Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Entity File Number | 001-12669 | |
Entity Registrant Name | SOUTHSTATE CORP | |
Entity Incorporation, State or Country Code | SC | |
Entity Tax Identification Number | 57-0799315 | |
Entity Address, Address Line One | 1101 First Street South, Suite 202 | |
Entity Address, City or Town | Winter Haven | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33880 | |
City Area Code | 863 | |
Local Phone Number | 293-4710 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SSB | |
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 | 76,065,258 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000764038 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 514,917 | $ 548,387 |
Federal funds sold and interest-earning deposits with banks | 587,626 | 580,491 |
Deposits in other financial institutions (restricted cash) | 226,594 | 183,685 |
Total cash and cash equivalents | 1,329,137 | 1,312,563 |
Trading securities, at fair value | 114,154 | 31,263 |
Investment securities: | ||
Securities held to maturity (fair value of $2,012,400 and $2,250,168) | 2,533,713 | 2,683,241 |
Securities available for sale, at fair value | 4,623,618 | 5,326,822 |
Other investments | 187,152 | 179,717 |
Total investment securities | 7,344,483 | 8,189,780 |
Loans held for sale | 27,443 | 28,968 |
Loans: | ||
Total loans | 32,016,672 | 30,177,862 |
Less allowance for credit losses | (447,956) | (356,444) |
Loans, net | 31,568,716 | 29,821,418 |
Other real estate owned | 434 | 1,023 |
Bank property held for sale | 15,251 | 17,754 |
Premises and equipment, net | 516,583 | 520,635 |
Bank owned life insurance ("BOLI") | 984,881 | 964,708 |
Deferred tax assets | 150,422 | 177,801 |
Derivatives assets | 212,345 | 211,016 |
Mortgage servicing rights | 89,476 | 86,610 |
Core deposit and other intangibles | 95,094 | 116,450 |
Goodwill | 1,923,106 | 1,923,106 |
Other assets | 617,603 | 515,601 |
Total assets | 44,989,128 | 43,918,696 |
Deposits: | ||
Noninterest-bearing | 11,158,431 | 13,168,656 |
Interest-bearing | 25,776,767 | 23,181,967 |
Total deposits | 36,935,198 | 36,350,623 |
Federal funds purchased | 253,486 | 213,597 |
Securities sold under agreements to repurchase | 259,818 | 342,820 |
Corporate and subordinated debentures | 391,997 | 392,275 |
Reserve for unfunded commitments | 62,347 | 67,215 |
Derivative liabilities | 1,251,878 | 1,034,143 |
Other liabilities | 603,417 | 443,096 |
Total liabilities | 39,758,141 | 38,843,769 |
Shareholders' equity: | ||
Common stock - $2.50 par value; authorized 160,000,000 shares; 76,017,366 and 75,704,563 shares issued and outstanding, respectively | 190,043 | 189,261 |
Surplus | 4,238,753 | 4,215,712 |
Retained earnings | 1,618,080 | 1,347,042 |
Accumulated other comprehensive loss | (815,889) | (677,088) |
Total shareholders' equity | 5,230,987 | 5,074,927 |
Total liabilities and shareholders' equity | 44,989,128 | 43,918,696 |
Acquired - non-purchased credit deteriorated loans | ||
Loans: | ||
Total loans | 5,064,254 | 5,943,092 |
Acquired - purchased credit deteriorated loans | ||
Loans: | ||
Total loans | 1,171,543 | 1,429,731 |
Non-acquired loans | ||
Loans: | ||
Total loans | $ 25,780,875 | $ 22,805,039 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities: | ||
Securities held to maturity, fair value (in dollars) | $ 2,012,400 | $ 2,250,168 |
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 76,017,366 | 75,704,563 |
Common stock, shares outstanding | 76,017,366 | 75,704,563 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Loans, including fees | $ 443,805,000 | $ 312,856,000 | $ 1,256,525,000 | $ 818,473,000 |
Investment securities: | ||||
Taxable | 40,330,000 | 39,300,000 | 123,149,000 | 108,368,000 |
Tax-exempt | 5,543,000 | 5,986,000 | 17,687,000 | 15,937,000 |
Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with banks | 10,831,000 | 18,190,000 | 31,610,000 | 30,359,000 |
Total interest income | 500,509,000 | 376,332,000 | 1,428,971,000 | 973,137,000 |
Interest expense: | ||||
Deposits | 133,944,000 | 7,534,000 | 290,673,000 | 17,040,000 |
Federal funds purchased and securities sold under agreements to repurchase | 4,291,000 | 1,506,000 | 10,679,000 | 2,556,000 |
Corporate and subordinated debentures | 6,014,000 | 4,958,000 | 17,572,000 | 13,874,000 |
Other borrowings | 889,000 | 11,670,000 | ||
Total interest expense | 145,138,000 | 13,998,000 | 330,594,000 | 33,470,000 |
Net interest income | 355,371,000 | 362,334,000 | 1,098,377,000 | 939,667,000 |
Provision for credit losses | 32,709,000 | 23,876,000 | 104,189,000 | 34,713,000 |
Net interest income after provision for credit losses | 322,662,000 | 338,458,000 | 994,188,000 | 904,954,000 |
Noninterest income: | ||||
Securities gains, net | 0 | 30,000 | 45,000 | 30,000 |
Other income | 12,035,000 | 8,004,000 | 29,765,000 | 22,770,000 |
Total noninterest income | 72,848,000 | 73,053,000 | 221,417,000 | 245,855,000 |
Noninterest expense: | ||||
Salaries and employee benefits | 146,146,000 | 139,554,000 | 437,548,000 | 414,264,000 |
Occupancy expense | 22,251,000 | 22,490,000 | 65,980,000 | 67,089,000 |
Information services expense | 21,428,000 | 20,714,000 | 62,472,000 | 59,854,000 |
OREO and loan related expense | 613,000 | 532,000 | 768,000 | 291,000 |
Amortization of intangibles | 6,616,000 | 7,837,000 | 20,943,000 | 25,178,000 |
Supplies, printing and postage expense | 2,623,000 | 2,621,000 | 7,817,000 | 7,210,000 |
Professional fees | 3,456,000 | 3,495,000 | 11,522,000 | 11,575,000 |
FDIC assessment and other regulatory charges | 8,632,000 | 6,300,000 | 24,745,000 | 16,444,000 |
Advertising and marketing | 3,009,000 | 2,170,000 | 6,648,000 | 6,219,000 |
Merger, branch consolidation and severance related expense | 164,000 | 13,679,000 | 11,384,000 | 29,345,000 |
Other expense | 23,268,000 | 21,041,000 | 71,510,000 | 62,733,000 |
Total noninterest expense | 238,206,000 | 240,433,000 | 721,337,000 | 700,202,000 |
Earnings: | ||||
Income before provision for income taxes | 157,304,000 | 171,078,000 | 494,268,000 | 450,607,000 |
Provision for income taxes | 33,160,000 | 38,035,000 | 106,751,000 | 98,060,000 |
Net income | $ 124,144,000 | $ 133,043,000 | $ 387,517,000 | $ 352,547,000 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.63 | $ 1.76 | $ 5.10 | $ 4.75 |
Diluted (in dollars per share) | $ 1.62 | $ 1.75 | $ 5.07 | $ 4.71 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 76,139 | 75,606 | 76,034 | 74,185 |
Diluted (in shares) | 76,571 | 76,182 | 76,446 | 74,791 |
Fees on deposit accounts | ||||
Noninterest income: | ||||
Noninterest income | $ 32,830,000 | $ 30,326,000 | $ 95,790,000 | $ 91,198,000 |
Mortgage banking income | ||||
Noninterest income: | ||||
Noninterest income | 2,478,000 | 2,262,000 | 11,164,000 | 18,336,000 |
Trust and investment services income | ||||
Noninterest income: | ||||
Noninterest income | 9,556,000 | 9,603,000 | 29,316,000 | 29,152,000 |
Correspondent banking and capital markets income | ||||
Noninterest income: | ||||
Noninterest income | 12,916,000 | 16,427,000 | 45,697,000 | 70,445,000 |
SBA income | ||||
Noninterest income: | ||||
Noninterest income | $ 3,033,000 | $ 6,401,000 | $ 9,640,000 | $ 13,924,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) | ||||
Net income | $ 124,144 | $ 133,043 | $ 387,517 | $ 352,547 |
Unrealized holding losses on available for sale securities: | ||||
Unrealized holding losses on available for sale securities: | (204,409) | (299,139) | (196,289) | (922,437) |
Tax effect | 50,918 | 73,588 | 57,521 | 227,148 |
Reclassification adjustment for gains included in net income | (30) | (45) | (30) | |
Tax effect | 7 | 12 | 7 | |
Net of tax amount | (153,491) | (225,574) | (138,801) | (695,312) |
Other comprehensive loss, net of tax | (153,491) | (225,574) | (138,801) | (695,312) |
Comprehensive (loss) income | $ (29,347) | $ (92,531) | $ 248,716 | $ (342,765) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2021 | $ 173,331 | $ 3,653,098 | $ 997,657 | $ (21,146) | $ 4,802,940 |
Balance (in shares) at Dec. 31, 2021 | 69,332,297 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income (Loss) | 352,547 | 352,547 | |||
Other comprehensive income (loss), net of tax effects | (695,312) | (695,312) | |||
Total comprehensive income (loss) | (342,765) | ||||
Cash dividends declared on common stock per share | (108,639) | (108,639) | |||
Cash dividends equivalents paid on restricted stock units | (152) | (152) | |||
Employee stock purchases | $ 48 | 1,395 | 1,443 | ||
Employee stock purchases (in shares) | 19,162 | ||||
Stock options exercised | $ 92 | 1,424 | 1,516 | ||
Stock options exercised (in shares) | 37,236 | ||||
Restricted stock awards (forfeits) | $ (6) | 6 | |||
Restricted stock awards (forfeits) (in shares) | (2,816) | ||||
Stock issued pursuant to restricted stock units | $ 958 | (957) | 1 | ||
Stock issued pursuant to restricted stock units (in shares) | 383,369 | ||||
Common stock repurchased - buyback plan | $ (3,280) | (106,924) | (110,204) | ||
Common stock repurchased - buyback plan (in shares) | (1,312,038) | ||||
Common stock repurchased | $ (279) | (8,778) | (9,057) | ||
Common stock repurchased (in shares) | (111,568) | ||||
Share-based compensation expense | 28,311 | 28,311 | |||
Common stock issued for acquisition | $ 18,327 | 641,445 | 659,772 | ||
Common stock issued for acquisition (in shares) | 7,330,803 | ||||
Net fair value of unvested equity awards assumed in the Atlantic Capital acquisition | (1,980) | (1,980) | |||
Balance at Sep. 30, 2022 | $ 189,191 | 4,207,040 | 1,241,413 | (716,458) | 4,921,186 |
Balance (in shares) at Sep. 30, 2022 | 75,676,445 | ||||
Balance at Dec. 31, 2021 | $ 173,331 | 3,653,098 | 997,657 | (21,146) | 4,802,940 |
Balance (in shares) at Dec. 31, 2021 | 69,332,297 | ||||
Balance at Dec. 31, 2022 | $ 189,261 | 4,215,712 | 1,347,042 | (677,088) | $ 5,074,927 |
Balance (in shares) at Dec. 31, 2022 | 75,704,563 | 75,704,563 | |||
Balance at Jun. 30, 2022 | $ 189,103 | 4,195,976 | 1,146,230 | (490,884) | $ 5,040,425 |
Balance (in shares) at Jun. 30, 2022 | 75,641,322 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income (Loss) | 133,043 | 133,043 | |||
Other comprehensive income (loss), net of tax effects | (225,574) | (225,574) | |||
Total comprehensive income (loss) | (92,531) | ||||
Cash dividends declared on common stock per share | (37,834) | (37,834) | |||
Cash dividends equivalents paid on restricted stock units | (26) | (26) | |||
Employee stock purchases | $ 25 | 714 | 739 | ||
Employee stock purchases (in shares) | 10,084 | ||||
Stock options exercised | $ 47 | 732 | 779 | ||
Stock options exercised (in shares) | 18,980 | ||||
Restricted stock awards (forfeits) | $ (3) | 3 | |||
Restricted stock awards (forfeits) (in shares) | (1,550) | ||||
Stock issued pursuant to restricted stock units | $ 46 | (46) | |||
Stock issued pursuant to restricted stock units (in shares) | 18,560 | ||||
Common stock repurchased | $ (27) | (851) | (878) | ||
Common stock repurchased (in shares) | (10,951) | ||||
Share-based compensation expense | 10,512 | 10,512 | |||
Balance at Sep. 30, 2022 | $ 189,191 | 4,207,040 | 1,241,413 | (716,458) | 4,921,186 |
Balance (in shares) at Sep. 30, 2022 | 75,676,445 | ||||
Balance at Dec. 31, 2022 | $ 189,261 | 4,215,712 | 1,347,042 | (677,088) | $ 5,074,927 |
Balance (in shares) at Dec. 31, 2022 | 75,704,563 | 75,704,563 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income (Loss) | 387,517 | $ 387,517 | |||
Other comprehensive income (loss), net of tax effects | (138,801) | (138,801) | |||
Total comprehensive income (loss) | 248,716 | ||||
Cash dividends declared on common stock per share | (115,400) | (115,400) | |||
Cash dividends equivalents paid on restricted stock units | (1,079) | (1,079) | |||
Employee stock purchases | $ 52 | 1,304 | 1,356 | ||
Employee stock purchases (in shares) | 20,903 | ||||
Stock options exercised | $ 68 | 1,324 | 1,392 | ||
Stock options exercised (in shares) | 27,156 | ||||
Restricted stock awards (forfeits) | $ (7) | 7 | |||
Restricted stock awards (forfeits) (in shares) | (2,559) | ||||
Stock issued pursuant to restricted stock units | $ 927 | (927) | |||
Stock issued pursuant to restricted stock units (in shares) | 370,493 | ||||
Common stock repurchased | $ (258) | (7,151) | (7,409) | ||
Common stock repurchased (in shares) | (103,190) | ||||
Share-based compensation expense | 28,484 | 28,484 | |||
Balance at Sep. 30, 2023 | $ 190,043 | 4,238,753 | 1,618,080 | (815,889) | $ 5,230,987 |
Balance (in shares) at Sep. 30, 2023 | 76,017,366 | 76,017,366 | |||
Balance at Jun. 30, 2023 | $ 189,990 | 4,228,910 | 1,533,508 | (662,398) | $ 5,290,010 |
Balance (in shares) at Jun. 30, 2023 | 75,995,979 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net Income (Loss) | 124,144 | 124,144 | |||
Other comprehensive income (loss), net of tax effects | (153,491) | (153,491) | |||
Total comprehensive income (loss) | (29,347) | ||||
Cash dividends declared on common stock per share | (39,526) | (39,526) | |||
Cash dividends equivalents paid on restricted stock units | (46) | (46) | |||
Employee stock purchases | $ 28 | 681 | 709 | ||
Employee stock purchases (in shares) | 11,341 | ||||
Stock options exercised | $ 9 | 210 | 219 | ||
Stock options exercised (in shares) | 3,640 | ||||
Restricted stock awards (forfeits) | $ (1) | 1 | |||
Restricted stock awards (forfeits) (in shares) | (206) | ||||
Stock issued pursuant to restricted stock units | $ 30 | (30) | |||
Stock issued pursuant to restricted stock units (in shares) | 11,709 | ||||
Common stock repurchased | $ (13) | (374) | (387) | ||
Common stock repurchased (in shares) | (5,097) | ||||
Share-based compensation expense | 9,355 | 9,355 | |||
Balance at Sep. 30, 2023 | $ 190,043 | $ 4,238,753 | $ 1,618,080 | $ (815,889) | $ 5,230,987 |
Balance (in shares) at Sep. 30, 2023 | 76,017,366 | 76,017,366 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | ||||
Common stock cash dividends declared, per share (in dollars per share) | $ 0.52 | $ 0.50 | $ 1.52 | $ 1.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 387,517 | $ 352,547 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 44,365 | 48,765 |
Provision for credit losses | 104,189 | 34,713 |
Deferred income taxes | 72,680 | 123,905 |
Gains on sale of securities, net | (45) | (30) |
Share-based compensation expense | 28,484 | 28,311 |
Accretion of discount related to acquired loans | (16,931) | (29,061) |
Losses on disposal of premises and equipment | 27 | 3,483 |
Gains on sale of bank properties held for sale and repossessed real estate | (1,454) | (787) |
Net amortization of premiums on investment securities | 15,181 | 21,528 |
Bank properties held for sale and repossessed real estate write downs | 1,525 | 226 |
Fair value adjustment for loans held for sale | 508 | 7,604 |
Originations and purchases of loans held for sale | (666,880) | (1,273,659) |
Proceeds from sales of loans held for sale | 670,223 | 1,421,238 |
(Gains) losses on sales of loans held for sale | (2,327) | 2,062 |
Increase in cash surrender value of BOLI | (18,573) | (17,188) |
Net change in: | ||
Accrued interest receivable | (16,665) | (22,788) |
Prepaid assets | (4,178) | (1,180) |
Operating leases | 231 | 245 |
Bank owned life insurance | (1,589) | (423) |
Trading securities | (82,891) | 25,749 |
Derivative assets | (1,329) | 205,641 |
Miscellaneous other assets | (41,921) | (6,642) |
Accrued interest payable | 38,945 | 2,745 |
Accrued income taxes | (31,740) | (54,219) |
Derivative liabilities | 217,735 | 790,388 |
Miscellaneous other liabilities | 125,989 | (86,653) |
Net cash provided by operating activities | 821,076 | 1,576,520 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 125,298 | 482,028 |
Proceeds from maturities and calls of investment securities held to maturity | 145,751 | 176,401 |
Proceeds from maturities and calls of investment securities available for sale | 404,718 | 460,910 |
Proceeds from sales and redemptions of other investment securities | 185,875 | 13,216 |
Purchases of investment securities available for sale | (34,505) | (1,366,327) |
Purchases of investment securities held to maturity | (1,099,691) | |
Purchases of other investment securities | (193,310) | (20,387) |
Net increase in loans | (1,855,352) | (2,516,308) |
Net cash received from acquisitions | 250,115 | |
Recoveries of loans previously charged off | 12,630 | 15,381 |
Purchase of bank owned life insurance | (5,966) | (85,966) |
Purchases of premises and equipment | (26,372) | (13,781) |
Proceeds from redemption and payout of bank owned life insurance policies | 5,956 | 1,188 |
Proceeds from sale of bank properties held for sale and repossessed real estate | 8,392 | 8,564 |
Proceeds from sale of premises and equipment | 850 | 3,772 |
Net cash used in investing activities | (1,226,035) | (3,690,885) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 585,786 | (1,221,468) |
Net decrease in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | (43,113) | (223,437) |
Proceeds from FHLB borrowings | 5,350,200 | |
Repayment of FHLB borrowings | (5,350,200) | (13,000) |
Common stock issuance | 1,356 | 1,444 |
Common stock repurchases | (7,409) | (119,261) |
Dividends paid | (116,479) | (108,791) |
Stock options exercised | 1,392 | 1,516 |
Net cash provided by (used in) financing activities | 421,533 | (1,682,997) |
Net increase (decrease) in cash and cash equivalents | 16,574 | (3,797,362) |
Cash and cash equivalents at beginning of period | 1,312,563 | 6,721,571 |
Cash and cash equivalents at end of period | 1,329,137 | 2,924,209 |
Cash paid for: | ||
Interest | 291,649 | 34,227 |
Income taxes | 68,672 | 31,611 |
Recognition of operating lease assets in exchange for lease liabilities | 701 | 12,616 |
Acquisitions: | ||
Fair value of tangible assets acquired | 3,501,273 | |
Other intangible assets acquired | 20,791 | |
Liabilities assumed | 3,205,694 | |
Net identifiable assets acquired over liabilities assumed | 341,440 | |
Common stock issued in acquisition | 659,772 | |
Real estate acquired in full or in partial settlement of loans | $ 3,298 | $ 1,151 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation | |
Basis of Presentation | Note 1 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, otherwise referred to as GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required 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 information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by GAAP for complete financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies The information contained in the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2023, should be referenced when reading these unaudited consolidated financial statements. Unless otherwise mentioned or unless the context requires otherwise, references herein to “SouthState,” the “Company” “we,” “us,” “our” or similar references mean SouthState Corporation and its consolidated subsidiaries. References to the “Bank” or “SouthState Bank” means SouthState Corporation’s wholly owned subsidiary, South State Bank, National Association, a national banking association. Loans Loans that management has originated and has the intent and ability to hold for the foreseeable future or until maturity or pay off generally are reported at their unpaid principal balances, less unearned income and net of any deferred loan fees and costs, including unamortized fair value discount or premium. Unearned income on installment loans is recognized as income over the terms of the loans by methods that generally approximate the interest method. Interest on other loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for non-accrual loans. We place non-acquired loans and acquired loans on nonaccrual once reasonable doubt exists about the collectability of all principal and interest due. Generally, this occurs when principal or interest is 90 days or more past due, unless the loan is well secured and in the process of collection and excludes factored receivables. For factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement due date. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. million. Large pools of homogeneous loans are collectively evaluated for loss and reserved at the pool level. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as nonaccrual, provided that management expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. Allowance for Credit Losses (“ACL”) – Investment Securities Management monitors the held to maturity portfolio to determine whether a valuation account should be recorded. Management evaluates impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value at least quarterly, and more frequently when economic or market concerns warrant such evaluation. The Company’s methodology on how ACL is calculated is disclosed in Note 1 — Summary of Significant Accounting Policies, under the “ACL – Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. As of September 30, 2023 and December 31, 2022, the Company had The Company follows its nonaccrual policy by reversing interest income in the income statement when the Company determines the interest for held to maturity securities is uncollectible. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the investment securities and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023 and December 31, 2022, the accrued interest receivables for all investment securities recorded in Other Assets were ACL – Loans and Certain Off-Balance-Sheet Credit Exposures The ACL for loans held for investment reflects management’s estimate of credit losses that will result from the inability of our borrowers to make required loan payments. The Company makes adjustments to the ACL by recording a provision for or recovery of credit losses through earnings. Loans charged off are recorded as reductions to the ACL on the balance sheet and subsequent recoveries of loan charge-offs are recorded as increases to the ACL when they are received. Management uses systematic methodologies to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company’s methodology on how ACL is calculated is disclosed in Note 1 — Summary of Significant Accounting Policies, under the “ACL – Loans” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , that requires the elimination of designation of loans as TDRs. Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications. Longstanding TDR accounting rules were replaced as of January 1, 2023 with ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (See Note 3 Recent Accounting and Regulatory Pronouncements). In accordance with the adoption of ASU 2022-02, any loans modified to a borrower experiencing financial difficulty are reviewed by the Bank to determine if an interest rate reduction, a term extension, an other-than-insignificant payment delay, a principal forgiveness, or any combination of these has occurred. Effective January 1, 2023, the ACL includes expected losses from modifications of receivables to borrowers experiencing financial difficulty. Losses on modifications of non-accrual loans over million to borrowers experiencing financial difficulty are estimated on an individual basis. Because the effect of the remainder of modifications made to borrowers experiencing financial difficulty is already incorporated into the measurement methodologies used to estimate the allowance, they are accounted for as pooled loans. The effects of reasonably expected TDRs are no longer considered in the measurement of expected credit losses. Prior to the adoption of ASU No. 2022-02, when determining the contractual term, the Company considered expected prepayments but was precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expected it would execute a TDR with a borrower. In the event of a reasonably expected TDR, the Company factored the reasonably-expected TDR into the expected credit losses estimate. For consumer loans, the point at which a TDR was reasonably expected was when the Company approved the borrower’s application for a modification (i.e., the borrower qualifies for the TDR) or when the Credit Administration department approved loan concessions on substandard loans. For commercial loans, the point at which a TDR was reasonably expected was when the Company approved the loan for modification or when the Credit Administration department approved loan concessions on substandard loans. The Company used a discounted cash flow methodology for a TDR to calculate the effect of the concession provided to the borrower within the ACL. For purchased credit-deteriorated, otherwise referred to herein as PCD, assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e., allowance for credit losses) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the allowance for credit losses. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the Provision for Credit Losses in the Consolidated Statements of Net Income. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023 and December 31, 2022, the accrued interest receivables for loans recorded in The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the expected credit loss are recorded as a liability on the balance sheet. Management has determined that a majority of the Company’s off-balance sheet credit exposures are not unconditionally cancellable. Management completes funding studies based on historical data to estimate the percentage of unfunded loan commitments that will ultimately be funded to calculate the reserve for unfunded commitments. Management applies this funding rate, along with the loss factor rate determined for each pooled loan segment, to unfunded loan commitments, excluding unconditionally cancellable exposures and letters of credit, to arrive at the reserve for unfunded loan commitments. As of September 30, 2023 and December 31, 2022, the liabilities recorded for expected credit losses on unfunded commitments were million, respectively. Reclassification and Correction Certain amounts previously reported have been reclassified to conform to the current quarter’s presentation. Such reclassifications had no effect on net income and shareholders’ equity. During 2022, the Company determined the variation margin payments for its interest rate swaps centrally cleared through London Clearing House (“LCH”) and Chicago Mercantile Exchange (“CME”) meet the legal characteristics of daily settlements of the derivatives (settle-to-market) rather than collateral (collateralize-to-market). As a result, the variation margin payment and the related derivative instruments centrally cleared through LCH and CME are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in Derivative Assets or Derivative Liabilities on the Consolidated Balance Sheets, as opposed to interest-earning deposits (restricted cash) within Cash and Cash Equivalents or interest-bearing deposits within Total Deposits. In addition, the expense or income attributable to the variation margin payments for the centrally cleared swaps is reported in Noninterest Income, specifically within Correspondent and Capital Markets Income, as opposed to Interest Income or Interest Expense. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. As a result of the correction from collateralize-to-market accounting treatment previously applied by the Company to settle-to-market accounting treatment, the prior periods presented herein have been corrected, for what management has concluded to be an immaterial correction. The table below discloses the net change (increase or (decrease)) included in all the Consolidated Statements of Net Income line items in this Form 10-Q, as a result of the change in accounting treatment. There was no impact to Net Income or Shareholders’ Equity as previously reported. (Dollars in thousands) Three Months Ended Nine Months Ended INCOME STATEMENT September 30, 2022 September 30, 2022 Interest income: Effect to interest income on federal funds sold and interest-earning deposits with banks $ 1,522 $ 2,203 Net effect to interest income 1,522 2,203 Effect to interest expense on deposits (2,603) (3,502) Net effect to interest expense (2,603) (3,502) Net effect to net interest income $ 4,125 $ 5,705 Noninterest Income: Effect to correspondent banking and capital markets income $ (4,125) $ (5,705) Net effect to noninterest income $ (4,125) $ (5,705) Net effect to net income $ — $ — |
Recent Accounting and Regulator
Recent Accounting and Regulatory Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Recent Accounting and Regulatory Pronouncements | |
Recent Accounting and Regulatory Pronouncements | Note 3 — Recent Accounting and Regulatory Pronouncements Accounting Standards Adopted In March 2022, FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The amendments in this ASU eliminate the long-standing accounting guidance for Troubled Debt Restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors , as it is no longer meaningful due to the introduction of Topic 326, which requires an entity to consider lifetime expected credit losses on loans when establishing an allowance for credit losses. Thus, most losses that would have been realized for a TDR under Subtopic 310-40 are now captured by the accounting required under Topic 326. The amendments in this ASU also require that an entity disclose current-period gross write offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments – Credit Losses Measured at Amortized Cost . The Company adopted ASU No. 2022-02 effective January 1, 2023. We elected to apply a prospective transition method, which applies only to modifications occurring after the adoption date. For loans meeting the Bank’s materiality criteria, which includes loans in excess of $250,000, an assessment of whether a borrower is experiencing financial difficulty is made on the date of the modification. On the transition date, the former TDR loans as of December 31, 2022 were designated as individually evaluated loans on January 1, 2023 and retained the allowance for credit losses allocated to these loans at the adoption date as the credit risk of these did not change. Aside from the changes to the disclosures required by ASU No. 2022-02, the ASU did not have a material impact on our consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848 – Facilitation of the Effects of Reference Rate Reform on Financial Reporting and subsequently expanded the scope of ASU No. 2020-04 with the issuance of ASU No. 2021-01 and extended the sunset date to December 31, 2024 with ASU No. 2022-06 . This update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that will be discontinued. The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. The amendments in this update were effective for all entities as of March 12, 2020 and may be applied through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2022-06 extended the effective date through December 31, 2024. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at the instrument level on an ongoing basis. Management adopted these optional expedients beginning April 1, 2023 to coincide with the transition and modification of our LIBOR-exposed instruments. Most of the loan modifications met the requirements of these practical expedients, as most were subject to the Adjustable Interest Rate (LIBOR) Act which permits a replacement index with a spread adjustment. These modifications did not have a material impact on the consolidated financial statements. Issued But Not Yet Adopted Accounting Standards In March 2023, FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The Proportional Amortization method was introduced by ASU No. 2014-01, but limited this amortization method to investments in low-income housing tax credit structures. The amendments in ASU 2023-02 will allow entities the option to elect whether they account for tax equity investments using the proportional amortization method if certain conditions are met, regardless of the program from which the income tax credits are received. The election would be on a program-by-program basis. The ASU would also require disclosures to be transparent about an entity’s investments that generate income tax credits and other income tax benefits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years with early adoption permitted. The Company maintains investments in low-income housing tax structures and will evaluate whether it will change its current accounting treatment for low-income housing tax credits. The Company does not anticipate this ASU will have a material impact on its financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Mergers and Acquisitions | |
Mergers and Acquisitions | Note 4 — Mergers and Acquisitions Atlantic Capital Bancshares, Inc. (“Atlantic Capital” or “ACBI”) On March 1, 2022, the Company acquired all of the outstanding common stock of Atlantic Capital in a stock transaction. Upon the terms and subject to the conditions set forth therein, Atlantic Capital merged with and into the Company, with the Company continuing as the surviving corporation in the merger. Immediately following the merger, Atlantic Capital’s wholly owned banking subsidiary, Atlantic Capital Bank, N.A. (“ACB”) merged with and into the Bank, which continues as the surviving bank. Shareholders of Atlantic Capital received shares of the Company’s common stock for each share of Atlantic Capital common stock they owned. In total, the purchase price for Atlantic Capital was million. In the acquisition, the Company acquired $2.4 billion of loans, including PPP loans, at fair value, net of $54.3 million, or 2.24%, estimated discount to the outstanding principal balance, representing 10.0% of the Company’s total loans at December 31, 2021. Of the total loans acquired, management identified During the nine months ended September 30, 2023, the Company incurred approximately $2.4 million of acquisition costs related to this transaction. The Company did t incur acquisition cost related to this transaction during the three months ended September 30, 2023. During the three and nine months ended September 30, 2022, the Company incurred approximately million, respectively, of acquisition costs related to this transaction. These acquisition costs are reported in Merger and Branch Consolidation Related Expenses on the Company’s Consolidated Statements of Net Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805. The Company recognized goodwill on this acquisition of million. The goodwill was calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date. Initial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by Atlantic Capital Adjustments Adjustments the Company Assets Cash and cash equivalents $ 250,134 $ 24 (a) $ — $ 250,158 Investment securities 717,332 (13,622) (b) — 703,710 Loans, net of allowance and mark 2,394,256 (18,964) (c) (5,614) (c) 2,369,678 Premises and equipment 16,892 2,608 (d) — 19,500 Intangible assets 22,572 (1,781) (e) — 20,791 Bank owned life insurance 74,613 — — 74,613 Deferred tax asset 30,231 2,273 (f) (1,025) (f) 31,479 Other assets 45,274 (1,277) (g) 7,557 (g) 51,554 Total assets $ 3,551,304 $ (30,739) $ 918 $ 3,521,483 Liabilities Deposits: Noninterest-bearing $ 1,411,671 $ — $ — $ 1,411,671 Interest-bearing 1,616,970 — — 1,616,970 Total deposits 3,028,641 — — 3,028,641 Federal funds purchased and securities sold under agreements to repurchase 50,000 — — 50,000 Other borrowings 74,131 4,286 (h) — 78,417 Other liabilities 50,711 (2,075) (i) — 48,636 Total liabilities 3,203,483 2,211 — 3,205,694 Net identifiable assets acquired over (under) liabilities assumed 347,821 (32,950) 918 315,789 Goodwill — 342,939 (918) 342,021 Net assets acquired over liabilities assumed $ 347,821 $ 309,989 $ — $ 657,810 Consideration: SouthState Corporation common shares issued 7,330,803 Purchase price per share of the Company's common stock $ 90.00 Company common stock issued ($659,772) and cash exchanged for fractional shares ($19) $ 659,791 Stock option conversion 1,135 Restricted stock unit conversion 2,870 Restricted stock awards conversion (unvested awards) (5,986) Fair value of total consideration transferred $ 657,810 Explanation of fair value adjustments (a)— Represents an adjustment to record time deposits with financial institutions at fair value (premium). (b)— Represents the reversal of Atlantic Capital's existing fair value adjustments of $17.2 million and the adjustment to record securities at fair value (discount) totaling $30.9 million (includes reclassification of all securities held as HTM to AFS totaling $237.6 million). (c)— Represents approximately 1.40%, or $34.0 million, net credit discount of the loan portfolio and 2.24% total net discount, or $54.3 million, including non-credit discount, based on a third-party valuation. Also, includes a reversal of Atlantic Capital's ending ACL of (d)— Represents the preliminary fair value adjustments of $2.6 million on fixed assets and leased assets. (e)— Represents approximately $17.5 million, or 0.63%, of CDI amount and $3.2 million for SBA servicing asset based on a third-party valuation. Atlantic Capital’s pre-merger goodwill and servicing asset of $19.9 million and $2.6 million, respectively, were written-off. (f)— Represents deferred tax asset related to fair value adjustments with marginal tax rate of 23.9%, which includes an adjustment from Atlantic Capital’s effective tax rate to the Company’s effective tax rate. The difference in effective tax rates relates to state income taxes. (g)— Represents the fair value adjustment (decrease) for low-income housing investments of $1.1 million, write-off of prepaid assets of $233,000, adjustments to receivables of $154,000 and fair value adjustment for Small Business Investment Company (“SBIC”) investments of $7.4 million. (h)— Represents the reversal of the existing Atlantic Capital’s issuance costs on subordinated debt of $0.9 million and recording the fair value adjustment (premium) of $3.4 million, based on a third-party valuation. (i)— Represents the reversal of $2.8 million of unfunded commitment liability at purchase date and the fair value adjustment to increase lease liabilities associated with rental facilities totaling $1.4 million. Also includes the reversal of uncertain tax liability of $0.7 million. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investment Securities | |
