 |
Acquired Non-PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 447,593 | 182,124 |
Acquired Non-PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 128,865 | 89,458 |
Acquired Non-PCD Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,298 | 3,116 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 305,258 | 234,782 |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,522 | 21,100 |
PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,376 | 31,946 |
PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 147,669 | 127,225 |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 25,973 | 19,482 |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 58,931 | 15,238 |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,787 | 19,791 |
PCD Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,048,453 | 5,944,193 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 358,960 | 364,900 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 998,479 | 995,154 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,787,839 | 1,695,411 |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,589,025 | 1,558,643 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,143,961 | 1,151,273 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 169,088 | 177,338 |
Portfolio Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,101 | $ 1,474 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) contract | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Net deferred costs | $ 35,700 | $ 35,100 | |
Accrued interest receivable | 34,400 | 28,200 | |
Interest income from securities with no related allowance | $ 100 | $ 800 | |
Number of loans under trouble debt restructuring | contract | 1 | ||
Modified in trouble borrower modifications | $ 29 | ||
Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Remaining fair value adjustment for loans acquired | $ 216,000 | $ 97,700 | |
Percentage of fair value adjustment for loans acquired | 5% | 4.30% |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 10,134,395 | $ 8,144,724 |
Nonaccrual | 50,787 | 28,843 |
Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,780,684 | 1,965,749 |
Nonaccrual | 5,220 | 2,630 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 305,258 | 234,782 |
Nonaccrual | 15,824 | 10,563 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,065,607 | 8,104,803 |
Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,766,746 | 1,958,490 |
Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 287,027 | 222,282 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,343 | 6,929 |
Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,814 | 3,104 |
Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,276 | 1,038 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,709 | 2,301 |
Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,038 | 1,000 |
Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,131 | 359 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 949 | 1,848 |
Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 866 | 525 |
Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 540 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 757,835 | 587,332 |
Nonaccrual | 8 | 615 |
Construction and land development | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 370,353 | 201,333 |
Nonaccrual | 0 | 70 |
Construction and land development | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 28,522 | 21,100 |
Nonaccrual | 2 | 420 |
Construction and land development | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 370,305 | 201,263 |
Construction and land development | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 28,150 | 20,680 |
Construction and land development | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 370 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 48 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,652,491 | 1,478,302 |
Nonaccrual | 4,829 | 2,597 |
Commercial real estate - owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 613,636 | 451,202 |
Nonaccrual | 0 | 0 |
Commercial real estate - owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40,376 | 31,946 |
Nonaccrual | 3,773 | 1,383 |
Commercial real estate - owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 613,636 | 450,109 |
Commercial real estate - owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 36,324 | 30,517 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 796 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 23 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 297 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 279 | 23 |
Commercial real estate - owner occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,412,051 | 2,589,774 |
Nonaccrual | 23,256 | 4,184 |
Commercial real estate - non-owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,476,543 | 767,138 |
Nonaccrual | 3,165 | 1,343 |
Commercial real estate - non-owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 147,669 | 127,225 |
Nonaccrual | 5,511 | 3,110 |
Commercial real estate - non-owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,472,452 | 765,633 |
Commercial real estate - non-owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 142,111 | 124,115 |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 926 | 162 |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 47 | 0 |
Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,354,394 | 1,849,503 |
Nonaccrual | 9,989 | 9,109 |
Residential real estate | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 739,396 | 271,378 |
Nonaccrual | 1,364 | 586 |
Residential real estate | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 25,973 | 19,482 |
Nonaccrual | 1,328 | 1,587 |
Residential real estate | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 736,548 | 270,215 |
Residential real estate | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 23,426 | 17,885 |
Residential real estate | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,296 | 577 |
Residential real estate | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 504 | 10 |
Residential real estate | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 188 | 0 |
Residential real estate | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 715 | 0 |
Residential real estate | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,650,485 | 1,348,636 |
Nonaccrual | 12,313 | 11,615 |
Commercial and financial | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 447,593 | 182,124 |
Nonaccrual | 691 | 410 |
Commercial and financial | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 58,931 | 15,238 |
Nonaccrual | 5,008 | 4,033 |
Commercial and financial | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 446,684 | 180,837 |
Commercial and financial | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 53,643 | 11,201 |
