Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 | 84,935,054 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
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, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Interest and fees on loans | $ 147,095 | $ 135,168 |
Interest and dividends on securities | 22,427 | 19,349 |
Interest on interest bearing deposits and other investments | 6,184 | 3,474 |
Total Interest Income | 175,706 | 157,991 |
Interest on deposits | 47,534 | 16,033 |
Interest on time certificates | 17,121 | 5,552 |
Interest on borrowed money | 5,973 | 5,254 |
Total Interest Expense | 70,628 | 26,839 |
Net Interest Income | 105,078 | 131,152 |
Provision for credit losses | 1,368 | 31,598 |
Net Interest Income after Provision for Credit Losses | 103,710 | 99,554 |
Noninterest income: | ||
Service charges on deposit accounts | 4,960 | 4,242 |
Interchange income | 1,888 | 4,694 |
Wealth management income | 3,540 | 3,063 |
Mortgage banking fees | 381 | 426 |
Insurance agency income | 1,291 | 1,101 |
SBA gains | 739 | 322 |
BOLI income | 2,264 | 1,916 |
Other | 5,205 | 6,574 |
Noninterest income, excluding securities gains (losses) | 20,268 | 22,338 |
Securities gains, net | 229 | 107 |
Total Noninterest Income | 20,497 | 22,445 |
Noninterest Expense: | ||
Salaries and wages | 40,304 | 47,616 |
Employee benefits | 7,889 | 8,562 |
Outsourced data processing costs | 12,118 | 14,553 |
Occupancy | 8,037 | 8,019 |
Furniture and equipment | 2,011 | 2,267 |
Marketing | 2,655 | 2,238 |
Legal and professional fees | 2,151 | 7,479 |
FDIC assessments | 2,158 | 1,443 |
Amortization of intangibles | 6,292 | 6,727 |
Other real estate owned expense and net (gain) loss on sale | (26) | 195 |
Provision for credit losses on unfunded commitments | 250 | 1,239 |
Other | 6,532 | 7,137 |
Total Noninterest Expense | 90,371 | 107,475 |
Income Before Income Taxes | 33,836 | 14,524 |
Provision for income taxes | 7,830 | 2,697 |
Net Income | $ 26,006 | $ 11,827 |
Net income per share of common stock | ||
Diluted (in dollars per share) | $ 0.31 | $ 0.15 |
Basic (in dollars per share) | $ 0.31 | $ 0.15 |
Average common shares outstanding | ||
Diluted (in shares) | 85,270 | 80,717 |
Basic (in shares) | 84,908 | 80,151 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 26,006 | $ 11,827 |
Other comprehensive income (loss): | ||
Unrealized (losses) gains on available-for-sale securities, net of tax benefit of $1.6 million and tax expense of $5.9 million for the three months ended March 31, 2024 and March 31, 2023, respectively | (7,916) | 18,516 |
Amortization of unrealized gains on securities transferred to held-to-maturity, net of tax benefit of $3 thousand for each of the three months ended March 31, 2024 and March 31, 2023 | (11) | (10) |
Reclassification adjustment for losses (gains) included in net income, net of tax benefit of $1.0 million and tax expense of $1 thousand for the three months ended March 31, 2024 and March 31, 2023, respectively | 2,806 | (4) |
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $0.4 million for the three months ended March 31, 2024 | 1,043 | 0 |
Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $33 thousand for the three months ended March 31, 2023 | 0 | 98 |
Total other comprehensive (loss) income | (4,078) | 18,600 |
Comprehensive Income | $ 21,928 | $ 30,427 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (losses) gains on available-for-sale securities, tax (benefit) expense | $ (1,600) | $ 5,900 |
Amortization of unrealized gains on securities transferred to held-to-maturity, tax expense (benefit) | (3) | (3) |
Reclassification adjustment for losses (gains) included in net income, tax expense (benefit) | (1,000) | 1 |
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications, tax expense (benefit) | $ 400 | |
Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications, tax expense | $ 33 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 137,850 | $ 167,511 |
Interest bearing deposits with other banks | 544,874 | 279,671 |
Total cash and cash equivalents | 682,724 | 447,182 |
Time deposits with other banks | 7,856 | 5,857 |
Debt securities: | ||
Securities available-for-sale (at fair value) | 1,949,463 | 1,836,020 |
Securities held-to-maturity (fair value $540.2 million at March 31, 2024 and $558.4 million at December 31, 2023) | 669,896 | 680,313 |
Total debt securities | 2,619,359 | 2,516,333 |
Loans held for sale (at fair value) | 9,475 | 4,391 |
Loans | 9,978,052 | 10,062,940 |
Less: Allowance for credit losses | (146,669) | (148,931) |
Loans, net of allowance for credit losses | 9,831,383 | 9,914,009 |
Bank premises and equipment, net | 110,787 | 113,304 |
Other real estate owned | 7,315 | 7,560 |
Goodwill | 732,417 | 732,417 |
Other intangible assets, net | 89,377 | 95,645 |
Bank owned life insurance | 301,229 | 298,974 |
Net deferred tax assets | 111,539 | 113,232 |
Other assets | 326,554 | 331,345 |
Total Assets | 14,830,015 | 14,580,249 |
Liabilities | ||
Deposits | 12,015,840 | 11,776,935 |
Securities sold under agreements to repurchase, maturing within 30 days | 326,732 | 374,573 |
Federal Home Loan Bank (“FHLB”) borrowings | 110,000 | 50,000 |
Long-term debt, net | 106,468 | 106,302 |
Other liabilities | 153,225 | 164,353 |
Total Liabilities | 12,712,265 | 12,472,163 |
Shareholders’ Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued $85,555,007 and outstanding $84,935,054 at March 31, 2024, and authorized 120,000,000, issued 85,480,183 and outstanding 84,861,498 shares at December 31, 2023 | 8,494 | 8,486 |
Additional paid-in-capital | 1,811,941 | 1,808,883 |
Retained earnings | 478,017 | 467,305 |
Less: Treasury stock | (16,746) | (16,710) |
Total shareholders' equity, before accumulated other comprehensive (loss) income, net | 2,281,706 | 2,267,964 |
Accumulated other comprehensive loss, net | (163,956) | (159,878) |
Total Shareholders’ Equity | 2,117,750 | 2,108,086 |
Total Liabilities and Shareholders’ Equity | $ 14,830,015 | $ 14,580,249 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 540,160 | $ 558,359 |
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) | 85,555,007 | 85,480,183 |
Common stock, shares outstanding (in shares) | 84,935,054 | 84,861,498 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Cash Flows from Operating Activities | |||
Net income | $ 26,006 | $ 11,827 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 2,110 | 2,066 | |
Accretion of discounts on securities, net | (634) | (44) | |
Amortization of operating lease right-of-use assets | 2,044 | 1,863 | |
Other amortization and accretion, net | 232 | (6,636) | |
Stock based compensation | 2,217 | 2,642 | |
Origination of loans designated for sale | (31,264) | (27,576) | |
Sale of loans designated for sale | 27,199 | 28,749 | |
Provision for credit losses | 1,368 | 31,598 | |
Deferred income taxes | 4,299 | (17,952) | |
Gains on sale of securities | (229) | (5) | |
Gains on sale of loans | (934) | (860) | |
Gains on sale and write-downs of other real estate owned | (26) | 0 | |
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 286 | 1,154 | |
Changes in operating assets and liabilities, net of effects from acquired companies: | |||
Net decrease in other assets | 3,127 | 22,516 | |
Net decrease in other liabilities | (11,129) | (36,297) | |
Net cash provided by operating activities | 24,672 | 13,045 | |
Cash Flows from Investing Activities | |||
Maturities and repayments of debt securities available-for-sale | 50,888 | 36,850 | |
Maturities and repayments of debt securities held-to-maturity | 10,441 | 11,829 | |
Proceeds from sale of debt securities available-for-sale | 86,829 | 30,490 | |
Purchases of debt securities available-for-sale | (260,992) | (22,402) | |
Maturities of time deposits with other banks | 989 | 0 | |
Purchases of time deposits with other banks | (2,988) | 0 | |
Net new loans and principal repayments | 87,371 | 25,883 | |
Proceeds from sale of other real estate owned | 1,243 | 0 | |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 2,483 | 28,848 | |
Purchase of FHLB and Federal Reserve Bank Stock | (5,320) | (54,642) | |
Proceeds from sale of Visa Class B shares | 4,104 | 0 | |
Net cash from bank acquisitions | 0 | 141,674 | |
Additions to bank premises and equipment | (762) | (5,812) | |
Net cash (used in) provided by investing activities | (25,714) | 192,718 | |
Cash Flows from Financing Activities | |||
Net increase in deposits | 238,906 | 208,765 | |
Net (decrease) increase in repurchase agreements | (47,841) | 95,577 | |
Repayments of FHLB borrowings | (50,000) | 0 | |
Proceeds from FHLB borrowings | 110,000 | 90,000 | |
Stock based employee benefit plans | 813 | 3,617 | |
Dividends paid | (15,294) | (14,419) | |
Net cash provided by financing activities | 236,584 | 383,540 | |
Net increase in cash and cash equivalents | 235,542 | 589,303 | |
Cash and cash equivalents at beginning of period | 447,182 | 201,940 | |
Cash and cash equivalents at end of period | 682,724 | 791,243 | |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 70,378 | 23,457 | |
Cash paid during the period for taxes | 0 | 6 | |
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | 0 | 1,610 | |
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | 0 | 1,610 | |
Supplemental disclosure of non-cash investing activities: | |||
Transfers from loans to other real estate owned | [1] | 89 | 0 |
Transfers from bank premises to other real estate owned | [1] | $ 883 | $ 5,455 |
[1] 1 See "Note 11 - Business Combinations" for non cash transactions related to 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, 2022 | 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) | 199,000 | |||||
Common stock transactions related to stock based employee benefit plans | 3,617 | $ 20 | 3,691 | (94) | ||
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 | 84,609,000 | |||||
Ending balance at Mar. 31, 2023 | $ 2,051,084 | $ 8,461 | 1,803,898 | 421,271 | (13,113) | (169,433) |
Beginning balance (in shares) at Dec. 31, 2023 | 84,861,498 | 84,861,000 | ||||
Beginning balance at Dec. 31, 2023 | $ 2,108,086 | $ 8,486 | 1,808,883 | 467,305 | (16,710) | (159,878) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 21,928 | 26,006 | (4,078) | |||
Stock based compensation expense | 2,217 | 2,217 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 74,000 | |||||
Common stock transactions related to stock based employee benefit plans | 813 | $ 8 | 841 | (36) | ||
Dividends on common stock | (15,294) | (15,294) | ||||
Increase (decrease) in shares during period (in shares) | 74,000 | |||||
Increase (decrease) in stockholders' equity during period | $ 9,664 | $ 8 | 3,058 | 10,712 | (36) | (4,078) |
Ending balance (in shares) at Mar. 31, 2024 | 84,935,054 | 84,935,000 | ||||
Ending balance at Mar. 31, 2024 | $ 2,117,750 | $ 8,494 | $ 1,811,941 | $ 478,017 | $ (16,746) | $ (163,956) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.18 | $ 0.17 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023. 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 the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements. Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires disclosure of significant segment expenses and other segment items on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company is evaluating the impact of the changes to its existing disclosures. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method. For the three months ended March 31, 2024, 327,006 options to purchase shares of the Company’s common stock were anti-dilutive. For the three months ended March 31, 2023, 161,251 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) 2024 2023 Basic earnings per share Net income $ 26,006 $ 11,827 Average common shares outstanding 84,908 80,151 Net income per share $ 0.31 $ 0.15 Diluted earnings per share Net income $ 26,006 $ 11,827 Average common shares outstanding 84,908 80,151 Add: Dilutive effect of employee restricted stock and stock options 362 566 Average diluted shares outstanding 85,270 80,717 Net income per share $ 0.31 $ 0.15 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale (“AFS”) and held-to-maturity (“HTM”) at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 34,245 $ 113 $ (530) $ 33,828 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,360,816 1,159 (193,157) 1,168,818 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 316,950 1,577 (17,972) 300,555 Private mortgage-backed securities and collateralized mortgage obligations 136,585 66 (10,500) 126,151 Collateralized loan obligations 284,677 61 (111) 284,627 Obligations of state and political subdivisions 10,475 — (1,313) 9,162 Other debt securities 25,681 655 (14) 26,322 Totals $ 2,169,429 $ 3,631 $ (223,597) $ 1,949,463 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 580,626 $ — $ (118,761) $ 461,865 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,270 — (10,975) 78,295 Totals $ 669,896 $ — $ (129,736) $ 540,160 December 31, 2023 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 37,718 $ 205 $ (478) $ 37,445 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,152,753 780 (184,152) 969,381 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 385,013 2,824 (19,565) 368,272 Private mortgage-backed securities and collateralized mortgage obligations 135,878 36 (10,911) 125,003 Collateralized loan obligations 300,855 11 (1,411) 299,455 Obligations of state and political subdivisions 10,486 — (1,096) 9,390 Other debt securities 26,599 576 (101) 27,074 Totals $ 2,049,302 $ 4,432 $ (217,714) $ 1,836,020 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 590,676 $ — $ (111,746) $ 478,930 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,637 — (10,208) 79,429 Totals $ 680,313 $ — $ (121,954) $ 558,359 During the three months ended March 31, 2024, debt securities with a fair value of $86.8 million were sold, with gross losses of $3.8 million. 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. Included in “Securities gains, net” is a decrease of $0.1 million for the three months ended March 31, 2024, and an increase of $0.1 million for the three months ended March 31, 2023, in the value of investments in mutual funds that invest in Community Reinvestment Act (“CRA”)-qualified debt securities. At March 31, 2024, debt securities with a fair value of $1.6 billion were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities as of March 31, 2024, 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. Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 4,429 $ 4,421 Due after one year through five years — — 4,200 4,184 Due after five years through ten years — — 8,599 8,484 Due after ten years — — 27,492 25,901 — — 44,720 42,990 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 580,626 461,865 1,360,816 1,168,818 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,270 78,295 316,950 300,555 Private mortgage-backed securities and collateralized mortgage obligations — — 136,585 126,151 Collateralized loan obligations — — 284,677 284,627 Other debt securities — — 25,681 26,322 Totals $ 669,896 $ 540,160 $ 2,169,429 $ 1,949,463 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, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2024 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 12,911 $ (75) $ 13,135 $ (455) $ 26,046 $ (530) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 148,889 (2,159) 836,928 (190,998) 985,817 (193,157) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 17,741 (125) 209,223 (17,847) 226,964 (17,972) Private mortgage-backed securities and collateralized mortgage obligations 2,599 (28) 113,381 (10,472) 115,980 (10,500) Collateralized loan obligations 27,408 (17) 80,389 (94) 107,797 (111) Obligations of state and political subdivisions 323 (7) 5,679 (1,306) 6,002 (1,313) Other debt securities — — 3,138 (14) 3,138 (14) Totals $ 209,871 $ (2,411) $ 1,261,873 $ (221,186) $ 1,471,744 $ (223,597) 1 Comprised of 397 individual securities. December 31, 2023 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 24,933 $ (143) $ 3,594 $ (335) $ 28,527 $ (478) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 91,867 (9,320) 826,324 (174,832) 918,191 (184,152) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 24,251 (1,270) 262,666 (18,295) 286,917 (19,565) Private mortgage-backed securities and collateralized mortgage obligations 3,945 (69) 119,475 (10,842) 123,420 (10,911) Collateralized loan obligations 60,087 (223) 232,545 (1,188) 292,632 (1,411) Obligations of state and political subdivisions 326 (2) 9,064 (1,094) 9,390 (1,096) Other debt securities 10,579 (101) — — 10,579 (101) Totals $ 215,988 $ (11,128) $ 1,453,668 $ (206,586) $ 1,669,656 $ (217,714) 1 Comprised of 504 individual securities. At March 31, 2024, the Company had unrealized losses of $0.5 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $26.0 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. 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, on March 31, 2024, no allowance for credit losses has been recorded. At March 31, 2024, the Company had unrealized losses of $211.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 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, on March 31, 2024, no allowance for credit losses has been recorded. At March 31, 2024, the Company had $10.5 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $116.0 million. The securities have a weighted average credit support of 23%. Based on the evaluation of available information relevant to collectibility, 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, 2024, no allowance for credit losses has been recorded. At March 31, 2024, the Company had $0.1 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $107.8 million. CLOs are special purpose vehicles and those in which the Company has invested are 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, 2024, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 41% and 28%, 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 evaluation of available information relevant to collectibility, 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, 2024, no allowance for credit losses has been recorded. At March 31, 2024, the Company had $1.3 million of unrealized losses on municipal securities having a fair value of $6.0 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 evaluation of available information relevant to collectibility, 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, 2024, no allowance for credit losses has been recorded. All 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. 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 a default were to occur. As a result, as of March 31, 2024, 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, 2024 is $70.6 million of FHLB and Federal Reserve Bank (“FRB”) 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 AFS and HTM debt securities of $8.5 million and $1.1 million, respectively, at March 31, 2024, and $7.9 million and $1.1 million, respectively, at December 31, 2023, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.5 million and $13.6 million at March 31, 2024 and December 31, 2023, respectively. At December 31, 2023, the Company held 11,330 shares of Visa Class B stock. The ownership of Visa stock was related to prior ownership in Visa’s network while Visa operated as a cooperative, and was recorded on the Company’s financial records at a zero basis. During the three months ended March 31, 2024, the Company sold all of its Visa Class B stock, receiving net proceeds of $4.1 million. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
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, multi-family, 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 or refinancing 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 or refinancing 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 third parties or from the sale 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 for portfolio loans, purchased credit deteriorated loans (“PCD”) and loans purchased which are not considered credit deteriorated (“Non-PCD”) as of: March 31, 2024 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 454,591 $ 168,116 $ 539 $ 623,246 Commercial real estate - owner occupied 1,088,086 532,259 35,785 1,656,130 Commercial real estate - non-owner occupied 1,934,419 1,293,008 140,912 3,368,339 Residential real estate 1,756,236 745,349 19,814 2,521,399 Commercial and financial 1,216,045 305,200 44,954 1,566,199 Consumer 164,387 77,677 675 242,739 Totals $ 6,613,764 $ 3,121,609 $ 242,679 $ 9,978,052 December 31, 2023 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 519,426 $ 247,654 $ 542 $ 767,622 Commercial real estate - owner occupied 1,079,633 552,627 38,021 1,670,281 Commercial real estate - non-owner occupied 1,844,588 1,323,222 152,080 3,319,890 Residential real estate 1,714,748 710,129 20,815 2,445,692 Commercial and financial 1,237,090 318,683 52,115 1,607,888 Consumer 175,969 74,854 744 251,567 Totals $ 6,571,454 $ 3,227,169 $ 264,317 $ 10,062,940 The amortized cost basis of loans at March 31, 2024 included net deferred costs of $44.9 million. At December 31, 2023, the amortized cost basis included net deferred costs of $43.1 million. At March 31, 2024, the remaining fair value adjustments on acquired loans were $163.4 million, or 4.6% of the outstanding acquired loan balances, compared to $174.0 million, or 4.8% of the acquired loan balances at December 31, 2023. 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 $39.5 million and $39.4 million at March 31, 2024 and December 31, 2023, respectively. The following tables present the status of net loan balances as of March 31, 2024 and December 31, 2023. March 31, 2024 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 454,468 $ 85 $ — $ — $ 38 $ 454,591 Commercial real estate - owner occupied 1,083,721 512 520 — 3,333 1,088,086 Commercial real estate - non-owner occupied 1,931,093 — — — 3,326 1,934,419 Residential real estate 1,741,619 5,314 1,433 416 7,454 1,756,236 Commercial and financial 1,199,204 4,026 686 35 12,094 1,216,045 Consumer 163,006 771 173 45 392 164,387 Total Portfolio Loans $ 6,573,111 $ 10,708 $ 2,812 $ 496 $ 26,637 $ 6,613,764 Acquired Non-PCD Loans Construction and land development $ 166,889 $ 471 $ — $ — $ 756 $ 168,116 Commercial real estate - owner occupied 528,431 488 821 — 2,519 532,259 Commercial real estate - non-owner occupied 1,274,008 4,867 — — 14,133 1,293,008 Residential real estate 739,085 2,227 649 168 3,220 745,349 Commercial and financial 300,642 64 — 35 4,459 305,200 Consumer 73,885 1,030 508 1,258 996 77,677 Total Acquired Non-PCD Loans $ 3,082,940 $ 9,147 $ 1,978 $ 1,461 $ 26,083 $ 3,121,609 PCD Loans Construction and land development $ 441 $ — $ — $ — $ 98 $ 539 Commercial real estate - owner occupied 29,431 984 — — 5,370 35,785 Commercial real estate - non-owner occupied 137,184 — — — 3,728 140,912 Residential real estate 17,891 254 618 — 1,051 19,814 Commercial and financial 29,723 990 — 3 14,238 44,954 Consumer 623 5 47 — — 675 Total PCD Loans $ 215,293 $ 2,233 $ 665 $ 3 $ 24,485 $ 242,679 Total Loans $ 9,871,344 $ 22,088 $ 5,455 $ 1,960 $ 77,205 $ 9,978,052 December 31, 2023 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 519,383 $ 19 $ — $ — $ 24 $ 519,426 Commercial real estate - owner occupied 1,078,732 — — — 901 1,079,633 Commercial real estate - non-owner occupied 1,840,485 685 — — 3,418 1,844,588 Residential real estate 1,701,862 4,373 1,515 169 6,829 1,714,748 Commercial and financial 1,221,941 1,372 145 50 13,582 1,237,090 Consumer 174,798 763 290 — 118 175,969 Total Portfolio Loans $ 6,537,201 $ 7,212 $ 1,950 $ 219 $ 24,872 $ 6,571,454 Acquired Non-PCD Loans Construction and land development $ 245,674 $ 891 $ 289 $ — $ 800 $ 247,654 Commercial real estate - owner occupied 545,374 1,691 133 — 5,429 552,627 Commercial real estate - non-owner occupied 1,310,100 11,577 — — 1,545 1,323,222 Residential real estate 704,417 2,586 888 153 2,085 710,129 Commercial and financial 315,229 50 36 35 3,333 318,683 Consumer 71,986 568 618 618 1,064 74,854 Total Acquired Non-PCD Loans $ 3,192,780 $ 17,363 $ 1,964 $ 806 $ 14,256 $ 3,227,169 PCD Loans Construction and land development $ 442 $ 100 $ — $ — $ — $ 542 Commercial real estate - owner occupied 34,667 — — — 3,354 38,021 Commercial real estate - non-owner occupied 148,308 — — — 3,772 152,080 Residential real estate 18,923 497 169 154 1,072 20,815 Commercial and financial 34,337 — — — 17,778 52,115 Consumer 651 85 8 — — 744 Total PCD Loans $ 237,328 $ 682 $ 177 $ 154 $ 25,976 $ 264,317 Total Loans $ 9,967,309 $ 25,257 $ 4,091 $ 1,179 $ 65,104 $ 10,062,940 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 $0.2 million in interest income on nonaccrual loans during the three months ended March 31, 2024. The Company recognized $0.1 million in interest income on nonaccrual loans during the three months ended March 31, 2023. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 31, 2024 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 99 $ 793 $ 892 $ 222 Commercial real estate - owner occupied 8,536 2,686 11,222 508 Commercial real estate - non-owner occupied 17,715 3,472 21,187 1,617 Residential real estate 2,370 9,355 11,725 313 Commercial and financial 5,918 24,873 30,791 13,760 Consumer — 1,388 1,388 209 Totals $ 34,638 $ 42,567 $ 77,205 $ 16,629 December 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 $ — $ 824 $ 824 $ — Commercial real estate - owner occupied 4,859 4,825 9,684 41 Commercial real estate - non-owner occupied 3,938 4,797 8,735 230 Residential real estate 1,792 8,194 9,986 58 Commercial and financial 4,868 29,825 34,693 2,319 Consumer — 1,182 1,182 257 Totals $ 15,457 $ 49,647 $ 65,104 $ 2,905 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. • 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 following tables present the risk rating of loans and year-to-date gross charge offs by year of origination as of: March 31, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 13,176 $ 89,480 $ 241,691 $ 77,568 $ 9,467 $ 40,599 $ 149,619 $ 621,600 Special Mention — — — — — 395 360 755 Substandard — — 212 — — 580 99 891 Doubtful — — — — — — — — Total $ 13,176 $ 89,480 $ 241,903 $ 77,568 $ 9,467 $ 41,574 $ 150,078 $ 623,246 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 21,932 $ 142,467 $ 273,030 $ 277,164 $ 166,881 $ 696,218 $ 31,147 $ 1,608,839 Special Mention 2,064 — 368 1,320 — 9,502 — 13,254 Substandard — — 6,431 1,224 6,922 19,460 — 34,037 Doubtful — — — — — — — — Total $ 23,996 $ 142,467 $ 279,829 $ 279,708 $ 173,803 $ 725,180 $ 31,147 $ 1,656,130 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 61,739 $ 235,785 $ 814,204 $ 671,176 $ 287,896 $ 1,179,616 $ 23,637 $ 3,274,053 Special Mention — — 29,348 6,418 2,952 10,352 — 49,070 Substandard — — — 8,606 9,264 27,096 250 45,216 Doubtful — — — — — — — — Total $ 61,739 $ 235,785 $ 843,552 $ 686,200 $ 300,112 $ 1,217,064 $ 23,887 $ 3,368,339 Gross Charge Offs $ — $ — $ — $ — $ 84 $ — $ — $ 84 Residential real estate Risk Ratings: Pass $ 35,352 $ 176,395 $ 472,223 $ 647,547 $ 157,927 $ 497,194 $ 513,044 $ 2,499,682 Special Mention — 112 — 721 39 1,134 4,052 6,058 Substandard — 259 112 91 152 9,362 5,683 15,659 Doubtful — — — — — — — — Total $ 35,352 $ 176,766 $ 472,335 $ 648,359 $ 158,118 $ 507,690 $ 522,779 $ 2,521,399 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and financial Risk Ratings: Pass $ 49,338 $ 233,844 $ 312,888 $ 322,298 $ 120,778 $ 141,193 $ 318,118 $ 1,498,457 Special Mention — 1,082 1,206 935 985 1,468 1,742 7,418 Substandard — — 19,090 20,920 1,354 14,886 4,074 60,324 Doubtful — — — — — — — — Total $ 49,338 $ 234,926 $ 333,184 $ 344,153 $ 123,117 $ 157,547 $ 323,934 $ 1,566,199 Gross Charge Offs $ — $ — $ 85 $ 266 $ — $ 2,031 $ 274 $ 2,656 Consumer Risk Ratings: Pass $ 4,354 $ 17,757 $ 49,663 $ 39,083 $ 18,337 $ 45,641 $ 61,400 $ 236,235 Special Mention — — 235 217 60 95 88 695 Substandard — 70 3,315 1,780 161 392 91 5,809 Doubtful — — — — — — — — Total $ 4,354 $ 17,827 $ 53,213 $ 41,080 $ 18,558 $ 46,128 $ 61,579 $ 242,739 Gross Charge Offs $ — $ 215 $ 74 $ 1,493 $ 55 $ 36 $ 15 $ 1,888 Consolidated Total $ 187,955 $ 897,251 $ 2,224,016 $ 2,077,068 $ 783,175 $ 2,695,183 $ 1,113,404 $ 9,978,052 Gross Charge Offs $ — $ 215 $ 159 $ 1,759 $ 139 $ 2,067 $ 289 $ 4,628 December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 80,750 $ 295,043 $ 107,158 $ 20,199 $ 21,942 $ 28,902 $ 210,716 $ 764,710 Special Mention — 1,407 — — — 393 289 2,089 Substandard — — — — — 499 324 823 Doubtful — — — — — — — — Total $ 80,750 $ 296,450 $ 107,158 $ 20,199 $ 21,942 $ 29,794 $ 211,329 $ 767,622 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 145,642 $ 272,384 $ 281,870 $ 165,475 $ 171,897 $ 551,177 $ 36,952 $ 1,625,397 Special Mention — 159 1,335 — 524 9,122 1 11,141 Substandard — 6,024 1,057 6,991 7,116 12,491 64 33,743 Doubtful — — — — — — — — Total $ 145,642 $ 278,567 $ 284,262 $ 172,466 $ 179,537 $ 572,790 $ 37,017 $ 1,670,281 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 234,226 $ 784,525 $ 657,499 $ 288,747 $ 397,031 $ 841,062 $ 25,954 $ 3,229,044 Special Mention — 29,381 2,092 2,964 — 12,120 — 46,557 Substandard — 685 8,723 9,398 10,427 14,806 250 44,289 Doubtful — — — — — — — — Total $ 234,226 $ 814,591 $ 668,314 $ 301,109 $ 407,458 $ 867,988 $ 26,204 $ 3,319,890 Gross Charge