Investment Securities | Note 5 — Investment Securities The following is the amortized cost and fair value of investment securities held to maturity: Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2023: U.S. Government agencies $ 197,266 $ — $ (33,016) $ 164,250 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,474,360 — (303,022) 1,171,338 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 451,928 — (85,938) 365,990 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 355,664 — (85,773) 269,891 Small Business Administration loan-backed securities 54,495 — (13,564) 40,931 $ 2,533,713 $ — $ (521,313) $ 2,012,400 December 31, 2022: U.S. Government agencies $ 197,262 $ — $ (29,787) $ 167,475 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,591,646 — (255,093) 1,336,553 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 474,660 — (69,664) 404,996 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 362,586 — (66,304) 296,282 Small Business Administration loan-backed securities 57,087 — (12,225) 44,862 $ 2,683,241 $ — $ (433,073) $ 2,250,168 The following is the amortized cost and fair value of investment securities available for sale: Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2023: U.S. Treasuries $ 174,322 $ — $ (2,063) $ 172,259 U.S. Government agencies 246,059 — (29,305) 216,754 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,851,803 — (363,097) 1,488,706 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 644,581 — (125,154) 519,427 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,199,936 3 (250,407) 949,532 State and municipal obligations 1,132,238 1 (259,232) 873,007 Small Business Administration loan-backed securities 429,785 120 (52,435) 377,470 Corporate securities 30,546 1 (4,084) 26,463 $ 5,709,270 $ 125 $ (1,085,777) $ 4,623,618 December 31, 2022: U.S. Treasuries $ 272,416 $ — $ (6,778) $ 265,638 U.S. Government agencies 245,972 — (26,884) 219,088 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,996,405 — (298,052) 1,698,353 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 708,337 — (107,292) 601,045 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,196,700 2,542 (198,844) 1,000,398 State and municipal obligations 1,269,525 1,210 (205,883) 1,064,852 Small Business Administration loan-backed securities 491,203 302 (46,695) 444,810 Corporate securities 35,583 — (2,945) 32,638 $ 6,216,141 $ 4,054 $ (893,373) $ 5,326,822 During the nine months ended September 30, 2023, there were gross gains of $1.3 million and gross losses of $1.3 million, a net gain of $45,000 , realized from the sale of available for sale securities. There were 30, 2023. During the three and nine months ended September 30, 2022, there were gains of , realized from the sale of available for sale securities. During the three months ended March 31, 2022, the Company sold securities totaling million that were legacy Atlantic Capital securities. These securities were marked to fair value at merger and therefore resulted in gain or loss on sale. The following is the amortized cost and carrying value of other investment securities: Carrying (Dollars in thousands) Value September 30, 2023: Federal Home Loan Bank stock $ 18,085 Federal Reserve Bank stock 150,261 Investment in unconsolidated subsidiaries 3,563 Other nonmarketable investment securities 15,243 $ 187,152 December 31, 2022: Federal Home Loan Bank stock $ 15,085 Federal Reserve Bank stock 150,261 Investment in unconsolidated subsidiaries 3,563 Other nonmarketable investment securities 10,808 $ 179,717 Our other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2023, we determined that there was no impairment on other investment securities. The amortized cost and fair value of debt securities at September 30, 2023, by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. Securities Securities Held to Maturity Available for Sale Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 50,000 $ 48,682 $ 234,334 $ 231,348 Due after one year through five years 50,994 44,922 256,202 239,370 Due after five years through ten years 407,416 341,124 1,342,414 1,104,205 Due after ten years 2,025,303 1,577,672 3,876,320 3,048,695 $ 2,533,713 $ 2,012,400 $ 5,709,270 $ 4,623,618 Information pertaining to our securities with gross unrealized losses at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows: Less Than Twelve Months Twelve Months or More Gross Unrealized Fair Gross Unrealized Fair (Dollars in thousands) Losses Value Losses Value September 30, 2023: Securities Held to Maturity U.S. Government agencies $ — $ — $ 33,016 $ 164,250 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises — — 303,022 1,171,338 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises — — 85,938 365,990 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises — — 85,773 269,891 Small Business Administration loan-backed securities — — 13,564 40,931 $ — $ — $ 521,313 $ 2,012,400 Securities Available for Sale U.S. Treasuries $ — $ — $ 2,063 $ 172,259 U.S. Government agencies — — 29,305 216,754 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1 94 363,096 1,488,330 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises — — 125,154 519,427 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 8,606 64,756 241,801 879,801 State and municipal obligations 705 9,860 258,527 860,725 Small Business Administration loan-backed securities 163 67,609 52,272 284,393 Corporate securities — — 4,084 25,963 $ 9,475 $ 142,319 $ 1,076,302 $ 4,447,652 December 31, 2022: Securities Held to Maturity U.S. Government agencies $ 5,514 $ 78,833 $ 24,273 $ 88,642 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 65,181 513,086 189,912 823,467 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 30,284 277,868 39,380 127,128 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 14,318 82,895 51,986 213,387 Small Business Administration loan-backed securities — — 12,225 44,862 $ 115,297 $ 952,682 $ 317,776 $ 1,297,486 Securities Available for Sale U.S. Treasuries $ 6,778 $ 265,638 $ — $ — U.S. Government agencies 8,193 138,807 18,691 80,281 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 42,767 459,773 255,285 1,238,580 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 21,450 274,082 85,842 326,963 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 17,156 206,228 181,688 767,002 State and municipal obligations 97,084 616,631 108,799 391,848 Small Business Administration loan-backed securities 2,152 92,535 44,543 264,933 Corporate securities 2,209 28,374 736 4,264 $ 197,789 $ 2,082,068 $ 695,584 $ 3,073,871 The Company’s evaluation methodology for securities impairment is disclosed in Note 3 — Securities, under “Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. All debt securities in an unrealized loss position as of September 30, 2023 continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary. We do not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that we will be required to sell the debt securities. See Note 2 — Summary of Significant Accounting Policies for further discussion. Management continues to monitor all of our securities with a high degree of scrutiny. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. At September 30, 2023, investment securities with a market value of $2.5 billion and a carrying value of $2.8 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 21 — Short-Term Borrowings, under the “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). Of the million were pledged to secure interest rate swap positions with correspondents. At December 31, 2022, investment securities with a market value of billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the At September 30, 2023 and December 31, 2022, trading securities, at estimated fair value, were as follows: September 30, December 31, (Dollars in thousands) 2023 2022 U.S. Government agencies $ 9,945 $ 11,190 Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises 21,399 — Other residential mortgage issued or guaranteed by U.S. government agencies or sponsored enterprises 13,590 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 44,910 4,589 State and municipal obligations 16,059 13,993 Other debt securities 8,251 1,491 $ 114,154 $ 31,263 Net gains (losses) on trading securities for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Net (losses) gains on sales transaction $ (76) $ 76 $ (116) $ (1,544) Net mark to mark gains (losses) 176 465 (25) (1,969) Net gains (losses) on trading securities $ 100 $ 541 $ (141) $ (3,513) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2023 | |
Loans | |
Loans | Note 6 — Loans The following is a summary of total loans: September 30, December 31, (Dollars in thousands) 2023 2022 Loans: Construction and land development (1) $ 2,776,241 $ 2,860,360 Commercial non-owner occupied 8,702,352 8,072,959 Commercial owner occupied real estate 5,539,097 5,460,193 Consumer owner occupied (2) 6,259,048 5,162,042 Home equity loans 1,349,097 1,313,168 Commercial and industrial 5,458,229 5,313,483 Other income producing property 670,331 696,242 Consumer 1,258,078 1,278,426 Other loans 4,199 20,989 Total loans 32,016,672 30,177,862 Less allowance for credit losses (447,956) (356,444) Loans, net $ 31,568,716 $ 29,821,418 (1) Construction and land development includes loans for both commercial construction and development, as well as loans for 1-4 family construction and lot loans. (2) Consumer owner occupied real estate includes loans on both 1-4 family owner occupied property, as well as loans collateralized by 1-4 family owner occupied property with a business intent. The above table reflects the loan portfolio at the amortized cost basis for the periods September 30, 2023 and December 31, 2022, to include net deferred costs of $64.7 million compared to net deferred costs of $49.7 million, respectively, and unamortized discount related to loans acquired of $55.2 million and $72.1 million, respectively. Accrued interest receivables of reported in other assets for the periods September 30, 2023 and December 31, 2022. The Company purchased loans through its acquisition of Atlantic Capital, for which there was, at acquisition, evidence of more than an insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: (Dollars in thousands) March 1, 2022 Book value of acquired loans at acquisition $ 137,874 Allowance for credit losses at acquisition (13,758) Non-credit discount at acquisition (5,943) Carrying value or book value of acquired loans at acquisition $ 118,173 As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to (i) the level of classified loans, (ii) net charge-offs, (iii) non-performing loans (see details below), and (iv) the general economic conditions of the markets that we serve. The Company utilizes a risk grading matrix to assign a risk grade to each commercial loan. Classified loans are assessed at a minimum every six months. A description of the general characteristics of the risk grades is as follows: ● Pass —These loans range from minimal credit risk to average, however, still acceptable credit risk. ● Special mention —A special mention loan has potential weaknesses that deserve Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. ● Substandard —A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. ● Doubtful —A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. Construction and land development loans in the following table are on commercial and speculative real estate. Consumer owner occupied loans are collateralized by 1-4 family owner occupied property with a business intent. The following tables present the credit risk profile by risk grade of commercial loans by origination year as of September 30, 2023 and December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Risk rating: Pass $ 342,418 $ 920,495 $ 502,988 $ 24,380 $ 10,853 $ 27,023 $ 60,848 $ 1,889,005 Special mention — 11,530 1,040 9 817 473 — 13,869 Substandard 394 1,019 — 251 1,289 7,327 — 10,280 Doubtful — — — 2 — 5 — 7 Total Construction and land development $ 342,812 $ 933,044 $ 504,028 $ 24,642 $ 12,959 $ 34,828 $ 60,848 $ 1,913,161 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ 2 $ — $ 2 Commercial non-owner occupied Risk rating: Pass $ 627,660 $ 2,535,022 $ 2,036,897 $ 704,631 $ 791,932 $ 1,629,748 $ 94,728 $ 8,420,618 Special mention 24,499 6,089 4,074 33,091 9,935 13,889 95 91,672 Substandard 31,826 10,487 15,880 19,511 34,121 78,236 — 190,061 Doubtful — — 1 — — — — 1 Total Commercial non-owner occupied $ 683,985 $ 2,551,598 $ 2,056,852 $ 757,233 $ 835,988 $ 1,721,873 $ 94,823 $ 8,702,352 Commercial non-owner occupied Current-period gross charge-offs $ — $ — $ 51 $ — $ — $ — $ — $ 51 Commercial Owner Occupied Risk rating: Pass $ 428,352 $ 1,074,223 $ 1,125,327 $ 653,996 $ 674,921 $ 1,239,235 $ 80,845 $ 5,276,899 Special mention 1,560 33,594 22,258 12,318 9,581 27,864 8,595 115,770 Substandard 14,967 12,326 24,269 15,448 18,648 60,762 — 146,420 Doubtful 3 — — 1 — 4 — 8 Total commercial owner occupied $ 444,882 $ 1,120,143 $ 1,171,854 $ 681,763 $ 703,150 $ 1,327,865 $ 89,440 $ 5,539,097 Commercial owner occupied Current-period gross charge-offs $ — $ 126 $ — $ — $ — $ — $ — $ 126 Commercial and industrial Risk rating: Pass $ 921,531 $ 1,225,758 $ 728,158 $ 399,814 $ 197,974 $ 454,648 $ 1,343,128 $ 5,271,011 Special mention 8,950 12,662 10,435 3,032 4,310 1,307 14,455 55,151 Substandard 12,335 12,175 16,513 4,362 6,531 13,661 66,433 132,010 Doubtful 3 9 29 — — 13 3 57 Total commercial and industrial $ 942,819 $ 1,250,604 $ 755,135 $ 407,208 $ 208,815 $ 469,629 $ 1,424,019 $ 5,458,229 Commercial and industrial Current-period gross charge-offs $ 3,551 $ 2,169 $ 12,798 $ 381 $ 765 $ 831 $ 395 $ 20,890 Other income producing property Risk rating: Pass $ 49,793 $ 138,439 $ 100,992 $ 54,040 $ 43,035 $ 115,214 $ 37,516 $ 539,029 Special mention 75 275 707 69 293 2,604 1,415 5,438 Substandard 744 632 1,776 476 546 6,430 483 11,087 Doubtful — — — — — — — — Total other income producing property $ 50,612 $ 139,346 $ 103,475 $ 54,585 $ 43,874 $ 124,248 $ 39,414 $ 555,554 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer owner occupied Risk rating: Pass $ 8,825 $ 4,588 $ 2,985 $ 1,423 $ 312 $ 386 $ 27,885 $ 46,404 Special mention 239 345 19 66 274 — — 943 Substandard — 1 — 928 1,574 184 150 2,837 Doubtful — — — — — 2 — 2 Total Consumer owner occupied $ 9,064 $ 4,934 $ 3,004 $ 2,417 $ 2,160 $ 572 $ 28,035 $ 50,186 Consumer owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating: Pass $ 4,199 $ — $ — $ — $ — $ — $ — $ 4,199 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other loans $ 4,199 $ — $ — $ — $ — $ — $ — $ 4,199 Other loans Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Loans Risk rating: Pass $ 2,382,778 $ 5,898,525 $ 4,497,347 $ 1,838,284 $ 1,719,027 $ 3,466,254 $ 1,644,950 $ 21,447,165 Special mention 35,323 64,495 38,533 48,585 25,210 46,137 24,560 282,843 Substandard 60,266 36,640 58,438 40,976 62,709 166,600 67,066 492,695 Doubtful 6 9 30 3 — 24 3 75 Total Commercial Loans $ 2,478,373 $ 5,999,669 $ 4,594,348 $ 1,927,848 $ 1,806,946 $ 3,679,015 $ 1,736,579 $ 22,222,778 Total Commercial Loans Current-period gross charge-offs $ 3,551 $ 2,295 $ 12,849 $ 381 $ 765 $ 833 $ 395 $ 21,069 Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Construction and land development Risk rating: Pass $ 875,751 $ 742,985 $ 134,996 $ 63,439 $ 14,521 $ 29,442 $ 65,656 $ 1,926,790 Special mention 1,643 988 268 76 7,219 2,068 — 12,262 Substandard 214 10,409 11 2,326 — 4,282 — 17,242 Doubtful — — — — — 6 — 6 Total Construction and land development $ 877,608 $ 754,382 $ 135,275 $ 65,841 $ 21,740 $ 35,798 $ 65,656 $ 1,956,300 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial non-owner occupied Risk rating: Pass $ 2,245,943 $ 1,849,079 $ 816,791 $ 959,707 $ 506,350 $ 1,417,397 $ 108,759 $ 7,904,026 Special mention 7,579 4,225 936 11,036 24,067 32,110 5,000 84,953 Substandard 13,256 25,557 609 9,383 6,472 26,366 2,257 83,900 Doubtful — 1 — 79 — — — 80 Total Commercial non-owner occupied $ 2,266,778 $ 1,878,862 $ 818,336 $ 980,205 $ 536,889 $ 1,475,873 $ 116,016 $ 8,072,959 Commercial non-owner occupied Current-period gross charge-offs $ 8 $ — $ — $ — $ — $ 360 $ — $ 368 Commercial Owner Occupied Risk rating: Pass $ 1,046,562 $ 1,136,289 $ 725,040 $ 709,669 $ 446,497 $ 1,080,522 $ 75,506 $ 5,220,085 Special mention 3,620 25,263 3,383 7,934 7,160 34,724 1,294 83,378 Substandard 12,861 34,210 19,962 16,502 9,487 62,808 895 156,725 Doubtful — — 1 — — 4 — 5 Total commercial owner occupied $ 1,063,043 $ 1,195,762 $ 748,386 $ 734,105 $ 463,144 $ 1,178,058 $ 77,695 $ 5,460,193 Commercial owner occupied Current-period gross charge-offs $ — $ — $ — $ 1,143 $ — $ 833 $ — $ 1,976 Commercial and industrial Risk rating: Pass $ 1,566,203 $ 895,368 $ 506,655 $ 274,446 $ 212,522 $ 333,286 $ 1,386,678 $ 5,175,158 Special mention 5,885 3,782 3,401 1,859 3,378 1,316 24,347 43,968 Substandard 6,308 27,974 4,770 6,591 6,783 8,476 32,876 93,778 Doubtful — — — — 155 422 2 579 Total commercial and industrial $ 1,578,396 $ 927,124 $ 514,826 $ 282,896 $ 222,838 $ 343,500 $ 1,443,903 $ 5,313,483 Commercial and industrial Current-period gross charge-offs $ 4 $ 2,825 $ 198 $ 630 $ 2,214 $ 2,589 $ 1,742 $ 10,202 Other income producing property Risk rating: Pass $ 149,793 $ 92,887 $ 60,473 $ 46,189 $ 47,155 $ 107,436 $ 46,179 $ 550,112 Special mention 952 957 1,257 378 190 3,652 2,328 9,714 Substandard 876 359 1,281 300 214 11,214 1,065 15,309 Doubtful 401 — — — — 136 — 537 Total other income producing property $ 152,022 $ 94,203 $ 63,011 $ 46,867 $ 47,559 $ 122,438 $ 49,572 $ 575,672 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ 46 $ 50 $ 96 Consumer owner occupied Risk rating: Pass $ 5,947 $ 3,124 $ 1,811 $ 418 $ 68 $ 332 $ 15,910 $ 27,610 Special mention 537 20 136 284 — — 66 1,043 Substandard 13 95 12 1,614 — 202 151 2,087 Doubtful — — — — 1 — — 1 Total Consumer owner occupied $ 6,497 $ 3,239 $ 1,959 $ 2,316 $ 69 $ 534 $ 16,127 $ 30,741 Consumer owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating: Pass $ 20,989 $ — $ — $ — $ — $ — $ — $ 20,989 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other loans $ 20,989 $ — $ — $ — $ — $ — $ — $ 20,989 Other loans Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Loans Risk rating: Pass $ 5,911,188 $ 4,719,732 $ 2,245,766 $ 2,053,868 $ 1,227,113 $ 2,968,415 $ 1,698,688 $ 20,824,770 Special mention 20,216 35,235 9,381 21,567 42,014 73,870 33,035 235,318 Substandard 33,528 98,604 26,645 36,716 22,956 113,348 37,244 369,041 Doubtful 401 1 1 79 156 568 2 1,208 Total Commercial Loans $ 5,965,333 $ 4,853,572 $ 2,281,793 $ 2,112,230 $ 1,292,239 $ 3,156,201 $ 1,768,969 $ 21,430,337 Total Commercial Loans Current-period gross charge-offs $ 12 $ 2,825 $ 198 $ 1,773 $ 2,214 $ 3,828 $ 1,792 $ 12,642 For the consumer segment, delinquency of a loan is determined by past due status. Consumer loans are automatically placed on nonaccrual status once the loan is 90 days past due. Construction and land development loans are on 1-4 properties and lots. The following table presents the credit risk profile by past due status of consumer loans by origination year as of September 30, 2023: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Consumer owner occupied Days past due: Current $ 828,826 $ 1,968,603 $ 1,618,466 $ 630,494 $ 297,347 $ 847,666 $ — $ 6,191,402 30 days past due 515 1,396 1,665 657 239 1,914 — 6,386 60 days past due 597 1,047 493 143 202 1,239 — 3,721 90 days past due — 1,970 565 1,099 316 3,403 — 7,353 Total Consumer owner occupied $ 829,938 $ 1,973,016 $ 1,621,189 $ 632,393 $ 298,104 $ 854,222 $ — $ 6,208,862 Consumer owner occupied Current-period gross charge-offs $ 18 $ 49 $ 27 $ — $ — $ 2 $ — $ 96 Home equity loans Days past due: Current $ 5,918 $ 6,092 $ 3,941 $ 2,250 $ 553 $ 12,740 $ 1,311,305 $ 1,342,799 30 days past due 119 47 177 — 205 733 2,708 3,989 60 days past due — — 20 — 87 543 688 1,338 90 days past due — 49 — 192 1 376 353 971 Total Home equity loans $ 6,037 $ 6,188 $ 4,138 $ 2,442 $ 846 $ 14,392 $ 1,315,054 $ 1,349,097 Home equity loans Current-period gross charge-offs $ — $ — $ — $ 39 $ — $ 29 $ 59 $ 127 Consumer Days past due: Current $ 260,764 $ 328,849 $ 155,263 $ 82,260 $ 65,734 $ 152,306 $ 186,659 $ 1,231,835 30 days past due 192 262 199 273 170 1,313 12,262 14,671 60 days past due 68 270 65 84 3 1,054 6,724 8,268 90 days past due 3 236 156 18 127 1,241 1,523 3,304 Total consumer $ 261,027 $ 329,617 $ 155,683 $ 82,635 $ 66,034 $ 155,914 $ 207,168 $ 1,258,078 Consumer Current-period gross charge-offs $ 213 $ 1,190 $ 379 $ 250 $ 162 $ 403 $ 6,278 $ 8,875 Construction and land development Days past due: Current $ 104,143 $ 548,493 $ 159,300 $ 26,240 $ 9,188 $ 15,415 $ — $ 862,779 30 days past due — — — — — 59 — 59 60 days past due — — — — — 11 — 11 90 days past due 3 211 — — — 17 — 231 Total Construction and land development $ 104,146 $ 548,704 $ 159,300 $ 26,240 $ 9,188 $ 15,502 $ — $ 863,080 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ 8 $ — $ 8 Other income producing property Days past due: Current $ 6,329 $ 43,588 $ 18,825 $ 4,435 $ 2,558 $ 38,139 $ 281 $ 114,155 30 days past due — — — — — 313 — 313 60 days past due — — 188 — — — — 188 90 days past due — — — — — 121 — 121 Total other income producing property $ 6,329 $ 43,588 $ 19,013 $ 4,435 $ 2,558 $ 38,573 $ 281 $ 114,777 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Consumer Loans Days past due: Current $ 1,205,980 $ 2,895,625 $ 1,955,795 $ 745,679 $ 375,380 $ 1,066,266 $ 1,498,245 $ 9,742,970 30 days past due 826 1,705 2,041 930 614 4,332 14,970 25,418 60 days past due 665 1,317 766 227 292 2,847 7,412 13,526 90 days past due 6 2,466 721 1,309 444 5,158 1,876 11,980 Total Consumer Loans $ 1,207,477 $ 2,901,113 $ 1,959,323 $ 748,145 $ 376,730 $ 1,078,603 $ 1,522,503 $ 9,793,894 Current-period gross charge-offs $ 231 $ 1,239 $ 406 $ 289 $ 162 $ 442 $ 6,337 $ 9,106 The following table presents total loans by origination year as of September 30, 2023: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans $ 3,685,850 $ 8,900,782 $ 6,553,671 $ 2,675,993 $ 2,183,676 $ 4,757,618 $ 3,259,082 $ 32,016,672 Current-period gross charge-offs $ 3,782 $ 3,534 $ 13,255 $ 670 $ 927 $ 1,275 $ 6,732 $ 30,175 The following table presents the credit risk profile by past due status of consumer loans by origination year as of December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Consumer owner occupied Days past due: Current $ 1,695,454 $ 1,467,080 $ 657,005 $ 315,458 $ 187,580 $ 792,572 $ — $ 5,115,149 30 days past due 1,316 1,254 1,681 664 272 2,028 — 7,215 60 days past due 255 337 579 — 242 1,650 — 3,063 90 days past due — 944 776 454 664 3,036 — 5,874 Total Consumer owner occupied $ 1,697,025 $ 1,469,615 $ 660,041 $ 316,576 $ 188,758 $ 799,286 $ — $ 5,131,301 Consumer owner occupied Current-period gross charge-offs $ 25 $ — $ — $ 6 $ 23 $ 66 $ — $ 120 Home equity loans Days past due: Current $ 5,921 $ 5,231 $ 3,282 $ 1,560 $ 1,955 $ 17,941 $ 1,272,848 $ 1,308,738 30 days past due — — 155 77 418 422 1,586 2,658 60 days past due — — 19 36 70 26 540 691 90 days past due — — 60 87 — 611 323 1,081 Total Home equity loans $ 5,921 $ 5,231 $ 3,516 $ 1,760 $ 2,443 $ 19,000 $ 1,275,297 $ 1,313,168 Home equity loans Current-period gross charge-offs $ — $ — $ — $ 19 $ — $ 280 $ 146 $ 445 Consumer Days past due: Current $ 407,825 $ 206,003 $ 111,210 $ 86,008 $ 44,303 $ 141,053 $ 248,314 $ 1,244,716 30 days past due 718 194 78 174 63 1,255 17,471 19,953 60 days past due 55 103 107 36 144 557 9,836 10,838 90 days past due 126 60 58 66 165 1,660 784 2,919 Total consumer $ 408,724 $ 206,360 $ 111,453 $ 86,284 $ 44,675 $ 144,525 $ 276,405 $ 1,278,426 Consumer Current-period gross charge-offs $ 254 $ 653 $ 337 $ 265 $ 62 $ 664 $ 7,979 $ 10,214 Construction and land development Days past due: Current $ 466,475 $ 351,485 $ 50,472 $ 14,053 $ 7,006 $ 13,588 $ 379 $ 903,458 30 days past due 2 — — 57 23 43 — 125 60 days past due — — — — — — — — 90 days past due — — 436 — — 41 — 477 Total Construction and land development $ 466,477 $ 351,485 $ 50,908 $ 14,110 $ 7,029 $ 13,672 $ 379 $ 904,060 Construction and land development Current-period gross charge-offs $ — $ — $ 21 $ — $ — $ 4 $ — $ 25 Other income producing property Days past due: Current $ 45,717 $ 21,421 $ 4,937 $ 2,663 $ 4,322 $ 40,680 $ 624 $ 120,364 30 days past due — — — — — 62 — 62 60 days past due — — — — — 23 — 23 90 days past due — — — — — 121 — 121 Total other income producing property $ 45,717 $ 21,421 $ 4,937 $ 2,663 $ 4,322 $ 40,886 $ 624 $ 120,570 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Consumer Loans Days past due: Current $ 2,621,392 $ 2,051,220 $ 826,906 $ 419,742 $ 245,166 $ 1,005,834 $ 1,522,165 $ 8,692,425 30 days past due 2,036 1,448 1,914 972 776 3,810 19,057 30,013 60 days past due 310 440 705 72 456 2,256 10,376 14,615 90 days past due 126 1,004 1,330 607 829 5,469 1,107 10,472 Total Consumer Loans $ 2,623,864 $ 2,054,112 $ 830,855 $ 421,393 $ 247,227 $ 1,017,369 $ 1,552,705 $ 8,747,525 Current-period gross charge-offs $ 279 $ 653 $ 358 $ 290 $ 85 $ 1,014 $ 8,125 $ 10,804 The following table presents total loans by origination year as of December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans $ 8,589,197 $ 6,907,684 $ 3,112,648 $ 2,533,623 $ 1,539,466 $ 4,173,570 $ 3,321,674 $ 30,177,862 Current-period gross charge-offs $ 291 $ 3,478 $ 556 $ 2,063 $ 2,299 $ 4,842 $ 9,917 $ 23,446 The following table presents an aging analysis of past due accruing loans, segregated by class: 30 - 59 Days 60 - 89 Days 90+ Days Total Non- Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Accruing Loans September 30, 2023 Construction and land development $ 1,272 $ 474 $ 46 $ 1,792 $ 2,773,766 $ 683 $ 2,776,241 Commercial non-owner occupied 4,922 1,378 — 6,300 8,672,765 23,287 8,702,352 Commercial owner occupied 3,973 1,498 1,701 7,172 5,497,065 34,860 5,539,097 Consumer owner occupied 5,145 1,595 26 6,766 6,229,717 22,565 6,259,048 Home equity loans 3,221 949 1 4,171 1,340,574 4,352 1,349,097 Commercial and industrial 27,715 14,819 806 43,340 5,345,740 69,149 5,458,229 Other income producing property 301 288 — 589 666,059 3,683 670,331 Consumer 14,522 7,965 24 22,511 1,230,826 4,741 1,258,078 Other loans — — — — 4,199 — 4,199 $ 61,071 $ 28,966 $ 2,604 $ 92,641 $ 31,760,711 $ 163,320 $ 32,016,672 December 31, 2022 Construction and land development $ 2,146 $ 3,653 $ — $ 5,799 $ 2,853,734 $ 827 $ 2,860,360 Commercial non-owner occupied 1,158 978 77 2,213 8,050,321 20,425 8,072,959 Commercial owner occupied 10,748 2,059 2,231 15,038 5,410,066 35,089 5,460,193 Consumer owner occupied 6,001 744 40 6,785 5,137,950 17,307 5,162,042 Home equity loans 2,527 361 — 2,888 1,303,964 6,316 1,313,168 Commercial and industrial 24,500 11,677 1,704 37,881 5,258,473 17,129 5,313,483 Other income producing property 1,623 1,480 298 3,401 690,107 2,734 696,242 Consumer 19,713 10,655 — 30,368 1,243,660 4,398 1,278,426 Other loans — — — — 20,989 — 20,989 $ 68,416 $ 31,607 $ 4,350 $ 104,373 $ 29,969,264 $ 104,225 $ 30,177,862 The following table is a summary of information pertaining to nonaccrual loans by class, including loans modified for borrowers with financial difficulty as of September 30, 2023 and the information pertaining to nonaccrual loans by class, including restructured loans as of December 31, 2022 : September 30, Greater than Non-accrual December 31, (Dollars in thousands) 2023 90 Days Accruing (1) with no allowance (1) 2022 Construction and land development $ 683 $ 46 $ 5 $ 827 Commercial non-owner occupied 23,287 — 14,066 20,425 Commercial owner occupied real estate 34,860 1,701 18,344 35,089 Consumer owner occupied 22,565 26 — 17,307 Home equity loans 4,352 1 — 6,316 Commercial and industrial 69,149 806 33,632 17,129 Other income producing property 3,683 — — 2,734 Consumer 4,741 24 — 4,398 Total loans on nonaccrual status $ 163,320 $ 2,604 $ 66,047 $ 104,225 (1) Greater than 90 days accruing and non-accrual with no allowance loans at September 30, 2023. There is no interest income recognized during the period on nonaccrual loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Loans on nonaccrual status in which there is no allowance assigned are individually evaluated loans that do not carry a specific reserve. See Note 2 — Summary of Significant Accounting Policies for further detailed discussion on individually evaluated loans. The following is a summary of |
Allowance for Credit Losses (AC
Allowance for Credit Losses (ACL) | 9 Months Ended |
Sep. 30, 2023 | |
Allowance for Credit Losses (ACL) | |
Allowance for Credit Losses (ACL) | Note 7 — Allowance for Credit Losses (ACL) See Note 2 — Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for further detailed descriptions of our estimation process and methodology related to the allowance for credit losses. The following tables present a disaggregated analysis of activity in the allowance for credit losses. Residential Residential Residential Comm Constr. CRE Owner Non-Owner (Dollars in thousands) Mortgage Sr. Mortgage Jr. HELOC Construction & Dev. Consumer Multifamily Municipal Occupied Occupied CRE C & I Total Three Months Ended September 30, 2023 Allowance for credit losses: Balance at end of period June 30, 2023 $ 81,469 $ 392 $ 14,212 $ 8,869 $ 55,314 $ 24,577 $ 9,767 $ 745 $ 70,759 $ 115,269 $ 46,019 $ 427,392 Charge-offs (57) — (88) — (8) (3,129) — — (91) — (14,597) (17,970) Recoveries 240 28 226 3 67 651 — — 415 511 2,632 4,773 Net (charge offs) recoveries 183 28 138 3 59 (2,478) — — 324 511 (11,965) (13,197) Provision (recovery) (1) (4,601) 74 (1,036) (1,643) 9,099 656 2,825 56 1,932 8,749 17,650 33,761 Balance at end of period September 30, 2023 $ 77,051 $ 494 $ 13,314 $ 7,229 $ 64,472 $ 22,755 $ 12,592 $ 801 $ 73,015 $ 124,529 $ 51,704 $ 447,956 Three Months Ended September 30, 2022 Allowance for credit losses: Balance at end of period June 30, 2022 $ 55,707 $ 533 $ 16,918 $ 7,565 $ 27,730 $ 24,752 $ 2,458 $ 703 $ 64,688 $ 85,169 $ 33,485 $ 319,708 Charge-offs (50) — (23) — — (2,742) — — (1,353) (8) (2,950) (7,126) Recoveries 376 30 3,151 2 280 573 — — 569 29 3,378 8,388 Net (charge offs) recoveries 326 30 3,128 2 280 (2,169) — — (784) 21 428 1,262 Provision (recovery) (1) 11,987 (40) (3,980) 763 3,798 4,221 666 (1) (9,745) (8,937) 4,696 3,428 Balance at end of period September 30, 2022 $ 68,020 $ 523 $ 16,066 $ 8,330 $ 31,808 $ 26,804 $ 3,124 $ 702 $ 54,159 $ 76,253 $ 38,609 $ 324,398 (1) A negative provision for credit losses of $1.1 million was recorded during the third quarter of 2023, compared to a provision for credit losses of $20.0 million recorded during the third quarter of 2022 for the allowance for credit losses for unfunded commitments that is not included in the above table. Residential Residential Residential Comm Constr. CRE Owner Non Owner (Dollars in thousands) Mortgage Sr. Mortgage Jr. HELOC Construction & Dev. Consumer Multifamily Municipal Occupied Occupied CRE C & I Total Nine Months Ended September 30, 2023 Allowance for credit losses: Balance at end of period December 31, 2022 $ 72,188 $ 405 $ 14,886 $ 8,974 $ 45,410 $ 22,767 $ 3,684 $ 849 $ 58,083 $ 78,485 $ 50,713 $ 356,444 Charge-offs (96) — (127) — (10) (8,875) — — (126) (51) (20,890) (30,175) Recoveries 836 36 1,003 97 523 1,755 — — 801 951 6,628 12,630 Net (charge offs) recoveries 740 36 876 97 513 (7,120) — — 675 900 (14,262) (17,545) Provision (benefit) (1) 4,123 53 (2,448) (1,842) 18,549 7,108 8,908 (48) 14,257 45,144 15,253 109,057 Balance at end of period September 30, 2023 $ 77,051 $ 494 $ 13,314 $ 7,229 $ 64,472 $ 22,755 $ 12,592 $ 801 $ 73,015 $ 124,529 $ 51,704 $ 447,956 Nine Months Ended September 30, 2022 Allowance for credit losses: Balance at end of period December 31, 2021 $ 47,036 $ 611 $ 13,325 $ 4,997 $ 37,593 $ 23,149 $ 4,921 $ 565 $ 61,794 $ 79,649 $ 28,167 $ 301,807 Initial Allowance for PCD loans acquired during period 811 — — — 86 — — — 2,409 — 10,452 13,758 Initial Allowance for Non PCD loans acquired during period 352 26 132 2 1,887 51 426 — 2,519 2,697 5,605 13,697 Charge-offs (169) (19) (444) — (4) (7,527) — — (1,802) (368) (8,446) (18,779) Recoveries 1,131 195 3,803 7 924 1,765 — — 977 402 6,175 15,379 Net (charge offs) recoveries 962 176 3,359 7 920 (5,762) — — (825) 34 (2,271) (3,400) Provision (benefit) (1) 18,859 (290) (750) 3,324 (8,678) 9,366 (2,223) 137 (11,738) (6,127) (3,344) (1,464) Balance at end of period September 30, 2022 $ 68,020 $ 523 $ 16,066 $ 8,330 $ 31,808 $ 26,804 $ 3,124 $ 702 $ 54,159 $ 76,253 $ 38,609 $ 324,398 (1) A negative provision for credit losses of $4.9 million was recorded during the first nine months of 2023, compared to a provision for credit losses of $22.5 million during the first nine months of 2022 for the allowance for credit losses for unfunded commitments that is not included in the above table . |
Other Real Estate Owned and Ban
Other Real Estate Owned and Bank Premises Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
Other Real Estate Owned and Bank Premises Held for Sale | |
Other Real Estate Owned and Bank Premises Held for Sale | Note 8 — Other Real Estate Owned and Bank Premises Held for Sale The following is a summary of information pertaining to OREO and Bank Premises Held for Sale: (Dollars in thousands) OREO Bank Properties Held for Sale Total Balance, December 31, 2022 $ 1,023 $ 17,754 $ 18,777 Additions, net 3,298 2,073 5,371 Write-downs — (1,525) (1,525) Sold (3,887) (3,051) (6,938) Balance, September 30, 2023 $ 434 $ 15,251 $ 15,685 At September 30, 2023, there were a total of five properties included in OREO 31, 2022. At September 30, 2023, there were a total of 31, 2022. At September 30, 2023, we had |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | Note 9 — Leases As of September 30, 2023 and December 31, 2022, we had operating right-of-use (“ROU”) assets of $103.1 million and $108.0 million, respectively, and operating lease liabilities of $111.0 million and $115.6 million, respectively. We maintain operating leases on land and buildings for some of our operating centers, branch facilities and ATM locations. Most leases include one or more . The exercise of renewal options is based on the sole judgment of management and what they consider to be reasonably certain given the environment today. Factors in determining whether an option is reasonably certain of exercise include, but are not limited to, the value of leasehold improvements, the value of renewal rates compared to market rates, and the presence of factors that would cause a significant economic penalty to us if the option is not exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet and instead are recognized in lease expense on a straight-line basis over the lease term. Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, 2023 2022 2023 2022 Lease Cost Components: Amortization of ROU assets – finance leases $ 117 $ 117 $ 350 $ 350 Interest on lease liabilities – finance leases 10 12 31 37 Operating lease cost (cost resulting from lease payments) 4,296 4,550 12,814 13,419 Short-term lease cost 104 218 318 592 Variable lease cost (cost excluded from lease payments) 852 615 2,327 1,813 Total lease cost $ 5,379 $ 5,512 $ 15,840 $ 16,211 Supplemental Cash Flow and Other Information Related to Leases: Finance lease – operating cash flows $ 10 $ 12 $ 31 $ 37 Finance lease – financing cash flows 111 109 331 325 Operating lease – operating cash flows (fixed payments) 4,233 4,356 12,483 12,982 Operating lease – operating cash flows (net change asset/liability) (3,400) (3,466) (10,008) (10,313) New ROU assets – operating leases — — 701 12,616 New ROU assets – finance leases — — — — Weighted – average remaining lease term (years) – finance leases 4.68 5.67 Weighted – average remaining lease term (years) – operating leases 9.47 10.13 Weighted – average discount rate - finance leases 1.7% 1.7% Weighted – average discount rate - operating leases 3.1% 3.0% Operating lease payments due: 2023 (excluding 9 months ended September 30, 2023) $ 4,187 2024 15,799 2025 14,450 2026 14,058 2027 13,080 Thereafter 68,542 Total undiscounted cash flows 130,116 Discount on cash flows (19,118) Total operating lease liabilities $ 110,998 As of September 30, 2023, the Company held a small number of finance leases assumed in connection to the CenterState merger completed in 2020. These leases are all real estate leases. Terms and conditions are similar to those real estate operating leases described above. Lease classifications from the acquired institutions were retained. As of September 30, 2023, we did not maintain any leases with related parties, and determined that the number and dollar amount of our equipment leases was immaterial. As of September 30, 2023, we had |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Deposits | |
Deposits | Note 10 — Deposits Our total deposits are comprised of the following: September 30, December 31, (Dollars in thousands) 2023 2022 Noninterest-bearing checking $ 11,158,431 $ 13,168,656 Interest-bearing checking 7,806,243 8,955,519 Savings 2,760,166 3,464,351 Money market 10,756,431 8,342,111 Time deposits 4,453,927 2,419,986 Total deposits $ 36,935,198 $ 36,350,623 At September 30, 2023 and December 31, 2022, we had $875.0 million and $464.9 million in certificates of deposits greater than $250,000, respectively. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Plans | |
Retirement Plans | Note 11 — Retirement Plans The Company sponsors an employees’ savings plan under the provisions of the Internal Revenue Code Section 401(k). Electing employees are eligible to participate in the employees’ savings plan after attaining age . Plan participants elect to contribute portions of their annual base compensation as a before tax contribution. Employer contributions may be made from current or accumulated net profits. Participants may elect to contribute of annual base compensation as a before tax contribution. Employees participating in the plan received a of their salary. We expensed Employees can enter the savings plan on or after the first day of each month. The employee may enter into a salary deferral agreement at any time to select an alternative deferral amount or to elect not to defer in the plan. If the employee does not elect an investment allocation, the plan administrator will select a retirement-based portfolio according to the employee’s number of years until normal retirement age. The plan’s investment valuations are generally provided on a daily basis. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share | |
Earnings Per Share | Note 12 — Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share is based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive. The following table sets forth the computation of basic and diluted earnings per common share: Three Months Ended Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except for per share amounts) 2023 2022 2023 2022 Basic earnings per common share: Net income $ 124,144 $ 133,043 $ 387,517 $ 352,547 Weighted-average basic common shares 76,139 75,606 76,034 74,185 Basic earnings per common share $ 1.63 $ 1.76 $ 5.10 $ 4.75 Diluted earnings per common share: Net income $ 124,144 $ 133,043 $ 387,517 $ 352,547 Weighted-average basic common shares 76,139 75,606 76,034 74,185 Effect of dilutive securities 432 576 412 606 Weighted-average dilutive shares 76,571 76,182 76,446 74,791 Diluted earnings per common share $ 1.62 $ 1.75 $ 5.07 $ 4.71 The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Number of shares 57,169 57,169 57,169 57,169 Range of exercise prices $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Compensation | |
Share-Based Compensation | Note 13 — Share-Based Compensation Our 2004, 2012, 2019 and 2020 share-based compensation plans are long-term retention plans intended to attract, retain, and provide incentives for key employees and non-employee directors in the form of incentive and non-qualified stock options, restricted stock, and restricted stock units (“RSUs”). Our 2020 plan was adopted by our shareholders at our annual meeting on October 29, 2020. The Company also assumed the obligations of ACBI under various equity incentive plans pursuant to the acquisition of ACBI on March 1, 2022 and the obligations of CenterState under various equity incentive plans pursuant to the merger with CenterState on June 7, 2020. Stock Options With the exception of non-qualified stock options granted to directors under the 2004 and 2012 plans, which in some cases may be exercised at any time prior to expiration and in some other cases may be exercised at intervals less than a year following the grant date, incentive stock options granted under our 2004, 2012, 2019 and 2020 plans may not be exercised in whole or in part within a year following the date of the grant, as these incentive stock options become exercisable in 25% increments pro ratably over the four-year period following the grant date. The options are granted at an exercise price at least equal to the fair value of the common stock at the date of grant and expire from the date of grant. 2004 2012 or 2019 plans after January 26, 2012, February 1, 2019, and October 29, 2020, respectively, and the plans are closed other than for any options still unexercised and outstanding. The 2020 plan is the only plan from which new share-based compensation grants may be issued. It is the Company’s policy to grant options out of the shares registered under the 2020 plan. Activity in the Company’s stock option plans is summarized in the following table. Weighted Weighted Average Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000’s) Outstanding at January 1, 2023 161,832 $ 66.20 Exercised (22,651) 52.50 Expired (5,491) 32.25 Outstanding at September 30, 2023 133,690 69.91 2.67 $ 1,019 Exercisable at September 30, 2023 133,690 69.91 2.67 $ 1,019 The fair value of options is estimated at the date of grant using the Black-Scholes option pricing model and expensed over the options’ vesting periods. There have been stock options issued during the first nine months of 2023. Because all outstanding stock options had vested as of December 31, 2022, there was no unrecognized compensation cost related to nonvested stock option grants under the plans or fair value of shares vested during the 30, 2023. The intrinsic value of stock option shares exercised for the nine months ended September 30, 2023 was Restricted Stock From time-to-time, we grant shares of restricted stock to key employees. These awards help align the interests of these employees with the interests of our shareholders by providing economic value directly related to increases in the value of our stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. We recognize expenses equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock grants to employees generally vest ratably over a two All restricted stock agreements are conditioned upon continued employment. Termination of employment prior to a vesting date, as described below, would terminate any interest in non-vested shares. Prior to vesting of the shares, as long as employed by the Company, the employees will have the right to vote such shares and to receive dividends paid with respect to such shares. All restricted shares will fully vest in the event of change in control of the Company or upon the death of the recipient. Nonvested restricted stock for 2023 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Shares Fair Value Nonvested at January 1, 2023 50,506 $ 89.12 Vested (30,609) 90.00 Forfeited (2,559) 90.00 Nonvested at September 30, 2023 17,338 $ 87.43 As of September 30, 2023, there was $858,000 of total unrecognized compensation cost related to nonvested restricted stock granted under the plans. This cost is expected to be recognized over a weighted-average period of 30, 2023. The total fair value of shares vested during the nine months ended September 30, 2023 was Restricted Stock Units (“RSUs”) From time-to-time, we also grant performance RSUs and time-vested RSUs to key employees, and time-vested RSUs to non-employee directors. These awards help align the interests of these employees with the interests of our shareholders by providing economic value directly related to our performance. Some performance RSU grants contain a one two from the grant date). The performance-based awards for our long-term incentive plans are dependent on the achievement of tangible book value growth and return on average tangible common equity relative to the Company’s peer group during each performance period. Grants to non-employee directors typically vest within a 12-month period. We communicate threshold, target, and maximum performance RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Due to the merger with CenterState on June 7, 2020, all legacy and assumed performance-based restricted stock units converted to a time-vesting requirement. With respect to some long-term incentive awards, dividend equivalents are accrued at the same rate as cash dividends paid for each share of the Company’s common stock during the performance or time-vested period, and subsequently paid when the shares are issued on the vesting or settlement date. The value of the RSUs awarded is established as the fair market value of the stock at the time of the grant. We recognize expense on a straight-line basis typically over the performance or time-vesting periods based upon the probable performance target, as applicable, that will be met. Outstanding RSUs at target for the nine months ended September 30, 2023 is summarized in the following table. Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Outstanding at January 1, 2023 940,512 $ 73.82 Granted 386,987 74.59 Vested (370,493) 71.78 Forfeited (10,052) 76.02 Outstanding at September 30, 2023 946,954 $ 74.91 The nonvested shares of 946,954 at September 30, 2023 includes 147,955 shares that have fully vested but are subject to a two-year holding period, which commenced at the end of their respective vesting period. These vested shares will be released and issued into shares of common stock at the end of their respective two-year holding period, the last of which will end by March 31, 2025. If maximum performance is achieved pursuant to the 2021, 2022 and 2023 Long Term Incentive performance-based RSU grants, an additional As of September 30, 2023, there was $30.7 million of total unrecognized compensation cost at target related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 30, 2023. The total fair value of RSUs vested and released during the nine months ended September 30, 2023 was million. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingent Liabilities | |