Commercial and financial | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 218 | 790 |
Commercial and financial | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 280 | 4 |
Commercial and financial | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 87 |
Commercial and financial | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 301,740 | 286,587 |
Nonaccrual | 392 | 723 |
Consumer | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 128,865 | 89,458 |
Nonaccrual | 0 | 221 |
Consumer | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,787 | 19,791 |
Nonaccrual | 202 | 30 |
Consumer | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 122,844 | 87,317 |
Consumer | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,373 | 17,884 |
Consumer | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,374 | 779 |
Consumer | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 122 | 1,001 |
Consumer | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 781 | 616 |
Consumer | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 90 | 336 |
Consumer | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 866 | 525 |
Consumer | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 540 |
PPP Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,399 | 4,590 |
PPP Loans | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,298 | 3,116 |
Nonaccrual | 0 | 0 |
PPP Loans | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PPP Loans | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,277 | 3,116 |
PPP Loans | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PPP Loans | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 21 | 0 |
PPP Loans | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,048,453 | 5,944,193 |
Nonaccrual | 29,743 | 15,650 |
Portfolio Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,011,834 | 5,924,031 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,253 | 2,787 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 540 | 942 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 83 | 783 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 358,960 | 364,900 |
Nonaccrual | 6 | 59 |
Portfolio Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 358,954 | 364,841 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 998,479 | 995,154 |
Nonaccrual | 1,055 | 957 |
Portfolio Loans | Commercial real estate - owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 997,282 | 993,690 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 142 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 67 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 440 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,787,839 | 1,695,411 |
Nonaccrual | 14,581 | 30 |
Portfolio Loans | Commercial real estate - non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,772,837 | 1,695,381 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 421 | 0 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,589,025 | 1,558,643 |
Nonaccrual | 7,298 | 7,284 |
Portfolio Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,578,686 | 1,550,040 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,972 | 1,172 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 69 | 147 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,143,961 | 1,151,273 |
Nonaccrual | 6,614 | 7,229 |
Portfolio Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,134,951 | 1,142,536 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,396 | 1,032 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 476 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 169,088 | 177,338 |
Nonaccrual | 189 | 91 |
Portfolio Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 168,106 | 176,444 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 743 | 550 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 50 | 252 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 1 |
Portfolio Loans | PPP Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,101 | 1,474 |
Nonaccrual | 0 | 0 |
Portfolio Loans | PPP Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,018 | 1,099 |
Portfolio Loans | PPP Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 33 |
Portfolio Loans | PPP Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | PPP Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 83 | $ 342 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 10,289 | $ 17,755 |
Nonaccrual Loans With an Allowance | 40,498 | 11,088 |
Total Nonaccrual Loans | 50,787 | 28,843 |
Allowance for Credit Losses | 3,813 | 2,905 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 6 | 615 |
Nonaccrual Loans With an Allowance | 2 | 0 |
Total Nonaccrual Loans | 8 | 615 |
Allowance for Credit Losses | 0 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 2,078 | 957 |
Nonaccrual Loans With an Allowance | 2,751 | 1,641 |
Total Nonaccrual Loans | 4,829 | 2,597 |
Allowance for Credit Losses | 126 | 41 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 982 | 3,347 |
Nonaccrual Loans With an Allowance | 22,274 | 837 |
Total Nonaccrual Loans | 23,256 | 4,184 |
Allowance for Credit Losses | 585 | 230 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 2,966 | 8,072 |
Nonaccrual Loans With an Allowance | 7,023 | 1,036 |
Total Nonaccrual Loans | 9,989 | 9,109 |
Allowance for Credit Losses | 135 | 58 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 4,220 | 4,724 |
Nonaccrual Loans With an Allowance | 8,093 | 6,891 |
Total Nonaccrual Loans | 12,313 | 11,615 |
Allowance for Credit Losses | 2,677 | 2,319 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 37 | 40 |
Nonaccrual Loans With an Allowance | 355 | 683 |
Total Nonaccrual Loans | 392 | 723 |
Allowance for Credit Losses | $ 290 | $ 257 |
Loans - Schedule of Collateral
Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 72,546 | $ 26,697 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 6 | 59 |
Commercial real estate - owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 5,278 | 2,733 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 37,902 | 1,698 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 21,678 | 11,333 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 7,480 | 10,448 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 202 | $ 426 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | $ 266,598 | $ 1,771,386 | |
One year prior to current fiscal year | 2,611,150 | 1,972,420 | |
Two years prior to current fiscal year | 2,565,152 | 750,817 | |
Three years prior to current fiscal year | 1,040,116 | 749,534 | |
Four years prior to current fiscal year | 981,331 | 545,447 | |
Prior | 2,612,433 | 1,469,313 | |
Revolving | 57,615 | 883,925 | |
Total | 10,134,395 | 8,144,724 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 39 | ||
Two years prior to current fiscal year, Charge Offs | 451 | ||