Offs $ — $ — $ 11 $ — $ — $ — $ 109 $ 120 Residential real estate Risk Ratings: Pass $ 177,000 $ 450,366 $ 649,086 $ 160,889 $ 95,288 $ 413,719 $ 479,047 $ 2,425,395 Special Mention 208 — — — 58 482 4,004 4,752 Substandard 95 — 919 123 314 8,960 5,134 15,545 Doubtful — — — — — — — — Total $ 177,303 $ 450,366 $ 650,005 $ 161,012 $ 95,660 $ 423,161 $ 488,185 $ 2,445,692 Gross Charge Offs $ — $ — $ — $ 44 $ — $ 159 $ 153 $ 356 Commercial and financial Risk Ratings: Pass $ 315,560 $ 336,071 $ 333,113 $ 127,069 $ 66,165 $ 89,002 $ 269,108 $ 1,536,088 Special Mention 136 2,167 1,064 1,005 503 1,103 2,191 8,169 Substandard — 18,558 21,643 1,380 5,889 11,842 3,961 63,273 Doubtful — — — — — 358 — 358 Total $ 315,696 $ 356,796 $ 355,820 $ 129,454 $ 72,557 $ 102,305 $ 275,260 $ 1,607,888 Gross Charge Offs $ 1,198 $ 117 $ 659 $ 3,007 $ 582 $ 12,584 $ 418 $ 18,565 Consumer Risk Ratings: Pass $ 20,557 $ 66,699 $ 45,534 $ 19,747 $ 20,300 $ 19,080 $ 56,473 $ 248,390 Special Mention 5 334 279 77 5 194 65 959 Substandard 66 930 891 103 51 177 — 2,218 Doubtful — — — — — — — — Total $ 20,628 $ 67,963 $ 46,704 $ 19,927 $ 20,356 $ 19,451 $ 56,538 $ 251,567 Gross Charge Offs $ 74 $ 1,910 $ 2,218 $ 362 $ 263 $ 666 $ 261 $ 5,754 Consolidated Total $ 974,245 $ 2,264,733 $ 2,112,263 $ 804,167 $ 797,510 $ 2,015,489 $ 1,094,533 $ 10,062,940 Gross Charge Offs $ 1,272 $ 2,027 $ 2,888 $ 3,413 $ 845 $ 13,409 $ 941 $ 24,795 Troubled Borrower Modifications The following table presents the amortized cost of troubled borrower modification (“TBM”) loans that were modified during the three months ended March 31, 2024. There was one loan for $29 thousand modified as a TBM for the three months ended March 31, 2023. March 31, 2024 (In thousands) Rate Reduction or Rate Reduction with Term Extension Term Extension and/or Payment Delay Total 1 % of Total Class of Loans Commercial real estate - owner occupied $ 3,324 $ — $ 3,324 0.20 % Commercial real estate - non-owner occupied 810 — 810 0.02 % Residential real estate — 31 31 — % Commercial and financial 2,631 57 2,688 0.17 % Consumer — 523 523 0.22 % Totals $ 6,765 $ 611 $ 7,376 0.07 % 1 At March 31, 2024, there were no unfunded lending related commitments associated with TBMs. The following table presents the payment status of TBM loans that were modified in the twelve months prior to March 31, 2024. March 31, 2024 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Commercial real estate - owner occupied 522 — — — 2,802 3,324 Commercial real estate - non-owner occupied — — — — 810 810 Residential real estate 31 — — — — 31 Commercial and financial 2,185 — — — 13,016 15,201 Consumer 2,299 290 148 231 143 3,111 Totals $ 5,037 $ 290 $ 148 $ 231 $ 16,771 $ 22,477 During the three months ended March 31, 2024, there were no subsequent defaults of TBMs modified in the prior 12 months. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In thousands) Beginning Provision Charge- Recoveries Ending Construction and land development $ 8,637 $ (1,640) $ — $ 4 $ 7,001 Commercial real estate - owner occupied 5,529 4,484 — 4 10,017 Commercial real estate - non-owner occupied 48,288 (1,621) (84) 18 46,601 Residential real estate 39,016 (631) — 243 38,628 Commercial and financial 34,343 (1,501) (2,656) 521 30,707 Consumer 13,118 2,277 (1,888) 208 13,715 Totals $ 148,931 $ 1,368 $ (4,628) $ 998 $ 146,669 Three Months Ended March 31, 2023 (In thousands) Beginning Balance Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries Ending Balance 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 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 the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time. As of March 31, 2024 and December 31, 2023, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the 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 conflicts in the Middle East and Russia-Ukraine and the magnitude of the resulting market disruptions, and the potential impact of persistent high inflation on the economy. Outcomes in any or all of these factors could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be 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, 2024. In the Construction and Land Development segment, the decrease in the allowance is due to a decrease in 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 allowance increased due to continued uncertainty in connection with commercial real estate valuations broadly, and the collateral values associated with the underlying loans. 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 decrease in the allowance is primarily attributed to improvement in the forecast for macroeconomic factors, partially offset by 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 decrease in the allowance is due to an improvement in the forecast for macroeconomic factors, partially offset by an increase in loan balances. 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 decrease in the allowance is due to a decrease in loan balances. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
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 are 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. Interest Rate Swaps Designated as Fair Value Hedges In the second quarter of 2023, the Company entered into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in the Secured Overnight Financing Rate (“SOFR”). The Company considers these derivatives to be highly effective at offsetting changes in interest rates and will assess the effectiveness on a quarterly basis. The changes in interest rates affecting the fair value of these derivative contracts are recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. For the three months ended March 31, 2024, the Company recognized gains through other comprehensive income of $4.0 million and reclassified gains of $61 thousand out of accumulated other comprehensive income into interest income. The Company entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR. These fair values hedges utilize the portfolio layer method. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and will assess the effectiveness on a quarterly basis. The changes in interest rates affecting the fair value of these derivative contracts are recognized in interest income. These derivative instruments are primarily for risk management purposes. For the three months ended March 31, 2024, the Company recognized gains through interest income of $0.4 million. (In thousands) Notional Amount Fair Value Balance Sheet Category March 31, 2024 Back-to-back swaps 1 $ 622,857 $ 30,037 Other Assets and Other Liabilities Securities fair value hedges 400,000 4,018 Other Assets Residential mortgage fair value hedges 200,000 880 Other Assets December 31, 2023 Back-to-back swaps 1 $ 605,735 $ 28,804 Other Assets and Other Liabilities Securities fair value hedges 400,000 2,677 Other Assets Residential mortgage fair value hedges 200,000 75 Other Liabilities 1 Back-to-back swaps include risk participation agreements with notional amounts of $9.4 million and nominal fair value at March 31, 2024, and December 31, 2023, respectively. The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items (In thousands) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Securities available-for-sale 1 $ 555,920 $ 584,108 $ 4,044 $ 2,643 Loans, net 2 627,213 633,693 937 44 1 At March 31, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $657.5 million and $680.6 million, respectively. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities. 2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2024 and December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 384,959 $ 396,378 |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2024 | |
Banking And Thrift Disclosure [Abstract] | |
Regulatory Capital | Regulatory Capital The Company is well-capitalized and at March 31, 2024, 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, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities The 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, 2024 | |
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, 2024 and December 31, 2023 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2024 Financial Assets Debt securities available-for-sale 1 $ 1,949,463 $ 192 $ 1,949,271 $ — Derivative financial instruments 2 34,935 — 34,935 — Loans held for sale 2 9,475 — 9,475 — Loans 3 2,504 — — 2,504 Other real estate owned 4 7,315 — — 7,315 Equity securities 5 13,506 13,506 — — Financial Liabilities Derivative financial instruments 2 $ 30,037 $ — $ 30,037 $ — At December 31, 2023 Financial Assets Debt securities available-for-sale 1 $ 1,836,020 $ 192 $ 1,835,828 $ — Derivative financial instruments 2 31,481 — 31,481 — Loans held for sale 2 4,391 — 4,391 — Loans 3 15,242 — — 15,242 Other real estate owned 4 7,560 — — 7,560 Equity securities 5 13,623 13,623 — — Financial Liabilities Derivative financial instruments 2 $ 28,879 $ — $ 28,879 $ — 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 See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360, Property, Plant, and Equipment. 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. For recurring fair value measurements, 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, 2024, there were no such transfers. For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2023. 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, 2024 and December 31, 2023 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 Financial Assets Held-to-maturity debt securities 1 $ 669,896 $ — $ 540,160 $ — Time deposits with other banks 7,856 — 7,820 — Loans, net 9,828,879 — — 9,580,648 Financial Liabilities Deposits 12,015,840 — — 12,014,568 FHLB borrowings 110,000 — 110,001 — Long-term debt 106,468 — 101,008 — December 31, 2023 Held-to-maturity debt securities 1 $ 680,313 $ — $ 558,359 $ — Time deposits with other banks 5,857 — 5,756 — Loans, net 9,898,767 — — 9,805,693 Financial Liabilities Deposits 11,776,935 — — 11,775,613 FHLB borrowings 50,000 — 49,745 — Long-term debt 109,458 — 100,851 — 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 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, 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, 2024 and December 31, 2023: 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, 2024 | |
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 expanded the Company’s presence in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach counties, Florida’s largest metropolitan statistical area and the 8th 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 $251.7 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 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. Initially Measured Measurement As Adjusted (In thousands) January 31, 2023 Period Adjustments January 31, 2023 Assets: Cash and cash equivalents $ 141,680 $ — $ 141,680 Investment securities 167,059 — 167,059 Loans 1,991,713 (5,544) 1,986,169 Bank premises and equipment 2,478 — 2,478 Core deposit intangibles 48,885 — 48,885 Goodwill 248,091 3,583 251,674 BOLI 55,071 — 55,071 Other Assets 74,232 2,561 76,793 Total Assets $ 2,729,209 $ 600 $ 2,729,809 Liabilities: Deposits $ 2,119,341 $ — $ 2,119,341 Subordinated debt 21,141 — 21,141 Other Liabilities 167,680 600 168,280 Total Liabilities $ 2,308,162 $ 600 $ 2,308,762 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 392,396 350,628 Consumer 33,656 32,153 PPP Loans 1,951 1,951 Total acquired loans $ 2,139,222 $ 1,986,169 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 (18,879) Non-credit related discount (12,361) Total PCD loans acquired $ 123,791 The acquisition of Professional resulted in the addition of $45.5 million in allowance for credit losses, including the $18.9 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. Included within the $18.9 million initial PCD allowance is $5.5 million recorded as a measurement period adjustment during the three months ended June 30, 2023, reflecting information obtained by the Company relating to events or circumstances existing at the acquisition date. 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. The core deposit intangible asset acquired from Professional is being amortized over eight years using an accelerated method of amortization. Acquisition Costs Acquisition costs included in the Company's income statement for the three months ended March 31, 2023 were $17.5 million. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income | $ 26,006 | $ 11,827 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Dennis S. Hudson, III [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On February 29, 2024, Dennis S. Hudson, III, a member of the Company’s Board of Directors, adopted a written plan for the sale of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”). The Trading Plan covers the sale of up to 60,000 shares of the Company’s common stock in several transactions over a period commencing after the later of (1) 91 days from the adoption of the Trading Plan or (2) the earlier of (a) the third business day following the public disclosure of the Company’s financial results on Form 10-Q for the quarter ended March 31, 2024, or (b) 121 days after the plan adoption date, and will cease upon the earlier of January 31, 2025 or the sale of all shares subject to the Trading Plan. |
Name | Dennis S. Hudson, III |
Title | member of the Company’s Board of Directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 29, 2024 |
Arrangement Duration | 246 days |
Aggregate Available | 60,000 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements. |
Issued Accounting Standards | Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires disclosure of significant segment expenses and other segment items on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company is evaluating the impact of the changes to its existing disclosures. |