Commitments and Contingent Liabilities | Note 14 — Commitments and Contingent Liabilities In the normal course of business, we make various commitments and incur certain contingent liabilities, which are not reflected in the accompanying financial statements. The commitments and contingent liabilities include guarantees, commitments to extend credit, and standby letters of credit. At September 30, 2023, commitments to extend credit and standby letters of credit totaled billion. million and recorded on the Balance Sheet. See Note 2 — Summary of Significant Accounting Policies for discussion of liability recorded for expected credit losses on unfunded commitments We have been named as defendant in various legal actions, arising from its normal business activities, in which damages in various amounts are claimed. We are also exposed to litigation risk related to the prior business activities of banks acquired through whole bank acquisitions. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, as of In May 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a notice of proposed rulemaking to implement a special assessment, in connection with the systemic risk determination announced in March 2023, to recover the cost associated with protecting uninsured depositors following the recent bank failures. The FDIC is proposing to collect t annual rate of approximately 12.5 basis points of the Company’s uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion, over eight quarterly assessment periods, beginning after the first quarter 2024. We expect the FDIC will enact a special deposit insurance assessment in the second half of 2023 that will significantly increase our FDIC deposit insurance costs. The total cost and timing is subject to change prior to any final rule depending on any adjustments to the loss estimate, mergers or failures, or amendments to reported estimates of uninsured deposits. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value. | |
Fair Value | Note 15 — Fair Value GAAP defines fair value and establishes a framework for measuring and disclosing fair value. Fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale and trading securities, derivative contracts, mortgage loans held for sale, SBA servicing rights, and mortgage servicing rights (“MSRs”) are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, OREO, bank properties held for sale, and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. FASB ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 Observable inputs such as quoted prices in active markets; Level 2 Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. A description of valuation methodologies used for assets recorded at fair value is disclosed in Note 25 — Fair Value of our Annual Report on Form 10-K for the year ended December 31, 2022. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis: Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Assets Derivative financial instruments $ 212,345 $ — $ 212,345 $ — Loans held for sale 27,443 — 27,443 — Trading securities 114,154 — 114,154 — Securities available for sale: U.S. Treasuries 172,259 — 172,259 — U.S. Government agencies 216,754 — 216,754 — Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,488,706 — 1,488,706 — Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 519,427 — 519,427 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 949,532 — 949,532 — State and municipal obligations 873,007 — 873,007 — Small Business Administration loan-backed securities 377,470 — 377,470 — Corporate securities 26,463 — 26,463 — Total securities available for sale 4,623,618 — 4,623,618 — Mortgage servicing rights 89,476 — — 89,476 SBA servicing asset 5,654 — — 5,654 $ 5,072,690 $ — $ 4,977,560 $ 95,130 Liabilities Derivative financial instruments $ 1,251,878 $ — $ 1,251,878 $ — December 31, 2022: Assets Derivative financial instruments $ 211,016 $ — $ 211,016 $ — Loans held for sale 28,968 — 28,968 — Trading securities 31,263 — 31,263 — Securities available for sale: U.S. Treasuries 265,638 — 265,638 — U.S. Government agencies 219,088 — 219,088 — Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,698,353 — 1,698,353 — Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 601,045 — 601,045 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,000,398 — 1,000,398 — State and municipal obligations 1,064,852 — 1,064,852 — Small Business Administration loan-backed securities 444,810 — 444,810 — Corporate securities 32,638 — 32,638 — Total securities available for sale 5,326,822 — 5,326,822 — Mortgage servicing rights 86,610 — — 86,610 SBA servicing asset 6,068 — — 6,068 $ 5,690,747 $ — $ 5,598,069 $ 92,678 Liabilities Derivative financial instruments $ 1,034,143 $ — $ 1,034,143 $ — Fair Value Option The Company has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. The following table summarizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale and the changes in fair value of these loans. September 30, December 31, (Dollars in thousands) 2023 2022 Fair value $ 27,443 $ 28,968 Unpaid principal balance 26,921 27,937 Fair value less aggregated unpaid principal balance $ 522 $ 1,031 Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Income Statement Location Mortgage loans held for sale $ (574) $ (2,149) $ (508) $ (7,604) Mortgage banking income Changes in Level 1, 2 and 3 Fair Value Measurements When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses below include changes in fair value due in part to observable factors that are part of the valuation methodology. There were no changes in hierarchy classifications of Level 3 assets 30, 2023. A reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis for the nine months ended September 30, 2023 is as follows: (Dollars in thousands) MSRs Fair value, January 1, 2023 $ 86,610 Servicing assets that resulted from transfers of financial assets 6,752 Changes in fair value due to valuation inputs or assumptions 2,450 Changes in fair value due to decay (6,336) Fair value, September 30, 2023 $ 89,476 In 2022, the Company elected to prospectively apply fair value accounting to the Company’s SBA servicing asset, which is considered a Level 3 asset. A reconciliation of the beginning and ending balances of the SBA servicing asset recorded at fair value on a recurring basis for the period ending September 30, 2023 is as follows: (Dollars in thousands) SBA Servicing Asset Fair value, January 1, 2023 $ 6,068 Servicing assets that resulted from transfers of financial assets 1,103 Changes in fair value due to decay (1,951) Changes in fair value due to valuation inputs or assumptions 434 Fair value, September 30, 2023 $ 5,654 There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at September 30, 2023. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis: Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: OREO $ 434 $ — $ — $ 434 Bank properties held for sale 15,251 — — 15,251 Individually evaluated loans 76,890 — — 76,890 December 31, 2022: OREO $ 1,023 $ — $ — $ 1,023 Bank properties held for sale 17,754 — — 17,754 Individually evaluated loans 20,802 — — 20,802 Quantitative Information about Level 3 Fair Value Measurement Weighted Average Discount September 30, December 31, Valuation Technique Unobservable Input 2023 2022 Nonrecurring measurements: Individually evaluated loans Discounted appraisals and discounted cash flows Collateral discounts 26 % 31 % OREO and Bank properties held for sale Discounted appraisals Collateral discounts and estimated costs to sell 22 % 16 % Fair Value of Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those models are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The use of different methodologies may have a material effect on the estimated fair value amounts. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2023 and December 31, 2022. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Methods and assumptions used to estimate the fair value of each class of financial instruments are disclosed in Note 25 — Fair Value of our Annual Report on Form 10-K for the year ended December 31, 2022. The estimated fair value, and related carrying amount, of our financial instruments are as follows: Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 September 30, 2023 Financial assets: Cash and cash equivalents $ 1,329,137 $ 1,329,137 $ 1,329,137 $ — $ — Trading securities 114,154 114,154 — 114,154 — Investment securities 7,344,483 6,823,170 187,152 6,636,018 — Loans held for sale 27,443 27,443 — 27,443 — Loans, net of allowance for credit losses 31,568,716 29,773,087 — — 29,773,087 Accrued interest receivable 151,259 151,259 — 26,561 124,698 Mortgage servicing rights 89,476 89,476 — — 89,476 SBA servicing asset 5,654 5,654 — — 5,654 Interest rate swap – non-designated hedge 211,109 211,109 — 211,109 — Other derivative financial instruments (mortgage banking related) 1,236 1,236 — 1,236 — Financial liabilities: Deposits Noninterest-bearing 11,158,431 11,158,431 — 11,158,431 — Interest-bearing other than time deposits 21,322,840 21,322,840 — 21,322,840 — Time deposits 4,453,927 4,391,875 — 4,391,875 — Federal funds purchased and securities sold under agreements to repurchase 513,304 513,304 — 513,304 — Corporate and subordinated debentures 391,997 376,373 — 376,373 — Other borrowings — — — — — Accrued interest payable 45,163 45,163 — 45,163 — Interest rate swap – non-designated hedge 1,251,059 1,251,059 — 1,251,059 — Other derivative financial instruments (mortgage banking related) 819 819 — 819 — Off balance sheet financial instruments: Commitments to extend credit — (604,493) — (604,493) — December 31, 2022 Financial assets: Cash and cash equivalents $ 1,312,563 $ 1,312,563 $ 1,312,563 $ — $ — Trading securities 31,263 31,263 — 31,263 — Investment securities 8,189,780 7,756,707 179,717 7,576,990 — Loans held for sale 28,968 28,968 — 28,968 — Loans, net of allowance for credit losses 29,821,418 29,329,499 — — 29,329,499 Accrued interest receivable 134,594 134,594 — 28,449 106,145 Mortgage servicing rights 86,610 86,610 — — 86,610 SBA servicing asset 6,068 — — — 6,068 Interest rate swap – non-designated hedge 210,216 210,216 — 210,216 — Other derivative financial instruments (mortgage banking related) 800 800 — 800 — Financial liabilities: Deposits Noninterest-bearing 13,168,656 13,168,656 — 13,168,656 — Interest-bearing other than time deposits 20,761,981 20,761,981 — 20,761,981 — Time deposits 2,419,986 2,333,764 — 2,333,764 — Federal funds purchased and securities sold under agreements to repurchase 556,417 556,417 — 556,417 — Corporate and subordinated debentures 392,275 377,360 — 377,360 — Accrued interest payable 6,218 6,218 — 3,345 — Interest rate swap – non-designated hedge 1,033,980 1,033,980 — 1,033,980 — Other derivative financial instruments (mortgage banking related) 163 163 — 163 — Off balance sheet financial instruments: Commitments to extend credit — (184,801) — (184,801) — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | Note 16 — Accumulated Other Comprehensive Loss The changes in each component of accumulated other comprehensive loss, net of tax, were as follows: Unrealized Losses Benefit on Securities (Dollars in thousands) Plans Available for Sale Total Three Months Ended September 30, 2023 Balance at June 30, 2023 $ (673) $ (661,725) $ (662,398) Other comprehensive loss before reclassifications — (153,491) (153,491) Amounts reclassified from accumulated other comprehensive loss — — — Net comprehensive loss — (153,491) (153,491) Balance at September 30, 2023 $ (673) $ (815,216) $ (815,889) Three Months Ended September 30, 2022 Balance at June 30, 2022 $ 57 $ (490,941) $ (490,884) Other comprehensive loss before reclassifications — (225,551) (225,551) Amounts reclassified from accumulated other comprehensive loss — (23) (23) Net comprehensive loss — (225,574) (225,574) Balance at September 30, 2022 $ 57 $ (716,515) $ (716,458) Nine Months Ended September 30, 2023 Balance at December 31, 2022 $ (673) $ (676,415) $ (677,088) Other comprehensive loss before reclassifications — (138,768) (138,768) Amounts reclassified from accumulated other comprehensive loss — (33) (33) Net comprehensive loss — (138,801) (138,801) Balance at September 30, 2023 $ (673) $ (815,216) $ (815,889) Nine Months Ended September 30, 2022 Balance at December 31, 2021 $ 57 $ (21,203) $ (21,146) Other comprehensive loss before reclassifications — (695,289) (695,289) Amounts reclassified from accumulated other comprehensive loss — (23) (23) Net comprehensive loss — (695,312) (695,312) Balance at September 30, 2022 $ 57 $ (716,515) $ (716,458) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) Component 2023 2022 2023 2022 Income Statement Line Item Affected Gains on sales of available for sale securities: $ — $ (30) $ (45) $ (30) Securities gains, net — 7 12 7 Provision for income taxes — (23) (33) (23) Net income Total reclassifications for the period $ — $ (23) $ (33) $ (23) |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 17 — Derivative Financial Instruments The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions. The following table summarizes the derivative financial instruments used by the Company: September 30, 2023 December 31, 2022 Balance Sheet Notional Estimated Fair Value Notional Estimated Fair Value (Dollars in thousands) Location Amount Gain Loss Amount Gain Loss Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Assets $ 9,480 $ 600 $ — $ 12,289 $ 414 $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities 11,182,309 5,078 1,251,059 10,480,171 8,539 1,033,980 Matched interest rate swaps with counterparty (1) Other Assets 11,091,592 205,429 — 10,400,733 201,263 — Economic hedges of interest rate risk: Pay floating rate swap with counterparty Other Assets 1,200,000 2 — — — — Not designated hedges of interest rate risk – mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Liabilities 44,000 — 819 35,000 — 163 Contracts used to hedge mortgage pipeline Other Assets 89,500 1,236 — 51,000 800 — Total derivatives $ 23,616,881 $ 212,345 $ 1,251,878 $ 20,979,193 $ 211,016 $ 1,034,143 (1) The fair value of the interest rate swap derivative assets was reduced by $1.0 billion in variation margin payments applicable to swaps centrally cleared through LCH and CME. Cash Flow Hedge of Interest Rate Risk The Company is exposed to interest rate risk in the course of its business operations and manages a portion of this risk through the use of derivative financial instruments, in the form of interest rate swaps. We account for interest rate swaps that are classified as cash flow hedges on the balance sheet at fair value. We had no cash flow hedges as of September 30, 2023 and December 31, 2022. For more information regarding the fair value of our derivative financial instruments, see Note 15 — Fair Value to these financial statements. The Company did not maintain any cash flow hedges on the balance sheet throughout the nine months ended September 30, 2023 and year ended December 31, 2022 (See Note 16—Accumulated Other Comprehensive Income (Loss) for activity in accumulated comprehensive income (loss) and the amounts reclassified into earnings). With the Company not maintaining any cash flow hedges at September 30, 2023 and December 31, 2022, there was Balance Sheet Fair Value Hedge As of September 30, 2023 and December 31, 2022, the Company maintained loan swaps, with an aggregate notional amount of $9.5 million and $12.3 million, respectively, accounted for as fair value hedges. This derivative protects us from interest rate risk caused by changes in the SOFR curve in relation to a certain designated fixed rate loan. The derivative converts the fixed rate loan to a floating rate. Settlement occurs in any given period where there is a difference in the stated fixed rate and variable rate and the difference is recorded in net interest income. The fair value of this hedge is recorded in either other assets or in other liabilities depending on the position of the hedge with the offset recorded in loans. Non-designated Hedges of Interest Rate Risk Customer Swap The Company maintains interest rate swap contracts with loan customers of respondent bank customers of the Correspondent Banking Division, in addition to loan customers of the Bank, that are classified as non-designated hedges and are not speculative in nature. These agreements are designed to convert customer’s variable rate loans with the Company and respondent bank customers to fixed rate. These interest rate swaps are executed with loan customers to facilitate a respective risk management strategy and allow the customer to pay a fixed rate of interest to the Company. These interest rate swaps are simultaneously hedged by executing offsetting interest rate swaps with unrelated market counterparties to minimize the net risk exposure to the Company resulting from the transactions and allow the Company to receive a variable rate of interest. The interest rate swaps pay and receive interest based on a one-month SOFR floating rate plus a credit spread, with payments being calculated on the notional amount. During the second quarter of 2023, the Company transitioned the majority of these interest rate swap contracts to SOFR as the reference rate. For discussion related to reference rate reform, please refer to Accounting Standards Adopted within Note 3— Recent Accounting and Regulatory Pronouncements. The interest rate swaps are settled monthly with varying maturities. The variation margin settlement payment and the related derivative instruments fair value are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position of the swaps with LCH and CME, the fair value, net of the variation margin, is reported in Derivative Assets or Derivative Liabilities on the Consolidated Balance Sheets. In addition, the expense or income attributable to the variation margin for the centrally cleared swaps with LCH and CME is reported in Noninterest Income, specifically within Correspondent and Capital Markets Income. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of September 30, 2023 and December 31, 2022, the interest rate swaps had an aggregate notional amount of approximately billion, respectively. At September 30, 2023, the fair value of the interest rate swap derivatives is recorded in Other Assets at billion. The fair value of derivative assets at September 30, 2023 was reduced by billion in variation margin payments applicable to swaps centrally cleared through LCH and CME. At December 31, 2022, the fair value of the interest rate swap derivatives was recorded in Other Assets at billion. The fair value of derivative assets at December 31, 2022 was reduced by million in variation margin payments applicable to swaps centrally cleared through LCH and CME. All changes in fair value are recorded through earnings within Correspondent and Capital Markets Income, a component of Noninterest Income on the Consolidated Statements of Net Income. There was a net gain of 30, 2023, respectively. There was a net loss of million of cash collateral on the counterparty, which is included in Cash and Cash Equivalents on the Consolidated Balance Sheets as Deposits in Other Financial Institutions (Restricted Cash). We also provided million in investment securities at market value as collateral on the counterparty, which is included in Investment Securities – Available for Sale. Counterparties provided Balance Sheet Economic Hedge During the third quarter of 2023, management began executing a series of short-term interest rate hedges to address monthly accrual mismatches related to the Company’s Assumable Rate Conversion (“ARC”) program and its transition from LIBOR to SOFR after June 30, 2023. The Company is required to execute the correspondent side of its back-to-back swaps with customers with the central clearinghouses (CME or LCH). Term SOFR was not available to execute through CME and LCH, and therefore, management elected to convert to the CME-eligible daily SOFR. Because many of the respondent bank customers converted to Term SOFR, this created interest rate basis risk. To address this risk, monthly interest rate hedges were executed to minimize the impact of accrual mismatches between the monthly Term SOFR used by the customer and the daily SOFR rates used by the central clearinghouses. As of September 30, 2023, the Company maintained an aggregate notional amount of $1.2 billion short-term interest rate hedges that were accounted for as economic hedges. As noted above, the derivatives protect the Company from interest rate risk caused by changes in the term and daily SOFR accrual mismatches. The fair value of these hedges is recorded in either Other Assets or in Other Liabilities depending on the position of the hedge with the offset recorded in Correspondent Banking and Capital Market Income, a component of Noninterest Income on the Consolidated Statements of Net Income. There was a net gain of for these derivatives for the three and nine months ended September 30, 2023. The Company did not have any of these short-term interest rate hedges at December 31, 2022. Foreign Exchange The Company may enter into foreign exchange contracts with customers to accommodate their need to convert certain foreign currencies into U.S. Dollars. To offset the foreign exchange risk, the Company may enter into substantially identical agreements with an unrelated market counterparty to hedge these foreign exchange contracts. At September 30, 2023 and December 31, 2022, there were no outstanding contracts or agreements related to foreign currency. If there were foreign currency contracts outstanding at September 30, 2023, the fair value of these contracts would be included in Other Assets and Other Liabilities in the accompanying Consolidated Balance Sheets. All changes in fair value are recorded as other noninterest income. There was Mortgage Banking The Company also has derivatives contracts that are not classified as accounting hedges to mitigate risks related to the Company’s mortgage banking activities. These instruments may include financial forwards, futures contracts, and options written and purchased, which are used to hedge MSRs; while forward sales commitments are typically used to hedge the mortgage pipeline. Such instruments derive their cash flows, and therefore their values, by reference to an underlying instrument, index or referenced interest rate. The Company does not elect hedge accounting treatment for any of these derivative instruments and as a result, changes in fair value of the instruments (both gains and losses) are recorded in the Company’s Consolidated Statements of Net Income in Mortgage Banking Income. Mortgage Servicing Rights (“MSRs”) Derivatives contracts related to MSRs are used to help offset changes in fair value and are written in amounts referred to as notional amounts. Notional amounts provide a basis for calculating payments between counterparties but do not represent amounts to be exchanged between the parties and are not a measure of financial risk. On September 30, 2023, we had derivative financial instruments outstanding with notional amounts totaling 31, 2022. The estimated net fair value of the open contracts related to the MSRs was recorded as a loss of Mortgage Pipeline The following table presents our notional value of forward sale commitments and the fair value of those obligations along with the fair value of the mortgage pipeline related to the held for sale portfolio: (Dollars in thousands) September 30, 2023 December 31, 2022 Mortgage loan pipeline $ 91,885 $ 40,850 Expected closures 83,475 37,210 Fair value of mortgage loan pipeline commitments 621 524 Forward sales commitments 89,500 51,000 Fair value of forward commitments 615 276 |
Capital Ratios
Capital Ratios | 9 Months Ended |
Sep. 30, 2023 | |
Capital Ratios | |
Capital Ratios | Note 18 — Capital Ratios The Company is subject to regulations with respect to certain risk-based capital ratios. These risk-based capital ratios measure the relationship of capital to a combination of balance sheet and off-balance sheet risks. The values of both balance sheet and off-balance sheet items are adjusted based on the rules to reflect categorical credit risk. In addition to the risk-based capital ratios, the regulatory agencies have also established a leverage ratio for assessing capital adequacy. The leverage ratio is equal to Tier 1 capital divided by total consolidated on-balance sheet assets (minus amounts deducted from Tier 1 capital). The leverage ratio does not involve assigning risk weights to assets. Under current regulations, the Company and the Bank are subject to a minimum ratio of common equity Tier 1 capital (“CET1”) to risk-weighted assets of 4.5% and a minimum required ratio of Tier 1 capital to risk-weighted assets of 6% . The minimum required leverage ratio is . The minimum required total capital to risk-weighted assets ratio is In order to avoid restrictions on capital distributions and discretionary bonus payments to executives, under the new rules a covered banking organization is also required to maintain a “capital conservation buffer” in addition to its minimum risk-based capital requirements. This buffer is required to consist solely of CET1, and the buffer applies to all three risk-based measurements (CET1, Tier 1 capital and total capital). The capital conservation buffer became fully phased-in on January 1, 2019 and consists of an additional amount of Tier 1 common equity equal to The Bank is also subject to the regulatory framework for prompt corrective action, which identifies five capital categories for insured depository institutions (well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized) and is based on specified thresholds for each of the three risk-based regulatory capital ratios (CET1, Tier 1 capital and total capital) and for the leverage ratio. The following table presents actual and required capital ratios as of September 30, 2023 and December 31, 2022 for the Company and the Bank under the current capital rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations. Required to be Minimum Capital Considered Well Actual Required – Basel III Capitalized (Dollars in thousands) Amount Ratio Capital Amount Ratio Capital Amount Ratio September 30, 2023: Common equity Tier 1 to risk-weighted assets: Consolidated $ 4,089,424 11.47 % $ 2,495,806 7.00 % $ 2,317,534 6.50 % SouthState Bank (the Bank) 4,360,670 12.25 % 2,492,670 7.00 % 2,314,622 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 4,089,424 11.47 % 3,030,621 8.50 % 2,852,349 8.00 % SouthState Bank (the Bank) 4,360,670 12.25 % 3,026,814 8.50 % 2,848,766 8.00 % Total capital to risk-weighted assets: Consolidated 4,905,268 13.76 % 3,743,709 10.50 % 3,565,437 10.00 % SouthState Bank (the Bank) 4,786,514 13.44 % 3,739,005 10.50 % 3,560,957 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 4,089,424 9.34 % 1,751,637 4.00 % 2,189,546 5.00 % SouthState Bank (the Bank) 4,360,670 9.96 % 1,751,135 4.00 % 2,188,919 5.00 % December 31, 2022: Common equity Tier 1 to risk-weighted assets: Consolidated $ 3,788,106 10.96 % $ 2,420,417 7.00 % $ 2,247,530 6.50 % SouthState Bank (the Bank) 4,074,045 11.80 % 2,417,133 7.00 % 2,244,481 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 3,788,106 10.96 % 2,939,077 8.50 % 2,766,190 8.00 % SouthState Bank (the Bank) 4,074,045 11.80 % 2,935,090 8.50 % 2,762,438 8.00 % Total capital to risk-weighted assets: Consolidated 4,485,397 12.97 % 3,630,625 10.50 % 3,457,738 10.00 % SouthState Bank (the Bank) 4,381,336 12.69 % 3,625,700 10.50 % 3,453,047 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 3,788,106 8.72 % 1,736,991 4.00 % 2,171,239 5.00 % SouthState Bank (the Bank) 4,074,045 9.39 % 1,736,330 4.00 % 2,170,412 5.00 % As of September 30, 2023 and December 31, 2022, the capital ratios of the Company and the Bank were well in excess of the minimum regulatory requirements and exceeded the thresholds for the “well capitalized” regulatory classification. In accordance with ASU No. 2016-13, the Company applied the provisions of the standard using the modified retrospective method as a cumulative-effect adjustment to retained earnings. Related to the implementation of ASU 2016-13, the Company recorded additional allowance for credit losses for loans of million. Instead of recognizing the effects from ASU 2016-13 at adoption, the standard included a transitional method option for recognizing the adoption date effects on the Company’s regulatory capital calculations over a three-year phase-in. In March 2020, in response to the COVID-19 pandemic, the regulatory agencies provided an additional transitional method option of a two-year deferral for the start of the three-year phase-in of the recognition of the adoption date effects of ASU 2016-13 along with an option to defer the current impact on regulatory capital calculations of ASU 2016-13 during the first two years (“5-year method”). Under this 5-year method, the Company would recognize an estimate of the previous incurred loss method for determining the allowance for credit losses in regulatory capital calculations and the difference from the CECL method would be deferred for two years. After two years, the effects from adoption date and the deferral difference from the first two years of applying CECL would be phased-in over three years using the straight-line method. The regulatory rules provided a one-time opportunity at the end of the first quarter of 2020 for covered banking organizations to choose its transition option for CECL. The Company chose the 5-year method and is deferring the recognition of the effects from adoption date and the CECL difference from the first two years of application. This amount was fixed as of December 31, 2021, and that amount began the three-year phase out in the first quarter of 2022 with . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | Note 19 — Goodwill and Other Intangible Assets The carrying amount of goodwill was $1.9 billion at September 30, 2023 31, 2022. The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2022 and determined there was no goodwill impairment. In between annual impairment analyses, we monitor for any triggering events that may impact the Company’s goodwill The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: September 30, December 31, (Dollars in thousands) 2023 2022 Gross carrying amount $ 274,455 $ 274,869 Accumulated amortization (179,361) (158,419) $ 95,094 $ 116,450 Amortization expense totaled $6.6 million and $20.9 million, for the three and nine months ended September 30, 2023, compared to $7.8 million and $25.2 million for the three and nine months ended September 30, 2022. Other intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two The Company elected to apply fair value accounting to the Company’s SBA servicing asset. The change in fair value of the SBA servicing asset is recorded in SBA Income, a component of Noninterest Income on the Consolidated Statements of Income, during each applicable reporting period. As a result of the fair value accounting treatment, the Company does not amortize the SBA servicing asset and therefore excluded the SBA servicing asset from the future amortization expense table presented below. The fair value of the SBA servicing asset was $5.7 million and $6.1 million, respectively, at September 30, 2023 and December 31, 2022. Estimated amortization expense for other intangibles, excluding the SBA servicing assets, for each of the next five quarters and thereafter is as follows: (Dollars in thousands) Quarter ending: December 31, 2023 $ 6,615 March 31, 2024 6,003 June 30, 2024 5,739 September 30, 2024 5,327 December 31, 2024 5,326 Thereafter 60,429 $ 89,439 |
Mortgage Loan Servicing, Origin
Mortgage Loan Servicing, Origination, and Loans Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
Mortgage Loan Servicing, Origination, and Loans Held for Sale | |
Mortgage Loan Servicing, Origination, and Loans Held for Sale | Note 20 — Mortgage Loan Servicing, Origination, and Loans Held for Sale The portfolio of residential mortgages serviced for others, which is not included in the accompanying Consolidated Balance Sheets the portfolio of residential mortgages serviced for others, was $6.6 billion, as of September 30, 2023 and December 31, 2022. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts and disbursing payments to investors. The amount of contractually specified servicing fees we earned during the three and nine months ended September 30, 2023 and September 30, 2022 were million, respectively. Servicing fees are recorded in At September 30, 2023 and December 31, 2022, MSRs were $89.5 million and $86.6 million on our Consolidated Balance Sheets, respectively. MSRs are recorded at fair value with changes in fair value recorded as a component of Mortgage Banking Income in the Consolidated Statements of Net Income. The market value adjustments related to MSRs recorded in Mortgage Banking Income for the three and nine months ended September 30, 2023 and September 30, 2022 were gains of million, respectively. The Company has used various free standing derivative instruments to mitigate the income statement effect of changes in fair value resulting from changes in market value adjustments, in addition to changes in valuation inputs and assumptions related to MSRs. See Note 15 — Fair Value for the changes in fair value of MSRs. The following table presents the changes in the fair value of the MSR and offsetting hedge. Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Increase in fair value of MSRs $ 1,762 $ 2,661 $ 2,450 $ 18,274 Decay of MSRs (2,543) (2,530) (6,336) (8,052) Loss related to derivatives (2,170) (3,572) (4,288) (17,963) Net effect on Consolidated Statements of Net Income $ (2,951) $ (3,441) $ (8,174) $ (7,741) The fair value of MSRs is highly sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and with the use of independent third-party appraisals. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of the MSR. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if applied at a different time. See Note 15 — Fair Value for additional information regarding fair value. The characteristics and sensitivity analysis of the MSRs are included in the following table: September 30, December 31, (Dollars in thousands) 2023 2022 Composition of residential loans serviced for others Fixed-rate mortgage loans 100.0 % 100.0 % Adjustable-rate mortgage loans — % — % Total 100.0 % 100.0 % Weighted average life 8.26 years 8.37 years Constant Prepayment rate (CPR) 6.6 % 6.4 % Weighted average discount rate 10.6 % 10.0 % Effect on fair value due to change in interest rates 25 basis point increase $ 686 $ 774 50 basis point increase 1,231 1,428 25 basis point decrease (848) (902) 50 basis point decrease (1,877) (1,938) The sensitivity calculations above are hypothetical and should not be considered predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the changes in assumptions to fair value may not be linear. The effects of an adverse variation in a particular assumption on the fair value of the MSRs as disclosed in the table above is calculated without changing any other assumptions. In reality, changes in one factor may result in adjusting other factors, which may magnify or contract the effects of the change. Whole loan sales were $259.2 million and $667.9 million for the three and nine months ended September 30, 2023, compared to $272.8 million and $1.4 billion for the three and nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, The Company retains no beneficial interests in these sales, but may retain the servicing rights for the loans sold. The risks related to the sold loans with the retained servicing rights due to a representation or warranty violation such as noncompliance with eligibility or servicing requirements, or customer fraud, that should have been identified in a loan file review are disclosed in Note 1 — Summary of Significant Accounting Policies, under the “Loans Held for Sale” section, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company is obligated to subsequently repurchase a loan if such representation or warranty violation is identified by the purchaser. The aggregated principal balances of loans repurchased for the nine months ended September 30, 2023 and 2022 were approximately respectively. There were approximately Loans held for sale have historically been comprised of residential mortgage loans awaiting sale in the secondary market, which generally settle in 15 to 45 days . Loans held for sale were 31, 2022, respectively. Please see Note 15 — Fair Value, under the “Fair Value Option”, section in this Quarterly Report on Form 10-Q for summary of the fair value and the unpaid principal balance of loans held for sale and the changes in fair value of these loans. |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Short-Term Borrowings | |
Short-Term Borrowings | Note 21 — Short-Term Borrowings Securities Sold Under Agreements to Repurchase (“Repurchase agreements”) Repurchase agreements represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in federal funds purchased and securities sold under agreements to repurchase on the consolidated balance sheets. At September 30, 2023 and December 31, 2022, our repurchase agreements totaled million, respectively. All of our repurchase agreements were overnight or continuous (until-further-notice) agreements at September 30, 2023 and December 31, 2022. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a market value of 31, 2022, respectively. Declines in the value of the collateral would require us to increase the amounts of securities pledged. Federal Funds Purchased Federal funds purchased are generally overnight daily borrowings with no defined maturity date. At September 30, 2023 and December 31, 2022, our federal funds purchased totaled Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Borrowing The Company has from time-to-time entered into borrowing agreements with the FHLB and FRB. Borrowings under these agreements are collateralized by stock in the FHLB, qualifying first and second mortgage residential loans, investment securities, and commercial real estate loans under a blanket-floating lien. As of September 30, 2023 and December 31, 2022, the Company had no outstanding FHLB borrowings. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at September 30, 2023, were approximately million). This allows the Company a total borrowing capacity at the FHLB of approximately billion. After accounting for letters of credit totaling 30, 2023. The Company also has a total borrowing capacity at the FRB of September 30, 2023 billion) in net eligible loans of the Company. The Company had |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Stock Repurchase Program | |