Three years prior to current fiscal year, Charge Offs | 1,656 | ||
Four years prior to current fiscal year, Charge Offs | 222 | ||
Prior, Charge Offs | 1,007 | ||
Revolving, Charge Offs | 230 | ||
Total, Charge Offs | 3,605 | $ 665 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 266,598 | 1,754,920 | |
One year prior to current fiscal year | 2,601,520 | 1,945,692 | |
Two years prior to current fiscal year | 2,517,079 | 720,324 | |
Three years prior to current fiscal year | 987,873 | 724,493 | |
Four years prior to current fiscal year | 942,465 | 529,942 | |
Prior | 2,517,641 | 1,430,636 | |
Revolving | 57,547 | 864,846 | |
Total | 9,890,723 | 7,972,735 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 16,461 | |
One year prior to current fiscal year | 7,283 | 17,132 | |
Two years prior to current fiscal year | 20,010 | 3,254 | |
Three years prior to current fiscal year | 14,827 | 13,718 | |
Four years prior to current fiscal year | 20,680 | 2,770 | |
Prior | 32,183 | 8,506 | |
Revolving | 0 | 3,927 | |
Total | 94,900 | 65,768 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 2,178 | 9,486 | |
Two years prior to current fiscal year | 27,438 | 20,935 | |
Three years prior to current fiscal year | 17,684 | 8,929 | |
Four years prior to current fiscal year | 14,325 | 8,650 | |
Prior | 39,652 | 14,073 | |
Revolving | 0 | 13,199 | |
Total | 101,360 | 75,272 | |
Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 5 | |
One year prior to current fiscal year | 169 | 110 | |
Two years prior to current fiscal year | 625 | 6,304 | |
Three years prior to current fiscal year | 19,667 | 2,394 | |
Four years prior to current fiscal year | 3,861 | 4,085 | |
Prior | 21,583 | 16,098 | |
Revolving | 68 | 1,953 | |
Total | 45,973 | 30,949 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 65 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 1,374 | 0 | |
Revolving | 0 | 0 | |
Total | 1,439 | 0 | |
Construction and land development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 20,907 | 237,727 | |
One year prior to current fiscal year | 324,422 | 219,469 | |
Two years prior to current fiscal year | 250,918 | 18,239 | |
Three years prior to current fiscal year | 45,943 | 27,753 | |
Four years prior to current fiscal year | 37,444 | 13,742 | |
Prior | 72,766 | 19,427 | |
Revolving | 5,435 | 50,975 | |
Total | 757,835 | 587,332 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 0 | ||
Three years prior to current fiscal year, Charge Offs | 0 | ||
Four years prior to current fiscal year, Charge Offs | 0 | ||
Prior, Charge Offs | 0 | ||
Revolving, Charge Offs | 0 | ||
Total, Charge Offs | 0 | 0 | |
Construction and land development | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 20,907 | 223,204 | |
One year prior to current fiscal year | 322,371 | 209,738 | |
Two years prior to current fiscal year | 241,044 | 18,239 | |
Three years prior to current fiscal year | 45,943 | 24,600 | |
Four years prior to current fiscal year | 33,641 | 12,783 | |
Prior | 61,203 | 19,022 | |
Revolving | 5,435 | 50,960 | |
Total | 730,544 | 558,546 | |
Construction and land development | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 14,523 | |
One year prior to current fiscal year | 2,051 | 452 | |
Two years prior to current fiscal year | 467 | 0 | |
Three years prior to current fiscal year | 0 | 3,153 | |
Four years prior to current fiscal year | 3,803 | 0 | |
Prior | 2 | 0 | |
Revolving | 0 | 15 | |
Total | 6,323 | 18,143 | |
Construction and land development | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 9,227 | |
Two years prior to current fiscal year | 9,407 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 959 | |
Prior | 11,555 | 0 | |
Revolving | 0 | 0 | |
Total | 20,962 | 10,186 | |
Construction and land development | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 52 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 6 | 405 | |
Revolving | 0 | 0 | |
Total | 6 | 457 | |
Construction and land development | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate - owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 24,300 | 216,147 | |
One year prior to current fiscal year | 272,862 | 251,638 | |
Two years prior to current fiscal year | 316,822 | 183,111 | |
Three years prior to current fiscal year | 184,524 | 192,625 | |
Four years prior to current fiscal year | 203,713 | 124,983 | |
Prior | 650,200 | 477,545 | |
Revolving | 70 | 32,253 | |
Total | 1,652,491 | 1,478,302 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 0 | ||
Three years prior to current fiscal year, Charge Offs | 0 | ||
Four years prior to current fiscal year, Charge Offs | 0 | ||
Prior, Charge Offs | 0 | ||
Revolving, Charge Offs | 0 | ||
Total, Charge Offs | 0 | 0 | |
Commercial real estate - owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 24,300 | 215,453 | |
One year prior to current fiscal year | 272,169 | 251,638 | |
Two years prior to current fiscal year | 312,366 | 180,081 | |
Three years prior to current fiscal year | 177,419 | 185,286 | |
Four years prior to current fiscal year | 195,904 | 121,568 | |
Prior | 626,242 | 467,963 | |
Revolving | 70 | 32,253 | |
Total | 1,608,470 | 1,454,242 | |
Commercial real estate - owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 694 | |
One year prior to current fiscal year | 2 | 0 | |
Two years prior to current fiscal year | 2,120 | 2,363 | |
Three years prior to current fiscal year | 0 | 4,403 | |
Four years prior to current fiscal year | 4,882 | 2,548 | |
Prior | 11,868 | 2,869 | |
Revolving | 0 | 0 | |
Total | 18,872 | 12,877 | |
Commercial real estate - owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 691 | 0 | |
Two years prior to current fiscal year | 2,336 | 667 | |
Three years prior to current fiscal year | 7,105 | 2,625 | |
Four years prior to current fiscal year | 2,604 | 573 | |
Prior | 9,552 | 4,444 | |
Revolving | 0 | 0 | |
Total | 22,288 | 8,309 | |
Commercial real estate - owner occupied | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 311 | |
Four years prior to current fiscal year | 323 | 294 | |
Prior | 2,538 | 2,269 | |
Revolving | 0 | 0 | |
Total | 2,861 | 2,874 | |
Commercial real estate - owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate - non-owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 86,801 | 593,364 | |
One year prior to current fiscal year | 861,624 | 546,911 | |
Two years prior to current fiscal year | 675,212 | 252,787 | |
Three years prior to current fiscal year | 363,128 | 338,460 | |
Four years prior to current fiscal year | 436,881 | 233,622 | |
Prior | 988,260 | 589,304 | |
Revolving | 145 | 35,326 | |
Total | 3,412,051 | 2,589,774 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 0 | ||
Three years prior to current fiscal year, Charge Offs | 109 | ||