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, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (Dollars in thousands, except per share data) 2024 2023 Basic earnings per share Net income $ 26,006 $ 11,827 Average common shares outstanding 84,908 80,151 Net income per share $ 0.31 $ 0.15 Diluted earnings per share Net income $ 26,006 $ 11,827 Average common shares outstanding 84,908 80,151 Add: Dilutive effect of employee restricted stock and stock options 362 566 Average diluted shares outstanding 85,270 80,717 Net income per share $ 0.31 $ 0.15 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (“AFS”) and held-to-maturity (“HTM”) at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 34,245 $ 113 $ (530) $ 33,828 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,360,816 1,159 (193,157) 1,168,818 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 316,950 1,577 (17,972) 300,555 Private mortgage-backed securities and collateralized mortgage obligations 136,585 66 (10,500) 126,151 Collateralized loan obligations 284,677 61 (111) 284,627 Obligations of state and political subdivisions 10,475 — (1,313) 9,162 Other debt securities 25,681 655 (14) 26,322 Totals $ 2,169,429 $ 3,631 $ (223,597) $ 1,949,463 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 580,626 $ — $ (118,761) $ 461,865 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,270 — (10,975) 78,295 Totals $ 669,896 $ — $ (129,736) $ 540,160 December 31, 2023 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 37,718 $ 205 $ (478) $ 37,445 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,152,753 780 (184,152) 969,381 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 385,013 2,824 (19,565) 368,272 Private mortgage-backed securities and collateralized mortgage obligations 135,878 36 (10,911) 125,003 Collateralized loan obligations 300,855 11 (1,411) 299,455 Obligations of state and political subdivisions 10,486 — (1,096) 9,390 Other debt securities 26,599 576 (101) 27,074 Totals $ 2,049,302 $ 4,432 $ (217,714) $ 1,836,020 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 590,676 $ — $ (111,746) $ 478,930 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,637 — (10,208) 79,429 Totals $ 680,313 $ — $ (121,954) $ 558,359 |
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 (“AFS”) and held-to-maturity (“HTM”) at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 (In thousands) Amortized Gross Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 34,245 $ 113 $ (530) $ 33,828 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,360,816 1,159 (193,157) 1,168,818 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 316,950 1,577 (17,972) 300,555 Private mortgage-backed securities and collateralized mortgage obligations 136,585 66 (10,500) 126,151 Collateralized loan obligations 284,677 61 (111) 284,627 Obligations of state and political subdivisions 10,475 — (1,313) 9,162 Other debt securities 25,681 655 (14) 26,322 Totals $ 2,169,429 $ 3,631 $ (223,597) $ 1,949,463 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 580,626 $ — $ (118,761) $ 461,865 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,270 — (10,975) 78,295 Totals $ 669,896 $ — $ (129,736) $ 540,160 December 31, 2023 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Available-for-Sale Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 37,718 $ 205 $ (478) $ 37,445 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,152,753 780 (184,152) 969,381 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 385,013 2,824 (19,565) 368,272 Private mortgage-backed securities and collateralized mortgage obligations 135,878 36 (10,911) 125,003 Collateralized loan obligations 300,855 11 (1,411) 299,455 Obligations of state and political subdivisions 10,486 — (1,096) 9,390 Other debt securities 26,599 576 (101) 27,074 Totals $ 2,049,302 $ 4,432 $ (217,714) $ 1,836,020 Held-to-Maturity Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 590,676 $ — $ (111,746) $ 478,930 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,637 — (10,208) 79,429 Totals $ 680,313 $ — $ (121,954) $ 558,359 |
Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately. Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 4,429 $ 4,421 Due after one year through five years — — 4,200 4,184 Due after five years through ten years — — 8,599 8,484 Due after ten years — — 27,492 25,901 — — 44,720 42,990 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 580,626 461,865 1,360,816 1,168,818 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 89,270 78,295 316,950 300,555 Private mortgage-backed securities and collateralized mortgage obligations — — 136,585 126,151 Collateralized loan obligations — — 284,677 284,627 Other debt securities — — 25,681 26,322 Totals $ 669,896 $ 540,160 $ 2,169,429 $ 1,949,463 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2024 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 12,911 $ (75) $ 13,135 $ (455) $ 26,046 $ (530) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 148,889 (2,159) 836,928 (190,998) 985,817 (193,157) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 17,741 (125) 209,223 (17,847) 226,964 (17,972) Private mortgage-backed securities and collateralized mortgage obligations 2,599 (28) 113,381 (10,472) 115,980 (10,500) Collateralized loan obligations 27,408 (17) 80,389 (94) 107,797 (111) Obligations of state and political subdivisions 323 (7) 5,679 (1,306) 6,002 (1,313) Other debt securities — — 3,138 (14) 3,138 (14) Totals $ 209,871 $ (2,411) $ 1,261,873 $ (221,186) $ 1,471,744 $ (223,597) 1 Comprised of 397 individual securities. December 31, 2023 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 24,933 $ (143) $ 3,594 $ (335) $ 28,527 $ (478) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 91,867 (9,320) 826,324 (174,832) 918,191 (184,152) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 24,251 (1,270) 262,666 (18,295) 286,917 (19,565) Private mortgage-backed securities and collateralized mortgage obligations 3,945 (69) 119,475 (10,842) 123,420 (10,911) Collateralized loan obligations 60,087 (223) 232,545 (1,188) 292,632 (1,411) Obligations of state and political subdivisions 326 (2) 9,064 (1,094) 9,390 (1,096) Other debt securities 10,579 (101) — — 10,579 (101) Totals $ 215,988 $ (11,128) $ 1,453,668 $ (206,586) $ 1,669,656 $ (217,714) 1 Comprised of 504 individual securities. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment for portfolio loans, purchased credit deteriorated loans (“PCD”) and loans purchased which are not considered credit deteriorated (“Non-PCD”) as of: March 31, 2024 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 454,591 $ 168,116 $ 539 $ 623,246 Commercial real estate - owner occupied 1,088,086 532,259 35,785 1,656,130 Commercial real estate - non-owner occupied 1,934,419 1,293,008 140,912 3,368,339 Residential real estate 1,756,236 745,349 19,814 2,521,399 Commercial and financial 1,216,045 305,200 44,954 1,566,199 Consumer 164,387 77,677 675 242,739 Totals $ 6,613,764 $ 3,121,609 $ 242,679 $ 9,978,052 December 31, 2023 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 519,426 $ 247,654 $ 542 $ 767,622 Commercial real estate - owner occupied 1,079,633 552,627 38,021 1,670,281 Commercial real estate - non-owner occupied 1,844,588 1,323,222 152,080 3,319,890 Residential real estate 1,714,748 710,129 20,815 2,445,692 Commercial and financial 1,237,090 318,683 52,115 1,607,888 Consumer 175,969 74,854 744 251,567 Totals $ 6,571,454 $ 3,227,169 $ 264,317 $ 10,062,940 |
Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of March 31, 2024 and December 31, 2023. March 31, 2024 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 454,468 $ 85 $ — $ — $ 38 $ 454,591 Commercial real estate - owner occupied 1,083,721 512 520 — 3,333 1,088,086 Commercial real estate - non-owner occupied 1,931,093 — — — 3,326 1,934,419 Residential real estate 1,741,619 5,314 1,433 416 7,454 1,756,236 Commercial and financial 1,199,204 4,026 686 35 12,094 1,216,045 Consumer 163,006 771 173 45 392 164,387 Total Portfolio Loans $ 6,573,111 $ 10,708 $ 2,812 $ 496 $ 26,637 $ 6,613,764 Acquired Non-PCD Loans Construction and land development $ 166,889 $ 471 $ — $ — $ 756 $ 168,116 Commercial real estate - owner occupied 528,431 488 821 — 2,519 532,259 Commercial real estate - non-owner occupied 1,274,008 4,867 — — 14,133 1,293,008 Residential real estate 739,085 2,227 649 168 3,220 745,349 Commercial and financial 300,642 64 — 35 4,459 305,200 Consumer 73,885 1,030 508 1,258 996 77,677 Total Acquired Non-PCD Loans $ 3,082,940 $ 9,147 $ 1,978 $ 1,461 $ 26,083 $ 3,121,609 PCD Loans Construction and land development $ 441 $ — $ — $ — $ 98 $ 539 Commercial real estate - owner occupied 29,431 984 — — 5,370 35,785 Commercial real estate - non-owner occupied 137,184 — — — 3,728 140,912 Residential real estate 17,891 254 618 — 1,051 19,814 Commercial and financial 29,723 990 — 3 14,238 44,954 Consumer 623 5 47 — — 675 Total PCD Loans $ 215,293 $ 2,233 $ 665 $ 3 $ 24,485 $ 242,679 Total Loans $ 9,871,344 $ 22,088 $ 5,455 $ 1,960 $ 77,205 $ 9,978,052 December 31, 2023 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 519,383 $ 19 $ — $ — $ 24 $ 519,426 Commercial real estate - owner occupied 1,078,732 — — — 901 1,079,633 Commercial real estate - non-owner occupied 1,840,485 685 — — 3,418 1,844,588 Residential real estate 1,701,862 4,373 1,515 169 6,829 1,714,748 Commercial and financial 1,221,941 1,372 145 50 13,582 1,237,090 Consumer 174,798 763 290 — 118 175,969 Total Portfolio Loans $ 6,537,201 $ 7,212 $ 1,950 $ 219 $ 24,872 $ 6,571,454 Acquired Non-PCD Loans Construction and land development $ 245,674 $ 891 $ 289 $ — $ 800 $ 247,654 Commercial real estate - owner occupied 545,374 1,691 133 — 5,429 552,627 Commercial real estate - non-owner occupied 1,310,100 11,577 — — 1,545 1,323,222 Residential real estate 704,417 2,586 888 153 2,085 710,129 Commercial and financial 315,229 50 36 35 3,333 318,683 Consumer 71,986 568 618 618 1,064 74,854 Total Acquired Non-PCD Loans $ 3,192,780 $ 17,363 $ 1,964 $ 806 $ 14,256 $ 3,227,169 PCD Loans Construction and land development $ 442 $ 100 $ — $ — $ — $ 542 Commercial real estate - owner occupied 34,667 — — — 3,354 38,021 Commercial real estate - non-owner occupied 148,308 — — — 3,772 152,080 Residential real estate 18,923 497 169 154 1,072 20,815 Commercial and financial 34,337 — — — 17,778 52,115 Consumer 651 85 8 — — 744 Total PCD Loans $ 237,328 $ 682 $ 177 $ 154 $ 25,976 $ 264,317 Total Loans $ 9,967,309 $ 25,257 $ 4,091 $ 1,179 $ 65,104 $ 10,062,940 |
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, 2024 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 99 $ 793 $ 892 $ 222 Commercial real estate - owner occupied 8,536 2,686 11,222 508 Commercial real estate - non-owner occupied 17,715 3,472 21,187 1,617 Residential real estate 2,370 9,355 11,725 313 Commercial and financial 5,918 24,873 30,791 13,760 Consumer — 1,388 1,388 209 Totals $ 34,638 $ 42,567 $ 77,205 $ 16,629 December 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 $ — $ 824 $ 824 $ — Commercial real estate - owner occupied 4,859 4,825 9,684 41 Commercial real estate - non-owner occupied 3,938 4,797 8,735 230 Residential real estate 1,792 8,194 9,986 58 Commercial and financial 4,868 29,825 34,693 2,319 Consumer — 1,182 1,182 257 Totals $ 15,457 $ 49,647 $ 65,104 $ 2,905 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans and year-to-date gross charge offs by year of origination as of: March 31, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 13,176 $ 89,480 $ 241,691 $ 77,568 $ 9,467 $ 40,599 $ 149,619 $ 621,600 Special Mention — — — — — 395 360 755 Substandard — — 212 — — 580 99 891 Doubtful — — — — — — — — Total $ 13,176 $ 89,480 $ 241,903 $ 77,568 $ 9,467 $ 41,574 $ 150,078 $ 623,246 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 21,932 $ 142,467 $ 273,030 $ 277,164 $ 166,881 $ 696,218 $ 31,147 $ 1,608,839 Special Mention 2,064 — 368 1,320 — 9,502 — 13,254 Substandard — — 6,431 1,224 6,922 19,460 — 34,037 Doubtful — — — — — — — — Total $ 23,996 $ 142,467 $ 279,829 $ 279,708 $ 173,803 $ 725,180 $ 31,147 $ 1,656,130 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 61,739 $ 235,785 $ 814,204 $ 671,176 $ 287,896 $ 1,179,616 $ 23,637 $ 3,274,053 Special Mention — — 29,348 6,418 2,952 10,352 — 49,070 Substandard — — — 8,606 9,264 27,096 250 45,216 Doubtful — — — — — — — — Total $ 61,739 $ 235,785 $ 843,552 $ 686,200 $ 300,112 $ 1,217,064 $ 23,887 $ 3,368,339 Gross Charge Offs $ — $ — $ — $ — $ 84 $ — $ — $ 84 Residential real estate Risk Ratings: Pass $ 35,352 $ 176,395 $ 472,223 $ 647,547 $ 157,927 $ 497,194 $ 513,044 $ 2,499,682 Special Mention — 112 — 721 39 1,134 4,052 6,058 Substandard — 259 112 91 152 9,362 5,683 15,659 Doubtful — — — — — — — — Total $ 35,352 $ 176,766 $ 472,335 $ 648,359 $ 158,118 $ 507,690 $ 522,779 $ 2,521,399 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and financial Risk Ratings: Pass $ 49,338 $ 233,844 $ 312,888 $ 322,298 $ 120,778 $ 141,193 $ 318,118 $ 1,498,457 Special Mention — 1,082 1,206 935 985 1,468 1,742 7,418 Substandard — — 19,090 20,920 1,354 14,886 4,074 60,324 Doubtful — — — — — — — — Total $ 49,338 $ 234,926 $ 333,184 $ 344,153 $ 123,117 $ 157,547 $ 323,934 $ 1,566,199 Gross Charge Offs $ — $ — $ 85 $ 266 $ — $ 2,031 $ 274 $ 2,656 Consumer Risk Ratings: Pass $ 4,354 $ 17,757 $ 49,663 $ 39,083 $ 18,337 $ 45,641 $ 61,400 $ 236,235 Special Mention — — 235 217 60 95 88 695 Substandard — 70 3,315 1,780 161 392 91 5,809 Doubtful — — — — — — — — Total $ 4,354 $ 17,827 $ 53,213 $ 41,080 $ 18,558 $ 46,128 $ 61,579 $ 242,739 Gross Charge Offs $ — $ 215 $ 74 $ 1,493 $ 55 $ 36 $ 15 $ 1,888 Consolidated Total $ 187,955 $ 897,251 $ 2,224,016 $ 2,077,068 $ 783,175 $ 2,695,183 $ 1,113,404 $ 9,978,052 Gross Charge Offs $ — $ 215 $ 159 $ 1,759 $ 139 $ 2,067 $ 289 $ 4,628 December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 80,750 $ 295,043 $ 107,158 $ 20,199 $ 21,942 $ 28,902 $ 210,716 $ 764,710 Special Mention — 1,407 — — — 393 289 2,089 Substandard — — — — — 499 324 823 Doubtful — — — — — — — — Total $ 80,750 $ 296,450 $ 107,158 $ 20,199 $ 21,942 $ 29,794 $ 211,329 $ 767,622 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - owner occupied Risk Ratings: Pass $ 145,642 $ 272,384 $ 281,870 $ 165,475 $ 171,897 $ 551,177 $ 36,952 $ 1,625,397 Special Mention — 159 1,335 — 524 9,122 1 11,141 Substandard — 6,024 1,057 6,991 7,116 12,491 64 33,743 Doubtful — — — — — — — — Total $ 145,642 $ 278,567 $ 284,262 $ 172,466 $ 179,537 $ 572,790 $ 37,017 $ 1,670,281 Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate - non-owner occupied Risk Ratings: Pass $ 234,226 $ 784,525 $ 657,499 $ 288,747 $ 397,031 $ 841,062 $ 25,954 $ 3,229,044 Special Mention — 29,381 2,092 2,964 — 12,120 — 46,557 Substandard — 685 8,723 9,398 10,427 14,806 250 44,289 Doubtful — — — — — — — — Total $ 234,226 $ 814,591 $ 668,314 $ 301,109 $ 407,458 $ 867,988 $ 26,204 $ 3,319,890 Gross Charge Offs $ — $ — $ 11 $ — $ — $ — $ 109 $ 120 Residential real estate Risk Ratings: Pass $ 177,000 $ 450,366 $ 649,086 $ 160,889 $ 95,288 $ 413,719 $ 479,047 $ 2,425,395 Special Mention 208 — — — 58 482 4,004 4,752 Substandard 95 — 919 123 314 8,960 5,134 15,545 Doubtful — — — — — — — — Total $ 177,303 $ 450,366 $ 650,005 $ 161,012 $ 95,660 $ 423,161 $ 488,185 $ 2,445,692 Gross Charge Offs $ — $ — $ — $ 44 $ — $ 159 $ 153 $ 356 Commercial and financial Risk Ratings: Pass $ 315,560 $ 336,071 $ 333,113 $ 127,069 $ 66,165 $ 89,002 $ 269,108 $ 1,536,088 Special Mention 136 2,167 1,064 1,005 503 1,103 2,191 8,169 Substandard — 18,558 21,643 1,380 5,889 11,842 3,961 63,273 Doubtful — — — — — 358 — 358 Total $ 315,696 $ 356,796 $ 355,820 $ 129,454 $ 72,557 $ 102,305 $ 275,260 $ 1,607,888 Gross Charge Offs $ 1,198 $ 117 $ 659 $ 3,007 $ 582 $ 12,584 $ 418 $ 18,565 Consumer Risk Ratings: Pass $ 20,557 $ 66,699 $ 45,534 $ 19,747 $ 20,300 $ 19,080 $ 56,473 $ 248,390 Special Mention 5 334 279 77 5 194 65 959 Substandard 66 930 891 103 51 177 — 2,218 Doubtful — — — — — — — — Total $ 20,628 $ 67,963 $ 46,704 $ 19,927 $ 20,356 $ 19,451 $ 56,538 $ 251,567 Gross Charge Offs $ 74 $ 1,910 $ 2,218 $ 362 $ 263 $ 666 $ 261 $ 5,754 Consolidated Total $ 974,245 $ 2,264,733 $ 2,112,263 $ 804,167 $ 797,510 $ 2,015,489 $ 1,094,533 $ 10,062,940 Gross Charge Offs $ 1,272 $ 2,027 $ 2,888 $ 3,413 $ 845 $ 13,409 $ 941 $ 24,795 |