Stock Repurchase Program | Note 22 — Stock Repurchase Program On April 27, 2022, the Company’s Board of Directors approved a stock repurchase program (“2022 Stock Repurchase Program”) authorizing the Company to repurchase up to 3,750,000 of the Company’s common shares along with the remaining authorized shares of 370,021 from the Company’s 2021 stock repurchase program (“2021 Stock Repurchase Plan”) for a total authorization of 4,120,021 shares. The Company did 30, 2023. For the three and nine months ended September 30, 2023, a total of shares, respectively, were repurchased under arrangements authorized by our stock-based compensation plans and Board of Directors, whereby officers or directors may sell shares to the Company in order to pay for the exercises of stock options or for income taxes owed on vesting shares of restricted stock. These shares were not purchased under the 2022 Stock Repurchase Plan. During the nine months ended September 30, 2022, before the approval of the 2022 Stock Repurchase Program, the Company repurchased a total of . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 23 — Subsequent Events On October 26, 2023, the Company announced the declaration of a quarterly cash dividend on its common stock at $0.52 per share. The dividend is payable on November 17, 2023 to shareholders of record as of November 10, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Loans | Loans Loans that management has originated and has the intent and ability to hold for the foreseeable future or until maturity or pay off generally are reported at their unpaid principal balances, less unearned income and net of any deferred loan fees and costs, including unamortized fair value discount or premium. Unearned income on installment loans is recognized as income over the terms of the loans by methods that generally approximate the interest method. Interest on other loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for non-accrual loans. We place non-acquired loans and acquired loans on nonaccrual once reasonable doubt exists about the collectability of all principal and interest due. Generally, this occurs when principal or interest is 90 days or more past due, unless the loan is well secured and in the process of collection and excludes factored receivables. For factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement due date. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. million. Large pools of homogeneous loans are collectively evaluated for loss and reserved at the pool level. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as nonaccrual, provided that management expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. |
Allowance for Credit Losses ("ACL") | Allowance for Credit Losses (“ACL”) – Investment Securities Management monitors the held to maturity portfolio to determine whether a valuation account should be recorded. Management evaluates impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value at least quarterly, and more frequently when economic or market concerns warrant such evaluation. The Company’s methodology on how ACL is calculated is disclosed in Note 1 — Summary of Significant Accounting Policies, under the “ACL – Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. As of September 30, 2023 and December 31, 2022, the Company had The Company follows its nonaccrual policy by reversing interest income in the income statement when the Company determines the interest for held to maturity securities is uncollectible. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the investment securities and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023 and December 31, 2022, the accrued interest receivables for all investment securities recorded in Other Assets were ACL – Loans and Certain Off-Balance-Sheet Credit Exposures The ACL for loans held for investment reflects management’s estimate of credit losses that will result from the inability of our borrowers to make required loan payments. The Company makes adjustments to the ACL by recording a provision for or recovery of credit losses through earnings. Loans charged off are recorded as reductions to the ACL on the balance sheet and subsequent recoveries of loan charge-offs are recorded as increases to the ACL when they are received. Management uses systematic methodologies to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company’s methodology on how ACL is calculated is disclosed in Note 1 — Summary of Significant Accounting Policies, under the “ACL – Loans” section, of our Annual Report on Form 10-K for the year ended December 31, 2022. Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , that requires the elimination of designation of loans as TDRs. Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications. Longstanding TDR accounting rules were replaced as of January 1, 2023 with ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (See Note 3 Recent Accounting and Regulatory Pronouncements). In accordance with the adoption of ASU 2022-02, any loans modified to a borrower experiencing financial difficulty are reviewed by the Bank to determine if an interest rate reduction, a term extension, an other-than-insignificant payment delay, a principal forgiveness, or any combination of these has occurred. Effective January 1, 2023, the ACL includes expected losses from modifications of receivables to borrowers experiencing financial difficulty. Losses on modifications of non-accrual loans over million to borrowers experiencing financial difficulty are estimated on an individual basis. Because the effect of the remainder of modifications made to borrowers experiencing financial difficulty is already incorporated into the measurement methodologies used to estimate the allowance, they are accounted for as pooled loans. The effects of reasonably expected TDRs are no longer considered in the measurement of expected credit losses. Prior to the adoption of ASU No. 2022-02, when determining the contractual term, the Company considered expected prepayments but was precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expected it would execute a TDR with a borrower. In the event of a reasonably expected TDR, the Company factored the reasonably-expected TDR into the expected credit losses estimate. For consumer loans, the point at which a TDR was reasonably expected was when the Company approved the borrower’s application for a modification (i.e., the borrower qualifies for the TDR) or when the Credit Administration department approved loan concessions on substandard loans. For commercial loans, the point at which a TDR was reasonably expected was when the Company approved the loan for modification or when the Credit Administration department approved loan concessions on substandard loans. The Company used a discounted cash flow methodology for a TDR to calculate the effect of the concession provided to the borrower within the ACL. For purchased credit-deteriorated, otherwise referred to herein as PCD, assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e., allowance for credit losses) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the allowance for credit losses. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the Provision for Credit Losses in the Consolidated Statements of Net Income. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023 and December 31, 2022, the accrued interest receivables for loans recorded in The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the expected credit loss are recorded as a liability on the balance sheet. Management has determined that a majority of the Company’s off-balance sheet credit exposures are not unconditionally cancellable. Management completes funding studies based on historical data to estimate the percentage of unfunded loan commitments that will ultimately be funded to calculate the reserve for unfunded commitments. Management applies this funding rate, along with the loss factor rate determined for each pooled loan segment, to unfunded loan commitments, excluding unconditionally cancellable exposures and letters of credit, to arrive at the reserve for unfunded loan commitments. As of September 30, 2023 and December 31, 2022, the liabilities recorded for expected credit losses on unfunded commitments were million, respectively. |
Reclassification and Correction | Reclassification and Correction Certain amounts previously reported have been reclassified to conform to the current quarter’s presentation. Such reclassifications had no effect on net income and shareholders’ equity. During 2022, the Company determined the variation margin payments for its interest rate swaps centrally cleared through London Clearing House (“LCH”) and Chicago Mercantile Exchange (“CME”) meet the legal characteristics of daily settlements of the derivatives (settle-to-market) rather than collateral (collateralize-to-market). As a result, the variation margin payment and the related derivative instruments centrally cleared through LCH and CME are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in Derivative Assets or Derivative Liabilities on the Consolidated Balance Sheets, as opposed to interest-earning deposits (restricted cash) within Cash and Cash Equivalents or interest-bearing deposits within Total Deposits. In addition, the expense or income attributable to the variation margin payments for the centrally cleared swaps is reported in Noninterest Income, specifically within Correspondent and Capital Markets Income, as opposed to Interest Income or Interest Expense. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. As a result of the correction from collateralize-to-market accounting treatment previously applied by the Company to settle-to-market accounting treatment, the prior periods presented herein have been corrected, for what management has concluded to be an immaterial correction. The table below discloses the net change (increase or (decrease)) included in all the Consolidated Statements of Net Income line items in this Form 10-Q, as a result of the change in accounting treatment. There was no impact to Net Income or Shareholders’ Equity as previously reported. (Dollars in thousands) Three Months Ended Nine Months Ended INCOME STATEMENT September 30, 2022 September 30, 2022 Interest income: Effect to interest income on federal funds sold and interest-earning deposits with banks $ 1,522 $ 2,203 Net effect to interest income 1,522 2,203 Effect to interest expense on deposits (2,603) (3,502) Net effect to interest expense (2,603) (3,502) Net effect to net interest income $ 4,125 $ 5,705 Noninterest Income: Effect to correspondent banking and capital markets income $ (4,125) $ (5,705) Net effect to noninterest income $ (4,125) $ (5,705) Net effect to net income $ — $ — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Net Changes Included in the Consolidated Statements of Income | (Dollars in thousands) Three Months Ended Nine Months Ended INCOME STATEMENT September 30, 2022 September 30, 2022 Interest income: Effect to interest income on federal funds sold and interest-earning deposits with banks $ 1,522 $ 2,203 Net effect to interest income 1,522 2,203 Effect to interest expense on deposits (2,603) (3,502) Net effect to interest expense (2,603) (3,502) Net effect to net interest income $ 4,125 $ 5,705 Noninterest Income: Effect to correspondent banking and capital markets income $ (4,125) $ (5,705) Net effect to noninterest income $ (4,125) $ (5,705) Net effect to net income $ — $ — |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Atlantic Capital | |
Mergers and Acquisitions | |
Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred | Initial Subsequent As Recorded Fair Value Fair Value As Recorded by (Dollars in thousands) by Atlantic Capital Adjustments Adjustments the Company Assets Cash and cash equivalents $ 250,134 $ 24 (a) $ — $ 250,158 Investment securities 717,332 (13,622) (b) — 703,710 Loans, net of allowance and mark 2,394,256 (18,964) (c) (5,614) (c) 2,369,678 Premises and equipment 16,892 2,608 (d) — 19,500 Intangible assets 22,572 (1,781) (e) — 20,791 Bank owned life insurance 74,613 — — 74,613 Deferred tax asset 30,231 2,273 (f) (1,025) (f) 31,479 Other assets 45,274 (1,277) (g) 7,557 (g) 51,554 Total assets $ 3,551,304 $ (30,739) $ 918 $ 3,521,483 Liabilities Deposits: Noninterest-bearing $ 1,411,671 $ — $ — $ 1,411,671 Interest-bearing 1,616,970 — — 1,616,970 Total deposits 3,028,641 — — 3,028,641 Federal funds purchased and securities sold under agreements to repurchase 50,000 — — 50,000 Other borrowings 74,131 4,286 (h) — 78,417 Other liabilities 50,711 (2,075) (i) — 48,636 Total liabilities 3,203,483 2,211 — 3,205,694 Net identifiable assets acquired over (under) liabilities assumed 347,821 (32,950) 918 315,789 Goodwill — 342,939 (918) 342,021 Net assets acquired over liabilities assumed $ 347,821 $ 309,989 $ — $ 657,810 Consideration: SouthState Corporation common shares issued 7,330,803 Purchase price per share of the Company's common stock $ 90.00 Company common stock issued ($659,772) and cash exchanged for fractional shares ($19) $ 659,791 Stock option conversion 1,135 Restricted stock unit conversion 2,870 Restricted stock awards conversion (unvested awards) (5,986) Fair value of total consideration transferred $ 657,810 Explanation of fair value adjustments (a)— Represents an adjustment to record time deposits with financial institutions at fair value (premium). (b)— Represents the reversal of Atlantic Capital's existing fair value adjustments of $17.2 million and the adjustment to record securities at fair value (discount) totaling $30.9 million (includes reclassification of all securities held as HTM to AFS totaling $237.6 million). (c)— Represents approximately 1.40%, or $34.0 million, net credit discount of the loan portfolio and 2.24% total net discount, or $54.3 million, including non-credit discount, based on a third-party valuation. Also, includes a reversal of Atlantic Capital's ending ACL of (d)— Represents the preliminary fair value adjustments of $2.6 million on fixed assets and leased assets. (e)— Represents approximately $17.5 million, or 0.63%, of CDI amount and $3.2 million for SBA servicing asset based on a third-party valuation. Atlantic Capital’s pre-merger goodwill and servicing asset of $19.9 million and $2.6 million, respectively, were written-off. (f)— Represents deferred tax asset related to fair value adjustments with marginal tax rate of 23.9%, which includes an adjustment from Atlantic Capital’s effective tax rate to the Company’s effective tax rate. The difference in effective tax rates relates to state income taxes. (g)— Represents the fair value adjustment (decrease) for low-income housing investments of $1.1 million, write-off of prepaid assets of $233,000, adjustments to receivables of $154,000 and fair value adjustment for Small Business Investment Company (“SBIC”) investments of $7.4 million. (h)— Represents the reversal of the existing Atlantic Capital’s issuance costs on subordinated debt of $0.9 million and recording the fair value adjustment (premium) of $3.4 million, based on a third-party valuation. (i)— Represents the reversal of $2.8 million of unfunded commitment liability at purchase date and the fair value adjustment to increase lease liabilities associated with rental facilities totaling $1.4 million. Also includes the reversal of uncertain tax liability of $0.7 million. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Securities | |
Schedule of amortized cost and fair value of investment securities held to maturity | Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2023: U.S. Government agencies $ 197,266 $ — $ (33,016) $ 164,250 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,474,360 — (303,022) 1,171,338 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 451,928 — (85,938) 365,990 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 355,664 — (85,773) 269,891 Small Business Administration loan-backed securities 54,495 — (13,564) 40,931 $ 2,533,713 $ — $ (521,313) $ 2,012,400 December 31, 2022: U.S. Government agencies $ 197,262 $ — $ (29,787) $ 167,475 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,591,646 — (255,093) 1,336,553 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 474,660 — (69,664) 404,996 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 362,586 — (66,304) 296,282 Small Business Administration loan-backed securities 57,087 — (12,225) 44,862 $ 2,683,241 $ — $ (433,073) $ 2,250,168 |
Schedule of amortized cost and fair value of investment securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value September 30, 2023: U.S. Treasuries $ 174,322 $ — $ (2,063) $ 172,259 U.S. Government agencies 246,059 — (29,305) 216,754 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,851,803 — (363,097) 1,488,706 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 644,581 — (125,154) 519,427 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,199,936 3 (250,407) 949,532 State and municipal obligations 1,132,238 1 (259,232) 873,007 Small Business Administration loan-backed securities 429,785 120 (52,435) 377,470 Corporate securities 30,546 1 (4,084) 26,463 $ 5,709,270 $ 125 $ (1,085,777) $ 4,623,618 December 31, 2022: U.S. Treasuries $ 272,416 $ — $ (6,778) $ 265,638 U.S. Government agencies 245,972 — (26,884) 219,088 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,996,405 — (298,052) 1,698,353 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 708,337 — (107,292) 601,045 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,196,700 2,542 (198,844) 1,000,398 State and municipal obligations 1,269,525 1,210 (205,883) 1,064,852 Small Business Administration loan-backed securities 491,203 302 (46,695) 444,810 Corporate securities 35,583 — (2,945) 32,638 $ 6,216,141 $ 4,054 $ (893,373) $ 5,326,822 |
Schedule of amortized cost and carrying value of other investment securities | Carrying (Dollars in thousands) Value September 30, 2023: Federal Home Loan Bank stock $ 18,085 Federal Reserve Bank stock 150,261 Investment in unconsolidated subsidiaries 3,563 Other nonmarketable investment securities 15,243 $ 187,152 December 31, 2022: Federal Home Loan Bank stock $ 15,085 Federal Reserve Bank stock 150,261 Investment in unconsolidated subsidiaries 3,563 Other nonmarketable investment securities 10,808 $ 179,717 |
Schedule of amortized cost and fair value of debt and equity securities by contractual maturity | Securities Securities Held to Maturity Available for Sale Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 50,000 $ 48,682 $ 234,334 $ 231,348 Due after one year through five years 50,994 44,922 256,202 239,370 Due after five years through ten years 407,416 341,124 1,342,414 1,104,205 Due after ten years 2,025,303 1,577,672 3,876,320 3,048,695 $ 2,533,713 $ 2,012,400 $ 5,709,270 $ 4,623,618 |
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | Less Than Twelve Months Twelve Months or More Gross Unrealized Fair Gross Unrealized Fair (Dollars in thousands) Losses Value Losses Value September 30, 2023: Securities Held to Maturity U.S. Government agencies $ — $ — $ 33,016 $ 164,250 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises — — 303,022 1,171,338 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises — — 85,938 365,990 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises — — 85,773 269,891 Small Business Administration loan-backed securities — — 13,564 40,931 $ — $ — $ 521,313 $ 2,012,400 Securities Available for Sale U.S. Treasuries $ — $ — $ 2,063 $ 172,259 U.S. Government agencies — — 29,305 216,754 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1 94 363,096 1,488,330 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises — — 125,154 519,427 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 8,606 64,756 241,801 879,801 State and municipal obligations 705 9,860 258,527 860,725 Small Business Administration loan-backed securities 163 67,609 52,272 284,393 Corporate securities — — 4,084 25,963 $ 9,475 $ 142,319 $ 1,076,302 $ 4,447,652 December 31, 2022: Securities Held to Maturity U.S. Government agencies $ 5,514 $ 78,833 $ 24,273 $ 88,642 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 65,181 513,086 189,912 823,467 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 30,284 277,868 39,380 127,128 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 14,318 82,895 51,986 213,387 Small Business Administration loan-backed securities — — 12,225 44,862 $ 115,297 $ 952,682 $ 317,776 $ 1,297,486 Securities Available for Sale U.S. Treasuries $ 6,778 $ 265,638 $ — $ — U.S. Government agencies 8,193 138,807 18,691 80,281 Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 42,767 459,773 255,285 1,238,580 Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 21,450 274,082 85,842 326,963 Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 17,156 206,228 181,688 767,002 State and municipal obligations 97,084 616,631 108,799 391,848 Small Business Administration loan-backed securities 2,152 92,535 44,543 264,933 Corporate securities 2,209 28,374 736 4,264 $ 197,789 $ 2,082,068 $ 695,584 $ 3,073,871 |
Schedule of trading securities | September 30, December 31, (Dollars in thousands) 2023 2022 U.S. Government agencies $ 9,945 $ 11,190 Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises 21,399 — Other residential mortgage issued or guaranteed by U.S. government agencies or sponsored enterprises 13,590 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 44,910 4,589 State and municipal obligations 16,059 13,993 Other debt securities 8,251 1,491 $ 114,154 $ 31,263 |
Summary of net gains (losses) on trading securities | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Net (losses) gains on sales transaction $ (76) $ 76 $ (116) $ (1,544) Net mark to mark gains (losses) 176 465 (25) (1,969) Net gains (losses) on trading securities $ 100 $ 541 $ (141) $ (3,513) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Loans | |
Summary of loans | The following is a summary of total loans: September 30, December 31, (Dollars in thousands) 2023 2022 Loans: Construction and land development (1) $ 2,776,241 $ 2,860,360 Commercial non-owner occupied 8,702,352 8,072,959 Commercial owner occupied real estate 5,539,097 5,460,193 Consumer owner occupied (2) 6,259,048 5,162,042 Home equity loans 1,349,097 1,313,168 Commercial and industrial 5,458,229 5,313,483 Other income producing property 670,331 696,242 Consumer 1,258,078 1,278,426 Other loans 4,199 20,989 Total loans 32,016,672 30,177,862 Less allowance for credit losses (447,956) (356,444) Loans, net $ 31,568,716 $ 29,821,418 (1) Construction and land development includes loans for both commercial construction and development, as well as loans for 1-4 family construction and lot loans. (2) Consumer owner occupied real estate includes loans on both 1-4 family owner occupied property, as well as loans collateralized by 1-4 family owner occupied property with a business intent. |
Schedule of purchased loans through acquisition | (Dollars in thousands) March 1, 2022 Book value of acquired loans at acquisition $ 137,874 Allowance for credit losses at acquisition (13,758) Non-credit discount at acquisition (5,943) Carrying value or book value of acquired loans at acquisition $ 118,173 |
Schedule of credit risk profile by risk grade of loans | The following tables present the credit risk profile by risk grade of commercial loans by origination year as of September 30, 2023 and December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Risk rating: Pass $ 342,418 $ 920,495 $ 502,988 $ 24,380 $ 10,853 $ 27,023 $ 60,848 $ 1,889,005 Special mention — 11,530 1,040 9 817 473 — 13,869 Substandard 394 1,019 — 251 1,289 7,327 — 10,280 Doubtful — — — 2 — 5 — 7 Total Construction and land development $ 342,812 $ 933,044 $ 504,028 $ 24,642 $ 12,959 $ 34,828 $ 60,848 $ 1,913,161 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ 2 $ — $ 2 Commercial non-owner occupied Risk rating: Pass $ 627,660 $ 2,535,022 $ 2,036,897 $ 704,631 $ 791,932 $ 1,629,748 $ 94,728 $ 8,420,618 Special mention 24,499 6,089 4,074 33,091 9,935 13,889 95 91,672 Substandard 31,826 10,487 15,880 19,511 34,121 78,236 — 190,061 Doubtful — — 1 — — — — 1 Total Commercial non-owner occupied $ 683,985 $ 2,551,598 $ 2,056,852 $ 757,233 $ 835,988 $ 1,721,873 $ 94,823 $ 8,702,352 Commercial non-owner occupied Current-period gross charge-offs $ — $ — $ 51 $ — $ — $ — $ — $ 51 Commercial Owner Occupied Risk rating: Pass $ 428,352 $ 1,074,223 $ 1,125,327 $ 653,996 $ 674,921 $ 1,239,235 $ 80,845 $ 5,276,899 Special mention 1,560 33,594 22,258 12,318 9,581 27,864 8,595 115,770 Substandard 14,967 12,326 24,269 15,448 18,648 60,762 — 146,420 Doubtful 3 — — 1 — 4 — 8 Total commercial owner occupied $ 444,882 $ 1,120,143 $ 1,171,854 $ 681,763 $ 703,150 $ 1,327,865 $ 89,440 $ 5,539,097 Commercial owner occupied Current-period gross charge-offs $ — $ 126 $ — $ — $ — $ — $ — $ 126 Commercial and industrial Risk rating: Pass $ 921,531 $ 1,225,758 $ 728,158 $ 399,814 $ 197,974 $ 454,648 $ 1,343,128 $ 5,271,011 Special mention 8,950 12,662 10,435 3,032 4,310 1,307 14,455 55,151 Substandard 12,335 12,175 16,513 4,362 6,531 13,661 66,433 132,010 Doubtful 3 9 29 — — 13 3 57 Total commercial and industrial $ 942,819 $ 1,250,604 $ 755,135 $ 407,208 $ 208,815 $ 469,629 $ 1,424,019 $ 5,458,229 Commercial and industrial Current-period gross charge-offs $ 3,551 $ 2,169 $ 12,798 $ 381 $ 765 $ 831 $ 395 $ 20,890 Other income producing property Risk rating: Pass $ 49,793 $ 138,439 $ 100,992 $ 54,040 $ 43,035 $ 115,214 $ 37,516 $ 539,029 Special mention 75 275 707 69 293 2,604 1,415 5,438 Substandard 744 632 1,776 476 546 6,430 483 11,087 Doubtful — — — — — — — — Total other income producing property $ 50,612 $ 139,346 $ 103,475 $ 54,585 $ 43,874 $ 124,248 $ 39,414 $ 555,554 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer owner occupied Risk rating: Pass $ 8,825 $ 4,588 $ 2,985 $ 1,423 $ 312 $ 386 $ 27,885 $ 46,404 Special mention 239 345 19 66 274 — — 943 Substandard — 1 — 928 1,574 184 150 2,837 Doubtful — — — — — 2 — 2 Total Consumer owner occupied $ 9,064 $ 4,934 $ 3,004 $ 2,417 $ 2,160 $ 572 $ 28,035 $ 50,186 Consumer owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating: Pass $ 4,199 $ — $ — $ — $ — $ — $ — $ 4,199 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other loans $ 4,199 $ — $ — $ — $ — $ — $ — $ 4,199 Other loans Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Loans Risk rating: Pass $ 2,382,778 $ 5,898,525 $ 4,497,347 $ 1,838,284 $ 1,719,027 $ 3,466,254 $ 1,644,950 $ 21,447,165 Special mention 35,323 64,495 38,533 48,585 25,210 46,137 24,560 282,843 Substandard 60,266 36,640 58,438 40,976 62,709 166,600 67,066 492,695 Doubtful 6 9 30 3 — 24 3 75 Total Commercial Loans $ 2,478,373 $ 5,999,669 $ 4,594,348 $ 1,927,848 $ 1,806,946 $ 3,679,015 $ 1,736,579 $ 22,222,778 Total Commercial Loans Current-period gross charge-offs $ 3,551 $ 2,295 $ 12,849 $ 381 $ 765 $ 833 $ 395 $ 21,069 Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Construction and land development Risk rating: Pass $ 875,751 $ 742,985 $ 134,996 $ 63,439 $ 14,521 $ 29,442 $ 65,656 $ 1,926,790 Special mention 1,643 988 268 76 7,219 2,068 — 12,262 Substandard 214 10,409 11 2,326 — 4,282 — 17,242 Doubtful — — — — — 6 — 6 Total Construction and land development $ 877,608 $ 754,382 $ 135,275 $ 65,841 $ 21,740 $ 35,798 $ 65,656 $ 1,956,300 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial non-owner occupied Risk rating: Pass $ 2,245,943 $ 1,849,079 $ 816,791 $ 959,707 $ 506,350 $ 1,417,397 $ 108,759 $ 7,904,026 Special mention 7,579 4,225 936 11,036 24,067 32,110 5,000 84,953 Substandard 13,256 25,557 609 9,383 6,472 26,366 2,257 83,900 Doubtful — 1 — 79 — — — 80 Total Commercial non-owner occupied $ 2,266,778 $ 1,878,862 $ 818,336 $ 980,205 $ 536,889 $ 1,475,873 $ 116,016 $ 8,072,959 Commercial non-owner occupied Current-period gross charge-offs $ 8 $ — $ — $ — $ — $ 360 $ — $ 368 Commercial Owner Occupied Risk rating: Pass $ 1,046,562 $ 1,136,289 $ 725,040 $ 709,669 $ 446,497 $ 1,080,522 $ 75,506 $ 5,220,085 Special mention 3,620 25,263 3,383 7,934 7,160 34,724 1,294 83,378 Substandard 12,861 34,210 19,962 16,502 9,487 62,808 895 156,725 Doubtful — — 1 — — 4 — 5 Total commercial owner occupied $ 1,063,043 $ 1,195,762 $ 748,386 $ 734,105 $ 463,144 $ 1,178,058 $ 77,695 $ 5,460,193 Commercial owner occupied Current-period gross charge-offs $ — $ — $ — $ 1,143 $ — $ 833 $ — $ 1,976 Commercial and industrial Risk rating: Pass $ 1,566,203 $ 895,368 $ 506,655 $ 274,446 $ 212,522 $ 333,286 $ 1,386,678 $ 5,175,158 Special mention 5,885 3,782 3,401 1,859 3,378 1,316 24,347 43,968 Substandard 6,308 27,974 4,770 6,591 6,783 8,476 32,876 93,778 Doubtful — — — — 155 422 2 579 Total commercial and industrial $ 1,578,396 $ 927,124 $ 514,826 $ 282,896 $ 222,838 $ 343,500 $ 1,443,903 $ 5,313,483 Commercial and industrial Current-period gross charge-offs $ 4 $ 2,825 $ 198 $ 630 $ 2,214 $ 2,589 $ 1,742 $ 10,202 Other income producing property Risk rating: Pass $ 149,793 $ 92,887 $ 60,473 $ 46,189 $ 47,155 $ 107,436 $ 46,179 $ 550,112 Special mention 952 957 1,257 378 190 3,652 2,328 9,714 Substandard 876 359 1,281 300 214 11,214 1,065 15,309 Doubtful 401 — — — — 136 — 537 Total other income producing property $ 152,022 $ 94,203 $ 63,011 $ 46,867 $ 47,559 $ 122,438 $ 49,572 $ 575,672 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ 46 $ 50 $ 96 Consumer owner occupied Risk rating: Pass $ 5,947 $ 3,124 $ 1,811 $ 418 $ 68 $ 332 $ 15,910 $ 27,610 Special mention 537 20 136 284 — — 66 1,043 Substandard 13 95 12 1,614 — 202 151 2,087 Doubtful — — — — 1 — — 1 Total Consumer owner occupied $ 6,497 $ 3,239 $ 1,959 $ 2,316 $ 69 $ 534 $ 16,127 $ 30,741 Consumer owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating: Pass $ 20,989 $ — $ — $ — $ — $ — $ — $ 20,989 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other loans $ 20,989 $ — $ — $ — $ — $ — $ — $ 20,989 Other loans Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Loans Risk rating: Pass $ 5,911,188 $ 4,719,732 $ 2,245,766 $ 2,053,868 $ 1,227,113 $ 2,968,415 $ 1,698,688 $ 20,824,770 Special mention 20,216 35,235 9,381 21,567 42,014 73,870 33,035 235,318 Substandard 33,528 98,604 26,645 36,716 22,956 113,348 37,244 369,041 Doubtful 401 1 1 79 156 568 2 1,208 Total Commercial Loans $ 5,965,333 $ 4,853,572 $ 2,281,793 $ 2,112,230 $ 1,292,239 $ 3,156,201 $ 1,768,969 $ 21,430,337 Total Commercial Loans Current-period gross charge-offs $ 12 $ 2,825 $ 198 $ 1,773 $ 2,214 $ 3,828 $ 1,792 $ 12,642 For the consumer segment, delinquency of a loan is determined by past due status. Consumer loans are automatically placed on nonaccrual status once the loan is 90 days past due. Construction and land development loans are on 1-4 properties and lots. The following table presents the credit risk profile by past due status of consumer loans by origination year as of September 30, 2023: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Consumer owner occupied Days past due: Current $ 828,826 $ 1,968,603 $ 1,618,466 $ 630,494 $ 297,347 $ 847,666 $ — $ 6,191,402 30 days past due 515 1,396 1,665 657 239 1,914 — 6,386 60 days past due 597 1,047 493 143 202 1,239 — 3,721 90 days past due — 1,970 565 1,099 316 3,403 — 7,353 Total Consumer owner occupied $ 829,938 $ 1,973,016 $ 1,621,189 $ 632,393 $ 298,104 $ 854,222 $ — $ 6,208,862 Consumer owner occupied Current-period gross charge-offs $ 18 $ 49 $ 27 $ — $ — $ 2 $ — $ 96 Home equity loans Days past due: Current $ 5,918 $ 6,092 $ 3,941 $ 2,250 $ 553 $ 12,740 $ 1,311,305 $ 1,342,799 30 days past due 119 47 177 — 205 733 2,708 3,989 60 days past due — — 20 — 87 543 688 1,338 90 days past due — 49 — 192 1 376 353 971 Total Home equity loans $ 6,037 $ 6,188 $ 4,138 $ 2,442 $ 846 $ 14,392 $ 1,315,054 $ 1,349,097 Home equity loans Current-period gross charge-offs $ — $ — $ — $ 39 $ — $ 29 $ 59 $ 127 Consumer Days past due: Current $ 260,764 $ 328,849 $ 155,263 $ 82,260 $ 65,734 $ 152,306 $ 186,659 $ 1,231,835 30 days past due 192 262 199 273 170 1,313 12,262 14,671 60 days past due 68 270 65 84 3 1,054 6,724 8,268 90 days past due 3 236 156 18 127 1,241 1,523 3,304 Total consumer $ 261,027 $ 329,617 $ 155,683 $ 82,635 $ 66,034 $ 155,914 $ 207,168 $ 1,258,078 Consumer Current-period gross charge-offs $ 213 $ 1,190 $ 379 $ 250 $ 162 $ 403 $ 6,278 $ 8,875 Construction and land development Days past due: Current $ 104,143 $ 548,493 $ 159,300 $ 26,240 $ 9,188 $ 15,415 $ — $ 862,779 30 days past due — — — — — 59 — 59 60 days past due — — — — — 11 — 11 90 days past due 3 211 — — — 17 — 231 Total Construction and land development $ 104,146 $ 548,704 $ 159,300 $ 26,240 $ 9,188 $ 15,502 $ — $ 863,080 Construction and land development Current-period gross charge-offs $ — $ — $ — $ — $ — $ 8 $ — $ 8 Other income producing property Days past due: Current $ 6,329 $ 43,588 $ 18,825 $ 4,435 $ 2,558 $ 38,139 $ 281 $ 114,155 30 days past due — — — — — 313 — 313 60 days past due — — 188 — — — — 188 90 days past due — — — — — 121 — 121 Total other income producing property $ 6,329 $ 43,588 $ 19,013 $ 4,435 $ 2,558 $ 38,573 $ 281 $ 114,777 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Consumer Loans Days past due: Current $ 1,205,980 $ 2,895,625 $ 1,955,795 $ 745,679 $ 375,380 $ 1,066,266 $ 1,498,245 $ 9,742,970 30 days past due 826 1,705 2,041 930 614 4,332 14,970 25,418 60 days past due 665 1,317 766 227 292 2,847 7,412 13,526 90 days past due 6 2,466 721 1,309 444 5,158 1,876 11,980 Total Consumer Loans $ 1,207,477 $ 2,901,113 $ 1,959,323 $ 748,145 $ 376,730 $ 1,078,603 $ 1,522,503 $ 9,793,894 Current-period gross charge-offs $ 231 $ 1,239 $ 406 $ 289 $ 162 $ 442 $ 6,337 $ 9,106 The following table presents total loans by origination year as of September 30, 2023: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans $ 3,685,850 $ 8,900,782 $ 6,553,671 $ 2,675,993 $ 2,183,676 $ 4,757,618 $ 3,259,082 $ 32,016,672 Current-period gross charge-offs $ 3,782 $ 3,534 $ 13,255 $ 670 $ 927 $ 1,275 $ 6,732 $ 30,175 The following table presents the credit risk profile by past due status of consumer loans by origination year as of December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Consumer owner occupied Days past due: Current $ 1,695,454 $ 1,467,080 $ 657,005 $ 315,458 $ 187,580 $ 792,572 $ — $ 5,115,149 30 days past due 1,316 1,254 1,681 664 272 2,028 — 7,215 60 days past due 255 337 579 — 242 1,650 — 3,063 90 days past due — 944 776 454 664 3,036 — 5,874 Total Consumer owner occupied $ 1,697,025 $ 1,469,615 $ 660,041 $ 316,576 $ 188,758 $ 799,286 $ — $ 5,131,301 Consumer owner occupied Current-period gross charge-offs $ 25 $ — $ — $ 6 $ 23 $ 66 $ — $ 120 Home equity loans Days past due: Current $ 5,921 $ 5,231 $ 3,282 $ 1,560 $ 1,955 $ 17,941 $ 1,272,848 $ 1,308,738 30 days past due — — 155 77 418 422 1,586 2,658 60 days past due — — 19 36 70 26 540 691 90 days past due — — 60 87 — 611 323 1,081 Total Home equity loans $ 5,921 $ 5,231 $ 3,516 $ 1,760 $ 2,443 $ 19,000 $ 1,275,297 $ 1,313,168 Home equity loans Current-period gross charge-offs $ — $ — $ — $ 19 $ — $ 280 $ 146 $ 445 Consumer Days past due: Current $ 407,825 $ 206,003 $ 111,210 $ 86,008 $ 44,303 $ 141,053 $ 248,314 $ 1,244,716 30 days past due 718 194 78 174 63 1,255 17,471 19,953 60 days past due 55 103 107 36 144 557 9,836 10,838 90 days past due 126 60 58 66 165 1,660 784 2,919 Total consumer $ 408,724 $ 206,360 $ 111,453 $ 86,284 $ 44,675 $ 144,525 $ 276,405 $ 1,278,426 Consumer Current-period gross charge-offs $ 254 $ 653 $ 337 $ 265 $ 62 $ 664 $ 7,979 $ 10,214 Construction and land development Days past due: Current $ 466,475 $ 351,485 $ 50,472 $ 14,053 $ 7,006 $ 13,588 $ 379 $ 903,458 30 days past due 2 — — 57 23 43 — 125 60 days past due — — — — — — — — 90 days past due — — 436 — — 41 — 477 Total Construction and land development $ 466,477 $ 351,485 $ 50,908 $ 14,110 $ 7,029 $ 13,672 $ 379 $ 904,060 Construction and land development Current-period gross charge-offs $ — $ — $ 21 $ — $ — $ 4 $ — $ 25 Other income producing property Days past due: Current $ 45,717 $ 21,421 $ 4,937 $ 2,663 $ 4,322 $ 40,680 $ 624 $ 120,364 30 days past due — — — — — 62 — 62 60 days past due — — — — — 23 — 23 90 days past due — — — — — 121 — 121 Total other income producing property $ 45,717 $ 21,421 $ 4,937 $ 2,663 $ 4,322 $ 40,886 $ 624 $ 120,570 Other income producing property Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Consumer Loans Days past due: Current $ 2,621,392 $ 2,051,220 $ 826,906 $ 419,742 $ 245,166 $ 1,005,834 $ 1,522,165 $ 8,692,425 30 days past due 2,036 1,448 1,914 972 776 3,810 19,057 30,013 60 days past due 310 440 705 72 456 2,256 10,376 14,615 90 days past due 126 1,004 1,330 607 829 5,469 1,107 10,472 Total Consumer Loans $ 2,623,864 $ 2,054,112 $ 830,855 $ 421,393 $ 247,227 $ 1,017,369 $ 1,552,705 $ 8,747,525 Current-period gross charge-offs $ 279 $ 653 $ 358 $ 290 $ 85 $ 1,014 $ 8,125 $ 10,804 The following table presents total loans by origination year as of December 31, 2022: Term Loans (Dollars in thousands) Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans $ 8,589,197 $ 6,907,684 $ 3,112,648 $ 2,533,623 $ 1,539,466 $ 4,173,570 $ 3,321,674 $ 30,177,862 Current-period gross charge-offs $ 291 $ 3,478 $ 556 $ 2,063 $ 2,299 $ 4,842 $ 9,917 $ 23,446 |
Aging analysis of past due loans (includes nonaccrual loans), segregated by class of loans | 30 - 59 Days 60 - 89 Days 90+ Days Total Non- Total (Dollars in thousands) Past Due Past Due Past Due Past Due Current Accruing Loans September 30, 2023 Construction and land development $ 1,272 $ 474 $ 46 $ 1,792 $ 2,773,766 $ 683 $ 2,776,241 Commercial non-owner occupied 4,922 1,378 — 6,300 8,672,765 23,287 8,702,352 Commercial owner occupied 3,973 1,498 1,701 7,172 5,497,065 34,860 5,539,097 Consumer owner occupied 5,145 1,595 26 6,766 6,229,717 22,565 6,259,048 Home equity loans 3,221 949 1 4,171 1,340,574 4,352 1,349,097 Commercial and industrial 27,715 14,819 806 43,340 5,345,740 69,149 5,458,229 Other income producing property 301 288 — 589 666,059 3,683 670,331 Consumer 14,522 7,965 24 22,511 1,230,826 4,741 1,258,078 Other loans — — — — 4,199 — 4,199 $ 61,071 $ 28,966 $ 2,604 $ 92,641 $ 31,760,711 $ 163,320 $ 32,016,672 December 31, 2022 Construction and land development $ 2,146 $ 3,653 $ — $ 5,799 $ 2,853,734 $ 827 $ 2,860,360 Commercial non-owner occupied 1,158 978 77 2,213 8,050,321 20,425 8,072,959 Commercial owner occupied 10,748 2,059 2,231 15,038 5,410,066 35,089 5,460,193 Consumer owner occupied 6,001 744 40 6,785 5,137,950 17,307 5,162,042 Home equity loans 2,527 361 — 2,888 1,303,964 6,316 1,313,168 Commercial and industrial 24,500 11,677 1,704 37,881 5,258,473 17,129 5,313,483 Other income producing property 1,623 1,480 298 3,401 690,107 2,734 696,242 Consumer 19,713 10,655 — 30,368 1,243,660 4,398 1,278,426 Other loans — — — — 20,989 — 20,989 $ 68,416 $ 31,607 $ 4,350 $ 104,373 $ 29,969,264 $ 104,225 $ 30,177,862 |
Summary of information pertaining to nonaccrual loans by class | September 30, Greater than Non-accrual December 31, (Dollars in thousands) 2023 90 Days Accruing (1) with no allowance (1) 2022 Construction and land development $ 683 $ 46 $ 5 $ 827 Commercial non-owner occupied 23,287 — 14,066 20,425 Commercial owner occupied real estate 34,860 1,701 18,344 35,089 Consumer owner occupied 22,565 26 — 17,307 Home equity loans 4,352 1 — 6,316 Commercial and industrial 69,149 806 33,632 17,129 Other income producing property 3,683 — — 2,734 Consumer 4,741 24 — 4,398 Total loans on nonaccrual status $ 163,320 $ 2,604 $ 66,047 $ 104,225 (1) Greater than 90 days accruing and non-accrual with no allowance loans at September 30, 2023. |
Summary of collateral dependent loans, by type of collateral | The following is a summary of collateral dependent loans, by type of collateral, and the extent to which they are collateralized during the period: September 30, Collateral December 31, Collateral (Dollars in thousands) 2023 Coverage % 2022 Coverage % Commercial owner occupied real estate Church $ 3,581 $ 7,533 210% $ — $ — Industrial 4,388 11,331 258% — — Other 10,374 19,985 193% 14,638 38,900 266% Commercial non-owner occupied real estate Retail 3,327 4,950 149% — — Other 13,039 27,922 214% 6,450 10,900 169% Commercial and industrial Other 50,378 70,035 139% 4,808 5,591 116% Home equity loans Residential 1-4 family dwelling — — 1,523 1,671 110% Total collateral dependent loans $ 85,087 $ 141,756 $ 27,419 $ 57,062 |
Schedule of restructured loans segregated by class and type of concession | Nine Months Ended September 30, 2023 Increase in Amortized % of Total Weighted Average (Dollars in thousands) Cost Asset Class Life of Loan Term extension Construction and land development $ 254 0.01% 12 months Commercial non-owner occupied 1,250 0.01% 24 months Commercial owner occupied real estate 7,591 0.14% 23 months Consumer owner occupied 277 0.00% 6 months Commercial and industrial 1,207 0.02% 6 months Other income producing property 342 0.05% 60 months Total term extensions $ 10,921 Nine Months Ended September 30, 2023 Reduction in Weighted Increase in Amortized Average Contractual Weighted Average (Dollars in thousands) Cost Interest Rate Life of Loan Combination- Term Extension and Interest Rate Reduction Consumer owner occupied $ 259 3.63 to 3.00% 20 months Total $ 259 |
Schedule of changes in status of loans restructured within the previous 12 months | The following table presents the changes in status of loans modified within the previous nine months to borrowers experiencing financial difficulty, as of September 30, 2023, by type of modification. There were no subsequent defaults. Paying Under Converted to Foreclosures Restructured Terms Nonaccrual and Defaults Amortized Amortized Amortized (Dollars in thousands) Cost Cost Cost Term extension Construction and land development $ 254 $ — $ — Commercial non-owner occupied 1,250 — — Commercial owner occupied real estate 7,591 — — Consumer owner occupied 277 — — Commercial and industrial 1,207 — — Other income producing property 342 — — Total term extensions $ 10,921 $ — $ — Term Extension and Interest Rate Reduction Consumer owner occupied 259 — — Total combinations $ 259 $ — $ — $ 11,180 $ — $ — The following table presents the changes in status of TDR loans within the previous twelve months as of September 30, 2022 by type of concession, for the comparative period, prior to the adoption of ASU 2022-02. There were no subsequent defaults that resulted in a change to reserves on the individually evaluated loan. Paying Under Converted to Foreclosures and Restructured Terms Nonaccrual Defaults Number Recorded Number Recorded Number Recorded (Dollars in thousands) of Loans Investment of Loans Investment of Loans Investment Interest rate modification 16 $ 6,747 — $ — — $ — Term modification 9 5,354 — — — — 25 $ 12,101 — $ — — $ — |