Four years prior to current fiscal year, Charge Offs | 0 | ||
Prior, Charge Offs | 0 | ||
Revolving, Charge Offs | 0 | ||
Total, Charge Offs | 109 | 0 | |
Commercial real estate - non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 86,801 | 593,364 | |
One year prior to current fiscal year | 861,624 | 530,462 | |
Two years prior to current fiscal year | 673,294 | 231,693 | |
Three years prior to current fiscal year | 331,702 | 331,173 | |
Four years prior to current fiscal year | 421,185 | 228,077 | |
Prior | 952,125 | 575,656 | |
Revolving | 145 | 35,326 | |
Total | 3,326,876 | 2,525,751 | |
Commercial real estate - non-owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 16,257 | |
Two years prior to current fiscal year | 1,727 | 735 | |
Three years prior to current fiscal year | 11,228 | 5,438 | |
Four years prior to current fiscal year | 7,839 | 0 | |
Prior | 16,534 | 4,975 | |
Revolving | 0 | 0 | |
Total | 37,328 | 27,405 | |
Commercial real estate - non-owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 192 | |
Two years prior to current fiscal year | 191 | 19,315 | |
Three years prior to current fiscal year | 4,672 | 0 | |
Four years prior to current fiscal year | 6,008 | 5,515 | |
Prior | 13,937 | 7,412 | |
Revolving | 0 | 0 | |
Total | 24,808 | 32,434 | |
Commercial real estate - non-owner occupied | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 1,044 | |
Three years prior to current fiscal year | 15,526 | 1,849 | |
Four years prior to current fiscal year | 1,849 | 30 | |
Prior | 5,664 | 1,261 | |
Revolving | 0 | 0 | |
Total | 23,039 | 4,184 | |
Commercial real estate - non-owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 66,554 | 270,054 | |
One year prior to current fiscal year | 561,449 | 552,950 | |
Two years prior to current fiscal year | 734,453 | 122,062 | |
Three years prior to current fiscal year | 231,255 | 77,132 | |
Four years prior to current fiscal year | 152,989 | 98,008 | |
Prior | 572,968 | 302,994 | |
Revolving | 34,726 | 426,303 | |
Total | 2,354,394 | 1,849,503 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 0 | ||
Three years prior to current fiscal year, Charge Offs | 0 | ||
Four years prior to current fiscal year, Charge Offs | 0 | ||
Prior, Charge Offs | 159 | ||
Revolving, Charge Offs | 0 | ||
Total, Charge Offs | 159 | 1 | |
Residential real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 66,554 | 270,054 | |
One year prior to current fiscal year | 561,374 | 552,950 | |
Two years prior to current fiscal year | 733,887 | 121,879 | |
Three years prior to current fiscal year | 231,100 | 77,100 | |
Four years prior to current fiscal year | 152,377 | 97,900 | |
Prior | 564,550 | 292,867 | |
Revolving | 34,658 | 423,764 | |
Total | 2,344,500 | 1,836,514 | |
Residential real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 50 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 25 | |
Prior | 0 | 269 | |
Revolving | 0 | 884 | |
Total | 0 | 1,228 | |
Residential real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 343 | |
Revolving | 0 | 85 | |
Total | 0 | 428 | |
Residential real estate | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 75 | 0 | |
Two years prior to current fiscal year | 566 | 133 | |
Three years prior to current fiscal year | 155 | 32 | |
Four years prior to current fiscal year | 612 | 83 | |
Prior | 8,418 | 9,515 | |
Revolving | 68 | 1,570 | |
Total | 9,894 | 11,333 | |
Residential real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Commercial and financial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 58,767 | 361,082 | |
One year prior to current fiscal year | 489,767 | 320,855 | |
Two years prior to current fiscal year | 493,258 | 146,607 | |
Three years prior to current fiscal year | 183,686 | 84,487 | |
Four years prior to current fiscal year | 115,348 | 63,364 | |
Prior | 295,862 | 63,135 | |
Revolving | 13,797 | 309,106 | |
Total | 1,650,485 | 1,348,636 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 56 | ||
Three years prior to current fiscal year, Charge Offs | 1,334 | ||
Four years prior to current fiscal year, Charge Offs | 204 | ||
Prior, Charge Offs | 848 | ||
Revolving, Charge Offs | 200 | ||
Total, Charge Offs | 2,642 | 569 | |
Commercial and financial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 58,767 | 359,833 | |
One year prior to current fiscal year | 482,995 | 320,307 | |
Two years prior to current fiscal year | 462,755 | 140,450 | |
Three years prior to current fiscal year | 170,255 | 77,562 | |
Four years prior to current fiscal year | 104,402 | 57,924 | |
Prior | 281,433 | 58,648 | |
Revolving | 13,797 | 292,818 | |
Total | 1,574,404 | 1,307,542 | |
Commercial and financial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 1,244 | |
One year prior to current fiscal year | 5,230 | 423 | |
Two years prior to current fiscal year | 15,682 | 106 | |
Three years prior to current fiscal year | 3,530 | 474 | |
Four years prior to current fiscal year | 4,156 | 195 | |
Prior | 3,779 | 259 | |
Revolving | 0 | 2,998 | |
Total | 32,377 | 5,699 | |
Commercial and financial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 1,487 | 67 | |
Two years prior to current fiscal year | 14,762 | 942 | |
Three years prior to current fiscal year | 5,863 | 6,304 | |
Four years prior to current fiscal year | 5,713 | 1,603 | |
Prior | 4,594 | 1,683 | |
Revolving | 0 | 13,114 | |
Total | 32,419 | 23,713 | |
Commercial and financial | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 5 | |
One year prior to current fiscal year | 55 | 58 | |
Two years prior to current fiscal year | 59 | 5,109 | |
Three years prior to current fiscal year | 3,973 | 147 | |
Four years prior to current fiscal year | 1,077 | 3,642 | |
Prior | 4,682 | 2,545 | |
Revolving | 0 | 176 | |
Total | 9,846 | 11,682 | |
Commercial and financial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 65 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 1,374 | 0 | |
Revolving | 0 | 0 | |
Total | 1,439 | 0 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 9,269 | 93,012 | |
One year prior to current fiscal year | 101,026 | 77,889 | |
Two years prior to current fiscal year | 91,814 | 28,011 | |
Three years prior to current fiscal year | 28,856 | 29,077 | |
Four years prior to current fiscal year | 34,956 | 11,728 | |
Prior | 32,377 | 16,908 | |
Revolving | 3,442 | 29,962 | |
Total | 301,740 | 286,587 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 39 | ||
Two years prior to current fiscal year, Charge Offs | 395 | ||
Three years prior to current fiscal year, Charge Offs | 213 | ||
Four years prior to current fiscal year, Charge Offs | 18 | ||
Prior, Charge Offs | 0 | ||
Revolving, Charge Offs | 30 | ||
Total, Charge Offs | 695 | $ 95 | |
Consumer | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 9,269 | 93,012 | |