Schedule of Troubled Borrower Modifications | The following table presents the amortized cost of troubled borrower modification (“TBM”) loans that were modified during the three months ended March 31, 2024. There was one loan for $29 thousand modified as a TBM for the three months ended March 31, 2023. March 31, 2024 (In thousands) Rate Reduction or Rate Reduction with Term Extension Term Extension and/or Payment Delay Total 1 % of Total Class of Loans Commercial real estate - owner occupied $ 3,324 $ — $ 3,324 0.20 % Commercial real estate - non-owner occupied 810 — 810 0.02 % Residential real estate — 31 31 — % Commercial and financial 2,631 57 2,688 0.17 % Consumer — 523 523 0.22 % Totals $ 6,765 $ 611 $ 7,376 0.07 % 1 At March 31, 2024, there were no unfunded lending related commitments associated with TBMs. The following table presents the payment status of TBM loans that were modified in the twelve months prior to March 31, 2024. March 31, 2024 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Commercial real estate - owner occupied 522 — — — 2,802 3,324 Commercial real estate - non-owner occupied — — — — 810 810 Residential real estate 31 — — — — 31 Commercial and financial 2,185 — — — 13,016 15,201 Consumer 2,299 290 148 231 143 3,111 Totals $ 5,037 $ 290 $ 148 $ 231 $ 16,771 $ 22,477 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Allowance for Credit Losses | Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2024 (In thousands) Beginning Provision Charge- Recoveries Ending Construction and land development $ 8,637 $ (1,640) $ — $ 4 $ 7,001 Commercial real estate - owner occupied 5,529 4,484 — 4 10,017 Commercial real estate - non-owner occupied 48,288 (1,621) (84) 18 46,601 Residential real estate 39,016 (631) — 243 38,628 Commercial and financial 34,343 (1,501) (2,656) 521 30,707 Consumer 13,118 2,277 (1,888) 208 13,715 Totals $ 148,931 $ 1,368 $ (4,628) $ 998 $ 146,669 Three Months Ended March 31, 2023 (In thousands) Beginning Balance Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries Ending Balance 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 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (In thousands) Notional Amount Fair Value Balance Sheet Category March 31, 2024 Back-to-back swaps 1 $ 622,857 $ 30,037 Other Assets and Other Liabilities Securities fair value hedges 400,000 4,018 Other Assets Residential mortgage fair value hedges 200,000 880 Other Assets December 31, 2023 Back-to-back swaps 1 $ 605,735 $ 28,804 Other Assets and Other Liabilities Securities fair value hedges 400,000 2,677 Other Assets Residential mortgage fair value hedges 200,000 75 Other Liabilities 1 Back-to-back swaps include risk participation agreements with notional amounts of $9.4 million and nominal fair value at March 31, 2024, and December 31, 2023, respectively. The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items (In thousands) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Securities available-for-sale 1 $ 555,920 $ 584,108 $ 4,044 $ 2,643 Loans, net 2 627,213 633,693 937 44 1 At March 31, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $657.5 million and $680.6 million, respectively. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities. 2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2024 and December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged. |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 384,959 $ 396,378 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2024 Financial Assets Debt securities available-for-sale 1 $ 1,949,463 $ 192 $ 1,949,271 $ — Derivative financial instruments 2 34,935 — 34,935 — Loans held for sale 2 9,475 — 9,475 — Loans 3 2,504 — — 2,504 Other real estate owned 4 7,315 — — 7,315 Equity securities 5 13,506 13,506 — — Financial Liabilities Derivative financial instruments 2 $ 30,037 $ — $ 30,037 $ — At December 31, 2023 Financial Assets Debt securities available-for-sale 1 $ 1,836,020 $ 192 $ 1,835,828 $ — Derivative financial instruments 2 31,481 — 31,481 — Loans held for sale 2 4,391 — 4,391 — Loans 3 15,242 — — 15,242 Other real estate owned 4 7,560 — — 7,560 Equity securities 5 13,623 13,623 — — Financial Liabilities Derivative financial instruments 2 $ 28,879 $ — $ 28,879 $ — 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 See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360, Property, Plant, and Equipment. 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 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, 2024 and December 31, 2023 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 Financial Assets Held-to-maturity debt securities 1 $ 669,896 $ — $ 540,160 $ — Time deposits with other banks 7,856 — 7,820 — Loans, net 9,828,879 — — 9,580,648 Financial Liabilities Deposits 12,015,840 — — 12,014,568 FHLB borrowings 110,000 — 110,001 — Long-term debt 106,468 — 101,008 — December 31, 2023 Held-to-maturity debt securities 1 $ 680,313 $ — $ 558,359 $ — Time deposits with other banks 5,857 — 5,756 — Loans, net 9,898,767 — — 9,805,693 Financial Liabilities Deposits 11,776,935 — — 11,775,613 FHLB borrowings 50,000 — 49,745 — Long-term debt 109,458 — 100,851 — 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, 2024 | |
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 |
Schedule of Business Acquisitions | Initially Measured Measurement As Adjusted (In thousands) January 31, 2023 Period Adjustments January 31, 2023 Assets: Cash and cash equivalents $ 141,680 $ — $ 141,680 Investment securities 167,059 — 167,059 Loans 1,991,713 (5,544) 1,986,169 Bank premises and equipment 2,478 — 2,478 Core deposit intangibles 48,885 — 48,885 Goodwill 248,091 3,583 251,674 BOLI 55,071 — 55,071 Other Assets 74,232 2,561 76,793 Total Assets $ 2,729,209 $ 600 $ 2,729,809 Liabilities: Deposits $ 2,119,341 $ — $ 2,119,341 Subordinated debt 21,141 — 21,141 Other Liabilities 167,680 600 168,280 Total Liabilities $ 2,308,162 $ 600 $ 2,308,762 |
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 392,396 350,628 Consumer 33,656 32,153 PPP Loans 1,951 1,951 Total acquired loans $ 2,139,222 $ 1,986,169 |
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 (18,879) Non-credit related discount (12,361) Total PCD loans acquired $ 123,791 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 327,006 | 161,251,000 |
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, 2024 | Mar. 31, 2023 | |
Basic earnings per share | ||
Net income | $ 26,006 | $ 11,827 |
Average common shares outstanding (in shares) | 84,908 | 80,151 |
Net income per share (in dollars per share) | $ 0.31 | $ 0.15 |
Diluted earnings per share | ||
Average common shares outstanding (in shares) | 84,908 | 80,151 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 362 | 566 |
Average diluted shares outstanding (in shares) | 85,270 | 80,717 |
Net income per share (in dollars per share) | $ 0.31 | $ 0.15 |
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, 2024 | Dec. 31, 2023 |
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | $ 2,169,429 | $ 2,049,302 |
Available for sale, gross unrealized gains | 3,631 | 4,432 |
Available for sale, gross unrealized losses | (223,597) | (217,714) |
Available for sale, fair value | 1,949,463 | 1,836,020 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 669,896 | 680,313 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (129,736) | (121,954) |
Held to maturity, fair value | 540,160 | 558,359 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 34,245 | 37,718 |
Available for sale, gross unrealized gains | 113 | 205 |
Available for sale, gross unrealized losses | (530) | (478) |
Available for sale, fair value | 33,828 | 37,445 |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 1,360,816 | 1,152,753 |
Available for sale, gross unrealized gains | 1,159 | 780 |
Available for sale, gross unrealized losses | (193,157) | (184,152) |
Available for sale, fair value | 1,168,818 | 969,381 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 580,626 | 590,676 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (118,761) | (111,746) |
Held to maturity, fair value | 461,865 | 478,930 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 316,950 | 385,013 |
Available for sale, gross unrealized gains | 1,577 | 2,824 |
Available for sale, gross unrealized losses | (17,972) | (19,565) |
Available for sale, fair value | 300,555 | 368,272 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 89,270 | 89,637 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (10,975) | (10,208) |
Held to maturity, fair value | 78,295 | 79,429 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 136,585 | 135,878 |
Available for sale, gross unrealized gains | 66 | 36 |
Available for sale, gross unrealized losses | (10,500) | (10,911) |
Available for sale, fair value | 126,151 | 125,003 |
Collateralized loan obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 284,677 | 300,855 |
Available for sale, gross unrealized gains | 61 | 11 |
Available for sale, gross unrealized losses | (111) | (1,411) |
Available for sale, fair value | 284,627 | 299,455 |
Obligations of state and political subdivisions | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 10,475 | 10,486 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (1,313) | (1,096) |
Available for sale, fair value | 9,162 | 9,390 |
Other debt securities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 25,681 | 26,599 |
Available for sale, gross unrealized gains | 655 | 576 |
Available for sale, gross unrealized losses | (14) | (101) |
Available for sale, fair value | $ 26,322 | $ 27,074 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale debt securities, including legacy securities | $ 86,800,000 | ||
Gross losses from sale of securities | 3,800,000 | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 223,597,000 | $ 217,714,000 | |
Fair value of securities in unrealized loss position | 1,471,744,000 | 1,669,656,000 | |
Held-to-maturity securities, allowance for credit loss | 0 | ||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 70,600,000 | ||
Accrued interest receivable on AFS debt securities | 8,500,000 | 7,900,000 | |
Accrued interest receivable on HTM debt securities | $ 1,100,000 | $ 1,100,000 | |
Common stock, shares outstanding (in shares) | 84,935,054 | 84,861,498 | |
Proceeds from sale of Visa Class B shares | $ 4,104,000 | $ 0 | |
Visa | Common Class B | |||
Debt Securities, Available-for-sale [Line Items] | |||
Common stock, shares outstanding (in shares) | 11,330 | ||
Proceeds from sale of Visa Class B shares | 4,100,000 | ||
Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of debt securities pledged as collateral | 1,600,000,000 | ||
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 | ||
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 | ||
Gross losses from sale of securities | 19,000 | ||
Gross gains from sale of securities | 24,000 | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 14,000 | $ 101,000 | |
Fair value of securities in unrealized loss position | 3,138,000 | 10,579,000 | |
CRA - Qualified Mutual Fund | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross losses from sale of securities | 100,000 | ||
Gross gains from sale of securities | $ 100,000 | ||
Investment in mutual fund carried at fair value | 13,500,000 | 13,600,000 | |
U.S. Treasury securities and obligations of U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 530,000 | 478,000 | |
Fair value of securities in unrealized loss position | 26,046,000 | 28,527,000 | |
Allowance for credit losses on AFS debt securities | 0 | ||
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 | 211,100,000 | ||
Fair value of securities in unrealized loss position | 1,200,000,000 | ||
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 | 10,500,000 | 10,911,000 | |
Fair value of securities in unrealized loss position | 115,980,000 | 123,420,000 | |
Allowance for credit losses on AFS debt securities | $ 0 | ||
Average credit support percentage | 23% | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 111,000 | 1,411,000 | |
Fair value of securities in unrealized loss position | 107,797,000 | 292,632,000 | |
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 | 41% | ||
Collateralized loan obligations | Standard & Poor's, AA Rating | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of positions held, percentage of total | 28% | ||
Obligations of state and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 1,313,000 | 1,096,000 | |
Fair value of securities in unrealized loss position | 6,002,000 | $ 9,390,000 | |
Allowance for credit losses on AFS debt securities | $ 0 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 669,896 | $ 680,313 |
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 | 540,160 | 558,359 |
Amortized Cost | ||
Due in less than one year | 4,429 | |
Due after one year through five years | 4,200 | |
Due after five years through ten years | 8,599 | |
Due after ten years | 27,492 | |
Available for sale loans with maturity date, amortized cost, total | 44,720 | |
Available for sale, amortized cost, total | 2,169,429 | 2,049,302 |
Fair Value | ||
Due in less than one year | 4,421 | |
Due after one year through five years | 4,184 | |
Due after five years through ten years | 8,484 | |
Due after ten years | 25,901 | |
Available for sale loans with maturity date, fair value, total | 42,990 | |
Available for sale, fair value, total | 1,949,463 | 1,836,020 |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Loans without single maturity date | 580,626 | |
Held to maturity, amortized cost, total | 580,626 | 590,676 |
Fair Value | ||
Loans without single maturity date | 461,865 | |
Held to maturity, fair value, total | 461,865 | 478,930 |
Amortized Cost | ||
Loans without single maturity date | 1,360,816 | |
Available for sale, amortized cost, total | 1,360,816 | 1,152,753 |