Non acquired credit impaired loans | |
Summary of Loans | |
Aging analysis of past due loans (includes nonaccrual loans), segregated by class of loans | Payment Status (Amortized Cost Basis) 30-89 Days 90+ Days (Dollars in thousands) Current Past Due Past Due Construction and land development $ 254 $ — $ — Commercial non-owner occupied 1,250 — — Commercial owner occupied real estate 7,591 — — Consumer owner occupied 536 — — Commercial and industrial 1,207 — — Other income producing property 342 — — Total $ 11,180 $ — $ — |
Schedule of restructured loans segregated by class and type of concession | Three Months Ended September 30, 2022 Pre-Modification Post-Modification Number Amortized Amortized (Dollars in thousands) of loans Cost Cost Interest rate modification Commercial non-owner occupied 2 $ 2,321 $ 2,321 Commercial owner occupied 2 2,629 2,629 Commercial and industrial 1 535 535 Total interest rate modifications 5 $ 5,485 $ 5,485 Term modification Commercial non-owner occupied 1 $ 375 $ 375 Commercial owner occupied 2 1,042 1,042 Commercial and industrial 3 3,097 3,097 Total term modifications 6 4,514 4,514 11 $ 9,999 $ 9,999 Nine Months Ended September 30, 2022 Pre-Modification Post-Modification Number Amortized Amortized (Dollars in thousands) of loans Cost Cost Interest rate modification Commercial non-owner occupied 3 $ 2,498 $ 2,498 Commercial owner occupied 3 2,855 2,855 Consumer owner occupied 1 96 96 Commercial and industrial 5 905 905 Other income producing property 2 111 111 Total interest rate modifications 14 $ 6,465 $ 6,465 Term modification Construction and land development 1 $ 133 $ 133 Commercial non-owner occupied 1 375 375 Commercial owner occupied 3 1,451 1,451 Commercial and industrial 3 3,097 3,097 Total term modifications 8 $ 5,056 $ 5,056 22 $ 11,521 $ 11,521 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (ACL) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Allowance for Credit Losses (ACL) | |
Schedule of changes in allowance for loan losses | The following tables present a disaggregated analysis of activity in the allowance for credit losses. Residential Residential Residential Comm Constr. CRE Owner Non-Owner (Dollars in thousands) Mortgage Sr. Mortgage Jr. HELOC Construction & Dev. Consumer Multifamily Municipal Occupied Occupied CRE C & I Total Three Months Ended September 30, 2023 Allowance for credit losses: Balance at end of period June 30, 2023 $ 81,469 $ 392 $ 14,212 $ 8,869 $ 55,314 $ 24,577 $ 9,767 $ 745 $ 70,759 $ 115,269 $ 46,019 $ 427,392 Charge-offs (57) — (88) — (8) (3,129) — — (91) — (14,597) (17,970) Recoveries 240 28 226 3 67 651 — — 415 511 2,632 4,773 Net (charge offs) recoveries 183 28 138 3 59 (2,478) — — 324 511 (11,965) (13,197) Provision (recovery) (1) (4,601) 74 (1,036) (1,643) 9,099 656 2,825 56 1,932 8,749 17,650 33,761 Balance at end of period September 30, 2023 $ 77,051 $ 494 $ 13,314 $ 7,229 $ 64,472 $ 22,755 $ 12,592 $ 801 $ 73,015 $ 124,529 $ 51,704 $ 447,956 Three Months Ended September 30, 2022 Allowance for credit losses: Balance at end of period June 30, 2022 $ 55,707 $ 533 $ 16,918 $ 7,565 $ 27,730 $ 24,752 $ 2,458 $ 703 $ 64,688 $ 85,169 $ 33,485 $ 319,708 Charge-offs (50) — (23) — — (2,742) — — (1,353) (8) (2,950) (7,126) Recoveries 376 30 3,151 2 280 573 — — 569 29 3,378 8,388 Net (charge offs) recoveries 326 30 3,128 2 280 (2,169) — — (784) 21 428 1,262 Provision (recovery) (1) 11,987 (40) (3,980) 763 3,798 4,221 666 (1) (9,745) (8,937) 4,696 3,428 Balance at end of period September 30, 2022 $ 68,020 $ 523 $ 16,066 $ 8,330 $ 31,808 $ 26,804 $ 3,124 $ 702 $ 54,159 $ 76,253 $ 38,609 $ 324,398 (1) A negative provision for credit losses of $1.1 million was recorded during the third quarter of 2023, compared to a provision for credit losses of $20.0 million recorded during the third quarter of 2022 for the allowance for credit losses for unfunded commitments that is not included in the above table. Residential Residential Residential Comm Constr. CRE Owner Non Owner (Dollars in thousands) Mortgage Sr. Mortgage Jr. HELOC Construction & Dev. Consumer Multifamily Municipal Occupied Occupied CRE C & I Total Nine Months Ended September 30, 2023 Allowance for credit losses: Balance at end of period December 31, 2022 $ 72,188 $ 405 $ 14,886 $ 8,974 $ 45,410 $ 22,767 $ 3,684 $ 849 $ 58,083 $ 78,485 $ 50,713 $ 356,444 Charge-offs (96) — (127) — (10) (8,875) — — (126) (51) (20,890) (30,175) Recoveries 836 36 1,003 97 523 1,755 — — 801 951 6,628 12,630 Net (charge offs) recoveries 740 36 876 97 513 (7,120) — — 675 900 (14,262) (17,545) Provision (benefit) (1) 4,123 53 (2,448) (1,842) 18,549 7,108 8,908 (48) 14,257 45,144 15,253 109,057 Balance at end of period September 30, 2023 $ 77,051 $ 494 $ 13,314 $ 7,229 $ 64,472 $ 22,755 $ 12,592 $ 801 $ 73,015 $ 124,529 $ 51,704 $ 447,956 Nine Months Ended September 30, 2022 Allowance for credit losses: Balance at end of period December 31, 2021 $ 47,036 $ 611 $ 13,325 $ 4,997 $ 37,593 $ 23,149 $ 4,921 $ 565 $ 61,794 $ 79,649 $ 28,167 $ 301,807 Initial Allowance for PCD loans acquired during period 811 — — — 86 — — — 2,409 — 10,452 13,758 Initial Allowance for Non PCD loans acquired during period 352 26 132 2 1,887 51 426 — 2,519 2,697 5,605 13,697 Charge-offs (169) (19) (444) — (4) (7,527) — — (1,802) (368) (8,446) (18,779) Recoveries 1,131 195 3,803 7 924 1,765 — — 977 402 6,175 15,379 Net (charge offs) recoveries 962 176 3,359 7 920 (5,762) — — (825) 34 (2,271) (3,400) Provision (benefit) (1) 18,859 (290) (750) 3,324 (8,678) 9,366 (2,223) 137 (11,738) (6,127) (3,344) (1,464) Balance at end of period September 30, 2022 $ 68,020 $ 523 $ 16,066 $ 8,330 $ 31,808 $ 26,804 $ 3,124 $ 702 $ 54,159 $ 76,253 $ 38,609 $ 324,398 (1) A negative provision for credit losses of $4.9 million was recorded during the first nine months of 2023, compared to a provision for credit losses of $22.5 million during the first nine months of 2022 for the allowance for credit losses for unfunded commitments that is not included in the above table . |
Other Real Estate Owned and B_2
Other Real Estate Owned and Bank Premises Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Real Estate Owned and Bank Premises Held for Sale | |
Schedule of information pertaining to OREO and Bank Premises Held for Sale | (Dollars in thousands) OREO Bank Properties Held for Sale Total Balance, December 31, 2022 $ 1,023 $ 17,754 $ 18,777 Additions, net 3,298 2,073 5,371 Write-downs — (1,525) (1,525) Sold (3,887) (3,051) (6,938) Balance, September 30, 2023 $ 434 $ 15,251 $ 15,685 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of information pertaining to leases | Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, 2023 2022 2023 2022 Lease Cost Components: Amortization of ROU assets – finance leases $ 117 $ 117 $ 350 $ 350 Interest on lease liabilities – finance leases 10 12 31 37 Operating lease cost (cost resulting from lease payments) 4,296 4,550 12,814 13,419 Short-term lease cost 104 218 318 592 Variable lease cost (cost excluded from lease payments) 852 615 2,327 1,813 Total lease cost $ 5,379 $ 5,512 $ 15,840 $ 16,211 Supplemental Cash Flow and Other Information Related to Leases: Finance lease – operating cash flows $ 10 $ 12 $ 31 $ 37 Finance lease – financing cash flows 111 109 331 325 Operating lease – operating cash flows (fixed payments) 4,233 4,356 12,483 12,982 Operating lease – operating cash flows (net change asset/liability) (3,400) (3,466) (10,008) (10,313) New ROU assets – operating leases — — 701 12,616 New ROU assets – finance leases — — — — Weighted – average remaining lease term (years) – finance leases 4.68 5.67 Weighted – average remaining lease term (years) – operating leases 9.47 10.13 Weighted – average discount rate - finance leases 1.7% 1.7% Weighted – average discount rate - operating leases 3.1% 3.0% Operating lease payments due: 2023 (excluding 9 months ended September 30, 2023) $ 4,187 2024 15,799 2025 14,450 2026 14,058 2027 13,080 Thereafter 68,542 Total undiscounted cash flows 130,116 Discount on cash flows (19,118) Total operating lease liabilities $ 110,998 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deposits | |
Schedule of total deposits | September 30, December 31, (Dollars in thousands) 2023 2022 Noninterest-bearing checking $ 11,158,431 $ 13,168,656 Interest-bearing checking 7,806,243 8,955,519 Savings 2,760,166 3,464,351 Money market 10,756,431 8,342,111 Time deposits 4,453,927 2,419,986 Total deposits $ 36,935,198 $ 36,350,623 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per common share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except for per share amounts) 2023 2022 2023 2022 Basic earnings per common share: Net income $ 124,144 $ 133,043 $ 387,517 $ 352,547 Weighted-average basic common shares 76,139 75,606 76,034 74,185 Basic earnings per common share $ 1.63 $ 1.76 $ 5.10 $ 4.75 Diluted earnings per common share: Net income $ 124,144 $ 133,043 $ 387,517 $ 352,547 Weighted-average basic common shares 76,139 75,606 76,034 74,185 Effect of dilutive securities 432 576 412 606 Weighted-average dilutive shares 76,571 76,182 76,446 74,791 Diluted earnings per common share $ 1.62 $ 1.75 $ 5.07 $ 4.71 |
Schedule of anti-dilutive securities excluded from computation of diluted earnings per common share | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Number of shares 57,169 57,169 57,169 57,169 Range of exercise prices $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 $ 87.30 to $ 91.35 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Compensation | |
Schedule of stock option activity | Weighted Weighted Average Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000’s) Outstanding at January 1, 2023 161,832 $ 66.20 Exercised (22,651) 52.50 Expired (5,491) 32.25 Outstanding at September 30, 2023 133,690 69.91 2.67 $ 1,019 Exercisable at September 30, 2023 133,690 69.91 2.67 $ 1,019 |
Summary of nonvested restricted stock | Weighted- Average Grant-Date Restricted Stock Shares Fair Value Nonvested at January 1, 2023 50,506 $ 89.12 Vested (30,609) 90.00 Forfeited (2,559) 90.00 Nonvested at September 30, 2023 17,338 $ 87.43 |
Summary of nonvested RSUs | Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Outstanding at January 1, 2023 940,512 $ 73.82 Granted 386,987 74.59 Vested (370,493) 71.78 Forfeited (10,052) 76.02 Outstanding at September 30, 2023 946,954 $ 74.91 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis | Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Assets Derivative financial instruments $ 212,345 $ — $ 212,345 $ — Loans held for sale 27,443 — 27,443 — Trading securities 114,154 — 114,154 — Securities available for sale: U.S. Treasuries 172,259 — 172,259 — U.S. Government agencies 216,754 — 216,754 — Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,488,706 — 1,488,706 — Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 519,427 — 519,427 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 949,532 — 949,532 — State and municipal obligations 873,007 — 873,007 — Small Business Administration loan-backed securities 377,470 — 377,470 — Corporate securities 26,463 — 26,463 — Total securities available for sale 4,623,618 — 4,623,618 — Mortgage servicing rights 89,476 — — 89,476 SBA servicing asset 5,654 — — 5,654 $ 5,072,690 $ — $ 4,977,560 $ 95,130 Liabilities Derivative financial instruments $ 1,251,878 $ — $ 1,251,878 $ — December 31, 2022: Assets Derivative financial instruments $ 211,016 $ — $ 211,016 $ — Loans held for sale 28,968 — 28,968 — Trading securities 31,263 — 31,263 — Securities available for sale: U.S. Treasuries 265,638 — 265,638 — U.S. Government agencies 219,088 — 219,088 — Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,698,353 — 1,698,353 — Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises 601,045 — 601,045 — Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,000,398 — 1,000,398 — State and municipal obligations 1,064,852 — 1,064,852 — Small Business Administration loan-backed securities 444,810 — 444,810 — Corporate securities 32,638 — 32,638 — Total securities available for sale 5,326,822 — 5,326,822 — Mortgage servicing rights 86,610 — — 86,610 SBA servicing asset 6,068 — — 6,068 $ 5,690,747 $ — $ 5,598,069 $ 92,678 Liabilities Derivative financial instruments $ 1,034,143 $ — $ 1,034,143 $ — |
Schedule of mortgage loans held for sale | September 30, December 31, (Dollars in thousands) 2023 2022 Fair value $ 27,443 $ 28,968 Unpaid principal balance 26,921 27,937 Fair value less aggregated unpaid principal balance $ 522 $ 1,031 Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Income Statement Location Mortgage loans held for sale $ (574) $ (2,149) $ (508) $ (7,604) Mortgage banking income |
Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis | Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: OREO $ 434 $ — $ — $ 434 Bank properties held for sale 15,251 — — 15,251 Individually evaluated loans 76,890 — — 76,890 December 31, 2022: OREO $ 1,023 $ — $ — $ 1,023 Bank properties held for sale 17,754 — — 17,754 Individually evaluated loans 20,802 — — 20,802 |
Schedule of quantitative information about level 3 fair value measurements | Weighted Average Discount September 30, December 31, Valuation Technique Unobservable Input 2023 2022 Nonrecurring measurements: Individually evaluated loans Discounted appraisals and discounted cash flows Collateral discounts 26 % 31 % OREO and Bank properties held for sale Discounted appraisals Collateral discounts and estimated costs to sell 22 % 16 % |
Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments | Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 September 30, 2023 Financial assets: Cash and cash equivalents $ 1,329,137 $ 1,329,137 $ 1,329,137 $ — $ — Trading securities 114,154 114,154 — 114,154 — Investment securities 7,344,483 6,823,170 187,152 6,636,018 — Loans held for sale 27,443 27,443 — 27,443 — Loans, net of allowance for credit losses 31,568,716 29,773,087 — — 29,773,087 Accrued interest receivable 151,259 151,259 — 26,561 124,698 Mortgage servicing rights 89,476 89,476 — — 89,476 SBA servicing asset 5,654 5,654 — — 5,654 Interest rate swap – non-designated hedge 211,109 211,109 — 211,109 — Other derivative financial instruments (mortgage banking related) 1,236 1,236 — 1,236 — Financial liabilities: Deposits Noninterest-bearing 11,158,431 11,158,431 — 11,158,431 — Interest-bearing other than time deposits 21,322,840 21,322,840 — 21,322,840 — Time deposits 4,453,927 4,391,875 — 4,391,875 — Federal funds purchased and securities sold under agreements to repurchase 513,304 513,304 — 513,304 — Corporate and subordinated debentures 391,997 376,373 — 376,373 — Other borrowings — — — — — Accrued interest payable 45,163 45,163 — 45,163 — Interest rate swap – non-designated hedge 1,251,059 1,251,059 — 1,251,059 — Other derivative financial instruments (mortgage banking related) 819 819 — 819 — Off balance sheet financial instruments: Commitments to extend credit — (604,493) — (604,493) — December 31, 2022 Financial assets: Cash and cash equivalents $ 1,312,563 $ 1,312,563 $ 1,312,563 $ — $ — Trading securities 31,263 31,263 — 31,263 — Investment securities 8,189,780 7,756,707 179,717 7,576,990 — Loans held for sale 28,968 28,968 — 28,968 — Loans, net of allowance for credit losses 29,821,418 29,329,499 — — 29,329,499 Accrued interest receivable 134,594 134,594 — 28,449 106,145 Mortgage servicing rights 86,610 86,610 — — 86,610 SBA servicing asset 6,068 — — — 6,068 Interest rate swap – non-designated hedge 210,216 210,216 — 210,216 — Other derivative financial instruments (mortgage banking related) 800 800 — 800 — Financial liabilities: Deposits Noninterest-bearing 13,168,656 13,168,656 — 13,168,656 — Interest-bearing other than time deposits 20,761,981 20,761,981 — 20,761,981 — Time deposits 2,419,986 2,333,764 — 2,333,764 — Federal funds purchased and securities sold under agreements to repurchase 556,417 556,417 — 556,417 — Corporate and subordinated debentures 392,275 377,360 — 377,360 — Accrued interest payable 6,218 6,218 — 3,345 — Interest rate swap – non-designated hedge 1,033,980 1,033,980 — 1,033,980 — Other derivative financial instruments (mortgage banking related) 163 163 — 163 — Off balance sheet financial instruments: Commitments to extend credit — (184,801) — (184,801) — |
Mortgage Servicing Rights | |
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis | (Dollars in thousands) MSRs Fair value, January 1, 2023 $ 86,610 Servicing assets that resulted from transfers of financial assets 6,752 Changes in fair value due to valuation inputs or assumptions 2,450 Changes in fair value due to decay (6,336) Fair value, September 30, 2023 $ 89,476 |
SBA servicing asset | |
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis | (Dollars in thousands) SBA Servicing Asset Fair value, January 1, 2023 $ 6,068 Servicing assets that resulted from transfers of financial assets 1,103 Changes in fair value due to decay (1,951) Changes in fair value due to valuation inputs or assumptions 434 Fair value, September 30, 2023 $ 5,654 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Loss | |
Schedule of components of accumulated other comprehensive loss | Unrealized Losses Benefit on Securities (Dollars in thousands) Plans Available for Sale Total Three Months Ended September 30, 2023 Balance at June 30, 2023 $ (673) $ (661,725) $ (662,398) Other comprehensive loss before reclassifications — (153,491) (153,491) Amounts reclassified from accumulated other comprehensive loss — — — Net comprehensive loss — (153,491) (153,491) Balance at September 30, 2023 $ (673) $ (815,216) $ (815,889) Three Months Ended September 30, 2022 Balance at June 30, 2022 $ 57 $ (490,941) $ (490,884) Other comprehensive loss before reclassifications — (225,551) (225,551) Amounts reclassified from accumulated other comprehensive loss — (23) (23) Net comprehensive loss — (225,574) (225,574) Balance at September 30, 2022 $ 57 $ (716,515) $ (716,458) Nine Months Ended September 30, 2023 Balance at December 31, 2022 $ (673) $ (676,415) $ (677,088) Other comprehensive loss before reclassifications — (138,768) (138,768) Amounts reclassified from accumulated other comprehensive loss — (33) (33) Net comprehensive loss — (138,801) (138,801) Balance at September 30, 2023 $ (673) $ (815,216) $ (815,889) Nine Months Ended September 30, 2022 Balance at December 31, 2021 $ 57 $ (21,203) $ (21,146) Other comprehensive loss before reclassifications — (695,289) (695,289) Amounts reclassified from accumulated other comprehensive loss — (23) (23) Net comprehensive loss — (695,312) (695,312) Balance at September 30, 2022 $ 57 $ (716,515) $ (716,458) |
Schedule of reclassifications out of accumulated other comprehensive (loss) income, net of tax | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) Component 2023 2022 2023 2022 Income Statement Line Item Affected Gains on sales of available for sale securities: $ — $ (30) $ (45) $ (30) Securities gains, net — 7 12 7 Provision for income taxes — (23) (33) (23) Net income Total reclassifications for the period $ — $ (23) $ (33) $ (23) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Financial Instruments | |
Derivative financial instruments summary | September 30, 2023 December 31, 2022 Balance Sheet Notional Estimated Fair Value Notional Estimated Fair Value (Dollars in thousands) Location Amount Gain Loss Amount Gain Loss Fair value hedge of interest rate risk: Pay fixed rate swap with counterparty Other Assets $ 9,480 $ 600 $ — $ 12,289 $ 414 $ — Not designated hedges of interest rate risk: Customer related interest rate contracts: Matched interest rate swaps with borrowers Other Assets and Other Liabilities 11,182,309 5,078 1,251,059 10,480,171 8,539 1,033,980 Matched interest rate swaps with counterparty (1) Other Assets 11,091,592 205,429 — 10,400,733 201,263 — Economic hedges of interest rate risk: Pay floating rate swap with counterparty Other Assets 1,200,000 2 — — — — Not designated hedges of interest rate risk – mortgage banking activities: Contracts used to hedge mortgage servicing rights Other Liabilities 44,000 — 819 35,000 — 163 Contracts used to hedge mortgage pipeline Other Assets 89,500 1,236 — 51,000 800 — Total derivatives $ 23,616,881 $ 212,345 $ 1,251,878 $ 20,979,193 $ 211,016 $ 1,034,143 (1) The fair value of the interest rate swap derivative assets was reduced by $1.0 billion in variation margin payments applicable to swaps centrally cleared through LCH and CME. |
Schedule of notional value of forward sale commitments and the fair value of those obligations along with the fair value of the mortgage pipeline | (Dollars in thousands) September 30, 2023 December 31, 2022 Mortgage loan pipeline $ 91,885 $ 40,850 Expected closures 83,475 37,210 Fair value of mortgage loan pipeline commitments 621 524 Forward sales commitments 89,500 51,000 Fair value of forward commitments 615 276 |
Capital Ratios (Tables)
Capital Ratios (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Capital Ratios | |
Schedule of actual and required capital ratios | Required to be Minimum Capital Considered Well Actual Required – Basel III Capitalized (Dollars in thousands) Amount Ratio Capital Amount Ratio Capital Amount Ratio September 30, 2023: Common equity Tier 1 to risk-weighted assets: Consolidated $ 4,089,424 11.47 % $ 2,495,806 7.00 % $ 2,317,534 6.50 % SouthState Bank (the Bank) 4,360,670 12.25 % 2,492,670 7.00 % 2,314,622 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 4,089,424 11.47 % 3,030,621 8.50 % 2,852,349 8.00 % SouthState Bank (the Bank) 4,360,670 12.25 % 3,026,814 8.50 % 2,848,766 8.00 % Total capital to risk-weighted assets: Consolidated 4,905,268 13.76 % 3,743,709 10.50 % 3,565,437 10.00 % SouthState Bank (the Bank) 4,786,514 13.44 % 3,739,005 10.50 % 3,560,957 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 4,089,424 9.34 % 1,751,637 4.00 % 2,189,546 5.00 % SouthState Bank (the Bank) 4,360,670 9.96 % 1,751,135 4.00 % 2,188,919 5.00 % December 31, 2022: Common equity Tier 1 to risk-weighted assets: Consolidated $ 3,788,106 10.96 % $ 2,420,417 7.00 % $ 2,247,530 6.50 % SouthState Bank (the Bank) 4,074,045 11.80 % 2,417,133 7.00 % 2,244,481 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 3,788,106 10.96 % 2,939,077 8.50 % 2,766,190 8.00 % SouthState Bank (the Bank) 4,074,045 11.80 % 2,935,090 8.50 % 2,762,438 8.00 % Total capital to risk-weighted assets: Consolidated 4,485,397 12.97 % 3,630,625 10.50 % 3,457,738 10.00 % SouthState Bank (the Bank) 4,381,336 12.69 % 3,625,700 10.50 % 3,453,047 10.00 % Tier 1 capital to average assets (leverage ratio): Consolidated 3,788,106 8.72 % 1,736,991 4.00 % 2,171,239 5.00 % SouthState Bank (the Bank) 4,074,045 9.39 % 1,736,330 4.00 % 2,170,412 5.00 % |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Other Intangible Assets | |
Summary of gross carrying amounts and accumulated amortization of other intangible assets | September 30, December 31, (Dollars in thousands) 2023 2022 Gross carrying amount $ 274,455 $ 274,869 Accumulated amortization (179,361) (158,419) $ 95,094 $ 116,450 |
Schedule of estimated amortization expense for other intangibles for each of the next five quarters | (Dollars in thousands) Quarter ending: December 31, 2023 $ 6,615 March 31, 2024 6,003 June 30, 2024 5,739 September 30, 2024 5,327 December 31, 2024 5,326 Thereafter 60,429 $ 89,439 |
Mortgage Loan Servicing, Orig_2
Mortgage Loan Servicing, Origination, and Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Mortgage Loan Servicing, Origination, and Loans Held for Sale | |
Summary of changes in the fair value of MSRs and its offsetting hedge | Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Increase in fair value of MSRs $ 1,762 $ 2,661 $ 2,450 $ 18,274 Decay of MSRs (2,543) (2,530) (6,336) (8,052) Loss related to derivatives (2,170) (3,572) (4,288) (17,963) Net effect on Consolidated Statements of Net Income $ (2,951) $ (3,441) $ (8,174) $ (7,741) |
Schedule of characteristics and sensitivity analysis of the MSR | The characteristics and sensitivity analysis of the MSRs are included in the following table: September 30, December 31, (Dollars in thousands) 2023 2022 Composition of residential loans serviced for others Fixed-rate mortgage loans 100.0 % 100.0 % Adjustable-rate mortgage loans — % — % Total 100.0 % 100.0 % Weighted average life 8.26 years 8.37 years Constant Prepayment rate (CPR) 6.6 % 6.4 % Weighted average discount rate 10.6 % 10.0 % Effect on fair value due to change in interest rates 25 basis point increase $ 686 $ 774 50 basis point increase 1,231 1,428 25 basis point decrease (848) (902) 50 basis point decrease (1,877) (1,938) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Leases (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Summary of Significant Accounting Policies | |
Financing Receivable , Individually Evaluated for Losses ,Net Book Balance | $ 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Investment Securities - Held to Maturity | $ 2,533,713 | $ 2,683,241 |
Financing Receivable, Threshold Loss on Modifications Estimated | 1,000 | |
Accrued interest receivable (AIR) | $ 123,100 | $ 105,400 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. |
Liability Recorded for Expected Credit Losses on Unfunded Commitments | $ 62,300 | |
Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accrued interest receivable for investment securities | 25,600 | $ 28,200 |
Other Liabilities | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Liability Recorded for Expected Credit Losses on Unfunded Commitments | $ 62,300 | $ 67,200 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Reclassification and Correction Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Effect to interest income on federal funds sold and interest-earning deposits with banks | $ 10,831 | $ 18,190 | $ 31,610 | $ 30,359 |
Net effect to interest income | 500,509 | 376,332 | 1,428,971 | 973,137 |
Effect to interest expense on deposits | 133,944 | 7,534 | 290,673 | 17,040 |
Net effect to interest expense | 145,138 | 13,998 | 330,594 | 33,470 |
Net effect to net interest income | 355,371 | 362,334 | 1,098,377 | 939,667 |
Noninterest income: | ||||
Net effect to noninterest income | 72,848 | 73,053 | 221,417 | 245,855 |
Net effect to net income | 124,144 | 133,043 | 387,517 | 352,547 |
Correspondent banking and capital markets income | ||||
Noninterest income: | ||||
Noninterest income | $ 12,916 | 16,427 | $ 45,697 | 70,445 |
Adjustments | ||||
Interest income: | ||||
Effect to interest income on federal funds sold and interest-earning deposits with banks | 1,522 | 2,203 | ||
Net effect to interest income | 1,522 | 2,203 | ||
Effect to interest expense on deposits | (2,603) | (3,502) | ||
Net effect to interest expense | (2,603) | (3,502) | ||
Net effect to net interest income | 4,125 | 5,705 | ||
Noninterest income: | ||||
Net effect to noninterest income | (4,125) | (5,705) | ||
Adjustments | Correspondent banking and capital markets income | ||||
Noninterest income: | ||||
Noninterest income | $ (4,125) | $ (5,705) |
Mergers and Acquisitions - Atla
Mergers and Acquisitions - Atlantic Capital (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 01, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Mergers and Acquisitions | ||||||
Goodwill | $ 1,923,106,000 | $ 1,923,106,000 | $ 1,923,106,000 | |||
Deposits: | ||||||
Goodwill | 1,923,106,000 | 1,923,106,000 | 1,923,106,000 | |||
Consideration: | ||||||
Reversal of CSFL's ending allowance for credit losses | 17,970,000 | $ 7,126,000 | 30,175,000 | $ 18,779,000 | $ 23,446,000 | |
Atlantic Capital | ||||||
Mergers and Acquisitions | ||||||
Shares of the common stock in exchange for each share | 0.36 | |||||
Purchase price | $ 657,810,000 | |||||
Loans at fair value acquired after initial fair value adjustment | 2,400,000,000 | |||||
Estimated discount on loans | $ 54,300,000 | |||||
Estimated discount on loans (as a percent) | 2.24% | |||||
Loans acquired as a percentage of total loans | 10% | |||||
Credit deficiencies that were identified as Purchased Credit Deteriorated ("PCD") loans. | $ 137,900,000 | |||||
Acquisition costs | $ 0 | $ 7,100,000 | $ 2,400,000 | $ 15,000,000 | ||
Goodwill | 342,021,000 | |||||
Assets | ||||||
Cash and cash equivalents | 250,158,000 | |||||
Investment securities | 703,710,000 | |||||
Loans, net of allowance and mark | 2,369,678,000 | |||||
Premises and equipment | 19,500,000 | |||||
Intangible assets | 20,791,000 | |||||
Bank owned life insurance | 74,613,000 | |||||
Deferred tax asset | 31,479,000 | |||||
Other assets | 51,554,000 | |||||
Total assets | 3,521,483,000 | |||||
Deposits: | ||||||
Noninterest-bearing | 1,411,671,000 | |||||
Interest-bearing | 1,616,970,000 | |||||
Total deposits | 3,028,641,000 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 50,000,000 | |||||
Other borrowings | 78,417,000 | |||||
Other liabilities | 48,636,000 | |||||
Total liabilities | 3,205,694,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 315,789,000 | |||||
Goodwill | 342,021,000 | |||||
Net assets acquired over liabilities assumed | $ 657,810,000 | |||||
Consideration: | ||||||
Number of shares issued as consideration | shares | 7,330,803 | |||||
Purchase price per share of the Company's common stock | $ / shares | $ 90 | |||||
Company common stock issued and cash exchanged for fractional shares. | $ 659,791,000 | |||||
Value of shares issued | 659,772,000 | |||||
Value of common stock issued for fractional shares | 19,000 | |||||
Stock option conversion | 1,135,000 | |||||
Restricted stock unit conversion | 2,870,000 | |||||
Restricted stock awards conversion (unvested awards) | (5,986,000) | |||||
Fair value of total consideration transferred | 657,810,000 | |||||
Reversal of fair value adjustments | 17,200,000 | |||||
Securities and time deposits at fair value (discount) | 30,900,000 | |||||
HTM reclassified to AFS | $ 237,600,000 | |||||
Credit mark of the loan portfolio (as a percent) | 1.40% | |||||
Credit mark of the loan portfolio | $ 34,000,000 | |||||
Net credit discount of the loan portfolio (as a percent) | 2.24% | |||||
Net non-credit discount of the loan portfolio | $ 54,300,000 | |||||
Reversal of CSFL's ending allowance for credit losses | 22,100,000 | |||||
Fair value adjustment for reversal of deferred fees and costs | 7,600,000 | |||||
Fair value adjustment for fixed assets and leased assets | 2,600,000 | |||||
Core deposit intangible from a third party valuation | $ 17,500,000 | |||||
Core deposit intangible from a third party valuation (as a percent) | 0.63 | |||||
Serving assets from third party valuation | $ 3,200,000 | |||||
Servicing assets written off | 19,900,000 | |||||
Goodwill written off | $ 2,600,000 | |||||
Deferred tax assets related to fair value adjustments with marginal tax rate | 23.90% | |||||
Fair value negative adjustment for investment in low income housing | $ 1,100,000 | |||||
Fair value adjustment (decrease) on write-off of prepaid assets | 233,000 | |||||
Fair value adjustment for receivables | 154,000 | |||||
Fair value adjustment for Small Business Investment Company ("SBIC') Investments | 7,400,000 | |||||
Issuance costs on subordinated debt | 900,000 | |||||
Fair value adjustment on reversal of debt issuance costs | 3,400,000 | |||||
Reversal of an existing unfunded commitment reserve at purchase date | 2,800,000 | |||||
Fair value adjustment to increase lease liabilities associated with rental facilities | 1,400,000 | |||||
Fair value adjustment for reversal of uncertain tax liability | 700,000 | |||||
Atlantic Capital | As Recorded by Atlantic Capital | ||||||
Assets | ||||||
Cash and cash equivalents | 250,134,000 | |||||
Investment securities | 717,332,000 | |||||
Loans, net of allowance and mark | 2,394,256,000 | |||||
Premises and equipment | 16,892,000 | |||||
Intangible assets | 22,572,000 | |||||
Bank owned life insurance | 74,613,000 | |||||
Deferred tax asset | 30,231,000 | |||||
Other assets | 45,274,000 | |||||
Total assets | 3,551,304,000 | |||||
Deposits: | ||||||
Noninterest-bearing | 1,411,671,000 | |||||
Interest-bearing | 1,616,970,000 | |||||
Total deposits | 3,028,641,000 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 50,000,000 | |||||
Other borrowings | 74,131,000 | |||||
Other liabilities | 50,711,000 | |||||
Total liabilities | 3,203,483,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | 347,821,000 | |||||
Net assets acquired over liabilities assumed | 347,821,000 | |||||
Atlantic Capital | Initial Fair Value Adjustments | ||||||
Mergers and Acquisitions | ||||||
Goodwill | 342,939,000 | |||||
Assets | ||||||
Cash and cash equivalents | 24,000 | |||||
Investment securities | (13,622,000) | |||||
Loans, net of allowance and mark | (18,964,000) | |||||
Premises and equipment | 2,608,000 | |||||
Intangible assets | (1,781,000) | |||||
Deferred tax asset | 2,273,000 | |||||
Other assets | (1,277,000) | |||||
Total assets | (30,739,000) | |||||
Deposits: | ||||||
Other borrowings | 4,286,000 | |||||
Other liabilities | (2,075,000) | |||||
Total liabilities | 2,211,000 | |||||
Net identifiable assets acquired over (under) liabilities assumed | (32,950,000) | |||||
Goodwill | 342,939,000 | |||||
Net assets acquired over liabilities assumed | 309,989,000 | |||||
Atlantic Capital | Subsequent Fair Value Adjustments | ||||||
Mergers and Acquisitions | ||||||
Goodwill | (918,000) | |||||
Assets | ||||||
Loans, net of allowance and mark | (5,614,000) | |||||
Deferred tax asset | (1,025,000) | |||||
Other assets | 7,557,000 | |||||
Total assets | 918,000 | |||||
Deposits: | ||||||
Net identifiable assets acquired over (under) liabilities assumed | 918,000 | |||||
Goodwill | $ (918,000) |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value for available for sale securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investment securities held-to-maturity | ||||||
Amortized cost | $ 2,533,713,000 | $ 2,533,713,000 | $ 2,683,241,000 | |||
Gross Unrealized Losses | (521,313,000) | (521,313,000) | (433,073,000) | |||
Fair Value | 2,012,400,000 | 2,012,400,000 | 2,250,168,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 5,709,270,000 | 5,709,270,000 | 6,216,141,000 | |||
Gross Unrealized Gains | 125,000 | 125,000 | 4,054,000 | |||
Gross Unrealized Losses | (1,085,777,000) | (1,085,777,000) | (893,373,000) | |||
Fair Value | 4,623,618,000 | 4,623,618,000 | 5,326,822,000 | |||
Gross realized gains | $ 103,000 | 1,300,000 | $ 103,000 | |||
Gross realized losses | 73,000 | 1,300,000 | 73,000 | |||
Securities gains, net | 0 | $ 30,000 | 45,000 | $ 30,000 | ||
Atlantic Capital | ||||||
Investment securities available for sale | ||||||
Realized gains or losses | $ 0 | |||||
Sold securities | $ 414,400,000 | |||||
U.S. Treasuries | ||||||
Investment securities available for sale | ||||||
Amortized cost | 174,322,000 | 174,322,000 | 272,416,000 | |||
Gross Unrealized Losses | (2,063,000) | (2,063,000) | (6,778,000) | |||
Fair Value | 172,259,000 | 172,259,000 | 265,638,000 | |||
U.S. Government agencies | ||||||
Investment securities held-to-maturity | ||||||
Amortized cost | 197,266,000 | 197,266,000 | 197,262,000 | |||
Gross Unrealized Losses | (33,016,000) | (33,016,000) | (29,787,000) | |||
Fair Value | 164,250,000 | 164,250,000 | 167,475,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 246,059,000 | 246,059,000 | 245,972,000 | |||
Gross Unrealized Losses | (29,305,000) | (29,305,000) | (26,884,000) | |||
Fair Value | 216,754,000 | 216,754,000 | 219,088,000 | |||
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||||||
Investment securities held-to-maturity | ||||||
Amortized cost | 1,474,360,000 | 1,474,360,000 | 1,591,646,000 | |||
Gross Unrealized Losses | (303,022,000) | (303,022,000) | (255,093,000) | |||
Fair Value | 1,171,338,000 | 1,171,338,000 | 1,336,553,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 1,851,803,000 | 1,851,803,000 | 1,996,405,000 | |||
Gross Unrealized Losses | (363,097,000) | (363,097,000) | (298,052,000) | |||
Fair Value | 1,488,706,000 | 1,488,706,000 | 1,698,353,000 | |||
Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises | ||||||
Investment securities held-to-maturity | ||||||
Amortized cost | 451,928,000 | 451,928,000 | 474,660,000 | |||
Gross Unrealized Losses | (85,938,000) | (85,938,000) | (69,664,000) | |||
Fair Value | 365,990,000 | 365,990,000 | 404,996,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 644,581,000 | 644,581,000 | 708,337,000 | |||
Gross Unrealized Losses | (125,154,000) | (125,154,000) | (107,292,000) | |||
Fair Value | 519,427,000 | 519,427,000 | 601,045,000 | |||
Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||||||
Investment securities held-to-maturity | ||||||
Amortized cost | 355,664,000 | 355,664,000 | 362,586,000 | |||
Gross Unrealized Losses | (85,773,000) | (85,773,000) | (66,304,000) | |||
Fair Value | 269,891,000 | 269,891,000 | 296,282,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 1,199,936,000 | 1,199,936,000 | 1,196,700,000 | |||
Gross Unrealized Gains | 3,000 | 3,000 | 2,542,000 | |||
Gross Unrealized Losses | (250,407,000) | (250,407,000) | (198,844,000) | |||
Fair Value | 949,532,000 | 949,532,000 | 1,000,398,000 | |||
State and municipal obligations | ||||||
Investment securities available for sale | ||||||
Amortized cost | 1,132,238,000 | 1,132,238,000 | 1,269,525,000 | |||
Gross Unrealized Gains | 1,000 | 1,000 | 1,210,000 | |||
Gross Unrealized Losses | (259,232,000) | (259,232,000) | (205,883,000) | |||
Fair Value | 873,007,000 | 873,007,000 | 1,064,852,000 | |||
Small Business Administration loan-backed securities | ||||||
Investment securities held-to-maturity | ||||||
Amortized cost | 54,495,000 | 54,495,000 | 57,087,000 | |||
Gross Unrealized Losses | (13,564,000) | (13,564,000) | (12,225,000) | |||
Fair Value | 40,931,000 | 40,931,000 | 44,862,000 | |||
Investment securities available for sale | ||||||
Amortized cost | 429,785,000 | 429,785,000 | 491,203,000 | |||
Gross Unrealized Gains | 120,000 | 120,000 | 302,000 | |||
Gross Unrealized Losses | (52,435,000) | (52,435,000) | (46,695,000) | |||
Fair Value | 377,470,000 | 377,470,000 | 444,810,000 | |||
Corporate securities. | ||||||
Investment securities available for sale | ||||||
Amortized cost | 30,546,000 | 30,546,000 | 35,583,000 | |||
Gross Unrealized Gains | 1,000 | 1,000 | ||||
Gross Unrealized Losses | (4,084,000) | (4,084,000) | (2,945,000) | |||
Fair Value | $ 26,463,000 | $ 26,463,000 | $ 32,638,000 |
Investment Securities - Carryin
Investment Securities - Carrying value of other investment securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other investment securities | ||
Carrying Value | $ 187,152 | $ 179,717 |
Federal Home Loan Bank stock | ||
Other investment securities | ||
Carrying Value | 18,085 | 15,085 |
Federal Reserve Bank Stock | ||
Other investment securities | ||
Carrying Value | 150,261 | 150,261 |
Investment in unconsolidated subsidiaries | ||
Other investment securities | ||
Carrying Value | 3,563 | 3,563 |
Other nonmarketable investment securities | ||
Other investment securities | ||
Carrying Value | $ 15,243 | $ 10,808 |
Investment Securities - Amort_2
Investment Securities - Amortized cost and fair value by contractual maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 50,000 | |
Due after one year through five years | 50,994 | |
Due after five years through ten years | 407,416 | |
Due after ten years | 2,025,303 | |
Total | 2,533,713 | $ 2,683,241 |
Fair Value | ||
Due in one year or less | 48,682 | |
Due after one year through five years | 44,922 | |
Due after five years through ten years | 341,124 | |
Due after ten years | 1,577,672 | |
Fair Value | 2,012,400 | 2,250,168 |
Amortized Cost | ||
Due in one year or less | 234,334 | |
Due after one year through five years | 256,202 | |
Due after five years through ten years | 1,342,414 | |
Due after ten years | 3,876,320 | |
Amortized Cost | 5,709,270 | 6,216,141 |
Fair Value | ||
Due in one year or less | 231,348 | |
Due after one year through five years | 239,370 | |
Due after five years through ten years | 1,104,205 | |
Due after ten years | 3,048,695 | |
Fair Value | $ 4,623,618 | $ 5,326,822 |
Investment Securities - Securit
Investment Securities - Securities with gross unrealized losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | $ 115,297 | |
Twelve Months or More | $ 521,313 | 317,776 |
Securities Held to Maturity, Fair Value | ||
Less Than Twelve Months | 952,682 | |
Twelve Months or More | 2,012,400 | 1,297,486 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 9,475 | 197,789 |
Twelve Months or More | 1,076,302 | 695,584 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 142,319 | 2,082,068 |
Twelve Months or More | 4,447,652 | 3,073,871 |
U.S. Treasuries | ||
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 6,778 | |
Twelve Months or More | 2,063 | |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 265,638 | |
Twelve Months or More | 172,259 | |
U.S. Government agencies | ||