One year prior to current fiscal year | 100,987 | 77,889 | |
Two years prior to current fiscal year | 91,072 | 27,982 | |
Three years prior to current fiscal year | 28,799 | 28,772 | |
Four years prior to current fiscal year | 34,956 | 11,690 | |
Prior | 32,088 | 16,480 | |
Revolving | 3,442 | 29,725 | |
Total | 300,613 | 285,550 | |
Consumer | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | ||
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 250 | |
Four years prior to current fiscal year | 0 | 2 | |
Prior | 0 | 134 | |
Revolving | 0 | 30 | |
Total | 0 | 416 | |
Consumer | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 742 | 11 | |
Three years prior to current fiscal year | 44 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 14 | 191 | |
Revolving | 0 | 0 | |
Total | 800 | 202 | |
Consumer | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 39 | 0 | |
Two years prior to current fiscal year | 0 | 18 | |
Three years prior to current fiscal year | 13 | 55 | |
Four years prior to current fiscal year | 0 | 36 | |
Prior | 275 | 103 | |
Revolving | 0 | 207 | |
Total | 327 | 419 | |
Consumer | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
PPP Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 2,708 | |
Two years prior to current fiscal year | 2,675 | 1,882 | |
Three years prior to current fiscal year | 2,724 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 5,399 | 4,590 | |
Current fiscal year, Charge Offs | 0 | ||
One year prior to current fiscal year, Charge Offs | 0 | ||
Two years prior to current fiscal year, Charge Offs | 0 | ||
Three years prior to current fiscal year, Charge Offs | 0 | ||
Four years prior to current fiscal year, Charge Offs | 0 | ||
Prior, Charge Offs | 0 | ||
Revolving, Charge Offs | 0 | ||
Total, Charge Offs | 0 | ||
PPP Loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 2,708 | |
Two years prior to current fiscal year | 2,661 | 1,882 | |
Three years prior to current fiscal year | 2,655 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 5,316 | 4,590 | |
PPP Loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 14 | 0 | |
Three years prior to current fiscal year | 69 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 83 | 0 | |
PPP Loans | Substandard Impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 113,895 | $ 83,315 |
Allowance on PCD Loans Acquired During the Period | 13,335 | 51 |
Provision for Credit Losses | 31,598 | 6,556 |
Charge- Offs | (3,605) | (665) |
Recoveries | 417 | 586 |
TDR Allowance Adjustments | (5) | |
Ending Balance | 155,640 | 89,838 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 6,464 | 2,751 |
Allowance on PCD Loans Acquired During the Period | 5 | 0 |
Provision for Credit Losses | 69 | (493) |
Charge- Offs | 0 | 0 |
Recoveries | 2 | 10 |
TDR Allowance Adjustments | 0 | |
Ending Balance | 6,540 | 2,268 |
Commercial real estate - owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 6,051 | 8,579 |
Allowance on PCD Loans Acquired During the Period | 139 | 0 |
Provision for Credit Losses | 101 | 715 |
Charge- Offs | 0 | 0 |
Recoveries | 1 | 0 |
TDR Allowance Adjustments | 0 | |
Ending Balance | 6,292 | 9,294 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 43,258 | 36,617 |
Allowance on PCD Loans Acquired During the Period | 647 | 31 |
Provision for Credit Losses | 9,715 | 7,274 |
Charge- Offs | (109) | 0 |
Recoveries | 64 | 0 |
TDR Allowance Adjustments | 0 | |
Ending Balance | 53,575 | 43,922 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 29,605 | 12,811 |
Allowance on PCD Loans Acquired During the Period | 400 | 17 |
Provision for Credit Losses | 9,898 | 1,060 |
Charge- Offs | (159) | (1) |
Recoveries | 150 | 191 |
TDR Allowance Adjustments | (3) | |
Ending Balance | 39,894 | 14,075 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 15,648 | 19,744 |
Allowance on PCD Loans Acquired During the Period | 11,983 | 3 |
Provision for Credit Losses | 6,414 | (1,628) |
Charge- Offs | (2,642) | (569) |
Recoveries | 190 | 177 |
TDR Allowance Adjustments | 0 | |
Ending Balance | 31,593 | 17,727 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 12,869 | 2,813 |
Allowance on PCD Loans Acquired During the Period | 161 | 0 |
Provision for Credit Losses | 5,401 | (372) |
Charge- Offs | (695) | (95) |
Recoveries | 10 | 208 |
TDR Allowance Adjustments | (2) | |
Ending Balance | $ 17,746 | $ 2,552 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Jan. 31, 2023 | |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Initial Allowance on PCD Loans Acquired During the Period | $ 12,000 | |
Professional Holding Corp. | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired in acquisition | $ 1,991,713 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Recorded Investment | ||||
Individually Evaluated | $ 81,516 | $ 31,514 | ||
Collectively Evaluated | 10,052,879 | 8,113,210 | ||
Total | 10,134,395 | 8,144,724 | ||
Associated Allowance | ||||
Individually Evaluated | 16,676 | 3,547 | ||
Collectively Evaluated | 138,964 | 110,348 | ||
Total | 155,640 | 113,895 | $ 89,838 | $ 83,315 |
Construction and land development | ||||
Recorded Investment | ||||
Individually Evaluated | 6 | 59 | ||
Collectively Evaluated | 757,829 | 587,273 | ||
Total | 757,835 | 587,332 | ||
Associated Allowance | ||||
Individually Evaluated | 0 | 0 | ||
Collectively Evaluated | 6,540 | 6,464 | ||
Total | 6,540 | 6,464 | 2,268 | 2,751 |
Commercial real estate - owner occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 4,843 | 3,346 | ||
Collectively Evaluated | 1,647,648 | 1,474,956 | ||
Total | 1,652,491 | 1,478,302 | ||
Associated Allowance | ||||
Individually Evaluated | 126 | 41 | ||
Collectively Evaluated | 6,166 | 6,010 | ||
Total | 6,292 | 6,051 | 9,294 | 8,579 |
Commercial real estate - non-owner occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 23,072 | 4,183 | ||
Collectively Evaluated | 3,388,979 | 2,585,591 | ||
Total | 3,412,051 | 2,589,774 | ||
Associated Allowance | ||||
Individually Evaluated | 386 | 230 | ||
Collectively Evaluated | 53,189 | 43,028 | ||
Total | 53,575 | 43,258 | 43,922 | 36,617 |
Residential real estate | ||||
Recorded Investment | ||||
Individually Evaluated | 12,986 | 11,333 | ||
Collectively Evaluated | 2,341,408 | 1,838,170 | ||
Total | 2,354,394 | 1,849,503 | ||
Associated Allowance | ||||
Individually Evaluated | 177 | 275 | ||
Collectively Evaluated | 39,717 | 29,330 | ||
Total | 39,894 | 29,605 | 14,075 | 12,811 |
Commercial and financial | ||||
Recorded Investment | ||||
Individually Evaluated | 39,355 | 12,167 | ||
Collectively Evaluated | 1,616,529 | 1,341,059 | ||
Total | 1,655,884 | 1,353,226 | ||
Associated Allowance | ||||
Individually Evaluated | 14,798 | 2,639 | ||
Collectively Evaluated | 16,795 | 13,009 | ||
Total | 31,593 | 15,648 | ||