Fair Value | ||
Loans without single maturity date | 1,168,818 | |
Available for sale, fair value, total | 1,168,818 | 969,381 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Loans without single maturity date | 89,270 | |
Held to maturity, amortized cost, total | 89,270 | 89,637 |
Fair Value | ||
Loans without single maturity date | 78,295 | |
Held to maturity, fair value, total | 78,295 | 79,429 |
Amortized Cost | ||
Loans without single maturity date | 316,950 | |
Available for sale, amortized cost, total | 316,950 | 385,013 |
Fair Value | ||
Loans without single maturity date | 300,555 | |
Available for sale, fair value, total | 300,555 | 368,272 |
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 | 136,585 | |
Available for sale, amortized cost, total | 136,585 | 135,878 |
Fair Value | ||
Loans without single maturity date | 126,151 | |
Available for sale, fair value, total | 126,151 | 125,003 |
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 | 284,677 | |
Available for sale, amortized cost, total | 284,677 | 300,855 |
Fair Value | ||
Loans without single maturity date | 284,627 | |
Available for sale, fair value, total | 284,627 | 299,455 |
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 | 25,681 | |
Available for sale, amortized cost, total | 25,681 | 26,599 |
Fair Value | ||
Loans without single maturity date | 26,322 | |
Available for sale, fair value, total | $ 26,322 | $ 27,074 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Fair Value | ||
Less Than 12 Months | $ 209,871 | $ 215,988 |
12 Months or Longer | 1,261,873 | 1,453,668 |
Total | 1,471,744 | 1,669,656 |
Unrealized Losses | ||
Less Than 12 Months | (2,411) | (11,128) |
12 Months or Longer | (221,186) | (206,586) |
Total | $ (223,597) | $ (217,714) |
Number of individual securities | security | 397 | 504 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | $ 12,911 | $ 24,933 |
12 Months or Longer | 13,135 | 3,594 |
Total | 26,046 | 28,527 |
Unrealized Losses | ||
Less Than 12 Months | (75) | (143) |
12 Months or Longer | (455) | (335) |
Total | (530) | (478) |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 148,889 | 91,867 |
12 Months or Longer | 836,928 | 826,324 |
Total | 985,817 | 918,191 |
Unrealized Losses | ||
Less Than 12 Months | (2,159) | (9,320) |
12 Months or Longer | (190,998) | (174,832) |
Total | (193,157) | (184,152) |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 17,741 | 24,251 |
12 Months or Longer | 209,223 | 262,666 |
Total | 226,964 | 286,917 |
Unrealized Losses | ||
Less Than 12 Months | (125) | (1,270) |
12 Months or Longer | (17,847) | (18,295) |
Total | (17,972) | (19,565) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 2,599 | 3,945 |
12 Months or Longer | 113,381 | 119,475 |
Total | 115,980 | 123,420 |
Unrealized Losses | ||
Less Than 12 Months | (28) | (69) |
12 Months or Longer | (10,472) | (10,842) |
Total | (10,500) | (10,911) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 27,408 | 60,087 |
12 Months or Longer | 80,389 | 232,545 |
Total | 107,797 | 292,632 |
Unrealized Losses | ||
Less Than 12 Months | (17) | (223) |
12 Months or Longer | (94) | (1,188) |
Total | (111) | (1,411) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 323 | 326 |
12 Months or Longer | 5,679 | 9,064 |
Total | 6,002 | 9,390 |
Unrealized Losses | ||
Less Than 12 Months | (7) | (2) |
12 Months or Longer | (1,306) | (1,094) |
Total | (1,313) | (1,096) |
Other debt securities | ||
Fair Value | ||
Less Than 12 Months | 0 | 10,579 |
12 Months or Longer | 3,138 | 0 |
Total | 3,138 | 10,579 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (101) |
12 Months or Longer | (14) | 0 |
Total | $ (14) | $ (101) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 9,978,052 | $ 10,062,940 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 623,246 | 767,622 |
Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,656,130 | 1,670,281 |
Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,368,339 | 3,319,890 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,521,399 | 2,445,692 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,566,199 | 1,607,888 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 242,739 | 251,567 |
Acquired Non-PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,121,609 | 3,227,169 |
Acquired Non-PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 168,116 | 247,654 |
Acquired Non-PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 532,259 | 552,627 |
Acquired Non-PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,293,008 | 1,323,222 |
Acquired Non-PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 745,349 | 710,129 |
Acquired Non-PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 305,200 | 318,683 |
Acquired Non-PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 77,677 | 74,854 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 242,679 | 264,317 |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 539 | 542 |
PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 35,785 | 38,021 |
PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 140,912 | 152,080 |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,814 | 20,815 |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 44,954 | 52,115 |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 675 | 744 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,613,764 | 6,571,454 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 454,591 | 519,426 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,088,086 | 1,079,633 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,934,419 | 1,844,588 |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,756,236 | 1,714,748 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,216,045 | 1,237,090 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 164,387 | $ 175,969 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Net deferred costs | $ 44.9 | $ 43.1 | |
Accrued interest receivable | 39.5 | 39.4 | |
Interest income on nonaccrual loans | 0.2 | $ 0.1 | |
Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Remaining fair value adjustment for loans acquired | $ 163.4 | $ 174 | |
Percentage of fair value adjustment for loans acquired | 4.60% | 4.80% |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 9,978,052 | $ 10,062,940 |
Nonaccrual | 77,205 | 65,104 |
Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,121,609 | 3,227,169 |
Nonaccrual | 26,083 | 14,256 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 242,679 | 264,317 |
Nonaccrual | 24,485 | 25,976 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,871,344 | 9,967,309 |
Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,082,940 | 3,192,780 |
Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 215,293 | 237,328 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,088 | 25,257 |
Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,147 | 17,363 |
Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,233 | 682 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,455 | 4,091 |
Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,978 | 1,964 |
Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 665 | 177 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,960 | 1,179 |
Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,461 | 806 |
Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3 | 154 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 623,246 | 767,622 |
Nonaccrual | 892 | 824 |
Construction and land development | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 168,116 | 247,654 |
Nonaccrual | 756 | 800 |
Construction and land development | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 539 | 542 |
Nonaccrual | 98 | 0 |
Construction and land development | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 166,889 | 245,674 |
Construction and land development | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 441 | 442 |
Construction and land development | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 471 | 891 |
Construction and land development | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 100 |
Construction and land development | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 289 |
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 | 1,656,130 | 1,670,281 |
Nonaccrual | 11,222 | 9,684 |
Commercial real estate - owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 532,259 | 552,627 |
Nonaccrual | 2,519 | 5,429 |
Commercial real estate - owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 35,785 | 38,021 |
Nonaccrual | 5,370 | 3,354 |
Commercial real estate - owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 528,431 | 545,374 |
Commercial real estate - owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29,431 | 34,667 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 488 | 1,691 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 984 | 0 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 821 | 133 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
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 | 3,368,339 | 3,319,890 |
Nonaccrual | 21,187 | 8,735 |
Commercial real estate - non-owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,293,008 | 1,323,222 |
Nonaccrual | 14,133 | 1,545 |
Commercial real estate - non-owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 140,912 | 152,080 |
Nonaccrual | 3,728 | 3,772 |
Commercial real estate - non-owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,274,008 | 1,310,100 |
Commercial real estate - non-owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 137,184 | 148,308 |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,867 | 11,577 |
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 | 0 | 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 | 2,521,399 | 2,445,692 |
Nonaccrual | 11,725 | 9,986 |
Residential real estate | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 745,349 | 710,129 |
Nonaccrual | 3,220 | 2,085 |
Residential real estate | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,814 | 20,815 |
Nonaccrual | 1,051 | 1,072 |
Residential real estate | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 739,085 | 704,417 |
Residential real estate | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,891 | 18,923 |
Residential real estate | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,227 | 2,586 |
Residential real estate | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 254 | 497 |
Residential real estate | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 649 | 888 |
Residential real estate | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 618 | 169 |
Residential real estate | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 168 | 153 |
Residential real estate | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 154 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,566,199 | 1,607,888 |
Nonaccrual | 30,791 | 34,693 |
Commercial and financial | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 305,200 | 318,683 |
Nonaccrual | 4,459 | 3,333 |
Commercial and financial | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,954 | 52,115 |
Nonaccrual | 14,238 | 17,778 |
Commercial and financial | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 300,642 | 315,229 |
Commercial and financial | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29,723 | 34,337 |
Commercial and financial | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 64 | 50 |
Commercial and financial | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 990 | 0 |
Commercial and financial | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 36 |
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 | 35 | 35 |
Commercial and financial | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 242,739 | 251,567 |
Nonaccrual | 1,388 | 1,182 |
Consumer | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 77,677 | 74,854 |
Nonaccrual | 996 | 1,064 |
Consumer | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 675 | 744 |
Nonaccrual | 0 | 0 |
Consumer | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 73,885 | 71,986 |
Consumer | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 623 | 651 |
Consumer | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,030 | 568 |
Consumer | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5 | 85 |
Consumer | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 508 | 618 |
Consumer | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 47 | 8 |
Consumer | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,258 | 618 |
Consumer | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,613,764 | 6,571,454 |
Nonaccrual | 26,637 | 24,872 |
Portfolio Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,573,111 | 6,537,201 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,708 | 7,212 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,812 | 1,950 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 496 | 219 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 454,591 | 519,426 |
Nonaccrual | 38 | 24 |
Portfolio Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 454,468 | 519,383 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 85 | 19 |
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 | 1,088,086 | 1,079,633 |
Nonaccrual | 3,333 | 901 |
Portfolio Loans | Commercial real estate - owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,083,721 | 1,078,732 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 512 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 520 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,934,419 | 1,844,588 |
Nonaccrual | 3,326 | 3,418 |
Portfolio Loans | Commercial real estate - non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,931,093 | 1,840,485 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 685 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 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 | 1,756,236 | 1,714,748 |
Nonaccrual | 7,454 | 6,829 |
Portfolio Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,741,619 | 1,701,862 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,314 | 4,373 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,433 | 1,515 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 416 | 169 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,216,045 | 1,237,090 |
Nonaccrual | 12,094 | 13,582 |
Portfolio Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,199,204 | 1,221,941 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,026 | 1,372 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 686 | 145 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 35 | 50 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 164,387 | 175,969 |