Securities Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 5,514 | |
Twelve Months or More | 33,016 | 24,273 |
Securities Held to Maturity, Fair Value | ||
Less Than Twelve Months | 78,833 | |
Twelve Months or More | 164,250 | 88,642 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 8,193 | |
Twelve Months or More | 29,305 | 18,691 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 138,807 | |
Twelve Months or More | 216,754 | 80,281 |
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Securities Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 65,181 | |
Twelve Months or More | 303,022 | 189,912 |
Securities Held to Maturity, Fair Value | ||
Less Than Twelve Months | 513,086 | |
Twelve Months or More | 1,171,338 | 823,467 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 1 | 42,767 |
Twelve Months or More | 363,096 | 255,285 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 94 | 459,773 |
Twelve Months or More | 1,488,330 | 1,238,580 |
Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises | ||
Securities Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 30,284 | |
Twelve Months or More | 85,938 | 39,380 |
Securities Held to Maturity, Fair Value | ||
Less Than Twelve Months | 277,868 | |
Twelve Months or More | 365,990 | 127,128 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 21,450 | |
Twelve Months or More | 125,154 | 85,842 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 274,082 | |
Twelve Months or More | 519,427 | 326,963 |
Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||
Securities Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 14,318 | |
Twelve Months or More | 85,773 | 51,986 |
Securities Held to Maturity, Fair Value | ||
Less Than Twelve Months | 82,895 | |
Twelve Months or More | 269,891 | 213,387 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 8,606 | 17,156 |
Twelve Months or More | 241,801 | 181,688 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 64,756 | 206,228 |
Twelve Months or More | 879,801 | 767,002 |
State and municipal obligations | ||
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 705 | 97,084 |
Twelve Months or More | 258,527 | 108,799 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 9,860 | 616,631 |
Twelve Months or More | 860,725 | 391,848 |
Small Business Administration loan-backed securities | ||
Securities Held to Maturity, Gross Unrealized Losses | ||
Twelve Months or More | 13,564 | 12,225 |
Securities Held to Maturity, Fair Value | ||
Twelve Months or More | 40,931 | 44,862 |
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 163 | 2,152 |
Twelve Months or More | 52,272 | 44,543 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 67,609 | 92,535 |
Twelve Months or More | 284,393 | 264,933 |
Corporate securities. | ||
Securities Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 2,209 | |
Twelve Months or More | 4,084 | 736 |
Securities Available for Sale, Fair Value | ||
Less Than Twelve Months | 28,374 | |
Twelve Months or More | $ 25,963 | $ 4,264 |
Investment Securities - Secur_2
Investment Securities - Securities Pledged as Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Securities | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 7,344,483 | $ 8,189,780 |
Asset Pledged as Collateral [Member] | ||
Investment Securities | ||
Investment securities market value | 2,500,000 | 2,700,000 |
Carrying amount of the securities pledged to collateralize repurchase agreements | 2,800,000 | 2,900,000 |
Asset Pledged as Collateral [Member] | Public Funds Deposits | ||
Investment Securities | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | 2,000,000 | 2,100,000 |
Asset Pledged as Collateral [Member] | FHLB Advances | ||
Investment Securities | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | 651,900 | 630,000 |
Asset Pledged as Collateral [Member] | Interest rate swap | ||
Investment Securities | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 133,500 | $ 149,200 |
Investment Securities - Trading
Investment Securities - Trading Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Securities | ||
Trading securities | $ 114,154 | $ 31,263 |
U.S. Government agencies | ||
Investment Securities | ||
Trading securities | 9,945 | 11,190 |
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Investment Securities | ||
Trading securities | 21,399 | |
Other residential mortgage issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Investment Securities | ||
Trading securities | 13,590 | |
Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||
Investment Securities | ||
Trading securities | 44,910 | 4,589 |
State and municipal obligations | ||
Investment Securities | ||
Trading securities | 16,059 | 13,993 |
Other debt securities | ||
Investment Securities | ||
Trading securities | $ 8,251 | $ 1,491 |
Investment Securities - Net gai
Investment Securities - Net gains (losses) on trading securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investment Securities | ||||
Net (losses) gains on sales transaction | $ (76) | $ 76 | $ (116) | $ (1,544) |
Net mark to mark gains (losses) | 176 | 465 | (25) | (1,969) |
Net gains (losses) on trading securities | $ 100 | $ 541 | $ (141) | $ (3,513) |
Loans - Summary of loans (Detai
Loans - Summary of loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Summary of Loans | ||||||
Total loans | $ 32,016,672 | $ 30,177,862 | ||||
Less allowance for credit losses | (447,956) | $ (427,392) | (356,444) | $ (324,398) | $ (319,708) | $ (301,807) |
Loans, net | 31,568,716 | 29,821,418 | ||||
Deferred costs | 64,700 | 49,700 | ||||
Unamortized Discounts | 55,200 | 72,100 | ||||
Accrued interest receivable (AIR) | $ 123,100 | $ 105,400 | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. | ||||
Construction and land development | ||||||
Summary of Loans | ||||||
Total loans | $ 2,776,241 | $ 2,860,360 | ||||
Consumer Owner Occupied Loans | ||||||
Summary of Loans | ||||||
Total loans | 6,259,048 | 5,162,042 | ||||
Home equity loans | ||||||
Summary of Loans | ||||||
Total loans | 1,349,097 | 1,313,168 | ||||
Commercial and industrial | ||||||
Summary of Loans | ||||||
Total loans | 5,458,229 | 5,313,483 | ||||
Other income producing property | ||||||
Summary of Loans | ||||||
Total loans | 670,331 | 696,242 | ||||
Consumer loans | ||||||
Summary of Loans | ||||||
Total loans | 1,258,078 | 1,278,426 | ||||
Other loans | ||||||
Summary of Loans | ||||||
Total loans | 4,199 | 20,989 | ||||
Commercial loans | ||||||
Summary of Loans | ||||||
Total loans | 22,222,778 | 21,430,337 | ||||
Commercial loans | Construction and land development | ||||||
Summary of Loans | ||||||
Total loans | 1,913,161 | 1,956,300 | ||||
Commercial loans | Commercial non-owner occupied | ||||||
Summary of Loans | ||||||
Total loans | 8,702,352 | 8,072,959 | ||||
Commercial loans | Commercial non-owner occupied real estate. | ||||||
Summary of Loans | ||||||
Total loans | 5,539,097 | 5,460,193 | ||||
Commercial loans | Consumer Owner Occupied Loans | ||||||
Summary of Loans | ||||||
Total loans | 50,186 | 30,741 | ||||
Commercial loans | Commercial owner occupied real estate loan | ||||||
Summary of Loans | ||||||
Total loans | 5,539,097 | 5,460,193 | ||||
Commercial loans | Commercial and industrial | ||||||
Summary of Loans | ||||||
Total loans | 5,458,229 | 5,313,483 | ||||
Commercial loans | Other income producing property | ||||||
Summary of Loans | ||||||
Total loans | 555,554 | 575,672 | ||||
Commercial loans | Other loans | ||||||
Summary of Loans | ||||||
Total loans | 4,199 | 20,989 | ||||
Consumer portfolio loans | ||||||
Summary of Loans | ||||||
Total loans | 9,793,894 | 8,747,525 | ||||
Consumer portfolio loans | Construction and land development | ||||||
Summary of Loans | ||||||
Total loans | 863,080 | 904,060 | ||||
Consumer portfolio loans | Consumer Owner Occupied Loans | ||||||
Summary of Loans | ||||||
Total loans | 6,208,862 | 5,131,301 | ||||
Consumer portfolio loans | Home equity loans | ||||||
Summary of Loans | ||||||
Total loans | 1,349,097 | 1,313,168 | ||||
Consumer portfolio loans | Other income producing property | ||||||
Summary of Loans | ||||||
Total loans | 114,777 | 120,570 | ||||
Consumer portfolio loans | Consumer loans | ||||||
Summary of Loans | ||||||
Total loans | $ 1,258,078 | $ 1,278,426 |
Loans - Loans purchased through
Loans - Loans purchased through its acquisition of Atlantic Capital (Details) - CenterState $ in Thousands | Mar. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Book value of acquired loans at acquisition | $ 137,874 |
Allowance for credit losses at acquisition | (13,758) |
Non-credit discount at acquisition | (5,943) |
Carrying value or book value of acquired loans at acquisition | $ 118,173 |
Loans - Credit risk profile by
Loans - Credit risk profile by risk grade of commercial and consumer loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | $ 3,685,850 | $ 3,685,850 | $ 8,589,197 | ||
Amortized Cost Basis by Origination Year - 2022 | 8,900,782 | 8,900,782 | 6,907,684 | ||
Amortized Cost Basis by Origination Year - 2021 | 6,553,671 | 6,553,671 | 3,112,648 | ||
Amortized Cost Basis by Origination Year - 2020 | 2,675,993 | 2,675,993 | 2,533,623 | ||
Amortized Cost Basis by Origination Year - 2019 | 2,183,676 | 2,183,676 | 1,539,466 | ||
Amortized Cost Basis by Origination Year - Prior | 4,757,618 | 4,757,618 | 4,173,570 | ||
Amortized Cost Basis by Origination Year - Revolving | 3,259,082 | 3,259,082 | 3,321,674 | ||
Total loans | 32,016,672 | 32,016,672 | 30,177,862 | ||
Current-period gross charge-offs - 2023 | 3,782 | 291 | |||
Current-period gross charge-offs - 2022 | 3,534 | 3,478 | |||
Current-period gross charge-offs - 2021 | 13,255 | 556 | |||
Current-period gross charge-offs - 2020 | 670 | 2,063 | |||
Current-period gross charge-offs - 2019 | 927 | 2,299 | |||
Current-period gross charge-offs - Prior | 1,275 | 4,842 | |||
Current-period gross charge-offs - Revolving | 6,732 | 9,917 | |||
Current-period gross charge-offs - Total | 17,970 | $ 7,126 | 30,175 | $ 18,779 | 23,446 |
30 days past due | |||||
Loans | |||||
Total loans | 61,071 | 61,071 | 68,416 | ||
60 days past due | |||||
Loans | |||||
Total loans | 28,966 | 28,966 | 31,607 | ||
90 days past due | |||||
Loans | |||||
Total loans | 2,604 | 2,604 | 4,350 | ||
Construction and land development | |||||
Loans | |||||
Total loans | 2,776,241 | 2,776,241 | 2,860,360 | ||
Construction and land development | 30 days past due | |||||
Loans | |||||
Total loans | 1,272 | 1,272 | 2,146 | ||
Construction and land development | 60 days past due | |||||
Loans | |||||
Total loans | 474 | 474 | 3,653 | ||
Construction and land development | 90 days past due | |||||
Loans | |||||
Total loans | 46 | 46 | |||
Commercial and industrial | |||||
Loans | |||||
Total loans | 5,458,229 | 5,458,229 | 5,313,483 | ||
Commercial and industrial | 30 days past due | |||||
Loans | |||||
Total loans | 27,715 | 27,715 | 24,500 | ||
Commercial and industrial | 60 days past due | |||||
Loans | |||||
Total loans | 14,819 | 14,819 | 11,677 | ||
Commercial and industrial | 90 days past due | |||||
Loans | |||||
Total loans | 806 | 806 | 1,704 | ||
Other income producing property | |||||
Loans | |||||
Total loans | 670,331 | 670,331 | 696,242 | ||
Other income producing property | 30 days past due | |||||
Loans | |||||
Total loans | 301 | 301 | 1,623 | ||
Other income producing property | 60 days past due | |||||
Loans | |||||
Total loans | 288 | 288 | 1,480 | ||
Other income producing property | 90 days past due | |||||
Loans | |||||
Total loans | 298 | ||||
Consumer Owner Occupied Loans | |||||
Loans | |||||
Total loans | 6,259,048 | 6,259,048 | 5,162,042 | ||
Consumer Owner Occupied Loans | 30 days past due | |||||
Loans | |||||
Total loans | 5,145 | 5,145 | 6,001 | ||
Consumer Owner Occupied Loans | 60 days past due | |||||
Loans | |||||
Total loans | 1,595 | 1,595 | 744 | ||
Consumer Owner Occupied Loans | 90 days past due | |||||
Loans | |||||
Total loans | 26 | 26 | 40 | ||
Home equity loans | |||||
Loans | |||||
Total loans | 1,349,097 | 1,349,097 | 1,313,168 | ||
Home equity loans | 30 days past due | |||||
Loans | |||||
Total loans | 3,221 | 3,221 | 2,527 | ||
Home equity loans | 60 days past due | |||||
Loans | |||||
Total loans | 949 | 949 | 361 | ||
Home equity loans | 90 days past due | |||||
Loans | |||||
Total loans | 1 | 1 | |||
Consumer loans | |||||
Loans | |||||
Total loans | 1,258,078 | 1,258,078 | 1,278,426 | ||
Consumer loans | 30 days past due | |||||
Loans | |||||
Total loans | 14,522 | 14,522 | 19,713 | ||
Consumer loans | 60 days past due | |||||
Loans | |||||
Total loans | 7,965 | 7,965 | 10,655 | ||
Consumer loans | 90 days past due | |||||
Loans | |||||
Total loans | 24 | 24 | |||
Other loans | |||||
Loans | |||||
Total loans | 4,199 | 4,199 | 20,989 | ||
Commercial loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 2,478,373 | 2,478,373 | 5,965,333 | ||
Amortized Cost Basis by Origination Year - 2022 | 5,999,669 | 5,999,669 | 4,853,572 | ||
Amortized Cost Basis by Origination Year - 2021 | 4,594,348 | 4,594,348 | 2,281,793 | ||
Amortized Cost Basis by Origination Year - 2020 | 1,927,848 | 1,927,848 | 2,112,230 | ||
Amortized Cost Basis by Origination Year - 2019 | 1,806,946 | 1,806,946 | 1,292,239 | ||
Amortized Cost Basis by Origination Year - Prior | 3,679,015 | 3,679,015 | 3,156,201 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,736,579 | 1,736,579 | 1,768,969 | ||
Total loans | 22,222,778 | 22,222,778 | 21,430,337 | ||
Current-period gross charge-offs - 2023 | 3,551 | 12 | |||
Current-period gross charge-offs - 2022 | 2,295 | 2,825 | |||
Current-period gross charge-offs - 2021 | 12,849 | 198 | |||
Current-period gross charge-offs - 2020 | 381 | 1,773 | |||
Current-period gross charge-offs - 2019 | 765 | 2,214 | |||
Current-period gross charge-offs - Prior | 833 | 3,828 | |||
Current-period gross charge-offs - Revolving | 395 | 1,792 | |||
Current-period gross charge-offs - Total | 21,069 | 12,642 | |||
Commercial loans | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 2,382,778 | 2,382,778 | 5,911,188 | ||
Amortized Cost Basis by Origination Year - 2022 | 5,898,525 | 5,898,525 | 4,719,732 | ||
Amortized Cost Basis by Origination Year - 2021 | 4,497,347 | 4,497,347 | 2,245,766 | ||
Amortized Cost Basis by Origination Year - 2020 | 1,838,284 | 1,838,284 | 2,053,868 | ||
Amortized Cost Basis by Origination Year - 2019 | 1,719,027 | 1,719,027 | 1,227,113 | ||
Amortized Cost Basis by Origination Year - Prior | 3,466,254 | 3,466,254 | 2,968,415 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,644,950 | 1,644,950 | 1,698,688 | ||
Total loans | 21,447,165 | 21,447,165 | 20,824,770 | ||
Commercial loans | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 35,323 | 35,323 | 20,216 | ||
Amortized Cost Basis by Origination Year - 2022 | 64,495 | 64,495 | 35,235 | ||
Amortized Cost Basis by Origination Year - 2021 | 38,533 | 38,533 | 9,381 | ||
Amortized Cost Basis by Origination Year - 2020 | 48,585 | 48,585 | 21,567 | ||
Amortized Cost Basis by Origination Year - 2019 | 25,210 | 25,210 | 42,014 | ||
Amortized Cost Basis by Origination Year - Prior | 46,137 | 46,137 | 73,870 | ||
Amortized Cost Basis by Origination Year - Revolving | 24,560 | 24,560 | 33,035 | ||
Total loans | 282,843 | 282,843 | 235,318 | ||
Commercial loans | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 60,266 | 60,266 | 33,528 | ||
Amortized Cost Basis by Origination Year - 2022 | 36,640 | 36,640 | 98,604 | ||
Amortized Cost Basis by Origination Year - 2021 | 58,438 | 58,438 | 26,645 | ||
Amortized Cost Basis by Origination Year - 2020 | 40,976 | 40,976 | 36,716 | ||
Amortized Cost Basis by Origination Year - 2019 | 62,709 | 62,709 | 22,956 | ||
Amortized Cost Basis by Origination Year - Prior | 166,600 | 166,600 | 113,348 | ||
Amortized Cost Basis by Origination Year - Revolving | 67,066 | 67,066 | 37,244 | ||
Total loans | 492,695 | 492,695 | 369,041 | ||
Commercial loans | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 6 | 6 | 401 | ||
Amortized Cost Basis by Origination Year - 2022 | 9 | 9 | 1 | ||
Amortized Cost Basis by Origination Year - 2021 | 30 | 30 | 1 | ||
Amortized Cost Basis by Origination Year - 2020 | 3 | 3 | 79 | ||
Amortized Cost Basis by Origination Year - 2019 | 156 | ||||
Amortized Cost Basis by Origination Year - Prior | 24 | 24 | 568 | ||
Amortized Cost Basis by Origination Year - Revolving | 3 | 3 | 2 | ||
Total loans | 75 | 75 | 1,208 | ||
Commercial loans | Construction and land development | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 342,812 | 342,812 | 877,608 | ||
Amortized Cost Basis by Origination Year - 2022 | 933,044 | 933,044 | 754,382 | ||
Amortized Cost Basis by Origination Year - 2021 | 504,028 | 504,028 | 135,275 | ||
Amortized Cost Basis by Origination Year - 2020 | 24,642 | 24,642 | 65,841 | ||
Amortized Cost Basis by Origination Year - 2019 | 12,959 | 12,959 | 21,740 | ||
Amortized Cost Basis by Origination Year - Prior | 34,828 | 34,828 | 35,798 | ||
Amortized Cost Basis by Origination Year - Revolving | 60,848 | 60,848 | 65,656 | ||
Total loans | 1,913,161 | 1,913,161 | 1,956,300 | ||
Current-period gross charge-offs - Prior | 2 | ||||
Current-period gross charge-offs - Total | 2 | ||||
Commercial loans | Construction and land development | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 342,418 | 342,418 | 875,751 | ||
Amortized Cost Basis by Origination Year - 2022 | 920,495 | 920,495 | 742,985 | ||
Amortized Cost Basis by Origination Year - 2021 | 502,988 | 502,988 | 134,996 | ||
Amortized Cost Basis by Origination Year - 2020 | 24,380 | 24,380 | 63,439 | ||
Amortized Cost Basis by Origination Year - 2019 | 10,853 | 10,853 | 14,521 | ||
Amortized Cost Basis by Origination Year - Prior | 27,023 | 27,023 | 29,442 | ||
Amortized Cost Basis by Origination Year - Revolving | 60,848 | 60,848 | 65,656 | ||
Total loans | 1,889,005 | 1,889,005 | 1,926,790 | ||
Commercial loans | Construction and land development | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 1,643 | ||||
Amortized Cost Basis by Origination Year - 2022 | 11,530 | 11,530 | 988 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,040 | 1,040 | 268 | ||
Amortized Cost Basis by Origination Year - 2020 | 9 | 9 | 76 | ||
Amortized Cost Basis by Origination Year - 2019 | 817 | 817 | 7,219 | ||
Amortized Cost Basis by Origination Year - Prior | 473 | 473 | 2,068 | ||
Total loans | 13,869 | 13,869 | 12,262 | ||
Commercial loans | Construction and land development | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 394 | 394 | 214 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,019 | 1,019 | 10,409 | ||
Amortized Cost Basis by Origination Year - 2021 | 11 | ||||
Amortized Cost Basis by Origination Year - 2020 | 251 | 251 | 2,326 | ||
Amortized Cost Basis by Origination Year - 2019 | 1,289 | 1,289 | |||
Amortized Cost Basis by Origination Year - Prior | 7,327 | 7,327 | 4,282 | ||
Total loans | 10,280 | 10,280 | 17,242 | ||
Commercial loans | Construction and land development | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2020 | 2 | 2 | |||
Amortized Cost Basis by Origination Year - Prior | 5 | 5 | 6 | ||
Total loans | 7 | 7 | 6 | ||
Commercial loans | Commercial non-owner occupied | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 683,985 | 683,985 | 2,266,778 | ||
Amortized Cost Basis by Origination Year - 2022 | 2,551,598 | 2,551,598 | 1,878,862 | ||
Amortized Cost Basis by Origination Year - 2021 | 2,056,852 | 2,056,852 | 818,336 | ||
Amortized Cost Basis by Origination Year - 2020 | 757,233 | 757,233 | 980,205 | ||
Amortized Cost Basis by Origination Year - 2019 | 835,988 | 835,988 | 536,889 | ||
Amortized Cost Basis by Origination Year - Prior | 1,721,873 | 1,721,873 | 1,475,873 | ||
Amortized Cost Basis by Origination Year - Revolving | 94,823 | 94,823 | 116,016 | ||
Total loans | 8,702,352 | 8,702,352 | 8,072,959 | ||
Current-period gross charge-offs - 2023 | 8 | ||||
Current-period gross charge-offs - 2021 | 51 | ||||
Current-period gross charge-offs - Prior | 360 | ||||
Current-period gross charge-offs - Total | 51 | 368 | |||
Commercial loans | Commercial non-owner occupied | 30 days past due | |||||
Loans | |||||
Total loans | 4,922 | 4,922 | 1,158 | ||
Commercial loans | Commercial non-owner occupied | 60 days past due | |||||
Loans | |||||
Total loans | 1,378 | 1,378 | 978 | ||
Commercial loans | Commercial non-owner occupied | 90 days past due | |||||
Loans | |||||
Total loans | 77 | ||||
Commercial loans | Commercial non-owner occupied | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 627,660 | 627,660 | 2,245,943 | ||
Amortized Cost Basis by Origination Year - 2022 | 2,535,022 | 2,535,022 | 1,849,079 | ||
Amortized Cost Basis by Origination Year - 2021 | 2,036,897 | 2,036,897 | 816,791 | ||
Amortized Cost Basis by Origination Year - 2020 | 704,631 | 704,631 | 959,707 | ||
Amortized Cost Basis by Origination Year - 2019 | 791,932 | 791,932 | 506,350 | ||
Amortized Cost Basis by Origination Year - Prior | 1,629,748 | 1,629,748 | 1,417,397 | ||
Amortized Cost Basis by Origination Year - Revolving | 94,728 | 94,728 | 108,759 | ||
Total loans | 8,420,618 | 8,420,618 | 7,904,026 | ||
Commercial loans | Commercial non-owner occupied | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 24,499 | 24,499 | 7,579 | ||
Amortized Cost Basis by Origination Year - 2022 | 6,089 | 6,089 | 4,225 | ||
Amortized Cost Basis by Origination Year - 2021 | 4,074 | 4,074 | 936 | ||
Amortized Cost Basis by Origination Year - 2020 | 33,091 | 33,091 | 11,036 | ||
Amortized Cost Basis by Origination Year - 2019 | 9,935 | 9,935 | 24,067 | ||
Amortized Cost Basis by Origination Year - Prior | 13,889 | 13,889 | 32,110 | ||
Amortized Cost Basis by Origination Year - Revolving | 95 | 95 | 5,000 | ||
Total loans | 91,672 | 91,672 | 84,953 | ||
Commercial loans | Commercial non-owner occupied | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 31,826 | 31,826 | 13,256 | ||
Amortized Cost Basis by Origination Year - 2022 | 10,487 | 10,487 | 25,557 | ||
Amortized Cost Basis by Origination Year - 2021 | 15,880 | 15,880 | 609 | ||
Amortized Cost Basis by Origination Year - 2020 | 19,511 | 19,511 | 9,383 | ||
Amortized Cost Basis by Origination Year - 2019 | 34,121 | 34,121 | 6,472 | ||
Amortized Cost Basis by Origination Year - Prior | 78,236 | 78,236 | 26,366 | ||
Amortized Cost Basis by Origination Year - Revolving | 2,257 | ||||
Total loans | 190,061 | 190,061 | 83,900 | ||
Commercial loans | Commercial non-owner occupied | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2022 | 1 | ||||
Amortized Cost Basis by Origination Year - 2021 | 1 | 1 | |||
Amortized Cost Basis by Origination Year - 2020 | 79 | ||||
Total loans | 1 | 1 | 80 | ||
Commercial loans | Commercial owner occupied real estate loan | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 444,882 | 444,882 | 1,063,043 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,120,143 | 1,120,143 | 1,195,762 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,171,854 | 1,171,854 | 748,386 | ||
Amortized Cost Basis by Origination Year - 2020 | 681,763 | 681,763 | 734,105 | ||
Amortized Cost Basis by Origination Year - 2019 | 703,150 | 703,150 | 463,144 | ||
Amortized Cost Basis by Origination Year - Prior | 1,327,865 | 1,327,865 | 1,178,058 | ||
Amortized Cost Basis by Origination Year - Revolving | 89,440 | 89,440 | 77,695 | ||
Total loans | 5,539,097 | 5,539,097 | 5,460,193 | ||
Current-period gross charge-offs - 2022 | 126 | ||||
Current-period gross charge-offs - 2020 | 1,143 | ||||
Current-period gross charge-offs - Prior | 833 | ||||
Current-period gross charge-offs - Total | 126 | 1,976 | |||
Commercial loans | Commercial owner occupied real estate loan | 30 days past due | |||||
Loans | |||||
Total loans | 3,973 | 3,973 | 10,748 | ||
Commercial loans | Commercial owner occupied real estate loan | 60 days past due | |||||
Loans | |||||
Total loans | 1,498 | 1,498 | 2,059 | ||
Commercial loans | Commercial owner occupied real estate loan | 90 days past due | |||||
Loans | |||||
Total loans | 1,701 | 1,701 | 2,231 | ||
Commercial loans | Commercial owner occupied real estate loan | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 428,352 | 428,352 | 1,046,562 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,074,223 | 1,074,223 | 1,136,289 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,125,327 | 1,125,327 | 725,040 | ||
Amortized Cost Basis by Origination Year - 2020 | 653,996 | 653,996 | 709,669 | ||
Amortized Cost Basis by Origination Year - 2019 | 674,921 | 674,921 | 446,497 | ||
Amortized Cost Basis by Origination Year - Prior | 1,239,235 | 1,239,235 | 1,080,522 | ||
Amortized Cost Basis by Origination Year - Revolving | 80,845 | 80,845 | 75,506 | ||
Total loans | 5,276,899 | 5,276,899 | 5,220,085 | ||
Commercial loans | Commercial owner occupied real estate loan | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 1,560 | 1,560 | 3,620 | ||
Amortized Cost Basis by Origination Year - 2022 | 33,594 | 33,594 | 25,263 | ||
Amortized Cost Basis by Origination Year - 2021 | 22,258 | 22,258 | 3,383 | ||
Amortized Cost Basis by Origination Year - 2020 | 12,318 | 12,318 | 7,934 | ||
Amortized Cost Basis by Origination Year - 2019 | 9,581 | 9,581 | 7,160 | ||
Amortized Cost Basis by Origination Year - Prior | 27,864 | 27,864 | 34,724 | ||
Amortized Cost Basis by Origination Year - Revolving | 8,595 | 8,595 | 1,294 | ||
Total loans | 115,770 | 115,770 | 83,378 | ||
Commercial loans | Commercial owner occupied real estate loan | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 14,967 | 14,967 | 12,861 | ||
Amortized Cost Basis by Origination Year - 2022 | 12,326 | 12,326 | 34,210 | ||
Amortized Cost Basis by Origination Year - 2021 | 24,269 | 24,269 | 19,962 | ||
Amortized Cost Basis by Origination Year - 2020 | 15,448 | 15,448 | 16,502 | ||
Amortized Cost Basis by Origination Year - 2019 | 18,648 | 18,648 | 9,487 | ||
Amortized Cost Basis by Origination Year - Prior | 60,762 | 60,762 | 62,808 | ||
Amortized Cost Basis by Origination Year - Revolving | 895 | ||||
Total loans | 146,420 | 146,420 | 156,725 | ||
Commercial loans | Commercial owner occupied real estate loan | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 3 | 3 | |||
Amortized Cost Basis by Origination Year - 2021 | 1 | ||||
Amortized Cost Basis by Origination Year - 2020 | 1 | 1 | |||
Amortized Cost Basis by Origination Year - Prior | 4 | 4 | 4 | ||
Total loans | 8 | 8 | 5 | ||
Commercial loans | Commercial and industrial | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 942,819 | 942,819 | 1,578,396 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,250,604 | 1,250,604 | 927,124 | ||
Amortized Cost Basis by Origination Year - 2021 | 755,135 | 755,135 | 514,826 | ||
Amortized Cost Basis by Origination Year - 2020 | 407,208 | 407,208 | 282,896 | ||
Amortized Cost Basis by Origination Year - 2019 | 208,815 | 208,815 | 222,838 | ||
Amortized Cost Basis by Origination Year - Prior | 469,629 | 469,629 | 343,500 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,424,019 | 1,424,019 | 1,443,903 | ||
Total loans | 5,458,229 | 5,458,229 | 5,313,483 | ||
Current-period gross charge-offs - 2023 | 3,551 | 4 | |||
Current-period gross charge-offs - 2022 | 2,169 | 2,825 | |||
Current-period gross charge-offs - 2021 | 12,798 | 198 | |||
Current-period gross charge-offs - 2020 | 381 | 630 | |||
Current-period gross charge-offs - 2019 | 765 | 2,214 | |||
Current-period gross charge-offs - Prior | 831 | 2,589 | |||
Current-period gross charge-offs - Revolving | 395 | 1,742 | |||
Current-period gross charge-offs - Total | 20,890 | 10,202 | |||
Commercial loans | Commercial and industrial | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 921,531 | 921,531 | 1,566,203 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,225,758 | 1,225,758 | 895,368 | ||
Amortized Cost Basis by Origination Year - 2021 | 728,158 | 728,158 | 506,655 | ||
Amortized Cost Basis by Origination Year - 2020 | 399,814 | 399,814 | 274,446 | ||
Amortized Cost Basis by Origination Year - 2019 | 197,974 | 197,974 | 212,522 | ||
Amortized Cost Basis by Origination Year - Prior | 454,648 | 454,648 | 333,286 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,343,128 | 1,343,128 | 1,386,678 | ||
Total loans | 5,271,011 | 5,271,011 | 5,175,158 | ||
Commercial loans | Commercial and industrial | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 8,950 | 8,950 | 5,885 | ||
Amortized Cost Basis by Origination Year - 2022 | 12,662 | 12,662 | 3,782 | ||
Amortized Cost Basis by Origination Year - 2021 | 10,435 | 10,435 | 3,401 | ||
Amortized Cost Basis by Origination Year - 2020 | 3,032 | 3,032 | 1,859 | ||
Amortized Cost Basis by Origination Year - 2019 | 4,310 | 4,310 | 3,378 | ||
Amortized Cost Basis by Origination Year - Prior | 1,307 | 1,307 | 1,316 | ||
Amortized Cost Basis by Origination Year - Revolving | 14,455 | 14,455 | 24,347 | ||
Total loans | 55,151 | 55,151 | 43,968 | ||
Commercial loans | Commercial and industrial | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 12,335 | 12,335 | 6,308 | ||
Amortized Cost Basis by Origination Year - 2022 | 12,175 | 12,175 | 27,974 | ||
Amortized Cost Basis by Origination Year - 2021 | 16,513 | 16,513 | 4,770 | ||
Amortized Cost Basis by Origination Year - 2020 | 4,362 | 4,362 | 6,591 | ||
Amortized Cost Basis by Origination Year - 2019 | 6,531 | 6,531 | 6,783 | ||
Amortized Cost Basis by Origination Year - Prior | 13,661 | 13,661 | 8,476 | ||
Amortized Cost Basis by Origination Year - Revolving | 66,433 | 66,433 | 32,876 | ||
Total loans | 132,010 | 132,010 | 93,778 | ||
Commercial loans | Commercial and industrial | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 3 | 3 | |||
Amortized Cost Basis by Origination Year - 2022 | 9 | 9 | |||
Amortized Cost Basis by Origination Year - 2021 | 29 | 29 | |||
Amortized Cost Basis by Origination Year - 2019 | 155 | ||||
Amortized Cost Basis by Origination Year - Prior | 13 | 13 | 422 | ||
Amortized Cost Basis by Origination Year - Revolving | 3 | 3 | 2 | ||
Total loans | 57 | 57 | 579 | ||
Commercial loans | Other income producing property | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 50,612 | 50,612 | 152,022 | ||
Amortized Cost Basis by Origination Year - 2022 | 139,346 | 139,346 | 94,203 | ||
Amortized Cost Basis by Origination Year - 2021 | 103,475 | 103,475 | 63,011 | ||
Amortized Cost Basis by Origination Year - 2020 | 54,585 | 54,585 | 46,867 | ||
Amortized Cost Basis by Origination Year - 2019 | 43,874 | 43,874 | 47,559 | ||
Amortized Cost Basis by Origination Year - Prior | 124,248 | 124,248 | 122,438 | ||
Amortized Cost Basis by Origination Year - Revolving | 39,414 | 39,414 | 49,572 | ||
Total loans | 555,554 | 555,554 | 575,672 | ||
Current-period gross charge-offs - Prior | 46 | ||||
Current-period gross charge-offs - Revolving | 50 | ||||
Current-period gross charge-offs - Total | 96 | ||||
Commercial loans | Other income producing property | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 49,793 | 49,793 | 149,793 | ||
Amortized Cost Basis by Origination Year - 2022 | 138,439 | 138,439 | 92,887 | ||
Amortized Cost Basis by Origination Year - 2021 | 100,992 | 100,992 | 60,473 | ||
Amortized Cost Basis by Origination Year - 2020 | 54,040 | 54,040 | 46,189 | ||
Amortized Cost Basis by Origination Year - 2019 | 43,035 | 43,035 | 47,155 | ||
Amortized Cost Basis by Origination Year - Prior | 115,214 | 115,214 | 107,436 | ||
Amortized Cost Basis by Origination Year - Revolving | 37,516 | 37,516 | 46,179 | ||
Total loans | 539,029 | 539,029 | 550,112 | ||
Commercial loans | Other income producing property | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 75 | 75 | 952 | ||
Amortized Cost Basis by Origination Year - 2022 | 275 | 275 | 957 | ||
Amortized Cost Basis by Origination Year - 2021 | 707 | 707 | 1,257 | ||
Amortized Cost Basis by Origination Year - 2020 | 69 | 69 | 378 | ||
Amortized Cost Basis by Origination Year - 2019 | 293 | 293 | 190 | ||
Amortized Cost Basis by Origination Year - Prior | 2,604 | 2,604 | 3,652 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,415 | 1,415 | 2,328 | ||
Total loans | 5,438 | 5,438 | 9,714 | ||
Commercial loans | Other income producing property | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 744 | 744 | 876 | ||
Amortized Cost Basis by Origination Year - 2022 | 632 | 632 | 359 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,776 | 1,776 | 1,281 | ||
Amortized Cost Basis by Origination Year - 2020 | 476 | 476 | 300 | ||
Amortized Cost Basis by Origination Year - 2019 | 546 | 546 | 214 | ||
Amortized Cost Basis by Origination Year - Prior | 6,430 | 6,430 | 11,214 | ||
Amortized Cost Basis by Origination Year - Revolving | 483 | 483 | 1,065 | ||
Total loans | 11,087 | 11,087 | 15,309 | ||
Commercial loans | Other income producing property | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 401 | ||||
Amortized Cost Basis by Origination Year - Prior | 136 | ||||
Total loans | 537 | ||||
Commercial loans | Consumer Owner Occupied Loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 9,064 | 9,064 | 6,497 | ||
Amortized Cost Basis by Origination Year - 2022 | 4,934 | 4,934 | 3,239 | ||
Amortized Cost Basis by Origination Year - 2021 | 3,004 | 3,004 | 1,959 | ||
Amortized Cost Basis by Origination Year - 2020 | 2,417 | 2,417 | 2,316 | ||
Amortized Cost Basis by Origination Year - 2019 | 2,160 | 2,160 | 69 | ||
Amortized Cost Basis by Origination Year - Prior | 572 | 572 | 534 | ||
Amortized Cost Basis by Origination Year - Revolving | 28,035 | 28,035 | 16,127 | ||
Total loans | 50,186 | 50,186 | 30,741 | ||
Commercial loans | Consumer Owner Occupied Loans | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 8,825 | 8,825 | 5,947 | ||
Amortized Cost Basis by Origination Year - 2022 | 4,588 | 4,588 | 3,124 | ||
Amortized Cost Basis by Origination Year - 2021 | 2,985 | 2,985 | 1,811 | ||
Amortized Cost Basis by Origination Year - 2020 | 1,423 | 1,423 | 418 | ||
Amortized Cost Basis by Origination Year - 2019 | 312 | 312 | 68 | ||
Amortized Cost Basis by Origination Year - Prior | 386 | 386 | 332 | ||
Amortized Cost Basis by Origination Year - Revolving | 27,885 | 27,885 | 15,910 | ||
Total loans | 46,404 | 46,404 | 27,610 | ||
Commercial loans | Consumer Owner Occupied Loans | Special mention | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 239 | 239 | 537 | ||
Amortized Cost Basis by Origination Year - 2022 | 345 | 345 | 20 | ||
Amortized Cost Basis by Origination Year - 2021 | 19 | 19 | 136 | ||
Amortized Cost Basis by Origination Year - 2020 | 66 | 66 | 284 | ||
Amortized Cost Basis by Origination Year - 2019 | 274 | 274 | |||
Amortized Cost Basis by Origination Year - Revolving | 66 | ||||
Total loans | 943 | 943 | 1,043 | ||
Commercial loans | Consumer Owner Occupied Loans | Substandard | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 13 | ||||
Amortized Cost Basis by Origination Year - 2022 | 1 | 1 | 95 | ||
Amortized Cost Basis by Origination Year - 2021 | 12 | ||||
Amortized Cost Basis by Origination Year - 2020 | 928 | 928 | 1,614 | ||
Amortized Cost Basis by Origination Year - 2019 | 1,574 | 1,574 | |||
Amortized Cost Basis by Origination Year - Prior | 184 | 184 | 202 | ||
Amortized Cost Basis by Origination Year - Revolving | 150 | 150 | 151 | ||
Total loans | 2,837 | 2,837 | 2,087 | ||
Commercial loans | Consumer Owner Occupied Loans | Doubtful | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2019 | 1 | ||||
Amortized Cost Basis by Origination Year - Prior | 2 | 2 | |||
Total loans | 2 | 2 | 1 | ||
Commercial loans | Other loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 4,199 | 4,199 | 20,989 | ||
Total loans | 4,199 | 4,199 | 20,989 | ||
Commercial loans | Other loans | Pass | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 4,199 | 4,199 | 20,989 | ||
Total loans | 4,199 | 4,199 | 20,989 | ||
Consumer portfolio loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 1,207,477 | 1,207,477 | 2,623,864 | ||
Amortized Cost Basis by Origination Year - 2022 | 2,901,113 | 2,901,113 | 2,054,112 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,959,323 | 1,959,323 | 830,855 | ||
Amortized Cost Basis by Origination Year - 2020 | 748,145 | 748,145 | 421,393 | ||
Amortized Cost Basis by Origination Year - 2019 | 376,730 | 376,730 | 247,227 | ||
Amortized Cost Basis by Origination Year - Prior | 1,078,603 | 1,078,603 | 1,017,369 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,522,503 | 1,522,503 | 1,552,705 | ||
Total loans | 9,793,894 | 9,793,894 | 8,747,525 | ||
Current-period gross charge-offs - 2023 | 231 | 279 | |||
Current-period gross charge-offs - 2022 | 1,239 | 653 | |||
Current-period gross charge-offs - 2021 | 406 | 358 | |||
Current-period gross charge-offs - 2020 | 289 | 290 | |||
Current-period gross charge-offs - 2019 | 162 | 85 | |||
Current-period gross charge-offs - Prior | 442 | 1,014 | |||
Current-period gross charge-offs - Revolving | 6,337 | 8,125 | |||
Current-period gross charge-offs - Total | 9,106 | 10,804 | |||
Consumer portfolio loans | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 1,205,980 | 1,205,980 | 2,621,392 | ||
Amortized Cost Basis by Origination Year - 2022 | 2,895,625 | 2,895,625 | 2,051,220 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,955,795 | 1,955,795 | 826,906 | ||
Amortized Cost Basis by Origination Year - 2020 | 745,679 | 745,679 | 419,742 | ||
Amortized Cost Basis by Origination Year - 2019 | 375,380 | 375,380 | 245,166 | ||
Amortized Cost Basis by Origination Year - Prior | 1,066,266 | 1,066,266 | 1,005,834 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,498,245 | 1,498,245 | 1,522,165 | ||
Total loans | 9,742,970 | 9,742,970 | 8,692,425 | ||
Consumer portfolio loans | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 826 | 826 | 2,036 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,705 | 1,705 | 1,448 | ||
Amortized Cost Basis by Origination Year - 2021 | 2,041 | 2,041 | 1,914 | ||
Amortized Cost Basis by Origination Year - 2020 | 930 | 930 | 972 | ||
Amortized Cost Basis by Origination Year - 2019 | 614 | 614 | 776 | ||
Amortized Cost Basis by Origination Year - Prior | 4,332 | 4,332 | 3,810 | ||
Amortized Cost Basis by Origination Year - Revolving | 14,970 | 14,970 | 19,057 | ||
Total loans | 25,418 | 25,418 | 30,013 | ||
Consumer portfolio loans | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 665 | 665 | 310 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,317 | 1,317 | 440 | ||
Amortized Cost Basis by Origination Year - 2021 | 766 | 766 | 705 | ||
Amortized Cost Basis by Origination Year - 2020 | 227 | 227 | 72 | ||
Amortized Cost Basis by Origination Year - 2019 | 292 | 292 | 456 | ||
Amortized Cost Basis by Origination Year - Prior | 2,847 | 2,847 | 2,256 | ||
Amortized Cost Basis by Origination Year - Revolving | 7,412 | 7,412 | 10,376 | ||
Total loans | 13,526 | 13,526 | 14,615 | ||
Consumer portfolio loans | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 6 | 6 | 126 | ||
Amortized Cost Basis by Origination Year - 2022 | 2,466 | 2,466 | 1,004 | ||
Amortized Cost Basis by Origination Year - 2021 | 721 | 721 | 1,330 | ||
Amortized Cost Basis by Origination Year - 2020 | 1,309 | 1,309 | 607 | ||
Amortized Cost Basis by Origination Year - 2019 | 444 | 444 | 829 | ||
Amortized Cost Basis by Origination Year - Prior | 5,158 | 5,158 | 5,469 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,876 | 1,876 | 1,107 | ||
Total loans | 11,980 | 11,980 | 10,472 | ||
Consumer portfolio loans | Construction and land development | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 104,146 | 104,146 | 466,477 | ||
Amortized Cost Basis by Origination Year - 2022 | 548,704 | 548,704 | 351,485 | ||
Amortized Cost Basis by Origination Year - 2021 | 159,300 | 159,300 | 50,908 | ||
Amortized Cost Basis by Origination Year - 2020 | 26,240 | 26,240 | 14,110 | ||
Amortized Cost Basis by Origination Year - 2019 | 9,188 | 9,188 | 7,029 | ||
Amortized Cost Basis by Origination Year - Prior | 15,502 | 15,502 | 13,672 | ||
Amortized Cost Basis by Origination Year - Revolving | 379 | ||||
Total loans | 863,080 | 863,080 | 904,060 | ||
Current-period gross charge-offs - 2021 | 21 | ||||
Current-period gross charge-offs - Prior | 8 | 4 | |||
Current-period gross charge-offs - Total | 8 | 25 | |||
Consumer portfolio loans | Construction and land development | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 104,143 | 104,143 | 466,475 | ||
Amortized Cost Basis by Origination Year - 2022 | 548,493 | 548,493 | 351,485 | ||
Amortized Cost Basis by Origination Year - 2021 | 159,300 | 159,300 | 50,472 | ||
Amortized Cost Basis by Origination Year - 2020 | 26,240 | 26,240 | 14,053 | ||
Amortized Cost Basis by Origination Year - 2019 | 9,188 | 9,188 | 7,006 | ||
Amortized Cost Basis by Origination Year - Prior | 15,415 | 15,415 | 13,588 | ||
Amortized Cost Basis by Origination Year - Revolving | 379 | ||||
Total loans | 862,779 | 862,779 | 903,458 | ||
Consumer portfolio loans | Construction and land development | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 2 | ||||
Amortized Cost Basis by Origination Year - 2020 | 57 | ||||
Amortized Cost Basis by Origination Year - 2019 | 23 | ||||
Amortized Cost Basis by Origination Year - Prior | 59 | 59 | 43 | ||
Total loans | 59 | 59 | 125 | ||
Consumer portfolio loans | Construction and land development | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - Prior | 11 | 11 | |||
Total loans | 11 | 11 | |||