Consumer | ||||
Recorded Investment | ||||
Individually Evaluated | 1,254 | 426 | ||
Collectively Evaluated | 300,486 | 286,161 | ||
Total | 301,740 | 286,587 | ||
Associated Allowance | ||||
Individually Evaluated | 1,189 | 362 | ||
Collectively Evaluated | 16,557 | 12,507 | ||
Total | $ 17,746 | $ 12,869 | $ 2,552 | $ 2,813 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) contract | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Loss recognized in OCI | $ (200) | ||
Reclassification from AOCI into income | $ 100 | $ 100 | |
Back-to-Back Swap | |||
Derivative [Line Items] | |||
Notional amount | $ 430,380 | $ 312,808 | |
Weighted average maturity (in years) | 7 years 1 month 6 days | 6 years 8 months 12 days | |
Back-to-Back Swap | Other Assets and Other Liabilities | |||
Derivative [Line Items] | |||
Fair value of derivative assets and liabilities | $ 25,241 | $ 23,140 | |
Interest Rate Floor | |||
Derivative [Line Items] | |||
Notional amount | $ 300,000 | 300,000 | |
Number of derivative contracts | contract | 2 | ||
Amount expected to be reclassified from accumulated other comprehensive income into interest income | $ 400 | ||
Interest Rate Floor | Other Assets | |||
Derivative [Line Items] | |||
Fair value of derivative assets and liabilities | 6 | 2 | |
Fair value of derivative assets | 6 | $ 2 | |
Interest Rate Floor, October 2023 Maturity | |||
Derivative [Line Items] | |||
Notional amount | 150,000 | ||
Interest Rate Floor, November 2023 Maturity | |||
Derivative [Line Items] | |||
Notional amount | $ 150,000 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Back-to-back swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 430,380 | $ 312,808 |
Back-to-back swaps | Other Assets and Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | 25,241 | 23,140 |
Interest rate floors | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 300,000 | 300,000 |
Interest rate floors | Other Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | $ 6 | $ 2 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 2,000,000 | |
Fair Value | Repurchase Agreement | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 278,252 | $ 184,967 |
Equity Capital (Details)
Equity Capital (Details) | Mar. 31, 2023 |
Equity [Abstract] | |
Regulatory threshold percentage for well-capitalized institutions | 0.065 |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Available-for-sale debt securities | $ 2,015,967 | $ 1,871,742 |
Loans held for sale | 2,838 | 3,151 |
Other real estate owned | 7,756 | 2,301 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Available-for-sale debt securities | 2,015,967 | 1,871,742 |
Derivative financial instruments | 25,247 | 23,142 |
Loans held for sale | 2,838 | 3,151 |
Equity securities | 13,683 | 8,220 |
Financial Liabilities | ||
Derivative financial instruments | 25,241 | 23,142 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Available-for-sale debt securities | 188 | 186 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 13,683 | 8,220 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Available-for-sale debt securities | 2,015,779 | 1,871,556 |
Derivative financial instruments | 25,247 | 23,142 |
Loans held for sale | 2,838 | 3,151 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 25,241 | 23,142 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Available-for-sale debt securities | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Financial Assets | ||
Loans | 55,245 | 8,513 |
Other real estate owned | 7,756 | 2,301 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Loans | 10,277 | 1,183 |
Other real estate owned | 7,756 | 2,301 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Loans | 44,968 | 7,330 |
Other real estate owned | $ 0 | $ 0 |
Fair Value - Aggregate Fair Val
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 2,838 | $ 3,151 |
Excess | 73 | 80 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 2,765 | $ 3,071 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Average capitalization rate | 6.70% | |||
Allowance for credit losses | $ 155,640 | $ 113,895 | $ 89,838 | $ 83,315 |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of impaired loans | 55,245 | 8,513 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of impaired loans | 44,968 | 7,330 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Loans Receivable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Additions | 39,100 | |||
Paydowns and charge-offs | 1,600 | |||
Collateral-Dependent Real Estate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of impaired loans | 71,900 | 10,200 | ||
Allowance for credit losses | $ 16,700 | $ 2,900 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Debt securities held-to-maturity | $ 737,911 | $ 747,408 |
Time deposits with other banks | 3,236 | 3,236 |
Loans, net | 9,978,755 | 8,030,829 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (“FHLB”) borrowings | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held-to-maturity | 618,776 | 617,741 |
Time deposits with other banks | 3,000 | 2,989 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (“FHLB”) borrowings | 0 | 0 |
Subordinated debt, net | 97,985 | 82,226 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 9,764,669 | 7,845,375 |
Financial Liabilities | ||
Deposit liabilities | 12,297,399 | 9,976,125 |
Federal Home Loan Bank (“FHLB”) borrowings | 382,523 | 149,450 |
Subordinated debt, net | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held-to-maturity | 737,911 | 747,408 |
Time deposits with other banks | 3,236 | 3,236 |
Loans, net | 9,923,510 | 8,022,316 |
Financial Liabilities | ||
Deposit liabilities | 12,309,701 | 9,981,595 |
Federal Home Loan Bank (“FHLB”) borrowings | 385,000 | 150,000 |
Subordinated debt, net | $ 105,804 | $ 84,533 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) | 3 Months Ended | ||||||
Jan. 31, 2023 USD ($) branch | Oct. 07, 2022 USD ($) branch | Jan. 03, 2022 USD ($) branch | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 155,640,000 | $ 89,838,000 | $ 113,895,000 | $ 83,315,000 | |||
Goodwill | 728,396,000 | $ 480,319,000 | |||||
Acquisition costs | $ 17,500,000 | $ 6,700,000 | |||||
Professional Holding Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches operated | branch | 9 | ||||||
Percentage of common stock acquired | 100% | ||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.8909 | ||||||
Goodwill recognized from acquisition, nondeductible | $ 248,100,000 | ||||||
Fair value of options and warrants converted | 10,304,000 | ||||||
Allowance for credit losses | 39,900,000 | ||||||
Goodwill | 248,091,000 | ||||||
Professional Holding Corp. | PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses at acquisition | 13,335,000 | ||||||