Nonaccrual | 392 | 118 |
Portfolio Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 163,006 | 174,798 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 771 | 763 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 173 | 290 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 45 | $ 0 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 34,638 | $ 15,457 |
Nonaccrual Loans With an Allowance | 42,567 | 49,647 |
Total Nonaccrual Loans | 77,205 | 65,104 |
Allowance for Credit Losses | 16,629 | 2,905 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 99 | 0 |
Nonaccrual Loans With an Allowance | 793 | 824 |
Total Nonaccrual Loans | 892 | 824 |
Allowance for Credit Losses | 222 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 8,536 | 4,859 |
Nonaccrual Loans With an Allowance | 2,686 | 4,825 |
Total Nonaccrual Loans | 11,222 | 9,684 |
Allowance for Credit Losses | 508 | 41 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 17,715 | 3,938 |
Nonaccrual Loans With an Allowance | 3,472 | 4,797 |
Total Nonaccrual Loans | 21,187 | 8,735 |
Allowance for Credit Losses | 1,617 | 230 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 2,370 | 1,792 |
Nonaccrual Loans With an Allowance | 9,355 | 8,194 |
Total Nonaccrual Loans | 11,725 | 9,986 |
Allowance for Credit Losses | 313 | 58 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 5,918 | 4,868 |
Nonaccrual Loans With an Allowance | 24,873 | 29,825 |
Total Nonaccrual Loans | 30,791 | 34,693 |
Allowance for Credit Losses | 13,760 | 2,319 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 0 |
Nonaccrual Loans With an Allowance | 1,388 | 1,182 |
Total Nonaccrual Loans | 1,388 | 1,182 |
Allowance for Credit Losses | $ 209 | $ 257 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | $ 187,955 | $ 974,245 | |
One year prior to current fiscal year | 897,251 | 2,264,733 | |
Two years prior to current fiscal year | 2,224,016 | 2,112,263 | |
Three years prior to current fiscal year | 2,077,068 | 804,167 | |
Four years prior to current fiscal year | 783,175 | 797,510 | |
Prior | 2,695,183 | 2,015,489 | |
Revolving | 1,113,404 | 1,094,533 | |
Total | 9,978,052 | 10,062,940 | |
Current fiscal year, Charge Offs | 0 | 1,272 | |
One year prior to current fiscal year, Charge Offs | 215 | 2,027 | |
Two years prior to current fiscal year, Charge Offs | 159 | 2,888 | |
Three years prior to current fiscal year, Charge Offs | 1,759 | 3,413 | |
Four years prior to current fiscal year, Charge Offs | 139 | 845 | |
Prior, Charge Offs | 2,067 | 13,409 | |
Revolving, Charge Offs | 289 | 941 | |
Total, Charge Offs | 4,628 | $ 3,605 | 24,795 |
Construction and land development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 13,176 | 80,750 | |
One year prior to current fiscal year | 89,480 | 296,450 | |
Two years prior to current fiscal year | 241,903 | 107,158 | |
Three years prior to current fiscal year | 77,568 | 20,199 | |
Four years prior to current fiscal year | 9,467 | 21,942 | |
Prior | 41,574 | 29,794 | |
Revolving | 150,078 | 211,329 | |
Total | 623,246 | 767,622 | |
Current fiscal year, Charge Offs | 0 | 0 | |
One year prior to current fiscal year, Charge Offs | 0 | 0 | |
Two years prior to current fiscal year, Charge Offs | 0 | 0 | |
Three years prior to current fiscal year, Charge Offs | 0 | 0 | |
Four years prior to current fiscal year, Charge Offs | 0 | 0 | |
Prior, Charge Offs | 0 | 0 | |
Revolving, Charge Offs | 0 | 0 | |
Total, Charge Offs | 0 | 0 | 0 |
Construction and land development | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 13,176 | 80,750 | |
One year prior to current fiscal year | 89,480 | 295,043 | |
Two years prior to current fiscal year | 241,691 | 107,158 | |
Three years prior to current fiscal year | 77,568 | 20,199 | |
Four years prior to current fiscal year | 9,467 | 21,942 | |
Prior | 40,599 | 28,902 | |
Revolving | 149,619 | 210,716 | |
Total | 621,600 | 764,710 | |
Construction and land development | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 1,407 | |
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 | 395 | 393 | |
Revolving | 360 | 289 | |
Total | 755 | 2,089 | |
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 | 0 | |
Two years prior to current fiscal year | 212 | 0 | |
Three years prior to current fiscal year | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 580 | 499 | |
Revolving | 99 | 324 | |
Total | 891 | 823 | |
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 | 23,996 | 145,642 | |
One year prior to current fiscal year | 142,467 | 278,567 | |
Two years prior to current fiscal year | 279,829 | 284,262 | |
Three years prior to current fiscal year | 279,708 | 172,466 | |
Four years prior to current fiscal year | 173,803 | 179,537 | |
Prior | 725,180 | 572,790 | |
Revolving | 31,147 | 37,017 | |
Total | 1,656,130 | 1,670,281 | |
Current fiscal year, Charge Offs | 0 | 0 | |
One year prior to current fiscal year, Charge Offs | 0 | 0 | |
Two years prior to current fiscal year, Charge Offs | 0 | 0 | |
Three years prior to current fiscal year, Charge Offs | 0 | 0 | |
Four years prior to current fiscal year, Charge Offs | 0 | 0 | |
Prior, Charge Offs | 0 | 0 | |
Revolving, Charge Offs | 0 | 0 | |
Total, Charge Offs | 0 | 0 | 0 |
Commercial real estate - owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 21,932 | 145,642 | |
One year prior to current fiscal year | 142,467 | 272,384 | |
Two years prior to current fiscal year | 273,030 | 281,870 | |
Three years prior to current fiscal year | 277,164 | 165,475 | |
Four years prior to current fiscal year | 166,881 | 171,897 | |
Prior | 696,218 | 551,177 | |
Revolving | 31,147 | 36,952 | |
Total | 1,608,839 | 1,625,397 | |
Commercial real estate - owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 2,064 | 0 | |
One year prior to current fiscal year | 0 | 159 | |
Two years prior to current fiscal year | 368 | 1,335 | |
Three years prior to current fiscal year | 1,320 | 0 | |
Four years prior to current fiscal year | 0 | 524 | |
Prior | 9,502 | 9,122 | |
Revolving | 0 | 1 | |
Total | 13,254 | 11,141 | |
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 | 0 | 6,024 | |
Two years prior to current fiscal year | 6,431 | 1,057 | |
Three years prior to current fiscal year | 1,224 | 6,991 | |
Four years prior to current fiscal year | 6,922 | 7,116 | |
Prior | 19,460 | 12,491 | |
Revolving | 0 | 64 | |
Total | 34,037 | 33,743 | |
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 | 61,739 | 234,226 | |
One year prior to current fiscal year | 235,785 | 814,591 | |
Two years prior to current fiscal year | 843,552 | 668,314 | |
Three years prior to current fiscal year | 686,200 | 301,109 | |
Four years prior to current fiscal year | 300,112 | 407,458 | |
Prior | 1,217,064 | 867,988 | |
Revolving | 23,887 | 26,204 | |
Total | 3,368,339 | 3,319,890 | |
Current fiscal year, Charge Offs | 0 | 0 | |
One year prior to current fiscal year, Charge Offs | 0 | 0 | |
Two years prior to current fiscal year, Charge Offs | 0 | 11 | |
Three years prior to current fiscal year, Charge Offs | 0 | 0 | |
Four years prior to current fiscal year, Charge Offs | 84 | 0 | |
Prior, Charge Offs | 0 | 0 | |
Revolving, Charge Offs | 0 | 109 | |
Total, Charge Offs | 84 | 109 | 120 |
Commercial real estate - non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 61,739 | 234,226 | |
One year prior to current fiscal year | 235,785 | 784,525 | |
Two years prior to current fiscal year | 814,204 | 657,499 | |
Three years prior to current fiscal year | 671,176 | 288,747 | |
Four years prior to current fiscal year | 287,896 | 397,031 | |
Prior | 1,179,616 | 841,062 | |
Revolving | 23,637 | 25,954 | |
Total | 3,274,053 | 3,229,044 | |
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 | 29,381 | |
Two years prior to current fiscal year | 29,348 | 2,092 | |
Three years prior to current fiscal year | 6,418 | 2,964 | |
Four years prior to current fiscal year | 2,952 | 0 | |
Prior | 10,352 | 12,120 | |
Revolving | 0 | 0 | |
Total | 49,070 | 46,557 | |
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 | 685 | |
Two years prior to current fiscal year | 0 | 8,723 | |
Three years prior to current fiscal year | 8,606 | 9,398 | |
Four years prior to current fiscal year | 9,264 | 10,427 | |
Prior | 27,096 | 14,806 | |
Revolving | 250 | 250 | |
Total | 45,216 | 44,289 | |
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 | 35,352 | 177,303 | |
One year prior to current fiscal year | 176,766 | 450,366 | |
Two years prior to current fiscal year | 472,335 | 650,005 | |
Three years prior to current fiscal year | 648,359 | 161,012 | |
Four years prior to current fiscal year | 158,118 | 95,660 | |
Prior | 507,690 | 423,161 | |
Revolving | 522,779 | 488,185 | |
Total | 2,521,399 | 2,445,692 | |
Current fiscal year, Charge Offs | 0 | 0 | |
One year prior to current fiscal year, Charge Offs | 0 | 0 | |
Two years prior to current fiscal year, Charge Offs | 0 | 0 | |
Three years prior to current fiscal year, Charge Offs | 0 | 44 | |
Four years prior to current fiscal year, Charge Offs | 0 | 0 | |
Prior, Charge Offs | 0 | 159 | |
Revolving, Charge Offs | 0 | 153 | |
Total, Charge Offs | 0 | 159 | 356 |
Residential real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 35,352 | 177,000 | |
One year prior to current fiscal year | 176,395 | 450,366 | |
Two years prior to current fiscal year | 472,223 | 649,086 | |
Three years prior to current fiscal year | 647,547 | 160,889 | |
Four years prior to current fiscal year | 157,927 | 95,288 | |
Prior | 497,194 | 413,719 | |
Revolving | 513,044 | 479,047 | |
Total | 2,499,682 | 2,425,395 | |
Residential real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 208 | |
One year prior to current fiscal year | 112 | 0 | |
Two years prior to current fiscal year | 0 | 0 | |
Three years prior to current fiscal year | 721 | 0 | |
Four years prior to current fiscal year | 39 | 58 | |
Prior | 1,134 | 482 | |
Revolving | 4,052 | 4,004 | |
Total | 6,058 | 4,752 | |
Residential real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 95 | |
One year prior to current fiscal year | 259 | 0 | |
Two years prior to current fiscal year | 112 | 919 | |
Three years prior to current fiscal year | 91 | 123 | |
Four years prior to current fiscal year | 152 | 314 | |
Prior | 9,362 | 8,960 | |
Revolving | 5,683 | 5,134 | |
Total | 15,659 | 15,545 | |
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 | 49,338 | 315,696 | |
One year prior to current fiscal year | 234,926 | 356,796 | |
Two years prior to current fiscal year | 333,184 | 355,820 | |
Three years prior to current fiscal year | 344,153 | 129,454 | |
Four years prior to current fiscal year | 123,117 | 72,557 | |
Prior | 157,547 | 102,305 | |
Revolving | 323,934 | 275,260 | |
Total | 1,566,199 | 1,607,888 | |
Current fiscal year, Charge Offs | 0 | 1,198 | |
One year prior to current fiscal year, Charge Offs | 0 | 117 | |
Two years prior to current fiscal year, Charge Offs | 85 | 659 | |
Three years prior to current fiscal year, Charge Offs | 266 | 3,007 | |
Four years prior to current fiscal year, Charge Offs | 0 | 582 | |
Prior, Charge Offs | 2,031 | 12,584 | |
Revolving, Charge Offs | 274 | 418 | |
Total, Charge Offs | 2,656 | 2,642 | 18,565 |
Commercial and financial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 49,338 | 315,560 | |
One year prior to current fiscal year | 233,844 | 336,071 | |
Two years prior to current fiscal year | 312,888 | 333,113 | |
Three years prior to current fiscal year | 322,298 | 127,069 | |
Four years prior to current fiscal year | 120,778 | 66,165 | |
Prior | 141,193 | 89,002 | |
Revolving | 318,118 | 269,108 | |
Total | 1,498,457 | 1,536,088 | |
Commercial and financial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 136 | |
One year prior to current fiscal year | 1,082 | 2,167 | |
Two years prior to current fiscal year | 1,206 | 1,064 | |
Three years prior to current fiscal year | 935 | 1,005 | |
Four years prior to current fiscal year | 985 | 503 | |
Prior | 1,468 | 1,103 | |
Revolving | 1,742 | 2,191 | |
Total | 7,418 | 8,169 | |
Commercial and financial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year prior to current fiscal year | 0 | 18,558 | |
Two years prior to current fiscal year | 19,090 | 21,643 | |
Three years prior to current fiscal year | 20,920 | 1,380 | |
Four years prior to current fiscal year | 1,354 | 5,889 | |
Prior | 14,886 | 11,842 | |
Revolving | 4,074 | 3,961 | |
Total | 60,324 | 63,273 | |
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 | 0 | 0 | |
Four years prior to current fiscal year | 0 | 0 | |
Prior | 0 | 358 | |
Revolving | 0 | 0 | |
Total | 0 | 358 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 4,354 | 20,628 | |
One year prior to current fiscal year | 17,827 | 67,963 | |
Two years prior to current fiscal year | 53,213 | 46,704 | |
Three years prior to current fiscal year | 41,080 | 19,927 | |
Four years prior to current fiscal year | 18,558 | 20,356 | |
Prior | 46,128 | 19,451 | |
Revolving | 61,579 | 56,538 | |
Total | 242,739 | 251,567 | |
Current fiscal year, Charge Offs | 0 | 74 | |
One year prior to current fiscal year, Charge Offs | 215 | 1,910 | |
Two years prior to current fiscal year, Charge Offs | 74 | 2,218 | |
Three years prior to current fiscal year, Charge Offs | 1,493 | 362 | |
Four years prior to current fiscal year, Charge Offs | 55 | 263 | |
Prior, Charge Offs | 36 | 666 | |
Revolving, Charge Offs | 15 | 261 | |
Total, Charge Offs | 1,888 | $ 695 | 5,754 |
Consumer | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 4,354 | 20,557 | |
One year prior to current fiscal year | 17,757 | 66,699 | |
Two years prior to current fiscal year | 49,663 | 45,534 | |
Three years prior to current fiscal year | 39,083 | 19,747 | |
Four years prior to current fiscal year | 18,337 | 20,300 | |
Prior | 45,641 | 19,080 | |
Revolving | 61,400 | 56,473 | |
Total | 236,235 | 248,390 | |
Consumer | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 5 | |
One year prior to current fiscal year | 0 | 334 | |
Two years prior to current fiscal year | 235 | 279 | |
Three years prior to current fiscal year | 217 | 77 | |
Four years prior to current fiscal year | 60 | 5 | |
Prior | 95 | 194 | |
Revolving | 88 | 65 | |
Total | 695 | 959 | |
Consumer | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 0 | 66 | |
One year prior to current fiscal year | 70 | 930 | |
Two years prior to current fiscal year | 3,315 | 891 | |
Three years prior to current fiscal year | 1,780 | 103 | |
Four years prior to current fiscal year | 161 | 51 | |
Prior | 392 | 177 | |
Revolving | 91 | 0 | |
Total | 5,809 | 2,218 | |
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 |
Loans - Troubled Borrower Modif
Loans - Troubled Borrower Modifications (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 7,376,000 | $ 29,000 |
% of Total Class of Loans | 0.07% | |
Nonaccrual loans modified | $ 16,771,000 | |
Loans modified | 22,477,000 | |
Subsequent defaults of TBMs | 0 | |
Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 5,037,000 | |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 290,000 | |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 148,000 | |
Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 231,000 | |
Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 6,765,000 | |
Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 611,000 | |
Commercial real estate - owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 3,324,000 | |
% of Total Class of Loans | 0.20% | |
Nonaccrual loans modified | $ 2,802,000 | |
Loans modified | 3,324,000 | |
Commercial real estate - owner occupied | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 522,000 | |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - owner occupied | Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 3,324,000 | |
Commercial real estate - owner occupied | Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 810,000 | |
% of Total Class of Loans | 0.02% | |
Nonaccrual loans modified | $ 810,000 | |
Loans modified | 810,000 | |
Commercial real estate - non-owner occupied | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial real estate - non-owner occupied | Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 810,000 | |
Commercial real estate - non-owner occupied | Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 31,000 | |
% of Total Class of Loans | 0% | |
Nonaccrual loans modified | $ 0 | |
Loans modified | 31,000 | |
Residential real estate | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 31,000 | |
Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Residential real estate | Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Residential real estate | Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 31,000 | |
Commercial and financial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 2,688,000 | |
% of Total Class of Loans | 0.17% | |
Nonaccrual loans modified | $ 13,016,000 | |
Loans modified | 15,201,000 | |
Commercial and financial | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 2,185,000 | |
Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 0 | |
Commercial and financial | Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2,631,000 | |
Commercial and financial | Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 57,000 | |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 523,000 | |
% of Total Class of Loans | 0.22% | |
Nonaccrual loans modified | $ 143,000 | |
Loans modified | 3,111,000 | |
Consumer | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 2,299,000 | |
Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 290,000 | |
Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 148,000 | |
Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified | 231,000 | |
Consumer | Rate Reduction or Rate Reduction with Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Consumer | Term Extension and/or Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 523,000 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 148,931 | $ 113,895 | $ 113,895 |
Allowance on PCD Loans Acquired During the Period | 13,335 | ||
Provision for Credit Losses | 1,368 | 31,598 | |
Charge- Offs | (4,628) | (3,605) | (24,795) |
Recoveries | 998 | 417 | |
Ending Balance | 146,669 | 155,640 | 148,931 |
Construction and land development | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 8,637 | 6,464 | 6,464 |
Allowance on PCD Loans Acquired During the Period | 5 | ||
Provision for Credit Losses | (1,640) | 69 | |
Charge- Offs | 0 | 0 | 0 |
Recoveries | 4 | 2 | |
Ending Balance | 7,001 | 6,540 | 8,637 |
Commercial real estate - owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 5,529 | 6,051 | 6,051 |
Allowance on PCD Loans Acquired During the Period | 139 | ||
Provision for Credit Losses | 4,484 | 101 | |
Charge- Offs | 0 | 0 | 0 |
Recoveries | 4 | 1 | |
Ending Balance | 10,017 | 6,292 | 5,529 |
Commercial real estate - non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 48,288 | 43,258 | 43,258 |
Allowance on PCD Loans Acquired During the Period | 647 | ||
Provision for Credit Losses | (1,621) | 9,715 | |
Charge- Offs | (84) | (109) | (120) |
Recoveries | 18 | 64 | |
Ending Balance | 46,601 | 53,575 | 48,288 |
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 39,016 | 29,605 | 29,605 |
Allowance on PCD Loans Acquired During the Period | 400 | ||
Provision for Credit Losses | (631) | 9,898 | |
Charge- Offs | 0 | (159) | (356) |
Recoveries | 243 | 150 | |
Ending Balance | 38,628 | 39,894 | 39,016 |
Commercial and financial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 34,343 | 15,648 | 15,648 |
Allowance on PCD Loans Acquired During the Period | 11,983 | ||
Provision for Credit Losses | (1,501) | 6,414 | |
Charge- Offs | (2,656) | (2,642) | (18,565) |
Recoveries | 521 | 190 | |
Ending Balance | 30,707 | 31,593 | 34,343 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 13,118 | 12,869 | 12,869 |
Allowance on PCD Loans Acquired During the Period | 161 | ||
Provision for Credit Losses | 2,277 | 5,401 | |
Charge- Offs | (1,888) | (695) | (5,754) |
Recoveries | 208 | 10 | |
Ending Balance | $ 13,715 | $ 17,746 | $ 13,118 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Securities fair value hedges | |
Derivative [Line Items] | |
Reclassification of fair value hedge from AOCI into income | $ 4,000 |
Fair value hedge gain (loss) reclassified | 61 |
Residential mortgage fair value hedges | |
Derivative [Line Items] | |
Gain (loss) on derivative instruments | $ 400 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Back-to-back swaps | Other Assets and Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 622,857 | $ 605,735 |
Fair value of derivative assets and liabilities | 30,037 | 28,804 |
Securities fair value hedges | Other Assets | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 400,000 | 400,000 |
Fair value of derivative assets and liabilities | 4,018 | 2,677 |
Residential mortgage fair value hedges | Other Assets | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 200,000 | |
Fair value of derivative assets and liabilities | 880 | |
Residential mortgage fair value hedges | Other Liabilities | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 200,000 | |
Fair value of derivative assets and liabilities | 75 | |
Back-To-Back Swaps, Risk Participation Agreements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 9,400 | $ 9,400 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Portfolio layer method amount designated as hedged | $ 200,000 | $ 200,000 |
Securities available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount of the hedged items | 555,920 | 584,108 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | 4,044 | 2,643 |
Amortized cost basis and unallocated basis adjustments used in hedging relationships | 657,500 | 680,600 |
Loans, net | ||
Derivative [Line Items] | ||
Carrying amount of the hedged items | 627,213 | 633,693 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | 937 | 44 |
Amortized cost basis and unallocated basis adjustments used in hedging relationships | $ 200,000 | $ 200,000 |
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, 2024 | Dec. 31, 2023 |
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 1,600,000 | |
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 | $ 384,959 | $ 396,378 |
Regulatory Capital (Details)
Regulatory Capital (Details) | Mar. 31, 2024 |
Banking And Thrift Disclosure [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, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Debt securities available-for-sale | $ 1,949,463 | $ 1,836,020 |
Other real estate owned | 7,315 | 7,560 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities available-for-sale | 1,949,463 | 1,836,020 |
Derivative financial instruments | 34,935 | 31,481 |
Loans held for sale | 9,475 | 4,391 |
Equity securities | 13,506 | 13,623 |
Financial Liabilities | ||
Derivative financial instruments | 30,037 | 28,879 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities available-for-sale | 192 | 192 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 13,506 | 13,623 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities available-for-sale | 1,949,271 | 1,835,828 |
Derivative financial instruments | 34,935 | 31,481 |
Loans held for sale | 9,475 | 4,391 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 30,037 | 28,879 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities available-for-sale | 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 | 2,504 | 15,242 |
Other real estate owned | 7,315 | 7,560 |
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 | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Loans | 2,504 | 15,242 |
Other real estate owned | $ 7,315 | $ 7,560 |
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, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Held-to-maturity debt securities | $ 669,896 | $ 680,313 |
Time deposits with other banks | 7,856 | 5,857 |
Loans, net | 9,831,383 | 9,914,009 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
FHLB borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Time deposits with other banks | 7,820 | 5,756 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
FHLB borrowings | 110,001 | 49,745 |
Long-term debt | 101,008 | 100,851 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Time deposits with other banks | 0 | 0 |
Loans, net | 9,580,648 | 9,805,693 |
Financial Liabilities | ||
Deposits | 12,014,568 | 11,775,613 |
FHLB borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Held-to-maturity debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Held-to-maturity debt securities | 540,160 | 558,359 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Held-to-maturity debt securities | 0 | 0 |
Carrying Value | ||
Financial Assets | ||
Time deposits with other banks | 7,856 | 5,857 |
Loans, net | 9,828,879 | 9,898,767 |
Financial Liabilities | ||
Deposits | 12,015,840 | 11,776,935 |
FHLB borrowings | 110,000 | 50,000 |
Long-term debt | 106,468 | 109,458 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Held-to-maturity debt securities | $ 669,896 | $ 680,313 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | 3 Months Ended | ||||
Jan. 31, 2023 USD ($) branch | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 732,417 | $ 732,417 | |||
Allowance for credit losses | $ 155,640 | $ 146,669 | $ 148,931 | $ 113,895 | |
Acquisition costs | $ 17,500 | ||||
Professional Holding Corp. | |||||
Business Acquisition [Line Items] | |||||
Number of branches operated | branch | 9 | ||||
Percentage of common stock acquired | 100% | ||||
Per share exchange ratio (in shares) | 0.8909 | ||||
Goodwill | $ 251,674 | ||||
Fair value of options and warrants converted | 10,304 | ||||
Allowance for credit losses | 45,500 | ||||
Measurement period adjustment | $ (5,544) | ||||
Intangible assets weighted average useful life | 8 years | ||||
Professional Holding Corp. | PCD Loans | |||||
Business Acquisition [Line Items] | |||||
Allowance for credit losses at acquisition | $ 18,879 | ||||
Professional Holding Corp. | Acquired Non-PCD Loans | |||||
Business Acquisition [Line Items] | |||||
Allowance for credit losses | $ 26,600 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) - Professional Holding Corp. $ / shares in Units, $ in Thousands | Jan. 31, 2023 USD ($) $ / shares shares |
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 |
Payments To Acquire Fractional Shares | 5 |
Fair value of options and warrants converted | 10,304 |
Total purchase price | $ 421,047 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | |||
Goodwill | $ 732,417 | $ 732,417 | |
Professional Holding Corp. | |||
Assets: | |||
Cash and cash equivalents | $ 141,680 | ||
Measurement Period Adjustments, Cash and cash equivalents | 0 | ||
Investment securities | 167,059 | ||
Measurement Period Adjustments, Investment Securities | 0 | ||
Loans | 1,986,169 | ||
Measurement Period Adjustments, Loans | (5,544) | ||
Bank premises and equipment | 2,478 | ||
Measurement Period Adjustments, Bank premises and equipment | 0 | ||
Core deposit intangibles | 48,885 | ||
Measurement Period Adjustments, Core deposit intangibles | 0 | ||
Goodwill | 251,674 | ||
Measurement Period Adjustments, Goodwill | 3,583 | ||
BOLI | 55,071 | ||
Measurement Period Adjustments, BOLI | 0 | ||
Other Assets | 76,793 | ||
Measurement Period Adjustments, Other Assets | 2,561 | ||
Total Assets | 2,729,809 | ||
Measurement Period Adjustments, Total Assets | 600 | ||
Liabilities: | |||
Deposits | 2,119,341 | ||
Measurement Period Adjustments, Deposits | 0 | ||
Subordinated debt | 21,141 | ||
Measurement Period Adjustments, Subordinated debt | 0 | ||
Other Liabilities | 168,280 | ||
Measurement Period Adjustments, Other Liabilities | 600 | ||
Total Liabilities | 2,308,762 | ||
Measurement Period Adjustments, Total Liabilities | 600 | ||
Professional Holding Corp. | Initially Measured | |||
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 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - Professional Holding Corp. $ in Thousands | Jan. 31, 2023 USD ($) |
Business Acquisition [Line Items] | |
Book Balance | $ 2,139,222 |
Fair Value | 1,986,169 |
Construction and land development | |
Business Acquisition [Line Items] | |
Book Balance | 156,048 |
Fair Value | 151,012 |
Commercial real estate - owner occupied | |
Business Acquisition [Line Items] | |
Book Balance | 293,473 |
Fair Value | 274,068 |
Commercial real estate - non-owner occupied | |
Business Acquisition [Line Items] | |
Book Balance | 752,393 |
Fair Value | 692,746 |
Residential real estate | |
Business Acquisition [Line Items] | |
Book Balance | 509,305 |
Fair Value | 483,611 |
Commercial and financial | |
Business Acquisition [Line Items] | |
Book Balance | 392,396 |
Fair Value | 350,628 |
Consumer | |
Business Acquisition [Line Items] | |
Book Balance | 33,656 |
Fair Value | 32,153 |
PPP Loans | |
Business Acquisition [Line Items] | |
Book Balance | 1,951 |
Fair Value | $ 1,951 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - PCD Loans - Professional Holding Corp. $ in Thousands | Jan. 31, 2023 USD ($) |
Business Acquisition [Line Items] | |
Book balance of loans at acquisition | $ 155,031 |
Allowance for credit losses at acquisition | (18,879) |
Non-credit related discount | (12,361) |
Total PCD loans acquired | $ 123,791 |