Consumer portfolio loans | Construction and land development | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 3 | 3 | |||
Amortized Cost Basis by Origination Year - 2022 | 211 | 211 | |||
Amortized Cost Basis by Origination Year - 2021 | 436 | ||||
Amortized Cost Basis by Origination Year - Prior | 17 | 17 | 41 | ||
Total loans | 231 | 231 | 477 | ||
Consumer portfolio loans | Commercial non-owner occupied | |||||
Loans | |||||
Current-period gross charge-offs - 2023 | 18 | ||||
Current-period gross charge-offs - 2022 | 49 | ||||
Current-period gross charge-offs - 2021 | 27 | ||||
Current-period gross charge-offs - Prior | 2 | ||||
Current-period gross charge-offs - Total | 96 | ||||
Consumer portfolio loans | Other income producing property | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 6,329 | 6,329 | 45,717 | ||
Amortized Cost Basis by Origination Year - 2022 | 43,588 | 43,588 | 21,421 | ||
Amortized Cost Basis by Origination Year - 2021 | 19,013 | 19,013 | 4,937 | ||
Amortized Cost Basis by Origination Year - 2020 | 4,435 | 4,435 | 2,663 | ||
Amortized Cost Basis by Origination Year - 2019 | 2,558 | 2,558 | 4,322 | ||
Amortized Cost Basis by Origination Year - Prior | 38,573 | 38,573 | 40,886 | ||
Amortized Cost Basis by Origination Year - Revolving | 281 | 281 | 624 | ||
Total loans | 114,777 | 114,777 | 120,570 | ||
Consumer portfolio loans | Other income producing property | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 6,329 | 6,329 | 45,717 | ||
Amortized Cost Basis by Origination Year - 2022 | 43,588 | 43,588 | 21,421 | ||
Amortized Cost Basis by Origination Year - 2021 | 18,825 | 18,825 | 4,937 | ||
Amortized Cost Basis by Origination Year - 2020 | 4,435 | 4,435 | 2,663 | ||
Amortized Cost Basis by Origination Year - 2019 | 2,558 | 2,558 | 4,322 | ||
Amortized Cost Basis by Origination Year - Prior | 38,139 | 38,139 | 40,680 | ||
Amortized Cost Basis by Origination Year - Revolving | 281 | 281 | 624 | ||
Total loans | 114,155 | 114,155 | 120,364 | ||
Consumer portfolio loans | Other income producing property | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - Prior | 313 | 313 | 62 | ||
Total loans | 313 | 313 | 62 | ||
Consumer portfolio loans | Other income producing property | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2021 | 188 | 188 | |||
Amortized Cost Basis by Origination Year - Prior | 23 | ||||
Total loans | 188 | 188 | 23 | ||
Consumer portfolio loans | Other income producing property | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - Prior | 121 | 121 | 121 | ||
Total loans | 121 | 121 | 121 | ||
Consumer portfolio loans | Consumer Owner Occupied Loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 829,938 | 829,938 | 1,697,025 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,973,016 | 1,973,016 | 1,469,615 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,621,189 | 1,621,189 | 660,041 | ||
Amortized Cost Basis by Origination Year - 2020 | 632,393 | 632,393 | 316,576 | ||
Amortized Cost Basis by Origination Year - 2019 | 298,104 | 298,104 | 188,758 | ||
Amortized Cost Basis by Origination Year - Prior | 854,222 | 854,222 | 799,286 | ||
Total loans | 6,208,862 | 6,208,862 | 5,131,301 | ||
Current-period gross charge-offs - 2023 | 25 | ||||
Current-period gross charge-offs - 2020 | 6 | ||||
Current-period gross charge-offs - 2019 | 23 | ||||
Current-period gross charge-offs - Prior | 66 | ||||
Current-period gross charge-offs - Total | 120 | ||||
Consumer portfolio loans | Consumer Owner Occupied Loans | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 828,826 | 828,826 | 1,695,454 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,968,603 | 1,968,603 | 1,467,080 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,618,466 | 1,618,466 | 657,005 | ||
Amortized Cost Basis by Origination Year - 2020 | 630,494 | 630,494 | 315,458 | ||
Amortized Cost Basis by Origination Year - 2019 | 297,347 | 297,347 | 187,580 | ||
Amortized Cost Basis by Origination Year - Prior | 847,666 | 847,666 | 792,572 | ||
Total loans | 6,191,402 | 6,191,402 | 5,115,149 | ||
Consumer portfolio loans | Consumer Owner Occupied Loans | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 515 | 515 | 1,316 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,396 | 1,396 | 1,254 | ||
Amortized Cost Basis by Origination Year - 2021 | 1,665 | 1,665 | 1,681 | ||
Amortized Cost Basis by Origination Year - 2020 | 657 | 657 | 664 | ||
Amortized Cost Basis by Origination Year - 2019 | 239 | 239 | 272 | ||
Amortized Cost Basis by Origination Year - Prior | 1,914 | 1,914 | 2,028 | ||
Total loans | 6,386 | 6,386 | 7,215 | ||
Consumer portfolio loans | Consumer Owner Occupied Loans | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 597 | 597 | 255 | ||
Amortized Cost Basis by Origination Year - 2022 | 1,047 | 1,047 | 337 | ||
Amortized Cost Basis by Origination Year - 2021 | 493 | 493 | 579 | ||
Amortized Cost Basis by Origination Year - 2020 | 143 | 143 | |||
Amortized Cost Basis by Origination Year - 2019 | 202 | 202 | 242 | ||
Amortized Cost Basis by Origination Year - Prior | 1,239 | 1,239 | 1,650 | ||
Total loans | 3,721 | 3,721 | 3,063 | ||
Consumer portfolio loans | Consumer Owner Occupied Loans | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2022 | 1,970 | 1,970 | 944 | ||
Amortized Cost Basis by Origination Year - 2021 | 565 | 565 | 776 | ||
Amortized Cost Basis by Origination Year - 2020 | 1,099 | 1,099 | 454 | ||
Amortized Cost Basis by Origination Year - 2019 | 316 | 316 | 664 | ||
Amortized Cost Basis by Origination Year - Prior | 3,403 | 3,403 | 3,036 | ||
Total loans | 7,353 | 7,353 | 5,874 | ||
Consumer portfolio loans | Home equity loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 6,037 | 6,037 | 5,921 | ||
Amortized Cost Basis by Origination Year - 2022 | 6,188 | 6,188 | 5,231 | ||
Amortized Cost Basis by Origination Year - 2021 | 4,138 | 4,138 | 3,516 | ||
Amortized Cost Basis by Origination Year - 2020 | 2,442 | 2,442 | 1,760 | ||
Amortized Cost Basis by Origination Year - 2019 | 846 | 846 | 2,443 | ||
Amortized Cost Basis by Origination Year - Prior | 14,392 | 14,392 | 19,000 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,315,054 | 1,315,054 | 1,275,297 | ||
Total loans | 1,349,097 | 1,349,097 | 1,313,168 | ||
Current-period gross charge-offs - 2020 | 39 | 19 | |||
Current-period gross charge-offs - Prior | 29 | 280 | |||
Current-period gross charge-offs - Revolving | 59 | 146 | |||
Current-period gross charge-offs - Total | 127 | 445 | |||
Consumer portfolio loans | Home equity loans | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 5,918 | 5,918 | 5,921 | ||
Amortized Cost Basis by Origination Year - 2022 | 6,092 | 6,092 | 5,231 | ||
Amortized Cost Basis by Origination Year - 2021 | 3,941 | 3,941 | 3,282 | ||
Amortized Cost Basis by Origination Year - 2020 | 2,250 | 2,250 | 1,560 | ||
Amortized Cost Basis by Origination Year - 2019 | 553 | 553 | 1,955 | ||
Amortized Cost Basis by Origination Year - Prior | 12,740 | 12,740 | 17,941 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,311,305 | 1,311,305 | 1,272,848 | ||
Total loans | 1,342,799 | 1,342,799 | 1,308,738 | ||
Consumer portfolio loans | Home equity loans | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 119 | 119 | |||
Amortized Cost Basis by Origination Year - 2022 | 47 | 47 | |||
Amortized Cost Basis by Origination Year - 2021 | 177 | 177 | 155 | ||
Amortized Cost Basis by Origination Year - 2020 | 77 | ||||
Amortized Cost Basis by Origination Year - 2019 | 205 | 205 | 418 | ||
Amortized Cost Basis by Origination Year - Prior | 733 | 733 | 422 | ||
Amortized Cost Basis by Origination Year - Revolving | 2,708 | 2,708 | 1,586 | ||
Total loans | 3,989 | 3,989 | 2,658 | ||
Consumer portfolio loans | Home equity loans | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2021 | 20 | 20 | 19 | ||
Amortized Cost Basis by Origination Year - 2020 | 36 | ||||
Amortized Cost Basis by Origination Year - 2019 | 87 | 87 | 70 | ||
Amortized Cost Basis by Origination Year - Prior | 543 | 543 | 26 | ||
Amortized Cost Basis by Origination Year - Revolving | 688 | 688 | 540 | ||
Total loans | 1,338 | 1,338 | 691 | ||
Consumer portfolio loans | Home equity loans | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2022 | 49 | 49 | |||
Amortized Cost Basis by Origination Year - 2021 | 60 | ||||
Amortized Cost Basis by Origination Year - 2020 | 192 | 192 | 87 | ||
Amortized Cost Basis by Origination Year - 2019 | 1 | 1 | |||
Amortized Cost Basis by Origination Year - Prior | 376 | 376 | 611 | ||
Amortized Cost Basis by Origination Year - Revolving | 353 | 353 | 323 | ||
Total loans | 971 | 971 | 1,081 | ||
Consumer portfolio loans | Consumer loans | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 261,027 | 261,027 | 408,724 | ||
Amortized Cost Basis by Origination Year - 2022 | 329,617 | 329,617 | 206,360 | ||
Amortized Cost Basis by Origination Year - 2021 | 155,683 | 155,683 | 111,453 | ||
Amortized Cost Basis by Origination Year - 2020 | 82,635 | 82,635 | 86,284 | ||
Amortized Cost Basis by Origination Year - 2019 | 66,034 | 66,034 | 44,675 | ||
Amortized Cost Basis by Origination Year - Prior | 155,914 | 155,914 | 144,525 | ||
Amortized Cost Basis by Origination Year - Revolving | 207,168 | 207,168 | 276,405 | ||
Total loans | 1,258,078 | 1,258,078 | 1,278,426 | ||
Current-period gross charge-offs - 2023 | 213 | 254 | |||
Current-period gross charge-offs - 2022 | 1,190 | 653 | |||
Current-period gross charge-offs - 2021 | 379 | 337 | |||
Current-period gross charge-offs - 2020 | 250 | 265 | |||
Current-period gross charge-offs - 2019 | 162 | 62 | |||
Current-period gross charge-offs - Prior | 403 | 664 | |||
Current-period gross charge-offs - Revolving | 6,278 | 7,979 | |||
Current-period gross charge-offs - Total | 8,875 | 10,214 | |||
Consumer portfolio loans | Consumer loans | Current due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 260,764 | 260,764 | 407,825 | ||
Amortized Cost Basis by Origination Year - 2022 | 328,849 | 328,849 | 206,003 | ||
Amortized Cost Basis by Origination Year - 2021 | 155,263 | 155,263 | 111,210 | ||
Amortized Cost Basis by Origination Year - 2020 | 82,260 | 82,260 | 86,008 | ||
Amortized Cost Basis by Origination Year - 2019 | 65,734 | 65,734 | 44,303 | ||
Amortized Cost Basis by Origination Year - Prior | 152,306 | 152,306 | 141,053 | ||
Amortized Cost Basis by Origination Year - Revolving | 186,659 | 186,659 | 248,314 | ||
Total loans | 1,231,835 | 1,231,835 | 1,244,716 | ||
Consumer portfolio loans | Consumer loans | 30 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 192 | 192 | 718 | ||
Amortized Cost Basis by Origination Year - 2022 | 262 | 262 | 194 | ||
Amortized Cost Basis by Origination Year - 2021 | 199 | 199 | 78 | ||
Amortized Cost Basis by Origination Year - 2020 | 273 | 273 | 174 | ||
Amortized Cost Basis by Origination Year - 2019 | 170 | 170 | 63 | ||
Amortized Cost Basis by Origination Year - Prior | 1,313 | 1,313 | 1,255 | ||
Amortized Cost Basis by Origination Year - Revolving | 12,262 | 12,262 | 17,471 | ||
Total loans | 14,671 | 14,671 | 19,953 | ||
Consumer portfolio loans | Consumer loans | 60 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 68 | 68 | 55 | ||
Amortized Cost Basis by Origination Year - 2022 | 270 | 270 | 103 | ||
Amortized Cost Basis by Origination Year - 2021 | 65 | 65 | 107 | ||
Amortized Cost Basis by Origination Year - 2020 | 84 | 84 | 36 | ||
Amortized Cost Basis by Origination Year - 2019 | 3 | 3 | 144 | ||
Amortized Cost Basis by Origination Year - Prior | 1,054 | 1,054 | 557 | ||
Amortized Cost Basis by Origination Year - Revolving | 6,724 | 6,724 | 9,836 | ||
Total loans | 8,268 | 8,268 | 10,838 | ||
Consumer portfolio loans | Consumer loans | 90 days past due | |||||
Loans | |||||
Amortized Cost Basis by Origination Year - 2023 | 3 | 3 | 126 | ||
Amortized Cost Basis by Origination Year - 2022 | 236 | 236 | 60 | ||
Amortized Cost Basis by Origination Year - 2021 | 156 | 156 | 58 | ||
Amortized Cost Basis by Origination Year - 2020 | 18 | 18 | 66 | ||
Amortized Cost Basis by Origination Year - 2019 | 127 | 127 | 165 | ||
Amortized Cost Basis by Origination Year - Prior | 1,241 | 1,241 | 1,660 | ||
Amortized Cost Basis by Origination Year - Revolving | 1,523 | 1,523 | 784 | ||
Total loans | $ 3,304 | $ 3,304 | $ 2,919 |
Loans - Aging analysis of past
Loans - Aging analysis of past due loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and Allowance for Loan Losses | ||
Non-Accruing | $ 163,320 | $ 104,225 |
Total loans | 32,016,672 | 30,177,862 |
30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 61,071 | 68,416 |
60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 28,966 | 31,607 |
90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 2,604 | 4,350 |
Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 92,641 | 104,373 |
Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 31,760,711 | 29,969,264 |
Non-acquired loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 25,780,875 | 22,805,039 |
Construction and land development | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 683 | 827 |
Total loans | 2,776,241 | 2,860,360 |
Construction and land development | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,272 | 2,146 |
Construction and land development | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 474 | 3,653 |
Construction and land development | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 46 | |
Construction and land development | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,792 | 5,799 |
Construction and land development | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 2,773,766 | 2,853,734 |
Consumer Owner Occupied Loans | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 22,565 | 17,307 |
Total loans | 6,259,048 | 5,162,042 |
Consumer Owner Occupied Loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 5,145 | 6,001 |
Consumer Owner Occupied Loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,595 | 744 |
Consumer Owner Occupied Loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 26 | 40 |
Consumer Owner Occupied Loans | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 6,766 | 6,785 |
Consumer Owner Occupied Loans | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 6,229,717 | 5,137,950 |
Home equity loans | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 4,352 | 6,316 |
Total loans | 1,349,097 | 1,313,168 |
Home equity loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 3,221 | 2,527 |
Home equity loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 949 | 361 |
Home equity loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1 | |
Home equity loans | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 4,171 | 2,888 |
Home equity loans | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,340,574 | 1,303,964 |
Commercial and industrial | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 69,149 | 17,129 |
Total loans | 5,458,229 | 5,313,483 |
Commercial and industrial | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 27,715 | 24,500 |
Commercial and industrial | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 14,819 | 11,677 |
Commercial and industrial | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 806 | 1,704 |
Commercial and industrial | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 43,340 | 37,881 |
Commercial and industrial | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 5,345,740 | 5,258,473 |
Other income producing property | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 3,683 | 2,734 |
Total loans | 670,331 | 696,242 |
Other income producing property | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 301 | 1,623 |
Other income producing property | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 288 | 1,480 |
Other income producing property | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 298 | |
Other income producing property | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 589 | 3,401 |
Other income producing property | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 666,059 | 690,107 |
Consumer loans | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 4,741 | 4,398 |
Total loans | 1,258,078 | 1,278,426 |
Consumer loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 14,522 | 19,713 |
Consumer loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 7,965 | 10,655 |
Consumer loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 24 | |
Consumer loans | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 22,511 | 30,368 |
Consumer loans | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,230,826 | 1,243,660 |
Other loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 4,199 | 20,989 |
Other loans | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 4,199 | 20,989 |
Commercial loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 22,222,778 | 21,430,337 |
Commercial loans | Construction and land development | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,913,161 | 1,956,300 |
Commercial loans | Commercial non-owner occupied | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 23,287 | 20,425 |
Total loans | 8,702,352 | 8,072,959 |
Commercial loans | Commercial non-owner occupied | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 4,922 | 1,158 |
Commercial loans | Commercial non-owner occupied | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,378 | 978 |
Commercial loans | Commercial non-owner occupied | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 77 | |
Commercial loans | Commercial non-owner occupied | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 6,300 | 2,213 |
Commercial loans | Commercial non-owner occupied | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 8,672,765 | 8,050,321 |
Commercial loans | Commercial owner occupied real estate loan | ||
Loans and Allowance for Loan Losses | ||
Non-Accruing | 34,860 | 35,089 |
Total loans | 5,539,097 | 5,460,193 |
Commercial loans | Commercial owner occupied real estate loan | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 3,973 | 10,748 |
Commercial loans | Commercial owner occupied real estate loan | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,498 | 2,059 |
Commercial loans | Commercial owner occupied real estate loan | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,701 | 2,231 |
Commercial loans | Commercial owner occupied real estate loan | Total Past Due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 7,172 | 15,038 |
Commercial loans | Commercial owner occupied real estate loan | Current | ||
Loans and Allowance for Loan Losses | ||
Total loans | 5,497,065 | 5,410,066 |
Commercial loans | Consumer Owner Occupied Loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 50,186 | 30,741 |
Commercial loans | Commercial and industrial | ||
Loans and Allowance for Loan Losses | ||
Total loans | 5,458,229 | 5,313,483 |
Commercial loans | Other income producing property | ||
Loans and Allowance for Loan Losses | ||
Total loans | 555,554 | 575,672 |
Commercial loans | Other loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 4,199 | 20,989 |
Consumer portfolio loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 9,793,894 | 8,747,525 |
Consumer portfolio loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 25,418 | 30,013 |
Consumer portfolio loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 13,526 | 14,615 |
Consumer portfolio loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 11,980 | 10,472 |
Consumer portfolio loans | Construction and land development | ||
Loans and Allowance for Loan Losses | ||
Total loans | 863,080 | 904,060 |
Consumer portfolio loans | Construction and land development | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 59 | 125 |
Consumer portfolio loans | Construction and land development | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 11 | |
Consumer portfolio loans | Construction and land development | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 231 | 477 |
Consumer portfolio loans | Consumer Owner Occupied Loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 6,208,862 | 5,131,301 |
Consumer portfolio loans | Consumer Owner Occupied Loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 6,386 | 7,215 |
Consumer portfolio loans | Consumer Owner Occupied Loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 3,721 | 3,063 |
Consumer portfolio loans | Consumer Owner Occupied Loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 7,353 | 5,874 |
Consumer portfolio loans | Home equity loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,349,097 | 1,313,168 |
Consumer portfolio loans | Home equity loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 3,989 | 2,658 |
Consumer portfolio loans | Home equity loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,338 | 691 |
Consumer portfolio loans | Home equity loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 971 | 1,081 |
Consumer portfolio loans | Other income producing property | ||
Loans and Allowance for Loan Losses | ||
Total loans | 114,777 | 120,570 |
Consumer portfolio loans | Other income producing property | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 313 | 62 |
Consumer portfolio loans | Other income producing property | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 188 | 23 |
Consumer portfolio loans | Other income producing property | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 121 | 121 |
Consumer portfolio loans | Consumer loans | ||
Loans and Allowance for Loan Losses | ||
Total loans | 1,258,078 | 1,278,426 |
Consumer portfolio loans | Consumer loans | 30 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 14,671 | 19,953 |
Consumer portfolio loans | Consumer loans | 60 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | 8,268 | 10,838 |
Consumer portfolio loans | Consumer loans | 90 days past due | ||
Loans and Allowance for Loan Losses | ||
Total loans | $ 3,304 | $ 2,919 |
Loans - Nonaccrual loans (Detai
Loans - Nonaccrual loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | $ 163,320 | $ 104,225 |
Greater than 90 Days Accruing | 2,604 | |
Non-accrual with no allowance | 66,047 | |
Other income producing property | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 3,683 | 2,734 |
Commercial loans | Construction and land development | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 683 | 827 |
Greater than 90 Days Accruing | 46 | |
Non-accrual with no allowance | 5 | |
Commercial loans | Commercial non-owner occupied | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 23,287 | 20,425 |
Non-accrual with no allowance | 14,066 | |
Commercial loans | Commercial owner occupied real estate loan | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 34,860 | 35,089 |
Greater than 90 Days Accruing | 1,701 | |
Non-accrual with no allowance | 18,344 | |
Commercial loans | Commercial and industrial | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 69,149 | 17,129 |
Greater than 90 Days Accruing | 806 | |
Non-accrual with no allowance | 33,632 | |
Consumer portfolio loans | Consumer Owner Occupied Loans | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 22,565 | 17,307 |
Greater than 90 Days Accruing | 26 | |
Consumer portfolio loans | Home equity loans | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 4,352 | 6,316 |
Greater than 90 Days Accruing | 1 | |
Consumer portfolio loans | Consumer loans | ||
Loans and Allowance for Loan Losses | ||
Total loans on nonaccrual status | 4,741 | $ 4,398 |
Greater than 90 Days Accruing | $ 24 |
Loans - Collateral Dependent Lo
Loans - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Loans and Allowance for Loan Losses | ||
Loans individually evaluated for impairment | $ 1,000 | |
Financing Receivable, Threshold Loss on Modifications Estimated | 1,000 | |
Increase in overall collateral dependent loans | $ (57,700) | |
Number of months generally required to return to accruing status | 6 months | |
Commercial non-owner occupied | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 85,087 | $ 27,419 |
Collateral Coverage | 141,756 | 57,062 |
Commercial non-owner occupied | Other | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | 13,039 | 6,450 |
Collateral Coverage | $ 27,922 | $ 10,900 |
Collateral Coverage (as a percent) | 214% | 169% |
Commercial non-owner occupied | Retail | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 3,327 | |
Collateral Coverage | $ 4,950 | |
Collateral Coverage (as a percent) | 149% | |
Commercial owner occupied real estate loan | Church | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 3,581 | |
Collateral Coverage | $ 7,533 | |
Collateral Coverage (as a percent) | 210% | |
Commercial owner occupied real estate loan | Industrial | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 4,388 | |
Collateral Coverage | $ 11,331 | |
Collateral Coverage (as a percent) | 258% | |
Commercial owner occupied real estate loan | Other | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 10,374 | $ 14,638 |
Collateral Coverage | $ 19,985 | $ 38,900 |
Collateral Coverage (as a percent) | 193% | 266% |
Commercial and industrial | Other | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 50,378 | $ 4,808 |
Collateral Coverage | $ 70,035 | $ 5,591 |
Collateral Coverage (as a percent) | 139% | 116% |
Home equity loans | Residential 1-4 family dwelling | ||
Loans and Allowance for Loan Losses | ||
Collateral dependent loans | $ 1,523 | |
Collateral Coverage | $ 1,671 | |
Collateral Coverage (as a percent) | 110% |
Loans - Loans Designated as Mod
Loans - Loans Designated as Modifications (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Accrued interest receivable | $ 54,000 |
Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | 10,921,000 |
Term Extension and Interest Rate Reduction | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | 259,000 |
Other income producing property | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 342,000 |
% of Total Asset Class | 0.05% |
Increase in Weighted Average Life of Loan | 60 months |
Commercial loans | Construction and land development | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 254,000 |
% of Total Asset Class | 0.01% |
Increase in Weighted Average Life of Loan | 12 months |
Commercial loans | Commercial non-owner occupied | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 1,250,000 |
% of Total Asset Class | 0.01% |
Increase in Weighted Average Life of Loan | 24 months |
Commercial loans | Commercial owner occupied real estate loan | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 7,591,000 |
% of Total Asset Class | 0.14% |
Increase in Weighted Average Life of Loan | 23 months |
Commercial loans | Commercial and industrial | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 1,207,000 |
% of Total Asset Class | 0.02% |
Increase in Weighted Average Life of Loan | 6 months |
Consumer portfolio loans | Consumer Owner Occupied Loans | Term extension | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 277,000 |
% of Total Asset Class | 0% |
Increase in Weighted Average Life of Loan | 6 months |
Consumer portfolio loans | Consumer Owner Occupied Loans | Term Extension and Interest Rate Reduction | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Amortized Cost | $ 259,000 |
Increase in Weighted Average Life of Loan | 20 months |
Consumer portfolio loans | Maximum | Consumer Owner Occupied Loans | Term Extension and Interest Rate Reduction | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Reduction in Weighted Average Contractual Interest Rate | 3.63% |
Consumer portfolio loans | Minimum | Consumer Owner Occupied Loans | Term Extension and Interest Rate Reduction | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Reduction in Weighted Average Contractual Interest Rate | 3% |
Loans - Loans Designated as TDR
Loans - Loans Designated as TDRs (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2023 USD ($) | |
Allowance for Credit Losses | |||
Number of loans | loan | 11 | 22 | |
Pre-Modification Amortized Cost | $ 9,999,000 | $ 11,521,000 | |
Post-Modification Amortized Cost | 9,999,000 | 11,521,000 | |
Balance of accruing TDRs | 12,200,000 | 12,200,000 | |
Remaining availability under commitments to lend additional funds on restructured loans | 599,000 | 599,000 | $ 3,300,000 |
Specific reserve associated with restructured loans that subsequently defaulted | $ 12,300,000 | $ 12,300,000 | |
Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 5 | 14 | |
Pre-Modification Amortized Cost | $ 5,485,000 | $ 6,465,000 | |
Post-Modification Amortized Cost | $ 5,485,000 | $ 6,465,000 | |
Term modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 6 | 8 | |
Pre-Modification Amortized Cost | $ 4,514,000 | $ 5,056,000 | |
Post-Modification Amortized Cost | $ 4,514,000 | $ 5,056,000 | |
Construction and land development | Term modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 1 | ||
Pre-Modification Amortized Cost | $ 133,000 | ||
Post-Modification Amortized Cost | $ 133,000 | ||
Commercial non-owner occupied | Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 2 | 3 | |
Pre-Modification Amortized Cost | $ 2,321,000 | $ 2,498,000 | |
Post-Modification Amortized Cost | $ 2,321,000 | $ 2,498,000 | |
Commercial non-owner occupied | Term modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 1 | 1 | |
Pre-Modification Amortized Cost | $ 375,000 | $ 375,000 | |
Post-Modification Amortized Cost | $ 375,000 | $ 375,000 | |
Commercial owner occupied real estate loan | Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 2 | 3 | |
Pre-Modification Amortized Cost | $ 2,629,000 | $ 2,855,000 | |
Post-Modification Amortized Cost | $ 2,629,000 | $ 2,855,000 | |
Commercial owner occupied real estate loan | Term modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 2 | 3 | |
Pre-Modification Amortized Cost | $ 1,042,000 | $ 1,451,000 | |
Post-Modification Amortized Cost | $ 1,042,000 | $ 1,451,000 | |
Consumer Owner Occupied Loans | Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 1 | ||
Pre-Modification Amortized Cost | $ 96,000 | ||
Post-Modification Amortized Cost | $ 96,000 | ||
Commercial and industrial | Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 1 | 5 | |
Pre-Modification Amortized Cost | $ 535,000 | $ 905,000 | |
Post-Modification Amortized Cost | $ 535,000 | $ 905,000 | |
Commercial and industrial | Term modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 3 | 3 | |
Pre-Modification Amortized Cost | $ 3,097,000 | $ 3,097,000 | |
Post-Modification Amortized Cost | $ 3,097,000 | $ 3,097,000 | |
Other income producing property | Interest rate modification | |||
Allowance for Credit Losses | |||
Number of loans | loan | 2 | ||
Pre-Modification Amortized Cost | $ 111,000 | ||
Post-Modification Amortized Cost | $ 111,000 |
Loans - Changes in Status of Lo
Loans - Changes in Status of Loans (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2023 USD ($) | |
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Number of Loans | loan | 25 | |
Paying Under Restructured Terms - Amortized Cost | $ 11,180 | |
Paying Under Restructured Terms - Amortized Cost | $ 12,101 | |
Interest rate reduction | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Number of Loans | loan | 16 | |
Paying Under Restructured Terms - Amortized Cost | $ 6,747 | |
Term extension | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Number of Loans | loan | 9 | |
Paying Under Restructured Terms - Amortized Cost | 10,921 | |
Paying Under Restructured Terms - Amortized Cost | $ 5,354 | |
Term extension | Other income producing property | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 342 | |
Term extension | Consumer portfolio loans | Construction and land development | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 254 | |
Term extension | Consumer portfolio loans | Commercial non-owner occupied | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 1,250 | |
Term extension | Consumer portfolio loans | Commercial owner occupied real estate loan | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 7,591 | |
Term extension | Consumer portfolio loans | Consumer Owner Occupied Loans | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 277 | |
Term extension | Consumer portfolio loans | Commercial and industrial | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 1,207 | |
Term Extension and Interest Rate Reduction | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | 259 | |
Term Extension and Interest Rate Reduction | Consumer portfolio loans | Consumer Owner Occupied Loans | ||
Allowance for Credit Losses | ||
Paying Under Restructured Terms - Amortized Cost | $ 259 |
Loans - Performance of Loans Mo
Loans - Performance of Loans Modified (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | $ 11,180 |
Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 11,180 |
Other income producing property | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 342 |
Commercial loans | Construction and land development | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 254 |
Commercial loans | Commercial non-owner occupied | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 1,250 |
Commercial loans | Commercial owner occupied real estate loan | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 7,591 |
Commercial loans | Commercial and industrial | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | 1,207 |
Consumer portfolio loans | Consumer Owner Occupied Loans | Total Past Due | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Payment Status (Amortized Cost Basis) | $ 536 |
Allowance for Credit Losses (_3
Allowance for Credit Losses (ACL) - Disaggregated analysis of the changes in allowance for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit losses | ||||||
Balance at beginning of period | $ 427,392 | $ 319,708 | $ 356,444 | $ 301,807 | $ 301,807 | |
Charge-offs | (17,970) | (7,126) | (30,175) | (18,779) | (23,446) | |
Recoveries | 4,773 | 8,388 | 12,630 | 15,379 | ||
Net (charge-offs) recoveries | (13,197) | 1,262 | (17,545) | (3,400) | ||
Provision (recovery) | 33,761 | 3,428 | 109,057 | (1,464) | ||
Balance at end of period | 447,956 | 324,398 | 447,956 | 324,398 | 356,444 | |
Unfunded Commitment | ||||||
Allowance for credit losses | ||||||
Provision (recovery) | 1,100 | 20,000 | 4,900 | 22,500 | ||
Initial PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 13,758 | 13,758 | ||||
Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 13,697 | 13,697 | ||||
Residential Mortgage Sr. | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 81,469 | 55,707 | 72,188 | 47,036 | 47,036 | |
Charge-offs | (57) | (50) | (96) | (169) | ||
Recoveries | 240 | 376 | 836 | 1,131 | ||
Net (charge-offs) recoveries | 183 | 326 | 740 | 962 | ||
Provision (recovery) | (4,601) | 11,987 | 4,123 | 18,859 | ||
Balance at end of period | 77,051 | 68,020 | 77,051 | 68,020 | 72,188 | |
Residential Mortgage Sr. | Initial PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 811 | 811 | ||||
Residential Mortgage Sr. | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 352 | 352 | ||||
Residential Mortgage Jr. | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 392 | 533 | 405 | 611 | 611 | |
Charge-offs | (19) | |||||
Recoveries | 28 | 30 | 36 | 195 | ||
Net (charge-offs) recoveries | 28 | 30 | 36 | 176 | ||
Provision (recovery) | 74 | (40) | 53 | (290) | ||
Balance at end of period | 494 | 523 | 494 | 523 | 405 | |
Residential Mortgage Jr. | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 26 | 26 | ||||
HELOC | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 14,212 | 16,918 | 14,886 | 13,325 | 13,325 | |
Charge-offs | (88) | (23) | (127) | (444) | ||
Recoveries | 226 | 3,151 | 1,003 | 3,803 | ||
Net (charge-offs) recoveries | 138 | 3,128 | 876 | 3,359 | ||
Provision (recovery) | (1,036) | (3,980) | (2,448) | (750) | ||
Balance at end of period | 13,314 | 16,066 | 13,314 | 16,066 | 14,886 | |
HELOC | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 132 | 132 | ||||
Residential Construction | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 8,869 | 7,565 | 8,974 | 4,997 | 4,997 | |
Recoveries | 3 | 2 | 97 | 7 | ||
Net (charge-offs) recoveries | 3 | 2 | 97 | 7 | ||
Provision (recovery) | (1,643) | 763 | (1,842) | 3,324 | ||
Balance at end of period | 7,229 | 8,330 | 7,229 | 8,330 | 8,974 | |
Residential Construction | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 2 | 2 | ||||
Commercial Construction and Development | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 55,314 | 27,730 | 45,410 | 37,593 | 37,593 | |
Charge-offs | (8) | (10) | (4) | |||
Recoveries | 67 | 280 | 523 | 924 | ||
Net (charge-offs) recoveries | 59 | 280 | 513 | 920 | ||
Provision (recovery) | 9,099 | 3,798 | 18,549 | (8,678) | ||
Balance at end of period | 64,472 | 31,808 | 64,472 | 31,808 | 45,410 | |
Commercial Construction and Development | Initial PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 86 | 86 | ||||
Commercial Construction and Development | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 1,887 | 1,887 | ||||
Consumer | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 24,577 | 24,752 | 22,767 | 23,149 | 23,149 | |
Charge-offs | (3,129) | (2,742) | (8,875) | (7,527) | ||
Recoveries | 651 | 573 | 1,755 | 1,765 | ||
Net (charge-offs) recoveries | (2,478) | (2,169) | (7,120) | (5,762) | ||
Provision (recovery) | 656 | 4,221 | 7,108 | 9,366 | ||
Balance at end of period | 22,755 | 26,804 | 22,755 | 26,804 | 22,767 | |
Consumer | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 51 | 51 | ||||
Multifamily | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 9,767 | 2,458 | 3,684 | 4,921 | 4,921 | |
Provision (recovery) | 2,825 | 666 | 8,908 | (2,223) | ||
Balance at end of period | 12,592 | 3,124 | 12,592 | 3,124 | 3,684 | |
Multifamily | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 426 | 426 | ||||
Municipal | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 745 | 703 | 849 | 565 | 565 | |
Provision (recovery) | 56 | (1) | (48) | 137 | ||
Balance at end of period | 801 | 702 | 801 | 702 | 849 | |
CRE Owner Occupied | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 70,759 | 64,688 | 58,083 | 61,794 | 61,794 | |
Charge-offs | (91) | (1,353) | (126) | (1,802) | ||
Recoveries | 415 | 569 | 801 | 977 | ||
Net (charge-offs) recoveries | 324 | (784) | 675 | (825) | ||
Provision (recovery) | 1,932 | (9,745) | 14,257 | (11,738) | ||
Balance at end of period | 73,015 | 54,159 | 73,015 | 54,159 | 58,083 | |
CRE Owner Occupied | Initial PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 2,409 | 2,409 | ||||
CRE Owner Occupied | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 2,519 | 2,519 | ||||
Non Owner Occupied CRE | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 115,269 | 85,169 | 78,485 | 79,649 | 79,649 | |
Charge-offs | (8) | (51) | (368) | |||
Recoveries | 511 | 29 | 951 | 402 | ||
Net (charge-offs) recoveries | 511 | 21 | 900 | 34 | ||
Provision (recovery) | 8,749 | (8,937) | 45,144 | (6,127) | ||
Balance at end of period | 124,529 | 76,253 | 124,529 | 76,253 | 78,485 | |
Non Owner Occupied CRE | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 2,697 | 2,697 | ||||
C & I | ||||||
Allowance for credit losses | ||||||
Balance at beginning of period | 46,019 | 33,485 | 50,713 | 28,167 | 28,167 | |
Charge-offs | (14,597) | (2,950) | (20,890) | (8,446) | ||
Recoveries | 2,632 | 3,378 | 6,628 | 6,175 | ||
Net (charge-offs) recoveries | (11,965) | 428 | (14,262) | (2,271) | ||
Provision (recovery) | 17,650 | 4,696 | 15,253 | (3,344) | ||
Balance at end of period | $ 51,704 | 38,609 | $ 51,704 | 38,609 | $ 50,713 | |
C & I | Initial PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | 10,452 | 10,452 | ||||
C & I | Initial Non PCD Allowance | ||||||
Allowance for credit losses | ||||||
Balance at end of period | $ 5,605 | $ 5,605 | ||||
Atlantic Capital | ||||||
Allowance for credit losses | ||||||
Charge-offs | $ (22,100) |
Other Real Estate Owned and B_3
Other Real Estate Owned and Bank Premises Held for Sale (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) property | Dec. 31, 2022 property | |
OREO and Bank Premises | ||
Balance at the beginning of the period | $ 18,777,000 | |
Additions, net | 5,371,000 | |
Write-downs | (1,525,000) | |
Sold | (6,938,000) | |
Balance at the end of the period | $ 15,685,000 | |
Number of properties held | property | 5 | 6 |
Number of properties premises held for sale | property | 14 | 17 |
Residential real estate consumer mortgage loans in foreclosure, carrying value | $ 4,100,000 | |
OREO. | ||
OREO and Bank Premises | ||
Balance at the beginning of the period | 1,023,000 | |
Additions, net | 3,298,000 | |
Sold | (3,887,000) | |
Balance at the end of the period | 434,000 | |
Bank Premises Held for Sale | ||
OREO and Bank Premises | ||
Balance at the beginning of the period | 17,754,000 | |
Additions, net | 2,073,000 | |
Write-downs | (1,525,000) | |
Sold | (3,051,000) | |
Balance at the end of the period | 15,251,000 | |
Residential real estate | ||
OREO and Bank Premises | ||
Other Real Estate In Foreclosure | $ 416,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Right to use asset | $ 103,100 | $ 108,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Lease Liability | $ 110,998 | $ 115,600 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities. | Other Liabilities. |
Existence of option to extend | true | |