Professional Holding Corp. | Acquired Non-PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 26,600,000 | ||||||
Apollo Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches operated | branch | 5 | ||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 1.006529 | ||||||
Goodwill recognized from acquisition, nondeductible | $ 90,200,000 | ||||||
Fair value of options and warrants converted | $ 6,530,000 | ||||||
Minority interest portion, number of Seacoast stock for each share of stock converted (in shares) | 1.195651 | ||||||
Allowance for credit losses | $ 7,800,000 | ||||||
Goodwill | 90,237,000 | ||||||
Apollo Bancshares, Inc. | PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses at acquisition | 2,658,000 | ||||||
Apollo Bancshares, Inc. | Acquired Non-PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 5,100,000 | ||||||
Drummond Banking Company | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches operated | branch | 18 | ||||||
Percentage of common stock acquired | 100% | ||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 51.9561 | ||||||
Allowance for credit losses | $ 12,500,000 | ||||||
Goodwill | 103,476,000 | ||||||
Drummond Banking Company | PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses at acquisition | 2,566,000 | ||||||
Drummond Banking Company | Acquired Non-PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 9,900,000 | ||||||
Business Bank of Florida | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches operated | branch | 1 | ||||||
Percentage of common stock acquired | 100% | ||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7997 | ||||||
Goodwill recognized from acquisition, nondeductible | $ 8,000,000 | ||||||
Fair value of options and warrants converted | 497,000 | ||||||
Allowance for credit losses | 1,800,000 | ||||||
Goodwill | 7,962,000 | ||||||
Business Bank of Florida | Stock Option | Seacoast 2021 Incentive Plan | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of options and warrants converted | 500,000 | ||||||
Business Bank of Florida | PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | 15,000 | ||||||
Allowance for credit losses at acquisition | 15,000 | ||||||
Business Bank of Florida | Acquired Non-PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 1,800,000 | ||||||
Sabal Palm Bancorp, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches operated | branch | 3 | ||||||
Percentage of common stock acquired | 100% | ||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.2203 | ||||||
Goodwill recognized from acquisition, nondeductible | $ 26,500,000 | ||||||
Fair value of options and warrants converted | 3,336,000 | ||||||
Allowance for credit losses | 3,400,000 | ||||||
Goodwill | 26,489,000 | ||||||
Sabal Palm Bancorp, Inc. | Stock Option | Seacoast 2021 Incentive Plan | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of options and warrants converted | 3,300,000 | ||||||
Sabal Palm Bancorp, Inc. | PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | 37,000 | ||||||
Allowance for credit losses at acquisition | 37,000 | ||||||
Sabal Palm Bancorp, Inc. | Acquired Non-PCD Loans | |||||||
Business Acquisition [Line Items] | |||||||
Allowance for credit losses | $ 3,400,000 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) $ / shares in Units, $ in Thousands | Jan. 31, 2023 USD ($) $ / shares shares | Oct. 07, 2022 USD ($) $ / shares shares | Jan. 03, 2022 USD ($) $ / shares shares |
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 14,358,000 | ||
Per share exchange ratio (in shares) | 0.8909 | ||
Number of shares of SBCF common stock issues (in shares) | shares | 12,792,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 32.11 | ||
Value of common stock issued | $ 410,738 | ||
Cash paid for fractional shares | 5 | ||
Fair value of options and warrants converted | 10,304 | ||
Total purchase price | $ 421,047 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 3,766,000 | ||
Per share exchange ratio (in shares) | 1.006529 | ||
Number of shares of SBCF common stock issues (in shares) | shares | 3,791,000 | ||
Number of minority interest shares outstanding (in shares) | shares | 609,000 | ||
Per share exchange ratio (in shares) | 1.195651 | ||
Number of shares of SBCF common stock issued, minority interest converted (in shares) | shares | 728,000 | ||
Number of shares of common stock issued (in shares) | shares | 4,519,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 30.83 | ||
Value of common stock issued | $ 139,307 | ||
Cash paid for fractional shares | 5 | ||
Fair value of options and warrants converted | 6,530 | ||
Total purchase price | $ 145,842 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 99,000 | ||
Per share exchange ratio (in shares) | 51.9561 | ||
Number of shares of common stock issued (in shares) | shares | 5,136,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 30.83 | ||
Total purchase price | $ 158,332 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 1,112,000 | ||
Per share exchange ratio (in shares) | 0.7997 | ||
Number of shares of common stock issued (in shares) | shares | 889,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | ||
Value of common stock issued | $ 31,480 | ||
Fair value of options and warrants converted | 497 | ||
Total purchase price | $ 31,977 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 7,536,000 | ||
Per share exchange ratio (in shares) | 0.2203 | ||
Number of shares of common stock issued (in shares) | shares | 1,660,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | ||
Value of common stock issued | $ 58,762 | ||
Fair value of options and warrants converted | 3,336 | ||
Total purchase price | $ 62,098 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Oct. 07, 2022 | Jan. 03, 2022 |
Assets: | |||||
Goodwill | $ 728,396 | $ 480,319 | |||
Professional Holding Corp. | |||||
Assets: | |||||
Cash and cash equivalents | $ 141,680 | ||||
Investments | 167,059 | ||||
Loans | 1,991,713 | ||||
Bank premises and equipment | 2,478 | ||||
Core deposit intangibles | 48,885 | ||||
Goodwill | 248,091 | ||||
BOLI | 55,071 | ||||
Other Assets | 74,232 | ||||
Total Assets | 2,729,209 | ||||
Liabilities: | |||||
Deposits | 2,119,341 | ||||
Subordinated debt | 21,141 | ||||
Other Liabilities | 167,680 | ||||
Total Liabilities | $ 2,308,162 | ||||
Apollo Bancshares, Inc. | |||||
Assets: | |||||
Cash and cash equivalents | $ 41,001 | ||||
Investments | 203,596 | ||||
Loans | 666,522 | ||||
Bank premises and equipment | 7,809 | ||||
Core deposit intangibles | 28,699 | ||||
Goodwill | 90,237 | ||||
Other Assets | 52,724 | ||||
Total Assets | 1,090,588 | ||||
Liabilities: | |||||
Deposits | 854,774 | ||||
Other Liabilities | 89,972 | ||||
Total Liabilities | 944,746 | ||||
Drummond Banking Company | |||||
Assets: | |||||
Cash and cash equivalents | 31,805 | ||||
Investments | 327,852 | ||||
Loans | 544,694 | ||||
Bank premises and equipment | 29,370 | ||||
Core deposit intangibles | 32,983 | ||||
Goodwill | 103,476 | ||||
Other Assets | 49,812 | ||||
Total Assets | 1,119,992 | ||||
Liabilities: | |||||
Deposits | 881,281 | ||||
Other Liabilities | 80,379 | ||||
Total Liabilities | $ 961,660 | ||||
Business Bank of Florida | |||||
Assets: | |||||
Cash and cash equivalents | $ 38,332 | ||||
Investments | 26,011 | ||||
Loans | 121,774 | ||||
Bank premises and equipment | 2,102 | ||||
Core deposit intangibles | 2,621 | ||||
Goodwill | 7,962 | ||||
Total Assets | 198,802 | ||||
Liabilities: | |||||
Deposits | 166,326 | ||||
Other Liabilities | 499 | ||||
Total Liabilities | 166,825 | ||||
Sabal Palm Bancorp, Inc. | |||||
Assets: | |||||
Cash and cash equivalents | 170,609 | ||||
Investments | 6,473 | ||||
Loans | 246,152 | ||||
Bank premises and equipment | 1,745 | ||||
Core deposit intangibles | 5,587 | ||||
Goodwill | 26,489 | ||||
Other Assets | 5,189 | ||||
Total Assets | 462,244 | ||||
Liabilities: | |||||
Deposits | 395,952 | ||||
Other Liabilities | 4,194 | ||||
Total Liabilities | $ 400,146 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Oct. 07, 2022 | Jan. 03, 2022 |
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 2,139,222 | ||
Fair Value | 1,991,713 | ||
Professional Holding Corp. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 156,048 | ||
Fair Value | 151,012 | ||
Professional Holding Corp. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 293,473 | ||
Fair Value | 274,068 | ||
Professional Holding Corp. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 752,393 | ||
Fair Value | 692,746 | ||
Professional Holding Corp. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 509,305 | ||
Fair Value | 483,611 | ||
Professional Holding Corp. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 392,396 | ||
Fair Value | 356,172 | ||
Professional Holding Corp. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 33,656 | ||
Fair Value | 32,153 | ||
Professional Holding Corp. | PPP Loans | |||
Business Acquisition [Line Items] | |||
Book Balance | 1,951 | ||
Fair Value | $ 1,951 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 717,578 | ||
Fair Value | 666,522 | ||
Apollo Bancshares, Inc. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 74,126 | ||
Fair Value | 70,654 | ||
Apollo Bancshares, Inc. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 131,093 | ||
Fair Value | 121,600 | ||
Apollo Bancshares, Inc. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 374,673 | ||
Fair Value | 340,561 | ||
Apollo Bancshares, Inc. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 76,254 | ||
Fair Value | 75,957 | ||
Apollo Bancshares, Inc. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 50,125 | ||
Fair Value | 46,695 | ||
Apollo Bancshares, Inc. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 11,307 | ||
Fair Value | 11,055 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Book Balance | 587,002 | ||
Fair Value | 544,694 | ||
Drummond Banking Company | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 155,041 | ||
Fair Value | 140,401 | ||
Drummond Banking Company | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 112,768 | ||
Fair Value | 106,152 | ||
Drummond Banking Company | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 26,520 | ||
Fair Value | 24,744 | ||
Drummond Banking Company | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 85,767 | ||
Fair Value | 78,663 | ||
Drummond Banking Company | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 88,026 | ||
Fair Value | 82,067 | ||
Drummond Banking Company | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 118,880 | ||
Fair Value | $ 112,667 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 123,916 | ||
Fair Value | 121,774 | ||
Business Bank of Florida | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 8,677 | ||
Fair Value | 8,414 | ||
Business Bank of Florida | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 45,403 | ||
Fair Value | 44,564 | ||
Business Bank of Florida | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 53,065 | ||
Fair Value | 52,034 | ||
Business Bank of Florida | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 5,377 | ||
Fair Value | 5,421 | ||
Business Bank of Florida | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 11,335 | ||
Fair Value | 11,280 | ||
Business Bank of Florida | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 59 | ||
Fair Value | 61 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Book Balance | 248,910 | ||
Fair Value | 246,152 | ||
Sabal Palm Bancorp, Inc. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 9,256 | ||
Fair Value | 9,009 | ||
Sabal Palm Bancorp, Inc. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 57,690 | ||
Fair Value | 56,591 | ||
Sabal Palm Bancorp, Inc. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 89,153 | ||
Fair Value | 87,280 | ||
Sabal Palm Bancorp, Inc. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 71,469 | ||
Fair Value | 72,227 | ||
Sabal Palm Bancorp, Inc. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 21,109 | ||
Fair Value | 20,813 | ||
Sabal Palm Bancorp, Inc. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 233 | ||
Fair Value | $ 232 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - PCD Loans - USD ($) $ in Thousands | Jan. 31, 2023 | Oct. 07, 2022 | Jan. 03, 2022 |
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 155,031 | ||
Allowance for credit losses at acquisition | (13,335) | ||
Non-credit related discount | (12,361) | ||
Total PCD loans acquired | $ 129,335 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 107,744 | ||
Allowance for credit losses at acquisition | (2,658) | ||
Non-credit related discount | (14,191) | ||
Total PCD loans acquired | 90,895 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | 58,878 | ||
Allowance for credit losses at acquisition | (2,566) | ||
Non-credit related discount | (4,607) | ||
Total PCD loans acquired | $ 51,705 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 714 | ||
Allowance for credit losses at acquisition | (15) | ||
Non-credit related discount | (48) | ||
Total PCD loans acquired | 651 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | 3,703 | ||
Allowance for credit losses at acquisition | (37) | ||
Non-credit related discount | (663) | ||
Total PCD loans acquired | $ 3,003 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Information (Details) - Professional Holding Corp. - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net interest income | $ 141,920 | $ 105,597 |
Net income available to common shareholders | $ 36,090 | $ 12,809 |
EPS - basic (in dollars per share) | $ 0.43 | $ 0.17 |
EPS - diluted (in dollars per share) | $ 0.42 | $ 0.17 |