Lessee, Operating Leases Liability Not Yet Commenced | $ 0 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 21 years |
Leases - Lease cost and other i
Leases - Lease cost and other information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lease Cost Components: | |||||
Amortization of ROU assets - finance leases | $ 117 | $ 117 | $ 350 | $ 350 | |
Interest on lease liabilities - finance leases | 10 | 12 | 31 | 37 | |
Operating lease cost (cost resulting from lease payments) | 4,296 | 4,550 | 12,814 | 13,419 | |
Short-term lease cost | 104 | 218 | 318 | 592 | |
Variable lease cost (cost excluded from lease payments) | 852 | 615 | 2,327 | 1,813 | |
Total lease cost | 5,379 | 5,512 | 15,840 | 16,211 | |
Supplemental Cash Flow and Other Information Related to Leases: | |||||
Finance lease - operating cash flows | 10 | 12 | 31 | 37 | |
Finance lease - financing cash flows | 111 | 109 | 331 | 325 | |
Operating lease - operating cash flows (fixed payments) | 4,233 | 4,356 | 12,483 | 12,982 | |
Operating lease - operating cash flows (net change asset/liability) | $ (3,400) | $ (3,466) | (10,008) | (10,313) | |
New ROU assets - operating leases | $ 701 | $ 12,616 | |||
Weighted - average remaining lease term (years) - finance leases | 4 years 8 months 4 days | 5 years 8 months 1 day | 4 years 8 months 4 days | 5 years 8 months 1 day | |
Weighted - average remaining lease term (years) - operating leases | 9 years 5 months 19 days | 10 years 1 month 17 days | 9 years 5 months 19 days | 10 years 1 month 17 days | |
Weighted - average discount rate - finance leases | 1.70% | 1.70% | 1.70% | 1.70% | |
Weighted - average discount rate - operating leases | 3.10% | 3% | 3.10% | 3% | |
Maturity Analysis of Lease Liabilities: | |||||
2023 (excluding 9 months ended September 30, 2023) | $ 4,187 | $ 4,187 | |||
2024 | 15,799 | 15,799 | |||
2025 | 14,450 | 14,450 | |||
2026 | 14,058 | 14,058 | |||
2027 | 13,080 | 13,080 | |||
Thereafter | 68,542 | 68,542 | |||
Total undiscounted cash flows | 130,116 | 130,116 | |||
Discount on cash flows | (19,118) | (19,118) | |||
Total operating lease liabilities | $ 110,998 | $ 110,998 | $ 115,600 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities. | Other Liabilities. | Other Liabilities. |
Deposits - Total deposits (Deta
Deposits - Total deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deposits | ||
Non-interest bearing checking | $ 11,158,431 | $ 13,168,656 |
Interest-bearing checking | 7,806,243 | 8,955,519 |
Savings | 2,760,166 | 3,464,351 |
Money market | 10,756,431 | 8,342,111 |
Time deposits | 4,453,927 | 2,419,986 |
Total deposits | $ 36,935,198 | $ 36,350,623 |
Deposits - Certificates of depo
Deposits - Certificates of deposits and Scheduled maturities of time deposits (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Deposits | ||
Aggregate amounts of certificates of deposits in denominations of $250,000 or more | $ 875 | $ 464.9 |
Retirement Plans - Safe Harbor
Retirement Plans - Safe Harbor plan (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employees' savings plan | ||||
Matching contribution by the company (as a percent) | 100% | |||
Percentage of employees salary for which the company contributes a matching contribution | 4% | |||
Employee savings plan/ 401(k) | $ 4 | $ 3.9 | $ 12.7 | $ 12 |
Minimum | ||||
Employees' savings plan | ||||
Age of employees to be eligible to participate in the defined contribution plan | 21 years | |||
Percentage of annual base compensation that participants may elect to contribute | 1% | |||
Maximum | ||||
Employees' savings plan | ||||
Percentage of annual base compensation that participants may elect to contribute | 50% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per common share: | ||||
Net income | $ 124,144 | $ 133,043 | $ 387,517 | $ 352,547 |
Weighted-average basic common shares | 76,139 | 75,606 | 76,034 | 74,185 |
Basic earnings per common share (in dollars per share) | $ 1.63 | $ 1.76 | $ 5.10 | $ 4.75 |
Diluted earnings per common share: | ||||
Net income | $ 124,144 | $ 133,043 | $ 387,517 | $ 352,547 |
Weighted-average basic common shares | 76,139 | 75,606 | 76,034 | 74,185 |
Effect of dilutive securities (in shares) | 432 | 576 | 412 | 606 |
Weighted-average dilutive shares | 76,571 | 76,182 | 76,446 | 74,791 |
Diluted earnings per common share (in dollars per share) | $ 1.62 | $ 1.75 | $ 5.07 | $ 4.71 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of diluted EPS under Treasury method (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share | ||||
Number of shares | 57,169 | 57,169 | 57,169 | 57,169 |
Range of exercise prices, low end of range (in dollars per share) | $ 87.30 | $ 87.30 | $ 87.30 | $ 87.30 |
Range of exercise prices, high end of range (in dollars per share) | $ 91.35 | $ 91.35 | $ 91.35 | $ 91.35 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) - USD ($) | 9 Months Ended |
Sep. 30, 2023 | |
Aggregate Intrinsic Value | |
Exercisable at the end of the period | $ 1,019,000 |
Additional disclosures | |
Intrinsic value of stock option shares exercised | $ 573,000 |
2004 plan | |
Additional disclosures | |
Granted (in shares) | 0 |
2012 plan | |
Additional disclosures | |
Granted (in shares) | 0 |
2019 plan | |
Additional disclosures | |
Granted (in shares) | 0 |
2020 plan | |
Share-Based Compensation | |
Number of shares registered | 2,072,245 |
Employee Stock Option [Member] | |
Number of shares | |
Outstanding at the beginning of the period (in shares) | 161,832 |
Exercised (in shares) | (22,651) |
Expired (in shares) | (5,491) |
Outstanding at the end of the period (in shares) | 133,690 |
Exercisable at the end of the period (in shares) | 133,690 |
Weighted-Average Exercise Price | |
Outstanding at the beginning of the period (in dollars per share) | $ 66.20 |
Exercised (in dollars per share) | 52.50 |
Expired (in dollars per share) | 32.25 |
Outstanding at the end of the period (in dollars per share) | 69.91 |
Exercisable at the end of the period (in dollars per share) | $ 69.91 |
Weighted-Average Remaining Contractual Life | |
Outstanding at the end of the period | 2 years 8 months 1 day |
Exercisable at the end of the period | 2 years 8 months 1 day |
Aggregate Intrinsic Value | |
Outstanding at the end of the period | $ 1,019,000 |
Additional disclosures | |
Granted (in shares) | 0 |
Total unrecognized compensation cost related to non vested stock option grants | $ 0 |
Incentive stock options | Maximum | |
Share-Based Compensation | |
Vesting period | 4 years |
Incentive stock options | Plan 2004 and 2012 | |
Share-Based Compensation | |
Vesting percentage | 25% |
Expiration period | 10 years |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Restricted Stock Activity | |
Outstanding at the beginning of the period (in shares) | shares | 50,506 |
Vested (in shares) | shares | (30,609) |
Forfeited (in shares) | shares | (2,559) |
Outstanding at the end of the period (in shares) | shares | 17,338 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 89.12 |
Vested (in dollars per share) | $ / shares | 90 |
Forfeited (in dollars per share) | $ / shares | 90 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 87.43 |
Additional disclosures | |
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ | $ 858,000 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 3 days |
Total fair value of shares vested during the period | $ | $ 2,400,000 |
Minimum | |
Additional disclosures | |
Vesting period | 2 years |
Maximum | |
Additional disclosures | |
Vesting period | 4 years |
Share-Based Compensation - Re_2
Share-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Restricted Stock Units | |
RSU Activity | |
Outstanding at the beginning of the period (in shares) | 940,512 |
Granted (in shares) | 386,987 |
Vested (in shares) | (370,493) |
Forfeited (in shares) | (10,052) |
Outstanding at the end of the period (in shares) | 946,954 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 73.82 |
Granted (in dollars per share) | $ / shares | 74.59 |
Vested (in dollars per share) | $ / shares | 71.78 |
Forfeited (in dollars per share) | $ / shares | 76.02 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 74.91 |
Additional disclosures | |
Options vested (in shares) | 147,955 |
Total unrecognized compensation cost related to nonvested restricted stock and RSUs granted | $ | $ 30.7 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year 21 days |
Total fair value of shares vested during the period | $ | $ 26.6 |
Restricted Stock Units | Maximum | |
Additional disclosures | |
Vesting period | 12 months |
Performance based restricted stock units | |
Additional disclosures | |
Performance period | 3 years |
Other Performance based restricted stock units | Minimum | |
Additional disclosures | |
Performance period | 1 year |
Other Performance based restricted stock units | Maximum | |
Additional disclosures | |
Performance period | 2 years |
Timed based restricted stock units | Minimum | |
Additional disclosures | |
Performance period | 2 years |
Timed based restricted stock units | Maximum | |
Additional disclosures | |
Performance period | 4 years |
2021 and 2022 LTI performance-based RSU grants | Restricted Stock Units | |
Additional disclosures | |
Additional shares authorized | 148,756 |
Vesting period | 3 years |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Commitments and Contingent Liabilities | |
Commitments to extend credit and standby letters of credit | $ 10,600 |
Liability recorded for expected credit losses on unfunded commitments | $ 62.3 |
Fair Value - Assets and liabili
Fair Value - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Assets | ||
Derivative financial instruments | $ 210,500 | $ 209,800 |
Trading securities | 114,154 | 31,263 |
Securities available for sale | 4,623,618 | 5,326,822 |
SBA servicing asset | 5,700 | 6,100 |
Liabilities | ||
Derivative financial instruments | 1,300,000 | 1,000,000 |
U.S. Treasuries | ||
Assets | ||
Securities available for sale | 172,259 | 265,638 |
U.S. Government agencies | ||
Assets | ||
Trading securities | 9,945 | 11,190 |
Securities available for sale | 216,754 | 219,088 |
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 21,399 | |
Securities available for sale | 1,488,706 | 1,698,353 |
Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Trading securities | 44,910 | 4,589 |
Securities available for sale | 949,532 | 1,000,398 |
State and municipal obligations | ||
Assets | ||
Trading securities | 16,059 | 13,993 |
Securities available for sale | 873,007 | 1,064,852 |
Small Business Administration loan-backed securities | ||
Assets | ||
Securities available for sale | 377,470 | 444,810 |
Corporate securities. | ||
Assets | ||
Securities available for sale | 26,463 | 32,638 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Loans held for sale | 27,443 | 28,968 |
Trading securities | 114,154 | 31,263 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Mortgage servicing rights | 89,476 | 86,610 |
SBA servicing asset | 5,654 | 6,068 |
Changes in fair value of assets | ||
Changes in hierarchy classifications of Level 3 assets | 0 | |
Changes in hierarchy classifications of Level 3 liabilities | 0 | |
Recurring basis | ||
Assets | ||
Derivative financial instruments | 212,345 | 211,016 |
Loans held for sale | 27,443 | 28,968 |
Trading securities | 114,154 | 31,263 |
Securities available for sale | 4,623,618 | 5,326,822 |
Mortgage servicing rights | 89,476 | 86,610 |
SBA servicing asset | 5,654 | 6,068 |
Fair value of Assets, Total | 5,072,690 | 5,690,747 |
Liabilities | ||
Derivative financial instruments | 1,251,878 | 1,034,143 |
Recurring basis | U.S. Treasuries | ||
Assets | ||
Securities available for sale | 172,259 | 265,638 |
Recurring basis | U.S. Government agencies | ||
Assets | ||
Securities available for sale | 216,754 | 219,088 |
Recurring basis | Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Securities available for sale | 1,488,706 | 1,698,353 |
Recurring basis | Residential Collateralized Mortgage-Obligations Issued By U.S. Government Agencies Or Sponsored Enterprises [Member] | ||
Assets | ||
Securities available for sale | 519,427 | 601,045 |
Recurring basis | Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Securities available for sale | 949,532 | 1,000,398 |
Recurring basis | State and municipal obligations | ||
Assets | ||
Securities available for sale | 873,007 | 1,064,852 |
Recurring basis | Small Business Administration loan-backed securities | ||
Assets | ||
Securities available for sale | 377,470 | 444,810 |
Recurring basis | Corporate securities. | ||
Assets | ||
Securities available for sale | 26,463 | 32,638 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Derivative financial instruments | 212,345 | 211,016 |
Loans held for sale | 27,443 | 28,968 |
Trading securities | 114,154 | 31,263 |
Securities available for sale | 4,623,618 | 5,326,822 |
Fair value of Assets, Total | 4,977,560 | 5,598,069 |
Liabilities | ||
Derivative financial instruments | 1,251,878 | 1,034,143 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasuries | ||
Assets | ||
Securities available for sale | 172,259 | 265,638 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Assets | ||
Securities available for sale | 216,754 | 219,088 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Securities available for sale | 1,488,706 | 1,698,353 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential Collateralized Mortgage-Obligations Issued By U.S. Government Agencies Or Sponsored Enterprises [Member] | ||
Assets | ||
Securities available for sale | 519,427 | 601,045 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises | ||
Assets | ||
Securities available for sale | 949,532 | 1,000,398 |
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal obligations | ||
Assets | ||
Securities available for sale | 873,007 | 1,064,852 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Small Business Administration loan-backed securities | ||
Assets | ||
Securities available for sale | 377,470 | 444,810 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate securities. | ||
Assets | ||
Securities available for sale | 26,463 | 32,638 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Mortgage servicing rights | 89,476 | 86,610 |
SBA servicing asset | 5,654 | 6,068 |
Fair value of Assets, Total | 95,130 | $ 92,678 |
Changes in fair value of assets | ||
Unrealized losses included in accumulated other comprehensive (loss) income related to Level 3 financial assets and liabilities | 0 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | ||
Changes in fair value of assets | ||
Fair value of assets at the beginning of the period | 86,610 | |
Servicing assets that resulted from transfers of financial assets | 6,752 | |
Changes in fair value assets due to valuation inputs or assumptions | $ 2,450 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Excluding Assessed Tax | |
Changes in fair value due to decay | $ (6,336) | |
Fair value of assets at the end of the period | 89,476 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | SBA servicing asset | ||
Changes in fair value of assets | ||
Fair value of assets at the beginning of the period | 6,068 | |
Servicing assets that resulted from transfers of financial assets | 1,103 | |
Changes in fair value assets due to valuation inputs or assumptions | $ 434 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Excluding Assessed Tax | |
Changes in fair value due to decay | $ (1,951) | |
Fair value of assets at the end of the period | $ 5,654 |
Fair Value - Mortgage Loans Hel
Fair Value - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value. | |||||
Fair value | $ 27,443 | $ 27,443 | $ 28,968 | ||
Unpaid principal balance | (26,921) | (26,921) | (27,937) | ||
Fair value less aggregated unpaid principal balance | 522 | 522 | $ 1,031 | ||
Change in fair value of mortgage loans held for sale | $ (574) | $ (2,149) | $ (508) | $ (7,604) |
Fair Value - Assets and liabi_2
Fair Value - Assets and liabilities measured at fair value on a nonrecurring basis (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value | ||
OREO | $ 434 | $ 1,023 |
Individually evaluated loans | 163,320 | 104,225 |
Nonrecurring basis | Fair Value | ||
Fair Value | ||
OREO | 434 | 1,023 |
Bank properties held for sale | 15,251 | 17,754 |
Individually evaluated loans | 76,890 | 20,802 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value | ||
OREO | 434 | 1,023 |
Bank properties held for sale | 15,251 | 17,754 |
Individually evaluated loans | $ 76,890 | $ 20,802 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Quantitative Information about Level 3 Fair Value Measurements | ||
Long-term Debt, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember, us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:MarketApproachValuationTechniqueMember, us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Long-term Debt, Measurement Input [Extensible List] | us-gaap:MeasurementInputDiscountRateMember | us-gaap:MeasurementInputDiscountRateMember |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Impaired loans | Weighted average | ||
Quantitative Information about Level 3 Fair Value Measurements | ||
Discount rate (as a percent) | 26 | 31 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | OREO | ||
Quantitative Information about Level 3 Fair Value Measurements | ||
Long-term Debt, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Long-term Debt, Measurement Input [Extensible List] | us-gaap:MeasurementInputCostToSellMember, us-gaap:MeasurementInputDiscountRateMember | us-gaap:MeasurementInputCostToSellMember, us-gaap:MeasurementInputDiscountRateMember |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | OREO | Weighted average | ||
Quantitative Information about Level 3 Fair Value Measurements | ||
Discount rate (as a percent) | 22 | 16 |
Fair Value - Estimated fair val
Fair Value - Estimated fair value and related carrying amount, of the Company's financial instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financial assets: | |||
Trading securities | $ 114,154 | $ 31,263 | |
SBA servicing asset | 5,700 | 6,100 | |
Financial liabilities: | |||
Other derivative financial instruments (mortgage banking related) | 217,735 | $ 790,388 | |
Carrying Amount | |||
Financial assets: | |||
Cash and cash equivalents | 1,329,137 | 1,312,563 | |
Trading securities | 114,154 | 31,263 | |
Investment securities | 7,344,483 | 8,189,780 | |
Loans held for sale | 27,443 | 28,968 | |
Loans, net of allowance for credit losses | 31,568,716 | 29,821,418 | |
Accrued interest receivable | 151,259 | 134,594 | |
Mortgage servicing rights | 89,476 | 86,610 | |
SBA servicing asset | 5,654 | 6,068 | |
Interest rate swap - non-designated hedge | 211,109 | 210,216 | |
Other derivative financial instruments (mortgage banking related) | $ 1,236 | $ 800 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Noncurrent | Derivative Asset, Noncurrent | |
Financial liabilities: | |||
Noninterest-bearing | $ 11,158,431 | $ 13,168,656 | |
Interest-bearing other than time deposits | 21,322,840 | 20,761,981 | |
Time deposits | 4,453,927 | 2,419,986 | |
Federal funds purchased and securities sold under agreements to repurchase | 513,304 | 556,417 | |
Corporate and subordinated debentures | 391,997 | 392,275 | |
Accrued interest payable | 45,163 | 6,218 | |
Interest rate swap - non-designated hedge | 1,251,059 | 1,033,980 | |
Other derivative financial instruments (mortgage banking related) | 163 | ||
Other derivative financial instruments (mortgage banking related) | 819 | ||
Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 1,329,137 | 1,312,563 | |
Trading securities | 114,154 | 31,263 | |
Investment securities | 6,823,170 | 7,756,707 | |
Loans held for sale | 27,443 | 28,968 | |
Loans, net of allowance for credit losses | 29,773,087 | 29,329,499 | |
Accrued interest receivable | 151,259 | 134,594 | |
Mortgage servicing rights | 89,476 | 86,610 | |
SBA servicing asset | 5,654 | ||
Interest rate swap - non-designated hedge | 211,109 | 210,216 | |
Other derivative financial instruments (mortgage banking related) | 1,236 | 800 | |
Financial liabilities: | |||
Noninterest-bearing | 11,158,431 | 13,168,656 | |
Interest-bearing other than time deposits | 21,322,840 | 20,761,981 | |
Time deposits | 4,391,875 | 2,333,764 | |
Federal funds purchased and securities sold under agreements to repurchase | 513,304 | 556,417 | |
Corporate and subordinated debentures | 376,373 | 377,360 | |
Accrued interest payable | 45,163 | 6,218 | |
Interest rate swap - non-designated hedge | 1,251,059 | 1,033,980 | |
Other derivative financial instruments (mortgage banking related) | 163 | ||
Other derivative financial instruments (mortgage banking related) | 819 | ||
Commitments to extend credit | Fair Value | |||
Financial liabilities: | |||
Commitments to extend credit | (604,493) | (184,801) | |
Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Cash and cash equivalents | 1,329,137 | 1,312,563 | |
Investment securities | 187,152 | 179,717 | |
Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Trading securities | 114,154 | 31,263 | |
Investment securities | 6,636,018 | 7,576,990 | |
Loans held for sale | 27,443 | 28,968 | |
Accrued interest receivable | 26,561 | 28,449 | |
Interest rate swap - non-designated hedge | 211,109 | 210,216 | |
Other derivative financial instruments (mortgage banking related) | 1,236 | 800 | |
Financial liabilities: | |||
Noninterest-bearing | 11,158,431 | 13,168,656 | |
Interest-bearing other than time deposits | 21,322,840 | 20,761,981 | |
Time deposits | 4,391,875 | 2,333,764 | |
Federal funds purchased and securities sold under agreements to repurchase | 513,304 | 556,417 | |
Corporate and subordinated debentures | 376,373 | 377,360 | |
Accrued interest payable | 45,163 | 3,345 | |
Interest rate swap - non-designated hedge | 1,251,059 | 1,033,980 | |
Other derivative financial instruments (mortgage banking related) | 163 | ||
Other derivative financial instruments (mortgage banking related) | 819 | ||
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | |||
Financial liabilities: | |||
Commitments to extend credit | (604,493) | (184,801) | |
Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Loans, net of allowance for credit losses | 29,773,087 | 29,329,499 | |
Accrued interest receivable | 124,698 | 106,145 | |
Mortgage servicing rights | 89,476 | 86,610 | |
SBA servicing asset | $ 5,654 | $ 6,068 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | $ (677,088) | |||
Net comprehensive loss | $ (153,491) | $ (225,574) | (138,801) | $ (695,312) |
Balance at the end of the period | (815,889) | (815,889) | ||
Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (673) | 57 | (673) | 57 |
Balance at the end of the period | (673) | 57 | (673) | 57 |
Unrealized Gains and (Losses) on Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (661,725) | (490,941) | (676,415) | (21,203) |
Other comprehensive loss before reclassifications | (153,491) | (225,551) | (138,768) | (695,289) |
Amounts reclassified from accumulated other comprehensive loss | (23) | (33) | (23) | |
Net comprehensive loss | (153,491) | (225,574) | (138,801) | (695,312) |
Balance at the end of the period | (815,216) | (716,515) | (815,216) | (716,515) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at the beginning of the period | (662,398) | (490,884) | (677,088) | (21,146) |
Other comprehensive loss before reclassifications | (153,491) | (225,551) | (138,768) | (695,289) |
Amounts reclassified from accumulated other comprehensive loss | (23) | (33) | (23) | |
Net comprehensive loss | (153,491) | (225,574) | (138,801) | (695,312) |
Balance at the end of the period | $ (815,889) | $ (716,458) | $ (815,889) | $ (716,458) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Provision for income taxes | $ 33,160 | $ 38,035 | $ 106,751 | $ 98,060 |
Net income | $ 124,144 | 133,043 | 387,517 | 352,547 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Net income | (23) | (33) | (23) | |
Unrealized Gains and (Losses) on Securities Available for Sale | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Reclassifications out of accumulated other comprehensive income, net of tax | ||||
Securities gains (losses), net | (30) | (45) | (30) | |
Provision for income taxes | 7 | 12 | 7 | |
Net income | $ (23) | $ (33) | $ (23) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Derivative Financial Instruments | |||||
Notional Amount | $ 23,616,881,000 | $ 23,616,881,000 | $ 1,251,878,000 | ||
Estimated Fair Value Gain | $ 212,345,000 | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Estimated Fair Value Loss | $ 20,979,193,000 | ||||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Net gain (loss) | 587,000 | $ (3,000) | $ 599,000 | $ 107,000 | |
Fair value of the interest rate swap derivatives, other assets | 210,500,000 | 210,500,000 | $ 209,800,000 | ||
Reduction in derivative asset fair value | 1,000,000,000 | 824,300,000 | |||
Fair value of the interest rate swap derivatives, other liabilities | 1,300,000,000 | 1,300,000,000 | 1,000,000,000 | ||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||
Fair value of forward commitments | (1,251,878,000) | (1,251,878,000) | (1,034,143,000) | ||
Mortgage loan pipeline | |||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||
Obligation | 91,885,000 | 91,885,000 | |||
Expected closures | |||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||
Obligation | 83,475,000 | 83,475,000 | |||
Cash flow hedge | |||||
Derivative Financial Instruments | |||||
Collateral provided | 0 | 0 | 0 | ||
Cash flow hedge | Borrower | |||||
Derivative Financial Instruments | |||||
Collateral provided | 226,600,000 | 226,600,000 | |||
Cash flow hedge | Counterparty | |||||
Derivative Financial Instruments | |||||
Collateral provided | 100,100,000 | 100,100,000 | |||
Cash flow hedge | Interest-bearing deposits | Counterparty | |||||
Derivative Financial Instruments | |||||
Cash collateral | 102,400,000 | 102,400,000 | |||
Interest rate contracts | |||||
Derivative Financial Instruments | |||||
Notional Amount | 22,300,000,000 | 22,300,000,000 | 20,900,000,000 | ||
Mortgage servicing rights hedging | Non-designated hedges | |||||
Derivative Financial Instruments | |||||
Notional Amount | 44,000,000 | 44,000,000 | 35,000,000 | ||
Estimated gain (loss) on fair value | 819,000 | (163,000) | |||
Mortgage servicing rights hedging | Non-designated hedges | Other Liabilities | |||||
Derivative Financial Instruments | |||||
Notional Amount | 44,000,000 | $ 44,000,000 | 819,000 | ||
Estimated Fair Value Loss | $ 35,000,000 | ||||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Mortgage loan pipeline commitments hedging | |||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||
Obligation | 621,000 | $ 621,000 | |||
Mortgage loan pipeline commitments hedging | Non-designated hedges | Other Assets | |||||
Derivative Financial Instruments | |||||
Notional Amount | 89,500,000 | 89,500,000 | |||
Estimated Fair Value Gain | $ 1,236,000 | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Estimated Fair Value Loss | $ 51,000,000 | ||||
Forward commitments | |||||
Obligation under forward commitments, the fair value of those obligations along with the fair value of derivative instruments associated with forward commitments | |||||
Obligation | 89,500,000 | $ 89,500,000 | |||
Fair value of forward commitments | (615,000) | (615,000) | |||
Foreign exchange swaps | |||||
Derivative Financial Instruments | |||||
Gain or loss recorded | 0 | $ 0 | 0 | $ 0 | |
Interest rate swap | Expected closures | |||||
Derivative Financial Instruments | |||||
Estimated Fair Value Gain | 2,000,000 | ||||
Interest rate swap | Fair Value Hedging | Counterparty | |||||
Derivative Financial Instruments | |||||
Notional Amount | 9,500,000 | 9,500,000 | $ 12,300,000 | ||
Interest rate swap | Fair Value Hedging | Other Assets | Counterparty | |||||
Derivative Financial Instruments | |||||
Notional Amount | 9,480,000 | 9,480,000 | |||
Estimated Fair Value Gain | $ 600,000 | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Estimated Fair Value Loss | $ 12,289,000 | ||||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Borrower | |||||
Derivative Financial Instruments | |||||
Notional Amount | 11,182,309,000 | $ 11,182,309,000 | $ 1,251,059,000 | ||
Estimated Fair Value Gain | $ 5,078,000 | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Estimated Fair Value Loss | $ 10,480,171,000 | ||||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Interest rate swap | Non-designated hedges | Other Assets and Other Liabilities | Counterparty | |||||
Derivative Financial Instruments | |||||
Notional Amount | 11,091,592,000 | $ 11,091,592,000 | |||
Estimated Fair Value Gain | $ 205,429,000 | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | |||
Estimated Fair Value Loss | $ 10,400,733,000 | ||||
Interest rate swap | Non-designated hedges | Other Assets | Counterparty | |||||
Derivative Financial Instruments | |||||
Reduction in derivative asset fair value | $ 1,000,000,000 | ||||
Interest rate swap | Economic hedges | |||||
Derivative Financial Instruments | |||||
Notional Amount | 1,200,000,000 | 1,200,000,000 | |||
Interest rate swap | Economic hedges | Other Assets | Counterparty | |||||
Derivative Financial Instruments | |||||
Notional Amount | $ 1,200,000,000 | 1,200,000,000 | |||
Estimated Fair Value Gain | $ 2,000 |
Capital Ratios (Details)
Capital Ratios (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||||
Mar. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |
Capital ratios | |||||||||
Capital conversion buffer common equity Tier 1 of risk-weighted assets (as a percent) | 2.50% | ||||||||
Additional allowance for credit losses for loans | $ 447,956 | $ 427,392 | $ 356,444 | $ 324,398 | $ 319,708 | $ 301,807 | |||
Deferred tax assets | 150,422 | 177,801 | |||||||
Additional reserve for unfunded commitments | 62,300 | ||||||||
Retained earnings | 1,618,080 | 1,347,042 | |||||||
Phasing out percentage | 50% | ||||||||
Common equity Tier 1 to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,089,424 | $ 3,788,106 | |||||||
Actual, Ratio (as a percent) | 11.47% | 10.96% | |||||||
Minimum capital required, Capital Amount | $ 2,495,806 | $ 2,420,417 | |||||||
Minimum capital required, Ratio (as a percent) | 7% | 7% | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,317,534 | $ 2,247,530 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 6.50% | 6.50% | |||||||
Tier I capital to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,089,424 | $ 3,788,106 | |||||||
Actual, Ratio (as a percent) | 0.1147 | 0.1096 | |||||||
Minimum capital required, Capital Amount | $ 3,030,621 | $ 2,939,077 | |||||||
Minimum capital required, Ratio (as a percent) | 0.0850 | 0.0850 | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,852,349 | $ 2,766,190 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.0800 | 0.0800 | |||||||
Total capital to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,905,268 | $ 4,485,397 | |||||||
Actual, Ratio (as a percent) | 0.1376 | 0.1297 | |||||||
Minimum capital required, Capital Amount | $ 3,743,709 | $ 3,630,625 | |||||||
Minimum capital required, Ratio (as a percent) | 0.1050 | 0.1050 | |||||||
Required to be considered well capitalized, Capital Amount | $ 3,565,437 | $ 3,457,738 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.1000 | 0.1000 | |||||||
Tier I capital to average assets (leverage ratio) | |||||||||
Actual, Capital Amount | $ 4,089,424 | $ 3,788,106 | |||||||
Actual, Ratio (as a percent) | 0.0934 | 0.0872 | |||||||
Minimum capital required, Capital Amount | $ 1,751,637 | $ 1,736,991 | |||||||
Minimum capital required, Ratio (as a percent) | 0.0400 | 0.0400 | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,189,546 | $ 2,171,239 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.0500 | 0.0500 | |||||||
ASU 2016-13 | |||||||||
Capital ratios | |||||||||
Additional allowance for credit losses for loans | $ 54,400 | ||||||||
Deferred tax assets | 12,600 | ||||||||
Retained earnings | (44,800) | ||||||||
ASU 2016-13 | Adjustments | |||||||||
Capital ratios | |||||||||
Additional reserve for unfunded commitments | $ 6,400 | ||||||||
SouthState Bank (the Bank) | |||||||||
Common equity Tier 1 to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,360,670 | $ 4,074,045 | |||||||
Actual, Ratio (as a percent) | 12.25% | 11.80% | |||||||
Minimum capital required, Capital Amount | $ 2,492,670 | $ 2,417,133 | |||||||
Minimum capital required, Ratio (as a percent) | 7% | 7% | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,314,622 | $ 2,244,481 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 6.50% | 6.50% | |||||||
Tier I capital to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,360,670 | $ 4,074,045 | |||||||
Actual, Ratio (as a percent) | 0.1225 | 0.1180 | |||||||
Minimum capital required, Capital Amount | $ 3,026,814 | $ 2,935,090 | |||||||
Minimum capital required, Ratio (as a percent) | 0.0850 | 0.0850 | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,848,766 | $ 2,762,438 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.0800 | 0.0800 | |||||||
Total capital to risk-weighted assets | |||||||||
Actual, Capital Amount | $ 4,786,514 | $ 4,381,336 | |||||||
Actual, Ratio (as a percent) | 0.1344 | 0.1269 | |||||||
Minimum capital required, Capital Amount | $ 3,739,005 | $ 3,625,700 | |||||||
Minimum capital required, Ratio (as a percent) | 0.1050 | 0.1050 | |||||||
Required to be considered well capitalized, Capital Amount | $ 3,560,957 | $ 3,453,047 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.1000 | 0.1000 | |||||||
Tier I capital to average assets (leverage ratio) | |||||||||
Actual, Capital Amount | $ 4,360,670 | $ 4,074,045 | |||||||
Actual, Ratio (as a percent) | 0.0996 | 0.0939 | |||||||
Minimum capital required, Capital Amount | $ 1,751,135 | $ 1,736,330 | |||||||
Minimum capital required, Ratio (as a percent) | 0.0400 | 0.0400 | |||||||
Required to be considered well capitalized, Capital Amount | $ 2,188,919 | $ 2,170,412 | |||||||
Required to be considered well capitalized, Ratio (as a percent) | 0.0500 | 0.0500 | |||||||
Minimum | |||||||||
Common equity Tier 1 to risk-weighted assets | |||||||||
Actual, Ratio (as a percent) | 4.50% | ||||||||
Tier I capital to risk-weighted assets | |||||||||
Minimum capital required, Ratio (as a percent) | 0.06 | ||||||||
Total capital to risk-weighted assets | |||||||||
Actual, Ratio (as a percent) | 0.04 | ||||||||
Tier I capital to average assets (leverage ratio) | |||||||||
Actual, Ratio (as a percent) | 0.08 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill and Other Intangible Assets | ||
Goodwill | $ 1,923,106 | $ 1,923,106 |
Impairment Charges | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of gross carrying amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Other intangible assets | |||||
Gross carrying amount | $ 274,455 | $ 274,455 | $ 274,869 | ||
Accumulated amortization | (179,361) | (179,361) | (158,419) | ||
Net carrying amount | 95,094 | 95,094 | 116,450 | ||
Amortization expense | 6,616 | $ 7,837 | 20,943 | $ 25,178 | |
Fair value of SBA servicing assets | $ 5,700 | $ 5,700 | $ 6,100 | ||
Minimum | |||||
Other intangible assets | |||||
Estimated useful lives | 2 years | 2 years | |||
Maximum | |||||
Other intangible assets | |||||
Estimated useful lives | 15 years | 15 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Estimated amortization expense | ||
Net carrying amount | $ 95,094 | $ 116,450 |
Other intangibles, excluding the SBA servicing assets | ||
Estimated amortization expense | ||
December 31, 2023 | 6,615 | |
March 31, 2024 | 6,003 | |
June 30, 2024 | 5,739 | |
September 30, 2024 | 5,327 | |
December 31, 2024 | 5,326 | |
Thereafter | 60,429 | |
Net carrying amount | $ 89,439 |
Mortgage Loan Servicing, Orig_3
Mortgage Loan Servicing, Origination, and Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Mortgage Loan Servicing, Origination, and Loans Held for Sale | |||||
Residential mortgages serviced for others | $ 6,600,000 | $ 6,600,000 | $ 6,600,000 | ||
Contractually specified servicing fees earned | $ 4,100 | $ 4,200 | $ 12,400 | $ 12,100 | |
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Excluding Assessed Tax | Revenue from Contract with Customer, Excluding Assessed Tax | Revenue from Contract with Customer, Excluding Assessed Tax | Revenue from Contract with Customer, Excluding Assessed Tax | |
Mortgage servicing rights | $ 89,476 | $ 89,476 | $ 86,610 | ||
Changes in the fair value of MSRs and its offsetting hedge. | |||||
(Decrease) increase in fair value of MSRs | 1,762 | $ 2,661 | 2,450 | $ 18,274 | |
Decay of MSRs | (2,543) | (2,530) | (6,336) | (8,052) | |
Gain (loss) related to derivatives | (2,170) | (3,572) | (4,288) | (17,963) | |
Net effect on Consolidated Statements of Net Income | $ (2,951) | $ (3,441) | $ (8,174) | $ (7,741) | |
Characteristics and sensitivity analysis of the MSR | |||||
Composition of residential loans serviced for others | 100% | 100% | 100% | ||
Weighted average life (in years) | 8 years 3 months 3 days | 8 years 4 months 13 days | |||
Constant Prepayment rate (CPR) (as a percent) | 6.60% | 6.40% | |||
Weighted average discount rate (as a percent) | 10.60% | 10% | |||
Effect on fair value due to change in interest rates: | |||||
25 basis point increase | $ 686 | $ 686 | $ 774 | ||
50 basis point increase | 1,231 | 1,231 | 1,428 | ||
25 basis point decrease | (848) | (848) | (902) | ||
50 basis point decrease | $ (1,877) | $ (1,877) | $ (1,938) | ||
Fixed-rate mortgage loans | |||||
Characteristics and sensitivity analysis of the MSR | |||||
Composition of residential loans serviced for others | 100% | 100% | 100% |
Mortgage Loan Servicing, Orig_4
Mortgage Loan Servicing, Origination, and Loans Held for Sale - Mandatory cash forwards (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Repurchase of principal balance | $ 975,000 | $ 6,708,000 | |||
Loan sales | $ 259,200,000 | $ 272,800,000 | 667,900,000 | 1,400,000,000 | |
Loan securitizations and loan sales | $ 210,200,000 | $ 216,100,000 | $ 534,300,000 | $ 1,100,000,000 | |
Percentage of loan securitizations and loan sales | 81.10% | 79.20% | 80% | 77.20% | |
Loss reimbursement and settlement claims paid | $ 6,000 | $ 73,000 | |||
Loans held for sale | $ 27,443,000 | $ 27,443,000 | $ 28,968,000 | ||
Minimum | |||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loans held for sale, settlement period | 15 days | ||||
Maximum | |||||
Mortgage loan securitizations, mandatory cash forwards, and whole loan sales | |||||
Loans held for sale, settlement period | 45 days |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Secured Debt, Repurchase Agreements | ||
Carrying amount of securities sold under repurchase agreements with customers | $ 259,800 | $ 342,800 |
Carrying amount of the securities pledged to collateralize repurchase agreements | 7,344,483 | 8,189,780 |
Federal funds purchased | 253,486 | 213,597 |
Letter of credit outstanding | 2,100 | |
Loans | 31,568,716 | 29,821,418 |
FRB Borrowings | ||
Secured Debt, Repurchase Agreements | ||
Debt Instrument Collateral Amount | 1,900,000 | |
Letter of credit outstanding | 0 | 0 |
Maximum borrowing capacity | 1,900,000 | |
Loans | 2,800,000 | |
FHLB Advances [ Member ] | ||
Secured Debt, Repurchase Agreements | ||
Outstanding advances | 0 | 0 |
Debt Instrument Collateral Amount | 7,200,000 | |
Amount of cash pledged as collateral | 552,200 | |
Unused net credit available with the FHLB | 7,800,000 | |
Debt Instrument Unused Borrowing Capacity Amount | 7,800,000 | |
Asset Pledged as Collateral [Member] | ||
Secured Debt, Repurchase Agreements | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 2,800,000 | 2,900,000 |
Asset Pledged as Collateral [Member] | FRB Borrowings | ||
Secured Debt, Repurchase Agreements | ||
Financing Receivable, Pledging Purpose [Extensible Enumeration] | Federal funds purchased | |
Asset Pledged as Collateral [Member] | FHLB Advances [ Member ] | ||
Secured Debt, Repurchase Agreements | ||
Debt Instrument Collateral Amount | $ 11,200,000 | |
Amount of cash pledged as collateral | 651,900 | |
Asset Pledged as Collateral [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Secured Debt, Repurchase Agreements | ||
Carrying amount of the securities pledged to collateralize repurchase agreements | $ 404,300 | $ 443,200 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 27, 2022 | |
Stock repurchase program | |||||
Shares authorized under repurchase program | 4,120,021 | ||||
Number of shares repurchased under stock-based compensation plans | 5,097 | 103,190 | |||
2022 Stock Repurchase Program | |||||
Stock repurchase program | |||||
Shares authorized under repurchase program | 3,750,000 | ||||
Number of shares repurchased | 0 | 0 | |||
2021 Stock Repurchase Plan | |||||
Stock repurchase program | |||||
Remaining authorized shares available for repurchase | 370,021 | ||||
Number of shares repurchased | 1,312,038 | ||||
Average price per share | $ 83.99 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Oct. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsequent events | |||||
Cash dividends declared (in dollars per share) | $ 0.52 | $ 0.50 | $ 1.52 | $ 1.48 | |
Subsequent event | |||||
Subsequent events | |||||
Cash dividends declared (in dollars per share) | $ 0.52 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 124,144 | $ 133,043 | $ 387,517 | $ 352,547 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |